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| Delaware                                                       |   | 98-0203281                        |
|----------------------------------------------------------------|--------|-----------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (IRS Employer Identification No.) |

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PHYSICAL 

|                           |                                                                                           |                                                                                                                             | Page             |
|--------------------------------|------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|------------------|
|                           |                                                                                           |                                                                                                                             |             |
| PART I - FINANCIAL INFORMATION |                                                                                           |
|                           |                                                                                           |                                                                                                                             |             |
|                           | ITEM 1 - FINANCIAL STATEMENTS                                                                  |                                                                                                                             |
|                           |                                                                                           |                                                                                                                             |             |
|                           |                                                                                           | Unaudited Condensed Consolidated Statements of Operations for the three-month and six-month periods ended June 30, 2009 and 2010 | 3                |
|                           |                                                                                           |                                                                                                                             |             |
|                           |                                                                                           | Condensed Consolidated Balance Sheets as of December 31, 2009 (Audited) and June 30, 2010 (Unaudited)                       | 4                |
|                           |                                                                                           |                                                                                                                             |             |
|                           |                                                                                           | Unaudited Condensed Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2009 and 2010                 | 5                |
|                           |                                                                                           |                                                                                                                             |             |
|                           |                                                                                           | Notes to Condensed Consolidated Financial Statements                                                                             | 6 – 8 |
|                           |                                                                                           |                                                                                                                             |             |
|                           | ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 9                                                                                                                                |
|                           |                                                                                           |                                                                                                                             |             |
|                           | ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                            | 12                                                                                                                               |
|                           |                                                                                           |                                                                                                                             |             |
|                           | ITEM 4 - CONTROLS AND PROCEDURES                                                               | 12                                                                                                                               |
|                           |                                                                                           |                                                                                                                             |             |
| PART II - OTHER INFORMATION    |                                                                                           |
|                           |                                                                                           |                                                                                                                             |             |
|                           | ITEM 1 - LEGAL PROCEEDINGS                                                                     | 12                                                                                                                               |
|                           |                                                                                           |                                                                                                                             |
|                           | ITEM 6 - EXHIBITS                                                                              | 13                                                                                                                               |
|                           |                                                                                           |                                                                                                                             |             |
|                           |                                                                                           | SIGNATURES                                                                                                                       | 14               |

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PHYSICAL 

|                                                                   | Three months ended June 30, |   |   | Six months ended June 30, |   |
|------------------------------------------------------------------------|-----------------------------|--------|--------|---------------------------|--------|
|                                                                   | 2009                        |   |   | 2010                      |   |   | 2010 |   |   | 2009 |   |   | 2010 |   |   | 2010 |   |
|                                                                   | HK$’000               |   |   | HK$’000             |   |   | US$’000 |   |   | HK$’000 |   |   | HK$’000 |   |   | US$’000 |   |
|                                                                   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating Revenue                                                      |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Rental income                                        | 133                         |   |   | 164                       |   |   | 21 |   |   | 247 |   |   | 348 |   |   | 45 |   |
| Total operating revenues                                               | 133                         |   |   | 164                       |   |   | 21 |   |   | 247 |   |   | 348 |   |   | 45 |   |
|                                                                   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating Expenses                                                     |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Rent and related expenses                      | (24                         | )      |   | (23                       | )      |   | (3 | ) |   | (47 | ) |   | (46 | ) |   | (6 | ) |
|     Depreciation                                   | (86                         | )      |   | (86                       | )      |   | (11 | ) |   | (162 | ) |   | (172 | ) |   | (22 | ) |
|     Other selling and administrative expenses | (71                         | )      |   | (139                      | )      |   | (18 | ) |   | (164 | ) |   | (301 | ) |   | (39 | ) |
| Total operating expenses                                               | (181                        | )      |   | (248                      | )      |   | (32 | ) |   | (373 | ) |   | (519 | ) |   | (67 | ) |
|                                                                   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from operations                                                   | (48                         | )      |   | (84                       | )      |   | (11 | ) |   | (126 | ) |   | (171 | ) |   | (22 | ) |
|                                                                   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-operating expenses                                                 |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Interest expenses                              | (56                         | )      |   | (54                       | )      |   | (7 | ) |   | (113 | ) |   | (108 | ) |   | (14 | ) |
| Total non-operating expenses                                           | (56                         | )      |   | (54                       | )      |   | (7 | ) |   | (113 | ) |   | (108 | ) |   | (14 | ) |
|                                                                   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss before income taxes                                               | (104                        | )      |   | (138                      | )      |   | (18 | ) |   | (239 | ) |   | (279 | ) |   | (36 | ) |
|                                                                   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Provision for income taxes                                             | --                          |   |   | --                        |   |   | -- |   |   | -- |   |   | -- |   |   | -- |   |
|                                                                   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss and total comprehensive loss                                  | (104                        | )      |   | (138                      | )      |   | (18 | ) |   | (239 | ) |   | (279 | ) |   | (36 | ) |
|                                                                   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss per share of common stock (in cents)                              | (0.37                       | )      |   | (0.49                     | )      |   | (0.06 | )  |   | (0.84 | ) |   | (0.98 | ) |   | (0.13 | )  |
|                                                                   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average number of shares of common stock outstanding          | 28,329,353                  |   |   | 28,329,353                |   |   | 28,329,353 |   |   | 28,329,353 |   |   | 28,329,353 |   |   | 28,329,353 |   |

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PHYSICAL 

|                                                                                                                                                                                        |   |   |                       |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------------------------|--------|
|                                                                                                                                                                                        | Note   |   | December 31, 2009(Audited) |   |   | As ofJune 30, 2010(Unaudited) |   |
|                                                                                                                                                                                        |   |   | HK$’000              |   |   | HK$’000 |   |   | US$’000 |   |
|                                                                                                                                                                                        |   |   |                       |   |   |   |   |   |   |   |
| ASSETS                                                                                                                                                                                      |   |   |                       |   |   |   |   |   |   |   |
|                                                                                                                                                                                        |   |   |                       |   |   |   |   |   |   |   |
| Current assets                                                                                                                                                                              |   |   |                       |   |   |   |   |   |   |   |
|     Cash and bank balances                                                                                                                                                   |   |   | 22                         |   |   | 14 |   |   | 2 |   |
|     Management fees and utility deposits                                                                                                                                     |   |   | 23                         |   |   | 25 |   |   | 3 |   |
| Total current assets                                                                                                                                                                        |   |   | 45                         |   |   | 39 |   |   | 5 |   |
|                                                                                                                                                                                        |   |   |                       |   |   |   |   |   |   |   |
|     Bank deposits, collateralized                                                                                                                                            |   |   | 82                         |   |   | 82 |   |   | 11 |   |
|     Property, plant and equipment, net of accumulated depreciation of HK$2,067      as of June 30, 2010 (December 31, 2009: HK$1,895)          |   |   | 10,893                     |   |   | 10,721 |   |   | 1,374 |   |
|                                                                                                                                                                                   |   |   |                       |   |   |   |   |   |   |   |
| Total assets                                                                                                                                                                                |   |   | 11,020                     |   |   | 10,842 |   |   | 1,390 |   |
|                                                                                                                                                                                        |   |   |                       |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                                        |   |   |                       |   |   |   |   |   |   |   |
|                                                                                                                                                                                        |   |   |                       |   |   |   |   |   |   |   |
| Current liabilities                                                                                                                                                                         |   |   |                       |   |   |   |   |   |   |   |
|     Long-term bank loans - current portion                                                                                                                                   | 3      |   | 538                        |   |   | 543 |   |   | 70 |   |
|     Other payables                                                                                                                                                           |   |   | 234                        |   |   | 205 |   |   | 26 |   |
|     Due to Principal Stockholder                                                                                                                                             | 5      |   | --                         |   |   | 398 |   |   | 51 |   |
| Total current liabilities                                                                                                                                                                   |   |   | 772                        |   |   | 1,146 |   |   | 147 |   |
|                                                                                                                                                                                        |   |   |                       |   |   |   |   |   |   |   |
| Long-term bank loans - non-current portion                                                                                                                                                  | 3      |   | 10,101                     |   |   | 9,828 |   |   | 1,260 |   |
|                                                                                                                                                                                        |   |   |                       |   |   |   |   |   |   |   |
| Commitments and contingencies                                                                                                                                                               | 6      |   |                       |   |   |   |   |   |   |   |
|                                                                                                                                                                                        |   |   |                       |   |   |   |   |   |   |   |
| Stockholders' equity                                                                                                                                                                        |   |   |                       |   |   |   |   |   |   |   |
|     Common stock, par value US$0.001 each, 100 million shares of stock      authorized; 28,329,353 shares of stock issued and outstanding |   |   | 221                        |   |   | 221 |   |   | 28 |   |
|     Additional paid-in capital                                                                                                                                               |   |   | 73,608                     |   |   | 73,608 |   |   | 9,437 |   |
|     Accumulated losses                                                                                                                                                       |   |   | (73,682                    | )      |   | (73,961 | ) |   | (9,482 | ) |
| Total stockholders' equity                                                                                                                                                                  |   |   | 147                        |   |   | (132 | )  |   | (17 | )  |
|                                                                                                                                                                                        |   |   |                       |   |   |   |   |   |   |   |
| Total liabilities and stockholders' equity                                                                                                                                                  |   |   | 11,020                     |   |   | 10,842 |   |   | 1,390 |   |

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PHYSICAL 

|                                                                                      |   |   |   |   | Six Months Ended June 30, |    |
|-------------------------------------------------------------------------------------------|--------|--------|--------|--------|---------------------------|---------|
|                                                                                      |   | Note   |   |   | 2009                      |    |   | 2010 |   |   | 2010 |   |
|                                                                                      |   |   |   |   | HK$’000             |    |   | HK$’000 |   |   | US$’000 |   |
|                                                                                      |   |   |   |   |                      |    |   |   |   |   |   |   |
| Cash flows from operating activities                                                      |   |   |   |   |                      |    |   |   |   |   |   |   |
|      Net loss                                                         |   |   |   |   | (239                      | )       |   | (279 | )  |   | (36 | )  |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |   |   |   |   |                      |    |   |   |   |   |   |   |
| Depreciation                                                                              |   |   |   |   | 162                       |    |   | 172 |   |   | 22 |   |
| Changes in working capital:                                                               |   |   |   |   |                      |    |   |   |   |   |   |   |
|        Management fees and utility deposits            |   |   |   |   | 90                        |    |   | (2 | )  |   | -- |   |
|        Other payables                                  |   |   |   |   | 9                         |    |   | (29 | )  |   | (4 | )  |
|                                                                       |   |   |   |   |                      |    |   |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                       |   |   |   |   | 22                        |    |   | (138 | )  |   | (18 | )  |
|                                                                                      |   |   |   |   |                      |    |   |   |   |   |   |   |
| Cash flows from investing activities                                                      |   |   |   |   |                      |    |   |   |   |   |   |   |
|      Acquisition of property, plant and equipment                     |   |   |   |   | (300                      | )  |   | -- |   |   | -- |   |
|                                                                  |   |   |   |   |                      |    |   |   |   |   |   |   |
| Net cash used in investing activities                                                     |   |   |   |   | (300                      | )       |   | -- |   |   | -- |   |
|                                                                                      |   |   |   |   |                      |    |   |   |   |   |   |   |
| Cash flows from financing activities                                                      |   |   |   |   |                      |    |   |   |   |   |   |   |
|      Repayment of long-term bank loans                                |   |   |   |   | (263                      | )       |   | (268 | ) |   | (34 | ) |
|      Net (repayment to) advance from Principal Stockholder            |   | 5      |   |   | (7                        | )  |   | 398 |   |   | 51 |   |
| Net cash (used in) provided by financing activities                                       |   |   |   |   | (270                      | )       |   | 130 |   |   | 17 |   |
|                                                                                      |   |   |   |   |                      |    |   |   |   |   |   |   |
| Net decrease in cash and cash equivalents                                                 |   |   |   |   | (548                      | )  |   | (8 | ) |   | (1 | ) |
|                                                                                      |   |   |   |   |                      |    |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                                          |   |   |   |   | 1,255                     |    |   | 22 |   |   | 3 |   |
|                                                                                      |   |   |   |   |                      |    |   |   |   |   |   |   |
| Cash and cash equivalents at end of period                                                |   |   |   |   | 707                       |    |   | 14 |   |   | 2 |   |

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PHYSICAL 

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PHYSICAL 

| End of maturity |   | Interest rate  |   | Principal     |   |
|-----------------|--------|----------------|--------|---------------|--------|
|            |   |           |   | 2009          |   |   | 2010 |   |   | 2010 |   |
|            |   |           |   | HK$’000 |   |   | HK$’000 |   |   | US$’000 |   |
|            |   |           |   |          |   |   |   |   |   |   |   |
| 2026            |   | 2.1% per annum |   | 10,639        |   |   | 10,371 |   |   | 1,330 |   |

|   | Payable during the following periods   |   | Principal     |   |
|--------|----------------------------------------|--------|---------------|--------|
|   |                                   |   | 2009          |   |   | 2010 |   |   | 2010 |   |
|   |                                   |   | HK$’000 |   |   | HK$’000 |   |   | US$’000 |   |
|   |                                   |   |          |   |   |   |   |   |   |   |
|   | Within one year                        |   | 538           |   |   | 543 |   |   | 70 |   |
|   | From the second year to 2026 |   | 10,101        |   |   | 9,828 |   |   | 1,260 |   |
|   |                                   |   |          |   |   |   |   |   |   |   |
|   |                                   |   | 10,639        |   |   | 10,371 |   |   | 1,330 |   |

| (i)     | leasehold properties in Hong Kong with a net book value of HK$10,501,000 and HK$10,643,000 as of June 30, 2010 and December 31, 2009 respectively; |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| (ii)    | fixed deposits of HK$82,000 as of June 30, 2010 and December 31, 2009; and                                                                         |
| (iii)   | joint and several guarantee provided by the Principal Stockholder and his spouse.                                                                  |

|              | THREE MONTHS ENDEDJUNE 30, |   | SIX MONTHS ENDEDJUNE 30, |
|-------------------|----------------------------|--------|--------------------------|
|              | 2009                       |   | 2010                     |   | 2010 |   | 2009 |   | 2010 |   | 2010 |
|              | HK$’000              |   | HK$’000            |   | US’000$ |   | HK$’000 |   | HK$’000 |   | US$’000 |
|              |                       |   |                     |   |   |   |   |   |   |   |   |
| Cash paid for:    |                       |   |                     |   |   |   |   |   |   |   |   |
| Interest expenses | 56                         |   | 54                       |   | 7 |   | 113 |   | 108 |   | 14 |

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PHYSICAL 

|                                                                |   | Six months ended June 30, |    |
|---------------------------------------------------------------------|--------|---------------------------|---------|
|                                                                |   | 2009                      |    |   | 2010 |   |
|                                                                |   | HK$’000             |    |   | HK$’000 |   |   | US$’000 |   |
|                                                                |   |                      |    |   |   |   |   |   |   |
| Balance at beginning of period                                      |   | 7                         |    |   | -- |   |   | -- |   |
|                                                                |   |                      |    |   |   |   |   |   |   |
| Advance from the Principal Stockholder                              |   | 1,882                     |    |   | 263 |   |   | 34 |   |
| Repayment to the Principal Stockholder                              |   | (1,914                    | )       |   | (31 | ) |   | (4 | ) |
| Expenses paid by the Principal Stockholder on behalf of the Company |   | 25                        |    |   | 166 |   |   | 21 |   |
|                                                                |   |                      |    |   |   |   |   |   |   |
| Net (repayment to) advance from the Principal Stockholder           |   | (7                        | )  |   | 398 |   |   | 51 |   |
|                                                                |   |                      |    |   |   |   |   |   |   |
| Balance at end of period                                            |   | --                        |    |   | 398 |   |   | 51 |   |

|               |   | December 31, 2009 |   |   | As of June 30,2010 |   |
|--------------------|--------|-------------------|--------|--------|--------------------|--------|
|               |   | HK$’000     |   |   | HK$’000      |   |   | US$’000 |   |
|               |   |              |   |   |               |   |   |   |   |
| Within one year    |   | 616               |   |   | 470                |   |   | 60 |   |
| In the second year |   | 213               |   |   | 168                |   |   | 22 |   |
|               |   |              |   |   |               |   |   |   |   |
|               |   | 829               |   |   | 638                |   |   | 82 |   |

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|                       | Three Months Ended June 30 |   |   | Six Months Ended June 30 |   |
|----------------------------|----------------------------|--------|--------|--------------------------|--------|
|                       | 2009                       |   |   | 2010                     |   |   | 2009 |   |   | 2010 |   |
|                       |                       |   |   |                     |   |   |   |   |   |   |   |
| Operating Revenues         | 100.00%               |   |   | 100.00%             |   |   | 100.00%  |   |   | 100.00%  |   |
|                       |                       |   |   |                     |   |   |   |   |   |   |   |
| Total operating expenses   | (136.09%)                  |   |   | (151.22%)                |   |   | (151.01%) |   |   | (149.14%) |   |
|                       |                       |   |   |                     |   |   |   |   |   |   |   |
| Loss from operations       | (36.09%)                   |   |   | (51.22%)                 |   |   | (51.01%) |   |   | (49.14%) |   |
|                       |                       |   |   |                     |   |   |   |   |   |   |   |
| Loss before income taxes   | (78.20%)                   |   |   | (84.15%)                 |   |   | (96.76%) |   |   | (80.17%) |   |
|                       |                       |   |   |                     |   |   |   |   |   |   |   |
| Provision for income taxes | --                         |   |   | --                       |   |   | -- |   |   | -- |   |
|                       |                       |   |   |                     |   |   |   |   |   |   |   |
| Net loss                   | (78.20%)                   |   |   | (84.15%)                 |   |   | (96.76%) |   |   | (80.17% | ) |

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ITEM 

ITEM 

PART 

ITEM 

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ITEM 

| 31.1   | Certification of the Chief Executive Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934                        |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                    |
| 31.2   | Certification of the Chief Financial Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934                        |
|   |                                                                                                                                                    |
| 32.1   | Certification of the Company's Chief Executive Officer Pursuant to 18 U.S.C. SS. 1350 Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|   |                                                                                                                                                    |
| 32.2   | Certification of the Chief Financial Officer Pursuant to 18 U.S.C. SS. 1350 Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002           |

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SIGNATURES

| August 12, 2010 | /s/ Ngai Keung Luk                           |
|-----------------|----------------------------------------------|
|            | Ngai Keung Luk                               |
|            | Chairman and Chief Executive Officer         |
|            | (Principal Executive Officer)                |
|            |                                         |
|            |                                         |
| August 12, 2010 | /s/ Darrie Lam                               |
|            | Darrie Lam                                   |
|            | Chief Financial Officer                      |
|            | (Principal Financial and Accounting Officer) |