----

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

----

|                                |                                                                                                     |                                                                                                                                             | Page            |
|-------------------------------------|----------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|
|                                |                                                                                                     |                                                                                                                                             |            |
| PART      I - FINANCIAL INFORMATION |                                                                                                     |
|                                |                                                                                                     |                                                                                                                                             |            |
|                                | ITEM      1 - FINANCIAL STATEMENTS                                                                       |                                                                                                                                             |
|                                |                                                                                                     |                                                                                                                                             |            |
|                                |                                                                                                     | Condensed      Consolidated Statements of Operations for the three-month and six-month      periods endedJune      30, 2007 and 2008 (Unaudited) | 3               |
|                                |                                                                                                     |                                                                                                                                             |            |
|                                |                                                                                                     | Condensed      Consolidated Balance Sheets as of December 31, 2007 and June 30, 2008      (Unaudited)                                       | 4               |
|                                |                                                                                                     |                                                                                                                                             |            |
|                                |                                                                                                     | Condensed      Consolidated Statements of Cash Flows for the six-month periods      endedJune      30, 2007 and 2008 (Unaudited)                 | 5               |
|                                |                                                                                                     |                                                                                                                                             |            |
|                                |                                                                                                     | Notes      to 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                              | 11                                                                                                                                               |
|                                |                                                                                                     |                                                                                                                                             |            |
|                                | ITEM      4 (A) - CONTROLS AND PROCEDURES                                                                | 12                                                                                                                                               |
|                                |                                                                                                     |                                                                                                                                             |            |
|                                | ITEM      4 (A)T – INTERNAL CONTROL OVER FINANCIAL REPORTING                                       | 12                                                                                                                                               |
|                                |                                                                                                     |                                                                                                                                             |            |
| PART      II - OTHER INFORMATION    |                                                                                                     |
|                                |                                                                                                     |                                                                                                                                             |            |
|                                | ITEM      1 - LEGAL PROCEEDINGS                                                                          | 12                                                                                                                                               |
|                                |                                                                                                     |                                                                                                                                             |            |
|                                | ITEM      2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF      PROCEEDS                           | 12                                                                                                                                               |
|                                |                                                                                                     |                                                                                                                                             |            |
|                                | ITEM      3 - DEFAULTS UPON SENIOR SECURITIES                                                            | 12                                                                                                                                               |
|                                |                                                                                                     |                                                                                                                                             |            |
|                                | ITEM      4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                                        | 12                                                                                                                                               |
|                                |                                                                                                     |                                                                                                                                             |            |
|                                | ITEM      5 - OTHER INFORMATION                                                                          | 12                                                                                                                                               |
|                                |                                                                                                     |                                                                                                                                             |            |
|                                | ITEM      6 – EXHIBITS                                                                             | 13                                                                                                                                               |
|                                |                                                                                                     |                                                                                                                                             |            |
|                                |                                                                                                     | SIGNATURES                                                                                                                                       | 13              |

----

|                                                                          |   | Three      months ended June 30 |       |   | Six      months ended June 30 |   |
|-------------------------------------------------------------------------------|--------|---------------------------------|------------|--------|-------------------------------|--------|
|                                                                          |   | 2007                            |       |   | 2008                          |   |   | 2008 |   |   | 2007 |   |   | 2008 |   |   | 2008 |   |
|                                                                          |   | HK$                             |       |   | HK$                           |   |   | US$ |   |   | HK$ |   |   | HK$ |   |   | US$ |   |
|                                                                          |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Continuing      Operations                                                    |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      Revenue                                                        |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Rental      income                                          |   |                            | 196        |   |                          |   | 184 |   |   |   | 24 |   |   |   | 366 |   |   |   | 367 |   |   |   | 47 |   |
| Total      operating revenues                                                 |   |                            | 196        |   |                          |   | 184 |   |   |   | 24 |   |   |   | 366 |   |   |   | 367 |   |   |   | 47 |   |
|                                                                          |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      Expenses                                                       |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Rent      and related expenses                        |   |                            | (23        | )      |                          |   | (23 | ) |   |   | (3 | ) |   |   | (54 | ) |   |   | (46 | ) |   |   | (6 | ) |
|     Depreciation                                          |   |                            | (71        | )      |                          |   | (71 | ) |   |   | (9 | ) |   |   | (142 | ) |   |   | (142 | ) |   |   | (18 | ) |
|     Other      selling and administrative expenses        |   |                            | (1.022     | )      |                          |   | (455 | ) |   |   | (59 | ) |   |   | (1,037 | ) |   |   | (1,048 | ) |   |   | (135 | ) |
| Total      operating expenses                                                 |   |                            | (1,116     | )      |                          |   | (549 | ) |   |   | (71 | ) |   |   | (1,233 | ) |   |   | (1,236 | ) |   |   | (159 | ) |
|                                                                          |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss      from operations                                                     |   |                            | (920       | )      |                          |   | (365 | ) |   |   | (47 | ) |   |   | (867 | ) |   |   | (869 | ) |   |   | (112 | ) |
|                                                                          |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-operating      expenses                                                   |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Other      income, net                                |   |                            | --         |   |                          |   | 1 |   |   |   | -- |   |   |   | -- |   |   |   | 2 |   |   |   | -- |   |
|     Interest      expenses                                |   |                            | (128       | )      |                          |   | (66 | ) |   |   | (8 | ) |   |   | (250 | ) |   |   | (156 | ) |   |   | (20 | ) |
| Total      non-operating expenses                                             |   |                            | (128       | )      |                          |   | (65 | ) |   |   | (8 | ) |   |   | (250 | ) |   |   | (154 | ) |   |   | (20 | ) |
|                                                                          |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss      before income taxes                                                 |   |                            | (1,048     | )      |                          |   | (430 | ) |   |   | (55 | ) |   |   | (1,117 | ) |   |   | (1,023 | ) |   |   | (132 | ) |
|                                                                          |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Provision      for income taxes                                               |   |                            | --         |   |                          |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
|                                                                          |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss      from continuing operations                                          |   |                            | (1,048     | )      |                          |   | (430 | ) |   |   | (55 | ) |   |   | (1,117 | ) |   |   | (1,023 | ) |   |   | (132 | ) |
|                                                                          |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Discontinued      Operations                                                  |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Net      loss attributable to discontinued operations |   |                            | --         |   |                          |   | -- |   |   |   | -- |   |   |   | (8,649 | ) |   |   | -- |   |   |   | -- |   |
|                                                                          |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      loss and total comprehensive loss                                    |   |                            | (1,048     | )      |                          |   | (430 | ) |   |   | (55 | ) |   |   | (9,766 | ) |   |   | (1,023 | ) |   |   | (132 | ) |
|                                                                          |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss      per share of common stock                                           |   |                            | (0.04      | )      |                          |   | (0.02 | ) |   |   | -- |   |   |   | (0.44 | ) |   |   | (0.04 | ) |   |   | -- |   |
|                                                                          |   |                            |       |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted      average number of shares of common stock outstanding            |   |                            | 27,316,020 |   |                          |   | 28,329,353 |   |   |   | 28,329,353 |   |   |   | 21,953,330 |   |   |   | 28,329,353 |   |   |   | 28,329,353 |   |

----

|                                                                                                                                                                                                               |   |   | As      of             |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------------------|--------|
|                                                                                                                                                                                                               | Note   |   | December      31, 2007 |   | June      30, 2008(Unaudited) |   |
|                                                                                                                                                                                                               |   |   | HK$                    |   | HK$ |   | US$ |   |
|                                                                                                                                                                                                               |   |   |                   |   |   |   |   |   |
| ASSETS                                                                                                                                                                                                             |   |   |                   |   |   |   |   |   |
|                                                                                                                                                                                                               |   |   |                   |   |   |   |   |   |
| Current      assets                                                                                                                                                                                                |   |   |                   |   |   |   |   |   |
|          Cash and bank balances                                                                                                                                                                     |   |   | 2,549                  |   | 1,737 |   | 222 |   |
|          Trade receivables                                                                                                                                                                          |   |   | 22                     |   | 11 |   | 1 |   |
|          Rental and utility deposits                                                                                                                                                                |   |   | 26                     |   | 24 |   | 3 |   |
|          Prepayments and other current assets                                                                                                                                                       |   |   | 779                    |   | 23 |   | 3 |   |
| Total      current assets                                                                                                                                                                                          |   |   | 3,376                  |   | 1,795 |   | 229 |   |
|                                                                                                                                                                                                               |   |   |                   |   |   |   |   |   |
|          Bank deposits, collateralized                                                                                                                                                              |   |   | 80                     |   | 82 |   | 11 |   |
|          Property, plant and equipment, net of accumulated depreciation of      HK$1,419        as      of June 30, 2008 (2007: HK$1,277)                        |   |   | 11,211                 |   | 11,069 |   | 1,419 |   |
|                                                                                                                                                                                                          |   |   |                   |   |   |   |   |   |
| Total      assets                                                                                                                                                                                                  |   |   | 14,667                 |   | 12,946 |   | 1,659 |   |
|                                                                                                                                                                                                               |   |   |                   |   |   |   |   |   |
| LIABILITIES      AND STOCKHOLDERS'  EQUITY                                                                                                                                                               |   |   |                   |   |   |   |   |   |
|                                                                                                                                                                                                               |   |   |                   |   |   |   |   |   |
| Current      liabilities                                                                                                                                                                                           |   |   |                   |   |   |   |   |   |
|          Long-term bank loans - current portion                                                                                                                                                     | 4      |   | 435                    |   | 510 |   | 65 |   |
|          Due to a stockholder                                                                                                                                                                       |   |   | 531                    |   | 72 |   | 9 |   |
|          Other payables                                                                                                                                                                             |   |   | 213                    |   | 213 |   | 28 |   |
| Total      current liabilities                                                                                                                                                                                     |   |   | 1,179                  |   | 795 |   | 102 |   |
|                                                                                                                                                                                                               |   |   |                   |   |   |   |   |   |
| Commitments      and contingencies                                                                                                                                                                                 | 7      |   |                   |   |   |   |   |   |
|                                                                                                                                                                                                               |   |   |                   |   |   |   |   |   |
|          Long-term bank loans - non-current portion                                                                                                                                                 | 4      |   | 11,225                 |   | 10,911 |   | 1,399 |   |
|                                                                                                                                                                                                               |   |   |                   |   |   |   |   |   |
| 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                                                                                                                                                                         |   |   | (71,566                | )      | (72,589 | ) | (9,307 | ) |
| Total      stockholders' equity                                                                                                                                                                                    |   |   | 2,263                  |   | 1,240 |   | 158 |   |
|                                                                                                                                                                                                               |   |   |                   |   |   |   |   |   |
| Total      liabilities and stockholders' equity                                                                                                                                                                    |   |   | 14,667                 |   | 12,946 |   | 1,659 |   |

----

|                                                                                                |   |   | Six      Months Ended June 30 |    |
|-----------------------------------------------------------------------------------------------------|--------|--------|-------------------------------|---------|
|                                                                                                | Note   |   | 2007                          |    | 2008 |   | 2008 |   |
|                                                                                                |   |   | HK$                           |    | HK$ |   | US$ |   |
|                                                                                                |   |   |                          |    |   |   |   |   |
| Cash      flows from operating activities                                                           |   |   |                          |    |   |   |   |   |
|           Net loss                                                              |   |   | (9,766)                       |    | (1,023 | )  | (132 | )  |
| Adjustments      to reconcile net loss to net cash provided by (used in) operating      activities: |   |   |                          |    |   |   |   |   |
|           Minority interests                                                    |   |   | 7                             |    | -- |   | -- |   |
|           Depreciation                                                          |   |   | 7,213                         |    | 142 |   | 18 |   |
| Changes      in working capital:                                                                    |   |   |                          |    |   |   |   |   |
|           Trade and other receivables                                           |   |   | (1,743                        | )  | 11 |   | 1 |   |
|           Deposits, prepayments and other current assets                        |   |   | 1,643                         |    | 758 |   | 97 |   |
|           Inventories                                                           |   |   | 166                           |    | -- |   | -- |   |
|           Trade and other payables                                              |   |   | (10,063                       | )       | -- |   | -- |   |
|           Deferred income                                                       |   |   | 17,849                        |    | -- |   | -- |   |
|           Deferred liabilities                                                  |   |   | (338                          | )       | -- |   | -- |   |
|           Income taxes payable                                                  |   |   | 773                           |    | -- |   | -- |   |
|           Taxes other than income                                               |   |   | (310                          | )       | -- |   | -- |   |
| Net      cash provided by (used in) operating activities                                            |   |   | 5,431                         |    | (112 | )  | (16 | )  |
|                                                                                                |   |   |                          |    |   |   |   |   |
| Cash      flows from investing activities                                                           |   |   |                          |    |   |   |   |   |
|           Acquisition of property, plant and equipment                          |   |   | (904                          | )       | -- |   | -- |   |
|           Disposal of subsidiaries                                              | 6      |   | (3,911                        | )  | -- |   | -- |   |
|           Increase in bank deposit, collateralized                              |   |   | (28                           | )       | (2 | ) | -- |   |
|      Repayment      to a stockholder                                       |   |   | (2,017                        | )  | (459 | )  | (59 | )  |
| Net      cash used in investing activities                                                          |   |   | (6,860                        | )       | (461 | )  | (59 | )  |
|                                                                                                |   |   |                          |    |   |   |   |   |
| Cash      flows from financing activities                                                           |   |   |                          |    |   |   |   |   |
|           Settlement of short-term bank loans                                   |   |   | (66                           | )       | -- |   | -- |   |
|           Repayment of long-term bank loans                                     |   |   | (636                          | )       | (239 | ) | (30 | ) |
|           Capital element of capital lease rental payments                      |   |   | (267                          | )       | -- |   | -- |   |
| Net      cash used in financing activities                                                          |   |   | (969                          | )       | (239 | ) | (30 | ) |
|                                                                                                |   |   |                          |    |   |   |   |   |
| Net      decrease in cash and cash equivalents                                                      |   |   | (2,398                        | )  | (812 | ) | (105 | ) |
|                                                                                                |   |   |                          |    |   |   |   |   |
| Cash      and cash equivalents at beginning of period                                               |   |   | 2,436                         |    | 2,549 |   | 327 |   |
|                                                                                                |   |   |                          |    |   |   |   |   |
| Cash      and cash equivalents at end of period                                                     |   |   | 38                            |    | 1,737 |   | 222 |   |

----

----

|                                                  | SIX      MONTHS ENDED JUNE 30, |   |
|-------------------------------------------------------|--------------------------------|--------|
|                                                  | 2007                           |   | 2008 |   | 2008 |   |
|                                                  | HK$                            |   | HK$ |   | US$ |   |
|                                                  |                           |   |   |   |   |   |
| Turnover                                              | 77,881                         |   | -- |   | -- |   |
| Operating      costs                                  | (85,824                        | )      | -- |   | -- |   |
| Finance      costs                                    | (1,065                         | )      | -- |   | -- |   |
| Other      income                                     | 366                            |   | -- |   | -- |   |
|                                                  |                           |   |   |   |   |   |
| Loss      before taxation                             | (8,642                         | )      | -- |   | -- |   |
|          Taxation                      | --                             |   | -- |   | -- |   |
|                                                  |                           |   |   |   |   |   |
| Loss      before minority interest                    | (8,642                         | )      | -- |   | -- |   |
|          Minority interest             | (7                             | )      | -- |   | -- |   |
|                                                  |                           |   |   |   |   |   |
| Net      loss attributable to discontinued operations | (8,649                         | )      | -- |   | -- |   |

| PRINCIPAL |   | INTEREST      RATE |   | MATURITY                                               |
|-----------|--------|--------------------|--------|--------------------------------------------------------|
| HK$       |   | US$                |   |                                                   |   |   |
|      |   |               |   |                                                   |   |   |
| 11,421    |   | 1,464              |   | HK$      prime – 3.2% to HK$ prime – 3.15% |   | 2026 |

| PRINCIPAL |   | PAYABLE      DURING THE FOLLOWING PERIODS |
|-----------|--------|-------------------------------------------|
| HK$       |   | US$                                       |   |   |
|      |   |                                      |   |   |
| 510       |   | 65                                        |   | 2008      - 2009 |
| 10,911    |   | 1,399                                     |   | 2009      - 2026 |
| 11,421    |   | 1,464                                     |   |   |

----

|                   | THREE      MONTHS ENDED JUNE 30 |   | SIX      MONTHS ENDED JUNE 30 |
|------------------------|---------------------------------|--------|-------------------------------|
|                   | 2007                            |   | 2008                          |   | 2008 |   | 2007 |   | 2008 |   | 2008 |
|                   | HK$                             |   | HK$                           |   | US$ |   | HK$ |   | HK$ |   | US$ |
|                   |                            |   |                          |   |   |   |   |   |   |   |   |
| Cash      paid for:    |                            |   |                          |   |   |   |   |   |   |   |   |
| Interest      expenses | 128                             |   | 66                            |   | 8 |   | 1,315 |   | 156 |   | 20 |

|                                                                          | 2007     |    |
|-------------------------------------------------------------------------------|----------|---------|
|                                                                          | HK$      |    |
|                                                                          |     |    |
| Net      assets disposed of:                                                  |     |    |
|           Property, plant and equipment                   | 114,925  |    |
|           Investments                                     | 2,740    |    |
|           Inventories                                     | 2,648    |    |
|           Trade and other receivables                     | 79,760   |    |
|           Cash and bank balances                          | 14,482   |    |
|           Trade and other payables                        | (284,059 | )       |
|           Minority interest                               | (459     | )       |
|           Accumulated other comprehensive losses          | (2,062   | )       |
|                                                                          | (72,025  | )       |
|                                                                          |     |    |
|           Goodwill realized upon disposal of subsidiaries | 6,791    |    |
|                                                                          |     |    |
| Amount      transferred to additional paid-in capital                         | (65,234  | )  |

|                                          |   | 2007   |   |
|-----------------------------------------------|--------|--------|--------|
|                                          |   | HK$    |   |
|                                          |   |   |   |
| Cash      consideration                       |   | --     |   |
| Cash      and cash equivalents disposed       |   | (3,911 | )      |
|                                          |   |   |   |
| Net      outflow of cash and cash equivalents |   | (3,911 | )      |

----

----

|                            | Three      Months Ended June 30 |    |   | Six      Months Ended June 30 |   |
|---------------------------------|---------------------------------|---------|--------|-------------------------------|--------|
|                            | 2007                            |    |   | 2008                          |   |   | 2007 |   |   | 2008 |   |
|                            |                            |    |   |                          |   |   |   |   |   |   |   |
| Operating      Revenues         |                            | 100.00  | %      |                          |   | 100.00 | % |   |   | 100.00 | % |   |   | 100.00 | % |
|                            |                            |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Total      operating expenses   |                            | 569.39  | %      |                          |   | 298.37 | % |   |   | 336.89 | % |   |   | 336.78 | % |
|                            |                            |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Operating      loss             |                            | (469.39 | %)     |                          |   | (198.37 | %) |   |   | (236.89 | %) |   |   | (236.78 | %) |
|                            |                            |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Loss      before income taxes   |                            | (534.69 | %)     |                          |   | (233.70 | %) |   |   | (305.19 | %) |   |   | (278.75 | %) |
|                            |                            |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Provision      for income taxes |                            | --      |   |                          |   | -- |   |   |   | -- |   |   |   | -- |   |
|                            |                            |    |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Net      loss                   |                            | (534.69 | %)     |                          |   | (233.70 | %) |   |   | (2,668.31 | %) |   |   | (278.75 | %) |

----

----

----

| 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               |

| September      12, 2008 | /s/      Ngai Keung Luk                           |
|-------------------------|---------------------------------------------------|
|                    | Ngai      Keung Luk                               |
|                    | Chairman      and Chief Executive Officer         |
|                    | (Principal      Executive Officer)                |
|                    |                                              |
|                    |                                              |
| September      12, 2008 | /s/      Darrie Lam                               |
|                    | Darrie      Lam                                   |
|                    | Chief      Financial Officer                      |
|                    | (Principal      Financial and Accounting Officer) |

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