Table of Contents

| 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 periods ended March 31, 2009 and 2010 | 3                |
|                           |                                                                                           |                                                                                                                |             |
|                           |                                                                                           | Condensed Consolidated Balance Sheets as of December 31, 2009 and March 31, 2010 (Unaudited)                   | 4                |
|                           |                                                                                           |                                                                                                                |             |
|                           |                                                                                           | Unaudited Condensed Consolidated Statements of Cash Flows for the three-month periods ended March 31, 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                            | 11                                                                                                                  |
|                           |                                                                                           |                                                                                                                |             |
|                           | ITEM 4 - CONTROLS AND PROCEDURES                                                               | 12                                                                                                                  |
|                           |                                                                                           |                                                                                                                |             |
| PART II - OTHER INFORMATION    |                                                                                           |
|                           |                                                                                           |                                                                                                                |             |
|                           | ITEM 1 - LEGAL PROCEEDINGS                                                                     | 12                                                                                                                  |
|                           |                                                                                           |                                                                                                                |
|                           | ITEM 6 - EXHIBITS                                                                              | 12                                                                                                                  |
|                           |                                                                                           |                                                                                                                |             |
|                           |                                                                                           | SIGNATURES                                                                                                          | 13               |

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Table of Contents

PHYSICAL 

|                                                          |   | Three Months Ended March 31, |       |
|---------------------------------------------------------------|--------|------------------------------|------------|
|                                                          |   | 2009                         |       |   | 2010 |   |   | 2010 |   |
|                                                          |   | HK$’000                |       |   | HK$’000 |   |   | US$’000 |   |
|                                                          |   |                         |       |   |   |   |   |   |   |
| Operating Revenues                                            |   |                         |       |   |   |   |   |   |   |
|      Rental income                        |   |                         | 114        |   |   |   | 184 |   |   |   | 24 |   |
| Total operating revenues                                      |   |                         | 114        |   |   |   | 184 |   |   |   | 24 |   |
|                                                          |   |                         |       |   |   |   |   |   |   |   |   |   |
| Operating Expenses                                            |   |                         |       |   |   |   |   |   |   |   |   |   |
|     Rent and related expenses                  |   |                         | (23        | ) |   |   | (23 | ) |   |   | (3 | ) |
|     Depreciation                               |   |                         | (76        | ) |   |   | (86 | ) |   |   | (11 | ) |
|     Other selling and administrative expenses  |   |                         | (93        | ) |   |   | (162 | ) |   |   | (21 | ) |
| Total operating expenses                                      |   |                         | (192       | ) |   |   | (271 | ) |   |   | (35 | ) |
|                                                          |   |                         |       |   |   |   |   |   |   |   |   |   |
| Loss from operations                                          |   |                         | (78        | )  |   |   | (87 | )  |   |   | (11 | )  |
|                                                          |   |                         |       |   |   |   |   |   |   |   |   |   |
| Non-operating expenses                                        |   |                         |       |   |   |   |   |   |   |   |   |   |
|     Interest expenses                          |   |                         | (57        | ) |   |   | (54 | ) |   |   | (7 | ) |
| Total non-operating expenses                                  |   |                         | (57        | ) |   |   | (54 | ) |   |   | (7 | ) |
|                                                          |   |                         |       |   |   |   |   |   |   |   |   |   |
| Loss before income taxes                                      |   |                         | (135       | ) |   |   | (141 | ) |   |   | (18 | ) |
|                                                          |   |                         |       |   |   |   |   |   |   |   |   |   |
| Provision for income taxes                                    |   |                         | --         |   |   |   | -- |   |   |   | -- |   |
|                                                          |   |                         |       |   |   |   |   |   |   |   |   |   |
| Net loss and total comprehensive loss                         |   |                         | (135       | ) |   |   | (141 | )  |   |   | (18 | ) |
|                                                          |   |                         |       |   |   |   |   |   |   |   |   |   |
| Loss per share of common stock (in cents)                     |   |                         | (0.48      | ) |   |   | (0.50 | ) |   |   | (0.06 | )  |
|                                                          |   |                         |       |   |   |   |   |   |   |   |   |   |
| Weighted average number of shares of common stock outstanding |   |                         | 28,329,353 |   |   |   | 28,329,353 |   |   |   | 28,329,353 |   |

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PHYSICAL 

|                                                                                                                                                                                    |   |   |   |   | As of                      |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|----------------------------|--------|
|                                                                                                                                                                                    |   | Note   |   |   | December 31, 2009(Audited) |   |   | March 31, 2010(Unaudited) |   |
|                                                                                                                                                                                    |   |   |   |   | HK$’000              |   |   | HK$’000 |   |   | US$’000 |   |
|                                                                                                                                                                                    |   |   |   |   |                       |   |   |   |   |   |   |   |
| ASSETS                                                                                                                                                                                  |   |   |   |   |                       |   |   |   |   |   |   |   |
|                                                                                                                                                                                    |   |   |   |   |                       |   |   |   |   |   |   |   |
| Current assets                                                                                                                                                                          |   |   |   |   |                       |   |   |   |   |   |   |   |
|     Cash and bank balances                                                                                                                                               |   |   |   |   |                       | 22     |   |   |   | 7 |   |   |   | 1 |   |
|     Trade receivables                                                                                                                                               |   |   |   |   |                       | --     |   |   |   | 13 |   |   |   | 2 |   |
|     Management fees and utility deposits                                                                                                                                 |   |   |   |   |                       | 23     |   |   |   | 24 |   |   |   | 3 |   |
| Total current assets                                                                                                                                                                    |   |   |   |   |                       | 45     |   |   |   | 44 |   |   |   | 6 |   |
|                                                                                                                                                                                    |   |   |   |   |                       |   |   |   |   |   |   |   |   |   |   |
|     Bank deposits, collateralized                                                                                                                                        |   |   |   |   |                       | 82     |   |   |   | 82 |   |   |   | 11 |   |
|     Pr    Property, plant and equipment, net of accumulated depreciation of HK$1,981 as of March 31, 2010 (December 31, 2009: HK$1,895)              |   |   |   |   |                       | 10,893 |   |   |   | 10,807 |   |   |   | 1,385 |   |
|                                                                                                                                                                               |   |   |   |   |                       |   |   |   |   |   |   |   |   |   |   |
| Total assets                                                                                                                                                                            |   |   |   |   |                       | 11,020 |   |   |   | 10,933 |   |   |   | 1,402 |   |
|                                                                                                                                                                                    |   |   |   |   |                       |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                                    |   |   |   |   |                       |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                    |   |   |   |   |                       |   |   |   |   |   |   |   |   |   |   |
| Current liabilities                                                                                                                                                                     |   |   |   |   |                       |   |   |   |   |   |   |   |   |   |   |
|     Long-term bank loans - current portion                                                                                                                               |   |   | 3      |   |                       |   | 538 |   |   |   | 541 |   |   |   | 69 |   |
|     Other payables                                                                                                                                                       |   |   |   |   |                       |   | 234 |   |   |   | 252 |   |   |   | 32 |   |
|     Due to a stockholder                                                                                                                                                 |   |   | 5      |   |                       |   | -- |   |   |   | 169 |   |   |   | 22 |   |
| Total current liabilities                                                                                                                                                               |   |   |   |   |                       |   | 772 |   |   |   | 962 |   |   |   | 123 |   |
|                                                                                                                                                                                    |   |   |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Long-term bank loans - non-current portion                                                                                                                                              |   |   | 3      |   |                       |   | 10,101 |   |   |   | 9,965 |   |   |   | 1,278 |   |
|                                                                                                                                                                                    |   |   |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Commitments and contingencies                                                                                                                                                           |   |   | 6      |   |                       |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                    |   |   |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders' equity                                                                                                                                                                    |   |   |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
|    on    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 | ) |   |   | (73,823 | ) |   |   | (9,464 | ) |
| Total stockholders' equity                                                                                                                                                              |   |   |   |   |                       |   | 147 |   |   |   | 6 |   |   |   | 1 |   |
|                                                                                                                                                                                    |   |   |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Total liabilities and stockholders' equity                                                                                                                                              |   |   |   |   |                       |   | 11,020 |   |   |   | 10,933 |   |   |   | 1,402 |   |

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PHYSICAL 

|                                                                                      |   |   |   |   | Three Months Ended March 31, |   |
|-------------------------------------------------------------------------------------------|--------|--------|--------|--------|------------------------------|--------|
|                                                                                      |   | Note   |   |   | 2009                         |   |   | 2010 |   |   | 2010 |   |
|                                                                                      |   |   |   |   | HK$’000                |   |   | HK$’000 |   |   | US$’000 |   |
|                                                                                      |   |   |   |   |                         |   |   |   |   |   |   |   |
| Cash flows from operating activities                                                      |   |   |   |   |                         |   |   |   |   |   |   |   |
|      Net loss                                                         |   |   |   |   |                         | (135   | ) |   |   | (141 | )  |   |   | (18 | )  |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |   |   |   |   |                         |   |   |   |   |   |   |   |   |   |   |
|      Depreciation                                                     |   |   |   |   |                         | 76     |   |   |   | 86 |   |   |   | 11 |   |
| Changes in working capital:                                                               |   |   |   |   |                         |   |   |   |   |   |   |   |   |   |   |
|        Trade receivables                               |   |   |   |   |                         | --     |   |   |   | (13 | )  |   |   | (2 | )  |
|        Management fees and utility deposits            |   |   |   |   |                         | 89     |   |   |   | (1 | )  |   |   | -- |   |
|        Other payables                                  |   |   |   |   |                         | 15     |   |   |   | 18 |   |   |   | 2 |   |
|                                                                       |   |   |   |   |                         |   |   |   |   |   |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                       |   |   |   |   |                         | 45     |   |   |   | (51 | )  |   |   | (7 | )  |
|                                                                                      |   |   |   |   |                         |   |   |   |   |   |   |   |   |   |   |
| 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                                |   |   |   |   |                         | (131   | ) |   |   | (133 | ) |   |   | (17 | ) |
|      Net (repayment to) advance from a stockholder                    |   |   | 5      |   |                         |   | (7 | )  |   |   | 169 |   |   |   | 22 |   |
| Net cash (used in) provided by financing activities                                       |   |   |   |   |                         |   | (138 | ) |   |   | 36 |   |   |   | 5 |   |
|                                                                                      |   |   |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Net decrease in cash and cash equivalents                                                 |   |   |   |   |                         |   | (393 | )  |   |   | (15 | ) |   |   | (2 | ) |
|                                                                                      |   |   |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                                          |   |   |   |   |                         |   | 1,255 |   |   |   | 22 |   |   |   | 3 |   |
|                                                                                      |   |   |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at end of period                                                |   |   |   |   |                         |   | 862 |   |   |   | 7 |   |   |   | 1 |   |

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PROPERTY 

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| End of maturity | Interest rate  |   | Principal     |   |
|-----------------|----------------|--------|---------------|--------|
|            |           |   | 2009          |   |   | 2010 |   |   | 2010 |   |
|            |           |   | HK$’000 |   |   | HK$’000 |   |   | US$’000 |   |
|            |           |   |          |   |   |   |   |   |   |   |
| 2026            | 2.1% per annum |   |          | 10,639 |   |   |   | 10,506 |   |   |   | 1,347 |   |

| Payable during the following periods |   | Principal     |   |
|--------------------------------------|--------|---------------|--------|
|                                 |   | 2009          |   |   | 2010 |   |   | 2010 |   |
|                                 |   | HK$’000 |   |   | HK$’000 |   |   | US$’000 |   |
|                                 |   |          |   |   |   |   |   |   |   |
| 2010-2011                            |   |          | 538    |   |   |   | 541 |   |   |   | 69 |   |
| 2011-2026                            |   |          | 10,101 |   |   |   | 9,965 |   |   |   | 1,278 |   |
|                                 |   |          |   |   |   |   |   |   |   |   |   |   |
|                                 |   |          | 10,639 |   |   |   | 10,506 |   |   |   | 1,347 |   |

| (i)     | leasehold properties in Hong Kong with a net book value of HK$10,572,000 and HK$10,643,000 as of March 31, 2010 and December 31, 2009 respectively; |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| (ii)    | fixed deposits of HK$82,000 as of March 31 2010 and December 31, 2009; and                                                                          |
| (iii)   | joint and several guarantee provided by the Principal Stockholder and his spouse.                                                                   |

|                                       | THREE MONTHS ENDED MARCH 31 |
|--------------------------------------------|-----------------------------|
|                                       | 2009                        |   | 2010 |   | 2010 |
|                                       | HK$’000               |   | HK$’000 |   | US$’000 |
| Cash paid for:                             |                        |   |   |   |   |
|      Interest expenses | 57                          |   | 54 |   | 7 |

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|                                                                |   | Three months ended March 31 |   |
|---------------------------------------------------------------------|--------|-----------------------------|--------|
|                                                                |   | 2009                        |   |   | 2010 |   |
|                                                                |   | HK$’000               |   |   | HK$’000 |   |   | US$’000 |   |
|                                                                |   |                        |   |   |   |   |   |   |   |
| Balance at beginning of period                                      |   |                        | 7      |   |   |   | -- |   |   |   | -- |   |
|                                                                |   |                        |   |   |   |   |   |   |   |   |   |   |
| Advance from the Principal Stockholder                              |   |                        | 1,092  |   |   |   | 107 |   |   |   | 14 |   |
| Repayment to the Principal Stockholder                              |   |                        | (1,115 | ) |   |   | (19 | ) |   |   | (2 | ) |
| Expenses paid by the Principal Stockholder on behalf of the Company |   |                        | 16     |   |   |   | 81 |   |   |   | 10 |   |
|                                                                |   |                        |   |   |   |   |   |   |   |   |   |   |
| Net (repayment to) advances from the Principal Stockholder          |   |                        | (7     | )  |   |   | 169 |   |   |   | 22 |   |
|                                                                |   |                        |   |   |   |   |   |   |   |   |   |   |
| Balance at end of period                                            |   |                        | --     |   |   |   | 169 |   |   |   | 22 |   |

|               |   | As of             |   |
|--------------------|--------|-------------------|--------|
|               |   | December 31, 2009 |   |   | March 31, 2010 |   |
|               |   | HK$’000     |   |   | HK$’000 |   |   | US$’000 |   |
|               |   |              |   |   |   |   |   |   |   |
| Within one year    |   |              | 616    |   |   |   | 570 |   |   |   | 73 |   |
| In the second year |   |              | 213    |   |   |   | 94 |   |   |   | 12 |   |
|               |   |              |   |   |   |   |   |   |   |   |   |   |
|               |   |              | 829    |   |   |   | 664 |   |   |   | 85 |   |

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ITEM 

|                       |   | Three Months Ended March 31, |    |
|----------------------------|--------|------------------------------|---------|
|                       |   | 2009                         |    |   | 2010 |   |
|                       |   |                         |    |   |   |   |
| Operating Revenues         |   |                         | 100.00  | % |   |   | 100.00 | % |
|                       |   |                         |    |   |   |   |   |   |
| Total operating expenses   |   |                         | 168.42  | % |   |   | 147.28 | % |
|                       |   |                         |    |   |   |   |   |   |
| Operating loss             |   |                         | (68.42  | %) |   |   | (47.28 | %) |
|                       |   |                         |    |   |   |   |   |   |
| Loss before income taxes   |   |                         | (118.42 | %) |   |   | (76.63 | %) |
|                       |   |                         |    |   |   |   |   |   |
| Provision for income taxes |   |                         | --      |   |   |   | -- |   |
|                       |   |                         |    |   |   |   |   |   |
| Net loss                   |   |                         | (118.42 | %) |   |   | (76.63 | %) |

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ITEM 

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ITEM 

PART 

ITEM 

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

| May 14, 2010 | /s/ Ngai Keung Luk                           |
|--------------|----------------------------------------------|
|         | Ngai Keung Luk                               |
|         | Chairman and Chief Executive Officer         |
|         | (Principal Executive Officer)                |
|         |                                         |
|         |                                         |
| May 14, 2010 | /s/ Darrie Lam                               |
|         | Darrie Lam                                   |
|         | Chief Financial Officer                      |
|         | (Principal Financial and Accounting Officer) |