**CERTIFICATION**

| 1.   | We                have reviewed this quarterly report on Form 10-Q of Physical Property                Holdings, Inc. (the "registrant"); |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Based                on my knowledge, this quarterly report does not contain any untrue                statement of a material fact or omit to state a material fact necessary                to                make the statements made, in light of the circumstances under which                such                statements were made, not misleading with respect to the period covered                by                this quarterly report; |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Based                on my knowledge, the financial statements, and other financial information                included in this quarterly report, fairly present in all material                respects                the financial condition, results of operations and cash flows of                the                registrant as of, and for, the periods presented in this                report; |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | The                registrant's other certifying officer(s) and we are responsible for                establishing and maintaining disclosure controls and procedures (as                defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant                and have: |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | The                registrant's other certifying officer(s) and we have disclosed, based                on                our most recent evaluation of internal control over financial reporting,                to the registrant's auditors and the audit committee of the registrant's                board of directors (or persons performing the equivalent                functions): |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| May                21, 2007 | ***/s/                Ngai Keung Luk***             |
|-----------------------------|-----------------------------------------------------|
|                        | Ngai                Keung Luk                       |
|                        | Chairman                and Chief Executive Officer |
|                        |                                                |
| May                21, 2007 | ***/s/                Darrie Lam***                 |
|                        | Darrie                Lam                           |
|                        | Chief                Financial Officer              |