----

| [ X ] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-------|-----------------------------------------------------------------------------------------|

| [   ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|----------------------|------------------------------------------------------------------------------------------|

| Nevada(State or other jurisdiction ofincorporation or organization)  | 87-0450232(IRS Employer Identification No.)  |
|---------------------------------------------------------------------------|---------------------------------------------------|

----

|     |                                                                                                                    | Page  |
|----------|-------------------------------------------------------------------------------------------------------------------------|------------|
| PART I.  | Item 1.  Financial Information                                                                           | 3          |
|     | Balance Sheet as of September 30, 2010 (Unaudited) and December 31, 2009                                           | 3          |
|     | Statements of Operations for the Three-Month and Nine-Month Periods Ended September 30, 2010 and 2009 (Unaudited)  | 4          |
|     | Statements of Cash Flows for the Nine-Month Periods Ended September 30, 2010 and 2009 (Unaudited)                  | 5          |
|     | Notes to the Financial Statements (Unaudited)                                                                      | 6          |
|     | Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations     | 17         |
|     | Item 3.  Quantitative and Qualitative Disclosures About Market Risk                                      | 19         |
|     | Item 4.  Controls and Procedures                                                                         | 19         |
| PART II. | Other Information                                                                                                  |       |
|     | Item 6.  Exhibits                                                                                        | 20         |
|     | Signatures                                                                                                              |   21  |

----

| GREAT CHINA INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES                                               |
|---------------------------------------------------------------------------------------------------------|
| CONSOLIDATED BALANCE SHEETS                                                                             |
| AS OF SEPTEMBER 30, 2010 AND DECEMBER 31, 2009                                                          |
|  (UNAUDITED)                                                                                       |
|                                                                                                    |   |   |   |   |   |
|                                                                                                    |  September 30, 2010 |   |  December 31, 2009 |
|                                                                                                    |   |   |   |   |   |
| Current assets:                                                                                         |   |   |   |   |   |
|                                                                                                    | Cash and cash equivalents | $  |                          8,924,546 |   | $  |                         9,933,271 |
|                                                                                                    | Accounts receivable, net |   |                               410,287 |   |   |                              117,487 |
|                                                                                                    | Receivable on disposal of subsidiaries |   |                                         - |   |   |                                        - |
|                                                                                                    | Other receivable, net |   |                               214,918 |   |   |                              217,085 |
|                                                                                                    | Properties held for resale |   |                            1,235,178 |   |   |                           2,060,146 |
|                                                                                                    |     Total current assets |   |                          10,784,929 |   |   |                         12,327,988 |
|                                                                                                    |   |   |   |   |   |
| Long term assets:                                                                                       |   |   |   |   |   |
|                                                                                                    | Property and equipment, net |   |                            1,166,993 |   |   |                           1,590,183 |
|                                                                                                    |   |   |   |   |   |
|                                                                                                    | Rental property, net |   |                          48,974,299 |   |   |                         49,802,284 |
| Deferred tax assets                                                                                     |   |                                           - |   |   |                                          - |
|                                                                                                    |   |   |   |   |   |
|                                                                                                    |     Total long term assets |   |                          50,141,293 |   |   |                         51,392,468 |
|                                                                                                    |   |   |   |   |   |
| Total assets                                                                                            | $  |                       60,926,222 |   | $  |                       63,720,456 |
|                                                                                                    |   |   |   |   |   |
| Current liabilities:                                                                                    |   |   |   |   |   |
|                                                                                                    | Bank loans | $  |                        19,700,146 |   | $  |                       19,308,700 |
|                                                                                                    | Accounts payable |   |                            4,255,499 |   |   | 4,170,921 |
|                                                                                                    | Accrued expenses |   |                               197,451 |   |   | 163,147 |
|                                                                                                    | Other payable |   |                            1,949,179 |   |   |                           1,863,809 |
|                                                                                                    | Payable to disposed subsidiaries |   |                               784,934 |   |   |                              769,337 |
|                                                                                                    | Commission payable |   |                                         - |   |   |                           1,784,105 |
|                                                                                                    | Advances from customers |   |                            1,251,159 |   |   |                           1,392,027 |
|                                                                                                    | Taxes payable |   |                            9,103,615 |   |   |                           9,065,238 |
|                                                                                                    |   |   |   |   |   |
| Total liabilities                                                                                       |   | 37,241,983 |   |   |                         38,517,285 |
|                                                                                                    |   |   |   |   |   |
| Stockholders' equity:                                                                                   |   |   |   |   |   |
|                                                                                                    | Common stock,  $.001 par value 50,000,000 shares authorized, |   |   |   |   |   |
|                                                                                                    | 11,759,966  issued and outstanding |   |   |   |   |   |
|                                                                                                    | as of September 30, 2010 and December 31, 2009 |   |                                 11,760 |   |   |                                11,760 |
|                                                                                                    | Additional paid in capital |   |                            4,566,156 |   |   |                           4,566,156 |
|                                                                                                    | Statutory reserve |   |                               638,128 |   |   |                              638,128 |
|                                                                                                    | Accumulated other comprehensive income |   |                            2,597,338 |   |   |                           2,251,110 |
|                                                                                                    | Retained earnings |   |                          15,870,857 |   |   |                         17,736,017 |
|                                                                                                    |   |   |   |   |   |
| Total stockholders' equity before advances offset                                                       |   |   |   |   |   |
|                                                                                                    | Advances to directors and affiliated companies |   |   |   |   |   |
| Total stockholders' equity                                                                              |   |                          23,684,239 |   |   |                         25,203,171 |
|                                                                                                    |   |   |   |   |   |
| Total liabilities and stockholders' equity                                                              | $  |                        60,926,222 |   | $  |                       63,720,456 |
|                                                                                                    |   |   |   |   |   |
|  The accompanying notes are an integral part of these unaudited consolidated financial statements. |

----

| GREAT CHINA INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES                                         |
|---------------------------------------------------------------------------------------------------|
| CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME/(LOSS)                       |
| FOR THE THREE MONTH PERIODS AND THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2010 AND 2009          |
| (UNAUDITED)                                                                                       |
|                                                                                              |   |
|                                                                                              |   |  Three month periods ended September 30, |   |  Nine month periods ended Septwmber 30, |
|                                                                                              |   |  2010 |   |  2009 |   |  2010 |   |  2009 |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                                                                                          |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                              | Real estate sales | $  |                386,455 |   | $  |                645,319 |   | $  |        1,078,195 |   | $  |         1,125,695 |
|                                                                                              | Rental income |   | 1,091,452 |   |   | 960,810 |   |   | 3,240,727 |   |   | 2,919,249 |
|                                                                                              | Management fee income |   | 470,120 |   |   | 450,378 |   |   | 1,394,587 |   |   | 1,376,529 |
|                                                                                              | Total revenues |   | 1,948,027 |   |   | 2,056,508 |   |   | 5,713,509 |   |   | 5,421,474 |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost of revenues                                                                                  |   | 1,491,065 |   |   | 1,291,594 |   |   | 4,462,031 |   |   | 3,946,744 |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross profit                                                                                      |   | 456,962 |   |   | 764,914 |   |   | 1,251,478 |   |   | 1,474,730 |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Operation expenses                                                                                |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                              | Selling expenses |   | 13,625 |   |   | 17,523 |   |   | 41,468 |   |   | 244,518 |
|                                                                                              | General and administrative expenses |   | 915,128 |   |   | 668,279 |   |   | 1,822,907 |   |   | 1,988,048 |
|                                                                                              | Depreciation and amortization |   | 51,829 |   |   | 47,149 |   |   | 146,622 |   |   | 138,775 |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                              |       Total operation expenses |   | 980,582 |   |   | 732,952 |   |   | 2,010,997 |   |   | 2,371,341 |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) from operations                                                                     |   | (523,620) |   |   | 31,962 |   |   | (759,520) |   |   | (896,611) |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Other income (expense)                                                                            |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                              | Land leveling income |   |                 212,646 |   |   |                      145 |   |   |            212,646 |   |   |           2,126,503 |
|                                                                                              | Other income |   | 19,416 |   |   | 152,030 |   |   | 118,509 |   |   | 466,109 |
|                                                                                              | Interest and finance costs |   | (460,349) |   |   | (476,499) |   |   | (1,436,796) |   |   | (1,445,921) |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                              |      Total other income (loss) |   | (228,287) |   |   | (324,323) |   |   | (1,105,641) |   |   | 1,146,692 |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) before income taxes                                                                 |   | (751,907) |   |   | (292,361) |   |   | (1,865,161) |   |   | 250,081 |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Provision for income taxes                                                                        |   |                               - |   |   | (182,303) |   |   |                        - |   |   | 76,426 |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                                                 |   | (751,907) |   |   | (110,059) |   |   | (1,865,161) |   |   | 173,655 |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Other comprehensive income (loss):                                                                |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                              | Foreign currency translation adjustment |   | 382,618 |   |   | 10,087 |   |   | 346,228 |   |   | (33,576) |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income (loss)                                                                       | $  |               (369,290) |   | $  |           (99,972) |   | $  |       (1,518,933) |   | $  |         140,078 |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) per share                                                                       |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                              | Basic | $  |               (0.03) |   | $  |                 (0.01) |   | $  |              (0.13) |   | $  |              0.01 |
|                                                                                              | Diluted | $  |              (0.03) |   | $  |               (0.01) |   | $  |             (0.13) |   | $  |               0.01 |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average number of shares outstanding                                                     |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                              | Basic |   | 11,759,966 |   |   | 11,759,966 |   |   | 11,759,966 |   |   | 11,759,966 |
|                                                                                              | Diluted |   | 11,759,966 |   |   | 11,759,966 |   |   | 11,759,966 |   |   | 11,759,966 |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these unaudited consolidated financial statements. |

----

| GREAT CHINA INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES                                         |
|---------------------------------------------------------------------------------------------------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                                             |
| FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2010 AND 2009                                      |
| (UNAUDITED)                                                                                       |
|                                                                                              |   |  For The Nine Month Periods Ended |
|                                                                                              |   |  September 30, 2010 |   |  September 30, 2009 |
| Cash flows from operating activities:                                                             |   |   |   |   |   |
| Net income (loss)                                                                                 | $  | (1,865,161) |   | $  | 173,655  |
| Adjustments to reconcile net income (loss) to operating activities -                              |   |   |   |   |   |
| net cash provided by (used in) operating activities                                               |   |   |   |   |   |
|                                                                                              | Depreciation and amortization |   | 2,362,934  |   |   | 2,199,424  |
|                                                                                              | Provision for doubtful accounts |   | 108,682  |   |   | 63,354  |
| (Increase) decrease in current assets:                                                            |   |   |   |   |   |
|                                                                                              | Accounts receivable and other receivable |   | (427,956) |   |   | 419,896  |
|                                                                                              | Advances to suppliers |   | 40,247  |   |   | (146,918) |
|                                                                                              | Properties held for resale |   | 852,005  |   |   | 324,696  |
| Increase (decrease) in current liabilities:                                                       |   |   |   |   |   |
|                                                                                              | Accounts payable and accrued expenses |   | (1,700,668) |   |   | (234,518) |
|                                                                                              | Advance from buyers |   | (166,215) |   |   | (127,946) |
|                                                                                              | Income and other taxes payable |   | (42,279) |   |   | 78,040  |
|                                                                                              |   |   |   |   |   |   |
| Net cash provided by (used in) operating activities from operations                               |   | (838,411) |   |   | 2,749,683  |
| Net cash provided by (used in) operating activities                                               |   | (838,411) |   |   | 2,749,683  |
|                                                                                         |   |   |   |   |   |   |
| Cash flows from investing activities:                                                             |   |   |   |   |   |
|                                                                                              | Construction in progress |   |             -  |   |   |            35,126  |
|                                                                                              | (Purchases) disposal of property & equipment |   | (68,691) |   |   |            7,355  |
|                                                                                              |   |   |   |   |   |   |
| Net cash provided by/(used in) investing activities from continuing operations                    |   | (68,691) |   |   | 42,482  |
| Net cash provided by (used in) investing activities                                               |   | (68,691) |   |   | 42,482  |
|                                                                                              |   |   |   |   |   |   |
| Cash flows from financing activities:                                                             |   |   |   |   |   |
| Foreign currency translation effect                                                               |   | (101,624) |   |   | (30,122) |
|                                                                                              |   |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                              |   | (1,008,725) |   |   | 2,762,043  |
|                                                                                              |   |   |   |   |   |   |
| Cash and cash equivalents, beginning of period                                                    |   | 9,933,271  |   |   | 8,214,381  |
|                                                                                         |   |   |   |   |   |   |
| Cash and cash equivalents, end of period                                                          | $  | 8,924,546 |   | $  | 10,976,424  |
|                                                                                              |   |   |   |   |   |   |
| Supplemental disclosures of cash flow information:                                                |   |   |   |   |   |
|                                                                                              | Interest paid | $  | 1,514,787  |   | $ |              -  |
|                                                                                              | Income taxes paid | $ |            -  |   | $ |                -  |
|                                                                                              |   |   |   |   |   |   |
|                                                                                              |   |   |   |   |   |   |
| The accompanying notes are an integral part of these unaudited consolidated financial statements. |

----

| 1. | Description of business |
|----|-------------------------|

|   | Nature of organization |
|--------|------------------------|

| 2. | Summary of significant accounting policies  |
|----|--------------------------------------------------|

|   | Foreign currency translation - The Company uses the United States dollar for financial reporting purposes. The Company’s subsidiaries maintain their books and records in their functional currency - Chinese Yuan Renminbi (CNY), being the primary currency of the economic environment in which their operations are conducted. Such financial statements were translated into United States dollars in accordance with ASC 830 (Originally issued as Statement of Financial Accounts Standards (“SFAS”) No. 52, “Foreign Currency Translation”). According to the Statement, all assets and liabilities are translated at the current exchange rate, stockholder’s equity are translated at the historical rates and income statement and statement of cash flows items are translated at the average exchange rate for the period. As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheet. The resulting translation adjustments are reported under other comprehensive income in accordance with ASC 220 (Originally issued as SFAS No. 130, “Reporting Comprehensive Income”) as a component of shareholders’ equity. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Buildings                     |   | 8-26 years |
|-------------------------------|--------|------------|
| Equipment                     |   | 5 years    |
| Automobile                    |   | 5 years    |
| Office furniture and fixtures |   | 5 years    |

----

|                                   |  September 30, 2010 |       | December 31, 2009 |
|----------------------------------------|--------------------------|------------|-------------------|
| Building                          | $                        | 1,103,985  |              |   | $ | 1,454,158 |   |
| Automobile                        |                     | 1,100,682  |              |   |   | 1,078,811 |   |
| Office equipment & Furniture  |                     | 506,550    |              |   |   | 442,466 |   |
|                                   |                     |       |              |
|                              | $                        | 2,711,217  |              |   |   | 2,975,435 |   |
|                                   |
| Accumulated depreciation          |                     | (1,544,224 | )                 |   |   | (1,385,252 | ) |
|                                   |                     |       |              |
| Property and equipment, net       | $                        | 1,166,993  |              |   | $ | 1,590,183 |   |

----

----

----

| 3. | Real estate held for development or sale |
|----|------------------------------------------|

|               | September 30, 2010 |      | December 31, 2009 |
|--------------------|--------------------|-----------|-------------------|
| Qiyun New Village  | $                  | 222,034   |              |   | $ | 610,096 |   |
| Peacock Garden     |               |      |              |   |   | 85,936 |   |
| Chenglong Garden   |               | 500,224   |              |   |   | 861,345 |   |
| President Building |               | 223,159   |              |   |   | 218,724 |   |
| Maryland Building  |               | 273,889   |              |   |   | 268,447 |   |
| Others             |               | 15,872    |              |   |   | 15,598 |   |
|               |               |      |              |
| Total              | $                  | 1,235,178 |              |   | $ | 2,060,146 |   |

| 4. | Accrued expenses |
|----|------------------|

|                        | September 30, 2010 |    | December 31, 2009 |
|-----------------------------|--------------------|---------|-------------------|
|                        |               |    |              |   |   |   |   |
| Payroll and welfare payable | $                  | 107,139 |              |   | $ | 97,898 |   |
|  Accrued expenses      |               | 90,312  |              |   |   | 65,249 |   |
|                        |               |    |              |
| Total                       | $                  | 197,451 |              |   | $ | 163,147 |   |

| 5. | Tax payables |
|----|--------------|

|               | September 30, 2010 |      | December 31, 2009 |
|--------------------|--------------------|-----------|-------------------|
| Income tax payable | $                  | 6,194,919 |              |   | $ | 6,169,230 |   |
| Business tax       |               | 605,364   |              |   |   | 633,292 |   |
| Land VAT payable   |               | 2,242,815 |              |   |   | 2,199,205 |   |
| Other levies       |               | 60,517    |              |   |   | 63,511 |   |
|               |               |      |              |
| Total              | $                  | 9,103,615 |              |   | $ | 9,065,238 |   |
|               |               |      |              |

----

| 6. | Payable to disposed subsidiary |
|----|--------------------------------|

| 7. | Short-term loans |
|----|------------------|

| Nature    | Due on     | Interest per Annum |   | September 30, 2010 |
|-----------|------------|--------------------|--------|--------------------|
| Bank loan | 10-13-2010 | 10.395%            |   |               | 13,721,346 |   |
| Bank loan | 6-12-2011  | 8.775%             |   |               | 5,978,800 |   |
| Total     |       |               |   | $                  | 19,700,146 |   |
|      |       |               |   |               |

| Nature    | Due on     | Interest per Annum | December 31, 2009 |   |
|-----------|------------|--------------------|-------------------|--------|
| Bank loan | 10-13-2010 | 10.395%            |              |   | 13,448,700 |   |
| Bank loan | 6-12-2011  | 8.775%             |              |   | 5,860,000 |   |
| Total     |       |               |              | $      | 19,308,700 |   |
|      |       |               |              |   |

| 8. | Statutory Reserve |
|----|-------------------|

|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                    |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | i.     | Making up cumulative prior years’ losses, if any;                                                                                                                                                                                                                                                                                                                                                                 |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | ii.    | Allocations to the “Statutory Surplus Reserve” of at least 10% of income after tax, as determined under PRC accounting rules and regulations, until the fund amounts to 50% of the Company’s registered capital;                                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | iii.   | Allocations of 5% to 10% of income after tax, as determined under PRC accounting rules and regulations, to the Company’s “Statutory Common Welfare Fund”, which is established for the purpose of providing employee facilities and other collective benefits to the Company’s employees; and statutory common welfare fund is no longer required per the new cooperation law executed in 2006. |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | iv.    | Allocations to the discretionary surplus reserve, if approved in the stockholders’ general meeting.                                                                                                                                                                                                                                                                                                               |

----

| 9. | Stock Options |
|----|---------------|

| Risk-free interest rate      | 6.00%        |
|------------------------------|--------------|
| Expected life of the options | 2 year  |
| Expected volatility          | 121.79%      |
| Expected dividend yield      | 0%      |

| Risk-free interest rate      | 8.25%        |
|------------------------------|--------------|
| Expected life of the options | 2 year  |
| Expected volatility          | 83.76%       |
| Expected dividend yield      | 0%      |

|                              | Shares |
|-----------------------------------|--------|
| Outstanding on December 31, 2008  | 20,000 |
|                              |   |
| Granted                           | -      |
| Exercised                         | -      |
| Forfeited or expired              | 20,000 |
|                              |   |
| Outstanding on December 31, 2009  | -      |
|                              |   |
| Granted                           | -      |
| Exercised                         | -      |
| Forfeited or expired              | -      |
|                              |   |
| Outstanding on September 30, 2010 | --     |
| Exercisable on September 30, 2010 | --     |

| 10. | Disposal of subsidiaries and discontinuance of subsidiaries |
|-----|-------------------------------------------------------------|

----

| 11. | Income Tax |
|-----|------------|

|                                     | For Nine Months Ended September 30 |
|------------------------------------------|------------------------------------|
|                                     | 2010                               | 2009 |
| US current income tax expense (benefit)  |                               |   |   |   |
| Federal                                  | $                                  | - | $ | - |
| State                                    |                               | - |   | - |
| HK current income tax expense            |                               | - |   | - |
| PRC current income tax expense (benefit) |                               | - |   | 76,426  |
| Total provision for income tax           | $                                  | - | $ | 76,426  |

|                                             |  September 30, 2010 | September 30, 2009 |
|--------------------------------------------------|--------------------------|--------------------|
| Tax expense (credit) at statutory rate - federal | 35%                      | 35%                |
| State tax expense net of federal tax             | 0%                       | 0%                 |
| Changes in valuation allowance                   | (35%)                    | (35%)              |
| Foreign income tax - HK                          | 16.5%                    | 16.5%              |
| Valuation allowance                              | (16.5%)                  | (16.5%)            |
| Foreign income tax expense - PRC                 | 25%                      | 25%                |
| Tax expense at actual tax rate                   | 0%                       | 25%                |

|                             | September 30, 2010 |                                                                                                    | December 31, 2009 |
|----------------------------------|--------------------|---------------------------------------------------------------------------------------------------------|-------------------|
| Net operation loss carry forward | $                  | 625,991                                                                                                 |              | $ | 585,540 |
| Total deferred tax assets        |               | 219,097                                                                                                 |              |   | 204,939 |
| Less: valuation allowance        |               | 219,097                                                                                                 |              |   | 204,939 |
| Net deferred tax assets          |          |                  - |              |   |                     - |
| Change in valuation allowance    | $                  | 14,158                                                                                                  |              | $ | (40,159) |

----

|                             | September 30, 2010 |                                                                                                                | December 31, 2009 |
|----------------------------------|--------------------|---------------------------------------------------------------------------------------------------------------------|-------------------|
| Net operation loss carry forward | $                  | 143,066                                                                                                             |              | $ | 139,387 |
| Total deferred tax assets        |               | 25,036                                                                                                              |              |   | 24,392 |
| Less: valuation allowance        |               | 25,036                                                                                                              |              |   | 24,392 |
| Net deferred tax assets          |          |                    - |              |   |                      - |
| Change in valuation allowance    | $                  | 644                                                                                                                 |              | $ | (40,159) |

|                             | September 30, 2010 |                                                                                                                | December 31, 2009 |
|----------------------------------|--------------------|---------------------------------------------------------------------------------------------------------------------|-------------------|
| Net operation loss carry forward | $                  | 6,712,533                                                                                                           |              | $ | 4,891,502 |
| Total deferred tax assets        |               | 1,678,132                                                                                                           |              |   | 1,222,875 |
| Less: valuation allowance        |               | 1,678,132                                                                                                           |              |   | 1,222,875 |
| Net deferred tax assets          |          |                    - |              |   |                      - |
| Change in valuation allowance    | $                  | 455,257                                                                                                             |              | $ | (363,897) |

|                          | September 30, 2010 |                                                                                                                | December 31, 2009 |
|-------------------------------|--------------------|---------------------------------------------------------------------------------------------------------------------|-------------------|
| Aggregate                     |          |                                                                                                                |              |    |   |
| Total deferred tax assets     | $                  | 1,922,265                                                                                                           |              | $ | 1,452,206 |
| Less: valuation allowance     |               | 1,922,265                                                                                                           |              |   | 1,452,206 |
| Net deferred tax assets       | $                  |                    - |              | $ |                      - |
| Change in valuation allowance | $                  | 470,059                                                                                                             |              | $ | (406,700) |

----

| 12. | Segment Information |
|-----|---------------------|

|                                  |  September 30, 2010                 |         |  September 30, 2009                                                                                                                                                                                      |
|---------------------------------------|------------------------------------------|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Revenues from unaffiliated customers: |                                     |         |                                                                                                                                                                                                          |   |   |
|                                  | Selling of properties                    | $       |   1,078,195                                                                                                                                                                                    |   | $  | 1,125,695  |
|                                  | Rental income & Management fee       |         | 4,635,314                                                                                                                                                                                                |   |   | 4,295,778  |
|                                  |                                     | Consolidated | $                                                                                                                                                                                                        | 5,713,509  |   | $  | 5,421,474  |
| Operating income (loss):              |                                     |         |                                                                                                                                                                                                          |   |   |
|                                  | Selling of properties                    | $       | 96,438                                                                                                                                                                                                   |   | $  | (591,398) |
|                                  | Rental income & Management fee       |         | 480,239                                                                                                                                                                                                  |   |   | 229,332  |
|                                  | Corporation (1)                          |         | (1,336,196)                                                                                                                                                                                                   |   |   | (534,545) |
|                                  |                                     | Consolidated | $                                                                                                                                                                                                        | (759,520) |   | $  | (896,611) |
| Net income (loss) before taxes:       |                                     |         |                                                                                                                                                                                                          |   |   |
|                                  | Selling of properties                    | $       | (1,340,358)                                                                                                                                                                                                   |   | $  | (2,080,393) |
|                                  | Rental income & Management fee  |         | 480,239                                                                                                                                                                                                  |   |   | 229,347  |
|                                  | Corporation (1)                          |         | (1,005,041)                                                                                                                                                                                                   |   |   | 2,101,127  |
|                                  |                                     | Consolidated | $                                                                                                                                                                                                        | (1,865,161) |   | $  | 250,081  |
| Identifiable assets:                  |                                     |         |                                                                                                                                                                                                          |   |   |
|                                  | Selling of properties                    | $       | 157                                                                                                                                                                                                      |   | $  | 6,752,898  |
|                                  | Rental & management fee              |         | 51,148,449                                                                                                                                                                                               |   |   | 49,310,510  |
|                                  | Corporation (1)                          |         | 9,777,616                                                                                                                                                                                                |   |   | 10,180,249  |
|                                  |                                     | Consolidated | $                                                                                                                                                                                                        | 60,926,222  |   | $  | 66,243,657  |
| Depreciation and amortization:        |                                     |         |                                                                                                                                                                                                          |   |   |
|                                  | Selling of properties                    | $       | 129,061                                                                                                                                                                                                  |   | $  | -  |
|                                  | Rental & management fee              |         | 2,216,312                                                                                                                                                                                                |   |   | 2,199,424  |
|                                  | Corporation (1)                          |         | 17,561                                                                                                                                                                                                   |   |   |  -  |
|                                  |                                     | Consolidated | $                                                                                                                                                                                                        | 2,362,934  |   | $  | 2,199,424  |
| Capital expenditures:                 |                                     |         |                                                                                                                                                                                                          |   |   |
|                                  | Selling of properties                    | $       |                                  -  |   | $  |                                   -  |
|                                  | Rental & management fee              |         | 57,996                                                                                                                                                                                                   |   |   | 21,401  |
|                                  | Corporation (1)                          |         |                                                                                                                                                                                                          |   |   | (4,175) |
|                                  |                                     | Consolidated | $                                                                                                                                                                                                        | 57,996  |   | $  | 17,226  |

----

| (1)   | Caution Regarding Forward-Looking Information |
|-----------------|-----------------------------------------------|

| (2)   | Executive Summary |
|-----------------|-------------------|

| (3)   | Results of Operations |
|-----------------|-----------------------|

----

----

| (4)   | Liquidity and Capital Resources |
|-----------------|---------------------------------|

| (5)   | Contractual Obligations |
|-----------------|-------------------------|

|                               |   Total |       |   Less thanone year |   |   1-3 Years |   |   Thereafter |
|------------------------------------|--------------|------------|--------------------------|--------|------------------|--------|-------------------|
| Short-Term Debt                    | $            | 19,700,146 |                     | $      | 19, 700,146      |   | $                 | - |   | $ | - |
| Long-Term Debt                     |         |       |                     |   |             |   |              | - |   |   | - |
| Amounts due to related parties     |         | -          |                     |   | -                |   |              | - |   |   | - |
| Construction commitments           |         | -          |                     |   | -                |   |              | - |   |   | - |
| Total Contractual Cash Obligations | $            | 19,700,146 |                     | $      | 19, 700,146      |   | $                 | - |   | $ | - |

----

| ExhibitNo.  | SEC Ref.No. | Title of Document                                                                                          |
|------------------|-------------|------------------------------------------------------------------------------------------------------------|
| 31.1             | 31          | The certification of chief executive officer required by  Rule 13a-14(a) or Rule 15d-14(a)  |
| 31.2             | 31          | The certification of chief financial officer required by  Rule 13a-14(a) or Rule 15d-14(a)  |
| 32.1             | 32          | The certifications required by Rule 13a-14(b) or  Rule 15d-14(b) and 18 U.S.C. Section 1350      |

----

|                    |                                     |                                         |
|-------------------------|------------------------------------------|----------------------------------------------|
|                    | GREAT CHINA INTERNATIONAL HOLDINGS, INC. |
|                    |                                     |
|                    |                                     |                                         |
|                    |                                     |                                         |
| Date: November 15, 2010 | By                                       | /s/ Jiang Peng                               |
|                    |                                     | Jiang Peng, Chairman of the Board            |
|                    |                                     | (Principal Executive Officer)                |
|                    |                                     |                                         |
|                    |                                     |                                         |
|                    |                                     |                                         |
| Date: November 15, 2010 | By                                       | /s/ Sun Dongqing                             |
|                    |                                     | Sun Dongqing, Chief Financial Officer        |
|                    |                                     | (Principal Financial and Accounting Officer) |

----