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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

or

Unit 803, 8/F, Dina House, Ruttonjee Centre
11 Duddell Street, Central Hong Kong
(Address of office)

(852) 2537-3613
(Registrant's telephone number, including area code)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No _____

Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes No X

Indicate the number of shares outstanding of each of the Registrant's classes of common stock, as of the latest practicable date:

2

3

	March 31, 2004	December 31, 2003
ASSETS
Current Assets
Cash and cash equivalents	$5,344	$5,464
Real estate held for development and sale	526	526
Total current assets	5,870	5,990
Investments	47,295	34,985
	$53,165	$40,975
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable	$95	$34
Accrued liabilities	94	168
Income tax payable	31	87
Advance from affiliates	590	552
Total current liabilities	810	841
Deferred Income Tax Liability	12,333	8,132
	13,143	8,973
Shareholders' Equity
Preferred stock	1	1
Common stock	152	152
Additional paid-in capital	16,320	16,320
Deficit	(582)	(478)
Accumulated other comprehensive income	24,131	16,007
Total equity	40,022	32,002
	$53,165	$40,975

4

	For the Three Months Ended March 31, 2004	For the Three Months Ended March 31, 2003
Revenues
Investment and other income	$6	$(38)
Costs and expenses
General and administrative expenses	135	103
Interest	6	2
	141	105
Loss before income tax	(135)	(143)
Income tax benefit	(31)	(10)
Net loss	(104)	(133)
Deficit, beginning of period	(478)	(707)
Dividends paid on preferred shares	-	(300)
Deficit, end of period	$(582)	$(1,140)
Basic loss per share	$(0.01)	$(0.01)

5

	For the Three Months Ended March 31, 2004	For the Three Months Ended March 31, 2003
Net loss	$(104)	$(133)
Other comprehensive gain:
Unrealized gain on securities, net of taxes	8,124	497
Total comprehensive income	$8,020	$364

The accompanying notes are an integral part of these financial statements.

6

	For the Three Months Ended March 31, 2004	For the Three Months Ended March 31, 2003
Cash Flows from Operating Activities
Net loss	$(104)	$(133)
Adjustments to reconcile net loss to
net cash provided by (used in) operating activities
Changes in operating assets and liabilities:
Real estate held for development and sale	-	(7)
Accounts payable and accrued liabilities	(13)	68
Amount due to affiliates	38	59
Income tax liabilities	(56)	-
Deferred income tax liability	15	(10)
Other	-	37
Net cash provided by (used in) operating activities	(120)	14
Cash Flows from Investing Activities
Decrease in note receivable	-	700
Net cash provided by investing activities	-	700
Cash Flows from Financing Activities
Repurchases of common shares	-	(2)
Dividends paid on preferred shares	-	(300)
Net cash used in financing activities	-	(302)
Change in cash and cash equivalents	(120)	412
Cash and cash equivalents, beginning of period	5,464	3,494
Cash and cash equivalents, end of period	$5,344	$3,906

7

The interim period consolidated financial statements contained herein have been prepared by the Registrant pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. These interim period statements should be read together with the audited consolidated financial statements and accompanying notes included in the Registrant's latest annual report on Form 10-K for the year ended December 31, 2003. In the opinion of the Registrant, the unaudited consolidated financial statements contained herein contain all adjustments necessary in order to present a fair statement of the results for the interim periods presented. The results for the periods presented herein may not be indicative of the results for the entire year.

Basic earnings (loss) per share is computed by dividing income (loss) available to common shareholders by the weighted average number of common shares outstanding in the period. The weighted average number of shares outstanding was 15,217,097 and 15,242,230 for the three months ended March 31, 2004 and 2003, respectively. There were no potentially dilutive securities outstanding during the three months ended March 31, 2004 and 2003, respectively.

As of May 10, 2004, the fair value of one of the Company's available-for-sale securities included in investments, due to market fluctuations, decreased by approximately $14.0 million since March 31, 2004, which in turn decreased the deferred tax liabilities by approximately $4.7 million and shareholders' equity by approximately 9.3 million.

8

The following discussion and analysis of the results of operations and financial condition of our company for the three months ended March 31, 2004 should be read in conjunction with the consolidated financial statements and related notes included in this quarterly report, as well as the most recent annual report on Form 10-K for the year ended December 31, 2003 filed with the Securities and Exchange Commission.

Much of the information included in this quarterly report includes or is based upon estimates, projections or other "forward-looking statements". Such forward-looking statements include any projections or estimates made by us and our management in connection with our business operations. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions, or other future performance suggested herein. We undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of such statements.

Such estimates, projections or other "forward-looking statements" involve various risks and uncertainties as outlined below. We caution readers of this quarterly report that important factors in some cases have affected and, in the future, could materially affect actual results and cause actual results to differ materially from the results expressed in any such estimates, projections or other "forward-looking statements". In evaluating us, our business and any investment in our business, readers should carefully consider the risk factors that are included in our annual report.

We operate in the financial services industry. As part of the financial services industry, we have certain real estate assets which are held for sale. All of our real estate assets are located in the Puget Sound region of the State of Washington, are undeveloped and a substantial portion are in a pre-development state. We intend, as opportunities arise, to monetize our real estate assets to finance the acquisition of interests in operating businesses. We may also acquire additional real estate assets. We intend to develop some of our undeveloped real estate properties, and in certain instances may participate in development joint venture arrangements as an interim step in the sale or monetization of a property, and will continue pre-development work on the properties to the extent necessary to protect or enhance their value.

During the year ended December 31, 2003, our remaining property in Gig Harbor (approximately 47 acres) was sold.

Our undeveloped real estate properties are located in the Puget Sound region of Washington State and consist of three parcels totalling approximately 42 acres which are zoned for neighbourhood retail and light industrial. One parcel totalling approximately 3 acres is zoned for high residential use. We are seeking to sell these parcels and do not intend to fully develop the majority of them prior to sale. We typically engage in such preliminary development work as is necessary to maximize the value of the parcels prior to their sale.

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Revenues were $6,000 for the three months ended March 31, 2004 compared to ($38,000) for the same period in 2003.

Costs and expenses were $141,000 for the three months ended March 31, 2004 compared to $105,000 for the same period in 2003 and consisted primarily of general and administrative expenses. Interest expense increased marginally for the three months ended March 31, 2004 from the same period of 2003.

We had a net loss of $0.1 million for the three months ended March 31, 2004 and 2003, respectively.

We had cash and cash equivalents of approximately $5.3 million at March 31, 2004 compared to $5.5 million at December 31, 2003. We had real estate held for development and sale of $0.5 million at March 31, 2004 and at December 31, 2003, respectively.

Operating activities used cash of $120,000 for the three months ended March 31, 2004, compared to providing cash of $14,000 for the same period in 2003. A decrease in accounts payable and accrued liabilities used cash of $13,000 for the three months ended March 31, 2004, compared to an increase of the same providing cash of $68,000 for the same period in 2003. An increase in amounts due to affiliates provided cash of $38,000 for the three months ended March 31, 2004, compared to $59,000 for the same period in 2003.

Investing activities provided cash of nil for the three months ended March 31, 2004, compared to $700,000 for the same period in 2003 primarily as a result of repayments received on a note receivable.

Financing activities used cash of nil for the three months ended March 31, 2004, compared to $302,000 for the same period in 2003 primarily as a result of the payment of dividends on our preferred stock.

We have no commitments for capital expenditures in relation to our undeveloped real estate, although we may need to provide funds for pre-development work on certain parcels in order to enhance our marketability and sale value.

We believe that our assets should enable us to meet our current ongoing liquidity requirements.

Reference is made to our annual report on Form 10-K for the fiscal year ended December 31, 2003 for information concerning critical accounting policies.

10

We are exposed to market risk from changes in foreign currency exchange rates and interest rates which could impact our results of operations and financial condition. We do not enter into derivative contracts for our own account to hedge against these risks. From the year ended December 31, 2003 to March 31, 2004 we have not experienced any material quantitative changes in market risk exposure, except for equity price risk as a result of market fluctuation.

Fluctuations in interest rates may affect the fair value of the fixed interest rate financial instruments. An increase in market interest rates may decrease the fair value of the fixed interest rate financial instrument assets. A decrease in market interest rates may increase the fair value of the fixed interest rate financial instrument assets. Our financial instruments which may be sensitive to interest rate fluctuations include a note receivable, which was paid in full during the year ended December 31, 2003. Accordingly, we did not have financial instruments subject to interest rate risk in 2003. The following tables provide information about our exposure to interest rate fluctuations for the carrying amount of financial instruments that may be sensitive to such fluctuations as at December 31, 2002 and expected cash flows from these instruments.

The reporting currency of our company is the U.S. dollar. We hold certain financial instruments denominated in Canadian dollars. A depreciation of the Canadian dollar against the U.S. dollar will decrease the fair value of financial instrument assets. An appreciation of the Canadian dollar against the U.S. dollar will increase the fair value of financial instrument assets. Our financial instruments which may be sensitive to foreign currency exchange rate fluctuations are investments. The following tables provide information about our exposure to foreign currency exchange rate fluctuations for the carrying amount of financial instruments that may be sensitive to such fluctuations as at December 31, 2003 and 2002, respectively, and expected cash flows from these instruments.