Asia Properties, Inc. has signed a letter of intent to acquire a property development site near Guangzhou.

Daniel Mckinney, API's CEO, commented, "With this acquisition, API is progressing toward its previously stated goal of acquiring USD five hundred million of real estate assets within twelve months. The China real estate market is booming and API is riding that wave."

The site, near the new international airport zone in Guangzhou, will be developed in a joint-venture with a local company, into a mixed-use hotel and commercial center.

Mckinney continued, "API is currently negotiating and conducting due diligence on a large central business district site of 150 hectares in the center of a large Chinese city. If successful, we believe this deal would transform API into a significant 'player' in the real estate market in China."