HONG KONG and BELLINGHAM, Wash., Dec. 12, 2007 (PRIME NEWSWIRE) -- Asia Properties, Inc. (API) (Pink Sheets:ASPZ) announced today that it has closed the acquisition of a property development site near Guangzhou, China.

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. The economy of this Southern Chinese city in Guangdong Province with a population of over ten million, is growing quickly.

Daniel McKinney, API's CEO, commented, "With this acquisition, API continues to build a significant portfolio of real estate properties in China. The China real estate market is booming with the advent of the 2008 Olympics being held in Beijing and Hong Kong next Summer."

This acquisition was closed for restricted shares and an undisclosed amount of cash from internal resources. API will be disclose the terms of this deal to shareholders in a timely manner.