BELLINGHAM, Wash., Oct. 23, 2007 (PRIME NEWSWIRE) -- Asia Properties, Inc. (API) (Pink Sheets:ASPZ) announced today its goal to acquire a minimum of US$500 million in China resort and property assets over the next 12 months.

"We firmly believe this is an achievable goal," said Asia Properties CEO, Daniel McKinney, "We now have two full time API executives on the ground in China seeking and negotiating resort and real estate deals."

The Company is currently negotiating on several potential acquisitions, including a five star hotel in the central business district of a major Chinese city. The Company anticipates signing another China property acquisition shortly.

"Additionally, API has recently retained the law firm, Tai, Mak & Partners, a Hong Kong-based firm specializing in the China market, corporate finance, mergers and acquisitions, with an emphasis on listed companies in the China market. This firm's unique skills in formulating and executing China acquisitions and opportunities in China will be very useful to us in achieving our goal," said McKinney.