Dear API Shareholders,

I am writing to you from Hong Kong where API is moving forward with its audits and goal of becoming fully reporting. As previously reported, API completed the acquisition of three properties in 2007; Swiss Gardens and a land site, both in Guangzhou, China and the first two phases of acquisitions of the new island resort destination in the Philippines. The company purchased the three properties for about US$51 million, with no debt attached to the properties.

China Opportunity

As reported on January 28th, 2008, API signed a Letter of Intent to acquire 150 hectares of a large central business district land site in Nanning, China. API plans a five star hotel development along with an automobile city and commercial center. The development cost of this central business district site is estimated at US$342 million. Nanning is the regional capital of Guangxi Zhuang Autonomous Region and a gateway to Southwest China and Indochina.

Please read about Nanning: http://www.china.org.cn/market/nanning/403573.htm

Please download our Nanning pdf: http://www.asiaprop.com/project/Nanning.pdf

Philippines Opportunity

As reported on March 24th, 2008, API's representative company closed on the 2nd phase of prime beachfront land acquisition in Camarines Norte, Philippines.

Asia Properties CEO, Daniel McKinney said, ``We are pleased to report the closing of the next phase of our beach resort development site in the Philippines and we plan to close on the other remaining areas in Q3 and Q4 of this year. This acquisition adds to the growing number of strategically valuable property assets within the Company. API looks forward to its future in the Philippines, and achieving our ambitions of launching this new beach resort destination.'' The cash all came from internal sources and there is no debt attached to the property.

Please see pictures at: : http://asiaprop.com/tinagaisland/