"The resort has revenues of $5 million and a net profit for 2007 estimated at $2.5 million," API CEO Daniel McKinney says in announcing his firm's investment. As such, the infusion will help US-based API achieve its guidance for revenues this year, says McKinney, who adds that API is presently in the due diligence phase on several other properties in China and Thailand and hopes to affect a closing on some of those prospects by year's end.

Situated on a mountainside overlooking a popular Guangzhou lake, the 25-acre Swiss Garden Holiday Village includes 114 apartments, 65 villas and a hotel featuring a large conference center and exhibition space. There is also construction under way of another 12 villas and a clubhouse that will produce another 450,000 sf of space to the development.

API, which touts itself as the only listed US public company focused on Southeast Asian real estate, is taking steps to solidify its position in that region, having last week announced it will open an office in Hong Kong in the Wanchai District. "Our presence right here on the scene will give us a better ability to examine future offers and take advantage of them quickly," says McKinney, who explains his firm can service both the China market and its core investment in the Philippines, located less than two hours by air. A Nevada corporation, API trades on the Pink Sheets under the symbol ASPZ.