Because of unexpected costs, the Boca Raton-based developmentgroup is scrapping plans to build a mixed-usedresidential-commercial project in Beijing known as MillenniumTowers.

Besides the problem with that project, the publicly tradedcompany disclosed in a new shareholder's report that its survivaldepends on continued financial support from Far East ConsortiumInternational Ltd., a Cayman Islands investment group that owns 71%of outstanding shares in New China Homes.

Moreover, the company disclosed that in December Trevor Bradfordreplaced Charles Stein as the company's chairman. Earlier thisyear, the company suspended and terminated an employment contractwith Michael O'Young, the company's president and chief executiveoffice. Ton Voon Lin has since been hired as the new CEO.

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