Microart, Inc. (MCRT)

[Piecemaker]

MCRT update, included in ASPZ Update

Dear API Shareholders,


The world wide capital markets have recently experienced the most extreme volatility of
our life times since the great depression. The ability to raise financing and debt has
never been more challenging. Our ability to raise new capital will determine our
capability to acquire new and existing properties.
We have recently started negotiations with several groups here in Hong Kong to acquire
their real estate portfolios. We expect Hong Kong properties to decline dramatically
over the next 6-12 months, thus giving us an interesting entrance level into this “first
world” market, which is our home.

Tinaga

We have negotiated an extension on the remaining lots that we have not purchased
through the end of 2009 with the various owners.

MCRT

Our corporate secretary, Geoff Armstrong is currently restructuring this subsidiary. We
are currently awaiting our regulatory applications to be approved so we can move
forward with the reverse split, then the dividend.
Our new financial controller started work in September and is currently updating and
coordinating all our records. We are about to start on the 2007 audit and hope to stay
current from this point forward.

Sincerely,
Daniel Mckinney
CEO
Asia Properties, Inc.