Exhibit 8.1

LIST OF SUBSIDIARIES

1. China Metro-Rural Limited, a Cayman Islands incorporated company continued in BVI

2. China Metro-Rural Exchange Limited, , a HK company

3. China Northeast Logistics City Co., Ltd. , , a PRC company

4. Tieling Northeast City Advertising Co., Ltd., , a PRC company

5. Tieling North Asia Property Management Co., Ltd., , a PRC company

6. Tieling North Asia Development Co., Ltd., , a PRC company

7. Shenyang Jiataihe Investments Co., Ltd., , a PRC company

8. Tieling Northeast City Motor Vehicle Trading Co., Ltd., , a PRC company

9. M.S. Electronic Emporium Limited, a BVI company

10. China Metro-Rural Development Ltd., , a HK Company

11. China Northeast Logistics City Dezhou Co., Ltd., , a PRC company

12. Dezhou Northeast City Property Co., Ltd., , a PRC company

13. Dezhou North Asia Property Management Co., Ltd., , a PRC company

14. China Glorious City Development Limited, , a Hong Kong company

15. China Glorious City (Hengyang) Co., Ltd., , a PRC company

16. China Glorious City Strategic Limited, , a Hong Kong company

17. China Glorious City Investments Limited, , a Hong Kong company

18. China Glorious City Construction Limited, , a Hong Kong company

19. Shenzhen China Northeast Logistics City Co., Ltd. , a PRC company