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. Dezhou North Asia Property Co., Ltd. ( ), a PRC company

15. Shenzhen China Northeast Logistics City Co., Ltd., ( ), a PRC company

16. China Glorious City Development Limited, ( ), a Hong Kong company

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

18. Hengyang Huayan Property Co., Ltd., ( ), a PRC company

19. Hengyang Huaqian Property Co., Ltd., ( ), a PRC company

20. Hengyang Glorious City Business Co., Ltd., ( ), a PRC company

21. Hengyang Glorious City Logistics Co., Ltd., ( ), a PRC company

22. China Glorious City Strategic Limited, ( ), a Hong Kong company

23. China Glorious City Strategic (Zhoukou) Co., Ltd., ( ( ) ), a PRC company

24. Zhoukou Huayu Industries Co., Ltd., ( ), a PRC company

25. China Glorious City Investments Limited, ( ), a Hong Kong company

26. China Glorious City Investments (Zhoukou) Co., Ltd., ( ( ) , a PRC company

27. Zhoukou China Glorious Property Co., Ltd., ( ), a PRC company

28. China Glorious City Construction Limited, ( ), a Hong Kong company