UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Section 13a-16 or 15(d)-16 of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): ~~December~~January 1531, ~~2009~~2010

CNC Development Ltd.

(Exact name of registrant as specified in its charter)

British Virgin Islands	000-53769	N/A
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
970 Dalian Road, Suite 909 Shanghai 900092 P.R.C. +86-21-61670639	410 South Michigan Ave. Suite 410 Chicago, IL 60605 (312) 957-4172
Room 1405, Huiyang Building 6 11139 Pu Dong Avenue Shanghai 200135 P.R.C. +86-21-5198 1172	410 South Michigan Ave. Suite 410 Chicago, IL 60605 (312) 957-4172
(Address and telephone number of principal executive offices)	(Address and telephone number of U.S. Agent)

(Former name or former address)

InterAmerican Acquisition Group Inc.

2918 Fifth Ave.

Suite 209

San Diego, CA 92103

Indicate by check mark whether the registrant files or will file annual reports under cover of From 20-F or 40-F

Form 20-F x Form 40-F r

r	Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)

r	Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Act of 1934

Yes r No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82-__.

Item 2 8.01 ~~Completion of~~Other ~~Acquisition or Disposition of Assets~~Events.

~~On September~~Secured 9,loan ~~2009,~~for CNC Development Ltd. (“CNC” or the “Company”) completed the acquisition of 94.9% of the common stock of Sing Kung, Limited (“Sing Kung”) pursuant to an Amended and Restated Stock Purchase Agreement, dated as of May 15, 2008, as amended on November 28, 2008 and July 17, 2009 (the “Stock Purchase Agreement”). Concurrent with that stock purchase, InterAmerican Acquisition Group Inc. (“IAG”) was merged with and into CNC as previously reported on CNC’s Form 8-K (File No. 000-53786) filed with the SEC on September 15, 2009.subsidiaries

~~These transactions~~On ~~are~~March ~~described~~24, in2010, ~~more~~CNC ~~detail~~Development inLtd. (“CNC” or the ~~Proxy~~“Company”) ~~Statement/Prospectus contained~~announced inthat the ~~Registration~~Company’s ~~Statement~~subsidiaries onof, ~~Form~~Sing ~~S-4~~Kung Ltd. (~~File~~Sing NoKung), Century City Infrastructure Ltd. ~~333-152977~~(“Century City”) and Shanghai New Century City Infrastructure Company Ltd. (~~the "Proxy~~“SNC”), ~~Statement/Prospectus"~~entered into a loan agreement with Luo Huijun, pursuant to which Mr. Luo agreed to advance up to RMB 24.5 million (approximately US$3.6 million) to Sing Kung, Century City and inSNC. The ~~CNC~~loan agreement is secured by SNC’s ~~Form~~BT ~~8-A~~project ~~(File~~receivables Nofrom the Changchun Modern Agriculture Industry Construction Co. ~~000-53786)~~Limited. The ~~filed with~~Company intends to draw the ~~SEC~~maximum amount permitted by the loan agreement. The loan is due on ~~September~~August 158, ~~2009~~2010, but may be extended, at Borrower’s option until February 8, 2011. ~~Subsequent~~There ~~developments~~ are ~~discussed~~ ~~below~~no restrictions on prepayments of the loan. A copy of the press release in which the loan was announced is attached as Exhibit 99.1 to this Form 6-K.

~~Share Purchases~~Authorization ~~Pursuant~~of toClass ~~the~~B ~~Exchange~~Preferred ~~Offer~~Stock and additional common shares

~~Pursuant~~ On March 24, 2010, CNC announced that a requisite majority of its directors approved a written resolution to amend the ~~full~~Memorandum ~~subscription~~& Articles of ~~the~~Association ~~exchange~~(“M&A”) ~~offer~~and tothat ~~Sing~~amendment ~~Kung~~was ~~shareholders~~filed ~~who were~~on ~~not~~March ~~party~~23, to2010. The ~~the~~M&A ~~stock~~amendment ~~purchase~~authorized ~~agreement~~a new class of convertible preferred stock, ~~CNC~~“Class ~~has~~B ~~consummated~~Preferred” and the ~~purchase~~ issuance of ~~the~~up ~~5.1%~~to 10,000,000 of such shares. The Class B Preferred shares have a liquidation preference over the Company’s common ~~stock~~shares ofand ~~Sing~~rank ~~Kung~~pari passu with the Company’s Class A Preferred shares. Except that iteach ~~did~~share of Class B Preferred is convertible into 10 common shares and does not ~~acquire~~vote atwith respect to the ~~closing~~ ~~under~~election of Class A Preferred Directors, the ~~stock~~rights ~~purchase~~and ~~agreement~~preferences of the Class B Preferred shares are the same as those of the Class A Preferred shares. The ~~consideration~~M&A ~~paid for~~was further amended to increase the 2authorization of common shares issuable to 175,~~548~~000,~~718~~000, ~~Sing~~an ~~Kung~~increase of 75,000,000 over the previously authorized 100,000,000 common shares. The ~~tendered~~authorization ~~was~~of 1additional shares results in an increase in the total shares authorized to 210,~~076~~000,~~070~~000. Other ~~CNC~~changes ~~common shares~~to ~~and~~the ~~cash~~M&A ~~payments~~were ~~totaling~~approved $3to clarify provisions deemed by the Board to be ambiguous or to eliminate provisions that were no longer operative due to the consummation of the business combination with Sing Kung in 2009.~~50.~~

~~Pursuant to~~The ~~full~~above ~~subscription~~summary of the ~~exchange~~changes ~~offer~~ to ~~Sing~~the ~~Kung~~M&A, ~~preferred~~including ~~shareholders, none~~the description of ~~whom~~the ~~were~~rights ~~party~~and topreferences of the ~~stock~~Class ~~purchase~~B ~~agreement~~Preferred shares, ~~CNC~~is ~~has~~subject ~~consummated~~to, ~~the purchase~~and ofqualified ~~the~~in ~~100%~~its ofentirety by, the ~~Sing~~full ~~Kung~~text ~~preferred. The~~of ~~consideration paid~~the ~~for~~approved ~~the~~amended 2M&A,~~915,000~~ ~~Sing~~a ~~Kung~~copy ~~preferred~~of ~~shares~~which ~~tendered~~is ~~was~~attached as ~~5,371,548~~Exhibit ~~Class~~3.1 Ato ~~Preferred~~this ~~shares~~Form of6-K ~~CNC~~ and ~~cash~~incorporated ~~payments totaling~~herein $9by reference.~~03.~~ InA ~~accordance~~copy ~~with~~of the ~~terms~~press ofrelease ~~the exchange~~in ~~offer,~~which the ~~cash~~changes ~~payments~~to the M&A were inannounced ~~lieu~~is ofattached ~~the~~as ~~issuance~~Exhibit by99.1 ~~CNC~~to ~~of fractional~~this ~~shares~~Form 6-K.

AsConvertible ~~a result~~loan ~~of the share transfers pursuant~~ to the ~~exchange offer, CNC owns 100% of the Sing Kung equity interests.~~Company

~~Consummation~~ On March 24, 2010, CNC announced that it entered into loan agreements with certain of its Preferred Shareholders or their designees (“Lenders”) pursuant to which the ~~Warrant~~Lenders ~~Agreement~~agreed ~~Amendment~~to advance a total of US$600,000 to the Company for a term equal to the earliest to occur of (i) the first anniversary of the initial funding of the loan; (ii) the collection of US$4,000,000 or more of BT Project Receivables (net of costs and related payments) by its subsidiaries; (iii) an event of default; or (iv) the consummation of an acquisition of a business enterprise having a value greater than US$10 million or a merger transaction. The loan amount is convertible by each Lender at any time at such Lender’s option into Class B Preferred shares having an initial liquidation preference value equal to three times the loan principal amount. At CNC’s election, conversion of the loan by each lender into Class B Preferred shares is mandatory in the event that the Company’s subsidiaries collect US$10 million of BT Project receivables (net of costs and related payments). If any Class B Preferred shares are issued as a result of a conversion by any Lender,

Asthe ~~a consequence~~issuance of ~~the~~Class ~~merger~~B ~~with~~Preferred ~~IAG,~~shares ~~CNC~~would ~~succeeded~~trigger to a ~~number~~reset of ~~definitive agreements~~the ~~entered~~conversion ~~into~~ratio byof ~~IAG, including~~ the ~~agreements~~Class ~~governing~~A ~~the~~Preferred ~~warrants issued by IAG~~shares. ~~The~~Such ~~form~~a ofreset ~~amended~~would ~~and~~be ~~restated~~dilutive ~~warrant agreement was filed as an exhibit~~ to ~~CNC’s Form 8-A (File No. 000-53786) filed with~~ the ~~SEC on September 15, 2009. When the merger transaction was reported on CNC~~Company’s ~~Form~~ ~~8-K~~common ~~(File No~~shareholders. ~~000-53786) filed with the SEC on September 15, 2009 the amendments to the warrant agreement were reported as pending but have now been consummated as anticipated.~~

~~Closing Dividend~~The above summary of the provisions of the convertible loan agreement is subject to, and qualified in its entirety by, the full text of the form of subscription agreement, convertible loan agreement and note, a copy of which is attached as Exhibit 10.1 to this Form 6-K and incorporated herein by reference. A copy of the press release in which the loan was announced is attached as Exhibit 99.1 to this form 6-K.

~~IAG declared~~Designation ~~a dividend for its stockholders subject to the following conditions being satisfied: (i) receipt~~ of ~~the~~new requisite stockholder vote to approve IAG's business combination with Sing Kung, (ii) consummation of the business combination with Sing Kung and its simultaneous redomestication merger with CNC, (iii) release of the funds held in IAG's trust account to IAG/CNC, (iv) no notice of conversion has been received in connection with such share of IAG common stock, (v) such shares remain outstanding on the payment date, and (vi) no waiver of the dividend applies to such share. 70,291 IAG shares qualified for the payment of the closing dividend, requiring an aggregate payment of $340,911. Payments totaling $261,590 have been made to holders of 53,936 shares that have been identified as being qualified to receive the closing dividend. Payment of the closing dividend on the remaining 16,283auditor

~~shares (requiring~~CNC’s anaudit ~~aggregate~~committee ~~payment~~unanimously approved the engagement of ~~$78,973~~UHY Vocation CPA HK Limited (UHY) isto ~~pending~~serve ~~identification~~as ofindependent auditors. UHY was the ~~holders~~independent ofauditor for Sing Kung Ltd., the ~~remaining~~ ~~qualifying~~company ~~shares~~acquired ~~and~~by ~~verification~~CNC ofin ~~their~~the ~~qualifying status~~business combination consummated in September 2009. CNC had no disputes or disagreements with its previous independent auditor, McGladrey & Pullen.

~~Fractional Share~~Change ~~Redemptions~~in location of Company principal office

InThe ~~accordance~~Company’s ~~with~~principal ~~the~~office ~~Proxy Statement/Prospectus, each IAG common share~~ was ~~converted~~temporarily torelocated ~~0.1850734~~as ~~CNC common shares and 0.8857955 Class A Preferred shares following the consummation~~ of ~~the~~January ~~redomestication~~31, ~~merger.~~2010 ~~The~~to ~~terms~~space ~~of the exchange~~ provided ~~that no fractional shares would be issued~~ by ~~CNC~~Shanghai ~~and~~Longterm ~~that~~CPAS ~~fractional CNC shares resulting from the conversion would be redeemed~~ at the calculated value of each fractional share created based on a valuation of $2.22 per common share and $3.00 per Class A Preferred Share. The conversion process resulted in the redemption of 26 common shares and 40 Class A Preferred shares for aggregate cash consideration of $177.72. Following the transactions, CNC has 21,206,220 common shares and 6,744,032 Class A Preferred shares outstanding.:

~~Description of~~Room ~~Securities~~1405

~~The description~~Huiyang ofBuilding the Company’s securities is set forth in the Proxy Statement/Prospectus under the caption “Description of the Combined Company’s Securities Following the Stock Purchase” and is incorporated herein by reference.6

~~Securities Outstanding~~11139 ~~and~~Pu ~~Certain~~Dong ~~Beneficial Owners and Management~~Avenue

~~The following~~Shanghai table sets forth information, as of December 21, 2009, based on information obtained from the persons named below, with respect to the beneficial ownership of shares of the voting stock of CNC by (i) each person known by us to be the owner of more than 5% of outstanding shares of the Company’s common stock, (ii) each director and executive officer and (iii) all directors and executive officers as a group. Except as indicated in the footnotes to the table, the persons named in the table have sole voting and investment power with respect to all shares of common stock shown as beneficially owned by them. 200135

Name and address of Beneficial Holder (1)	Amount and nature of Beneficial Ownership				Percent of Beneficial Interest
Huang/Shi Group (3)		9,201,426	(2	)		32.9	%
Ms. Cho Kwan (4)		5,824,967	(2	)		20.8	%
Platinum Partners Value Arbitrage Fund, L.P. (5)		1,428,618	(6	)		5.1	%
William C. Morro (Director and CEO) (7)		765,824	(8	)		2.7	%
Steven Klein (Director) (9)		350,118	(10	)		1.3	%
David Miller (Director) (9)		-				-
Qiping Gao (Director) (11)		-				-
Zhaosheng Wu (Director) (11)		-				-
Mingtang Zhang (Director) (11)		-				-
Daniel P. Beharry (Director) (11)		-				-
Yong Xu (Chief Financial Officer & Secretary) (11)		-				-
Dr. Moulong Zhu (Chief Urban Planning and Architecture Officer) (11)		-
All officers and directors as a group						4.0	%

P.R.C.

Notes:	1) Addresses provided in footnotes
	2) Common shares
	3) Room 2801, Shui On Centre No. 6-8 Harbour Road, Wanchai, Hong Kong
	4) Shares are believed to be under the common control of Ms. Yongjan Huang and her spouse, Jianjun Shi; 2nd Fl, Abbott Building, Road Town, VG1110, Tortola, British Virgin Islands
	5) 152 West 57th Street, 4th Floor, New York, NY 10019
	6) Platinum Partners owns 66,667 common shares and 1,400,472 Class A Preferred shares
	7) c/o WHI Inc., 410 South Michigan Ave., Suite 620, Chicago, IL 60605
	8) Mr. Morro is deemed the beneficial owner of 132,360 common shares and 633,464 Class A Preferred Shares, which includes 33,924 common shares and 162,365 Class A Preferred shares owned by InterAmerican Capital Partners II, which is 60% owned and under the voting control of Mr. Morro.
	9) 1450 Broadway, 40th Floor, New York, NY 10018
	10) Mr. Klein is the trustee for and has voting control over 350,118 Class A Preferred Shares owned by the Irene Horn Trust.
	11) c/o CNC Development Ltd. 970 Dalian Rd., Suite 909, Shanghai 900092, P.R.C.

Telephone: (+86) 21-5198 1172

Directors and ~~Executive~~executive ~~Officers~~officers

The discussion contained in Item 5.02 of this ~~Current Report on~~ Form 6-K is incorporated by reference herein.

Certain Relationships and Related Transactions, and Director Independence

The following directors are deemed to be independent: Mr. Gao, Mr. Beharry, Mr. Klein, Mr. Miller and Mr. Zhang.

The following directors have been appointed by the Class A Preferred shareholders and are designated as Class A Preferred Directors: Mr. Beharry, Mr. Klein, Mr. Miller and Mr. Morro.

Mr. Miller and Mr. Klein are both Partners of Apple Core Holdings. Other Partners of Apple Core Holdings independently own 1,428,112 shares of CNC class A Preferred stock. Neither Mr. Miller nor Mr. Klein exercises voting control over nor has a beneficial ownership interest in the CNC Class A Preferred shares owned by the other Partners of Apple Core Holdings.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

~~Effective~~Mr. ~~December~~Yong ~~15,~~Xu ~~2009~~resigned ~~and December~~as ~~16,~~the ~~2009~~Company’s ~~respectively,~~Chief ~~Mr.~~Financial ~~Richard~~Officer M.to ~~Wolfson~~accept ~~and~~another Drposition. The ~~Hermino~~Company Aannounced ~~Blanco Mendoza~~this ~~resigned~~change ~~from~~on ~~the~~March ~~Company’s~~24, ~~Board~~2010. A copy of ~~Directors. Their resignations~~the ~~were~~press ~~anticipated~~release ~~following~~in ~~nomination~~which ofthe ~~replacements~~loan ~~supported~~was ~~by a~~announced ~~requisite~~is ~~majority~~attached ofas ~~the~~Exhibit ~~Company’s~~99.1 ~~Class~~to Athis ~~Preferred shareholders~~Form 6-K. There ~~were~~was no ~~disagreements~~disagreement between the Company and Mr. ~~Wolfson~~ orXu Drat the time of his resignation. A ~~Blanco~~replacement athas not yet been appointed by the ~~time~~board of ~~their~~directors. The ~~resignations~~CFO duties, including the preparation of financial statements, are being temporarily handled on a contract basis by a consulting firm, Shanghai Long-term CPAS, a professional services firm based in Shanghai.

Effective December 16, 2009, a requisite majority of the Company’s Class A Preferred Directors, acting by written resolution as permitted by the Company’s Memorandum and Articles of Association, appointed Mr. Steven Klein and Mr. Miller as Class A Preferred Directors, filling the vacancies created by the resignations of Mr. Wolfson and Dr. Blanco. The resolution of the Class A Preferred Shareholders also ratified the previous appointment of the remaining members of the Company’s Board of directors, Mr. William C. Morro, Mr. Daniel Beharry, Mr. Qiping Gao, Mr. Wu and Mr. Mingtang Zhang and designated two of those Board Members, Mr. Morro and Mr. Beharry, as Class A Preferred Directors. The Company issued a press release announcing the resignations and the appointments of Messrs. Klein and Miller. A copy of the press release is attached hereto as Exhibit 99.1.

Newly Appointed Directors

Steven Klein (Age 46) has been appointed as a Preferred Director of CNC. Mr. Klein is a Partner with Apple Core Holdings, a privately held investment company. Mr. Klein also holds the position of Chief Executive Officer for Apple Core Hotels, a chain of hotels in mid-town Manhattan controlled by Apple Core Holdings. Mr. Klein also serves on the boards of directors of other Apple Core Holdings investments and currently holds two such directorships with Jumpnode Systems, LLC and Meaningful Machines IP, LLC. He is the producer of the movie version of the Broadway play Passing Strange. Prior to joining Apple Core Holdings Mr. Klein was employed as an attorney practicing real estate law at Skadden, Arps, Meagher and Flom LLP. Mr. Klein holds a J.D. from Boston University and a Masters degree in tax law from New York University. Mr. Klein is a U.S. citizen.

David Miller (Age 46) has been appointed as a Preferred Director of CNC. Mr. Miller is a Partner with Apple Core Holdings, a privately held investment company. Mr. Miller also holds the position of Corporate Counsel and Chief Financial Officer for Apple Core Hotels, a chain of hotels in mid-town Manhattan controlled by Apple Core Holdings. Mr. Miller also serves on the boards of directors of other Apple Core Holdings investments and currently holds two such directorships with

Jumpnode Systems, LLC and Meaningful Machines IP, LLC. Prior to joining Apple Core, Mr. Miller was employed as an attorney practicing corporate and transactional law at Williams, Caliri, Miller and Otley LLP, a firm specializing in representing financial services clients. He received a B.S. in Economics from Wharton School of Business at the University of Pennsylvania and a J.D. from Duke University. Mr. Miller is a U.S. citizen.

Item 9.01. Financial Statements and Exhibits

(a) Financial Statements of Business Acquired.

Not Applicable.

(b) Pro Forma Financial Information.

Not Applicable.

(d) Exhibits

Exhibit

Number

Exhibit Table

993.1 ~~Press~~Amended ~~Release~~Memorandum ~~dated~~& ~~December~~Articles ~~21, 2009 announcing the Appointment~~ of ~~Messrs. Kleinand Miller to the Board of Directors of CNC Development Ltd.~~Association

10.1	Form of Convertible Loan Subscription Agreement

99.1	Press Release dated March 24, 2010 announcing:

·	Closing of a Convertible Loan Financing

·	Authorization of additional common shares and a new Class B Preferred Stock

·	Implementation of a new working capital lending facility by subsidiaries

·	Designation of a new independent auditor

·	Replacement of the Chief Financial Officer

·	Relocation of the Company’s principal office.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CNC DEVELOPMENT LTD.
December 21, 2009	By:	/s/ William C. Morro
March 24, 2010	By:	/s/ William C. Morro
		William C. Morro Chief Executive Officer

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