The opening scene shows three drunk women getting sexy with each other on a boat, with a businessman and his Japanese agent looking on. The girls conspire to get the businessman excited so that he'll screw ViVi, his sexy secretary.
The businessman is in trouble, and is offered help securing a loan from a Japanese bank, on condition that he sell the family mansion on Lantau Island. The tenant, his patriotic uncle, will only go out in a coffin. But the Japanese has photos of businessman and the three naked women, and uses them for blackmail. So businessman sends his son Eddie, and staff members Ho and Anna, to force the sale through.
The house is haunted (naturally!) by mischievous ghost Chanel. Chanel was a pretty young whore whom Eddie's grandfather wanted to marry in the 1940s, and Chanel's ghost makes Eddie see visions from this time, when HK was under Japanese occupation. Ho and Anna are coy young lovers, but the ghost turns them into crazed sex maniacs. The uncle meets the Japanese banker's agent and immediately insults him, so Ho convinces Anna to do the dance of the seven veils for him.
Mixed in with this, the businessman is being leaned on by his wife to sack his sexy secretary ViVi (who, among other fringe benefits, gives him headjobs under the desk), and the house reveals a dark secret connected with the war.