Image source: xinhuanet
Zhongyi Optics from China is developing a 28mm f/2.8 lens for Micro Four Thirds, which will have a 4 group and 5 lenses design. Price will be around CNY 500 (around 80 USD).
We already have a few cheap chinese manual m43 lenses:
SLRmagic 26mm f/1.4 [shoplink 18603 ebay]eBay (Click here)[/shoplink]
SLR Magic 35mm f/1.7 [shoplink 14881 ebay]eBay (Click here)[/shoplink]
Loreo lenses on [shoplink 20117 ebay]eBay (Click here)[/shoplink]