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ASSETS CLASSIFIED AS HELD FOR SALE
3 Months Ended
Jun. 30, 2012
Assets Classified As Held For Sale [Abstract]  
Assets Classified As Held For Sale [Text Block]
8. ASSETS CLASSIFIED AS HELD FOR SALE

 

During the three months ended June 30, 2012, the Company acquired two pieces of land located at Xuyi County, Jiangsu Province, PRC with an aggregate consideration of US$32,206,000. Total size of the lands is approximately 83,658 m². The Company intends to sell these lands in the foreseeable future and seek to make short-term gain from the disposal of assets. The lands are carried at the lower of its carrying amount and fair value less costs to sell.

 

The management, based on the professional valuation conducted by Greater China Appraisal Limited, estimated that the fair value of the lands is higher than its carrying amount.