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ASSETS CLASSIFIED AS HELD FOR SALE
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6 Months Ended | ||
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Sep. 30, 2012
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| Assets Classified As Held For Sale [Abstract] | |||
| Assets Classified As Held For Sale [Text Block] |
During the six months ended September 30, 2012, on May 4, 2012 and June 28, 2012, the Company acquired two parcels of land located at Xuyi County, Jiangsu Province, PRC with an aggregate consideration of US$32,206,000. Total area of the lands is approximately 83,658 m². The Company intends to sell this land in the foreseeable future and seeks to make a short-term gain from the disposal of such assets. The land is 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 and the recent market condition, estimated that the fair value of the lands is higher than its carrying amount. |