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PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2013

Property and equipment consisted of the following:

	March 31,	December 31,
	2013	2012
Permit of land use	$ 449,474	$ 447,013
Building	2,432,442	2,419,125
Plant, machinery and equipment	6,418,768	6,381,209
Motor vehicle	147,890	147,080
Office equipment	223,947	222,273
Construction in progress	4,127,396	3,688,567
Total	13,799,917	13,305,267
Less: accumulated depreciation	(4,511,658)	(4,273,373)
Property and Equipment, net	$ 9,288,259	$ 9,031,894

Useful lives of the assets

Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows:

Asset		Life - years
Permit of land use		40 - 70
Building		20 - 35
Plant, machinery and equipment		10
Motor vehicle		5 - 10
Office equipment		3-5

- Definition

Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

+ References+ Details