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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2012
SUBSEQUENT EVENTS

20. Subsequent Events

  

On May 11, 2012, Carlyle, Great Essential Investment, Ltd., (“Great Essential”) and the Company entered into a Convertible Promissory Note Transfer Agreement (the “Agreement”) dated April 28, 2012, in which Great Essential shall pay US$ 3 million to Carlyle for its entire right, title and interest in the Note. All interest due and payable on the Note as of April 29, 2012 will have been paid by the Company to Carlyle. The Note transfer shall take effect upon the US$3 million transfer price and interest accrued after April 29, 2012 are paid in full by the Great Essential. In the Agreement, Carlyle and Great Essential have agreed to extend the maturity date on the Note for 60 days following the effective date of the transfer. If Great Essential fails to pay the transfer price in full and any interest accrued thereon before June 30, 2012, this Agreement and the Note transfer shall be terminated.