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Property, plant and equipment
9 Months Ended
Sep. 30, 2011
Property, plant and equipment
(6) Property, plant and equipment

As of September 30, 2011 and December 31, 2010, property, plant and equipment consisted of the following:
 
   
September 30,
2011
    
December 31,
2010
  
Property, Plant, and Equipment:
            
Land use rights
  
$
2,345,496
    
$
2,266,282
  
Building and improvements
    
10,331,777
      
7,283,466
  
Machinery and equipment
    
67,882,060
      
64,913,451
  
Vehicles
    
231,895
      
224,063
  
Construction in progress
    
59,718,353
      
32,316,540
  
     
140,509,581
      
107,003,802
  
Less accumulated depreciation and amortization
    
(23,590,278
)
    
(19,557,842
)
Property, Plant and Equipment, net
  
$
116,919,303
    
$
87,445,960
  
 
 
Land use rights represent state-owned land located in China with lease terms of 50 years expiring in 2053.

Construction in progress mainly represents payments for the new 5600 corrugating medium paper production line under construction.

Property, plant and equipment with net values of $10,122,779 and $4,928,033 have been pledged for long-term bank loans of HBOP as of September 30, 2011 and December 31, 2010, respectively. Depreciation and amortization of property, plant and equipment during the three months ended September 30, 2011 and 2010 were $1,122,519 and $1,077,868, respectively, while depreciation and amortization were $3,311,618 and $3,100,465 during the nine months ended September 30, 2011 and 2010, respectively.