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Assets held for sale
9 Months Ended
Sep. 30, 2013
Assets held for sale [Abstract]  
Assets held for sale

(6) Assets held for sale

 

As of September 30, 2013, assets held for sale in the amount of $4,116,497 represented the three employee dormitory buildings to be sold to a related party company controlled by our Chairman and CEO Mr. Zhenyong Liu. Please refer to Note (10) for the details of the related party transaction. As the sale was not yet completed by the end of September 30, 2013, the dormitories were classified as held for sale in accordance with ASC 360-10-35. It was expected that the sales will be consummated by the end of year 2013.