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Property, Plant and Equipment, Net
 6 Months Ended
Jun. 30, 2020
Property, Plant and Equipment [Abstract]  
Property, plant and equipment

(6) Property, plant and equipment, net


As of June 30, 2020 and December 31, 2019, property, plant and equipment consisted of the following:


   June 30,   December 31, 
   2020   2019 
Property, Plant, and Equipment:        
Land use rights  $11,518,553   $11,689,114 
Building and improvements   69,778,558    70,811,803 
Machinery and equipment   150,856,392    152,954,020 
Vehicles   579,229    587,806 
Construction in progress   6,646,105    6,399,986 
Totals   239,378,837    242,442,729 
Less: accumulated depreciation and amortization   (96,956,462)   (90,825,877)
Property, Plant and Equipment, net  $142,422,375   $151,616,852 

As of June 30, 2020 and December 31, 2019, land use rights represented two parcel of state-owned lands located in Xushui District and Wei County of Hebei Province in China, with lease terms of 50 years expiring in 2061 and 2066, respectively.


Construction in progress mainly represents payments for paper machine of a new tissue paper production line PM10 and improvement of the office building and essentially all industrial-use buildings in the Headquarters Compound.


As of June 30, 2020 and December 31, 2019, certain property, plant and equipment of Dongfang Paper with net values of $3,013,792 and $3,935,270, respectively, have been pledged pursuant to a long-term loan from credit union for Dongfang Paper. Land use right of Dongfang Paper with net values of $5,606,524 and $5,757,546 as of June 30, 2020 and December 31, 2019, respectively, was pledged for the bank loan from Industrial & Commercial Bank of China. Land use right of Hebei Tengsheng with net value of $5,124,570 and $5,200,452 as of June 30, 2020 and December 31, 2019, respectively, was pledged for a long-term loan from credit union of Baoding Shengde. In addition, land use right of Hebei Tengsheng with net value of $7,939,368 and $8,056,930 as of June 30, 2020 and December 31, 2019, respectively, was pledged for another long-term loan from credit union of Baoding Shengde. See “Short-term bank loans” and “Long-term loans from credit union” under Note (7), Loans Payable, for details of the transaction and asset collaterals.


Depreciation and amortization of property, plant and equipment was $3,721,640 and $3,859,399 for the three months ended June 30, 2020 and 2019, respectively. Depreciation and amortization of property, plant and equipment was $7,496,314 and $7,789,459 for the six months ended June 30, 2020 and 2019, respectively.