| Short-term Investments |
Short-term
investments consisted of the following as of December 31, 2010
and December 31, 2011:
|
|
|
000000000000 |
|
|
|
000000000000 |
|
|
|
000000000000 |
|
|
|
000000000000 |
|
| |
|
December 31, 2011 |
|
| |
|
Carrying Value |
|
|
Unrealized
Gains/(Losses)
|
|
|
Estimated Fair
Value
|
|
|
Estimated Fair
Value
|
|
| |
|
(RMB) |
|
|
(RMB) |
|
|
(RMB) |
|
|
(US$) |
|
|
|
|
|
|
|
Held-to-maturity
securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Fixed rate time
deposits
|
|
|
319,774,660 |
|
|
|
— |
|
|
|
319,774,660 |
|
|
|
50,807,077 |
|
|
- Investment
contract
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- China Railway
Trust (3)
|
|
|
600,000,000 |
|
|
|
— |
|
|
|
600,000,000 |
|
|
|
95,330,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total short-term
investments
|
|
|
919,774,660 |
|
|
|
— |
|
|
|
919,774,660 |
|
|
|
146,137,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
000000000000 |
|
|
|
000000000000 |
|
|
|
000000000000 |
|
| |
|
December 31,
2010 |
|
| |
|
Carrying
Value |
|
|
Unrealized
Gains/(Losses) |
|
|
Estimated
Fair
Value |
|
| |
|
(RMB) |
|
|
(RMB) |
|
|
(RMB) |
|
|
|
|
|
|
Held-to-maturity
securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Fixed rate time
deposits
|
|
|
1,403,362,000 |
|
|
|
— |
|
|
|
1,403,362,000 |
|
|
- Investment
contract
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- New China
Trust (1)
|
|
|
500,000,000 |
|
|
|
— |
|
|
|
500,000,000 |
|
|
- Shanghai Lingang and
Anhui Hailuo (2)
|
|
|
1,350,000,000 |
|
|
|
— |
|
|
|
1,350,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total short-term
investments
|
|
|
3,253,362,000 |
|
|
|
— |
|
|
|
3,253,362,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
On August 21, 2009,
the Group entered into a two year investment contract amounting to
RMB500,000,000 with a fixed quarterly yield of 1.5% (6% per annum)
with new China Trust. The investment contract is secured by
45,040,000 A-shares of Shanghai Pudong Development Bank
(“PDB”), a company listed on the Shanghai Stock
Exchange. Management has accounted for this investment as
short-term investment held-to-maturity in accordance with ASC
320-10 at amortized cost adjusted for any related premiums
(discounts) over the estimated remaining period until maturity.
There was no impairment indicators present associated with these
investment contracts at December 31, 2010. Proceeds with
respect to this investment have been received by the Group on the
maturity date of August 21, 2011. |
| (2) |
On December 24, 2010,
the Company entered into investment contracts with Shanghai Lingang
and Anhui Hailuo amounting to RMB850,000,000 and RMB500,000,000,
respectively, with fixed interests of 4.0% and 4.2% per annum,
respectively and maturity of 150 days and 157 days, respectively.
The principal amounts of the Shanghai Lingang and Anhui Hailuo
investment contracts are wholly guaranteed by China Minsheng
Banking Corp. Ltd, a company that is listed on both the Shanghai
and Hong Kong Stock Exchange. Management has accounted for these
investment contracts as short-term investments held-to-maturity in
accordance with ASC 320-10 at amortized cost adjusted for any
related premiums (discounts) over the estimated remaining period
until maturity. There was no impairment indicators present
associated with these investment contracts at December 31,
2010. Proceeds with respect to these investments have been received
by the Group on May 30, 2011. |
| (3) |
On November, 2011, the
Company invested in a real estate project of Zhonghang WanKe Co.,
Ltd. through China Railway Trust amounting to RMB600,000,000
(US$95,330,399), with an expected annual interest rate of 9.1%, and
maturity of one year. The principal amounts of the investment
contracts are wholly guaranteed by the land use right and
construction in progress of the project. Management has accounted
for these investment contracts as short-term investments
held-to-maturity in accordance with ASC 320-10 at amortized cost.
There was no impairment indicators present associated with these
investment contracts at December 31, 2011. |
|