DEPOSIT PAYABLES - JEWELRY PARK

9 Months Ended

Sep. 30, 2015

NOTE 8- DEPOSIT PAYABLES - JEWELRY PARK

In August 2015, the Company started the pre-sale of certain real estate property in the Kingold Jewelry Park (see Note 5). 40,247.93 square meters (approximately 433,000 square feet) of office space have been pre-sold to various buyers at approximately RMB 6,000 per construction square meter and the Company received approximately RMB 144 million (approximately $22.7 million) from buyers. The Company expects to deliver these properties to the customers in January 2016 when the Jewelry Park construction is completed and passed the inspection conducted by the local government authority.