GOLD LEASE PAYABLE – RELATED PARTY

12 Months Ended

Dec. 31, 2016

Leases [Abstract]

GOLD LEASE PAYABLE - RELATED PARTY

NOTE 8 – GOLD LEASE PAYABLE – RELATED PARTY

During the year ended December 31, 2016, the Company entered into multiple gold lease agreements with Wuhan Shuntianyi Investment Management Ltd. (“Shuntianyi”), a related party which is controlled by the CEO and the Chairman of the Company, to lease a total of 16,000,000 grams of Au9999 gold in aggregate with carrying value of approximately $538.6 million (RMB 3,740 million). The Company recorded these transactions as gold lease payable – related party. The leased gold was fully returned by the Company to Shuntianyi as of December 31, 2016.