0001144204-13-006298.txt : 20130206 0001144204-13-006298.hdr.sgml : 20130206 20130206060225 ACCESSION NUMBER: 0001144204-13-006298 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20121231 FILED AS OF DATE: 20130206 DATE AS OF CHANGE: 20130206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHINA HGS REAL ESTATE INC. CENTRAL INDEX KEY: 0001158420 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 330961490 STATE OF INCORPORATION: F4 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34864 FILM NUMBER: 13575851 BUSINESS ADDRESS: STREET 1: 6 XINGHAN ROAD, 19TH FLOOR, HANZHONG CITY: SHAANXI STATE: F4 ZIP: 723000 BUSINESS PHONE: 8609162622612 MAIL ADDRESS: STREET 1: 6 XINGHAN ROAD, 19TH FLOOR, HANZHONG CITY: SHAANXI STATE: F4 ZIP: 723000 FORMER COMPANY: FORMER CONFORMED NAME: CHINA AGRO SCIENCES CORP. DATE OF NAME CHANGE: 20060504 FORMER COMPANY: FORMER CONFORMED NAME: M GAB DEVELOPMENT CORP DATE OF NAME CHANGE: 20010830 10-Q 1 v332475_10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10−Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2012

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_______ to ________

Commission File Number: 001-34864

CHINA HGS REAL ESTATE, INC.

(Exact Name of Registrant as Specified in Its Charter)

Florida		33-0961490
(State or Other Jurisdiction of Incorporation)		(I.R.S. Employer Identification Number)

6 Xinghan Road, 19th Floor, Hanzhong City

Shaanxi Province, PRC 723000

(Address of Principal Executive Offices, Zip Code)

+(86) 091 - 62622612

(Registrant’s Telephone Number, including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨

Accelerated filer ¨

Non-accelerated filer ¨ (Do not check if a smaller reporting

company)

Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

The number of shares outstanding of each of the issuer’s classes of common equity, as of February 6, 2013 is as follows:

Class of Securities		Shares Outstanding
Common Stock, $0.001 par value		45,050,000

TABLE OF CONTENTS

		Page
PART I	FINANCIAL INFORMATION

Item 1.	Interim Financial Statements
	Condensed Consolidated Balance Sheets at December 31, 2012 and September 30, 2012	1
	Condensed Consolidated Statements of Income and Comprehensive Income for The Three Months Ended December 31, 2012 and 2011	2
	Condensed Consolidated Statements of Cash Flows for The Three Months Ended December 31, 2012 and 2011	3
	Notes to Condensed Consolidated Financial Statements	4-18
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19-30
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	31
Item 4.	Controls and Procedures	31

PART II	OTHER INFORMATION

Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 3.	Defaults upon Senior Securities	32
Item 4.	Mine Safety Disclosures	32
Item 5.	Other Information	32
Item 6	Exhibits	32
	Signatures	33

PART I: FINANCIAL INFORMATION

ITEM 1. INTERIM FINANCIAL STATEMENTS

CHINA HGS REAL ESTATE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	December 31		September 30
	2012		2012
ASSETS
Current assets:
Cash	$	523,868	$	1,104,686
Restricted cash		1,161,158		1,080,985
Accounts receivable		4,654,636		-
Advances to vendors		4,376,112		2,566,422
Loans to outside parties, net		5,146		20,957
Real estate property development completed		15,912,612		19,534,088
Real estate property under development		9,582,760		8,590,275
Other current assets		181,873		171,863

Total current assets		36,398,165		33,069,276

Property, plant and equipment, net		1,017,668		1,037,080
Real estate property development completed, net of current portion		6,565,509		6,691,813
Security deposits for land use right		22,959,737		22,894,698
Real estate property under development, net of current portion		61,575,793		56,021,787

Total Assets	$	128,516,872	$	119,714,654

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	4,145,774	$	3,828,880
Other payables		1,395,244		1,213,394
Construction deposits		301,773		301,318
Customer deposits		13,875,722		11,597,422
Shareholder loan		1,810,000		1,810,000
Accrued expenses		2,402,089		2,305,086
Taxes payable		3,722,182		4,336,458

Total current liabilities		27,652,784		25,392,558
Construction deposits, net of current portion		866,385		864,259
Customer deposits, net of current portion		18,562,385		17,743,993

Total liabilities		47,081,554		44,000,810
Commitments and Contingencies
Stockholders' equity
Common stock, $0.001 par value, 100,000,000 shares
authorized, 45,050,000 shares issued and outstanding
December 31, 2012 and September 30, 2012	$	45,050	$	45,050
Additional paid-in capital		17,753,749		17,750,337
Statutory surplus		6,549,354		6,549,354
Retained earnings		50,403,306		44,894,229
Accumulated other comprehensive income		6,683,859		6,474,874
Total stockholders' equity		81,435,318		75,713,844

Total Liabilities and Stockholders' Equity	$	128,516,872	$	119,714,654

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

CHINA HGS REAL ESTATE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Unaudited)

	Three months ended December 31,
	2012			2011
Real estate sales	$	11,003,415		$	2,501,981
Less: Sales tax		(710,717	)		(175,905	)
Cost of real estate sales		(3,830,244	)		(881,900	)
Gross profit		6,462,454			1,444,176
Operating expenses
Selling and distribution expenses		161,094			42,441
General and administrative expenses		560,971			318,772
Total operating expenses		722,065			361,213
Operating income		5,740,389			1,082,963
Interest expense		(18,100	)		(4,163	)
Other income		7,952			-
Income before income taxes		5,730,241			1,078,800
Provision for income taxes		221,164			48,338
Net income		5,509,077			1,030,462
Other comprehensive income
Foreign currency translation adjustment		208,985		$	344,589
Comprehensive income	$	5,718,062		$	1,375,051
Basic and diluted income per common share
Basic	$	0.12		$	0.02
Diluted	$	0.12		$	0.02
Weighted average common shares outstanding
Basic		45,050,000			45,050,000
Diluted		45,050,000			45,050,000

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

CHINA HGS REAL ESTATE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three months ended December 31,
	2012			2011
Cash flows from operating activities
Net income	$	5,509,077		$	1,030,462
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation		22,404			22,081
Stock based compensation		3,412			12,175
Changes in assets and liabilities:
Restricted cash		(77,263	)		(5,750	)
Accounts receivable		(4,664,334	)		-
Advances to vendors		(1,806,155	)		51,748
Loans to outside parties		15,903			579,495
Security deposits for land use rights		-			(9,136,065	)
Real estate property development completed		3,830,244			881,900
Real estate property under development		(6,376,199	)		(1,898,986	)
Other current assets		(9,542	)		(15,367	)
Accounts payables		306,655			(3,203,189	)
Other payables		178,775			310,247
Customer deposits		3,019,617			3,021,626
Construction deposits		(731	)		6,272
Accrued expenses		90,860			(122,461	)
Taxes payable		(627,900	)		(32,172	)
Net cash used in operating activities	$	(585,177	)	$	(8,497,984	)

Cash flow from financing activities
Proceeds from shareholder loan		-			3,142,332
Repayment of shareholder loan		-			(3,142,332	)
Net cash provided by financing activities	$	-		$	-

Effect of changes of foreign exchange rate on cash		4,359			25,795
Net decrease in cash		(580,818	)		(8,472,189	)
Cash, beginning of period		1,104,686			8,837,795
Cash, end of period	$	523,868		$	365,606
Supplemental disclosures of cash flow information:
Interest paid	$	-		$	-
Income taxes paid	$	404,003		$	18,817

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

CHINA HGS REAL ESTATE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION

China HGS Real Estate, Inc. (“China HGS” or the “Company” or “we”, “us”, “our”), through its subsidiaries and variable interest entity (“VIE”), engages in real estate development, and the construction and sales of residential apartments, parking space and commercial properties in Tier 3 and Tier 4 cities and counties in China.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended December 31, 2012 and 2011 are not necessarily indicative of the results that may be expected for the full year. The information included in this Form 10-Q should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2012.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation

The unaudited condensed consolidated financial statements include the financial statements of China HGS Real Estate Inc. (the “Company” or “China HGS”), China HGS Investment Inc. (“HGS Investment”), Shaanxi HGS Management and Consulting Co., Ltd. (“Shaanxi HGS”) and its variable interest entity (“VIE”), Shaanxi Guangsha Investment and Development Group Co., Ltd. (“Guangsha”). All inter-company transactions and balances between the Company, its subsidiaries and VIE have been eliminated upon consolidation.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes, and disclosure of contingent liabilities at the date of the condensed consolidated financial statements. Estimates are used for, but not limited to, the selection of the useful lives of property and equipment, provision necessary for contingent liabilities, fair values, revenue recognition, taxes, budgeted costs and other similar charges. Management believes that the estimates utilized in preparing its condensed consolidated financial statements are reasonable and prudent. Actual results could differ from these estimates.

Fair value of financial instruments

The Company follows the provisions of Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures. It clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:

Level 1-Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.

Level 2-Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.

CHINA HGS REAL ESTATE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Fair value of financial instruments (continued)

Level 3-Inputs are unobservable inputs which reflect the reporting entity’s own assumptions or what assumptions the market participants would use in pricing the asset or liability based on the best available information.

The carrying amounts reported in the accompanying condensed consolidated balance sheets for cash, accounts receivable, restricted cash, advance to vendors, loans to outside parties, security deposits for land use rights, other current assets, accounts payable, customer deposits, other payables, accrued expenses, and taxes payable, approximate their fair value based on the short-term maturity of these instruments. The fair value of the long term customer and construction deposits approximate their carrying amounts because the deposits are received in cash.

Revenue recognition

Real estate sales are recognized in accordance with the ASC 360-20 “Real Estate Sales”.

Revenue from the sales of development properties is recognized by the full accrual method at the time of the closing of an individual unit sale. This occurs when title to or possession of the property is transferred to the buyer. A sale is not considered consummated until (a) the parties are bound by the terms of a contract, (b) all consideration has been exchanged, (c) any permanent financing for which the seller is responsible has been arranged, (d) all conditions precedent to closing have been performed, (e) the seller does not have substantial continuing involvement with the property, and (f) the usual risks and rewards of ownership have been transferred to the buyer. Further, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the property.

The Company provides “mortgage loan guarantees” only with respect to buyers who make down-payments of 30%-50% of the total purchase price of the property. The period of the mortgage loan guarantee begins on the date the bank approves the buyer’s mortgage and we receive the loan proceeds in our bank account and ends on the date the “Certificate of Ownership” evidencing that title to the property has been transferred to the buyer. The procedures to obtain the Certificate of Ownership take six to twelve months (the “Mortgage Loan Guarantee Period”). If, after investigation of the buyer’s income and other relevant factors, the bank decides not to grant the mortgage loan, our mortgage-loan based sales contract terminates and there will be no guarantee obligation. If, during the Mortgage Loan Guarantee Period, the buyer defaults on his or her monthly mortgage payment for three consecutive months, we are required to refund the loan proceeds back to the bank, although we have the right to keep the customer's deposit and resell the property to a third party. Once the Certificate of Ownership has been issued by the relevant government authority, our loan guarantee terminates. If the buyer then defaults on his or her mortgage loan, the bank has the right to take the property back and sell it and use the proceeds to pay off the loan. The Company is not liable for any shortfall that the bank may incur in this event. To date, no buyer has defaulted on his or her mortgage payments during the Mortgage Loan Guarantee Period and the Company has not had to refund any loan proceeds pursuant to its mortgage loan guarantees.

For municipal road construction projects, fees are generally recognized by the full accrual method at the time the projects are completed.

CHINA HGS REAL ESTATE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Revenue recognition (continued)

On October 23, 2012, the Company entered into a sales agreement to sell the remaining commercial units in Nan Dajie (Mingzhu Xinju) project with a total GFA of 4,545.88 square meters located in Hanzhong City for a total contract amount of $5,393,038 (RMB 33,911,426). The purchaser is related to one of the Company’s concrete suppliers for our Hanzhong City Oriental Pearl Garden project and Mingzhu Beiyuan project. The purchaser’s payments are guaranteed by third parties. The Certificate of Ownership of the related property was issued to the purchaser on November 22, 2012. The Company expects to collect the balance of the receivable by July 31, 2013. As of December 31, 2012, accounts receivable balance of $4,654,636 was due from the purchaser.

Foreign currency translation

The Company’s financial information is presented in U.S. dollars. The functional currency of the Company’s operating subsidiaries is Renminbi (“RMB”), the currency of the PRC. The financial statements of the Company have been translated into U.S. dollars in accordance with ASC 830-30 “Translation of Financial Statements”. The financial information is first prepared in RMB and then is translated into U.S. dollars at year-end exchange rates as to assets and liabilities and average exchange rates as to revenue and expenses. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. The effects of foreign currency translation adjustments are included as a component of accumulated other comprehensive income in stockholders’ equity.

	For three months ended December 31,				September 30,
	2012		2011		2012
Period end RMB : USD exchange rate		6.3011		6.3647		6.3190
Three months average RMB : USD exchange rate		6.2880		6.3771

The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.

Cash

Cash includes cash on hand and demand deposits in accounts maintained with commercial banks within the PRC. The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. The Company maintains bank accounts in the PRC. Cash balances in bank accounts in the PRC are not insured.

CHINA HGS REAL ESTATE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Restricted Cash

The restricted cash is required by the banks as collateral for mortgage loans given to the home buyers before obtaining the Certificates of Ownership of the properties as collateral. In order to provide the banks with the Certificates of Ownership, the Company is required to complete certain procedures with the Chinese government, which normally takes six to twelve months. Because the banks provide the loan proceeds to the Company without obtaining Certificates of Ownership as loan collateral during this six to twelve months’ period, the mortgage banks require the Company to maintain, as restricted cash, 5% to 10% of the mortgage proceeds as security for the Company’s obligations under such guarantees. The restricted cash is released by the banks once they receive the Certificates of Ownership. As of December 31, 2012 and September 30, 2012, the balances of restricted cash totaled $1,161,158 and $1,080,985, respectively. These deposits are not covered by insurance. The Company has not experienced any losses in such accounts and management believes its restricted cash account is not exposed to any risks.

Advances to vendors

Advances to vendors consist of balances paid to contractors and vendors for services and materials that have not been provided or received and generally relate to the development and construction of residential and commercial units in the PRC. Advances to vendors are reviewed periodically to determine whether their carrying value has become impaired. Historically, the Company has not experienced any losses as a result of these advances. As of December 31, 2012 and September 30, 2012, the Company had advances to vendors in the amounts of $4,376,112 and $2,566,422, respectively.

Loans to outside parties, net

Loans to outside parties consist of various cash advances to unrelated companies and individuals with which the Company has business relationships. Loans to outside parties are reviewed periodically as to whether their carrying value has become impaired. These loans bear no interest and they are due on demand. The Company considers the assets to be impaired if the collectability of the balances becomes doubtful. Substantially all these loans are considered collectible within the next twelve months based on the Company’s past experience.

Security deposits for land use rights

Security deposits for land use rights consist of the deposit held by the PRC government for the purchase of these rights in Hanzhong City and the deposit held by an unrelated party to transfer its land use rights in Hanzhong City to the Company. The deposits will be reclassified to real estate property under development upon the transfers of legal title.

CHINA HGS REAL ESTATE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Real estate property development completed and under development

Real estate property consists of finished residential unit sites, commercial offices and residential unit sites under development. The Company leases the land for the residential unit sites under land use right leases with various terms from the PRC government. The cost of land use rights is included in the development cost and allocated to each project. Real estate property development completed and real estate property under development are stated at the lower of cost or fair value.

Expenditures for land development, including cost of land use rights, deed tax, pre-development costs, and engineering costs, exclusive of depreciation, are capitalized and allocated to development projects by the specific identification method. Costs are allocated to specific units within a project based on the ratio of the sales area of units to the estimated total sales area of the project (or phase of the project) multiplied by the total cost of the project (or phase of the project).

Cost of amenities transferred to buyers is allocated to specific units as a component of total construction cost. The amenity cost includes landscaping, road paving, etc. Once the projects are completed, the amenities are under control of the property management companies. In accordance to GAAP, real estate property development completed and under development are subject to impairment when the carrying amount exceeds fair value. An impairment loss shall be recognized only if the carrying amount of the assets is not recoverable and exceeds fair value. The carrying amount is not recoverable if it exceeds the sum of the undiscounted cash flows expected to be generated by the assets.

CHINA HGS REAL ESTATE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Impairment of long-lived assets

In accordance with ASC 360, "Accounting for the Impairment or Disposal of Long-Lived Assets", the Company is required to review its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value.

Assets are grouped and evaluated at the lowest level for their identifiable cash flows that are largely independent of the cash flows of other groups of assets. The Company considers historical performance and future estimated results in its evaluation of potential impairment and then compares the carrying amount of the asset to the future estimated cash flows expected to result from the use of the asset. If the carrying amount of the asset exceeds estimated expected undiscounted future cash flows, the Company measures the amount of impairment by comparing the carrying amount of the asset to its fair value. The estimation of fair value is generally determined by using the asset's expected future discounted cash flows or market value. The Company estimates fair value of the assets based on certain assumptions such as budgets, internal projections, and other available information as considered necessary. There is no impairment of long-lived assets during the three months ended December 31, 2012 and 2011, respectively.

Customer deposits

Customer deposits consist of amounts received from customers relating to the sale of residential units in the PRC. In the PRC, customers will generally obtain permanent financing for the purchase of their residential unit prior to the completion of the project. The lending institution will provide the funding to the Company upon the completion of the financing rather than the completion of the project. The Company receives these funds and recognizes them as a liability until the revenue can be recognized.

Property warranty

The Company provides its customers with warranties which cover major defects of building structure and certain fittings and facilities of properties sold. The warranty period varies from two years to five years, depending on different property components the warranty covers. The Company continually estimates potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a property. Reserves are determined based on historical data and trends with respect to similar property types and geographical areas. The Company continually monitors the warranty reserve and makes adjustments to its pre-existing warranties, if any, in order to reflect changes in trends and historical data as information becomes available. The Company may seek further recourse against its contractors or any related third parties if it can be proved that the faults are caused by them. In addition, the Company also withholds up to 2% of the contract cost from sub-contractors for periods of two to five years. These amounts are included in construction deposits, and are only paid to the extent that there has been no warranty claim against the Company relating to the work performed or materials supplied by the subcontractors. For the period ended December 31, 2012 and September 30, 2012, the Company had not recognized any warranty liability or incurred any warranty costs in excess of the amount retained from subcontractors.

CHINA HGS REAL ESTATE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Construction Deposits

Construction deposits are the warranty deposits the real estate contractors provide to the Company upon signing the construction contracts. The Company can use such deposits to reimburse customers in the event of customer claims due to construction defects. The remaining balance of the deposits are returned to the contractors when the terms of the after-sale property warranty expires, which normally occurs within two to five years after the date of the deposit.

Stock-based compensation

The Company accounted for share-based compensation in accordance with ASC Topic 718, Compensation - Stock compensation, which requires that share-based payment transactions be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over the requisite service period, or vesting period.

ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in the subsequent period if actual forfeitures differ from initial estimates. Forfeiture rate is estimated based on historical and future expectation of employee turnover rate and are adjusted to reflect future change in circumstances and facts, if any. Share-based compensation expense is recorded net of estimated forfeitures such that expense was recorded only for those stock options and common stock awards that are expected to vest.

Income taxes

The Company utilizes ASC 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC 740-10-25 prescribes a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. It also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, years open for tax examination, accounting for income taxes in interim periods and income tax disclosures. There are no material uncertain tax positions as of December 31, 2012 and September 30, 2012.

The Company is a corporation organized under the laws of the State of Florida. However, all of the Company’s operations are conducted solely by its subsidiaries in the PRC. No income is earned in the United States and the management does not repatriate any earnings outside the PRC. As a result, the Company did not generate any U.S. taxable income for the three months ended December 31, 2012, and 2011, respectively.

CHINA HGS REAL ESTATE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Income taxes (continued)

As of December 31, 2012, the tax years ended September 30, 2006 through December 31, 2012 for the Company’s PRC entities remain open for statutory examination by PRC tax authorities. The parent Company China HGS Real Estate Inc.’s tax years ended September 30, 2009 through December 31, 2012 remains open for statutory examination by U.S. tax authorities.

Land appreciation tax (“LAT”)

In accordance with the relevant taxation laws in the PRC, the Company is subject to LAT based on progressive rates ranging from 30% to 60% on the appreciation of land value, which is calculated as the proceeds of sales of properties less deductible expenditures including borrowing costs and all property development expenditures. LAT is exempted if the appreciation values do not exceed certain thresholds specified in the relevant tax laws.

The whole project must be completed before the LAT obligation can be assessed. Accordingly, the Company should record the liability and the total related expense at the completion of a project unless the tax authorities impose an assessment at an earlier date. The methods to implement this tax law vary among different geographic areas. Hanzhong, where the project Mingzhu Garden, NanDajie and Central Plaza are located, implements this tax rule by requiring real estate companies prepay the LAT based upon customer deposits received. The tax rate in Hanzhong is 1%. Yang County, where the project Yangzhou Pearl Garden is located, requires a tax rate of 0.5%.

Comprehensive income

In accordance with ASC 220-10-55, comprehensive income is defined as all changes in equity except those resulting from investments by owners and distributions to owners. The Company’s only components of comprehensive income during the three months ended December 31, 2012 and 2011 were net income and foreign currency translation adjustments.

CHINA HGS REAL ESTATE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 3. SECURITY DEPOSITS FOR LAND USE RIGHTS

In May 2011, the Company entered into a development agreement with the local government. Pursuant to the agreement, the Company will prepay the development cost of $18,942,871 (RMB119, 700,000) and the Company has the right to acquire the land use rights through public bidding. The prepaid development cost will be deducted from the final purchase price of the land use rights. As of December 31, 2012, a deposit of $3,174,049 (RMB20,000,000) (September 30, 2012 - $3,165,058 or RMB 20,000,000) was paid by the Company. The Company currently expects to make payment of the remaining development cost within the next twelve months based on government’s current work progress.

In August 2011, the Company entered into a land transfer agreement with Hanzhong Shijin Real Estate Development Limited (“Shijin”). Pursuant to the agreement, Shijin agreed to transfer certain land use rights to the Company for the total price of $7,200,506 (RMB45, 500,000). As of December 31, 2012, a deposit of $7,286,029 (consisting of the full contract amount of RMB45, 500,000 and a commission of RMB410,000) was paid by the Company. The Company is in the process of applying for the land use rights certificate. As of December 31, 2012, the deposit balance was $7,286,029 (RMB45, 910,000).

On November 18, 2011, the Company won two bids for the land use rights by auction to obtain two parcels of land in Yang County for total consideration and the bidding commission of $12,597,918 (RMB79,606,242). As of December 31, 2012, the Company has paid $12,499,659 (RMB78,761,600). The remaining balance of $134,047 is expected to be paid by March 31, 2013 when the Company receives the land use rights certificate. As of December 31, 2012, the deposit balance was $12,499,659 (RMB78, 761,600).

CHINA HGS REAL ESTATE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 4. REAL ESTATE PROPERTY DEVELOPMENT COMPLETED AND UNDER DEVELOPMENT

The following summarizes the components of real estate property development completed and under development as of December 31, 2012 and September 30, 2012:

	December 31, 2012		September 30, 2012
Development completed
Hanzhong City Mingzhu Garden (Mingzhu Nanyuan & Mingzhu Beiyuan)	$	10,492,097	$	10,957,861
Hanzhong City Nan Dajie (Mingzhu Xinju)		1,883,125		3,651,828
Yang County Yangzhou Pearl Garden		9,504,846		11,019,854
Hanzhong City Central Plaza		598,053		596,358
Real estate property development completed	$	22,478,121	$	26,225,901
Less: Real estate property completed –short-term	$	15,912,612	$	19,534,088
Real estate property completed –long-term	$	6,565,509	$	6,691,813
Under development:
Hanzhong City Oriental Pearl Garden		33,053,789		30,964,847
Hanzhong City Mingzhu Garden (Mingzhu Nanyuan & Mingzhu Beiyuan)		22,476,180		21,102,925
Yang County Yangzhou Pearl Garden		14,281,538		11,620,714
Hanzhong City Mingzhu Road West (a)		1,126,845		732,571
Hanzhong City Liuhou Road (a)		220,201		191,005
Real estate property under development	$	71,158,553	$	64,612,062

Less: Short-term portion	$	9,582,760	$	8,590,275
Real estate property under development –long-term	$	61,575,793	$	56,021,787

(a)

In June 2012, the Company was approved by Hanzhong local government to construct two municipal roads with total length of 1,064.09 meters. The budgeted price for these two municipal roads is approximately $3.0 million (RMB18,716,489) which was approved by Hanzhong Ministry of Finance. The related construction has been substantially completed as of December 31, 2012 and is expected to be delivered to the local government in the next few months. For these construction projects, the Company recognizes the fee as other revenue using the full accrual method when the project is completed.

As of December 31, 2012 and September 30, 2012, land use rights included in real estate property under development totaled $42,021,146 and $41,902,111, respectively.

NOTE 5. CUSTOMER DEPOSITS

Customer deposits consist of amounts received from customers for the pre-sale of residential units in the PRC. The detail of customer deposits is as follows:

	December 31, 2012		September 30, 2012

Customer deposits by real estate projects

Mingzhu Garden (Mingzhu Nanyuan & Mingzhu Beiyuan)	$	19,419,644	$	16,900,566
Hanzhong City Oriental Pearl Garden		1,280,887		-
Yangzhou Pearl Garden		11,737,576		12,440,849
Total	$	32,438,107	$	29,341,415

Including: Customer deposits -short-term	$	13,875,722	$	11,597,422
Customer deposits - long-term	$	18,562,385	$	17,743,993

Customers are required to make initial customer deposits. The initial customer deposits are typically 10%-20% of the unit price for those customers who purchase properties in cash and 30%-50% of the unit price for those customers who purchase properties with mortgages. The banks provide the balance of the funding to the Company upon consummation of the sales. The banks hold the properties as collateral for customers’ mortgage loans. If the customers default, the bank will repossess the collateral properties. Except during the Mortgage Loan Guarantee Period of approximately six to twelve months, the banks have no recourse to the Company for customers’ defaults.

NOTE 6. SHAREHOLDER LOAN

On June 28, 2011, the Company entered into a one-year loan agreement (“USD Loan Agreement”) with Mr. Xiaojun Zhu, pursuant to which the Company borrowed $1,810,000 from Mr. Xiaojun Zhu to make a capital injection into Shaanxi HGS, the Company’s subsidiary. The interest rate for the loan is 4% per annum. The Company recorded an interest expense of $18,100 for the three months ended December 31, 2012 and 2011, respectively. On July 19, 2012, the Company entered into an amendment to the USD Loan Agreement to extend the term until June 28, 2013.

CHINA HGS REAL ESTATE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 7. STOCK OPTIONS

Under the fair value recognition provisions of ASC Topic 718, stock-based compensation cost is measured at the grant date based on the value of the award and is recognized on a straight-line basis as expense over the vesting period. Additionally, the Company is required to use judgment in estimating the amount of stock-based awards that are expected to be forfeited. If actual forfeitures differ significantly from the original estimate, stock-based compensation expense and the results of operations could be impacted.

In January 2010, the Company’s Board of Directors granted stock options to three newly appointed independent directors to purchase up to 34,000 shares of the Company’s common stock (“2010 Stock Options). 20% of the shares underlying the options were exercisable on the grant date and the remaining 80% of the shares underlying the options become exercisable over the next eight quarters at the rate of 10% at the end of every quarter. The exercise price of the options is $2.60 per share and the options expire on January 6, 2015. As of December 31, 2012 and September 30, 2012, 100% of the option awards have vested, respectively. During the three months ended December 31, 2012, 24,000 2010 Stock Options were forfeited.

On March 16, 2011, the Company’s Board of Directors granted stock options to three independent directors to purchase up to an aggregate of 34,000 shares of the Company’s common stock (“2011 Stock Options). Twenty percent (20%) of the shares underlying the options were exercisable on the grant date and the remaining 80% of the shares underlying the options become vested over the next eight quarters at the rate of 10% at the end of every quarter. The exercise price of the options is $2.37 per share and the options expire on March 16, 2016. As of December 31, 2012 and September 30, 2012, 100% and 90% of the option awards have vested, respectively. During the three months ended December 31, 2012, 24,000 2011 Stock Options were forfeited.

On August 22, 2012, the Company’s Board of Directors granted stock options to two newly appointed independent directors to purchase up to an aggregate of 120,000 shares of the Company’s common stock (“2012 Stock Options). The shares underlying the options become vested during the following 12 months period at the end of each quarter. The exercise price of the options is $2.37 per share. As of December 31, 2012 and September 30, 2012, 33.3% and 8.3% of the option awards have vested, respectively.

The assumptions used in calculating the fair value of options granted using the Black-Scholes option pricing model are as follows:	Options granted in August 2012		Options granted in March 2011
Risk-free interest rate		0.19%		1.87%
Expected life of the options		1 year		5 years
Expected volatility		148%		65%
Expected dividend yield		0%		0%
Fair value	$	8,400	$	44,590

The Company uses the Black-Scholes option-pricing model, which incorporates various assumptions including volatility, expected life and interest rates to determine fair value. The Company’s expected volatility assumption is based on the historical volatility of Company’s stock. The expected life assumption is primarily based on the simplified method due to the Company’s limited option exercise behavior. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant.

CHINA HGS REAL ESTATE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 7. STOCK OPTIONS (continued)

The following table summarizes the stock option activities of the Company:

	Number of options		Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Grant Date Fair Value
Outstanding, September 30, 2012		188,000	$	2.41		1.60	$	130,147
Granted
Forfeited		48,000		2.49		2.61		85,940
Exercised
Outstanding, December 31, 2012		140,000	$	2.39		0.92	$	44,207
Exercisable, December 31, 2012		60,000	$	2.41		1.30	$	38,608

Total stock-based compensation expense recognized in the three months ended December 31, 2012 and 2011, was $3,412 and $12,175, respectively. As of December 31, 2012 and September 30, 2012, there was $5,600 and $9,012, respectively, of unrecognized compensation cost related to stock option awards that are expected to be recognized.

NOTE 8. TAXES

(A) Business sales tax

The Company is subject to a 5% business sales tax on revenue. It is the Company’s continuing practice to recognize the 5% business sales tax based on revenue as a cost of sales as the revenue is recognized. As of December 31, 2012, the Company had business sales tax payable of $2,905,462 (September 30, 2012- $3,366,130), which is expected to be paid when the projects are completed and assessed by the local tax authority.

B) Corporate income taxes (“CIT”)

The Company’s PRC subsidiaries and VIE are governed by the Income Tax Law of the People’s Republic of China concerning the privately run enterprises, which are generally subject to income tax at a statutory rate of 25% on income reported in the statutory financial statements after appropriate tax adjustments.

However, as approved by the local tax authority of Hanzhong City, the Company’s CIT was assessed annually at a pre-determined fixed rate as an incentive to stimulate the local economy and encourage entrepreneurship. The local income tax rate in Hanzhong is 2.5% and in Yang County is 1.25% on revenue. For the three months ended December 31, 2012 and 2011, the Company’s assessed income taxes were $221,164 and $48,338, respectively.

Although the possibility exists for reinterpretation of the application of the tax regulations by higher tax authorities in the PRC, potentially overturning the decision made by the local tax authority, the Company has not experienced any reevaluation of the income taxes for prior years. The PRC tax rules are different from the local tax rules and the Company is required to comply with local tax rules. The difference between the two tax rules will not be a liability of the Company. There will be no further tax payments for the difference.

CHINA HGS REAL ESTATE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 8. TAXES (continued)

B) Corporate income taxes (“CIT”)

The following table reconciles the statutory rates to the Company’s effective tax rate for the three months ended December 31, 2012 and 2011:

	For the three months ended December 31,
	2012			2011
Chinese statutory tax rate		25.0	%		25.0	%
Exemption rendered by local tax authorities		(21.1	)%		(19.5	)%

Effective tax rate		3.9	%		4.5	%

The parent Company China HGS Real Estate, Inc. is incorporated in the United States. Net operating loss carry forwards for United States income tax purposes amounted to $191,492 and $169,980 as of December 31, 2012 and September 30, 2012, respectively, which are available to reduce future years’ taxable income. These carry forwards will expire in 2032. However, the change in control resulting from the reverse merger in 2009 limits the amount of loss to be utilized each year. Management doesn’t expect to remit any of its net income back to the United States in the foreseeable future. Accordingly, the Company recorded a full valuation allowance as of December 31, 2012 and September 30, 2012. The components of deferred taxes as of December 31, 2012 and September 30, 2012 consist of the following:

	As of
	December 31, 2012			September 30, 2012
Net operating loss carry-forwards for parent company	$	65,107		$	57,793
Valuation allowance		(65,107	)		(57,793	)
Net deferred tax asset	$	-		$	-

The valuation allowance increased $7,314 and $10,294 for the three months end December 31, 2012 and 2011, respectively.

(C) LAT

Since January 1, 1994, LAT has been applicable at progressive tax rates ranging from 30% to 60% on the appreciation of land values, with an exemption provided for the sales of ordinary residential properties if the appreciation values do not exceed certain thresholds specified in the relevant tax laws. However, the Company’s local tax authority in Hanzhong City has not imposed the regulation on real estate companies in its area of administration. Instead, the local tax authority has levied the LAT at the rate of 0.8% or 1.0% against total cash receipts from sales of real estate properties, rather than according to the progressive rates. As at December 31, 2012, the prepaid LAT balance is $221,461 with respect to properties sold up to December 31, 2012. As at September 30, 2012, the outstanding LAT payable balance is $22,650 with respect to properties sold up to September 30, 2012.

CHINA HGS REAL ESTATE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 8. TAXES (continued)

(D) Taxes payable consisted of the following:

	December 31, 2012		September 30, 2012

CIT	$	582,933	$	765,206
Business tax		2,905,462		3,366,130
Other tax and fees		233,787		205,122
Total taxes payable	$	3,722,182	$	4,336,458

NOTE 9. CONTINGENCY AND COMMITMENTS

As an industry practice, the Company provides guarantees to PRC banks with respect to loans procured by the purchasers of the Company’s real estate properties for the total mortgage loan amount until the completion of obtaining the “Certificate of Ownership” of the properties from the government, which generally takes six to twelve months. Because the banks provide loan proceeds without getting the “Certificate of Ownership” as loan collateral during this six to twelve months’ period, the mortgage banks require the Company to maintain, as restricted cash, 5% to 10% of the mortgage proceeds as security for the Company’s obligations under such guarantees. If a purchaser defaults on its payment obligations, the mortgage bank may deduct the delinquent mortgage payment from the security deposit and require the Company to pay the excess amount if the delinquent mortgage payments exceed the security deposit. The Company has made necessary reserves in its restricted cash account to cover any potential mortgage defaults as required by the mortgage lenders. The Company has not experienced any losses related to this guarantee and believes that such reserves are sufficient.

In May 2011, the Company entered into a development agreement with the local government. Pursuant to the agreement, the Company will prepay the development cost of $18,942,871 (RMB119,700,000) and the Company has the right to acquire the land use rights through public bidding unless another company wins the bidding. The prepaid development cost will be deducted from the final purchase price of the land use rights or refunded to the Company plus profit earned if the Company does not win the bidding. As of December 31, 2012, a deposit of $3,174,049 (RMB20,000,000) (September 30, 2012 -$3,165,058 (RMB20,000,000)) was paid by the Company. The Company currently expects to make payment of the remaining development cost within the next twelve months based on the government’s current work in process.

On November 18, 2011, the Company won two bids for the land use rights by auction to obtain two parcels of land in Yang County for total consideration and the bidding commission of $12,597,918 (RMB 79,606,242). As of December 31, 2012, the Company has paid $12,499,659 (RMB78, 761,600) (September 30, 2012 - $12,464,250 (RMB78, 761,600)). The remaining balance of $134,047 is expected to be paid by March 31, 2013 when the Company receives the land use rights certificate.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

The following discussion and analysis of financial condition and results of operations relates to the operations and financial condition reported in the unaudited condensed consolidated financial statements of China HGS Real Estate, Inc. for the three months ended December 31, 2012 and 2011 and should be read in conjunction with such financial statements and related notes included in this report.

As used in this report, the terms “Company,” “we,” “our,” “us” and “HGS” refer to China HGS Real Estate, Inc. and its subsidiaries.

Preliminary Note Regarding Forward-Looking Statements.

We make forward-looking statements in Management’s Discussion and Analysis of Financial Condition and Results of Operations and elsewhere in this report based on the beliefs and assumptions of our management and on information currently available to us. Forward-looking statements include information about our possible or assumed future results of operations which follow under the headings “Business Overview,” “Liquidity and Capital Resources,” and other statements throughout this report preceded by, followed by or that include the words “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates” or similar expressions.

Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed in these forward-looking statements, including the risks and uncertainties described below and other factors we describe from time to time in our periodic filings with the U.S. Securities and Exchange Commission (the “SEC”). We therefore caution you not to rely unduly on any forward-looking statements. The forward-looking statements in this report speak only as of the date of this report, and we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. These forward-looking statements include, among other things, statements relating to:

•

our ability to sustain our project development

•

our ability to obtain additional land use rights at favorable prices;

•

the market for real estate in Tier 3 and 4 cities and counties;

•

our ability to obtain additional capital in future years to fund our planned expansion; or

•

economic, political, regulatory, legal and foreign exchange risks associated with our operations.

Business Overview

We conduct substantially all of our business through Shaanxi Guangsha Investment and Development Group Co., Ltd, in Hanzhong, Shaanxi Province. Since the initiation of our business, we have been focused on expanding our business in certain Tier 3 and Tier 4 cities and counties in China.

The increasingly restrictive real estate policy and tightening liquidity policy left a profound negative impact on the residential housing transaction volume in 2011 and 2012. These policies also negatively affected buyers’ confidence and consumption psychology. Some buyers are taking a wait-and-see attitude and may delay their purchasing decision.

The first three months of fiscal 2013 have been relatively quiet on the regulatory front, and no new real estate austerity control policy has been introduced. While the government’s broad policy direction is likely to remain unchanged, expectations are that as the property market moves in the desired direction, it is likely to be relaxed to a certain extent. Although the restrictive real estate policies have created a ‘wait-and-see’ mentality among real estate buyers, the cumulative downward price adjustment has triggered the partial release of demand, creating a rise in transaction volumes in late 2012. Developers generally have been reducing inventory by adopting more aggressive sales tactics.

For the three months ended December 31, 2012, our sales volume significantly increased compared to the same period last year. Our sales, gross profit and net income for the three months ended December 31, 2012 were $11,003,415, $6,462,454 and $5,509,077, respectively, representing an approximately 339.8%, 347.5% and 434.6% increase from three months ended December 31, 2011, respectively.

We are using the full accrual method to recognize revenue and only recognize sales revenue upon delivery of sold properties to buyers instead of upon pre-sale of the properties. This accounting method adds uncertainties in our future sales trend and causes uneven sales revenue from period to period as our sales revenue depends upon the number of units delivered during the year. Currently, most of our real estate projects under construction are high-rise buildings with planned GFA over 709,038 square meters, which generally take about 2- 3 years for the construction, while our completed projects in the past were mostly multi-layer or sub-high-rise buildings and took 1-1.5 years for construction. None of our current construction projects were completed and delivered during the three months ended December 31, 2012 and 2011 and the revenue reported for these periods was resulted from sales of the remaining units of completed real estate projects. It might indicate that in certain future reporting periods, even if we have pre-sale contracts, we may not record any revenue because we have no new construction work completed and delivered to buyers in those periods. This is a typical characteristic of our business and the uneven sales revenues from period to period are due in part to the rate at which units are completed and delivered to buyers under the current full accrual method of revenue recognition policy.

The housing prices in Tier 3 and Tier 4 cities and counties are stable from last year. While short-term market correction is a process that the property sector is bound to undergo, we expect that the fundamental demand for residential housing will remain given the rising per capita income, accelerating urbanization and increasing demand for better living environment. For the three months ended December 31, 2012, our average selling price (“ASP”) for real estate projects (excluding sales of parking spaces) located in Yang County was approximately $615.2 per square meter, an increase of 38.6% from the ASP of $444 per square meter for the three months ended December 31, 2011. Due to our continuous promotion effects, we sold more commercial units in Yang County, which resulted in a higher ASP in Yang County comparing to the same period last year. The ASP of our Hanzhong real estate projects (excluding sales of parking spaces) was approximately $1,008.3 per square meter, consistent with the ASP of $1,034.9 per square meter for the three months ended December 31, 2011. For the first quarter of fiscal 2013 and 2012, revenue from commercial units’ sales represented about 69.0% and 38.7% of total revenue, respectively. The ASP for residential units in Hanzhong was $532.6 and $573.4 for the three months ended December 31, 2012 and 2011, respectively. Generally, the ASP of commercial units is more than doubled from the ASP of residential units.

With respect to capital funding requirements, while many property developers must now worry about their debt leverage and working capital needs for debt repayment, in contrast, the Company does not have any external bank loan outstanding at December 31, 2012. The Company’s cash flows from pre-sales and sales and, if necessary, shareholder loans should provide financial support for the current development and operations. In order to fully implement our business plan, however, we may need to raise capital in the future to sustain our expansion. Therefore, we may seek to access the capital markets in both the U.S. and China to obtain the funds we require. At the present time, however, we do not have commitments of funds from any source.

Market Outlook

We believe the fundamentals underpinning real estate demand remain strong. We intend to remain focused on our existing construction projects in Hanzhong City and Yang County, deepen our institutional sales network, enhance our cost and operational synergies and improve cash flows and strengthen our balance sheet. In this respect, in late 2012, we began the construction of two large residential projects in Hanzhong City and additional high-rise residential buildings in Yang County.

Oriental Pearl Garden

The project is located in the downtown of Hanzhong City. It consists of 12 high-rise residential buildings with commercial shops on the first and second floors with an estimated GFA of 260,000 square meters. The Company started construction in the third quarter of fiscal 2012 and expects to complete the whole construction in 2-3years. The pre-sale license is expected to be obtained by the third or fourth quarter of fiscal 2013. As of December 31, 2012, the customer deposit balance was $1,280,887 for the project.

Mingzhu Beiyuan

The project is located in the south west part of Hanzhong City. It includes 17 high-rise residential buildings with an estimated GFA of 350,000 square meters. The Company started construction in the third quarter of fiscal 2012 and expect to complete the whole construction in 2-3years. The pre-sale license is expected to be obtained by the second or third quarter of fiscal 2013. During fiscal 2011, we signed series of residential-apartment bulk-purchase agreements with Hanzhong Municipal Public Security Bureau, Hanzhong Municipal Bureau of Justice, Hanzhong Local Tax Bureau and the Hanzhong Social Insurance Center. The total residential units to be delivered in Mingzhu Beiyuan under these residential-apartment bulk-purchase agreements are 518 units with a total GFA of 68,752 square meters. As of December 31, 2012, the contracted sales under all residential-apartment bulk-purchase agreements and others individuals was approximately $34.8 million (RMB 219.1 million). As of December 31, 2012, the customer deposit balance related to these bulk-purchase agreements amounted to $15,448,040 (RMB 97,339,644). No revenue has been recognized during the three months ended December 31, 2012.

Yangzhou Pearl Garden

During fiscal 2012, the Company also started the construction of 8 high-rise residential buildings and 1 sub-high-rise residential building with total GFA of 99,038 square meters in Yangzhou Pearl Garden located in Yang County. We have obtained a pre-sale license for 3 residential buildings. The rest of pre-sale licenses are expected to be obtained by September 30, 2013. During fiscal 2011, the Company entered into a preliminary contract with Yang County to develop affordable apartment buildings with a total GFA of 40,000 square meters. These units are mainly located in 4 of 8 high-rise residential buildings. The completion and delivery of 1 high-rise residential building is deferred to the second quarter of fiscal 2013 and we expected the 2 additional high-rise residential buildings to be completed at the same time. The construction for the balance of buildings is expected to be completed in 2 years. As of December 31, 2012, the total contracted sales for these residential buildings were approximately $11.9 million (RMB74.6 million). As of December 31, 2012, the customer deposit balance amounted to $9,114,862 (RMB 57,433,657). No revenue has been recognized during the three months ended December 31, 2012.

In addition to the above residential projects, the Company was approved by Hanzhong local government to construct two municipal roads with a total length of 1,064.09 meters. The budgeted price for these two municipal roads is RMB 18,716,489.34 (equivalent to $3.0 million), which was approved by Hanzhong Ministry of Finance. The related construction was substantially completed by December 31, 2012 but requires the government’s quality approval before delivery for its intended use. For these construction projects, the Company recognizes the fee as other revenue using full accrual method when the project is completed. No revenue has been recognized during the three months ended December 31, 2012.

We expect these initiatives will help us cope with this difficult period and better position us to capitalize on opportunities from a future market upturn.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The discussion and analysis of our financial condition and results of operations are based upon our condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these condensed consolidated financial statements requires us to make estimates and judgments that affect our reported assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We evaluate our estimates on an on-going basis and use them on historical experience and various other assumptions that are believed to be reasonable under the circumstances as the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates because of different assumptions or conditions.

We believe the following critical accounting policies affect our significant estimates and judgments used in the preparation of our condensed consolidated financial statements. These policies should be read in conjunction with Note 2 of the notes to unaudited condensed consolidated financial statements.

Use of estimates

Fair value of financial instruments

Level 1-Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.

The carrying amounts reported in the accompanying condensed consolidated balance sheets for cash, restricted cash, advance to vendors, loans to outside parties, security deposits for land use rights, other current assets, accounts payable, customer deposits, other payables, accrued expenses, and taxes payable, approximate their fair value based on the short-term maturity of these instruments. The fair value of the long term customer and construction deposits approximate their carrying amounts because the deposits are received in cash.

Revenue recognition

Real estate sales are recognized in accordance with the ASC 360-20 “Real Estate Sales”.

The Company provides “mortgage loan guarantees” only with respect to buyers who make down-payments of 30%-50% of the total purchase price of the property. The period of the mortgage loan guarantee begins on the date the bank approves the buyer’s mortgage and we receives the loan proceeds in our bank account and ends on the date the “Certificate of Ownership” evidencing that title to the property has been transferred to the buyer. The procedures to obtain the Certificate of Ownership take six to twelve months (the “Mortgage Loan Guarantee Period”). If, after investigation of the buyer’s income and other relevant factors, the bank decides not to grant the mortgage loan, our mortgage-loan based sales contract terminates and there will be no guarantee obligation. If, during the Mortgage Loan Guarantee Period, the buyer defaults on his or her monthly mortgage payment for three consecutive months, we are required to refund the loan proceeds back to the bank, although we have the right to keep the customer's deposit and resell the property to a third party. Once the Certificate of Ownership has been issued by the relevant government authority, our loan guarantee terminates. If the buyer then defaults on his or her mortgage loan, the bank has the right to take the property back and sell it and use the proceeds to pay off the loan. The Company is not liable for any shortfall that the bank may incur in this event. To date, no buyer has defaulted on his or her mortgage payments during the Mortgage Loan Guarantee Period and the Company has not had to refund any loan proceeds pursuant to its mortgage loan guarantees.

For municipal road construction projects, fees are generally recognized by the full accrual method at the time the projects are completed.

Customer Deposits

Customer deposits consist of prepayments received from customers relating to the sale of residential units in the PRC. The Company receives these funds and recognizes them as a liability until the revenue can be recognized. The classification of customer deposits as current liabilities or long term liabilities is subject to our estimation on whether we expect to be able to recognize these deposits as revenue within one year of the balance sheet date. We convert the customer deposits to revenue when the homebuyers or banks pay off the balance, and the Certificates of the Ownership are delivered to the homebuyers or the banks.

Advances to vendors

Real estate property development completed and under development

Income taxes

RESULTS OF OPERATIONS

Three Months Ended December 31, 2012 Compared to Three Months Ended December 31, 2011

Revenues

The following table summarizes our revenue generated by different projects:

	For Three Months Ended December 31,
	2012						2011						Variance
	Revenue			%			Revenue			%			Amount		%

Mingzhu Garden (Mingzhu Nanyuan & Mingzhu Beiyuan)	$	1,272,786			11.6	%	$	1,021,241			40.8	%	$	251,545		24.6	%
Yangzhou Pearl Garden		4,313,737			39.2	%		1,136,913			45.4	%		3,176,824		279.4	%
NanDajie (Mingzhu Xinju)		5,416,892			49.2	%		343,827			13.8	%		5,073,065		1475.5	%

Total Real Estate Sales before Sales Tax	$	11,003,415			100	%	$	2,501,981			100	%	$	8,501,434		339.8	%
Sales Tax		(710,717	)					(175,905	)					534,812		304.0	%
Revenue net of sales tax	$	10,292,698					$	2,326,076					$	7,966,622		342.5	%

Our revenues are derived from the sale of residential buildings, commercial front-stores and parking space in projects that we have developed. Revenues before sales tax increased by 339.8% to approximately $11.0 million for the three month ended December 31, 2012 from approximately $2.5 million for the same period in the last year. The total GFA sold during the three months ended December 31, 2012 was 13,028 square meters, representing over three times increase from 3,877.4 square meters completed and sold for the three months ended December 31, 2011. A significant portion of revenue during the first quarter of fiscal 2013 was from the sales of commercial units in NanDajie Project (Mingzhu Xinju) project. On October 23, 2012, the Company entered into a sales agreement to sell the remaining commercial units in Nan Dajie (Mingzhu Xinju) project with a total GFA of 4,545.88 square meters located in Hanzhong City for a total contract amount of $5,393,038 (RMB 33,911,426). The purchaser is related to one of the Company’s concrete suppliers for our Hanzhong City Oriental Pearl Garden project and Mingzhu Beiyuan project. The purchaser’s payments are guaranteed by third parties. The ownership certificate of the related property was issued to the purchaser on November 22, 2012. The Company expects to collect the balance of the receivable by July 31, 2013. As of December 31, 2012, accounts receivable of $4,654,636 was due from the purchaser.

Sales taxes for the three months ended December 31, 2012 and 2011 consisted of a business tax, 5% of the revenue, an urban construction tax, 7% of business tax, an education surcharge tax, 3% of business tax, and land appreciation tax. Land appreciation tax for the three months ended December 31, 2012 and 2011 was assessed at the rate of 0.5% of the customer deposits in Yang County and 1% of the customer deposits in Hanzhong. The sales taxes for the three months ended December 31, 2012 increased by 304.0% from the same period last year, primarily as a result of the increase in revenue.

We are developing more high-rise residential buildings, which requires longer construction periods. This indicates that in certain future reporting periods, we might not have any new construction work, completed and delivered to buyers, and the only available-for-sale properties would be from our inventories which are previously completed and unsold properties. Since we recognize revenue in accordance with the full accrual method at the time of the closing of an individual unit sale, the longer construction periods for high-rise residential building would have negative impact on our revenue recognition.

Cost of Sales

The following table sets forth a breakdown of our cost of sales:

	For Three Months Ended December 31,
	2012					2011					Variance
	Cost		%			Cost		%			Amount		%

Land use rights	$	645,018		14	%	$	112,316		13	%	$	532,702		474.3	%
Construction cost		3,185,226		86	%		769,584		87	%		2,415,642		313.9	%
Total cost	$	3,830,244		100	%	$	881,900		100	%	$	2,948,344		334.3	%

Our cost of sales consists primarily of costs associated with land use rights and construction costs. Cost of sales are capitalized and allocated to development projects using the specific identification method. Costs are allocated to specific units within a project based on the ratio of the sales area of units to the estimated total sales area of the project (or phase of the project) times the total cost of the project (or phase of the project).

Cost of sales was approximately $3.8 million for the three months ended December 31, 2012 compared to $0.9 million for the three months ended December 31, 2011. The $2.9 million increase in cost of sales was mainly attributable to the increase in total GFA sold during this quarter.

Land use rights cost: The cost of land use rights includes the land premium we pay to acquire land use rights for our property development sites, plus taxes. Our land use rights cost varies for different projects according to the size and location of the site and the minimum land premium set for the site, all of which are influenced by government policies, as well as prevailing market conditions. Costs for land use rights for the three months ended December 31, 2012 were $645,018, as compared to $112,316 for the three months ended December 31, 2011, representing an increase of $532,702 from the same quarter last year. The increase was consistent with the fact that the total GFA sold during the three months ended December 31, 2012 was significantly higher than the same quarter of last year.

Construction cost: We outsource the construction of all of our projects to third party contractors, whom we select through a competitive tender process. Our construction contracts provide a fixed payment which covers substantially all labor, materials and equipment costs, subject to adjustments for some types of excess, such as design changes during construction or changes in government-suggested steel prices. Our construction costs consist primarily of the payments to our third-party contractors, which are paid over the construction period based on specified milestones. In addition, we purchase and supply a limited range of fittings and equipment, including elevators, window frames and door frames. Our construction costs for the three months ended December 31, 2012 were approximately $3.2 million as compared to approximately $0.8 million for the three months ended December 31, 2011, representing an increase of $2.4 million. The increase in construction cost was due to the additional units sold reflected in the increased revenue recognized.

The total cost of sales as a percentage of real estate sales before sales tax for the three months ended December 31, 2012 decreased to 34.8% from 35.3% for the three months ended December 31, 2011, which was mainly attributable to higher revenue resulted from sales of more commercial units.

Gross Profit

Gross profit was approximately $6.5 million for the three months ended December 31, 2012 as compared to approximately $1.4 million for the three months ended December 31, 2011, representing an increase of $5.1 million, which was mainly attributable to the increase in sales. The overall gross profit as a percentage of real estate sales before sales tax increased to 58.7% during the three months ended December 31, 2012 from 57.7% for the same quarter last year, mainly due to the fact that more commercial units in Hanzhong City and Yang County were sold during the three months ended December 31, 2012.

The following table sets forth the gross margin of each of our projects:

	For Three Months Ended December 31,
	2012						2011
	Gross Profit			Percentage of Revenue			Gross Profit			Percentage of Revenue

Mingzhu Garden (Mingzhu Nanyuan & Mingzhu Beiyuan)	$	774,858			60.9	%	$	759,166			74.3	%
Yangzhou Pearl Garden		2,764,202			64.1	%		629,896			55.4	%
NanDajie (Mingzhu Xinju)		3,634,111			67.1	%		231,019			67.2	%
Sales Tax		(710,717	)					(175,905	)
Total Gross Profit	$	6,462,454			58.7	%	$	1,444,176			57.7	%
Total Real Estate Sales before Sales Tax	$	11,003,415					$	2,501,981

Operating Expenses

Total operating expenses increased by 99.9% or $360,852 to $722,065 for the three months ended December 31, 2012 from $361,213 for the three months ended December 31, 2011 as a result of a 279.6% increase in selling expense of $118,653 and a 76.0% increase in general and administration expenses of $242,199.

The increase in selling expense for the three months ended December 31, 2012 was primarily attributed to more promotions, sales and marketing activities. The increased revenue also resulted in higher sales commission expense. The higher general administration expenses for the three months ended December 31, 2012 was attributed to higher executive compensation, taxes and office expense.

	For Three Months Ended December 31,
	2012			2011

Selling expenses	$	161,094		$	42,441
General and administrative expenses		560,971			318,772
Total operating expenses	$	722,065		$	361,213
Percentage of Real Estate Sales before Sales Tax		6.6	%		14.4	%

Income Taxes

U.S. Taxes

China HGS is a Florida corporation. However, all of our operations are conducted solely by our subsidiaries in the PRC. No income is earned in the United States and we do not repatriate any earnings outside the PRC. As a result, we did not generate any U.S. taxable income for the three months ended December 31, 2012.

PRC Taxes

Our Company is governed by the Income Tax Law of the People’s Republic of China concerning private-run enterprises, which are generally subject to tax at a new statutory rate of 25% on income reported in the statutory financial statements after appropriate tax adjustments.

However, the local tax authority of Hanzhong City has the power to assess corporate taxes annually on local enterprises at a pre-determined fixed rate as an incentive to stimulate the local economy and encourage entrepreneurship. The tax authority assessed us for income taxes at the rate of 1.25% on revenue in Yang County and 2.5% on our revenue in Hanzhong, instead of statutory rate of 25% on the income before income tax. Income tax expenses for the three months ended December 31, 2012 were $221,164 compared to $48,338 for the three months ended December 31, 2011 as a result of the increase in our revenue.

Net Income

We reported net income of $5,509,077 for the three months ended December 31, 2012, as compared to net income of $1,030,462 for the three months ended December 31, 2011. The increase of $4.5 million in our net income was primarily due to the increase in revenue and gross profit as further discussed above under Revenues and Gross Profit.

Other Comprehensive Income

We operate primarily in the PRC and the functional currency of our operating subsidiary is the Chinese Renminbi (”RMB”). The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into USD at the rates used in translation.

Translation adjustments resulting from this process amounted to $208,985 and $344,589 for the three months ended December 31, 2012 and 2011, respectively. The balance sheet amounts with the exception of equity at December 31, 2012 were translated at 6.3011 RMB to 1.00 USD as compared to 6.3190 RMB to 1.00 USD at September 30, 2012. The equity accounts were stated at their historical rate. The average translation rates applied to the income statements accounts for the periods ended December 31, 2012 and 2011 were 6.2880 RMB and 6.3771 RMB, respectively.

Liquidity and Capital Resources

Current Assets and Liabilities

Our principal need for liquidity and capital resources is to maintain working capital sufficient to support our operations and to make capital expenditures to finance the growth of our business. To date, we have financed our operations primarily through cash flows from operations and borrowings from our principal shareholder.

We spent more on the new development projects under construction and provided a longer payment term for certain major customer who made a bulk purchase of commercial units in Nan Dajie (Mingzhu Xinju) project. As a result, our total cash and restricted cash balance decreased to approximately $1.7 million as of December 31, 2012. Since most of our customers are first-time home buyers and our affordable housing units are in the pre-sales stage, we expect our cash flow will improve during the balance of fiscal 2013.

As of December 31, 2012, the Company had approximately $8.7 million in working capital, an increase of $1.0 million as compared to $7.7 million as of September 30, 2012. The increase in working capital was mainly related to the increase of accounts receivable for approximately $4.7 million, an increase of $1.8 million in advance to vendors, an increase of the current portion of real estate property under development of $1.0 million, a decrease in taxes payable of $0.6 million, offset by the decrease from the current portion of real estate property development completed of $3.6 million and an increase of customer deposits approximately $2.3 million.

Current assets increased by $3.3 million to approximately $36.4 million as of December 31, 2012 from $33.1 million as of September 30, 2012. The primary changes in our current assets during this period were increases in accounts receivable, advance to vendors and the current portion of real estate property under development, offsetting by decreases in the current portion of real estate property development completed.

The decrease of cash from $1.1 million as of September 30, 2012 to $0.5 million as of December 31, 2012 was mainly due to the spending on the new projects under construction by $6.4 million. The decrease in cash was partially offset by an increase in customer deposits of $2.3 million. The increase of advance to venders from $2.6 million as of September 30, 2012 to $4.4 million as of December 31, 2012 was due to more prepayment made to the development and construction of residential and commercial units. The decrease of real estate property development completed from $19.5 million as of September 30, 2012 to $15.9 million as of December 31, 2012 was attributed to higher sales from our continuous sales efforts. The balance of real estate property under development current portion increased by $1.0 million from $8.6 million as of September 30, 2012 to $9.6 million as of December 31, 2012, due to more spending on the new development projects.

Total current liabilities as of December 31, 2012 was approximately $27.7 million, representing a 8.9% increase compared to $25.4 million as of September 30, 2012. The increase in current liabilities was mainly due to the increase of $2.3 million in customer deposits, offset by a decrease in taxes payable of $0.6 million.

In order to fully implement our business plan, however, we may need to raise capital in the future. Our expectation, therefore, is that we will seek to access the capital markets in both the U.S. and China to obtain the funds we require. At the present time, however, we do not have commitments of funds from any source.

Cash Flow

Comparison of cash flows results is summarized as follows:

	Three months ended December 31,
	2012			2011

Net cash used in operating activities	$	(585,177	)	$	(8,497,984	)
Net cash used in investing activities					-
Net cash provided by financing activities					-
Effect of change of foreign exchange rate on cash		4,359			25,795
Net cash decrease in cash		(580,818	)		(8,472,189	)
Cash, beginning of period		1,104,686			8,837,795
Cash, end of period	$	523,868		$	365,606

Operating Activities

Net cash used in operating activities during the three months ended December 31, 2012 was $0.6 million, consisting of net income of $5.5 million, noncash adjustments of $0.03 million and net changes in our operating assets and liabilities, which mainly included an increase in advances to venders of $1.8 million due to the more construction prepayments made on the projects under construction, an increase in account receivable of $4.7 million as we extended payment term for one major customer who made a bulk purchase of commercial units in our Nan Dajie (Mingzhu Xinju) project located in Hanzhong City, an increase in real estate property under development of $6.4 million resulting from more progress on our real estate projects under development, a decrease in real estate property completed of $3.8 million due to sales and an increase in customer deposits of $3.0 million resulted from our pre-sale efforts. The negative cash provided by operating activities is mainly attributable to our significant spending on our new real estate property under development.

Net cash used in operating activities during the three months ended December 31, 2011 was $8,497,984, consisting of net income of $1,030,462, noncash adjustments of $34,256 and net changes in our operating assets and liabilities, which mainly included a decrease in loan to outside parties of $579,495 due to the repayment from these venders, a decrease in real estate property development completed of $881,900 resulted from our sales and a decrease in account payable of $3,203,189 as we settled balances with our suppliers; an increase in security deposits for land use rights of $9,136,065, an increase in real estate property completed of $1,898,986 attributable to our construction progress and an increase in customer deposits of $3,021,626 resulted from our pre-sale efforts. The negative cash provided by operating activities is mainly attributable to our significant payment on security deposits on the land use rights, settlements of account payable with our suppliers and spending in the real estate property under development.

Financing Activities

Net cash flows provided by financing activities amounted to $0 for the three months ended December 31, 2011, which represents $3,142,332 proceeds of a short-term loans from a controlling shareholder to finance the land use rights payment and the Company`s full repayment of such loan during the quarter.

Inflation

Inflation has not had a material impact on our business and we do not expect inflation to have a material impact on our business in the near future.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, as of the end of the period covered by this Quarterly Report on Form 10-Q (the “Evaluation Date”). The evaluation of our disclosure controls and procedures included a review of our processes and the effect on the information generated for use in this Quarterly Report on Form 10-Q. In the course of this evaluation, we sought to identify any material weaknesses in our disclosure controls and procedures and to confirm that any necessary corrective action, including process improvements, was taken. The purpose of this evaluation is to determine if, as of the Evaluation Date, our disclosure controls and procedures were operating effectively such that the information, required to be disclosed in our Securities and Exchange Commission (“SEC”) reports (i) was recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) was accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Management conducted its evaluation of disclosure controls and procedures under the supervision of our chief executive officer and our chief financial officer. Based upon this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of December 31, 2012.

Management is committed to improving the internal controls over financial reporting and will undertake the consistent improvements or enhancements on an ongoing basis. To remediate the weakness in lack of internal audit function, the Company has employed an internal auditor to reinforce the function of the internal audit department. Currently, the internal audit department has two employees.

The Company continued to engage the existing independent professional consulting firm to assist the Company’s Internal Control Evaluation Committee in evaluating the internal control effectiveness in fiscal 2013.

The remedial measures being undertaken may not be fully effectuated or may be insufficient to address the significant deficiencies we identified, and there can be no assurance that significant deficiencies or material weaknesses in our internal control over financial reporting will not be identified or occur in the future. If additional significant deficiencies (or if material weaknesses) in our internal controls are discovered or occur in the future, among other similar or related effects: (i) the Company may fail to meet future reporting obligations on a timely basis, (ii) the Company’s consolidated financial statements may contain material misstatements, and (iii) the Company’s business and operating results may be harmed.

Changes in Internal Control over Financial Reporting

Except for the matters described above to improve our internal controls over financial reporting, there were no changes in our internal control over financial reporting for the three months ended December 31, 2012 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting, however the Company is in the process of designing and planning to change as described above.

PART II: OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We may be subject to, from time to time, various legal proceedings relating to claims arising out of our operations in the ordinary course of our business. We are not currently a party to any legal proceedings, the adverse outcome of which, individually or in the aggregate, would have a material adverse effect on the business, financial condition, or results of operations of the Company.

ITEM 1A. RISK FACTORS

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this item.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

None.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

(a) Exhibits

Exhibit Number		Description of Exhibit

31.1*		Rule 13a-14(a) Certification of Chief Executive Officer

31.2*		Rule 13a-14(a) Certification of Chief Financial Officer

32.1*		Section 1350 Certification of Chief Executive Officer and Chief Financial Officer

101.INS*		XBRL Instance

101.SCH*		XBRL Taxonomy Extension Schema

101.CAL*		XBRL Taxonomy Extension Calculation

101.DEF*		XBRL Taxonomy Extension Definition

101.LAB*		XBRL Taxonomy Extension Labels

101.PRE*		XBRL Taxonomy Extension Presentation

* Furnished electronically herewith

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	China HGS Real Estate, Inc.

February 6, 2013	By:	/s/ Xiaojun Zhu
		Xiaojun Zhu
		Chief Executive Officer


	By:	/s/ Wei Shen
		Wei Shen
		Chief Financial Officer

EX-31.1 2 v332475_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION

I, Xiaojun Zhu, the Chief Executive Officer, certify that:

(1) I have reviewed this Quarterly Report on Form 10-Q of China HGS Real Estate, Inc., for the fiscal period ended December 31, 2012.

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15a-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles:

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 6, 2013

/s/ Xiaojun Zhu

Name: Xiaojun Zhu

Title: Chief Executive Officer

EX-31.2 3 v332475_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION

I, Wei Shen, the Chief Financial Officer of the registrant, certify that:

(1) I have reviewed this Quarterly Report on Form 10-Q of China HGS Real Estate Inc., for the fiscal period ended December 31, 2012.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

February 6, 2013
/s/Wei Shen
Name: Wei Shen
Title: Chief Financial Officer

EX-32.1 4 v332475_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

Certification
of Principal Executive Officer and Principal Financial Officer Pursuant to Exchange Act Rule 13a-14(a),
As Adopted
Pursuant to Section 302 of the
Sarbanes - Oxley Act of 2002

The undersigned of the Company, certifies that:

(1) They has reviewed this Quarterly Report on Form 10-Q of China HGS Real Estate, Inc. for the quarter ended December 31, 2012; and

(2) Based on their knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report.

/s/ Xiaojun Zhu		/s/ Wei Shen
Name: Xiaojun Zhu		Name: Wei Shen
Title: Chief Executive Officer		Chief Financial Officer
February 6, 2013		February 6, 2013

A signed original of this written statement required by Section 906 of the Sarbanes Oxley Act of 2002 has been provided to the Company and will be retained by the Company and will be furnished to the SEC or its staff upon request. This exhibit is not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 but is instead furnished as provided by applicable rules of the SEC.

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NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION   China HGS Real Estate, Inc. (“China HGS” or the “Company” or “we”, “us”, “our”), through its subsidiaries and variable interest entity (“VIE”), engages in real estate development, and the construction and sales of residential apartments, parking space and commercial properties in Tier 3 and Tier 4 cities and counties in China.   <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended December 31, 2012 and 2011 are not necessarily indicative of the results that may be expected for the full year. The information included in this Form 10-Q should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2012.</div>

NOTE 2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Principles of consolidation   The unaudited condensed consolidated financial statements include the financial statements of China HGS Real Estate Inc. (the “Company” or “China HGS”), China HGS Investment Inc. (“HGS Investment”), Shaanxi HGS Management and Consulting Co., Ltd. (“Shaanxi HGS”) and its variable interest entity (“VIE”), Shaanxi Guangsha Investment and Development Group Co., Ltd. (“Guangsha”). All inter-company transactions and balances between the Company, its subsidiaries and VIE have been eliminated upon consolidation.   Use of estimates   The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes, and disclosure of contingent liabilities at the date of the condensed consolidated financial statements. Estimates are used for, but not limited to, the selection of the useful lives of property and equipment, provision necessary for contingent liabilities, fair values, revenue recognition, taxes, budgeted costs and other similar charges. Management believes that the estimates utilized in preparing its condensed consolidated financial statements are reasonable and prudent. Actual results could differ from these estimates.   Fair value of financial instruments   The Company follows the provisions of Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures. It clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:   Level 1-Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.   Level 2-Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.   Fair value of financial instruments (continued)   Level 3-Inputs are unobservable inputs which reflect the reporting entity’s own assumptions or what assumptions the market participants would use in pricing the asset or liability based on the best available information.   The carrying amounts reported in the accompanying condensed consolidated balance sheets for cash, accounts receivable, restricted cash, advance to vendors, loans to outside parties, security deposits for land use rights, other current assets, accounts payable, customer deposits, other payables, accrued expenses, and taxes payable, approximate their fair value based on the short-term maturity of these instruments. The fair value of the long term customer and construction deposits approximate their carrying amounts because the deposits are received in cash.   Revenue recognition   Real estate sales are recognized in accordance with the ASC 360-20 “Real Estate Sales”.   Revenue from the sales of development properties is recognized by the full accrual method at the time of the closing of an individual unit sale. This occurs when title to or possession of the property is transferred to the buyer. A sale is not considered consummated until (a) the parties are bound by the terms of a contract, (b) all consideration has been exchanged, (c) any permanent financing for which the seller is responsible has been arranged, (d) all conditions precedent to closing have been performed, (e) the seller does not have substantial continuing involvement with the property, and (f) the usual risks and rewards of ownership have been transferred to the buyer. Further, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the property.   The Company provides “mortgage loan guarantees” only with respect to buyers who make down-payments of 30%-50% of the total purchase price of the property. The period of the mortgage loan guarantee begins on the date the bank approves the buyer’s mortgage and we receive the loan proceeds in our bank account and ends on the date the “Certificate of Ownership” evidencing that title to the property has been transferred to the buyer. The procedures to obtain the Certificate of Ownership take six to twelve months (the “Mortgage Loan Guarantee Period”).  If, after investigation of the buyer’s income and other relevant factors, the bank decides not to grant the mortgage loan, our mortgage-loan based sales contract terminates and there will be no guarantee obligation.  If, during the Mortgage Loan Guarantee Period, the buyer defaults on his or her monthly mortgage payment for three consecutive months, we are required to refund the loan proceeds back to the bank, although we have the right to keep the customer's deposit and resell the property to a third party.  Once the Certificate of Ownership has been issued by the relevant government authority, our loan guarantee terminates.  If the buyer then defaults on his or her mortgage loan, the bank has the right to take the property back and sell it and use the proceeds to pay off the loan.  The Company is not liable for any shortfall that the bank may incur in this event. To date, no buyer has defaulted on his or her mortgage payments during the Mortgage Loan Guarantee Period and the Company has not had to refund any loan proceeds pursuant to its mortgage loan guarantees.   For municipal road construction projects, fees are generally recognized by the full accrual method at the time the projects are completed.   Revenue recognition (continued)   On October 23, 2012, the Company entered into a sales agreement to sell the remaining commercial units in Nan Dajie (Mingzhu Xinju) project with a total GFA of 4,545.88 square meters located in Hanzhong City for a total contract amount of $5,393,038 (RMB 33,911,426). The purchaser is related to one of the Company’s concrete suppliers for our Hanzhong City Oriental Pearl Garden project and Mingzhu Beiyuan project. The purchaser’s payments are guaranteed by third parties. The Certificate of Ownership of the related property was issued to the purchaser on November 22, 2012. The Company expects to collect the balance of the receivable by July 31, 2013. As of December 31, 2012, accounts receivable balance of $4,654,636 was due from the purchaser.   Foreign currency translation   The Company’s financial information is presented in U.S. dollars. The functional currency of the Company’s operating subsidiaries is Renminbi (“RMB”), the currency of the PRC. The financial statements of the Company have been translated into U.S. dollars in accordance with ASC 830-30 “Translation of Financial Statements”. The financial information is first prepared in RMB and then is translated into U.S. dollars at year-end exchange rates as to assets and liabilities and average exchange rates as to revenue and expenses. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. The effects of foreign currency translation adjustments are included as a component of accumulated other comprehensive income in stockholders’ equity.   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">For three months ended December 31,</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">September 30,</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 61%;">Period end RMB : USD exchange rate</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">6.3011</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">6.3647</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">6.3190</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Three months average RMB : USD exchange rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6.2880</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6.3771</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> </table>    The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.   Cash   Cash includes cash on hand and demand deposits in accounts maintained with commercial banks within the PRC. The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. The Company maintains bank accounts in the PRC. Cash balances in bank accounts in the PRC are not insured.   <div style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">Restricted Cash</div>   The restricted cash is required by the banks as collateral for mortgage loans given to the home buyers before obtaining the Certificates of Ownership of the properties as collateral. In order to provide the banks with the Certificates of Ownership, the Company is required to complete certain procedures with the Chinese government, which normally takes six to twelve months. Because the banks provide the loan proceeds to the Company without obtaining Certificates of Ownership as loan collateral during this six to twelve months’ period, the mortgage banks require the Company to maintain, as restricted cash, 5% to 10% of the mortgage proceeds as security for the Company’s obligations under such guarantees. The restricted cash is released by the banks once they receive the Certificates of Ownership. As of December 31, 2012 and September 30, 2012, the balances of restricted cash totaled $1,161,158 and $1,080,985, respectively. These deposits are not covered by insurance. The Company has not experienced any losses in such accounts and management believes its restricted cash account is not exposed to any risks.   Advances to vendors   Advances to vendors consist of balances paid to contractors and vendors for services and materials that have not been provided or received and generally relate to the development and construction of residential and commercial units in the PRC. Advances to vendors are reviewed periodically to determine whether their carrying value has become impaired. Historically, the Company has not experienced any losses as a result of these advances. As of December 31, 2012 and September 30, 2012, the Company had advances to vendors in the amounts of $4,376,112 and $2,566,422, respectively.    Loans to outside parties, net   Loans to outside parties consist of various cash advances to unrelated companies and individuals with which the Company has business relationships. Loans to outside parties are reviewed periodically as to whether their carrying value has become impaired. These loans bear no interest and they are due on demand. The Company considers the assets to be impaired if the collectability of the balances becomes doubtful. Substantially all these loans are considered collectible within the next twelve months based on the Company’s past experience.   Security deposits for land use rights   Security deposits for land use rights consist of the deposit held by the PRC government for the purchase of these rights in Hanzhong City and the deposit held by an unrelated party to transfer its land use rights in Hanzhong City to the Company. The deposits will be reclassified to real estate property under development upon the transfers of legal title.   <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Real estate property development completed and under development</div>   Real estate property consists of finished residential unit sites, commercial offices and residential unit sites under development. The Company leases the land for the residential unit sites under land use right leases with various terms from the PRC government. The cost of land use rights is included in the development cost and allocated to each project. Real estate property development completed and real estate property under development are stated at the lower of cost or fair value.   Expenditures for land development, including cost of land use rights, deed tax, pre-development costs, and engineering costs, exclusive of depreciation, are capitalized and allocated to development projects by the specific identification method. Costs are allocated to specific units within a project based on the ratio of the sales area of units to the estimated total sales area of the project (or phase of the project) multiplied by the total cost of the project (or phase of the project).   Cost of amenities transferred to buyers is allocated to specific units as a component of total construction cost. The amenity cost includes landscaping, road paving, etc. Once the projects are completed, the amenities are under control of the property management companies. In accordance to GAAP, real estate property development completed and under development are subject to impairment when the carrying amount exceeds fair value. An impairment loss shall be recognized only if the carrying amount of the assets is not recoverable and exceeds fair value. The carrying amount is not recoverable if it exceeds the sum of the undiscounted cash flows expected to be generated by the assets.   <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> Impairment of long-lived assets</div>   In accordance with ASC 360, "Accounting for the Impairment or Disposal of Long-Lived Assets", the Company is required to review its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value.   Assets are grouped and evaluated at the lowest level for their identifiable cash flows that are largely independent of the cash flows of other groups of assets. The Company considers historical performance and future estimated results in its evaluation of potential impairment and then compares the carrying amount of the asset to the future estimated cash flows expected to result from the use of the asset. If the carrying amount of the asset exceeds estimated expected undiscounted future cash flows, the Company measures the amount of impairment by comparing the carrying amount of the asset to its fair value. The estimation of fair value is generally determined by using the asset's expected future discounted cash flows or market value. The Company estimates fair value of the assets based on certain assumptions such as budgets, internal projections, and other available information as considered necessary. There is no impairment of long-lived assets during the three months ended December 31, 2012 and 2011, respectively.   Customer deposits   Customer deposits consist of amounts received from customers relating to the sale of residential units in the PRC. In the PRC, customers will generally obtain permanent financing for the purchase of their residential unit prior to the completion of the project. The lending institution will provide the funding to the Company upon the completion of the financing rather than the completion of the project. The Company receives these funds and recognizes them as a liability until the revenue can be recognized.   Property warranty   The Company provides its customers with warranties which cover major defects of building structure and certain fittings and facilities of properties sold. The warranty period varies from two years to five years, depending on different property components the warranty covers. The Company continually estimates potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a property. Reserves are determined based on historical data and trends with respect to similar property types and geographical areas. The Company continually monitors the warranty reserve and makes adjustments to its pre-existing warranties, if any, in order to reflect changes in trends and historical data as information becomes available. The Company may seek further recourse against its contractors or any related third parties if it can be proved that the faults are caused by them. In addition, the Company also withholds up to 2% of the contract cost from sub-contractors for periods of two to five years. These amounts are included in construction deposits, and are only paid to the extent that there has been no warranty claim against the Company relating to the work performed or materials supplied by the subcontractors. For the period ended December 31, 2012 and September 30, 2012, the Company had not recognized any warranty liability or incurred any warranty costs in excess of the amount retained from subcontractors.   Construction Deposits   Construction deposits are the warranty deposits the real estate contractors provide to the Company upon signing the construction contracts. The Company can use such deposits to reimburse customers in the event of customer claims due to construction defects.  The remaining balance of the deposits are returned to the contractors when the terms of the after-sale property warranty expires, which normally occurs within two to five years after the date of the deposit.    Stock-based compensation   The Company accounted for share-based compensation in accordance with ASC Topic 718, Compensation - Stock compensation, which requires that share-based payment transactions be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over the requisite service period, or vesting period.   ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in the subsequent period if actual forfeitures differ from initial estimates. Forfeiture rate is estimated based on historical and future expectation of employee turnover rate and are adjusted to reflect future change in circumstances and facts, if any. Share-based compensation expense is recorded net of estimated forfeitures such that expense was recorded only for those stock options and common stock awards that are expected to vest.    Income taxes   The Company utilizes ASC 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.   ASC 740-10-25 prescribes a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. It also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, years open for tax examination, accounting for income taxes in interim periods and income tax disclosures. There are no material uncertain tax positions as of December 31, 2012 and September 30, 2012.   The Company is a corporation organized under the laws of the State of Florida. However, all of the Company’s operations are conducted solely by its subsidiaries in the PRC.  No income is earned in the United States and the management does not repatriate any earnings outside the PRC.  As a result, the Company did not generate any U.S. taxable income for the three months ended December 31, 2012, and 2011, respectively. Income taxes (continued)   As of December 31, 2012, the tax years ended September 30, 2006 through December 31, 2012 for the Company’s PRC entities remain open for statutory examination by PRC tax authorities. The parent Company China HGS Real Estate Inc.’s tax years ended September 30, 2009 through December 31, 2012 remains open for statutory examination by U.S. tax authorities.   Land appreciation tax (“LAT”)   In accordance with the relevant taxation laws in the PRC, the Company is subject to LAT based on progressive rates ranging from 30% to 60% on the appreciation of land value, which is calculated as the proceeds of sales of properties less deductible expenditures including borrowing costs and all property development expenditures. LAT is exempted if the appreciation values do not exceed certain thresholds specified in the relevant tax laws.   The whole project must be completed before the LAT obligation can be assessed. Accordingly, the Company should record the liability and the total related expense at the completion of a project unless the tax authorities impose an assessment at an earlier date.  The methods to implement this tax law vary among different geographic areas. Hanzhong, where the project Mingzhu Garden, NanDajie and Central Plaza are located, implements this tax rule by requiring real estate companies prepay the LAT based upon customer deposits received. The tax rate in Hanzhong is 1%. Yang County, where the project Yangzhou Pearl Garden is located, requires a tax rate of 0.5%.    Comprehensive income   <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In accordance with ASC 220-10-55, comprehensive income is defined as all changes in equity except those resulting from investments by owners and distributions to owners. The Company’s only components of comprehensive income during the three months ended December 31, 2012 and 2011 were net income and foreign currency translation adjustments.</div>

NOTE 3. SECURITY DEPOSITS FOR LAND USE RIGHTS   In May 2011, the Company entered into a development agreement with the local government. Pursuant to the agreement, the Company will prepay the development cost of $18,942,871 (RMB119, 700,000) and the Company has the right to acquire the land use rights through public bidding. The prepaid development cost will be deducted from the final purchase price of the land use rights. As of December 31, 2012, a deposit of $3,174,049 (RMB20,000,000) (September 30, 2012 - $3,165,058 or RMB 20,000,000) was paid by the Company. The Company currently expects to make payment of the remaining development cost within the next twelve months based on government’s current work progress.   In August 2011, the Company entered into a land transfer agreement with Hanzhong Shijin Real Estate Development Limited (“Shijin”). Pursuant to the agreement, Shijin agreed to transfer certain land use rights to the Company for the total price of $7,200,506 (RMB45, 500,000). As of December 31, 2012, a deposit of $7,286,029 (consisting of the full contract amount of RMB45, 500,000 and a commission of RMB410,000) was paid by the Company. The Company is in the process of applying for the land use rights certificate. As of December 31, 2012, the deposit balance was $7,286,029 (RMB45, 910,000).   On November 18, 2011, the Company won two bids for the land use rights by auction to obtain two parcels of land in Yang County for total consideration and the bidding commission of $12,597,918 (RMB79,606,242). As of December 31, 2012, the Company has paid $12,499,659 (RMB78,761,600). The remaining balance of $134,047 is expected to be paid by March 31, 2013 when the Company receives the land use rights certificate. As of December 31, 2012, the deposit balance was $12,499,659 (RMB78, 761,600).

<div> NOTE 4. REAL ESTATE PROPERTY DEVELOPMENT COMPLETED AND UNDER DEVELOPMENT   The following summarizes the components of real estate property development completed and under development as of December 31, 2012 and September 30, 2012:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid;" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid;" colspan="2" nowrap="nowrap">September 30, 2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;">Development completed</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 74%;">Hanzhong City Mingzhu Garden (Mingzhu Nanyuan & Mingzhu Beiyuan)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">10,492,097</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">10,957,861</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Hanzhong City Nan Dajie (Mingzhu Xinju)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,883,125</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,651,828</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Yang County Yangzhou Pearl Garden</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,504,846</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">11,019,854</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Hanzhong City Central Plaza</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">598,053</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">596,358</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Real estate property development completed</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">22,478,121</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">26,225,901</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Less: Real estate property completed –short-term</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">15,912,612</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">19,534,088</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 30pt;">Real estate property completed –long-term</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">6,565,509</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">6,691,813</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;">Under development:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Hanzhong City Oriental Pearl Garden</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">33,053,789</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">30,964,847</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Hanzhong City Mingzhu Garden (Mingzhu Nanyuan & Mingzhu Beiyuan)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">22,476,180</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">21,102,925</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Yang County Yangzhou Pearl Garden</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,281,538</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">11,620,714</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Hanzhong City Mingzhu Road West (a)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,126,845</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">732,571</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Hanzhong City Liuhou Road (a)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">220,201</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">191,005</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Real estate property under development</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">71,158,553</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">64,612,062</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Less: Short-term portion</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">9,582,760</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">8,590,275</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 30pt;">Real estate property under development –long-term</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">61,575,793</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">56,021,787</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 1.5pt;"></td> <td style="width: 18pt;">(a)</td> <td style="text-align: justify;">In June 2012, the Company was approved by Hanzhong local government to construct two municipal roads with total length of 1,064.09 meters. The budgeted price for these two municipal roads is approximately $3.0 million (RMB18,716,489) which was approved by Hanzhong Ministry of Finance. The related construction has been substantially completed as of December 31, 2012 and is expected to be delivered to the local government in the next few months. For these construction projects, the Company recognizes the fee as other revenue using the full accrual method when the project is completed.</td> </tr> </table>   As of December 31, 2012 and September 30, 2012, land use rights included in real estate property under development totaled $42,021,146 and $41,902,111, respectively. <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </div> </div>

NOTE 5. CUSTOMER DEPOSITS   Customer deposits consist of amounts received from customers for the pre-sale of residential units in the PRC. The detail of customer deposits is as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: right;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">September 30, 2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: right;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: right;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: right;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;">Customer deposits by real estate projects</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 74%;">Mingzhu Garden (Mingzhu Nanyuan & Mingzhu Beiyuan)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">19,419,644</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">16,900,566</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Hanzhong City Oriental Pearl Garden</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,280,887</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Yangzhou Pearl Garden</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">11,737,576</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">12,440,849</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">32,438,107</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">29,341,415</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Including: Customer deposits -short-term</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">13,875,722</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">11,597,422</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Customer deposits - long-term</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">18,562,385</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">17,743,993</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   Customers are required to make initial customer deposits. The initial customer deposits are typically 10%-20% of the unit price for those customers who purchase properties in cash and 30%-50% of the unit price for those customers who purchase properties with mortgages. The banks provide the balance of the funding to the Company upon consummation of the sales. The banks hold the properties as collateral for customers’ mortgage loans. If the customers default, the bank will repossess the collateral properties. Except during the Mortgage Loan Guarantee Period of approximately six to twelve months, the banks have no recourse to the Company for customers’ defaults.

NOTE 6. SHAREHOLDER LOAN   On June 28, 2011, the Company entered into a one-year loan agreement (“USD Loan Agreement”) with Mr. Xiaojun Zhu, pursuant to which the Company borrowed $1,810,000 from Mr. Xiaojun Zhu to make a capital injection into Shaanxi HGS, the Company’s subsidiary. The interest rate for the loan is 4% per annum. The Company recorded an interest expense of $18,100 for the three months ended December 31, 2012 and 2011, respectively. On July 19, 2012, the Company entered into an amendment to the USD Loan Agreement to extend the term until June 28, 2013. <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </div>

NOTE 7. STOCK OPTIONS   Under the fair value recognition provisions of ASC Topic 718, stock-based compensation cost is measured at the grant date based on the value of the award and is recognized on a straight-line basis as expense over the vesting period. Additionally, the Company is required to use judgment in estimating the amount of stock-based awards that are expected to be forfeited. If actual forfeitures differ significantly from the original estimate, stock-based compensation expense and the results of operations could be impacted.   In January 2010, the Company’s Board of Directors granted stock options to three newly appointed independent directors to purchase up to 34,000 shares of the Company’s common stock (“2010 Stock Options).  20% of the shares underlying the options were exercisable on the grant date and the remaining 80% of the shares underlying the options become exercisable over the next eight quarters at the rate of 10% at the end of every quarter. The exercise price of the options is $2.60 per share and the options expire on January 6, 2015.  As of December 31, 2012 and September 30, 2012, 100% of the option awards have vested, respectively. During the three months ended December 31, 2012, 24,000 2010 Stock Options were forfeited.   On March 16, 2011, the Company’s Board of Directors granted stock options to three independent directors to purchase up to an aggregate of 34,000 shares of the Company’s common stock (“2011 Stock Options).  Twenty percent (20%) of the shares underlying the options were exercisable on the grant date and the remaining 80% of the shares underlying the options become vested over the next eight quarters at the rate of 10% at the end of every quarter. The exercise price of the options is $2.37 per share and the options expire on March 16, 2016. As of December 31, 2012 and September 30, 2012, 100% and 90% of the option awards have vested, respectively. During the three months ended December 31, 2012, 24,000 2011 Stock Options were forfeited.   On August 22, 2012, the Company’s Board of Directors granted stock options to two newly appointed independent directors to purchase up to an aggregate of 120,000 shares of the Company’s common stock (“2012 Stock Options).  The shares underlying the options become vested during the following 12 months period at the end of each quarter. The exercise price of the options is $2.37 per share. As of December 31, 2012 and September 30, 2012, 33.3% and 8.3% of the option awards have vested, respectively.    <table style="width: 70%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;">The assumptions used in calculating the fair value of options granted using the Black-Scholes option pricing model are as follows:</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Options granted in August 2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Options granted in March 2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 58%;">Risk-free interest rate</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 18%;">0.19%</td> <td style="text-align: left; width: 1%;"></td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 18%;">1.87%</td> <td style="text-align: left; width: 1%;"></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Expected life of the options</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1 year</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5 years</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Expected volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">148%</td> <td style="text-align: left;"></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">65%</td> <td style="text-align: left;"></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Expected dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0%</td> <td style="text-align: left;"></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0%</td> <td style="text-align: left;"></td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Fair value</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">8,400</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">44,590</td> <td style="text-align: left;"> </td> </tr> </table>   The Company uses the Black-Scholes option-pricing model, which incorporates various assumptions including volatility, expected life and interest rates to determine fair value. The Company’s expected volatility assumption is based on the historical volatility of Company’s stock. The expected life assumption is primarily based on the simplified method due to the Company’s limited option exercise behavior. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant.   <div style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> The following table summarizes the stock option activities of the Company:  </div>   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Number of options</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Weighted Average Exercise Price</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Weighted Average Remaining Life in Years</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Grant Date Fair Value</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 48%;">Outstanding, September 30, 2012</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">188,000</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">2.41</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">1.60</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">130,147</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Forfeited</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">48,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.49</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.61</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">85,940</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Exercised</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Outstanding, December 31, 2012</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">140,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">2.39</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.92</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">44,208</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Exercisable, December 31, 2012</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">60,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">2.41</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.30</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">38,608</td> <td style="text-align: left;"> </td> </tr> </table>   <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Total stock-based compensation expense recognized in the three months ended December 31, 2012 and 2011, was $3,412 and $12,175, respectively. As of December 31, 2012 and September 30, 2012, there was $5,600 and $9,012, respectively, of unrecognized compensation cost related to stock option awards that are expected to be recognized.</div>

NOTE 8. TAXES   (A) Business sales tax   The Company is subject to a 5% business sales tax on revenue.  It is the Company’s continuing practice to recognize the 5% business sales tax based on revenue as a cost of sales as the revenue is recognized. As of December 31, 2012, the Company had business sales tax payable of $2,905,462 (September 30, 2012- $3,366,130), which is expected to be paid when the projects are completed and assessed by the local tax authority.   B) Corporate income taxes (“CIT”)   The Company’s PRC subsidiaries and VIE are governed by the Income Tax Law of the People’s Republic of China concerning the privately run enterprises, which are generally subject to income tax at a statutory rate of 25% on income reported in the statutory financial statements after appropriate tax adjustments.   However, as approved by the local tax authority of Hanzhong City, the Company’s CIT was assessed annually at a pre-determined fixed rate as an incentive to stimulate the local economy and encourage entrepreneurship. The local income tax rate in Hanzhong is 2.5% and in Yang County is 1.25% on revenue. For the three months ended December 31, 2012 and 2011, the Company’s assessed income taxes were $221,164 and $48,338, respectively.   Although the possibility exists for reinterpretation of the application of the tax regulations by higher tax authorities in the PRC, potentially overturning the decision made by the local tax authority, the Company has not experienced any reevaluation of the income taxes for prior years. The PRC tax rules are different from the local tax rules and the Company is required to comply with local tax rules.  The difference between the two tax rules will not be a liability of the Company.  There will be no further tax payments for the difference.   B) Corporate income taxes (“CIT”)   The following table reconciles the statutory rates to the Company’s effective tax rate for the three months ended December 31, 2012 and 2011:    <table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">For the three months ended December 31,</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 74%;">Chinese statutory tax rate</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">25.0</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">25.0</td> <td style="text-align: left; width: 1%;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Exemption rendered by local tax authorities</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(21.1</td> <td style="text-align: left; padding-bottom: 1pt;">)%</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(19.5</td> <td style="text-align: left; padding-bottom: 1pt;">)%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Effective tax rate</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">3.9</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">4.5</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td> </tr> </table>   The parent Company China HGS Real Estate, Inc. is incorporated in the United States. Net operating loss carry forwards for United States income tax purposes amounted to $191,492 and $169,980 as of December 31, 2012 and September 30, 2012, respectively, which are available to reduce future years’ taxable income. These carry forwards will expire in 2032. However, the change in control resulting from the reverse merger in 2009 limits the amount of loss to be utilized each year. Management doesn’t expect to remit any of its net income back to the United States in the foreseeable future. Accordingly, the Company recorded a full valuation allowance as of December 31, 2012 and September 30, 2012. The components of deferred taxes as of December 31, 2012 and September 30, 2012 consist of the following:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: right;"> </td> <td style="padding-bottom: 1pt; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; color: black;" colspan="6">As of</td> <td style="padding-bottom: 1pt; color: black;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: right;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; color: black;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="padding-bottom: 1pt; color: black;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; color: black;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">September 30, 2012</td> <td style="padding-bottom: 1pt; color: black;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: right; width: 74%; color: black;">Net operating loss carry-forwards for parent company</td> <td style="width: 1%; color: black;"> </td> <td style="text-align: left; width: 1%; color: black;">$</td> <td style="text-align: right; width: 10%; color: black;">65,107</td> <td style="text-align: left; width: 1%; color: black;"> </td> <td style="width: 1%; color: black;"> </td> <td style="text-align: left; width: 1%; color: black;">$</td> <td style="text-align: right; width: 10%; color: black;">57,793</td> <td style="text-align: left; width: 1%; color: black;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: right; padding-bottom: 1pt; color: black;">Valuation allowance</td> <td style="padding-bottom: 1pt; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; color: black;">(65,107</td> <td style="text-align: left; padding-bottom: 1pt; color: black;">)</td> <td style="padding-bottom: 1pt; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; color: black;">(57,793</td> <td style="text-align: left; padding-bottom: 1pt; color: black;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: right; padding-bottom: 1pt; color: black;">Net deferred tax asset</td> <td style="padding-bottom: 1pt; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; color: black;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td> <td style="text-align: left; padding-bottom: 1pt; color: black;"> </td> <td style="padding-bottom: 1pt; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; color: black;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td> <td style="text-align: left; padding-bottom: 1pt; color: black;"> </td> </tr> </table>   The valuation allowance increased $7,314 and $10,294 for the three months end December 31, 2012 and 2011, respectively.   (C) LAT   Since January 1, 1994, LAT has been applicable at progressive tax rates ranging from 30% to 60% on the appreciation of land values, with an exemption provided for the sales of ordinary residential properties if the appreciation values do not exceed certain thresholds specified in the relevant tax laws. However, the Company’s local tax authority in Hanzhong City has not imposed the regulation on real estate companies in its area of administration. Instead, the local tax authority has levied the LAT at the rate of 0.8% or 1.0% against total cash receipts from sales of real estate properties, rather than according to the progressive rates.  As at December 31, 2012, the prepaid LAT balance is $221,461 with respect to properties sold up to December 31, 2012. As at September 30, 2012, the outstanding LAT payable balance is $22,650 with respect to properties sold up to September 30, 2012.     <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">December 31, 2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">September 30, 2012</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-weight: bold;"> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 70%; color: black;">CIT</td> <td style="width: 1%; color: black;"> </td> <td style="text-align: left; width: 1%; color: black;">$</td> <td style="text-align: right; width: 12%; color: black;">582,933</td> <td style="text-align: left; width: 1%; color: black;"> </td> <td style="width: 1%; color: black;"> </td> <td style="text-align: left; width: 1%; color: black;">$</td> <td style="text-align: right; width: 12%; color: black;">765,206</td> <td style="text-align: left; width: 1%; color: black;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; color: black;">Business tax</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">2,905,462</td> <td style="text-align: left; color: black;"> </td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">3,366,130</td> <td style="text-align: left; color: black;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt; color: black;">Other tax and fees</td> <td style="padding-bottom: 1pt; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; color: black;">233,787</td> <td style="text-align: left; padding-bottom: 1pt; color: black;"> </td> <td style="padding-bottom: 1pt; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; color: black;">205,122</td> <td style="text-align: left; padding-bottom: 1pt; color: black;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt; color: black;">Total taxes payable</td> <td style="padding-bottom: 2.5pt; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; color: black;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; color: black;">3,722,182</td> <td style="text-align: left; padding-bottom: 2.5pt; color: black;"> </td> <td style="padding-bottom: 2.5pt; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; color: black;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; color: black;">4,336,458</td> <td style="text-align: left; padding-bottom: 2.5pt; color: black;"> </td> </tr> </table>

NOTE 9. CONTINGENCY AND COMMITMENTS   As an industry practice, the Company provides guarantees to PRC banks with respect to loans procured by the purchasers of the Company’s real estate properties for the total mortgage loan amount until the completion of obtaining the “Certificate of Ownership” of the properties from the government, which generally takes six to twelve months. Because the banks provide loan proceeds without getting the “Certificate of Ownership” as loan collateral during this six to twelve months’ period, the mortgage banks require the Company to maintain, as restricted cash, 5% to 10% of the mortgage proceeds as security for the Company’s obligations under such guarantees. If a purchaser defaults on its payment obligations, the mortgage bank may deduct the delinquent mortgage payment from the security deposit and require the Company to pay the excess amount if the delinquent mortgage payments exceed the security deposit. The Company has made necessary reserves in its restricted cash account to cover any potential mortgage defaults as required by the mortgage lenders. The Company has not experienced any losses related to this guarantee and believes that such reserves are sufficient.   In May 2011, the Company entered into a development agreement with the local government. Pursuant to the agreement, the Company will prepay the development cost of $18,942,871 (RMB119,700,000) and the Company has the right to acquire the land use rights through public bidding unless another company wins the bidding. The prepaid development cost will be deducted from the final purchase price of the land use rights or refunded to the Company plus profit earned if the Company does not win the bidding. As of December 31, 2012, a deposit of $3,174,049 (RMB20,000,000) (September 30, 2012 -$3,165,058 (RMB20,000,000)) was paid by the Company. The Company currently expects to make payment of the remaining development cost within the next twelve months based on the government’s current work in process.   <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">On November 18, 2011, the Company won two bids for the land use rights by auction to obtain two parcels of land in Yang County for total consideration and the bidding commission of $12,597,918 (RMB 79,606,242). As of December 31, 2012, the Company has paid $12,499,659 (RMB78, 761,600) (September 30, 2012 - $12,464,250 (RMB78, 761,600)). The remaining balance of $134,047 is expected to be paid by March 31, 2013 when the Company receives the land use rights certificate.</div>

Principles of consolidation   The unaudited condensed consolidated financial statements include the financial statements of China HGS Real Estate Inc. (the “Company” or “China HGS”), China HGS Investment Inc. (“HGS Investment”), Shaanxi HGS Management and Consulting Co., Ltd. (“Shaanxi HGS”) and its variable interest entity (“VIE”), Shaanxi Guangsha Investment and Development Group Co., Ltd. (“Guangsha”). All inter-company transactions and balances between the Company, its subsidiaries and VIE have been eliminated upon consolidation.

Use of estimates   The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes, and disclosure of contingent liabilities at the date of the condensed consolidated financial statements. Estimates are used for, but not limited to, the selection of the useful lives of property and equipment, provision necessary for contingent liabilities, fair values, revenue recognition, taxes, budgeted costs and other similar charges. Management believes that the estimates utilized in preparing its condensed consolidated financial statements are reasonable and prudent. Actual results could differ from these estimates.

Fair value of financial instruments   The Company follows the provisions of Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures. It clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:   Level 1-Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.   Level 2-Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.   Level 3-Inputs are unobservable inputs which reflect the reporting entity’s own assumptions or what assumptions the market participants would use in pricing the asset or liability based on the best available information.   The carrying amounts reported in the accompanying condensed consolidated balance sheets for cash, accounts receivable, restricted cash, advance to vendors, loans to outside parties, security deposits for land use rights, other current assets, accounts payable, customer deposits, other payables, accrued expenses, and taxes payable, approximate their fair value based on the short-term maturity of these instruments. The fair value of the long term customer and construction deposits approximate their carrying amounts because the deposits are received in cash.

Revenue recognition   Real estate sales are recognized in accordance with the ASC 360-20 “Real Estate Sales”.   Revenue from the sales of development properties is recognized by the full accrual method at the time of the closing of an individual unit sale. This occurs when title to or possession of the property is transferred to the buyer. A sale is not considered consummated until (a) the parties are bound by the terms of a contract, (b) all consideration has been exchanged, (c) any permanent financing for which the seller is responsible has been arranged, (d) all conditions precedent to closing have been performed, (e) the seller does not have substantial continuing involvement with the property, and (f) the usual risks and rewards of ownership have been transferred to the buyer. Further, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the property.   The Company provides “mortgage loan guarantees” only with respect to buyers who make down-payments of 30%-50% of the total purchase price of the property. The period of the mortgage loan guarantee begins on the date the bank approves the buyer’s mortgage and we receive the loan proceeds in our bank account and ends on the date the “Certificate of Ownership” evidencing that title to the property has been transferred to the buyer. The procedures to obtain the Certificate of Ownership take six to twelve months (the “Mortgage Loan Guarantee Period”).  If, after investigation of the buyer’s income and other relevant factors, the bank decides not to grant the mortgage loan, our mortgage-loan based sales contract terminates and there will be no guarantee obligation.  If, during the Mortgage Loan Guarantee Period, the buyer defaults on his or her monthly mortgage payment for three consecutive months, we are required to refund the loan proceeds back to the bank, although we have the right to keep the customer's deposit and resell the property to a third party.  Once the Certificate of Ownership has been issued by the relevant government authority, our loan guarantee terminates.  If the buyer then defaults on his or her mortgage loan, the bank has the right to take the property back and sell it and use the proceeds to pay off the loan.  The Company is not liable for any shortfall that the bank may incur in this event. To date, no buyer has defaulted on his or her mortgage payments during the Mortgage Loan Guarantee Period and the Company has not had to refund any loan proceeds pursuant to its mortgage loan guarantees.   For municipal road construction projects, fees are generally recognized by the full accrual method at the time the projects are completed.   On October 23, 2012, the Company entered into a sales agreement to sell the remaining commercial units in Nan Dajie (Mingzhu Xinju) project with a total GFA of 4,545.88 square meters located in Hanzhong City for a total contract amount of $5,393,038 (RMB 33,911,426). The purchaser is related to one of the Company’s concrete suppliers for our Hanzhong City Oriental Pearl Garden project and Mingzhu Beiyuan project. The purchaser’s payments are guaranteed by third parties. The Certificate of Ownership of the related property was issued to the purchaser on November 22, 2012. The Company expects to collect the balance of the receivable by July 31, 2013. As of December 31, 2012, accounts receivable balance of $4,654,636 was due from the purchaser.

Foreign currency translation   The Company’s financial information is presented in U.S. dollars. The functional currency of the Company’s operating subsidiaries is Renminbi (“RMB”), the currency of the PRC. The financial statements of the Company have been translated into U.S. dollars in accordance with ASC 830-30 “Translation of Financial Statements”. The financial information is first prepared in RMB and then is translated into U.S. dollars at year-end exchange rates as to assets and liabilities and average exchange rates as to revenue and expenses. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. The effects of foreign currency translation adjustments are included as a component of accumulated other comprehensive income in stockholders’ equity.   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">For three months ended December 31,</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">September 30,</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 61%;">Period end RMB : USD exchange rate</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">6.3011</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">6.3647</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">6.3190</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Three months average RMB : USD exchange rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6.2880</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6.3771</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> </table>    The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.

Cash   Cash includes cash on hand and demand deposits in accounts maintained with commercial banks within the PRC. The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. The Company maintains bank accounts in the PRC. Cash balances in bank accounts in the PRC are not insured.

Restricted Cash   The restricted cash is required by the banks as collateral for mortgage loans given to the home buyers before obtaining the Certificates of Ownership of the properties as collateral. In order to provide the banks with the Certificates of Ownership, the Company is required to complete certain procedures with the Chinese government, which normally takes six to twelve months. Because the banks provide the loan proceeds to the Company without obtaining Certificates of Ownership as loan collateral during this six to twelve months’ period, the mortgage banks require the Company to maintain, as restricted cash, 5% to 10% of the mortgage proceeds as security for the Company’s obligations under such guarantees. The restricted cash is released by the banks once they receive the Certificates of Ownership. As of December 31, 2012 and September 30, 2012, the balances of restricted cash totaled $1,161,158 and $1,080,985, respectively. These deposits are not covered by insurance. The Company has not experienced any losses in such accounts and management believes its restricted cash account is not exposed to any risks.

Advances to vendors   Advances to vendors consist of balances paid to contractors and vendors for services and materials that have not been provided or received and generally relate to the development and construction of residential and commercial units in the PRC. Advances to vendors are reviewed periodically to determine whether their carrying value has become impaired. Historically, the Company has not experienced any losses as a result of these advances. As of December 31, 2012 and September 30, 2012, the Company had advances to vendors in the amounts of $4,376,112 and $2,566,422, respectively.

Loans to outside parties, net   Loans to outside parties consist of various cash advances to unrelated companies and individuals with which the Company has business relationships. Loans to outside parties are reviewed periodically as to whether their carrying value has become impaired. These loans bear no interest and they are due on demand. The Company considers the assets to be impaired if the collectability of the balances becomes doubtful. Substantially all these loans are considered collectible within the next twelve months based on the Company’s past experience.

Security deposits for land use rights   Security deposits for land use rights consist of the deposit held by the PRC government for the purchase of these rights in Hanzhong City and the deposit held by an unrelated party to transfer its land use rights in Hanzhong City to the Company. The deposits will be reclassified to real estate property under development upon the transfers of legal title.

Real estate property development completed and under development   Real estate property consists of finished residential unit sites, commercial offices and residential unit sites under development. The Company leases the land for the residential unit sites under land use right leases with various terms from the PRC government. The cost of land use rights is included in the development cost and allocated to each project. Real estate property development completed and real estate property under development are stated at the lower of cost or fair value.   Expenditures for land development, including cost of land use rights, deed tax, pre-development costs, and engineering costs, exclusive of depreciation, are capitalized and allocated to development projects by the specific identification method. Costs are allocated to specific units within a project based on the ratio of the sales area of units to the estimated total sales area of the project (or phase of the project) multiplied by the total cost of the project (or phase of the project).   Cost of amenities transferred to buyers is allocated to specific units as a component of total construction cost. The amenity cost includes landscaping, road paving, etc. Once the projects are completed, the amenities are under control of the property management companies. In accordance to GAAP, real estate property development completed and under development are subject to impairment when the carrying amount exceeds fair value. An impairment loss shall be recognized only if the carrying amount of the assets is not recoverable and exceeds fair value. The carrying amount is not recoverable if it exceeds the sum of the undiscounted cash flows expected to be generated by the assets.

Impairment of long-lived assets   In accordance with ASC 360, "Accounting for the Impairment or Disposal of Long-Lived Assets", the Company is required to review its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value.   Assets are grouped and evaluated at the lowest level for their identifiable cash flows that are largely independent of the cash flows of other groups of assets. The Company considers historical performance and future estimated results in its evaluation of potential impairment and then compares the carrying amount of the asset to the future estimated cash flows expected to result from the use of the asset. If the carrying amount of the asset exceeds estimated expected undiscounted future cash flows, the Company measures the amount of impairment by comparing the carrying amount of the asset to its fair value. The estimation of fair value is generally determined by using the asset's expected future discounted cash flows or market value. The Company estimates fair value of the assets based on certain assumptions such as budgets, internal projections, and other available information as considered necessary. There is no impairment of long-lived assets during the three months ended December 31, 2012 and 2011, respectively.

Customer deposits   Customer deposits consist of amounts received from customers relating to the sale of residential units in the PRC. In the PRC, customers will generally obtain permanent financing for the purchase of their residential unit prior to the completion of the project. The lending institution will provide the funding to the Company upon the completion of the financing rather than the completion of the project. The Company receives these funds and recognizes them as a liability until the revenue can be recognized.

Property warranty   The Company provides its customers with warranties which cover major defects of building structure and certain fittings and facilities of properties sold. The warranty period varies from two years to five years, depending on different property components the warranty covers. The Company continually estimates potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a property. Reserves are determined based on historical data and trends with respect to similar property types and geographical areas. The Company continually monitors the warranty reserve and makes adjustments to its pre-existing warranties, if any, in order to reflect changes in trends and historical data as information becomes available. The Company may seek further recourse against its contractors or any related third parties if it can be proved that the faults are caused by them. In addition, the Company also withholds up to 2% of the contract cost from sub-contractors for periods of two to five years. These amounts are included in construction deposits, and are only paid to the extent that there has been no warranty claim against the Company relating to the work performed or materials supplied by the subcontractors. For the period ended December 31, 2012 and September 30, 2012, the Company had not recognized any warranty liability or incurred any warranty costs in excess of the amount retained from subcontractors.

Construction Deposits   Construction deposits are the warranty deposits the real estate contractors provide to the Company upon signing the construction contracts. The Company can use such deposits to reimburse customers in the event of customer claims due to construction defects.  The remaining balance of the deposits are returned to the contractors when the terms of the after-sale property warranty expires, which normally occurs within two to five years after the date of the deposit.

Stock-based compensation   The Company accounted for share-based compensation in accordance with ASC Topic 718, Compensation - Stock compensation, which requires that share-based payment transactions be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over the requisite service period, or vesting period.   ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in the subsequent period if actual forfeitures differ from initial estimates. Forfeiture rate is estimated based on historical and future expectation of employee turnover rate and are adjusted to reflect future change in circumstances and facts, if any. Share-based compensation expense is recorded net of estimated forfeitures such that expense was recorded only for those stock options and common stock awards that are expected to vest.

Income taxes   The Company utilizes ASC 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.   ASC 740-10-25 prescribes a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. It also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, years open for tax examination, accounting for income taxes in interim periods and income tax disclosures. There are no material uncertain tax positions as of December 31, 2012 and September 30, 2012.   The Company is a corporation organized under the laws of the State of Florida. However, all of the Company’s operations are conducted solely by its subsidiaries in the PRC.  No income is earned in the United States and the management does not repatriate any earnings outside the PRC.  As a result, the Company did not generate any U.S. taxable income for the three months ended December 31, 2012, and 2011, respectively.   <div style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">As of December 31, 2012, the tax years ended September 30, 2006 through December 31, 2012 for the Company’s PRC entities remain open for statutory examination by PRC tax authorities. The parent Company China HGS Real Estate Inc.’s tax years ended September 30, 2009 through December 31, 2012 remains open for statutory examination by U.S. tax authorities.</div>

Land appreciation tax (“LAT”)   In accordance with the relevant taxation laws in the PRC, the Company is subject to LAT based on progressive rates ranging from 30% to 60% on the appreciation of land value, which is calculated as the proceeds of sales of properties less deductible expenditures including borrowing costs and all property development expenditures. LAT is exempted if the appreciation values do not exceed certain thresholds specified in the relevant tax laws.   The whole project must be completed before the LAT obligation can be assessed. Accordingly, the Company should record the liability and the total related expense at the completion of a project unless the tax authorities impose an assessment at an earlier date.  The methods to implement this tax law vary among different geographic areas. Hanzhong, where the project Mingzhu Garden, NanDajie and Central Plaza are located, implements this tax rule by requiring real estate companies prepay the LAT based upon customer deposits received. The tax rate in Hanzhong is 1%. Yang County, where the project Yangzhou Pearl Garden is located, requires a tax rate of 0.5%.

Comprehensive income   In accordance with ASC 220-10-55, comprehensive income is defined as all changes in equity except those resulting from investments by owners and distributions to owners. The Company’s only components of comprehensive income during the three months ended December 31, 2012 and 2011 were net income and foreign currency translation adjustments.

The effects of foreign currency translation adjustments are included as a component of accumulated other comprehensive income in stockholders’ equity.   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">For three months ended December 31,</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">September 30,</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 61%;">Period end RMB : USD exchange rate</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">6.3011</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">6.3647</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">6.3190</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Three months average RMB : USD exchange rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6.2880</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6.3771</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> </tr> </table>

The following summarizes the components of real estate property development completed and under development as of December 31, 2012 and September 30, 2012:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid;" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid;" colspan="2" nowrap="nowrap">September 30, 2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;">Development completed</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 74%;">Hanzhong City Mingzhu Garden (Mingzhu Nanyuan & Mingzhu Beiyuan)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">10,492,097</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">10,957,861</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Hanzhong City Nan Dajie (Mingzhu Xinju)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,883,125</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,651,828</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Yang County Yangzhou Pearl Garden</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,504,846</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">11,019,854</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Hanzhong City Central Plaza</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">598,053</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">596,358</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Real estate property development completed</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">22,478,121</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">26,225,901</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Less: Real estate property completed –short-term</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">15,912,612</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">19,534,088</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 30pt;">Real estate property completed –long-term</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">6,565,509</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">6,691,813</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;">Under development:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Hanzhong City Oriental Pearl Garden</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">33,053,789</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">30,964,847</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Hanzhong City Mingzhu Garden (Mingzhu Nanyuan & Mingzhu Beiyuan)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">22,476,180</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">21,102,925</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Yang County Yangzhou Pearl Garden</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,281,538</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">11,620,714</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Hanzhong City Mingzhu Road West (a)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,126,845</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">732,571</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Hanzhong City Liuhou Road (a)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">220,201</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">191,005</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Real estate property under development</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">71,158,553</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">64,612,062</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Less: Short-term portion</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">9,582,760</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">8,590,275</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 30pt;">Real estate property under development –long-term</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">61,575,793</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">56,021,787</td> </tr> </table>

Customer deposits consist of amounts received from customers for the pre-sale of residential units in the PRC. The detail of customer deposits is as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: right;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">September 30, 2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: right;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: right;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: right;" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;">Customer deposits by real estate projects</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 74%;">Mingzhu Garden (Mingzhu Nanyuan & Mingzhu Beiyuan)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">19,419,644</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">16,900,566</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Hanzhong City Oriental Pearl Garden</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,280,887</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Yangzhou Pearl Garden</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">11,737,576</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">12,440,849</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">32,438,107</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">29,341,415</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Including: Customer deposits -short-term</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">13,875,722</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">11,597,422</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Customer deposits - long-term</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">18,562,385</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">17,743,993</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

<table style="width: 70%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;"> The assumptions used in calculating the fair value of options granted using the Black-Scholes option pricing model are as follows: <div> </div> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Options granted in August 2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Options granted in March 2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 58%;">Risk-free interest rate</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 18%;">0.19%</td> <td style="text-align: left; width: 1%;"></td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 18%;">1.87%</td> <td style="text-align: left; width: 1%;"></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Expected life of the options</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1 year</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5 years</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Expected volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">148%</td> <td style="text-align: left;"></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">65%</td> <td style="text-align: left;"></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Expected dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0%</td> <td style="text-align: left;"></td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0%</td> <td style="text-align: left;"></td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Fair value</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">8,400</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">44,590</td> <td style="text-align: left;"> </td> </tr> </table>

The following table summarizes the stock option activities of the Company:     <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Number of options</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Weighted Average Exercise Price</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Weighted Average Remaining Life in Years</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Grant Date Fair Value</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 48%;">Outstanding, September 30, 2012</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">188,000</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">2.41</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">1.60</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">130,147</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Forfeited</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">48,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.49</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.61</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">85,940</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Exercised</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Outstanding, December 31, 2012</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">140,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">2.39</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.92</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">44,208</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Exercisable, December 31, 2012</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">60,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">2.41</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.30</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">38,608</td> </tr> </table>

The following table reconciles the statutory rates to the Company’s effective tax rate for the three months ended December 31, 2012 and 2011:    <table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">For the three months ended December 31,</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 74%;">Chinese statutory tax rate</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">25.0</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">25.0</td> <td style="text-align: left; width: 1%;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Exemption rendered by local tax authorities</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(21.1</td> <td style="text-align: left; padding-bottom: 1pt;">)%</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(19.5</td> <td style="text-align: left; padding-bottom: 1pt;">)%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Effective tax rate</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">3.9</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">4.5</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td> </tr> </table>

components of deferred taxes as of December 31, 2012 and September 30, 2012 consist of the following:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: right;"> </td> <td style="padding-bottom: 1pt; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; color: black;" colspan="6">As of</td> <td style="padding-bottom: 1pt; color: black;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: right;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; color: black;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="padding-bottom: 1pt; color: black;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; color: black;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">September 30, 2012</td> <td style="padding-bottom: 1pt; color: black;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: right; width: 74%; color: black;">Net operating loss carry-forwards for parent company</td> <td style="width: 1%; color: black;"> </td> <td style="text-align: left; width: 1%; color: black;">$</td> <td style="text-align: right; width: 10%; color: black;">65,107</td> <td style="text-align: left; width: 1%; color: black;"> </td> <td style="width: 1%; color: black;"> </td> <td style="text-align: left; width: 1%; color: black;">$</td> <td style="text-align: right; width: 10%; color: black;">57,793</td> <td style="text-align: left; width: 1%; color: black;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: right; padding-bottom: 1pt; color: black;">Valuation allowance</td> <td style="padding-bottom: 1pt; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; color: black;">(65,107</td> <td style="text-align: left; padding-bottom: 1pt; color: black;">)</td> <td style="padding-bottom: 1pt; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; color: black;">(57,793</td> <td style="text-align: left; padding-bottom: 1pt; color: black;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: right; padding-bottom: 1pt; color: black;">Net deferred tax asset</td> <td style="padding-bottom: 1pt; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; color: black;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td> <td style="text-align: left; padding-bottom: 1pt; color: black;"> </td> <td style="padding-bottom: 1pt; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; color: black;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td> <td style="text-align: left; padding-bottom: 1pt; color: black;"> </td> </tr> </table>

Taxes payable consisted of the following:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">December 31, 2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">September 30, 2012</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-weight: bold;"> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 70%; color: black;">CIT</td> <td style="width: 1%; color: black;"> </td> <td style="text-align: left; width: 1%; color: black;">$</td> <td style="text-align: right; width: 12%; color: black;">582,933</td> <td style="text-align: left; width: 1%; color: black;"> </td> <td style="width: 1%; color: black;"> </td> <td style="text-align: left; width: 1%; color: black;">$</td> <td style="text-align: right; width: 12%; color: black;">765,206</td> <td style="text-align: left; width: 1%; color: black;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; color: black;">Business tax</td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">2,905,462</td> <td style="text-align: left; color: black;"> </td> <td style="color: black;"> </td> <td style="text-align: left; color: black;"> </td> <td style="text-align: right; color: black;">3,366,130</td> <td style="text-align: left; color: black;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt; color: black;">Other tax and fees</td> <td style="padding-bottom: 1pt; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; color: black;">233,787</td> <td style="text-align: left; padding-bottom: 1pt; color: black;"> </td> <td style="padding-bottom: 1pt; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; color: black;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; color: black;">205,122</td> <td style="text-align: left; padding-bottom: 1pt; color: black;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt; color: black;">Total taxes payable</td> <td style="padding-bottom: 2.5pt; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; color: black;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; color: black;">3,722,182</td> <td style="text-align: left; padding-bottom: 2.5pt; color: black;"> </td> <td style="padding-bottom: 2.5pt; color: black;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; color: black;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; color: black;">4,336,458</td> <td style="text-align: left; padding-bottom: 2.5pt; color: black;"> </td> </tr> </table>

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Foreign Currency Exchange Rate Translation 1 Period end RMB : USD exchange rate Period end RMB : USD exchange rate Foreign Currency Translation Weighted Average Exchange Rate Three months average RMB : USD exchange rate Nine month average RMB : USD exchange rate Foreign Currency Translation Weighted Average Exchange Rate Significant Accounting Policies [Table] Significant Accounting Policies [Table] Range [Axis] Range [Axis] Range [Axis] Range [Domain] Range [Domain] Range [Domain] Minimum [Member] Minimum Maximum [Member] Maximum Income Tax Authority [Axis] Income Tax Authority [Axis] Income Tax Authority [Axis] Income Tax Authority [Domain] Income Tax Authority [Domain] Income Tax Authority [Domain] Location Two [Member] Yangxian Location 2 [Member] Significant Accounting Policies [Line Items] Significant Accounting Policies [Line Items] Percentage Of Contract Withholds Percentage Of Contract Withholds The percentage of contract withholds during the period. 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TAXES (Components Of Deferred Taxes) (Detail) (USD $)	Dec. 31, 2012	Sep. 30, 2012
Net operating loss carry-forwards for parent company	$ 65,107	$ 57,793
Valuation allowance	(65,107)	(57,793)
Net deferred tax asset	$ 0	$ 0

- Definition

Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards.

+ References+ Details

- Definition

Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized.

+ References+ Details

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REAL ESTATE PROPERTY DEVELOPMENT COMPLETED AND UNDER DEVELOPMENT (Additional Information) (Detail)	1 Months Ended
	Jun. 30, 2012 USD ($)	Jun. 30, 2012 CNY	Dec. 31, 2012 USD ($)	Sep. 30, 2012 USD ($)
Budgeted Price For Municipal Roads	$ 3,000,000	18,716,489
Land use right included in real estate property under development			$ 42,021,146	$ 41,902,111

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REAL ESTATE PROPERTY DEVELOPMENT COMPLETED AND UNDER DEVELOPMENT

3 Months Ended

Dec. 31, 2012

Real Estate [Abstract]

REAL ESTATE PROPERTY DEVELOPMENT COMPLETED AND UNDER DEVELOPMENT

NOTE 4. REAL ESTATE PROPERTY DEVELOPMENT COMPLETED AND UNDER DEVELOPMENT

The following summarizes the components of real estate property development completed and under development as of December 31, 2012 and September 30, 2012:

	December 31, 2012		September 30, 2012
Development completed
Hanzhong City Mingzhu Garden (Mingzhu Nanyuan & Mingzhu Beiyuan)	$	10,492,097	$	10,957,861
Hanzhong City Nan Dajie (Mingzhu Xinju)		1,883,125		3,651,828
Yang County Yangzhou Pearl Garden		9,504,846		11,019,854
Hanzhong City Central Plaza		598,053		596,358
Real estate property development completed	$	22,478,121	$	26,225,901
Less: Real estate property completed –short-term	$	15,912,612	$	19,534,088
Real estate property completed –long-term	$	6,565,509	$	6,691,813
Under development:
Hanzhong City Oriental Pearl Garden		33,053,789		30,964,847
Hanzhong City Mingzhu Garden (Mingzhu Nanyuan & Mingzhu Beiyuan)		22,476,180		21,102,925
Yang County Yangzhou Pearl Garden		14,281,538		11,620,714
Hanzhong City Mingzhu Road West (a)		1,126,845		732,571
Hanzhong City Liuhou Road (a)		220,201		191,005
Real estate property under development	$	71,158,553	$	64,612,062

Less: Short-term portion	$	9,582,760	$	8,590,275
Real estate property under development –long-term	$	61,575,793	$	56,021,787

(a)

As of December 31, 2012 and September 30, 2012, land use rights included in real estate property under development totaled $42,021,146 and $41,902,111, respectively.

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

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STOCK OPTIONS (Assumptions Used In Calculating Fair Value Of Options Granted) (Detail) (USD $)	1 Months Ended
	Aug. 31, 2012	Mar. 31, 2011
Risk-free interest rate	0.19%	1.87%
Expected life of the options	1 year	5 years
Expected volatility	148.00%	65.00%
Expected dividend yield	0.00%	0.00%
Fair value	$ 8,400	$ 44,590

- Definition

The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.

+ References+ Details

XML 17 R28.htm IDEA: XBRL DOCUMENT

SHAREHOLDER LOAN (Additional Information) (Detail) (USD $)	1 Months Ended	3 Months Ended
	Jun. 28, 2011	Dec. 31, 2012	Dec. 31, 2011	Sep. 30, 2012
Shareholder loan	$ 1,810,000	$ 1,810,000		$ 1,810,000
Related party, interest rate	4.00%
Interest Expense		$ 18,100	$ 4,163

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).

+ References+ Details

- Definition

The cost of borrowed funds accounted for as interest that was charged against earnings during the period.

+ References+ Details

XML 18 R30.htm IDEA: XBRL DOCUMENT

STOCK OPTIONS (Stock Option Activities) (Detail) (USD $)	3 Months Ended	12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012
Number of Options
Outstanding at beginning of period	188,000
Granted
Forfeited	48,000
Exercised
Outstanding at end of period	140,000	188,000
Exercisable at end of period	60,000
Weighted Average Exercise Price
Outstanding at beginning of period	$ 2.41
Granted
Forfeited	$ 2.49
Exercised
Outstanding at end of period	$ 2.39	$ 2.41
Exercisable at end of period	$ 2.41
Weighted Average Remaining Contractual Life in years
Outstanding at end of period	1 year 7 months 6 days	11 months 1 day
Forfeited	2 years 7 months 10 days
Exercisable at end of period	1 year 3 months 18 days
Aggregate Fair Value
Outstanding at end of period	$ 130,147
Forfeited	85,940
Outstanding at end of period	44,208	130,147
Exercisable at end of period	$ 38,608

XML 19 R31.htm IDEA: XBRL DOCUMENT

STOCK OPTIONS (Additional Information) (Detail) (USD $)	3 Months Ended			1 Months Ended	3 Months Ended		24 Months Ended	1 Months Ended	3 Months Ended	24 Months Ended	1 Months Ended	3 Months Ended	12 Months Ended
STOCK OPTIONS (Additional Information) (Detail) (USD $)	Dec. 31, 2012	Dec. 31, 2011	Sep. 30, 2012	Mar. 16, 2011 Stock Option Plan 2011	Dec. 31, 2012 Stock Option Plan 2011	Dec. 31, 2011 Stock Option Plan 2011	Sep. 30, 2012 Stock Option Plan 2011	Jan. 31, 2010 Stock Option Plan 2010	Dec. 31, 2012 Stock Option Plan 2010	Sep. 30, 2012 Stock Option Plan 2010	Aug. 22, 2012 Stock Option Plan 2012	Dec. 31, 2012 Stock Option Plan 2012	Sep. 30, 2012 Stock Option Plan 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted				34,000				34,000			120,000
Stock options granted, exercisable percentage on the grant date				20.00%				20.00%
Stock options granted, exercisable percentage over the next eight quarters				80.00%				80.00%
Options expiration date				Mar. 16, 2016				Jan. 06, 2015
Options exercise price				$ 2.37				$ 2.60			$ 2.37
Stock option vesting, percentage					100.00%	90.00%	90.00%		100.00%	100.00%		33.30%	8.30%
Quarterly options vesting percentage				10.00%				10.00%
Stock based compensation	$ 3,412	$ 12,175
Unrecognized compensation cost related to stock option awards	$ 5,600		$ 9,012
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period					24,000				24,000

XML 20 R8.htm IDEA: XBRL DOCUMENT

SECURITY DEPOSITS FOR LAND USE RIGHTS

3 Months Ended

Dec. 31, 2012

Security Deposits For Land Use Rights [Abstract]

Security deposits for land use rights

NOTE 3. SECURITY DEPOSITS FOR LAND USE RIGHTS

XML 21 R32.htm IDEA: XBRL DOCUMENT

TAXES (Reconciliation Of Statutory Rates To Effective Tax Rate) (Detail)	3 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Chinese statutory tax rate	25.00%	25.00%
Exemption rendered by local tax authorities	(21.10%)	(19.50%)
Effective tax rate	3.90%	4.50%

- Definition

A ratio calculated by dividing the reported amount of income tax expense attributable to continuing operations for the period by GAAP-basis pretax income from continuing operations.

+ References+ Details

- Definition

The domestic federal statutory tax rate applicable under enacted tax laws to the Company's pretax income from continuing operations for the period. The "statutory" tax rate is the regular tax rate if there are alternative tax systems.

+ References+ Details

XML 22 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2012	Sep. 30, 2012
Current assets:
Cash	$ 523,868	$ 1,104,686
Restricted cash	1,161,158	1,080,985
Accounts receivable	4,654,636	0
Advances to vendors	4,376,112	2,566,422
Loans to outside parties, net	5,146	20,957
Real estate property development completed	15,912,612	19,534,088
Real estate property under development	9,582,760	8,590,275
Other current assets	181,873	171,863
Total current assets	36,398,165	33,069,276
Property, plant and equipment, net	1,017,668	1,037,080
Real estate property development completed, net of current portion	6,565,509	6,691,813
Security deposits for land use right	22,959,737	22,894,698
Real estate property under development, net of current portion	61,575,793	56,021,787
Total Assets	128,516,872	119,714,654
Current liabilities:
Accounts payable	4,145,774	3,828,880
Other payables	1,395,244	1,213,394
Construction deposits	301,773	301,318
Customer deposits	13,875,722	11,597,422
Shareholder loan	1,810,000	1,810,000
Accrued expenses	2,402,089	2,305,086
Taxes payable	3,722,182	4,336,458
Total current liabilities	27,652,784	25,392,558
Construction deposits, net of current portion	866,385	864,259
Customer deposits, net of current portion	18,562,385	17,743,993
Total liabilities	47,081,554	44,000,810
Commitments and Contingencies
Stockholders' equity
Common stock, $0.001 par value, 100,000,000 shares authorized, 45,050,000 shares issued and outstanding December 31, 2012 and September 30, 2012	45,050	45,050
Additional paid-in capital	17,753,749	17,750,337
Statutory surplus	6,549,354	6,549,354
Retained earnings	50,403,306	44,894,229
Accumulated other comprehensive income	6,683,859	6,474,874
Total stockholders' equity	81,435,318	75,713,844
Total Liabilities and Stockholders' Equity	$ 128,516,872	$ 119,714,654

XML 23 R6.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND BASIS OF PRESENTATION

3 Months Ended

Dec. 31, 2012

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

ORGANIZATION AND BASIS OF PRESENTATION

NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION

XML 24 R35.htm IDEA: XBRL DOCUMENT

TAXES (Additional Information) (Detail) (USD $)	3 Months Ended		12 Months Ended
TAXES (Additional Information) (Detail) (USD $)	Dec. 31, 2012	Dec. 31, 2011	Sep. 30, 2012
Income Taxes [Line Items]
Business sales tax, rate	5.00%
Business Sales Tax Payable	$ 2,905,462		$ 3,366,130
Income tax at statutory tax rate	25.00%	25.00%
Net operating loss carry forwards	191,492		169,980
Net operating loss carry forwards, expiration year	2032
Real Estate Owned, Valuation Allowance, Provision	7,314	10,294
properties sold up	221,461		22,650
Provision for income taxes	$ 221,164	$ 48,338
Minimum
Income Taxes [Line Items]
Land appreciation tax rate	30.00%
Maximum
Income Taxes [Line Items]
Land appreciation tax rate	60.00%
Hanzhong
Income Taxes [Line Items]
Local income tax rate	2.50%
Yangxian
Income Taxes [Line Items]
Local income tax rate	1.25%
Yangxian \| Minimum
Income Taxes [Line Items]
Land appreciation tax rate	0.80%
Yangxian \| Maximum
Income Taxes [Line Items]
Land appreciation tax rate	1.00%

XML 25 R22.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Additional Information) (Detail)	1 Months Ended		3 Months Ended		3 Months Ended
	Oct. 23, 2012 USD ($) sqm	Oct. 23, 2012 CNY sqm	Dec. 31, 2012 USD ($)	Sep. 30, 2012 USD ($)	Dec. 31, 2012 Minimum	Dec. 31, 2012 Minimum Yangxian	Dec. 31, 2012 Maximum	Dec. 31, 2012 Maximum Yangxian
Significant Accounting Policies [Line Items]
Restricted cash			$ 1,161,158	$ 1,080,985
Percentage Of Contract Withholds			2.00%
Advances to vendors			4,376,112	2,566,422
Percentage of down payments to total purchase price of property to receive mortgage loan guarantees					30.00%		50.00%
Percentage Of Mortgage Proceeds As Security					5.00%		10.00%
Deposits Warranty Expiry Period					2 years		5 years
Mortgage loan guarantee period					6 months		12 months
Land appreciation tax rate					30.00%	0.80%	60.00%	1.00%
Area of Land	4,545.88	4,545.88
Contract Revenue Cost	5,393,038	33,911,426
Accounts receivable			$ 4,654,636	$ 0

XML 26 R36.htm IDEA: XBRL DOCUMENT

CONTINGENCY AND COMMITMENTS (Additional Information) (Detail)			3 Months Ended
	Dec. 31, 2012 USD ($)	Sep. 30, 2012 USD ($)	Dec. 31, 2012 Minimum	Dec. 31, 2012 Maximum	Dec. 31, 2012 Development agreement with local government USD ($)	Dec. 31, 2012 Development agreement with local government CNY	Sep. 30, 2012 Development agreement with local government USD ($)	Sep. 30, 2012 Development agreement with local government CNY	May 31, 2011 Development agreement with local government USD ($)	May 31, 2011 Development agreement with local government CNY	Dec. 31, 2012 Land use rights USD ($)	Dec. 31, 2012 Land use rights CNY	Sep. 30, 2012 Land use rights USD ($)	Sep. 30, 2012 Land use rights CNY
Mortgage loan guarantee period			6 months	12 months
Percentage of mortgage proceeds maintained as restricted cash			5.00%	10.00%
Expected prepayment for development cost									$ 18,942,871	119,700,000
Security deposits for land use right	22,959,737	22,894,698			3,174,049	20,000,000	3,165,058	20,000,000			12,499,659	78,761,600	12,464,250	78,761,600
Consideration and bidding commission for land use rights											12,597,918	79,606,242
Amount Of Contract Price Remained To Pay											$ 134,047

XML 27 R24.htm IDEA: XBRL DOCUMENT

REAL ESTATE PROPERTY DEVELOPMENT COMPLETED AND UNDER DEVELOPMENT (Components Of Real Estate) (Detail) (USD $)

Dec. 31, 2012

Sep. 30, 2012

Real Estate Properties [Line Items]

Real estate property development completed

$ 22,478,121

$ 26,225,901

Less: Real estate property completed short-term

15,912,612

19,534,088

Real estate property completed long-term

6,565,509

6,691,813

Real estate property under development

71,158,553

64,612,062

Less: Short Term portion

9,582,760

8,590,275

Real estate property under development - Long Term

61,575,793

56,021,787

Hanzhong City Oriental Pearl Garden

Real Estate Properties [Line Items]

Real estate property under development

33,053,789

30,964,847

Hanzhong City Mingzhu Garden (Mingzhu Nanyuan & Mingzhu Beiyuan)

Real Estate Properties [Line Items]

Real estate property development completed

10,492,097

10,957,861

Real estate property under development

22,476,180

21,102,925

Hanzhong City Nan Dajie (Mingzhu Xinju)

Real Estate Properties [Line Items]

Real estate property development completed

1,883,125

3,651,828

Yang County Yangzhou Pearl Garden

Real Estate Properties [Line Items]

Real estate property development completed

9,504,846

11,019,854

Real estate property under development

14,281,538

11,620,714

Hanzhong City Central Plaza

Real Estate Properties [Line Items]

Real estate property development completed

598,053

596,358

Hanzhong City Mingzhu Road West

Real Estate Properties [Line Items]

Real estate property under development

1,126,845

^[1]

732,571

^[1]

Hanzhong City Liuhou Road

Real Estate Properties [Line Items]

Real estate property under development

$ 220,201

^[1]

$ 191,005

[1]

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation

Use of estimates

Fair value of financial instruments

Level 1-Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.

Fair value of financial instruments (continued)

Revenue recognition

Real estate sales are recognized in accordance with the ASC 360-20 “Real Estate Sales”.

For municipal road construction projects, fees are generally recognized by the full accrual method at the time the projects are completed.

Revenue recognition (continued)

Foreign currency translation

	For three months ended December 31,				September 30,
	2012		2011		2012
Period end RMB : USD exchange rate		6.3011		6.3647		6.3190
Three months average RMB : USD exchange rate		6.2880		6.3771

Cash

Restricted Cash

Advances to vendors

Loans to outside parties, net

Security deposits for land use rights

Real estate property development completed and under development

Impairment of long-lived assets

Customer deposits

Property warranty

Construction Deposits

Stock-based compensation

Income taxes

Income taxes (continued)

Land appreciation tax (“LAT”)

Comprehensive income

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

XML 30 R3.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2012	Sep. 30, 2012
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	45,050,000	45,050,000
Common stock, shares outstanding	45,050,000	45,050,000

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References+ Details

XML 31 R17.htm IDEA: XBRL DOCUMENT

REAL ESTATE PROPERTY DEVELOPMENT COMPLETED AND UNDER DEVELOPMENT (Tables)

3 Months Ended

Dec. 31, 2012

Real Estate [Abstract]

Components of Real Estate Property Completed and under Development

The following summarizes the components of real estate property development completed and under development as of December 31, 2012 and September 30, 2012:

	December 31, 2012		September 30, 2012
Development completed
Hanzhong City Mingzhu Garden (Mingzhu Nanyuan & Mingzhu Beiyuan)	$	10,492,097	$	10,957,861
Hanzhong City Nan Dajie (Mingzhu Xinju)		1,883,125		3,651,828
Yang County Yangzhou Pearl Garden		9,504,846		11,019,854
Hanzhong City Central Plaza		598,053		596,358
Real estate property development completed	$	22,478,121	$	26,225,901
Less: Real estate property completed –short-term	$	15,912,612	$	19,534,088
Real estate property completed –long-term	$	6,565,509	$	6,691,813
Under development:
Hanzhong City Oriental Pearl Garden		33,053,789		30,964,847
Hanzhong City Mingzhu Garden (Mingzhu Nanyuan & Mingzhu Beiyuan)		22,476,180		21,102,925
Yang County Yangzhou Pearl Garden		14,281,538		11,620,714
Hanzhong City Mingzhu Road West (a)		1,126,845		732,571
Hanzhong City Liuhou Road (a)		220,201		191,005
Real estate property under development	$	71,158,553	$	64,612,062

Less: Short-term portion	$	9,582,760	$	8,590,275
Real estate property under development –long-term	$	61,575,793	$	56,021,787

XML 32 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information	3 Months Ended
Document and Entity Information	Dec. 31, 2012	Feb. 06, 2013
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2012
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
Trading Symbol	HGSH
Entity Registrant Name	CHINA HGS REAL ESTATE INC.
Entity Central Index Key	0001158420
Current Fiscal Year End Date	--09-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock Shares Outstanding		45,050,000

XML 33 R18.htm IDEA: XBRL DOCUMENT

CUSTOMER DEPOSITS (Tables)

3 Months Ended

Dec. 31, 2012

Banking and Thrift [Abstract]

Customer Deposits from Pre-Sale of Residential Units

Customer deposits consist of amounts received from customers for the pre-sale of residential units in the PRC. The detail of customer deposits is as follows:

	December 31, 2012		September 30, 2012

Customer deposits by real estate projects

Mingzhu Garden (Mingzhu Nanyuan & Mingzhu Beiyuan)	$	19,419,644	$	16,900,566
Hanzhong City Oriental Pearl Garden		1,280,887		-
Yangzhou Pearl Garden		11,737,576		12,440,849
Total	$	32,438,107	$	29,341,415

Including: Customer deposits -short-term	$	13,875,722	$	11,597,422
Customer deposits - long-term	$	18,562,385	$	17,743,993

XML 34 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $)	3 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Real estate sales	$ 11,003,415	$ 2,501,981
Less: Sales tax	(710,717)	(175,905)
Cost of real estate sales	(3,830,244)	(881,900)
Gross profit	6,462,454	1,444,176
Operating expenses
Selling and distribution expenses	161,094	42,441
General and administrative expenses	560,971	318,772
Total operating expenses	722,065	361,213
Operating income	5,740,389	1,082,963
Interest expense	(18,100)	(4,163)
Other income	7,952	0
Income before income taxes	5,730,241	1,078,800
Provision for income taxes	221,164	48,338
Net income	5,509,077	1,030,462
Other comprehensive income
Foreign currency translation adjustment	208,985	344,589
Comprehensive income	$ 5,718,062	$ 1,375,051
Basic and diluted income per common share
Basic	$ 0.12	$ 0.02
Diluted	$ 0.12	$ 0.02
Weighted average common shares outstanding
Basic	45,050,000	45,050,000
Diluted	45,050,000	45,050,000

XML 35 R12.htm IDEA: XBRL DOCUMENT

STOCK OPTIONS

3 Months Ended

Dec. 31, 2012

Investment Options [Abstract]

STOCK OPTIONS

NOTE 7. STOCK OPTIONS

The assumptions used in calculating the fair value of options granted using the Black-Scholes option pricing model are as follows:	Options granted in August 2012		Options granted in March 2011
Risk-free interest rate		0.19%		1.87%
Expected life of the options		1 year		5 years
Expected volatility		148%		65%
Expected dividend yield		0%		0%
Fair value	$	8,400	$	44,590

The following table summarizes the stock option activities of the Company:

	Number of options		Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Grant Date Fair Value
Outstanding, September 30, 2012		188,000	$	2.41		1.60	$	130,147
Granted
Forfeited		48,000		2.49		2.61		85,940
Exercised
Outstanding, December 31, 2012		140,000	$	2.39		0.92	$	44,208
Exercisable, December 31, 2012		60,000	$	2.41		1.30	$	38,608

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 50

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

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-Publisher AICPA

-Name Statement of Position (SOP)

-Number 93-6

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+ Details

XML 36 R11.htm IDEA: XBRL DOCUMENT

SHAREHOLDER LOAN

3 Months Ended

Dec. 31, 2012

Shareholder Loan and Related Party Transactions [Abstract]

SHAREHOLDER LOAN AND RELATED PARTY TRANSACTIONS

NOTE 6. SHAREHOLDER LOAN

XML 37 R23.htm IDEA: XBRL DOCUMENT

SECURITY DEPOSITS FOR LAND USE RIGHTS (Additional Information) (Detail)									3 Months Ended
	Dec. 31, 2012 USD ($)	Sep. 30, 2012 USD ($)	Dec. 31, 2012 Development agreement with local government USD ($)	Dec. 31, 2012 Development agreement with local government CNY	Sep. 30, 2012 Development agreement with local government USD ($)	Sep. 30, 2012 Development agreement with local government CNY	May 31, 2011 Development agreement with local government USD ($)	May 31, 2011 Development agreement with local government CNY	Dec. 31, 2012 Hanzhong Shijin Real Estate Development Limited CNY	Dec. 31, 2012 Hanzhong Shijin Real Estate Development Limited USD ($)	Dec. 31, 2011 Hanzhong Shijin Real Estate Development Limited USD ($)	Aug. 31, 2011 Hanzhong Shijin Real Estate Development Limited USD ($)	Aug. 31, 2011 Hanzhong Shijin Real Estate Development Limited CNY	Dec. 31, 2012 Land use rights in Yang county USD ($)	Dec. 31, 2012 Land use rights in Yang county CNY	Nov. 18, 2011 Land use rights in Yang county USD ($)	Nov. 18, 2011 Land use rights in Yang county CNY
Other Assets Current [Line Items]
Expected prepayment for development cost							$ 18,942,871	119,700,000				$ 7,200,506	45,500,000
Security deposits for land use right	22,959,737	22,894,698	3,174,049	20,000,000	3,165,058	20,000,000			45,910,000	7,286,029	7,286,029			12,499,659	78,761,600
Commissions Paid									410,000
Number of parcels of land acquired																2	2
Consideration and bidding commission for land use rights														12,499,659	78,761,600	12,597,918	79,606,242
Amount Of Contract Price Remained To Pay														$ 134,047

XML 38 R19.htm IDEA: XBRL DOCUMENT

STOCK OPTIONS (Tables)

3 Months Ended

Dec. 31, 2012

Investment Options [Abstract]

Assumptions used in Calculating Fair Value of Options Granted

The assumptions used in calculating the fair value of options granted using the Black-Scholes option pricing model are as follows:	Options granted in August 2012		Options granted in March 2011
Risk-free interest rate		0.19%		1.87%
Expected life of the options		1 year		5 years
Expected volatility		148%		65%
Expected dividend yield		0%		0%
Fair value	$	8,400	$	44,590

Stock Option Activities

The following table summarizes the stock option activities of the Company:

	Number of options		Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Grant Date Fair Value
Outstanding, September 30, 2012		188,000	$	2.41		1.60	$	130,147
Granted
Forfeited		48,000		2.49		2.61		85,940
Exercised
Outstanding, December 31, 2012		140,000	$	2.39		0.92	$	44,208
Exercisable, December 31, 2012		60,000	$	2.41		1.30	$	38,608

XML 39 R15.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Principles of consolidation

Principles of consolidation

Use of estimates

Use of estimates

Fair value of financial instruments

Fair value of financial instruments

Level 1-Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.

Revenue recognition

Revenue recognition

Real estate sales are recognized in accordance with the ASC 360-20 “Real Estate Sales”.

For municipal road construction projects, fees are generally recognized by the full accrual method at the time the projects are completed.

Foreign currency translation

Foreign currency translation

	For three months ended December 31,				September 30,
	2012		2011		2012
Period end RMB : USD exchange rate		6.3011		6.3647		6.3190
Three months average RMB : USD exchange rate		6.2880		6.3771

Cash

Cash

Restricted Cash

Restricted Cash

Advances to vendors

Advances to vendors

Loans to outside parties

Loans to outside parties, net

Security deposits for land use rights

Security deposits for land use rights

Real estate property development completed and under development

Real estate property development completed and under development

Impairment of long-lived assets

Impairment of long-lived assets

Customer deposits

Customer deposits

Property warranty

Property warranty

Construction Deposits

Construction Deposits

Stock-based compensation

Stock-based compensation

Income taxes

Income taxes

Land appreciation tax ("LAT")

Land appreciation tax (“LAT”)

Comprehensive income

Comprehensive income

XML 40 R13.htm IDEA: XBRL DOCUMENT

TAXES

3 Months Ended

Dec. 31, 2012

Taxes Payable [Abstract]

TAXES

NOTE 8. TAXES

(A) Business sales tax

B) Corporate income taxes (“CIT”)

The following table reconciles the statutory rates to the Company’s effective tax rate for the three months ended December 31, 2012 and 2011:

	For the three months ended December 31,
	2012			2011
Chinese statutory tax rate		25.0	%		25.0	%
Exemption rendered by local tax authorities		(21.1	)%		(19.5	)%

Effective tax rate		3.9	%		4.5	%

	As of
	December 31, 2012			September 30, 2012
Net operating loss carry-forwards for parent company	$	65,107		$	57,793
Valuation allowance		(65,107	)		(57,793	)
Net deferred tax asset	$	-		$	-

The valuation allowance increased $7,314 and $10,294 for the three months end December 31, 2012 and 2011, respectively.

(C) LAT

	December 31, 2012		September 30, 2012

CIT	$	582,933	$	765,206
Business tax		2,905,462		3,366,130
Other tax and fees		233,787		205,122
Total taxes payable	$	3,722,182	$	4,336,458

XML 41 R14.htm IDEA: XBRL DOCUMENT

CONTINGENCY AND COMMITMENTS

3 Months Ended

Dec. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCY AND COMMITMENTS

NOTE 9. CONTINGENCY AND COMMITMENTS

In May 2011, the Company entered into a development agreement with the local government. Pursuant to the agreement, the Company will prepay the development cost of $18,942,871 (RMB119,700,000) and the Company has the right to acquire the land use rights through public bidding unless another company wins the bidding. The prepaid development cost will be deducted from the final purchase price of the land use rights or refunded to the Company plus profit earned if the Company does not win the bidding. As of December 31, 2012, a deposit of $3,174,049 (RMB20,000,000) (September 30, 2012 -$3,165,058 (RMB20,000,000)) was paid by the Company. The Company currently expects to make payment of the remaining development cost within the next twelve months based on the government’s current work in process.

On November 18, 2011, the Company won two bids for the land use rights by auction to obtain two parcels of land in Yang County for total consideration and the bidding commission of $12,597,918 (RMB 79,606,242). As of December 31, 2012, the Company has paid $12,499,659 (RMB78, 761,600) (September 30, 2012 - $12,464,250 (RMB78, 761,600)). The remaining balance of $134,047 is expected to be paid by March 31, 2013 when the Company receives the land use rights certificate.

- Definition

The entire disclosure for commitments and contingencies.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Currency Exchange Rate

The effects of foreign currency translation adjustments are included as a component of accumulated other comprehensive income in stockholders’ equity.

	For three months ended December 31,				September 30,
	2012		2011		2012
Period end RMB : USD exchange rate		6.3011		6.3647		6.3190
Three months average RMB : USD exchange rate		6.2880		6.3771

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TAXES (Taxes Payable) (Detail) (USD $)	Dec. 31, 2012	Sep. 30, 2012
CIT	$ 582,933	$ 765,206
Business tax	2,905,462	3,366,130
Other tax and fees	233,787	205,122
Total taxes payable	$ 3,722,182	$ 4,336,458

- Definition

Carrying value as of the balance sheet date of obligations incurred and payable for real and property taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Section A

-Paragraph 7

-Chapter 3

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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-Number 210

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-Article 5

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-URI http://asc.fasb.org/extlink&oid=6509677

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+ Details

- Definition

Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations.

+ References+ Details

- Definition

Carrying value as of the balance sheet date of liabilities incurred through that date and payable for statutory sales and use taxes, including value added tax. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References+ Details

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Currency Exchange Rate) (Detail)	3 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Sep. 30, 2012
Period end RMB : USD exchange rate	6.3011	6.3647	6.3190
Three months average RMB : USD exchange rate	6.2880	6.3771

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M````I($K,@$`:&=S:"TR,#$R,3(S,2YX`L``00E#@`` ;!#D!``!02P4&``````8`!@`:`@``=T,!```` ` end

XML 46 R26.htm IDEA: XBRL DOCUMENT

CUSTOMER DEPOSITS (Customer Deposits From Pre-Sale Of Residential Units) (Detail) (USD $)	Dec. 31, 2012	Sep. 30, 2012
Customer deposits by real estate projects
Customer deposits	$ 32,438,107	$ 29,341,415
Including: Customer deposits -short-term	13,875,722	11,597,422
Customer deposits - long-term	18,562,385	17,743,993
Mingzhu Garden (Mingzhu Nanyuan & Mingzhu Beiyuan)
Customer deposits by real estate projects
Customer deposits	19,419,644	16,900,566
Hanzhong City Oriental Pearl Garden
Customer deposits by real estate projects
Customer deposits	1,280,887	0
Yangzhou Pearl Garden
Customer deposits by real estate projects
Customer deposits	$ 11,737,576	$ 12,440,849

XML 47 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities
Net income	$ 5,509,077	$ 1,030,462
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	22,404	22,081
Stock based compensation	3,412	12,175
Changes in assets and liabilities:
Restricted cash	(77,263)	(5,750)
Accounts receivable	(4,664,334)	0
Advances to vendors	(1,806,155)	51,748
Loans to outside parties	15,903	579,495
Security deposits for land use rights	0	(9,136,065)
Real estate property development completed	3,830,244	881,900
Real estate property under development	(6,376,199)	(1,898,986)
Other current assets	(9,542)	(15,367)
Accounts payables	306,655	(3,203,189)
Other payables	178,775	310,247
Customer deposits	3,019,617	3,021,626
Construction deposits	(731)	6,272
Accrued expenses	90,860	(122,461)
Taxes payable	(627,900)	(32,172)
Net cash used in operating activities	(585,177)	(8,497,984)
Cash flow from financing activities
Proceeds from shareholder loan	0	3,142,332
Repayment of shareholder loan	0	(3,142,332)
Net cash provided by financing activities	0	0
Effect of changes of foreign exchange rate on cash	4,359	25,795
Net decrease in cash	(580,818)	(8,472,189)
Cash, beginning of period	1,104,686	8,837,795
Cash, end of period	523,868	365,606
Supplemental disclosures of cash flow information:
Interest paid	0	0
Income taxes paid	$ 404,003	$ 18,817

XML 48 R10.htm IDEA: XBRL DOCUMENT

CUSTOMER DEPOSITS

3 Months Ended

Dec. 31, 2012

Banking and Thrift [Abstract]

Customer deposits

NOTE 5. CUSTOMER DEPOSITS

Customer deposits consist of amounts received from customers for the pre-sale of residential units in the PRC. The detail of customer deposits is as follows:

	December 31, 2012		September 30, 2012

Customer deposits by real estate projects

Mingzhu Garden (Mingzhu Nanyuan & Mingzhu Beiyuan)	$	19,419,644	$	16,900,566
Hanzhong City Oriental Pearl Garden		1,280,887		-
Yangzhou Pearl Garden		11,737,576		12,440,849
Total	$	32,438,107	$	29,341,415

Including: Customer deposits -short-term	$	13,875,722	$	11,597,422
Customer deposits - long-term	$	18,562,385	$	17,743,993

- Definition

The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity.

+ References+ Details

XML 49 R27.htm IDEA: XBRL DOCUMENT

CUSTOMER DEPOSITS (Additional Information) (Detail)	3 Months Ended
CUSTOMER DEPOSITS (Additional Information) (Detail)	Dec. 31, 2012
Minimum
Deposit Liabilities [Line Items]
Percentage of customer deposit of unit price for cash purchase	10.00%
Percentage of down payments to total purchase price of property to receive mortgage loan guarantees	30.00%
Mortgage loan guarantee period	6 months
Maximum
Deposit Liabilities [Line Items]
Percentage of customer deposit of unit price for cash purchase	20.00%
Percentage of down payments to total purchase price of property to receive mortgage loan guarantees	50.00%
Mortgage loan guarantee period	12 months

TAXES (Tables)

3 Months Ended

Dec. 31, 2012

Taxes Payable [Abstract]

Reconciliation of Statutory Rates to Effective Tax Rate

The following table reconciles the statutory rates to the Company’s effective tax rate for the three months ended December 31, 2012 and 2011:

	For the three months ended December 31,
	2012			2011
Chinese statutory tax rate		25.0	%		25.0	%
Exemption rendered by local tax authorities		(21.1	)%		(19.5	)%

Effective tax rate		3.9	%		4.5	%

Components of Deferred Taxes

components of deferred taxes as of December 31, 2012 and September 30, 2012 consist of the following:

	As of
	December 31, 2012			September 30, 2012
Net operating loss carry-forwards for parent company	$	65,107		$	57,793
Valuation allowance		(65,107	)		(57,793	)
Net deferred tax asset	$	-		$	-

Taxes Payable

Taxes payable consisted of the following:

	December 31, 2012		September 30, 2012

CIT	$	582,933	$	765,206
Business tax		2,905,462		3,366,130
Other tax and fees		233,787		205,122
Total taxes payable	$	3,722,182	$	4,336,458