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		</otherManager><votingAuthority><Sole>6000</Sole><Shared>0</Shared><None>39767</None></votingAuthority></infoTable><infoTable><nameOfIssuer>AMAZON COM INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>023135106</cusip><value>979</value><shrsOrPrnAmt><sshPrnamt>2630</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
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		</otherManager><votingAuthority><Sole>0</Sole><Shared>0</Shared><None>11675</None></votingAuthority></infoTable><infoTable><nameOfIssuer>APPLE INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>037833100</cusip><value>12757</value><shrsOrPrnAmt><sshPrnamt>102527</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>7000</Sole><Shared>0</Shared><None>95527</None></votingAuthority></infoTable><infoTable><nameOfIssuer>ASBURY AUTOMOTIVE GROUP INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>043436104</cusip><value>221</value><shrsOrPrnAmt><sshPrnamt>2665</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>0</Sole><Shared>0</Shared><None>2665</None></votingAuthority></infoTable><infoTable><nameOfIssuer>AT&amp;T INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>00206R102</cusip><value>3406</value><shrsOrPrnAmt><sshPrnamt>104329</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>17000</Sole><Shared>0</Shared><None>87329</None></votingAuthority></infoTable><infoTable><nameOfIssuer>AVON PRODS INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>054303102</cusip><value>233</value><shrsOrPrnAmt><sshPrnamt>29100</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>0</Sole><Shared>0</Shared><None>29100</None></votingAuthority></infoTable><infoTable><nameOfIssuer>BAIDU INC</nameOfIssuer><titleOfClass>SPON ADR REP A</titleOfClass><cusip>056752108</cusip><value>798</value><shrsOrPrnAmt><sshPrnamt>3830</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>0</Sole><Shared>0</Shared><None>3830</None></votingAuthority></infoTable><infoTable><nameOfIssuer>BANK AMER CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>060505104</cusip><value>3609</value><shrsOrPrnAmt><sshPrnamt>234482</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>37000</Sole><Shared>0</Shared><None>197482</None></votingAuthority></infoTable><infoTable><nameOfIssuer>BARCLAYS BK PLC</nameOfIssuer><titleOfClass>IPATH S&amp;P500 VIX</titleOfClass><cusip>06742E711</cusip><value>256</value><shrsOrPrnAmt><sshPrnamt>10000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
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		</otherManager><votingAuthority><Sole>0</Sole><Shared>0</Shared><None>19835</None></votingAuthority></infoTable><infoTable><nameOfIssuer>BLACKSTONE GROUP L P</nameOfIssuer><titleOfClass>COM UNIT LTD</titleOfClass><cusip>09253U108</cusip><value>6366</value><shrsOrPrnAmt><sshPrnamt>163685</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>15000</Sole><Shared>0</Shared><None>148685</None></votingAuthority></infoTable><infoTable><nameOfIssuer>BLACKSTONE MTG TR INC</nameOfIssuer><titleOfClass>COM CL A</titleOfClass><cusip>09257W100</cusip><value>207</value><shrsOrPrnAmt><sshPrnamt>7300</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>0</Sole><Shared>0</Shared><None>7300</None></votingAuthority></infoTable><infoTable><nameOfIssuer>BOEING CO</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>097023105</cusip><value>596</value><shrsOrPrnAmt><sshPrnamt>3969</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>0</Sole><Shared>0</Shared><None>3969</None></votingAuthority></infoTable><infoTable><nameOfIssuer>BP PLC</nameOfIssuer><titleOfClass>SPONSORED ADR</titleOfClass><cusip>055622104</cusip><value>211</value><shrsOrPrnAmt><sshPrnamt>5400</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>0</Sole><Shared>0</Shared><None>5400</None></votingAuthority></infoTable><infoTable><nameOfIssuer>BRISTOL MYERS SQUIBB CO</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>110122108</cusip><value>435</value><shrsOrPrnAmt><sshPrnamt>6750</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
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		</otherManager><votingAuthority><Sole>5000</Sole><Shared>0</Shared><None>1000</None></votingAuthority></infoTable><infoTable><nameOfIssuer>CANADIAN SOLAR INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>136635109</cusip><value>258</value><shrsOrPrnAmt><sshPrnamt>7725</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
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