SHORT TERM BANK LOANS

12 Months Ended

Dec. 31, 2011

SHORT TERM BANK LOANS

NOTE 12 SHORT TERM BANK LOANS

Short-term bank loans consisted of the following:

	As of December 31,
	2011		2010
Bank loan of RMB15,000,000 granted by Agricultural Bank of China, Danyang Branch with an interest rate of 6.31%  (2010: 5.31%) p.a. and guaranteed by Mr. Jianhua Zhu and Tianyi Telecom (see note 20)		-		2,264,937
Total	$	-	$	2,264,937

Note: According to the loan agreement dated April 21, 2011, the loan expires on April 20, 2012. The Company paid off this loan on December 21, 2011.