BORROWINGS (Tables)

9 Months Ended

Sep. 30, 2012

Schedule of Short-term Debt [Table Text Block]

Short-term borrowings	September 30, 2012					December 31, 2011
	Interest					Interest
	rate		Maturity date		Balance	rate	Maturity date		Balance
Lender
Xichen Song	14.40%		December 15, 2012		29,036,539				-
Sungeng Ye	28.80%		September 28, 2013		2,365,500				-
Subtotal				$	31,402,039			$	-
Entrusted bank loans
China CITIC Bank					-	1	January 27, 2012		47,613,000
Subtotal		$		$	-			$	47,613,000
Short-term bank loans
China Construction Bank						2	April 18, 2012		1,904,520
China CITIC Bank						3	April 13, 2012		5,554,850
China CITIC Bank	7.87%		October 5, 2012		3,942,500				-
China CITIC Bank	7.87%		October 17, 2012		3,154,000				-
Minfu Small-scale Credit Co, ltd.	18.00%		February 23, 2013		4,731,000				-
Minfu Small-scale Credit Co, ltd.	18.00%		February 26, 2013		788,500				-
Guangdong Development Bank					-	4	January 15, 2012		2,698,070
China Minsheng Bank					-	5	August 1, 2012		3,174,200
China Minsheng Bank	6.44%		October 23, 2012		3,154,000				-
Chouzhou Bank	7.80%		June 21, 2013		4,731,000				-
Subtotal				$	20,501,000			$	13,331,640
				$	51,903,039			$	60,944,640

Schedule of Long-term Debt [Table Text Block]

Long-term loan within one
year, related party	September 30, 2012				December 31, 2011
	Interest				Interest
Lender	rate	Maturity date		Balance	rate	Maturity date		Balance
Shaoping Lu	12.00%	March 1, 2013	$	4,250,000	12.00%	March 1, 2013	$	4,250,000
Subtotal			$	4,250,000			$	4,250,000