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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities  
Net income (loss)$ 1,074,913$ (1,390,683)
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization expenses2,419,835577,916
Gain on business combination(7,116,499)0
Exchange (gain) loss(7,576)264,899
Change in operating assets and liabilities:  
Accrued straight- line rents receivable(1,354,536)(985,908)
Accounts receivable(25,224,799)(363,788)
Trade receivable from related parties4,749,341(185,373)
Inventories(476,279)258,919
Deposit with property developer(26,206,210)0
Prepayments and other receivables(27,966,121)(6,733,312)
Accounts payable11,145,537(1,885,592)
Accounts payable to related parties(329,100)(408,798)
Advance from customers1,173,796274,475
Accrued expenses and other payables59,416(1,430,897)
Tax payables274,57481,539
Deferred tax assets(1,508,580)(522,331)
Deferred tax liabilities612,424151,535
Net cash used in operating activities(68,679,864)(12,297,399)
Cash flows from investing activities  
Purchase of real estate and related assets(18,540,715)(3,310,458)
Acquisition of subsidiaries, net of cash acquired(6,932,592)0
Change in amount due from third parties614,086(326,434)
Change in amount due from related parties(56,805)(4,135,848)
Net cash used in investing activities(24,916,026)(7,772,740)
Cash flows from financing activities  
Proceeds from capital injection by non-controlling interest743,8201,495,320
Additional capital contribution3,512,7477,414,630
Proceeds from short-term loans69,952,09510,981,669
Proceeds from in notes payable71,426,5530
Proceeds from long-term loans4,203,7260
Repayments of short-term loans(24,633,296)(16,809,442)
Change in amount due to third parties7,849,410(367,275)
Change in amount due to related parties1,684,7282,024,203
Change in restricted cash(41,004,087)15,204,993
Net cash provided by financing activities93,735,69619,944,098
Effect of foreign currency fluctuation on cash and cash equivalents11,6641,724
Net changes in cash and cash equivalents151,470(124,317)
Cash and cash equivalents, beginning of year227,664220,293
Cash and cash equivalents, end of period379,13495,976
Supplemental cash flow information:  
Interest paid6,739,562189,226
Income taxes paid$ 74,488$ 11,480