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CASH (Tables)
 12 Months Ended
Dec. 31, 2012
CASH [Abstract]  
Schedule of Cash

Cash as of December 31, 2012 and 2011 consists of the following:

 

    2012     2011  
             
Bank balances and cash (a)   $ 390,646,863     $ 364,731,170  
Less: Restricted cash (b)     (145,413,726 )     (118,130,253 )
Less: Certificates of deposit (c )     (16,372,128 )     -  
    $ 228,861,009     $ 246,600,917  
                 
Non-current portion                
Certificates of deposit (c )   $ 3,210,221     $ 3,177,679  

 

  (a) Bank balances and cash

 

Unrestricted cash as of December 31, 2012 and 2011 was $228,861,009 and $246,600,917, respectively. As of December 31, 2012 and 2011, unrestricted cash of $221,014,759 and $234,778,502 was held respectively, in Renminbi and USD on deposit with banks located in the PRC. Renminbi is not a freely convertible currency and the remittance of funds out of the PRC is subject to the exchange restrictions imposed by the PRC government.

 

  (b) Restricted cash

 

As of December 31, 2012 and 2011 the Group's cash amounting to $145,413,726 and $118,130,253 respectively, were restricted and deposited in certain banks as security for notes payable to the banks.

 

  (c) Certificates of deposit

 

Current portion:

As of December 31, 2012, six of the Certificates of deposit were held in Renminbi on deposit with a bank located in the PRC. The annual interest rate is 2.8% and 3.08%. The Certificates of deposit mature from February, 2013 to May, 2013.

 

Non-current portion:

As of December 31, 2012, the Certificates of deposit were held in Renminbi on deposit with a bank located in the PRC. The annual interest rate is 5%. The Certificates of deposit matures on December 12, 2014.
Schedule of Cash Classified by Geographic Area

As of December 31, 2012, cash is classified by geographical areas is set out as follows:

 

    Bank
balances and
cash		     Restricted
Cash		     Certificates
of deposit		     2012  
                         
Hong Kong   $ 5,917,837     $ -     $ -     $ 5,917,837  
United States     1,928,413       -       -       1,928,413  
The PRC     221,014,759       145,413,726       19,582,349       386,010,834  
    $ 228,861,009     $ 145,413,726     $ 19,582,349     $ 393,857,084  

 

As of December 31, 2011, cash is classified by geographical areas is set out as follows:

 

    Bank
balances and
cash		     Restricted
Cash		     Certificates
of deposit		     2011  
                         
Hong Kong   $ 8,339,234     $ -     $ -     $ 8,339,234  
United States     3,483,181       -       -       3,483,181  
The PRC     234,778,502       118,130,253       3,177,679       356,086,434  
    $ 246,600,917     $ 118,130,253     $ 3,177,679     $ 367,908,849  

 
Schedule of Foreign Currency Cash Balances

As of December 31, 2012, cash is denominated in the following currencies:

 

    Bank
balances and
cash		     Restricted
Cash		     Certificates
of deposit		     2012  
                         
USD   $ 7,906,574     $ -     $ -     $ 7,906,574  
RMB (Current)     220,942,109       145,413,726       16,372,128       382,727,963  
RMB (Non-current)     -       -       3,210,221       3,210,221  
HKD     12,326       -       -       12,326  
    $ 228,861,009     $ 145,413,726     $ 19,582,349     $ 393,857,084  

  

As of December 31, 2011, cash is denominated in the following currencies:

 

    Bank
balances and
cash		     Restricted
Cash		     Certificates
of deposit		     2011  
                                 
USD   $ 11,821,253     $ -     $ -     $ 11,821,253  
RMB     234,778,502       118,130,253       3,177,679       356,086,434  
HKD     1,162       -       -       1,162  
    $ 246,600,917     $ 118,130,253     $ 3,177,679     $ 367,908,849