Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2013

Property, Plant and Equipment, Net.

Property, Plant and Equipment, Net

9. Property, Plant and Equipment, Net

Property, plant and equipment consisted of the following:

	As of December 31,
	2012		2013		2013
	(RMB)		(RMB)		($)
Buildings and improvements	475,282,500		626,308,198		102,725,680
Machinery	836,323,374		891,911,639		146,289,367
Office equipment and furnishing	1,406,173		1,464,293		240,170
Motor vehicles	4,650,976		4,650,975		762,842
Total cost	1,317,663,023		1,524,335,105		250,018,059
Total accumulated depreciation	(277,738,654	)	(380,612,477	)	(62,427,213	)
Construction in progress	8,009,646		—		—
Total property, plant, and equipment, net	1,047,934,015		1,143,722,628		187,590,846

Certain buildings with an aggregate carrying value of RMB29,815,366 and RMB126,129,992 ($20,687,561), respectively, and certain equipment with an aggregate carrying value of RMB70,739,729 and RMB30,235,089 ($4,959,092), respectively, were pledged as collateral for borrowings from the financial institutions as of December 31, 2012 and 2013. For the years ended December 31, 2011, 2012 and 2013, the interests amounted to RMB nil, RMB nil and RMB4,752,000 ($779,412), respectively, were capitalized as borrowing cost in property, plant and equipment.

The depreciation expenses for the years ended December 31, 2011, 2012 and 2013 were RMB83,808,331, RMB97,416,071 and RMB102,873,823 ($16,873,136), respectively.

Construction in progress refers to mainly the new office buildings, production lines and other production facilities under construction.