Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2014

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,
	2013		2014		2014
	(RMB)		(RMB)		($)
Buildings and improvements	626,308,198		641,622,780		104,857,457
Machinery	891,911,639		923,433,082		150,912,417
Office equipment and furnishing	1,464,293		1,468,593		240,006
Motor vehicles	4,650,975		3,632,489		593,641
Total cost	1,524,335,105		1,570,156,944		256,603,521
Total accumulated depreciation	(380,612,477	)	(497,512,176	)	(81,306,125	)
Construction in progress	—		23,410,891		3,825,934
Total property, plant, and equipment, net	1,143,722,628		1,096,055,659		179,123,330

Certain buildings with an aggregate carrying value of RMB126,129,992 and RMB94,100,997 ($15,378,493), respectively, and certain equipment with an aggregate carrying value of RMB30,235,089 and RMB51,286,059 ($8,381,445), respectively, were pledged as collateral for borrowings from the financial institutions as of December 31, 2013 and 2014. For the years ended December 31, 2012, 2013 and 2014, the interests amounted to RMB nil, RMB 4,752,000 and RMB nil, respectively, were capitalized as borrowing cost in property, plant and equipment.

The depreciation expenses for the years ended December 31, 2012, 2013 and 2014 were RMB97,416,071, RMB102,873,823 and RMB 118,209,623 ($19,318,454), respectively.

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