10. INVESTMENT IN MUTUAL FUNDS - AVAILABLE-FOR-SALE

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

INVESTMENT IN MUTUAL FUNDS - AVAILABLE-FOR-SALE

10.  INVESTMENT IN MUTUAL FUNDS – AVAILABLE-FOR-SALE

a) Investment in Mutual Funds

Various inputs are considered when determining the fair value of the Company’s financial instruments. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. These inputs are summarized in the three broad levels listed below.

Level 1

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Investment in mutual funds is carried at fair value based on the quoted market prices of the underlying fund as of March 31, 2013 and December 31, 2012. Unrealized gain recorded for the three months ended March 31, 2013 and 2012 was $1,900, and $2,661, respectively.

			Fair value measurement
Description			Quoted prices in active markets of identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	US$		US$		US$		US$
Investment in mutual funds – March 31, 2013		119,483		119,483		—		—
Investment in mutual funds – December 31, 2012		117,210		117,210		—		—

b) Investment at cost

The balance represents an investment in a private entity established in the PRC and is classified under non-current assets. It is measured at cost less any impairment at the end of each reporting period because it does not have a readily determinable fair value and does not qualify for consolidation or the equity method of accounting.