Quarterly report pursuant to sections 13 or 15(d)

CONDENSED PARENT COMPANY FINANCIAL INFORMATION

CONDENSED PARENT COMPANY FINANCIAL INFORMATION

6 Months Ended

Jun. 30, 2013

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

27.

CONDENSED PARENT COMPANY FINANCIAL INFORMATION

For the purpose of preparing these supplemental condensed parent company (unconsolidated) financial statements, the Company records its investment in subsidiaries under the equity method of accounting as prescribed in ASC Topic 323, “Investments - Equity Method and Joint Ventures”. Such investment and long-term loans to subsidiaries are presented on the balance sheet as “Investments in subsidiaries” and the income of the subsidiaries is presented as “Equity in income of subsidiaries” on the statements of income.

These supplemental condensed parent company (unconsolidated) financial statements should be read in conjunction with the notes to the Company’s consolidated financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.

As of June 30, 2013, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except as separately disclosed in the Company’s consolidated financial statements, if any.

CONDENSED BALANCE SHEETS

	June 30, 2013		December 31, 2012
	(Unaudited)

Assets
Prepaid expenses	$	24,000	$	-
Investments in subsidiaries		600,368,265		400,298,968
Total assets	$	600,392,265	$	400,298,968

Liabilities and equity
Current liabilities
Accrued liabilities and other payables	$	356,113	$	-
Advance from a shareholder		256,000		-
Total current liabilities		612,113		-

Other liabilities
Note payable		155,166,195		-
Total liabilities		155,778,308		-

Shareholders' equity
Total shareholders' equity		444,613,957		400,298,968
Total liabilities and equity	$	600,392,265	$	400,298,968

CONDENSED STATEMENTS OF INCOME

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2013		2012		2013		2012
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)

General and administrative expenses	$	(704,137)	$	-	$	(714,178)	$	-
Other expenses		(204,054)		-		(204,054)		-
Equity in income of subsidiaries		25,685,944		-		39,478,526		-
Net income	$	24,777,753	$	-	$	38,560,294	$	-

CONDENSED STATEMENTS OF CASH FLOWS

	For the Six Months Ended
	June 30,
	2013		2012
	(Unaudited)		(Unaudited)
Net cash used in operating activities	$	(562,137)	$	-
Net cash used in investing activities		(3,501,355)		-
Net cash provided by financing activities		498,137		-
Net decrease in cash		(3,565,355)		-
Cash at the beginning of the period		3,565,355		-
Cash at the end of the period	$	-	$	-

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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