NOTE 15 - LONG-TERM BANK LOAN

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements

NOTE 15 - LONG-TERM BANK LOAN

NOTE 15 – LONG-TERM BANK LOAN

Long-term bank loan consists of the following:

	December 31,	December 31,
	2011	2010
On October 11, 2011, the Company signed a loan agreement with China
Construction Bank. The loan is to be repaid in full on October 10, 2014.
The interest rate is a variable rate equal to 15% per annum above the
floating base interest for loans of the same term promulgated by the
People’s Bank of China. The average annual interest rate for the year
ended December 31, 2011 was approximately 7.65%. The loan was
designated to finance the operation of the Company.	$ 2,361,000	$        -
Total long-term bank loan	$ 2,361,000	$        -