HH Biotechnology (HHBT) 10-Q 14 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Jul. 31, 2014
Document And Entity Information	'	'
Entity Registrant Name	'GREAT CHINA INTERNATIONAL HOLDINGS, INC.	'
Entity Central Index Key	'0000828878	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Is Entity a Well-known Seasoned Issuer?	'No	'
Is Entity a Voluntary Filer?	'No	'
Is Entity's Reporting Status Current?	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	11,759,966
Document Fiscal Period Focus	'Q2	'
Document Fiscal Year Focus	'2014	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current assets:	'	'
Cash and cash equivalents	$7,863,698	$7,115,476
Accounts receivable, net	216,359	9,280
Other receivable, net	329,285	319,457
Other current assets	18,932	16,877
Total current assets	8,428,274	7,461,090
Long-term loan receivable	6,955,639	7,127,872
Property and equipment, net	217,340	227,457
Rental property, net	42,024,451	44,738,745
Total assets	57,625,704	59,555,164
Current liabilities:	'	'
Bank loans	21,245,728	21,771,809
Accounts payable	4,566,737	4,680,416
Accrued expenses	427,769	7,671
Other payable	2,314,059	2,230,340
Payable to disposed subsidiaries	839,148	859,927
Advances from tenants	1,086,522	1,359,868
Taxes payable	4,470,004	4,633,092
Total current liabilities	34,949,967	35,543,124
Stockholders' equity:	'	'
Common stock, $.001 par value 50,000,000 shares authorized, 11,759,966 issued and outstanding as of June 30, 2014 and December 31, 2013	11,760	11,760
Additional paid in capital	4,566,156	4,566,156
Statutory reserve	638,128	638,128
Accumulated other comprehensive income	4,605,173	5,187,009
Retained earnings	12,854,520	13,608,987
Total stockholders' equity	22,675,737	24,012,040
Total liabilities and stockholders' equity	$57,625,704	$59,555,164

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Stockholders' equity:	'	'
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	11,759,966	11,759,966
Common stock, shares outstanding (in shares)	11,759,966	11,759,966

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME/(LOSS) (UNAUDITED) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues	'	'	'	'
Rental income	$1,357,765	$1,757,046	$3,069,577	$2,973,307
Management fee income	521,128	540,860	1,064,515	1,065,826
Total revenues	1,878,893	2,297,906	4,134,091	4,039,133
Cost of revenues	'	'	'	'
Rental cost	1,381,259	1,067,750	2,522,886	2,209,420
Management fee cost	219,782	249,916	716,325	784,045
Total cost	1,601,041	1,317,666	3,239,211	2,993,465
Gross profit	277,852	980,240	894,880	1,045,668
Operation expenses	'	'	'	'
Selling expenses	4,272	6,167	17,247	23,612
General and administrative expenses	376,462	446,080	828,613	1,004,624
Depreciation and amortization	5,555	3,427	10,066	8,058
Total operation expenses	386,289	455,674	855,927	1,036,293
Income (loss) from operations	-108,437	524,566	38,953	9,375
Other income (expense)	'	'	'	'
Disposal of parking lots income	6,487	321	6,487	58,175
Other income, net	217,431	47,782	252,086	81,438
Interest and finance costs	-519,532	-529,974	-1,051,994	-1,054,305
Total other expense	-295,614	-481,871	-793,420	-914,692
Income (loss) before provision for income taxes	-404,052	42,694	-754,467	-905,317
Provision for income taxes	'	'	'	'
Net income (loss)	-404,052	42,694	-754,467	-905,317
Other comprehensive income (loss):	'	'	'	'
Foreign currency translation adjustment	46,907	244,380	-581,836	319,991
Comprehensive income (loss)	($357,145)	$287,074	($1,336,304)	($585,326)
Earnings (loss) per share	'	'	'	'
Basic	($0.03)	$0.02	($0.11)	($0.05)
Diluted	($0.03)	$0.02	($0.11)	($0.05)
Weighted average number of shares outstanding	'	'	'	'
Basic	11,759,966	11,759,966	11,759,966	11,759,966
Diluted	11,759,966	11,759,966	11,759,966	11,759,966

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:	'	'
Net loss	($754,467)	($905,317)
Net cash provided by operating activities	'	'
Depreciation and amortization	1,634,454	1,642,147
Provision for doubtful accounts	0	98,575
Changes in operating assets and liabilities:	'	'
Accounts receivable and other receivable	-226,206	-600,450
Advances to suppliers	0	-5,575
Other current assets	-2,478	-2,016
Accounts payable and accrued expenses	552,946	4,226
Advances from buyers	-241,938	14,651
Income and other taxes payable	-51,480	92,401
Net cash provided by operating activities	910,831	338,642
Cash flows from investing activities:	'	'
Purchase of property & equipment	-631	-12,233
Net cash used in investing activities	-631	-12,233
Cash flows from financing activities:	'	'
Loans repayment from the borrowing parties	0	282,798
Net cash provided by financing activities	0	282,798
Effect of exchange differences	-161,979	25,626
Net increase in cash and cash equivalents	748,222	634,833
Cash and cash equivalents, beginning of period	7,115,476	5,927,618
Cash and cash equivalents, end of period	7,863,698	6,562,451
Supplemental disclosures of cash flow information:	'	'
Interest paid	1,058,363	1,054,424
Income taxes	$0	$0

1_Description_of_business

1. Description of business	6 Months Ended
	Jun. 30, 2014
Description Of Business	'
1. Description of business	'
	Great China International Holdings, Inc., (the “Company”) was incorporated in the State of Nevada on December 4, 1987, under the name of Quantus Capital, Inc. The Company, through its various subsidiaries, is engaged in commercial and residential real estate leasing, management, consulting, investment, development and sales in the city of Shenyang, Liaoning Province, in the People’ Republic of China (“PRC”).

2_Summary_of_significant_accou

2. Summary of significant accounting policies	6 Months Ended
	Jun. 30, 2014
Summary Of Significant Accounting Policies	'
2. Summary of significant accounting policies	'
	Unaudited Interim Financial Information
	The accompanying unaudited financial statements of the Company have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the interim periods are not necessarily indicative of the results for any future period. These statements should be read in conjunction with the Company's audited financial statements and notes thereto for the fiscal year ended December 31, 2013. The results of the six months periods ended June 30, 2014 are not necessarily indicative of the results to be expected for the full fiscal year ending December 31, 2014.
	Principles of consolidation
	The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant inter-company transactions and balances within the Company are eliminated in consolidation.
	Use of estimates
	The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
	Foreign currency translation
	The Company uses the United States dollar for financial reporting purposes. The Company’s subsidiaries maintain their books and records in their functional currency - Chinese Yuan Renminbi (CNY), being the primary currency of the economic environment in which their operations are conducted. All assets and liabilities are translated at the current exchange rate, stockholder’s equity are translated at the historical rates and income statement and statement of cash flows items are translated at the average exchange rate for the period. As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheet. The resulting translation adjustments are reported under other comprehensive as a component of shareholders’ equity.
	Cash and cash equivalents
	The Company considers all cash on hand and in banks, including accounts in book overdraft positions, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents.
	Allowance for doubtful accounts
	The Company maintains reserves for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and other receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. As of June 30, 2014 and December 31, 2013, the Company reserved $1,822,887 and $1,868,025 respectively, for other receivable bad debt, and $705,805 and $723,282, respectively, for accounts receivable bad debt. The Company also reserved $2,014,959 and $2,064,853 respectively for loans receivable.
	Property and equipment
	Property and equipment is being depreciated over the estimated useful lives of the related assets. Depreciation is computed on the straight-line basis over useful lives as follows:
	Buildings	8-26 years
	Equipment	5 years
	Automobile	5 years
	Office furniture and fixtures	5 years
	Repairs and maintenance costs are normally charged to the statement of operations and other comprehensive income in the year in which they are incurred. In situations where it can be clearly demonstrated that the expenditure has resulted in an increase in the future economic benefits expected to be obtained from the use of the asset, the expenditure is capitalized as an additional cost of the asset.
	Property and equipment are evaluated annually for any impairment in value. Where the recoverable amount of any property and equipment is determined to have declined below its carrying amount, the carrying amount is reduced to reflect the decline in value. There were no property and equipment impairments recognized as of June 30, 2014 and December 31, 2013 respectively.
	Properties held for rental
	Properties include buildings held for rental and land use rights, which are being depreciated over the estimated useful lives of the related assets. Depreciation is computed on the straight-line basis over 20-26 years. As of June 30, 2014 and December 31, 2013, net property held for rental amounted to $42,024,451 and $44,738,745 respectively. Accumulated depreciation of rental properties amounted to $31,842,720 as of June 30, 2014 and $30,957,503 as of December 31, 2013.
	Revenue recognition
	Rental income and management fee income – The Company recognizes the rental income on the straight-line basis over the terms of the tenancy agreements. The management fee, including the service fee mainly for property management, maintenance and repair, and security, is recognized quarterly over the terms of the tenancy agreements.
	Real estate sales – Revenue from the sales of development properties is recognized by the full accrual method when the sale is consummated. A sale is not considered consummated until (1) the parties are bound by the terms of a contract, (2) all consideration has been exchanged, (3) any permanent financing of which the seller is responsible has been arranged, (4) all conditions precedent to closing have been performed, (5) the seller does not have substantial continuing involvement with the property, and (6) the usual risks and rewards of ownership have been transferred to the buyer. Sales transactions not meeting all the conditions of the full accrual method are accounted for using the deposit method of accounting. Under the deposit method, all costs are capitalized as incurred, and payments received from the buyer are recorded as a deposit liability.
	Real estate capitalization and cost allocation – Real estate held for development or sale is stated at cost or estimated net realizable value, whichever is lower. Costs include land and land improvements, direct construction costs and development costs, including predevelopment costs, interest on indebtedness, real estate taxes, insurance, construction overhead and indirect project costs. Selling and advertising costs are expensed as incurred. Total estimated costs of multi-unit developments are allocated to individual units based upon specific identification methods.
	Impairment – If real estate is determined to be impaired, it will be written down to its fair market value. Real estate held for development or sale costs include the cost of land use rights, land development and home construction costs, engineering costs, insurance costs, wages, real estate taxes, and interest related to development and construction. All costs are accumulated by specific projects and allocated to residential and commercial units within the respective projects. The Company leases the land for the residential unit sites under land use rights with various terms from the government of the PRC. The Company evaluates the carrying value for impairment based on the undiscounted future cash flows of the assets. Write-downs of inventory deemed impaired would be recorded as adjustments to the cost basis. No depreciation is provided for construction in progress.
	Other income
	Other income consists of land leveling income, parking lot income, cleaning income and etc. This income was recognized as the services were performed and the settled amount has been paid in accordance with the terms of the agreement.
	Earnings (loss) per share
	Basic earnings (loss) per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income by the weighted-average number of common shares and dilutive potential common shares outstanding during the period.
	As of June 30, 2014 and December 31, 2013, respectively, there were no outstanding securities or other contracts to issue common stock, such as options, warrants or conversion rights, which would have a dilutive effect on earnings per share as the effect of options outstanding at that time was anti- dilutive.
	Income taxes
	The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.
	The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the difference are expected to affect taxable income.
	The Company records a valuation allowance for deferred tax assets, if any, based on its estimates of its future taxable income as well as its tax planning strategies when it is more likely than not that a portion or all of its deferred tax assets will not be realized.
	Concentrations of business and credit risk
	Financial instruments that potentially subject the Company to concentrations of credit risk are cash and cash equivalents, accounts receivable and other receivables arising from its normal business activities. The Company places its cash and cash equivalents in what it believes to be credit-worthy financial institutions. The Company maintains large sums of cash in two major banks in China. The aggregate balance in such accounts as of June 30, 2014 was $7,793,598. There is no insurance securing these deposits in China. The Company has a diversified customer base, most of which are in China.
	The Company controls credit risk related to accounts receivable through credit approvals, credit limits and monitoring procedures. The Company routinely assesses the financial strength of its customers and, based upon factors surrounding the credit risk, establishes an allowance, if required, for uncollectible accounts and, as a consequence, believes that its accounts receivable credit risk exposure beyond such allowance is limited.
	Statement of cash flows
	Cash flows from the Company's operations is calculated based upon the local currencies. As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheet.
	Recent accounting pronouncements
	There have been no new accounting pronouncements during the six months ended June 30, 2014 that are of significance, or potential significance, to the Company.
	Reclassifications
	Certain amounts in the 2013 financial statements may have been reclassified to conform to the 2014 presentation. These reclassifications had no effect on previously reported results of operations or retained earnings.

3_Going_concern

3. Going concern	6 Months Ended
	Jun. 30, 2014
Going Concern	'
3. Going concern	'
	The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.  This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of its liabilities in the normal course of business. The Company has a working capital deficit of $26,521,693 and $28,082,034 as of June 30, 2014 and December 31, 2013, respectively.  In addition, the Company has incurred net loss in the period ended June 30, 2014 and December 31, 2013 of $754,467 and $1,814,398 respectively.  As the Company has limited cash flow from operations, its ability to maintain normal operations is dependent upon obtaining adequate cash to finance its overhead, sales and marketing activities.  Additionally, in order for the Company to meet its financial obligations, including salaries, debt service and operations, it has maintained substantial short term bank loans that have historically been renewed each year.  The Company’s ability to meet its cash requirements for the next twelve months largely depends on the bank loans that involve interest expense requirements that reduce the amount of cash we have for our operations.  These factors raise substantial doubt about the Company's ability to continue as a going concern.
	The Company is in the process of obtaining informal assurance from our current lender that our short term loans will continue to be renewed and further opening dialog with the lender to convert the short term loans to long term loans.  Additionally, the Company is assessing its ability to increase rental rates for its leasing business in order to generate additional revenue.  Further, the Company is continuing to focus efforts on cost containment to reduce general and administrative expenses.  With its relevant hands-on expertise, the Company also plans to expand operations to include property management.  The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

4_Loans_receivable

4. Loans receivable	6 Months Ended
	Jun. 30, 2014
Loans and Leases Receivable Disclosure [Abstract]	'
4. Loans receivable	'
	The company entered into series of collateralized loan agreements with third parties from 2009, the total loan receivable is $6,955,639 and $7,127,872 as of June 30, 2014 and December 31, 2013, respectively.
	During 2011, the Company entered into a collateralized loan agreement with Beijing Sihai Real Estate Development Ltd., pursuant to which the Company loaned $2,782,961 due on November 29, 2013, and then resigned the agreement at the same terms due on November 29, 2015.  The loan bears interest at a variable rate based on the Peoples’ Bank of China lending rate applicable to the period plus 10%.  The Company received a payment of $321,730 from Beijing Sihai Real Estate Development Ltd., during the first quarter of 2012, and then the Company again made a loan of $1,447,783 to Beijing Sihai Estate Development Ltd., on November 30, 2012.  In 2013, the Company collected $2,300,367 on the loan, and then again made a loan of $2,919,696 to Beijing Sihai Real Estate Development Ltd.  The loan receivable from Beijing Sihai Real Estate Development Ltd., was $4,537,688 and $4,650,049 as of June 30, 2014 and December 31, 2013, respectively.
	During 2011, the Company entered into a collateralized loan agreement with Shenyang Landing Concrete Ltd., pursuant to which, the Company loaned $2,417,951, due on March 27, 2013.  The loan bears interest at a variable rate based on the Peoples’ Bank of China lending rate applicable to the period.  On November 30, 2011, the Company, along with Shenyang Landing Concrete Ltd., reassigned the loan amount to and Kaiyuan Hongyun Concrete Admixture Ltd., with the same terms due on November 30, 2013.  In August 15, 2013, the loan agreement was extended to August 15, 2015, on the same terms.
	During 2009, the Company entered into an uncollateralized loan agreement with Zhongxin Guoan Ltd., pursuant to which the Company loaned $2,014,959 due on October 30, 2011.  The loan bore interest at a variable rate based on the Peoples’ Bank of China lending rate applicable to the period.  Subsequent to the issuance of the loan, the Company determined that the loan was uncollectible and recorded a reserve on the entire loan amount.  Therefore this loan is not included in the loans receivable on the balance sheet. During the fourth quarter of 2011, this loan was reassigned to Shenyang Konggang New City Investment Development Ltd., who is working on a development project with Zhongxin Guoan Ltd.  The loan remains uncollateralized and is now due on October 30, 2015.  The loan bears interest at a variable rate based on the Peoples’ Bank of China lending rate applicable to the period.

5_Property_and_equipment

5. Property and equipment	6 Months Ended
	Jun. 30, 2014
Property, Plant and Equipment [Abstract]	'
5. Property and equipment	'
	Property, Plant & Equipment consisted of the following:
		June 30,		December 31,
		2014		2013
	Building	$	15,813	$	16,205
	Automobile		1,187,036		1,216,429
	Office equipment & Furniture		579,153		593,868
			1,782,002		1,826,502
	Accumulated depreciation		-1,564,662		-1,599,045
	Property and equipment, net	$	217,340	$	227,457
	The Company recorded depreciation expense relating to properties held for rental, as well as property and equipment amounting to $1,633,456 and $1,642,147 for the six-months ended June 30, 2014 and 2013, respectively, of which, $9,069 and $8,058 were recorded as general and administrative expense, respectively.
	As of December 31, 2013, fixed assets and rental property totaling $31,487,749were pledged as security for various bank loans totaling $21,245,728.

6_Accrued_expenses

6. Accrued expenses	6 Months Ended
	Jun. 30, 2014
Accrued Expenses	'
6. Accrued expenses	'
	Accrued expenses consisted of the following:
		June 30,		December 31,
		2014		2013
	Payroll and welfare payable	$	3,206	$	3,866
	Accrued expenses		424,563		3,805
	Total	$	427,769	$	7,671

7_Other_payables

7. Other payables	6 Months Ended
	Jun. 30, 2014
Other Payables	'
7. Other payables	'
	Other payables consisted of the following:
		June 30,		December 31,
		2014		2013
	Customer guarantee deposit	$	1,254,046	$	1,158,647
	Customer deposit for property decoration		19,319		14,016
	Miscellaneous payable		1,040,694		1,057,677
	Total	$	2,314,059	$	2,230,340

8_Tax_payables

8. Tax payables	6 Months Ended
	Jun. 30, 2014
Tax Payables	'
8. Tax payables	'
	Tax payables consisted of the following:
		June 30,		December 31,
		2014		2013
	Income tax payable in Mainland China	$	1,449,875	$	1,485,776
	Business tax		629,282		662,066
	Land VAT payable		2,418,777		2,478,669
	Other levies		-27,930		6,581
	Total	$	4,470,004	$	4,633,092

9_Payable_to_disposed_subsidia

9. Payable to disposed subsidiary	6 Months Ended
	Jun. 30, 2014
Payable To Disposed Subsidiary	'
9. Payable to disposed subsidiary	'
	The Company had amounts due to a Loyal Best, a previously disposed of entity, as of June 30, 2014 and December 31, 2013 in the amount of $839,148 and $859,927, respectively.

10_Loan_Payable

10. Loan Payable	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
10. Loan Payable	'
	Loans payable (including accrued interest) consisted of the following:
	Nature	Due on	Interest per Annum	June 30,		December 31,
				2014		2013
	Bank loan	6/12/15	8.77%	$	6,447,869	$	6,607,529
	Bank loan	10/13/14	10.40%		14,797,859		15,164,280
	Less current portion						21,771,809
				$	21,245,728	$	21,771,809
	The above loans are secured by Company rental properties.
	For the six-month periods ended June 30, 2014 and 2013, the Company’s incurred interest expense of $1,058,363 and $1,054,424, respectively.

11_Statutory_reserve

11. Statutory reserve	6 Months Ended
	Jun. 30, 2014
Statutory Reserve	'
11. Statutory reserve	'
	As stipulated by the Company Law of the People’s Republic of China (PRC), net income after taxation can only be distributed as dividends after appropriation has been made for the following:
		i.	Making up cumulative prior years’ losses, if any;
		ii.	Allocations to the “Statutory Surplus Reserve” of at least 10% of income after tax, as determined under PRC accounting rules and regulations, until the fund amounts to 50% of the Company’s registered capital;
		iii.	Allocations of 5% to 10% of income after tax, as determined under PRC accounting rules and regulations, to the Company’s “Statutory Common Welfare Fund”, which is established for the purpose of providing employee facilities and other collective benefits to the Company’s employees; and statutory common welfare fund is no longer required per the new cooperation law executed in 2006; and
		iv.	Allocations to the discretionary surplus reserve, if approved in the stockholders’ general meeting.
	The Company did not contribute to statutory reserve for the period ended June 30, 2014 and 2013, respectively, due to the net loss incurred for its Chinese operation.

12_Segment_information

12. Segment information	6 Months Ended
	Jun. 30, 2014
Segment Reporting [Abstract]	'
12. Segment information	'
	ASC 280 requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company.
	During 2014 and 2013, the Company was organized into two main business segments: (1) Property for sale, and (2) Rental income and Income of management fee of commercial buildings. The following table presents a summary of operating information and certain year-end balance sheet information as of three months ended of June 30, 2014 and 2013, respectively.
				June 30
				2014		2013
	Revenues from unaffiliated customers:
		Rental income & Management fee			4,134,091		4,039,133
			Consolidated	$	4,134,091		4,039,133
	Operating income (loss):
		Rental income & Management fee			128,432		41,454
		Corporation (1)-			-89,479		-32,079
			Consolidated	$	38,953		9,375
	Net loss before taxes:
		Rental income & Management fee			-664,535		-872,947
		Corporation (1)			-89,932		-32,370
			Consolidated	$	-754,467		-905,317
	Identifiable assets:
		Rental income & Management fee			47,312,535		50,424,592
		Corporation (1)			10,313,169		9,049,730
			Consolidated	$	57,625,704		59,474,322
	Depreciation and amortization:
		Rental income & Management fee			1,625,385		1,634,089
			Corporation (1)		9,069		8,058
	Consolidated			$	1,634,454		1,642,147
	Capital expenditures:
		Rental income & Management fee			631		12,233
			Consolidated	$	631		12,233
	(1). Unallocated loss from Operating income (loss) and Net income before provision for income taxes are primarily related to general corporate expenses.

2_Summary_of_significant_accou1

2. Summary of significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2014
Summary Of Significant Accounting Policies Policies	'
Unaudited Interim Financial Information	'
	The accompanying unaudited financial statements of the Company have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the interim periods are not necessarily indicative of the results for any future period. These statements should be read in conjunction with the Company's audited financial statements and notes thereto for the fiscal year ended December 31, 2013. The results of the six months periods ended June 30, 2014 are not necessarily indicative of the results to be expected for the full fiscal year ending December 31, 2014.
Principles of consolidation	'
	The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant inter-company transactions and balances within the Company are eliminated in consolidation.
Use of estimates	'
	The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Foreign currency translation	'
	The Company uses the United States dollar for financial reporting purposes. The Company’s subsidiaries maintain their books and records in their functional currency - Chinese Yuan Renminbi (CNY), being the primary currency of the economic environment in which their operations are conducted. All assets and liabilities are translated at the current exchange rate, stockholder’s equity are translated at the historical rates and income statement and statement of cash flows items are translated at the average exchange rate for the period. As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheet. The resulting translation adjustments are reported under other comprehensive as a component of shareholders’ equity.
Cash and cash equivalents	'
	The Company considers all cash on hand and in banks, including accounts in book overdraft positions, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents.
Allowance for doubtful accounts	'
	The Company maintains reserves for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and other receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. As of June 30, 2014 and December 31, 2013, the Company reserved $1,822,887 and $1,868,025 respectively, for other receivable bad debt, and $705,805 and $723,282, respectively, for accounts receivable bad debt. The Company also reserved $2,014,959 and $2,064,853 respectively for loans receivable.
Property and equipment	'
	Property and equipment is being depreciated over the estimated useful lives of the related assets. Depreciation is computed on the straight-line basis over useful lives as follows:
	Buildings	8-26 years
	Equipment	5 years
	Automobile	5 years
	Office furniture and fixtures	5 years
	Repairs and maintenance costs are normally charged to the statement of operations and other comprehensive income in the year in which they are incurred. In situations where it can be clearly demonstrated that the expenditure has resulted in an increase in the future economic benefits expected to be obtained from the use of the asset, the expenditure is capitalized as an additional cost of the asset.
	Property and equipment are evaluated annually for any impairment in value. Where the recoverable amount of any property and equipment is determined to have declined below its carrying amount, the carrying amount is reduced to reflect the decline in value. There were no property and equipment impairments recognized as of June 30, 2014 and December 31, 2013 respectively.
Properties held for rental	'
	Properties include buildings held for rental and land use rights, which are being depreciated over the estimated useful lives of the related assets. Depreciation is computed on the straight-line basis over 20-26 years. As of June 30, 2014 and December 31, 2013, net property held for rental amounted to $42,024,451 and $44,738,745 respectively. Accumulated depreciation of rental properties amounted to $31,842,720 as of June 30, 2014 and $30,957,503 as of December 31, 2013.
Revenue recognition	'
	Rental income and management fee income – The Company recognizes the rental income on the straight-line basis over the terms of the tenancy agreements. The management fee, including the service fee mainly for property management, maintenance and repair, and security, is recognized quarterly over the terms of the tenancy agreements.
	Real estate sales – Revenue from the sales of development properties is recognized by the full accrual method when the sale is consummated. A sale is not considered consummated until (1) the parties are bound by the terms of a contract, (2) all consideration has been exchanged, (3) any permanent financing of which the seller is responsible has been arranged, (4) all conditions precedent to closing have been performed, (5) the seller does not have substantial continuing involvement with the property, and (6) the usual risks and rewards of ownership have been transferred to the buyer. Sales transactions not meeting all the conditions of the full accrual method are accounted for using the deposit method of accounting. Under the deposit method, all costs are capitalized as incurred, and payments received from the buyer are recorded as a deposit liability.
	Real estate capitalization and cost allocation – Real estate held for development or sale is stated at cost or estimated net realizable value, whichever is lower. Costs include land and land improvements, direct construction costs and development costs, including predevelopment costs, interest on indebtedness, real estate taxes, insurance, construction overhead and indirect project costs. Selling and advertising costs are expensed as incurred. Total estimated costs of multi-unit developments are allocated to individual units based upon specific identification methods.
	Impairment – If real estate is determined to be impaired, it will be written down to its fair market value. Real estate held for development or sale costs include the cost of land use rights, land development and home construction costs, engineering costs, insurance costs, wages, real estate taxes, and interest related to development and construction. All costs are accumulated by specific projects and allocated to residential and commercial units within the respective projects. The Company leases the land for the residential unit sites under land use rights with various terms from the government of the PRC. The Company evaluates the carrying value for impairment based on the undiscounted future cash flows of the assets. Write-downs of inventory deemed impaired would be recorded as adjustments to the cost basis. No depreciation is provided for construction in progress.
Other income	'
	Other income consists of land leveling income, parking lot income, cleaning income and etc. This income was recognized as the services were performed and the settled amount has been paid in accordance with the terms of the agreement.
Earnings (loss) per share	'
	Basic earnings (loss) per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income by the weighted-average number of common shares and dilutive potential common shares outstanding during the period.
	As of June 30, 2014 and December 31, 2013, respectively, there were no outstanding securities or other contracts to issue common stock, such as options, warrants or conversion rights, which would have a dilutive effect on earnings per share as the effect of options outstanding at that time was anti- dilutive.
Income taxes	'
	The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.
	The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the difference are expected to affect taxable income.
	The Company records a valuation allowance for deferred tax assets, if any, based on its estimates of its future taxable income as well as its tax planning strategies when it is more likely than not that a portion or all of its deferred tax assets will not be realized.
Concentrations of business and credit risk	'
	Financial instruments that potentially subject the Company to concentrations of credit risk are cash and cash equivalents, accounts receivable and other receivables arising from its normal business activities. The Company places its cash and cash equivalents in what it believes to be credit-worthy financial institutions. The Company maintains large sums of cash in two major banks in China. The aggregate balance in such accounts as of June 30, 2014 was $7,793,598. There is no insurance securing these deposits in China. The Company has a diversified customer base, most of which are in China.
	The Company controls credit risk related to accounts receivable through credit approvals, credit limits and monitoring procedures. The Company routinely assesses the financial strength of its customers and, based upon factors surrounding the credit risk, establishes an allowance, if required, for uncollectible accounts and, as a consequence, believes that its accounts receivable credit risk exposure beyond such allowance is limited.
Statement of cash flows	'
	Cash flows from the Company's operations is calculated based upon the local currencies. As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheet.
Recent accounting pronouncements	'
	There have been no new accounting pronouncements during the six months ended June 30, 2014 that are of significance, or potential significance, to the Company.
Reclassifications	'
	Certain amounts in the 2013 financial statements may have been reclassified to conform to the 2014 presentation. These reclassifications had no effect on previously reported results of operations or retained earnings.

2_Summary_of_significant_accou2

2. Summary of significant accounting policies (Tables)	6 Months Ended
	Jun. 30, 2014
Summary Of Significant Accounting Policies Tables	'
Property and equipment	'
	Buildings	8-26 years
	Equipment	5 years
	Automobile	5 years
	Office furniture and fixtures	5 years

5_Property_and_equipment_Table

5. Property and equipment (Tables)	6 Months Ended
	Jun. 30, 2014
Property And Equipment Tables	'
Property and equipment	'
		June 30,		December 31,
		2014		2013
	Building	$	15,813	$	16,205
	Automobile		1,187,036		1,216,429
	Office equipment & Furniture		579,153		593,868
			1,782,002		1,826,502
	Accumulated depreciation		-1,564,662		-1,599,045
	Property and equipment, net	$	217,340	$	227,457

6_Accrued_expenses_Tables

6. Accrued expenses (Tables)	6 Months Ended
	Jun. 30, 2014
Accrued Expenses Tables	'
Accrued Expenses	'
		June 30,		December 31,
		2014		2013
	Payroll and welfare payable	$	3,206	$	3,866
	Accrued expenses		424,563		3,805
	Total	$	427,769	$	7,671

7_Other_payables_Tables

7. Other payables (Tables)	6 Months Ended
	Jun. 30, 2014
Other Payables Tables	'
Other payables	'
		June 30,		December 31,
		2014		2013
	Customer guarantee deposit	$	1,254,046	$	1,158,647
	Customer deposit for property decoration		19,319		14,016
	Miscellaneous payable		1,040,694		1,057,677
	Total	$	2,314,059	$	2,230,340

8_Tax_payables_Tables

8. Tax payables (Tables)	6 Months Ended
	Jun. 30, 2014
Tax Payables Tables	'
Tax Payables	'
		June 30,		December 31,
		2014		2013
	Income tax payable in Mainland China	$	1,449,875	$	1,485,776
	Business tax		629,282		662,066
	Land VAT payable		2,418,777		2,478,669
	Other levies		-27,930		6,581
	Total	$	4,470,004	$	4,633,092

10_Loan_Payable_Tables

10. Loan Payable (Tables)	6 Months Ended
	Jun. 30, 2014
Loan Payable Tables	'
Loan Payables	'
	Nature	Due on	Interest per Annum	June 30,		December 31,
				2014		2013
	Bank loan	6/12/15	8.77%	$	6,447,869	$	6,607,529
	Bank loan	10/13/14	10.40%		14,797,859		15,164,280
	Less current portion						21,771,809
				$	21,245,728	$	21,771,809

12_Segment_information_Tables

12. Segment information (Tables)	6 Months Ended
	Jun. 30, 2014
Segment Information Tables	'
Segment Information	'
				June 30
				2014		2013
	Revenues from unaffiliated customers:
		Rental income & Management fee			4,134,091		4,039,133
			Consolidated	$	4,134,091		4,039,133
	Operating income (loss):
		Rental income & Management fee			128,432		41,454
		Corporation (1)-			-89,479		-32,079
			Consolidated	$	38,953		9,375
	Net loss before taxes:
		Rental income & Management fee			-664,535		-872,947
		Corporation (1)			-89,932		-32,370
			Consolidated	$	-754,467		-905,317
	Identifiable assets:
		Rental income & Management fee			47,312,535		50,424,592
		Corporation (1)			10,313,169		9,049,730
			Consolidated	$	57,625,704		59,474,322
	Depreciation and amortization:
		Rental income & Management fee			1,625,385		1,634,089
			Corporation (1)		9,069		8,058
	Consolidated			$	1,634,454		1,642,147
	Capital expenditures:
		Rental income & Management fee			631		12,233
			Consolidated	$	631		12,233

2_Summary_of_significant_accou3

2. Summary of significant accounting policies (Details)	6 Months Ended
	Jun. 30, 2014
BuildingMember | MinimumMember	'
Property and equipment useful life	'8 years
BuildingMember | MaximumMember	'
Property and equipment useful life	'26 years
EquipmentMember	'
Property and equipment useful life	'5 years
AutomobilesMember	'
Property and equipment useful life	'5 years
FurnitureAndFixturesMember	'
Property and equipment useful life	'5 years

2_Summary_of_significant_accou4

2. Summary of significant accounting policies (Details Narrative) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Summary Of Significant Accounting Policies	'	'
Other receivable bad debt	$1,822,887	$1,868,025
Accounts receivable bad debt	705,805	723,282
Loans receivable	2,014,959	2,064,853
Properties held for rental	42,024,451	44,738,745
Accumulated depreciation of rental properties	$31,842,720	$30,957,503

3_Going_concern_Details_Narrat

3. Going concern (Details Narrative) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Going Concern Details Narrative	'	'	'	'	'
Working capital deficit	$26,521,693	'	$26,521,693	'	$28,082,034
Incurred net loss	$404,052	($42,694)	$754,467	$905,317	'

5_Property_and_equipment_Detai

5. Property and equipment (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Property And Equipment Details	'	'
Building	$15,813	$16,205
Automobile	1,187,036	1,216,429
Office equipment & Furniture	579,153	593,868
Property and equipment gross	1,782,002	1,826,502
Accumulated depreciation	-1,564,662	-1,599,045
Property and equipment, net	$217,340	$227,457

6_Accrued_expenses_Details

6. Accrued expenses (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Accrued Expenses Details	'	'
Payroll and welfare payable	$3,206	$3,866
Accrued expenses	424,563	3,805
Total	$427,769	$7,671

7_Other_payables_Details

7. Other payables (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Other Payables Details	'	'
Customer guarantee deposit	$1,254,046	$1,158,647
Customer deposit for property decoration	19,319	14,016
Miscellaneous payable	1,040,694	1,057,677
Total	$2,314,059	$2,230,340

8_Tax_payables_Details

8. Tax payables (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Tax Payables Details	'	'
Income tax payable in Mainland China	$1,449,875	$1,485,776
Business tax	629,282	662,066
Land VAT payable	2,418,777	2,478,669
Other levies	-27,930	6,581
Total	$4,470,004	$4,633,092

9_Payable_to_disposed_subsidia1

9. Payable to disposed subsidiary (Details Narrative) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Payable To Disposed Subsidiary Details Narrative	'	'
Amount due to related party	$839,148	$859,927

10_Loan_Payable_Details

10. Loan Payable (Details) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Loans Payable	$21,245,728	$21,771,809
Less current portion	0	21,771,809
Net Loans Payable	21,245,728	21,771,809
BankLoanOneMember	'	'
Loans Payable	6,447,869	6,607,529
Due date	12-Jun-14	13-Oct-14
Interest per Annum	8.78%	8.78%
BankLoanTwoMember	'	'
Loans Payable	$14,797,859	$15,164,280
Due date	12-Jun-14	13-Oct-14
Interest per Annum	10.40%	10.40%

12_Segment_information_Details

12. Segment information (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013
RentalIncomeAndManagementFeeMember	'	'
Revenues from unaffiliated customers	$4,134,091	$4,039,133
Operating income (loss)	128,432	41,454
Net income (loss) before taxes	-664,535	-872,947
Identifiable assets	47,312,535	50,424,592
Depreciation and amortization	1,625,385	1,634,089
Capital expenditures	631	12,233
CorporationMember	'	'
Operating income (loss)	-89,479	-32,079
Net income (loss) before taxes	-89,932	-32,370
Identifiable assets	10,313,169	9,049,730
Depreciation and amortization	9,069	8,058
Consolidated	'	'
Revenues from unaffiliated customers	4,134,091	4,039,133
Operating income (loss)	38,953	9,375
Net income (loss) before taxes	-754,467	-905,317
Identifiable assets	57,625,704	59,474,322
Depreciation and amortization	1,634,454	1,642,147
Capital expenditures	$631	$12,233