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PREPAYMENT FOR LONG-TERM ASSETS
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9 Months Ended | |||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2014
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| Prepayment For Long Term Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||
| Prepayment For Long Term Assets [Text Block] |
NOTE 9 – PREPAYMENT FOR LONG-TERM ASSETS At September 30, 2014 and December 31, 2013, prepayment for long-term assets consisted of the following:
As of September 30, 2014, Pingtan Fishing made total payments of $22,433,550 to property developers in order to purchase commercial retail space located in Hubei and Anhui Province, PRC. These commercial retail spaces will be used for market expansion in the fishery product markets in central and western areas of PRC in order to capture more sales directly to final customers. The total consideration for the commercial retail space will be approximately $27 million (RMB166,227,200) and the Company expects the title to these retail spaces will be transferred to Pingtan Fishing by the end of fiscal 2014 (see note 16 – commercial retail space purchase commitment). |
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