Through Coal Group, we produced and sold 428,269 metric tons of coal in the three month period ended May 31, 2012 at our Laiyegou coal mine, representing a 33% increase over the same period in 2011. We increased our coal trading volume by selling 903,087 tons of coal in the three month period ended May 31, 2012, representing a 376% increase over the same period in 2011. Going forward, we plan to leverage on the rich coal reserve in Inner Mongolia and acquire coal mine(s) if we can locate acceptable targets at reasonable prices, while continuing to increase our trading volume. We expect Coal Group to continue to be the key growth factor of the Company.
The increase in coal production volume in the second quarter was mainly due to permission granted by local government to increase the coal volume which is allowed to be produced and sold by the Company since the third quarter of 2011. Coal Group was selected by the Inner Mongolia Autonomous Region Coal Industry Bureau as one of the 44 major coal enterprises in the Inner Mongolia region to be promoted by the Inner Mongolia Government. The Company believes that this governmental decision to promote the Company is the reason behind the Company being permitted to produce and sell more coal than previously allowed.
Effective as of July 10, 11, and 16, 2012, Messrs. Paul Li, Steve Markscheid, and Tieming Ge resigned from their position as Director of the Board of Directors of China Energy Corp. respectively. Messrs. Li, Markscheid, and Ge were members of the Audit, Nominating and Corporate Governance, and Compensation Committees of the Board of Directors.
Tianli and An Puluo Foods began selling branded packaged pork through An Puluo's retail distribution channels in April 2011. After 14 months of collaboration, Tianli has decided to diversify its retail distribution to more partners in order to reach a broader customer base to larger cities for its branded pork products. As a result, Tianli terminated its exclusive marketing program with An Puluo Foods to provide the Company additional retail and meat processing options and partnerships. In the near term, Tianli will remain a customer of AnPuluo Foods to service their combined customer base of Tianli-AnPuluo branded pork meats while the Company engages other, non-exclusive, sales agreements.
Tianli is committed to its retail expansion. A central part of its retail growth strategy centers around its Enshi Black Hog program started in the third quarter of 2011. Tianli's five-year exclusive agreement with government agencies in Enshi Autonomous Prefecture allows the Company to raise, process, and sell Black Hog products, which command premium prices and margins. Tianli is building its own brand in preparation for the launch of its Black Hog meat program in the third quarter of this year. "Ultimately, we decided that it is in Tianli's best interest to expand the number of retail distribution partners in order to quickly scale this business and prepare for our Enshi Black Hog program. We are working quickly to execute this new strategy in order to service Chinese consumers' demand for higher quality pork meat."
In the foreseeable future, we will keep focused on construction segment to derive revenue and net income. Additional, we have several land use rights on hand and will begin developing them whenever the real estate markets boom again. At March 31, 2012, the construction segment is in various stages of development of five construction projects with totaling approximately $28 million in estimated revenues to be earned over remaining three quarters in calendar year 2012. The real estate segment has acquired several land use rights and began developing one residential project.
We continue to see strong demand across each of our businesses. In the first quarter of 2012 we sold 34% more market hogs while our breeder hog sales were negatively impacted by a weak market and the contamination that occurred in December 2011, which resulted in a loss of approximately 500 breeder hogs. I am extremely pleased with the progress of our black hog program, which will become a big contributor to our sales later this year. We anticipate further growth by expanding the number of farms that participate in our program with local cooperatives to raise Enshi black hogs.
As set forth in the disclosure statement the Company intends to engage in a transaction that is structured to reduce the number of record holders of its shares of Common Stock to fewer than 300 and terminate the registration of our Common Stock under Section 12(g) of the U.S. Securities Exchange Act of 1934, and suspend our duty to file periodic reports and other information with the Securities and Exchange Commission. Often referred to as a 'going private' transaction, the transaction will consist of: (i) the Reverse Stock Split, in lieu of us issuing fractional shares to stockholders owning less than 150 pre-reverse stock split shares, the Company will pay cash equal to $0.65 multiplied by the number of pre-reverse stock split shares held by such stockholder, followed by (ii) the Forward Stock Split. Accordingly, shareholders owning fewer than 150 pre-Reverse Stock Split shares, will have no further interest in the Company, will no longer be shareholders of the Company and will be entitled to receive only the Cash-Out Price.
Due to the lower demand of bromine as influenced by continuing macroeconomic tightening policy imposed by the Chinese government, the average selling price of bromine decreased from $4,596 per tonne for the first quarter in 2011 to $3,569 per tonne for the same period this year, with stable cost of raw material and increasing cost of labor, we reported significantly lower operating performance in this quarter in comparison to the same period of last year.
Although the potential benefit of our recently acquired manufacturing capacity and upgrades on production efficiency was not positively reflected in our operating results in this quarter, we believe that the company in the long run will benefit from exploration and acquisition of businesses with proven reserve and cooperation with overseas large-scale bromine manufacturers in the same sector with sophisticated manufacturing technology. Therefore, we intend to retain our cash for potential attractive opportunities of future expansion of our bromine and crude salt businesses that can enable the company to achieve long term sustainable growth.
E-House completed its merger with CRIC, previously listed on the NASDAQ Global Select Market under the ticker symbol 'CRIC', on April 20, 2012. As a result of the Merger, CRIC has become a wholly-owned subsidiary of E-House and CRIC's ADSs ceased trading.
China GrenTech Corporation announced today the completion of the merger contemplated by the previously announced amended and restated agreement and plan of merger dated January 20, 2012, among Talenthome Management Limited (Parent), Xing Sheng Corporation Limited (Merger Sub), and the Company. As a result of the merger, the Company became a wholly owned subsidiary of Parent.
Under the terms of the Merger Agreement each ordinary share of the Company (Share) issued and outstanding immediately prior to the effective time of the merger [...] has been cancelled in exchange for the right to receive US$0.126 per Share and each ADS, each representing 25 Shares, represents the right to receive US$3.15 per ADS (less US$0.05 per ADS cancellation fees), in each case, in cash without interest and net of any applicable withholding taxes.
The company and its auditors need more time to prepare and review its annual report on Form 10-K, which was originally due on April 2, 2012. The additional time will allow the company and its auditors the required time to complete their review of certain accounting matters relating to the company's financial statements. We regret the situation that we need more time to complete the report. We and our auditors are working diligently to resolve these matters so that we can file our Form 10-K for 2011.