Let $nge 3$, $0<m<frac{n-2}{n}$, $rho_1>0$, $betagefrac{mrho_1}{n-2-nm}$ and $alpha=frac{2beta+rho_1}{1-m}$. For any $lambda>0$, we will prove the existence and uniqueness (for $betagefrac{rho_1}{n-2-nm}$) of radially symmetric singular solution $g_{lambda}in C^{infty}(R^nsetminus{0})$ of the elliptic equation $Delta v^m+alpha v+beta xcdot abla v=0$, $v>0$, in $R^nsetminus{0}$, satisfying $displaystylelim_{|x|to 0}|x|^{alpha/beta}g_{lambda}(x)=lambda^{-frac{rho_1}{(1-m)beta}}$. When $beta$ is sufficiently large, we prove the higher order asymptotic behaviour of radially symmetric solutions of the above elliptic equation as $|x|toinfty$. We also obtain an inversion formula for the radially symmetric solution of the above equation. As a consequence we will prove the extinction behaviour of the solution $u$ of the fast diffusion equation $u_t=Delta u^m$ in $R^ntimes (0,T)$ near the extinction time $T>0$.
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