Just came across this.-
Today we launched a new translation tool that enables people to translate posts directly inline on Facebook Pages through Bing Translate. With this service, we are making it even easier for people to enjoy Page content on Facebook regardless of the languages that they know.
When someone clicks on the translate button on a public Page post, a Bing translation will appear in a popout window. People... then have the opportunity to submit their own translation by opting-in to using inline translations. After their generated translation has received enough positive votes, it will replace the Bing translation and will appear each time someone clicks on the translate button associated with the post.
Page admins can always control how their content is translated within the "Your Settings" tab in the Edit Page view.
Yet to try it out though.
Check it out here.