Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 01, 2017 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2014 | ||
Document Fiscal Year Focus | 2,014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | SUNRISE REAL ESTATE GROUP INC | ||
Entity Central Index Key | 1,083,490 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 490,714 | ||
Trading Symbol | SRRE | ||
Entity Common Stock, Shares Outstanding | 68,691,925 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Current assets | ||
Cash and cash equivalents | $ 1,626,583 | $ 2,055,251 |
Restricted cash (Note 3) | 1,535,894 | 1,679,733 |
Accounts receivable, net | 1,270,299 | 1,239,549 |
Promissory deposits (Note 4) | 1,190,972 | 1,127,353 |
Real estate property under development (Note 5) | 71,377,187 | 31,644,480 |
Amount due from an unconsolidated affiliate (Note 9) | 2,695,010 | 3,538,939 |
Other receivables and deposits, net (Note 6) | 1,814,721 | 132,818 |
Total current assets | 81,510,666 | 41,418,123 |
Property and equipment, net (Note 7) | 8,470,080 | 9,116,137 |
Investment properties, net (Note 8) | 5,700,845 | 6,108,523 |
Deferred tax assets | 17,203 | 0 |
Investments in unconsolidated affiliates(Note 9) | 5,476,491 | 5,753,256 |
Other investments, net (Note 10) | 163,425 | 0 |
Total assets | 101,338,710 | 62,396,039 |
Current liabilities | ||
Bank loans (Note 11) | 18,548,782 | 18,616,018 |
Current portion of long term borrowings (Note 19) | 6,890,960 | 4,592,498 |
Promissory notes payable (Note 12) | 13,396,206 | 4,811,670 |
Amounts due to directors (Note 13) | 10,129,247 | 10,908,277 |
Accounts payable (Note 14) | 10,531,908 | 5,665,811 |
Customer deposits (Note 15) | 12,306,707 | 3,318,609 |
Amount due to an affiliate (Note 16) | 17,396,948 | 21,090 |
Other payables and accrued expenses (Note 17) | 1,415,056 | 1,410,004 |
Other taxes payable (Note 18) | 301,775 | 296,109 |
Income Taxes payable | 120,498 | 139,684 |
Total current liabilities | 91,038,087 | 49,779,770 |
Long term borrowings (Note 19) | 8,171,270 | 6,888,747 |
Deposit received from underwriting sales | 1,397,825 | |
Deferred government subsidy (Note 20) | 5,421,706 | 5,441,358 |
Total liabilities | 104,631,063 | 63,507,700 |
Commitments and contingencies (Note 22) | ||
Stockholders’ equity | ||
Common stock, par value $0.01 per share; 200,000,000 shares Authorized; 68,691,925 and 28,691,925 shares issued and outstanding as of December 31, 2014 and 2013, respectively | 686,919 | 286,919 |
Additional paid-in capital | 7,570,008 | 4,570,008 |
Statutory reserve (Note 21) | 812,582 | 812,467 |
Accumulated losses | (19,780,232) | (16,126,545) |
Accumulated other comprehensive income | 259,173 | 228,007 |
Total deficit of Sunrise Real Estate Group, Inc. | (10,451,550) | (10,229,144) |
Non-controlling interests | 7,159,197 | 9,117,483 |
Total stockholders’ equity | (3,292,353) | (1,111,661) |
Total liabilities and stockholders’ equity | $ 101,338,710 | $ 62,396,039 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Dec. 31, 2014 | Dec. 31, 2013 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 68,691,925 | 28,691,925 |
Common stock, shares outstanding | 68,691,925 | 28,691,925 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Net revenues | $ 8,611,639 | $ 11,240,190 |
Cost of revenues | (4,350,690) | (4,412,118) |
Gross income | 4,260,949 | 6,828,072 |
Operating expenses | (1,915,753) | (2,392,995) |
General and administrative expenses | (4,587,529) | (7,611,693) |
Operating income (loss) | (2,242,333) | (3,176,616) |
Other income (expenses) | ||
Interest income | 853,055 | 1,114,907 |
Interest expense | (3,401,238) | (3,888,737) |
Other income | 53,967 | 302,972 |
Equity in loss of unconsolidated affiliates, net of income taxes | (445,280) | (746,749) |
Total other expenses | (2,939,496) | (3,217,607) |
Loss before income taxes | (5,181,829) | (6,394,223) |
Income taxes (Note 18) | (30,583) | (349,296) |
Net loss | (5,212,412) | (6,743,519) |
Less: Net loss attributable to non-controlling interests | 1,558,726 | 4,117,056 |
Net loss attributable to stockholders of Sunrise Real Estate Group, Inc. | $ (3,653,686) | $ (2,626,463) |
Loss per share - basic and fully diluted | $ (0.09) | $ (0.04) |
Weighted average common shares outstanding - Basic and fully diluted | 37,404,254 | 28,691,925 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Net loss | $ (5,212,412) | $ (6,743,519) |
Other comprehensive income - Foreign currency translation adjustment | (9,670) | 816,007 |
Total comprehensive loss | (5,222,082) | (5,927,512) |
Less: Comprehensive loss attributable to non-controlling interests | 1,599,561 | 3,675,785 |
Total comprehensive loss attributable to stockholders of Sunrise Real Estate Group, Inc. | $ (3,622,521) | $ (2,251,727) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Statutory Reserve [Member] | Accumulated losses [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Balance at Dec. 31, 2012 | $ (5,292,283) | $ 286,919 | $ 4,570,008 | $ 782,987 | $ (13,500,082) | $ 359,183 | $ 12,793,268 |
Balance (in shares) at Dec. 31, 2012 | 28,691,925 | ||||||
Net loss | (6,743,519) | $ 0 | 0 | 0 | (2,626,463) | 0 | (4,117,055) |
Cash dividends paid to Surplus reserve non-controlling interests | 29,480 | 0 | 0 | 29,480 | 0 | 0 | 0 |
Capital contribution from non-controlling interests of new consolidated subsidiaries | 39,160 | 0 | 0 | 0 | 0 | 0 | 39,160 |
Translation of foreign Operations | 270,934 | 0 | 0 | 0 | 0 | (131,176) | 402,110 |
Balance at Dec. 31, 2013 | (1,111,661) | $ 286,919 | 4,570,008 | 812,467 | (16,126,545) | 228,007 | 9,117,483 |
Balance (in shares) at Dec. 31, 2013 | 28,691,925 | ||||||
Shares issued | 3,400,000 | $ 400,000 | 3,000,000 | ||||
Shares issued (in shares) | 40,000,000 | ||||||
Surplus reserve | 115 | 115 | |||||
Net loss | (5,212,412) | (3,653,686) | (1,558,726) | ||||
Cash dividends to non-controlling interest | (358,725) | (358,725) | |||||
Capital contribution from non-controlling interests of new consolidated subsidiaries | 0 | $ 0 | 0 | 0 | 0 | 0 | |
Translation of foreign Operations | (9,670) | 0 | 0 | 0 | 0 | 31,166 | (40,835) |
Balance at Dec. 31, 2014 | $ (3,292,353) | $ 686,919 | $ 7,570,008 | $ 812,582 | $ (19,780,232) | $ 259,173 | $ 7,159,197 |
Balance (in shares) at Dec. 31, 2014 | 68,691,925 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | ||
Net loss | $ (5,212,412) | $ (6,743,519) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 1,063,659 | 1,155,691 |
Loss on disposal of property and equipment | 14,348 | 20,176 |
Impairment loss on investments | 0 | 143,732 |
Bad debt | 11,964 | 147,626 |
Equity in net loss of unconsolidated affiliates | 445,280 | 603,017 |
Impairment loss on Real estate property under development | 981,724 | 3,870,303 |
Changes in assets and liabilities | ||
Accounts receivable | (35,076) | 620,523 |
Promissory deposits | (67,401) | (55,534) |
Real estate property under development | (40,658,188) | (14,240,700) |
Customer deposits | 8,961,568 | 2,035,166 |
Amount due from unconsolidated affiliates | 840,416 | 0 |
Other receivables and deposits | (1,687,147) | 152,629 |
Deferred tax assets | (17,129) | 192,518 |
Accounts payable | 4,865,647 | 4,990,328 |
Other payables and accrued expenses | (278,846) | (2,807,283) |
Deferred government subsidy | 0 | 0 |
Interest payable on promissory notes | 1,998,862 | 813,626 |
Interest payable on amounts due to directors | 1,763,546 | 1,451,212 |
Taxes payable | (18,602) | (15,372) |
Other Tax payable | 6,706 | 151,419 |
Deposits received from underwriting sales | (1,397,824) | (568,629) |
Net cash used in operating activities | (28,418,905) | (8,083,071) |
Cash flows from investing activities | ||
Acquisition of investments | 0 | (256,000) |
Acquisition of property, plant and equipment | (83,630) | (223,447) |
Proceeds from disposal of property and equipment | 0 | 0 |
Capital contribution to unconsolidated affiliates | (353,115) | (2,285,335) |
Advances to an unconsolidated affiliate | (12,825) | 897,938 |
Repayment of advances to unconsolidated affiliates | 114,360 | 0 |
Net cash used in investing activities | (335,210) | (1,866,844) |
Cash flows from financing activities | ||
Funds received from capital increase | 3,400,000 | 0 |
Restricted cash | 137,183 | (281,609) |
Capital contribution from non-controlling interests of new consolidated subsidiaries | 0 | 40,585 |
New bank loans | 9,397,715 | 30,535,833 |
Repayments of bank loans | (5,838,636) | (18,777,596) |
Advances from directors | 64,340 | 9,823,922 |
Repayments of advances from directors | (2,606,917) | (8,074,030) |
Advances from an affiliate | 17,187,211 | 20,796 |
Proceeds from promissory notes | 16,063,333 | 334,191 |
Repayments of promissory notes | (9,477,660) | (2,490,241) |
Dividends paid to non-controlling interests | (69,444) | 0 |
Net cash provided by financing activities | 28,257,125 | 11,131,851 |
Effect of exchange rate changes on cash and cash equivalents | 68,323 | (60,808) |
Net increase (decrease) in cash and cash equivalents | (428,667) | 1,121,128 |
Cash and cash equivalents at beginning of year | 2,055,251 | 934,123 |
Cash and cash equivalents at end of year | 1,626,584 | 2,055,251 |
Supplemental disclosure of cash flow information | ||
Income taxes paid | 54,313 | 158,172 |
Interest paid | $ 5,349,991 | $ 3,681,642 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 12 Months Ended |
Dec. 31, 2014 | |
Organization and Description Of Business [Abstract] | |
Business Description and Basis of Presentation [Text Block] | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Sunrise Real Estate Group, Inc. (“ SRRE Parallax Company Name Date of Place of % of Relationship Principal activity Sunrise Real Estate Development Group, Inc. (“CY-SRRE”) April 30, 2004 Cayman Islands 100% Subsidiary Investment holding Lin Ray Yang Enterprise Limited (“LRY”) November 13, 2003 British Virgin Islands 100% Subsidiary Investment holding Shanghai XinJi Yang Real Estate Consultation Company Limited (“SHXJY”) August 20, 2001 PRC 100% Subsidiary Property brokerage services Shanghai Shang Yang Real Estate consultation Company Limited (“SHSY”) February 5, 2004 PRC 100% Subsidiary Property brokerage services Suzhou Gao Feng Hui Property Management Company Limited (“SZGFH”) January 10, 2005 PRC 100% Subsidiary Property management and leasing services Suzhou Shang Yang Real Estate Consultation Company Limited (“SZSY”) November 24, 2006 PRC 38.5% 1 Subsidiary Property brokerage and management services Suzhou Xi Ji Yang Real Estate Consultation Company Limited (“SZXJY”) June 25, 2004 PRC 75% Subsidiary Property brokerage services LinyiShangyang Real Estate Development Company Limited (“LYSY”) October 13, 2011 PRC 24% 2 Subsidiary Real estate development Shangqiu Shang Yang Real Estate Consultation Company Limited (“SQSY”) October 20, 2010 PRC 100% Subsidiary Property brokerage services Wuhan Gao Feng Hui Consultation Company Limited (“WHGFH”) November 10, 2010 PRC 60% Subsidiary Property brokerage services Sanya Shang Yang Real Estate Consultation Company Limited (“SYSY”) September 18, 2008 PRC 100% Subsidiary Property brokerage services Shanghai RuiJian Design Company Limited (“SHRJ”) August 15, 2011 PRC 100% Subsidiary Property brokerage services LinyiRui Lin Construction and Design Company Limited (“LYRL”) March 6, 2012 PRC 100% 3 Subsidiary Investment holding PutianXinJi Yang Real Estate Consultation Company Limited (“PTXJY”) June 5, 2012 PRC 55% Subsidiary Property brokerage services Company Name Date of Place of % of Relationship Principal activity ShanghaiXinJi Yang Real Estate Brokerage Company Limited (“SHXJYB”) January 28, 2013 PRC 75% 4 Subsidiary Property brokerage services Wuhan Yuan Yu Long Real Estate Development Company Limited (“WHYYL”) December 28, 2009 PRC 49% Equity investment Real estate development Shanghai Xin Xing Yang Real Estate Brokerage Company Limited (“SHXXY”) September 28, 2011 PRC 40% Equity investment Property brokerage services XinGuang Equity Investment Management (Shanghai) Company Limited (“XG”) December 17, 2012 PRC 49% Equity investment Equity investment and consultancy Shanghai Da Er Wei Trading Company Limited (“SHDEW”) June 6, 2013 PRC 30% Equity investment Import and export trading Shanghai Hui Tian (“SHHT”) July 25, 2014 PRC 100% Subsidiary Investment holding Shanghai Tian Xi (“SHSYTX”) August 19, 2014 PRC 100% Subsidiary Investment holding Shenzhen Hui Tian (“SZHT”) October 15, 2014 PRC 100% Subsidiary Investment holding 1. The Company and a shareholder of SZSY, which holds 12.5 12.5 51 2. The Company and a shareholder of LYSY, which holds 51 51 75 3. The equity interest in LYRL is held by three Chinese individuals in trust for SHXJY. 4. On January 28, 2013, CY-SRRE, SZXJY and an unrelated party established a subsidiary in the PRC, SHXJYB, with CY-SRRE holding a 15 60 CY-SRRE was established in the Cayman Islands on April 30, 2004 as a limited liability company. CY-SRRE was wholly owned by Ace Develop Properties Limited (“Ace Develop”), a corporation, of which Lin Chi-Jung, an individual, is the principal and controlling shareholder. SHXJY was established in the People’s Republic of China (“PRC”) on August 20, 2001 as a limited liability company. SHXJY was originally owned by a Taiwanese company, of which the principal and controlling shareholder was Lin Chi-Jung. On June 8, 2004, all the fully paid up capital of SHXJY was transferred to CY-SRRE. On June 25, 2004SHXJY and two individuals established a subsidiary, SZXJY in the PRC, at which point in time, SHXJY held a 90 10 5 80 LRY was established in the British Virgin Islands on November 13, 2003 as a limited liability company. LRY was owned by Ace Develop, Planet Technology Corporation (“Planet Tech”) and Systems & Technology Corporation (“Systems Tech”). On February 5, 2004, LRY established a wholly owned subsidiary, SHSY in the PRC as a limited liability company. On August 31, 2004, SRRE, CY-SRRE and Lin Chi-Jung, an individual and agent for the beneficial shareholder of CY-SRRE, i.e., Ace Develop, entered into an exchange agreement under which SRRE issued 5,000,000 Also on August 31, 2004, SRRE, LRY and Lin Chi-Jung, an individual and agent for beneficial shareholders of LRY, i.e., Ace Develop, Planet Tech and Systems Tech, entered into an exchange agreement under which SRRE issued 10,000,000 8,500,000 750,000 750,000 As a result of the acquisition, the former owners of CY-SRRE and LRY hold a majority interest in the combined entity. Generally accepted accounting principles require in certain circumstances that a company whose shareholders retain the majority voting interest in the combined business be treated as the acquirer for financial reporting purposes. Accordingly, the acquisition has been accounted for as a “reverse acquisition” arrangement whereby CY-SRRE and LRY are deemed to have purchased SRRE. However, SRRE remains the legal entity and the Registrant for Securities and Exchange Commission reporting purposes. All shares and per share data prior to the acquisition have been restated to reflect the stock issuance as a recapitalization of CY-SRRE and LRY. On January 10, 2005, LRY and a PRC third party established a subsidiary, SZGFH, a limited liability company in the PRC, with LRY holding 80 20 100 On November 24, 2006, CY-SRRE, SHXJY, a shareholder of SZXJY and a third party established a subsidiary, SZSY in the PRC, with CY-SRRE holding a 12.5 26 12.5 12.5 51 On September 24, 2007, CY-SRRE sold a 5 75 In January 2011, SYSY acquired 49 27,950 3 On September 28, 2011, SRRE and four individual investors established a company, SHXXY, in the PRC to provide real estate brokerage services. SRRE holds 40 On October 13, 2011, SHXJY, four individual investors and an unrelated company established a project company in the PRC, namely LYSY to develop villa style residential housing buildings with an estimated construction period of 4 24 51 51 75 On March 6, 2012, SHXJY established a subsidiary in the PRC, LYRL. The equity interest in LYRL is held by three Chinese individuals in trust for SHXJY. At the date its incorporation, SHXJY transferred its 24 On December 17, 2012, LRY together with two corporate investors established a company, namely XG, in the PRC to provide investment management and consulting services. LRY holds 49 On June 6, 2013, SHSY and LYRL together with other 4 investors established a company, namely Shanghai Daerwei, in the PRC focus on the business of trading on cosmetics. SHSY holds 19 11 On July 25, August 19 and October 15, 2014, the company established three investment holding company separately, namely SHHT, SHSYTX and SZHT. These three company were 100 The principal activities of the Company are property brokerage services, including property marketing, leasing and management services; and real estate development in the PRC. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“ U.S. GAAP The consolidated financial statements include the financial statements of Sunrise Real Estate Group, Inc. and its subsidiaries. All significant inter-company accounts and transactions have been eliminated on consolidation. Investments in business entities, in which the Company does not have control but has the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method. The Company’s consolidated financial statements have been prepared on a going concern, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. As of December 31, 2014, the Company has a working capital deficiency, accumulated deficit from recurring net losses for the current and prior years, and significant short-term debt obligations currently in default or maturing in less than one year. These factors raise substantial doubts about the Company’s ability to continue as a going concern. Management believes that the Company will generate sufficient cash flows to fund its operations and to meet its obligations on timely basis for the next twelve months by successful implementation of its business plans, obtaining continued support from its lenders to rollover debts when they became due, and securing additional financing as needed. If events or circumstances occur that the Company is unable to successfully implement its business plans, fails to obtain continued supports from its lenders or to secure additional financing, the Company may be required to suspend operations or cease business entirely. The accompanying financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. The preparation of financial statements in accordance with U.S GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company follows the provisions of Accounting Standards Codification (“ ASC ASC 820 Level 1-Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2-Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3-Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. The carrying amounts reported in the accompanying consolidated balance sheets for cash and cash equivalents, restricted cash, accounts receivable, promissory deposits, amount due from an unconsolidated affiliate, other receivables and deposits, deferred tax assets, bank loans, promissory notes payable, accounts payable, customer deposits, amounts due to directors, other payables and accrued expenses, other taxes payable and income taxes payable approximate their fair value based on the short-term maturity of these instruments. The fair value of the deposits received from underwriting sales approximate their carrying amounts because the deposits were received in cash. Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, other receivables and deposits, and amount due from an unconsolidated affiliate. The Company places its cash and cash equivalents with reputable financial institutions with high credit ratings. The Company conducts credit evaluations of customers and generally does not require collateral or other security from customers. The Company establishes an allowance for doubtful accounts primarily based upon the age of the receivables and factors relevant to determining the credit risk of specific customers. The amount of receivables ultimately not collected by the Company has generally been consistent with management's expectations and the allowance established for doubtful accounts. During the year ended December 31, 2014, there were two customers that accounted for 21 12 740,498 0 During the year ended December 31, 2013, there was one customer that accounted for 19 Cash and cash equivalents include cash on hand and all highly liquid investments with an original maturity of three months or less. The Company maintains cash and cash equivalents with various banks in the PRC which are not insured or otherwise protected. Should any of these banks holding the Company’s cash deposits become insolvent, or if the Company is otherwise unable to withdraw funds for any reason, the Company could lose the cash on deposit with that particular bank. The functional currency of SRRE, CY-SRRE and LRY is U.S. dollars (“ $ RMB Foreign currency transactions during the year are translated into each company’s denominated currency at the exchange rates ruling at the transaction dates. Gain and loss resulting from foreign currency transactions are included in the consolidated statement of operations. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated into each company’s denominated currency at year-end exchange rates. All exchange differences are dealt with in the consolidated statements of operations. The financial statements of the Company’s operations based outside of the United States have been translated into U.S. dollars in accordance with ASC830. Management has determined that the functional currency for each of the Company’s foreign operations is its applicable local currency. When translating functional currency financial statements into U.S. dollars, year-end exchange rates are applied to the consolidated balance sheets, while average exchange rates as to revenues and expenses are applied to consolidated statements of operations. The effect of foreign currency translation adjustments are included as a component of accumulated other comprehensive income in shareholders’ equity. The exchange rates as of December 31, 2014 and December 31, 2013 are $ 1 6.1190 1 6.0969 The RMB is not freely convertible into foreign currency and all foreign exchange transaction must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rate used in translation. Real estate property under development, which consists of residential unit sites and commercial and residential unit sites under development, is stated at the lower of carrying amounts or fair value Expenditures for land development, including cost of land use rights, deed tax, pre-development costs and engineering costs, are capitalized and allocated to development projects by the specific identification method. Costs are allocated to specific units within a project based on the ratio of the sales value of units to the estimated total sales value times the total project costs. Costs of amenities transferred to buyers are allocated as common costs of the project that are allocated to specific units as a component of total construction costs. For amenities retained by the Company, costs in excess of the related fair value of the amenity are also treated as common costs. Results of operations of amenities retained by the Company are included in current operating results. In accordance with ASC 360, “Property, Plant and Equipment” (“ ASC 360 For the years ended December 31, 2014 and 2013, the Company had recognized any impairment for real estate property under development. Interest incurred during and directly related to real estate development projects is capitalized to the related real estate property under development during the active development period, which generally commences when borrowings are used to acquire real estate assets and ends when the properties are substantially complete or the property becomes inactive. Interest is capitalized based on the interest rate applicable to specific borrowings or the weighted average of the rates applicable to other borrowings during the period. Interest capitalized to real estate property under development is expensed as a component of cost of real estate sales when related units are sold. All other interest is expensed as incurred. straight-line method Estimated Furniture and fixtures 5-10 Computer and office equipment 3-5 Motor vehicles 5 Properties 20 Maintenance, repairs and minor renewals are charged directly to the statement of operations as incurred. Additions and improvements are capitalized. When assets are disposed of, the related cost and accumulated depreciation thereon are removed from the accounts and any resulting gain or loss is included in the statement of operations. Investment properties are stated at cost less accumulated depreciation and any impairment losses. Depreciation is computed using the straight-line method 20 years Significant additions that extend property lives are capitalized and are depreciated over their respective estimated useful lives. Routine maintenance and repair costs are expensed as incurred. In accordance with ASC 360, "Accounting for the Impairment or Disposal of Long-Lived Assets" (“ ASC 360 The Company tests long-lived assets, including property and equipment, investment properties and other assets, for recoverability when events or circumstances indicate that the net carrying amount is greater than its fair value. Assets are grouped and evaluated at the lowest level for their identifiable cash flows that are largely independent of the cash flows of other groups of assets. The Company considers historical performance and future estimated results in its evaluation of potential impairment and then compares the carrying amount of the asset to the future estimated cash flows expected to result from the use of the asset. If the carrying amount of the asset exceeds estimated expected undiscounted future cash flows, the Company measures the amount of impairment by comparing the carrying amount of the asset to its fair value. The estimation of fair value is generally determined by using the asset's expected future discounted cash flows or market value. The Company estimates fair value of the assets based on certain assumptions such as budgets, internal projections, and other available information as considered necessary. There is no impairment of long-lived assets during the years ended December 31, 2014 and 2013. Customer deposits consist of amounts received from customers relating to the sale of residential units in the PRC. In the PRC, customers will generally obtain permanent financing for the purchase of their residential unit prior to the completion of the project. The lending institution will provide the funding to the Company upon the completion of the financing rather than the completion of the project. The Company receives these funds and recognizes them as a liability until the revenue can be recognized. The Company accounts for long term investments in equities as follows. Investments in Unconsolidated Affiliates Affiliates are entities over which the Company has significant influence, but which it does not control. The Company generally considers an ownership interest of 20 When the Company’s share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate. The Company is required to perform an impairment assessment of its investments whenever events or changes in business circumstances indicate that the carrying value of the investment may not be fully recoverable. An impairment loss is recorded when there has been a loss in value of the investment that is other than temporary. Other Investments Where the Company has no significant influence, the investment is classified as other investments in the balance sheet and is carried under the cost method. Investment income is recognized by the Company when the investee declares a dividend and the Company believes it is collectible. The Company periodically evaluates the carrying value of its investment under the cost method and any decline in value is included in impairment of cost of the investment. During the year ended December 31, 2014, the Company provided an allowance for impairment loss on other investments of $Nil (2013: $Nil). As of December 31, 2014, the allowance for impairment loss on other investments amounted to $ 78,444 78,729 Government subsidies include cash subsidies received by the Company’s subsidiaries in the PRC from local governments. In recognizing the benefit of government subsidies in accordance with U.S. GAAP, the Company considers intended use of and restrictions of the subsidy, the requirements for the receipt of funds, and whether or not the incentive is given for immediate financial support, or to encourage activities such as land development in specified area. Each grant is evaluated to determine the propriety of classification on the consolidated statements of operations and consolidated balance sheets. Those grants that are substantively reimbursements of specified costs are matched with those costs and recorded as a reduction in costs. Those benefits that are more general in nature or driven by business performance measures are classified as revenue. During the year of 2012, the Company received no refundable government subsidy amount of $ 5,278,087 33,175,416 5,421,706 5,441,358 Agency commission revenue from property brokerage is recognized when the property developer and the buyer complete a property sales transaction, and the property developer grants confirmation to us to be able to invoice them accordingly. The time when we receive the commission is normally at the time when the property developer receives from the buyer a portion of the sales proceeds in accordance with the terms of the relevant property sales agreement, or the balance of the bank loan to the buyer has been funded, or recognized under the sales schedule or other specific items of agency sales agreement with developer. At no point does the Company handle any monetary transactions nor act as an escrow intermediary between the developer and the buyer. Revenue from marketing consultancy services is recognized when services are provided to clients, fees associated to services are fixed or determinable, and collection of the fees is assured. Rental revenue from property management and rental business is recognized on a straight-line basis according to the time pattern of the leasing agreements. The Company accounts for underwriting sales in accordance with ASC 976-605 “Accounting for Sales of Real Estate” (Formerly Statement of Financial Accounting Standards No. 66) (“ ASC 976-605 All revenues represent gross revenues less sales and business tax. In accordance with ASC 220-10-55, comprehensive income (loss) is defined as all changes in equity except those resulting from investments by owners and distributions to owners. The Company’s only components of comprehensive loss during the years ended December 31, 2014 and 2013 were net loss and foreign currency translation adjustments. The Company computes net earnings (loss) per share in accordance with ASC 260, “Earnings per Share” (“ ASC 260 The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (“ ASC 740 The Company recognizes tax benefits that satisfy a greater than 50% probability threshold and provides for the estimated impact of interest and penalties for such tax benefits. The Company did not incur any interest or penalties related to potential underpaid income tax expenses during the years ended December 31, 2014 and 2013. In February 2013, the FASB issued ASU No. 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date ASU 2013-04 In March 2013, the FASB issued ASU No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity ASU 2013-05 CTA In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740) ASU 2013-11 In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ASU 2014-15 In February 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement Period Adjustments (“ASU 2015-16”). This update requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in this Update require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this Update require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date In August 2015, the FASB issued ASU No. 2015-14 (“ASU 2015-15”), an update to ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ASU 2014-09 All other entities should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. All other entities may apply the guidance in Update 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities also may apply the guidance in Update 2014-09earlier as of an annual reporting period beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which the entity first applies the guidance in Update2014-09. |
RESTRICTED CASH
RESTRICTED CASH | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Cash [Abstract] | |
Cash And Cash Equivalents Restricted Cash And Cash Equivalents [Text Block] | NOTE 3 - RESTRICTED CASH The Company is required to maintain certain deposits with the bank that provide mortgage loans to the Company. As of December 31, 2014, the Company held cash deposits of $ 1,426,471 1,432,838 109,422 246,895 |
PROMISSORY DEPOSITS
PROMISSORY DEPOSITS | 12 Months Ended |
Dec. 31, 2014 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets Disclosure [Text Block] | NOTE 4 - PROMISSORY DEPOSITS Promissory deposits are paid to property developers in respect of the real estate projects where the Company has been appointed as sales agent. The balances are unsecured, interest free and recoverable on completion of the respective projects. |
REAL ESTATE PROPERTY UNDER DEVE
REAL ESTATE PROPERTY UNDER DEVELOPMENT | 12 Months Ended |
Dec. 31, 2014 | |
Real Estate Held For Development and Sale [Abstract] | |
Real Estate Held For Development and Sale [Text Block] | NOTE 5 - REAL ESTATE PROPERTY UNDER DEVELOPMENT Real estate property under development represents the Company’s real estate development project in Linyi, the PRC (“Linyi Project”), which is located on the junction of Xiemen Road and Hong Kong Road in Linyi City Economic Development Zone, Shandong Province, PRC. This project covers a site area of approximately 103,385 In March 13, 2014, the Company has signed a joint development agreement with ZhongjiPufa Real Estate Co.. According to this agreement, the Company has got the right to develop the Guangxing LuProject, which located on 182 lane Guangxinglu, Putuo distirct, Shanghai, PRC. This project covers a site area of approximately 2,502 As of December 31, 2014, the real estate property under development totaled $ 71,377,187 31,644,480 |
OTHER RECEIVABLES AND DEPOSITS
OTHER RECEIVABLES AND DEPOSITS | 12 Months Ended |
Dec. 31, 2014 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 6 - OTHER RECEIVABLES AND DEPOSITS December 31, December 31, 2014 2013 Advances to staff $ 33,609 12,444 Rental deposits 40,800 4,773 Prepaid expense 319,774 Prepaid tax 1,066,574 17,435 Other receivables 353,964 98,166 $ 1,814,721 $ 132,818 Other receivables and deposits as of December 31, 2014 are stated net of allowance for doubtful accounts of $ 159,590 147,626 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 7 - PROPERTY AND EQUIPMENT NET December 31, December 31, 2014 2013 Furniture and fixtures $ 474,199 $ 244,314 Computer and office equipment 298,055 196,267 Motor vehicles 762,963 922,367 Properties 9,623,547 9,889,772 11,158,764 11,252,720 Less: Accumulated depreciation (2,688,684 ) (2,136,583 ) $ 8,470,080 $ 9,116,137 During the year ended December 31, 2014, depreciation and amortization expense for property and equipment amounted to $679,695 (2013: $671,551). All properties as of December 31, 2014 and 2013 were pledged as collateral for the Company’s bank loans (See Note 11). |
INVESTMENT PROPERTIES, NET
INVESTMENT PROPERTIES, NET | 12 Months Ended |
Dec. 31, 2014 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | NOTE 8 - INVESTMENT PROPERTIES, NET December 31, December 31, 2014 2013 Investment properties $ 10,119,435 $ 10,156,117 Less: Accumulated depreciation (4,418,590 ) (4,047,594 ) $ 5,700,845 $ 6,108,523 During the year ended December 31, 2014, depreciation and amortization expense for investment properties amounted to $383,964 (2013:$ 484,140). All investment properties as of December 31,2014and 2013were pledged as collateral for the Company’s bank loans (See Note 11). |
INVESTMENTS IN AND AMOUNT DUE F
INVESTMENTS IN AND AMOUNT DUE FROM UNCONSOLIDATED AFFILIATES | 12 Months Ended |
Dec. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 9 - INVESTMENTS IN AND AMOUNT DUE FROM UNCONSOLIDATED AFFILIATES The investments in unconsolidated affiliates primarily consist of WHYYL ( 49 30 5,218,451 258,039 0 WHYYL is primarily developing a real estate project in Wuhan, the PRC on a parcel of land covering approximately 27,950 3 As of December 31, 2014, the carrying amount of the Company’s investment in WHYYL was $ 5,218,451 5,642,909 404,077 574.254 Years Ended December 31, 2014 2013 Revenues $ - $ - Net loss $ 821,118 $ 1,155,647 December 31, December 31, 2014 2013 Current assets $ 55,563,441 $ 53,013,965 Non-current assets 902,342 794,446 Total assets 56,465,783 53,808,411 Current liabilities 45,815,315 42,291,701 Total equity $ 10,650,468 $ 11,526,300 As of December 31, 2014, the Company has a balance of $ 2,695,010 3,538,939 15 744,909 831,619 During the year ended December 31, 201 4, the Company provided an allowance for impairment loss on investments in unconsolidated affiliates of $ 0 143,732 236,028 236,028 |
OTHER INVESTMENTS, NET
OTHER INVESTMENTS, NET | 12 Months Ended |
Dec. 31, 2014 | |
Other Investments [Abstract] | |
Investments and Other Noncurrent Assets [Text Block] | NOTE 10 - OTHER INVESTMENTS, NET As of December 31, 2014 and 2013, investments During the years ended December 31, 2014 and 2013, the Company recorded no income from other investments. The Company provided an allowance of impairment loss on other investments for the year ended December 31, 2014 of $Nil (2013: $Nil) 78,444 78,729 |
BANK LOANS
BANK LOANS | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Bank Loan [Text Block] | NOTE 11 - BANK LOANS In January 2013, the Company obtained three bank loans with an aggregate principal amount of $ 1,307,403 8,000,000 7.5 ’s CEO, President and Chairman, and his wife. In January 2014, the Company renewed and extended the maturity of these loans for a 1-year period by entering into two new loan agreements with Bank of China under the same terms of the previous three loan agreements. As of December 31,2014 and December 31,2013, the total outstanding balance of these loans was $ 1,307,403 1,312,143 In August 2012, the Company entered into a 3-year revolving facility line of credit agreement with First Sino Bank. Under the terms of the agreement, the Company could borrow a maximum amount of $ 5,850,629 35,800,000 December 31 , 2014. The borrowings under this facility bear interest at a rate per annum equal to 125% of the prevailing base lending rate for periods ranging from 1 year to 3 years as announced by the People’s Bank of China (“PBOC”). The average interest rate for the six months ended , 2014 was 7.6875 March 31, 2015 4,984,475 5,002,543 In April 2012, the Company entered into a 3-year non-revolving facility line of credit agreement with First Sino Bank. Under the terms of the agreement, the Company could borrow a maximum amount of $ 12,256,905 75,000,000 December 31 , 2014. The borrowings under this facility bear interest at a rate per annum equal to 125% of the prevailing base lending rate for periods ranging from 1 year to 3 years as announced by PBOC. The average interest rate December 31, 2014 was 7.6875 , 2014 and December 31, 2013, the Company had outstanding loan balances of $ 12,256,905 75,000,000 12,301,332 75,000,000 |
PROMISSORY NOTES PAYABLE
PROMISSORY NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Notes Payable Disclosure [Text Block] | NOTE 12 - PROMISSORY NOTES PAYABLE The promissory notes payable consist of the following unsecured notes to unrelated parties. Included in the balances are promissory notes with outstanding principal and unpaid interest of an aggregate of $ 13,396,206 4,811,670 The promissory note with an outstanding principal of $ 1,877,729 12 had no fixed term of repayment. As of December 31, 2014 and December 31, 2013, the outstanding principal in default and the unpaid interest related to this promissory note amounted to $ 1,877,729 2,308,974 The promissory note with a principal as of December 31, 2014 amounting to $ 817,127 0 817,127 869,294 , respectively. The promissory note with a principal as of December 31, 2014 amounts to $ 817,127 0 817,127 820,089 , respectively. The promissory note with a principal as of December 31, 2014 amounts to $ 163,425 15.75 175,223 167,247 The promissory note with a principal of $ 1,634,254 31 e of 20 1,893,465 The promissory note with a principal of $ 4,902,762 31, 2014 bears interest at the rate of 26.7 5,890,701 The promissory note with a principal of $ 163,425 31 , 2014 bears interest at the rate of 20 188,212 The promissory note with a principal of $ 817,127 31, 2014 bears interest at the rate of 15 892,030 The promissory note with a principal of $ 457,591 December 31 , 2014 bears interest at the rate of 15 522,093 The promissory note with a principal of $ 300,000 December 31, 2014 bears interest at the rate of 15 322,500 300,000 At December 31, 2013, the outstanding principal and unpaid interest related to this promissory note amounted to $ 346,066 During the year ended December 31, 2014, the interest expense related to these promissory notes was $ 1,998,862 813,626 |
AMOUNTS DUE TO DIRECTORS
AMOUNTS DUE TO DIRECTORS | 12 Months Ended |
Dec. 31, 2014 | |
Director [Member] | |
Related Party Transactions Disclosure [Text Block] | NOTE 13 AMOUNTS DUE TO DIRECTORS December 31, December 31, 2014 2013 Lin Chi-Jung $ 10,073,426 $ 10,866,943 Lin Chao-Chin 23,027 18,224 Lin Hsin-Hung 32,794 23,110 $ 10,129,247 $ 10,908,277 (a) The balance due to Lin Chi-Jung, the Company’s CEO, President and Chairman, consists of a balance of unpaid salaries and reimbursements totaling $ 44,416 90,633 10,029,010 10,776,310 The balance of unpaid salaries and reimbursements is unsecured, interest-free and has no fixed term of repayment. The advances from Lin Chi-Jung bear interest at rates ranging from 9.6 36.5 1,763,546 2,024,041 2,451,381 (b) The balances due to Lin Chao-Chin and Lin Hsin-Hung are unsecured, interest-free and have no fixed term of repayment. |
ACCOUNTS PAYABLE
ACCOUNTS PAYABLE | 12 Months Ended |
Dec. 31, 2014 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 14 ACCOUNTS PAYABLE As of December 31, 2014 and 2013, the balances of accounts payable were $ 10,531,908 5,665,811 7,270,855 |
CUSTOMER DEPOSITS
CUSTOMER DEPOSITS | 12 Months Ended |
Dec. 31, 2014 | |
Customer Deposits [Abstract] | |
Customer Deposits Disclosure [Text Block] | NOTE 15 - CUSTOMER DEPOSITS Customer deposits consisted the sales from real estate development project (Linyi project) which cannot recognized as revenue at the accounting period and deposits received for rental. Linyi project has started pre-sales in November 2013, as of December 31, 2014, the pre-sales amounted to $ 12,306,707 |
AMOUNT DUE TO AN AFFILIATE
AMOUNT DUE TO AN AFFILIATE | 12 Months Ended |
Dec. 31, 2014 | |
Due To Affiliate [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | NOTE 16- AMOUNT DUE TO AN AFFILIATE In August 2014, the company obtained a entrusted bank loan of $ 16,342,540 100,000,000 14 915,182 There are other amount due to affiliates include due to Jiaxing Shangyang, XG and SHXXY, with amount of $ 114,398 20,264 4,563 |
OTHER PAYABLES AND ACCRUED EXPE
OTHER PAYABLES AND ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2014 | |
Payables and Accruals [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | NOTE 17- OTHER PAYABLES AND ACCRUED EXPENSES December 31, December 31, 2014 2013 Accrued staff commission and bonus $ 532,411 $ 675,138 Rental deposits received 374,680 447,260 Other payables 217,777 287,606 Dividends payable to non-controlling interest 290,188 $ 1,415,056 $ 1,410,004 Other payables are advances from unrelated parties are unsecured, interest-free and have no fixed term of repayment . |
INCOME TAXES PAYABLE
INCOME TAXES PAYABLE | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 18 - INCOME TAXES PAYABLE SRRE, CY-SRRE and LRY do not generate any income and therefore are not subject to income taxes in the U.S., the British Virgin Islands or the Cayman Islands. The Company conducts substantially all of its business through its PRC operating subsidiaries and they are subject to PRC income taxes. 25 Income tax benefit consists of Years Ended December 31, 2014 2013 PRC Provision for income tax $ 47,711 $ 349,295 Deferred tax benefit (17,129) 0 Total income tax benefit $ 30,583 $ 349,295 Income taxes represent current PRC income taxes, which are calculated at the applicable statutory income tax rate on the assessable income for the years ended December 31, 2014 and 2013. Years Ended December 31, 2014 2013 Provision for income tax benefit at PRC statutory tax rate of 25% $ 44,194 $ (18,878) Permanent differences (14,116) 12,428 Under (Over)-provision for income taxes in prior years 505 206,343 Change in valuation allowance 149,403 Total income tax benefit $ 30,583 $ 349,295 In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or are utilized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon an assessment of the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are tested whether they are deductible or can be utilized, the Company recorded the deferred tax assets resulting from net operating loss carryforwards of $ 17,129 Nil The Company adopted ASC 740-10-25 Accounting for Uncertainty in Income Taxes and such adoption did not have any material impact on the accompanying consolidated financial statements. The Company is subject to income taxes in the PRC. Tax regulations are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. All tax positions taken, or expected to be taken, continue to be more likely than not ultimately settled at the full amount claimed. The Company’s tax filings are subject to the PRC tax bureau’s examination for a period up to 5 years. The Company is not currently under any examination by the PRC tax bureau. |
LONG TERM BORROWINGS
LONG TERM BORROWINGS | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | NOTE 19 LONG TERM BORROWINGS On May 16, 2013, the Company entered into a project finance loan agreement with China CITIC Bank to finance the development of the Company’s Linyi Project. The loan has a 2-year term in the principal amount of $ 11,439,778 70,000,000 14.21 8.06 2,372,564 The Company pledged its real estate properties in the Linyi project with carrying value of $ 45,030,368 50 246,895 4,575,911 28,000,000 6,863,866 42,000,000 On December 16, 2014, the Company entered into a project finance loan agreement with HUAXIA Bank to finance the development of the Company’s Guxinglu Project in Shanghai. 19,611,047 120,000,000 7.025 8,171,270 50,000,000 December 31, December 31, 2014 2013 Outstanding borrowings $ 15,062,230 $ 11,481,245 Less: Current portion of long term borrowings 6,890,960 4,592,498 $ 8,171,270 $ 6,888, 747 |
DEFERRED GOVERNEMNET SUBSIDY
DEFERRED GOVERNEMNET SUBSIDY | 12 Months Ended |
Dec. 31, 2014 | |
Deferred Government Subsidy [Abstract] | |
Deferred Governemnet Subsidy [Text Block] | NOTE 20- DEFERRED GOVERNEMNET SUBSIDY Deferred government subsidy consists of the cash subsidy provided by the local government. Government subsidies include cash subsidies received by the Company’s subsidiaries in the PRC from local governments. In recognizing the benefit of government subsidies in accordance with U.S. GAAP, the Company considers intended use of and restrictions of the subsidy, the requirements for the receipt of funds, and whether or not the incentive is given for immediate financial support, or to encourage activities such as land development in specified area. Each grant is evaluated to determine the propriety of classification on the consolidated statements of operations and consolidated balance sheets. Those grants that are substantively reimbursements of specified costs are matched with those costs and recorded as a reduction in costs. Those benefits that are more general in nature or driven by business performance measures are classified as revenue. The Company has received refundable government subsidy of $ 5,421,706 |
STATUTORY RESERVE
STATUTORY RESERVE | 12 Months Ended |
Dec. 31, 2014 | |
Statutory Reserve [Abstract] | |
Statutory Reserve Disclosure [Text Block] | NOTE 21- STATUTORY RESERVE According to the relevant corporation laws in the PRC, a PRC company is required to transfer at least 10 50 According to the Law of the PRC on Enterprises with Wholly-Owned Foreign Investment, the Company PRC’s subsidiaries are required to make appropriations from after-tax profits as determined under accounting principles generally accepted in the PRC (“ PRC GAAP 10 50 In addition to the general reserve, the Company’s PRC subsidiaries are required to obtain approval from the local PRC government prior to distributing any registered share capital. Accordingly, both the appropriations to general reserve and the registered share capital of the Company’s PRC subsidiary are considered as restricted net assets and are not distributable as cash dividends. As of December 31, 2014, the Company’s statutory reserve fund was $ 812,582 812,467 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 22- COMMITMENTS AND CONTINGENCIES Operating Lease Commitments The Company leases certain of its office properties under non-cancellable operating lease arrangements. Payments under operating leases are expensed on a straight-line basis over the periods of their respective terms, and the terms of the leases do not contain rent escalation, or contingent rent, renewal, or purchase options. There are no restrictions placed upon the Company by entering into these leases. Rental expenses under operating leases for the year ended December 31, 2014 were $ 50,265 254,559 Amount Year Ending 2015 $ 11,299 2016 - 2017 - $ 11,299 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 23- SEGMENT INFORMATION The Company's chief executive officer and chief operating officer have been identified as the chief operating decision makers. The Company's chief operating decision makers direct the allocation of resources to operating segments based on the profitability and cash flows of each respective segment. The Company evaluates performance based on several factors, including net revenue, cost of revenue, operating expenses, and income from operations. Year Ended December 31, 2014 Property Brokerage Real Estate Services Development Corporate Total Net revenues $ 8,611,639 $ - $ - $ 8,611,639 Cost of revenues (4,350,690) - - (4,350,690) Gross income 4,260,949 - - 4,260,949 Operating expenses (1,221,856) (693,897) - (1,915,753) General and administrative expenses (2,845,692) (1,529,493) (212,343) (4,587,529) Operating income (loss) 193,400 (2,223,390) (212,343) (2,242,333) Other income (expenses) Interest income 509,079 343,985 - 853,055 Interest expense (3,356,238) - (45,000) (3,401,238) Miscellaneous 51,712 2,255 - 53,967 Equity in net loss of unconsolidated affiliates (99,969) (402,348) 57,037 (445,280) Total other (expenses) income (2,895,425) (56,109) 12,307 (2,939,496) Loss before income taxes (2,702,025) (2,279,499) (200,305) (5,181,829) Income tax (expense) benefit (40,518) 15,639 (5,704) (30,583) Net income (loss) $ (2,742,543) $ (2,263,860) $ (206,009) $ (5,212,412) Year ended December 31, 2013 Property Brokerage Real Estate Services Development Corporate Total Net revenues $ 11,240,190 $ - $ - $ 11,240,190 Cost of revenues (4,412,118) - - (4,412,118) Gross income 6,828,072 - - 6,828,072 Operating expenses (1,343,398) (1,049,597) - (2,392,995) General and administrative expenses (2,725,323) (4,341,357) (545,012) (7,611,693) Operating loss 2,759,350 (5,390,954) (545,012) (3,176,616) Other income (expenses) Interest income 882,584 232,307 16 1,114,907 Interest expense (3,808,133) - (80,604) (3,888,737) Miscellaneous 305,944 (2,972) - 302,972 Equity in net loss of an unconsolidated affiliate (3,751) (566,267) (143,732) (746,749) Total other (expenses) income (2,656,356) (336,932) (224,320) (3,217,607) Loss before income taxes and equity in net loss of an unconsolidated affiliate (102,994) (5,727,886) (769,332) (6,394,223) Income tax (expense) benefit (156,777) (192,518) - (349,296) Net loss $ (53,783) $ (5,920,404) $ (769,332) $ (6,743,519) Property Brokerage Real Estate Services Development Corporate Total As of December 31, 2014 Real estate property under development $ - $ 71,377,187 $ - $ 77,377,187 Total assets 25,376,692 75,908,713 53,305 101,338,710 As of December 31, 2013 Real estate property under development $ - $ 31,644,480 $ - $ 31,644,480 Total assets 24,122,374 38,260,574 13,090 62,396,039 |
ERROR CORRECTION
ERROR CORRECTION | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Error Corrections [Text Block] | NOTE 24- ERROR CORRECTION There were error corrections made in the 2013 financial statements. These corrections were made from updated information and impairments made for the year ended December 31, 2013. Previously Adjustment As Restated Balance Sheets Total Assets 61,698,318 697,721 62,396,039 Total Liabilities 58,095,126 5,412,573 63,507,699 Total liabilities and shareholders’ deficit (8,856,248) (1,372,896) (10,229,144) Statement of Operations Net Revenues 12,763,447 (1,523,257) 11,240,190 Net Loss (1,931,311) (5,357,281) (7,288,592) Loss Per Share Basic and Fully Diluted (0.04) (0.06) (0.1) Weighted average common shares outstanding Basic and Fully Diluted 28,691,925 28,691,925 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 25 SUBSEQUENT EVENTS On March 13, 2015, our Board of Directors engaged Kenne Ruan, CPA, P.C. (“Kenne Ruan”) as the Registrant’s certifying accountant to audit the registrant's financial statements, replacing its former certifying accountant, Finesse CPA, P.C. (“Finesse”). Upon receipt of the notice that the Registrant’s acceptance of the proposal from Kenne Ruan to audit its consolidated financial statements for the fiscal year ending December 31, 2014, Finesse resigned as the Registrant’s certifying accountant on March 13, 2015. |
SUMMARY OF SIGNIFICANT ACCOUN33
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis Of Accounting, Policy [Policy Text Block] | Basis of Accounting and Principles of Consolidation The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“ U.S. GAAP The consolidated financial statements include the financial statements of Sunrise Real Estate Group, Inc. and its subsidiaries. All significant inter-company accounts and transactions have been eliminated on consolidation. Investments in business entities, in which the Company does not have control but has the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method. |
Going Concern, Policy [Policy Text Block] | Going Concern The Company’s consolidated financial statements have been prepared on a going concern, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. As of December 31, 2014, the Company has a working capital deficiency, accumulated deficit from recurring net losses for the current and prior years, and significant short-term debt obligations currently in default or maturing in less than one year. These factors raise substantial doubts about the Company’s ability to continue as a going concern. Management believes that the Company will generate sufficient cash flows to fund its operations and to meet its obligations on timely basis for the next twelve months by successful implementation of its business plans, obtaining continued support from its lenders to rollover debts when they became due, and securing additional financing as needed. If events or circumstances occur that the Company is unable to successfully implement its business plans, fails to obtain continued supports from its lenders or to secure additional financing, the Company may be required to suspend operations or cease business entirely. The accompanying financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in accordance with U.S GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The Company follows the provisions of Accounting Standards Codification (“ ASC ASC 820 Level 1-Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2-Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3-Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. The carrying amounts reported in the accompanying consolidated balance sheets for cash and cash equivalents, restricted cash, accounts receivable, promissory deposits, amount due from an unconsolidated affiliate, other receivables and deposits, deferred tax assets, bank loans, promissory notes payable, accounts payable, customer deposits, amounts due to directors, other payables and accrued expenses, other taxes payable and income taxes payable approximate their fair value based on the short-term maturity of these instruments. The fair value of the deposits received from underwriting sales approximate their carrying amounts because the deposits were received in cash. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, other receivables and deposits, and amount due from an unconsolidated affiliate. The Company places its cash and cash equivalents with reputable financial institutions with high credit ratings. The Company conducts credit evaluations of customers and generally does not require collateral or other security from customers. The Company establishes an allowance for doubtful accounts primarily based upon the age of the receivables and factors relevant to determining the credit risk of specific customers. The amount of receivables ultimately not collected by the Company has generally been consistent with management's expectations and the allowance established for doubtful accounts. |
Major Customers, Policy [Policy Text Block] | Major Customers During the year ended December 31, 2014, there were two customers that accounted for 21 12 740,498 0 During the year ended December 31, 2013, there was one customer that accounted for 19 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and all highly liquid investments with an original maturity of three months or less. The Company maintains cash and cash equivalents with various banks in the PRC which are not insured or otherwise protected. Should any of these banks holding the Company’s cash deposits become insolvent, or if the Company is otherwise unable to withdraw funds for any reason, the Company could lose the cash on deposit with that particular bank. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | The functional currency of SRRE, CY-SRRE and LRY is U.S. dollars (“ $ RMB Foreign currency transactions during the year are translated into each company’s denominated currency at the exchange rates ruling at the transaction dates. Gain and loss resulting from foreign currency transactions are included in the consolidated statement of operations. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated into each company’s denominated currency at year-end exchange rates. All exchange differences are dealt with in the consolidated statements of operations. The financial statements of the Company’s operations based outside of the United States have been translated into U.S. dollars in accordance with ASC830. Management has determined that the functional currency for each of the Company’s foreign operations is its applicable local currency. When translating functional currency financial statements into U.S. dollars, year-end exchange rates are applied to the consolidated balance sheets, while average exchange rates as to revenues and expenses are applied to consolidated statements of operations. The effect of foreign currency translation adjustments are included as a component of accumulated other comprehensive income in shareholders’ equity. The exchange rates as of December 31, 2014 and December 31, 2013 are $ 1 6.1190 1 6.0969 The RMB is not freely convertible into foreign currency and all foreign exchange transaction must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rate used in translation. |
Real Estate Held for Development and Sale, Policy [Policy Text Block] | Real Estate Property under Development Real estate property under development, which consists of residential unit sites and commercial and residential unit sites under development, is stated at the lower of carrying amounts or fair value Expenditures for land development, including cost of land use rights, deed tax, pre-development costs and engineering costs, are capitalized and allocated to development projects by the specific identification method. Costs are allocated to specific units within a project based on the ratio of the sales value of units to the estimated total sales value times the total project costs. Costs of amenities transferred to buyers are allocated as common costs of the project that are allocated to specific units as a component of total construction costs. For amenities retained by the Company, costs in excess of the related fair value of the amenity are also treated as common costs. Results of operations of amenities retained by the Company are included in current operating results. In accordance with ASC 360, “Property, Plant and Equipment” (“ ASC 360 For the years ended December 31, 2014 and 2013, the Company had recognized any impairment for real estate property under development. |
Interest Capitalization, Policy [Policy Text Block] | Capitalization of Interest Interest incurred during and directly related to real estate development projects is capitalized to the related real estate property under development during the active development period, which generally commences when borrowings are used to acquire real estate assets and ends when the properties are substantially complete or the property becomes inactive. Interest is capitalized based on the interest rate applicable to specific borrowings or the weighted average of the rates applicable to other borrowings during the period. Interest capitalized to real estate property under development is expensed as a component of cost of real estate sales when related units are sold. All other interest is expensed as incurred. |
Property, Plant and Equipment, Policy [Policy Text Block] | straight-line method Estimated Furniture and fixtures 5-10 Computer and office equipment 3-5 Motor vehicles 5 Properties 20 Maintenance, repairs and minor renewals are charged directly to the statement of operations as incurred. Additions and improvements are capitalized. When assets are disposed of, the related cost and accumulated depreciation thereon are removed from the accounts and any resulting gain or loss is included in the statement of operations. |
Real Estate, Policy [Policy Text Block] | Investment Properties, Net Investment properties are stated at cost less accumulated depreciation and any impairment losses. Depreciation is computed using the straight-line method 20 years Significant additions that extend property lives are capitalized and are depreciated over their respective estimated useful lives. Routine maintenance and repair costs are expensed as incurred. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-lived Assets In accordance with ASC 360, "Accounting for the Impairment or Disposal of Long-Lived Assets" (“ ASC 360 The Company tests long-lived assets, including property and equipment, investment properties and other assets, for recoverability when events or circumstances indicate that the net carrying amount is greater than its fair value. Assets are grouped and evaluated at the lowest level for their identifiable cash flows that are largely independent of the cash flows of other groups of assets. The Company considers historical performance and future estimated results in its evaluation of potential impairment and then compares the carrying amount of the asset to the future estimated cash flows expected to result from the use of the asset. If the carrying amount of the asset exceeds estimated expected undiscounted future cash flows, the Company measures the amount of impairment by comparing the carrying amount of the asset to its fair value. The estimation of fair value is generally determined by using the asset's expected future discounted cash flows or market value. The Company estimates fair value of the assets based on certain assumptions such as budgets, internal projections, and other available information as considered necessary. There is no impairment of long-lived assets during the years ended December 31, 2014 and 2013. |
Customer Deposits [Policy Text Block] | Customer Deposits Customer deposits consist of amounts received from customers relating to the sale of residential units in the PRC. In the PRC, customers will generally obtain permanent financing for the purchase of their residential unit prior to the completion of the project. The lending institution will provide the funding to the Company upon the completion of the financing rather than the completion of the project. The Company receives these funds and recognizes them as a liability until the revenue can be recognized. |
Equity Method Investments, Policy [Policy Text Block] | The Company accounts for long term investments in equities as follows. Investments in Unconsolidated Affiliates Affiliates are entities over which the Company has significant influence, but which it does not control. The Company generally considers an ownership interest of 20 When the Company’s share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate. The Company is required to perform an impairment assessment of its investments whenever events or changes in business circumstances indicate that the carrying value of the investment may not be fully recoverable. An impairment loss is recorded when there has been a loss in value of the investment that is other than temporary. Other Investments Where the Company has no significant influence, the investment is classified as other investments in the balance sheet and is carried under the cost method. Investment income is recognized by the Company when the investee declares a dividend and the Company believes it is collectible. The Company periodically evaluates the carrying value of its investment under the cost method and any decline in value is included in impairment of cost of the investment. During the year ended December 31, 2014, the Company provided an allowance for impairment loss on other investments of $Nil (2013: $Nil). As of December 31, 2014, the allowance for impairment loss on other investments amounted to $ 78,444 78,729 |
Government Subsidies Policy [Policy Text Block] | Government subsidies include cash subsidies received by the Company’s subsidiaries in the PRC from local governments. In recognizing the benefit of government subsidies in accordance with U.S. GAAP, the Company considers intended use of and restrictions of the subsidy, the requirements for the receipt of funds, and whether or not the incentive is given for immediate financial support, or to encourage activities such as land development in specified area. Each grant is evaluated to determine the propriety of classification on the consolidated statements of operations and consolidated balance sheets. Those grants that are substantively reimbursements of specified costs are matched with those costs and recorded as a reduction in costs. Those benefits that are more general in nature or driven by business performance measures are classified as revenue. During the year of 2012, the Company received no refundable government subsidy amount of $ 5,278,087 33,175,416 5,421,706 5,441,358 |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Agency commission revenue from property brokerage is recognized when the property developer and the buyer complete a property sales transaction, and the property developer grants confirmation to us to be able to invoice them accordingly. The time when we receive the commission is normally at the time when the property developer receives from the buyer a portion of the sales proceeds in accordance with the terms of the relevant property sales agreement, or the balance of the bank loan to the buyer has been funded, or recognized under the sales schedule or other specific items of agency sales agreement with developer. At no point does the Company handle any monetary transactions nor act as an escrow intermediary between the developer and the buyer. Revenue from marketing consultancy services is recognized when services are provided to clients, fees associated to services are fixed or determinable, and collection of the fees is assured. Rental revenue from property management and rental business is recognized on a straight-line basis according to the time pattern of the leasing agreements. The Company accounts for underwriting sales in accordance with ASC 976-605 “Accounting for Sales of Real Estate” (Formerly Statement of Financial Accounting Standards No. 66) (“ ASC 976-605 All revenues represent gross revenues less sales and business tax. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) In accordance with ASC 220-10-55, comprehensive income (loss) is defined as all changes in equity except those resulting from investments by owners and distributions to owners. The Company’s only components of comprehensive loss during the years ended December 31, 2014 and 2013 were net loss and foreign currency translation adjustments. |
Earnings Per Share, Policy [Policy Text Block] | Net Earnings (Loss) per Common Share The Company computes net earnings (loss) per share in accordance with ASC 260, “Earnings per Share” (“ ASC 260 |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (“ ASC 740 The Company recognizes tax benefits that satisfy a greater than 50% probability threshold and provides for the estimated impact of interest and penalties for such tax benefits. The Company did not incur any interest or penalties related to potential underpaid income tax expenses during the years ended December 31, 2014 and 2013. |
New Accounting Pronouncements [Policy Text Block] | In February 2013, the FASB issued ASU No. 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date ASU 2013-04 In March 2013, the FASB issued ASU No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity ASU 2013-05 CTA In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740) ASU 2013-11 In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ASU 2014-15 In February 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement Period Adjustments (“ASU 2015-16”). This update requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in this Update require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this Update require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date In August 2015, the FASB issued ASU No. 2015-14 (“ASU 2015-15”), an update to ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ASU 2014-09 All other entities should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. All other entities may apply the guidance in Update 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities also may apply the guidance in Update 2014-09earlier as of an annual reporting period beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which the entity first applies the guidance in Update2014-09. |
ORGANIZATION AND DESCRIPTION 34
ORGANIZATION AND DESCRIPTION OF BUSINESS (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Organization and Description Of Business [Abstract] | |
Consolidation Entities Nature Of Business [Table Text Block] | As of December 31, 2014, the Company has the following major subsidiaries and equity investments. Company Name Date of Place of % of Relationship Principal activity Sunrise Real Estate Development Group, Inc. (“CY-SRRE”) April 30, 2004 Cayman Islands 100% Subsidiary Investment holding Lin Ray Yang Enterprise Limited (“LRY”) November 13, 2003 British Virgin Islands 100% Subsidiary Investment holding Shanghai XinJi Yang Real Estate Consultation Company Limited (“SHXJY”) August 20, 2001 PRC 100% Subsidiary Property brokerage services Shanghai Shang Yang Real Estate consultation Company Limited (“SHSY”) February 5, 2004 PRC 100% Subsidiary Property brokerage services Suzhou Gao Feng Hui Property Management Company Limited (“SZGFH”) January 10, 2005 PRC 100% Subsidiary Property management and leasing services Suzhou Shang Yang Real Estate Consultation Company Limited (“SZSY”) November 24, 2006 PRC 38.5% 1 Subsidiary Property brokerage and management services Suzhou Xi Ji Yang Real Estate Consultation Company Limited (“SZXJY”) June 25, 2004 PRC 75% Subsidiary Property brokerage services LinyiShangyang Real Estate Development Company Limited (“LYSY”) October 13, 2011 PRC 24% 2 Subsidiary Real estate development Shangqiu Shang Yang Real Estate Consultation Company Limited (“SQSY”) October 20, 2010 PRC 100% Subsidiary Property brokerage services Wuhan Gao Feng Hui Consultation Company Limited (“WHGFH”) November 10, 2010 PRC 60% Subsidiary Property brokerage services Sanya Shang Yang Real Estate Consultation Company Limited (“SYSY”) September 18, 2008 PRC 100% Subsidiary Property brokerage services Shanghai RuiJian Design Company Limited (“SHRJ”) August 15, 2011 PRC 100% Subsidiary Property brokerage services LinyiRui Lin Construction and Design Company Limited (“LYRL”) March 6, 2012 PRC 100% 3 Subsidiary Investment holding PutianXinJi Yang Real Estate Consultation Company Limited (“PTXJY”) June 5, 2012 PRC 55% Subsidiary Property brokerage services Company Name Date of Place of % of Relationship Principal activity ShanghaiXinJi Yang Real Estate Brokerage Company Limited (“SHXJYB”) January 28, 2013 PRC 75% 4 Subsidiary Property brokerage services Wuhan Yuan Yu Long Real Estate Development Company Limited (“WHYYL”) December 28, 2009 PRC 49% Equity investment Real estate development Shanghai Xin Xing Yang Real Estate Brokerage Company Limited (“SHXXY”) September 28, 2011 PRC 40% Equity investment Property brokerage services XinGuang Equity Investment Management (Shanghai) Company Limited (“XG”) December 17, 2012 PRC 49% Equity investment Equity investment and consultancy Shanghai Da Er Wei Trading Company Limited (“SHDEW”) June 6, 2013 PRC 30% Equity investment Import and export trading Shanghai Hui Tian (“SHHT”) July 25, 2014 PRC 100% Subsidiary Investment holding Shanghai Tian Xi (“SHSYTX”) August 19, 2014 PRC 100% Subsidiary Investment holding Shenzhen Hui Tian (“SZHT”) October 15, 2014 PRC 100% Subsidiary Investment holding 1. The Company and a shareholder of SZSY, which holds 12.5 12.5 51 2. The Company and a shareholder of LYSY, which holds 51 51 75 3. The equity interest in LYRL is held by three Chinese individuals in trust for SHXJY. 4. On January 28, 2013, CY-SRRE, SZXJY and an unrelated party established a subsidiary in the PRC, SHXJYB, with CY-SRRE holding a 15 60 |
SUMMARY OF SIGNIFICANT ACCOUN35
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] | Depreciation is computed using the straight-line method Estimated Furniture and fixtures 5-10 Computer and office equipment 3-5 Motor vehicles 5 Properties 20 |
OTHER RECEIVABLES AND DEPOSITS
OTHER RECEIVABLES AND DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Receivables [Abstract] | |
Schedule Of Other Receivables and Deposit [Table Text Block] | December 31, December 31, 2014 2013 Advances to staff $ 33,609 12,444 Rental deposits 40,800 4,773 Prepaid expense 319,774 Prepaid tax 1,066,574 17,435 Other receivables 353,964 98,166 $ 1,814,721 $ 132,818 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | December 31, December 31, 2014 2013 Furniture and fixtures $ 474,199 $ 244,314 Computer and office equipment 298,055 196,267 Motor vehicles 762,963 922,367 Properties 9,623,547 9,889,772 11,158,764 11,252,720 Less: Accumulated depreciation (2,688,684) (2,136,583) $ 8,470,080 $ 9,116,137 |
INVESTMENT PROPERTIES, NET (Tab
INVESTMENT PROPERTIES, NET (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties [Table Text Block] | December 31, December 31, 2014 2013 Investment properties $ 10,119,435 $ 10,156,117 Less: Accumulated depreciation (4,418,590) (4,047,594) $ 5,700,845 $ 6,108,523 |
INVESTMENTS IN AND AMOUNT DUE39
INVESTMENTS IN AND AMOUNT DUE FROM UNCONSOLIDATED AFFILIATES (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments [Table Text Block] | Years Ended December 31, 2014 2013 Revenues $ - $ - Net loss $ 821,118 $ 1,155,647 December 31, December 31, 2014 2013 Current assets $ 55,563,441 $ 53,013,965 Non-current assets 902,342 794,446 Total assets 56,465,783 53,808,411 Current liabilities 45,815,315 42,291,701 Total equity $ 10,650,468 $ 11,526,300 |
AMOUNTS DUE TO DIRECTORS (Table
AMOUNTS DUE TO DIRECTORS (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | December 31, December 31, 2014 2013 Lin Chi-Jung $ 10,073,426 $ 10,866,943 Lin Chao-Chin 23,027 18,224 Lin Hsin-Hung 32,794 23,110 $ 10,129,247 $ 10,908,277 |
OTHER PAYABLES AND ACCRUED EX41
OTHER PAYABLES AND ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, December 31, 2014 2013 Accrued staff commission and bonus $ 532,411 $ 675,138 Rental deposits received 374,680 447,260 Other payables 217,777 287,606 Dividends payable to non-controlling interest 290,188 $ 1,415,056 $ 1,410,004 |
INCOME TAXES PAYABLE (Tables)
INCOME TAXES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The Company’s subsidiaries in the PRC are subject to the standard 25 Income tax benefit consists of Years Ended December 31, 2014 2013 PRC Provision for income tax $ 47,711 $ 349,295 Deferred tax benefit (17,129) 0 Total income tax benefit $ 30,583 $ 349,295 |
Schedule Of Income Tax Reconciliation [Table Text Block] | A reconciliation of the provision for income taxes, with amounts determined by applying the PRC statutory income tax rate to loss before income taxes, is as follows: Years Ended December 31, 2014 2013 Provision for income tax benefit at PRC statutory tax rate of 25% $ 44,194 $ (18,878) Permanent differences (14,116) 12,428 Under (Over)-provision for income taxes in prior years 505 206,343 Change in valuation allowance 149,403 Total income tax benefit $ 30,583 $ 349,295 |
LONG TERM BORROWINGS (Tables)
LONG TERM BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The loan has a 3-year term in the principal amount of $ 19,611,047 120,000,000 7.025 8,171,270 50,000,000 December 31, December 31, 2014 2013 Outstanding borrowings $ 15,062,230 $ 11,481,245 Less: Current portion of long term borrowings 6,890,960 4,592,498 $ 8,171,270 $ 6,888, 747 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of December 31, 2014, the Company had the following operating lease obligations falling due. Amount Year Ending 2015 $ 11,299 2016 - 2017 - $ 11,299 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables show the operations of the Company's operating segments: Year Ended December 31, 2014 Property Brokerage Real Estate Services Development Corporate Total Net revenues $ 8,611,639 $ - $ - $ 8,611,639 Cost of revenues (4,350,690) - - (4,350,690) Gross income 4,260,949 - - 4,260,949 Operating expenses (1,221,856) (693,897) - (1,915,753) General and administrative expenses (2,845,692) (1,529,493) (212,343) (4,587,529) Operating income (loss) 193,400 (2,223,390) (212,343) (2,242,333) Other income (expenses) Interest income 509,079 343,985 - 853,055 Interest expense (3,356,238) - (45,000) (3,401,238) Miscellaneous 51,712 2,255 - 53,967 Equity in net loss of unconsolidated affiliates (99,969) (402,348) 57,037 (445,280) Total other (expenses) income (2,895,425) (56,109) 12,307 (2,939,496) Loss before income taxes (2,702,025) (2,279,499) (200,305) (5,181,829) Income tax (expense) benefit (40,518) 15,639 (5,704) (30,583) Net income (loss) $ (2,742,543) $ (2,263,860) $ (206,009) $ (5,212,412) Year ended December 31, 2013 Property Brokerage Real Estate Services Development Corporate Total Net revenues $ 11,240,190 $ - $ - $ 11,240,190 Cost of revenues (4,412,118) - - (4,412,118) Gross income 6,828,072 - - 6,828,072 Operating expenses (1,343,398) (1,049,597) - (2,392,995) General and administrative expenses (2,725,323) (4,341,357) (545,012) (7,611,693) Operating loss 2,759,350 (5,390,954) (545,012) (3,176,616) Other income (expenses) Interest income 882,584 232,307 16 1,114,907 Interest expense (3,808,133) - (80,604) (3,888,737) Miscellaneous 305,944 (2,972) - 302,972 Equity in net loss of an unconsolidated affiliate (3,751) (566,267) (143,732) (746,749) Total other (expenses) income (2,656,356) (336,932) (224,320) (3,217,607) Loss before income taxes and equity in net loss of an unconsolidated affiliate (102,994) (5,727,886) (769,332) (6,394,223) Income tax (expense) benefit (156,777) (192,518) - (349,296) Net loss $ (53,783) $ (5,920,404) $ (769,332) $ (6,743,519) Property Brokerage Real Estate Services Development Corporate Total As of December 31, 2014 Real estate property under development $ - $ 71,377,187 $ - $ 77,377,187 Total assets 25,376,692 75,908,713 53,305 101,338,710 As of December 31, 2013 Real estate property under development $ - $ 31,644,480 $ - $ 31,644,480 Total assets 24,122,374 38,260,574 13,090 62,396,039 |
ERROR CORRECTION (Tables)
ERROR CORRECTION (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | The following summarizes the above error corrections. Previously Adjustment As Restated Balance Sheets Total Assets 61,698,318 697,721 62,396,039 Total Liabilities 58,095,126 5,412,573 63,507,699 Total liabilities and shareholders’ deficit (8,856,248) (1,372,896) (10,229,144) Statement of Operations Net Revenues 12,763,447 (1,523,257) 11,240,190 Net Loss (1,931,311) (5,357,281) (7,288,592) Loss Per Share Basic and Fully Diluted (0.04) (0.06) (0.1) Weighted average common shares outstanding Basic and Fully Diluted 28,691,925 28,691,925 |
ORGANIZATION AND DESCRIPTION 47
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details) | 12 Months Ended | |
Dec. 31, 2014 | ||
Sunrise Real Estate Development Group, Inc. [Member] | ||
Organization And Description Of Business [Line Items] | ||
Subsidiaries, Date of Incorporation | Apr. 30, 2004 | |
Subsidiaries, Place of Incorporation | Cayman Islands | |
Subsidiaries, % of Ownership held by the Company | 100.00% | |
Subsidiaries, Principal activity | Investment holding | |
Lin Ray Yang Enterprise Limited [Member] | ||
Organization And Description Of Business [Line Items] | ||
Subsidiaries, Date of Incorporation | Nov. 13, 2003 | |
Subsidiaries, Place of Incorporation | British Virgin Islands | |
Subsidiaries, % of Ownership held by the Company | 100.00% | |
Subsidiaries, Principal activity | Investment holding | |
Shanghai Xin Ji Yang Real Estate Consultation Company Limited [Member] | ||
Organization And Description Of Business [Line Items] | ||
Subsidiaries, Date of Incorporation | Aug. 20, 2001 | |
Subsidiaries, Place of Incorporation | PRC | |
Subsidiaries, % of Ownership held by the Company | 100.00% | |
Subsidiaries, Principal activity | Property brokerage services | |
Shanghai Shang Yang Real Estate Consultation Company Limited [Member] | ||
Organization And Description Of Business [Line Items] | ||
Subsidiaries, Date of Incorporation | Feb. 5, 2004 | |
Subsidiaries, Place of Incorporation | PRC | |
Subsidiaries, % of Ownership held by the Company | 100.00% | |
Subsidiaries, Principal activity | Property brokerage services | |
Suzhou Gao Feng Hui Property Management Company Limited [Member] | ||
Organization And Description Of Business [Line Items] | ||
Subsidiaries, Date of Incorporation | Jan. 10, 2005 | |
Subsidiaries, Place of Incorporation | PRC | |
Subsidiaries, % of Ownership held by the Company | 100.00% | |
Subsidiaries, Principal activity | Property management and leasing services | |
Suzhou Shang Yang Real Estate Consultation Company Limited [Member] | ||
Organization And Description Of Business [Line Items] | ||
Subsidiaries, Date of Incorporation | Nov. 24, 2006 | |
Subsidiaries, Place of Incorporation | PRC | |
Subsidiaries, % of Ownership held by the Company | 38.50% | [1] |
Subsidiaries, Principal activity | Property brokerage and management services | |
Suzhou Xi Ji Yang Real Estate Consultation Company Limited [Member] | ||
Organization And Description Of Business [Line Items] | ||
Subsidiaries, Date of Incorporation | Jun. 25, 2004 | |
Subsidiaries, Place of Incorporation | PRC | |
Subsidiaries, % of Ownership held by the Company | 75.00% | |
Subsidiaries, Principal activity | Property brokerage services | |
Linyi Shangyang Real Estate Development Company Limited [Member] | ||
Organization And Description Of Business [Line Items] | ||
Subsidiaries, Date of Incorporation | Oct. 13, 2011 | |
Subsidiaries, Place of Incorporation | PRC | |
Subsidiaries, % of Ownership held by the Company | 24.00% | [2] |
Subsidiaries, Principal activity | Real estate development | |
Shangqiu Shang Yang Real Estate Consultation Company Limited [Member] | ||
Organization And Description Of Business [Line Items] | ||
Subsidiaries, Date of Incorporation | Oct. 20, 2010 | |
Subsidiaries, Place of Incorporation | PRC | |
Subsidiaries, % of Ownership held by the Company | 100.00% | |
Subsidiaries, Principal activity | Property brokerage services | |
Wuhan Gao Feng Hui Consultation Company Limited [Member] | ||
Organization And Description Of Business [Line Items] | ||
Subsidiaries, Date of Incorporation | Nov. 10, 2010 | |
Subsidiaries, Place of Incorporation | PRC | |
Subsidiaries, % of Ownership held by the Company | 60.00% | |
Subsidiaries, Principal activity | Property brokerage services | |
Sanya Shang Yang Real Estate Consultation Company Limited [Member] | ||
Organization And Description Of Business [Line Items] | ||
Subsidiaries, Date of Incorporation | Sep. 18, 2008 | |
Subsidiaries, Place of Incorporation | PRC | |
Subsidiaries, % of Ownership held by the Company | 100.00% | |
Subsidiaries, Principal activity | Property brokerage services | |
Shanghai Rui Jian Design Company Limited [Member] | ||
Organization And Description Of Business [Line Items] | ||
Subsidiaries, Date of Incorporation | Aug. 15, 2011 | |
Subsidiaries, Place of Incorporation | PRC | |
Subsidiaries, % of Ownership held by the Company | 100.00% | |
Subsidiaries, Principal activity | Property brokerage services | |
LinyiRui Lin Construction and Design Company Limited [Member] | ||
Organization And Description Of Business [Line Items] | ||
Subsidiaries, Date of Incorporation | Mar. 6, 2012 | |
Subsidiaries, Place of Incorporation | PRC | |
Subsidiaries, % of Ownership held by the Company | 100.00% | [3] |
Subsidiaries, Principal activity | Investment holding | |
Putian Xin Ji Yang Real Estate Consultation Company Limited [Member] | ||
Organization And Description Of Business [Line Items] | ||
Subsidiaries, Date of Incorporation | Jun. 5, 2012 | |
Subsidiaries, Place of Incorporation | PRC | |
Subsidiaries, % of Ownership held by the Company | 55.00% | |
Subsidiaries, Principal activity | Property brokerage services | |
Shanghai Xin Ji Yang Real Estate Brokerage Company Limited [Member] | ||
Organization And Description Of Business [Line Items] | ||
Subsidiaries, Date of Incorporation | Jan. 28, 2013 | |
Subsidiaries, Place of Incorporation | PRC | |
Subsidiaries, % of Ownership held by the Company | 75.00% | [4] |
Subsidiaries, Principal activity | Property brokerage services | |
Wuhan Yuan Yu Long Real Estate Development Company Limited [Member] | ||
Organization And Description Of Business [Line Items] | ||
Equity investment, Date of Incorporation | Dec. 28, 2009 | |
Equity investment, Place of Incorporation | PRC | |
Equity investment, % of Ownership held by the Company | 49.00% | |
Equity investment, Principal activity | Real estate development | |
Shanghai Xin Xing Yang Real Estate Brokerage Company Limited [Member] | ||
Organization And Description Of Business [Line Items] | ||
Equity investment, Date of Incorporation | Sep. 28, 2011 | |
Equity investment, Place of Incorporation | PRC | |
Equity investment, % of Ownership held by the Company | 40.00% | |
Equity investment, Principal activity | Property brokerage services | |
Xin Guang Equity Investment Management (Shanghai) Company Limited [Member] | ||
Organization And Description Of Business [Line Items] | ||
Equity investment, Date of Incorporation | Dec. 17, 2012 | |
Equity investment, Place of Incorporation | PRC | |
Equity investment, % of Ownership held by the Company | 49.00% | |
Equity investment, Principal activity | Equity investment and consultancy | |
Shanghai Da Er Wei Trading Company Limited [Member] | ||
Organization And Description Of Business [Line Items] | ||
Equity investment, Date of Incorporation | Jun. 6, 2013 | |
Equity investment, Place of Incorporation | PRC | |
Equity investment, % of Ownership held by the Company | 30.00% | |
Equity investment, Principal activity | Import and export trading | |
Shanghai Hui Tian [Member] | ||
Organization And Description Of Business [Line Items] | ||
Subsidiaries, Date of Incorporation | Jul. 25, 2014 | |
Subsidiaries, Place of Incorporation | PRC | |
Subsidiaries, % of Ownership held by the Company | 100.00% | |
Subsidiaries, Principal activity | Investment holding | |
Shanghai Tian Xi [Member] | ||
Organization And Description Of Business [Line Items] | ||
Subsidiaries, Date of Incorporation | Aug. 19, 2014 | |
Subsidiaries, Place of Incorporation | PRC | |
Subsidiaries, % of Ownership held by the Company | 100.00% | |
Subsidiaries, Principal activity | Investment holding | |
Shenzhen Hui Tian [Member] | ||
Organization And Description Of Business [Line Items] | ||
Subsidiaries, Date of Incorporation | Oct. 15, 2014 | |
Subsidiaries, Place of Incorporation | PRC | |
Subsidiaries, % of Ownership held by the Company | 100.00% | |
Subsidiaries, Principal activity | Investment holding | |
[1] | The Company and a shareholder of SZSY, which holds 12.5% equity interest in SZSY, entered into a voting agreement that the Company is entitled to exercise the voting rights in respect of the shareholder’s 12.5% equity interest in SZSY. The Company effectively holds 51% voting rights in SZSY and therefore considers SZSY as a subsidiary of the Company. | |
[2] | The Company and a shareholder of LYSY, which holds 51% equity interest in LYSY, entered into a voting agreement that the Company is entitled to exercise the voting rights in respect of her 51% equity interest in LYSY. The Company effectively holds 75% voting rights in LYSY and therefore considers LYSY as a subsidiary of the Company. | |
[3] | The equity interest in LYRL is held by three Chinese individuals in trust for SHXJY. | |
[4] | On January 28, 2013, CY-SRRE, SZXJY and an unrelated party established a subsidiary in the PRC, SHXJYB, with CY-SRRE holding a 15% equity interest and SZXJY holding a 60% equity interest in SHXYJB. |
ORGANIZATION AND DESCRIPTION 48
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Textual) | Mar. 06, 2012 | Oct. 13, 2011 | May 08, 2006 | Aug. 09, 2005 | Jan. 10, 2005 | Jan. 31, 2011a | Nov. 24, 2006 | Dec. 31, 2014 | Dec. 31, 2004shares | Oct. 15, 2014 | Aug. 19, 2014 | Jul. 25, 2014 | Jun. 25, 2014 | Jun. 06, 2013 | Jan. 28, 2013 | Dec. 17, 2012 | Sep. 28, 2011 | Sep. 24, 2007 |
Linyi Shangyang Real Estate Development Company Limited [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Real Estate Project Land Of Developing Estimated Construction Period | 4 years | |||||||||||||||||
Wuhan Yuan Yu Long Real Estate Development Company Limited [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 49.00% | |||||||||||||||||
Real Estate Project Land Of Developing Square Meters | a | 27,950 | |||||||||||||||||
Shareholder Of Szsy [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 51.00% | |||||||||||||||||
Percentage Of Equity Interest In Subsidiary Sold To Related Party | 12.50% | |||||||||||||||||
Percentage Of Equity Interest In Subsidiary Transferred To Parent | 12.50% | |||||||||||||||||
Percentage Of Voting Interests Acquired During Period | 12.50% | |||||||||||||||||
Shareholder Of Lysy [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 51.00% | 75.00% | ||||||||||||||||
Percentage Of Equity Interest In Subsidiary Sold To Related Party | 51.00% | |||||||||||||||||
Percentage Of Equity Interest In Subsidiary Transferred To Parent | 75.00% | 51.00% | ||||||||||||||||
Shanghai Da Er Wei Trading Company Limited [Member] | Linyi Shangyang Real Estate Development Company Limited [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 11.00% | |||||||||||||||||
Held By CY-SRRE [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 15.00% | |||||||||||||||||
Held By SZXJY [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 90.00% | |||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 60.00% | |||||||||||||||||
SZXJY [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 80.00% | 75.00% | ||||||||||||||||
Percentage Of Equity Interest In Subsidiary Sold To Related Party | 10.00% | |||||||||||||||||
Percentage Of Equity Interest In Subsidiary Transferred To Parent | 24.00% | 5.00% | ||||||||||||||||
Percentage Of Equity Interest Sold | 5.00% | |||||||||||||||||
SZXJY [Member] | Held By Parent [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 12.50% | |||||||||||||||||
SZXJY [Member] | Held By Director Of Szxjy [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 12.50% | |||||||||||||||||
SZXJY [Member] | Held By SZXJY [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 26.00% | |||||||||||||||||
SZSY [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 51.00% | |||||||||||||||||
SZGFH [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||||||
Percentage Of Voting Interests Acquired During Period | 20.00% | 80.00% | ||||||||||||||||
SRRE [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | 5,000,000 | |||||||||||||||||
LRY [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | 10,000,000 | |||||||||||||||||
Ace Develop Properties Limited [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | 8,500,000 | |||||||||||||||||
Planet Tech [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | 750,000 | |||||||||||||||||
System Tech [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | 750,000 | |||||||||||||||||
Suzhou Shang Yang Real Estate Consultation Company Limited [Member] | Wuhan Yuan Yu Long Real Estate Development Company Limited [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Real Estate Project Land Of Developing Estimated Construction Period | 3 years | |||||||||||||||||
Suzhou Shang Yang Real Estate Consultation Company Limited [Member] | Shanghai Da Er Wei Trading Company Limited [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 19.00% | |||||||||||||||||
Shanghai Xin Ji Yang Real Estate Consultation Company Limited [Member] | Linyi Shangyang Real Estate Development Company Limited [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 24.00% | |||||||||||||||||
Sunrise Real Estate Development Group Inc [Member] | Shareholder Of Lysy [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 75.00% | |||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 51.00% | |||||||||||||||||
SHXXY [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 40.00% | |||||||||||||||||
XG [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 49.00% | |||||||||||||||||
Shanghai Hui Tian [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||||||
Shanghai Tian Xi [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||||||
Shenzhen Hui Tian [Member] | ||||||||||||||||||
Organization And Description Of Business [Line Items] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
SUMMARY OF SIGNIFICANT ACCOUN49
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Furniture and Fixtures [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Computer Equipment [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Computer Equipment [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Vehicles [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Other Capitalized Property Plant and Equipment [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
SUMMARY OF SIGNIFICANT ACCOUN50
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 12 Months Ended | |||||
Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2012CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Foreign Currency Exchange Rate Translation | $ 1 | $ 1 | ¥ 6.1190 | ¥ 6.0969 | ||
Property, Plant and Equipment, Depreciation Methods | straight-line method | |||||
Real Estate Investment Property, Depreciation Methods | straight-line method | |||||
Real Estate Investment Property, Estimated Useful Lives | 20 years | |||||
Significant Influence Percentage Description | 20.00% | |||||
Other than Temporary Impairment Losses, Investments | $ 0 | 143,732 | ||||
Equity Method Investments | 5,476,491 | 5,753,256 | ||||
Proceeds From Government Subsidies | $ 5,278,087 | ¥ 33,175,416 | ||||
Deferred Government Subsidies | 5,421,706 | 5,441,358 | ||||
Accounts Receivable, Net, Current | 1,270,299 | 1,239,549 | ||||
Other Investments [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Equity Method Investments | 78,444 | $ 78,729 | ||||
Customer One [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Accounts Receivable, Net, Current | $ 740,498 | |||||
Customer One [Member] | Sales Revenue, Net [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Concentration Risk, Percentage | 21.00% | 19.00% | ||||
Customer Two [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Accounts Receivable, Net, Current | $ 0 | $ 0 | ||||
Customer Two [Member] | Sales Revenue, Net [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Concentration Risk, Percentage | 12.00% |
RESTRICTED CASH (Details Textua
RESTRICTED CASH (Details Textual) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Short-term Debt [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents | $ 1,426,471 | $ 1,432,838 |
Long-term Debt [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents | $ 109,422 | $ 246,895 |
REAL ESTATE PROPERTY UNDER DE52
REAL ESTATE PROPERTY UNDER DEVELOPMENT (Details Textual) | Dec. 31, 2014USD ($)m² | Mar. 13, 2014m² | Dec. 31, 2013USD ($) |
Linyi Project [Member] | |||
Real Estate Property Under Development [Line Items] | |||
Area of Land | m² | 103,385 | 2,502 | |
Use Rights [Member] | |||
Real Estate Property Under Development [Line Items] | |||
Finite-Lived Intangible Assets, Net | $ | $ 71,377,187 | $ 31,644,480 |
OTHER RECEIVABLES AND DEPOSIT53
OTHER RECEIVABLES AND DEPOSITS (Details) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Other Receivables And Deposits [Line Items] | ||
Advances to staff | $ 33,609 | $ 12,444 |
Rental deposits | 40,800 | 4,773 |
Prepaid expense | 319,774 | 0 |
Prepaid tax | 1,066,574 | 17,435 |
Other receivables | 353,964 | 98,166 |
Other Receivables And Deposit, Net | $ 1,814,721 | $ 132,818 |
OTHER RECEIVABLES AND DEPOSIT54
OTHER RECEIVABLES AND DEPOSITS (Details Textual) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Other Receivables And Deposits [Line Items] | ||
Allowance for Doubtful Other Receivables, Current | $ 159,590 | $ 147,626 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 11,158,764 | $ 11,252,720 |
Less: Accumulated depreciation | (2,688,684) | (2,136,583) |
Property, Plant and Equipment, Net | 8,470,080 | 9,116,137 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 474,199 | 244,314 |
Computer and office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 298,055 | 196,267 |
Motor vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 762,963 | 922,367 |
Properties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 9,623,547 | $ 9,889,772 |
PROPERTY AND EQUIPMENT, NET (56
PROPERTY AND EQUIPMENT, NET (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation, Depletion and Amortization, Total | $ 1,063,659 | $ 1,155,691 |
Property And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation, Depletion and Amortization, Total | $ 679,695 | $ 671,551 |
INVESTMENT PROPERTIES, NET (Det
INVESTMENT PROPERTIES, NET (Details) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Investment Properties [Line Items] | ||
Investment properties | $ 10,119,435 | $ 10,156,117 |
Less: Accumulated depreciation | (4,418,590) | (4,047,594) |
Real Estate Investment Property, Net | $ 5,700,845 | $ 6,108,523 |
INVESTMENT PROPERTIES, NET (D58
INVESTMENT PROPERTIES, NET (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Investment Properties [Line Items] | ||
Depreciation, Depletion and Amortization, Nonproduction | $ 383,964 | $ 484,140 |
INVESTMENTS IN AND AMOUNT DUE59
INVESTMENTS IN AND AMOUNT DUE FROM UNCONSOLIDATED AFFILIATES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Investment In And Amount Due From An Unconsolidated Affiliate [Line Items] | ||
Revenues | $ 0 | $ 0 |
Net loss | 821,118 | 1,155,647 |
Current assets | 55,563,441 | 53,013,965 |
Non-current assets | 902,342 | 794,446 |
Total assets | 56,465,783 | 53,808,411 |
Current liabilities | 45,815,315 | 42,291,701 |
Total equity | $ 10,650,468 | $ 11,526,300 |
INVESTMENTS IN AND AMOUNT DUE60
INVESTMENTS IN AND AMOUNT DUE FROM UNCONSOLIDATED AFFILIATES (Details Textual) | 12 Months Ended | |
Dec. 31, 2014USD ($)a | Dec. 31, 2013USD ($) | |
Investment In And Amount Due From An Unconsolidated Affiliate [Line Items] | ||
Amount due from an unconsolidated affiliate (Note 9) | $ 2,695,010 | $ 3,538,939 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 821,118 | 1,155,647 |
Other than Temporary Impairment Losses, Investments | 0 | 143,732 |
WHYYL [Member] | ||
Investment In And Amount Due From An Unconsolidated Affiliate [Line Items] | ||
Equity Method Investment Summarized Financial Information Interest Income | 744,909 | 831,619 |
Amount due from an unconsolidated affiliate (Note 9) | $ 2,695,010 | 3,538,939 |
Due From Related Parties Percentage Of Interest | 15.00% | |
Equity Method Investment, Ownership Percentage | 49.00% | |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $ 404,077 | 574.254 |
Real Estate Project Land Of Developing Estimated Construction Period | 3 years | |
Real Estate Project Land Of Developing Square Meters | a | 27,950 | |
Equity Method Investment Summarized Financial Information, Equity, Total | $ 5,218,451 | 5,642,909 |
Investment, Impaired, Accumulated Impairment Loss | 236,028 | 236,028 |
Other than Temporary Impairment Losses, Investments | 0 | $ 143,732 |
SHXXY [Member] | ||
Investment In And Amount Due From An Unconsolidated Affiliate [Line Items] | ||
Equity Method Investment Summarized Financial Information, Equity, Total | $ 0 | |
Shanghai Daerwei [Member] | ||
Investment In And Amount Due From An Unconsolidated Affiliate [Line Items] | ||
Equity Method Investment, Ownership Percentage | 30.00% | |
Equity Method Investment Summarized Financial Information, Equity, Total | $ 258,039 | |
SHXG [Member] | ||
Investment In And Amount Due From An Unconsolidated Affiliate [Line Items] | ||
Equity Method Investment Summarized Financial Information, Equity, Total | $ 0 |
OTHER INVESTMENTS, NET (Details
OTHER INVESTMENTS, NET (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Investment [Line Items] | ||
Impairment loss on other investments | $ 0 | $ 143,732 |
Other Investments [Member] | ||
Investment [Line Items] | ||
Impairment loss on other investments | $ 78,444 | $ 78,729 |
BANK LOANS (Details Textual)
BANK LOANS (Details Textual) | 12 Months Ended | ||||
Dec. 31, 2014USD ($) | Dec. 31, 2014CNY (¥) | Sep. 30, 2014 | Dec. 31, 2013USD ($) | Dec. 31, 2013CNY (¥) | |
Bank Of China [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 0.00% | |||
Bank Of China Loan January 2013 [Member] | |||||
Debt Instrument, Face Amount | $ 1,307,403 | ¥ 8,000,000 | |||
Line of Credit Facility, Interest Rate Description | The borrowings under these agreements have 1-year term, bearing interest at a rate of 7.5% per annum, and are secured by the properties of two unrelated parties and personally guaranteed by Lin Chi-Jung, the Company’s CEO, President and Chairman, and his wife. | ||||
Long-term Line of Credit | $ 1,307,403 | $ 1,312,143 | |||
First Sino Bank Loan August 2012 [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,850,629 | 35,800,000 | |||
Line of Credit Facility, Interest Rate Description | The borrowings under this facility bear interest at a rate per annum equal to 125% of the prevailing base lending rate for periods ranging from 1 year to 3 years as announced by the People’s Bank of China (“PBOC”). | ||||
Debt Instrument, Maturity Date | Mar. 31, 2015 | ||||
Line of Credit Facility, Interest Rate at Period End | 7.6875% | ||||
Long-term Line of Credit | $ 4,984,475 | 5,002,543 | |||
First Sino Bank Loan April 2012 [Member] | Non Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 12,256,905 | ¥ 75,000,000 | |||
Line of Credit Facility, Interest Rate Description | The borrowings under this facility bear interest at a rate per annum equal to 125% of the prevailing base lending rate for periods ranging from 1 year to 3 years as announced by PBOC. | ||||
Debt Instrument, Maturity Date | Mar. 31, 2015 | ||||
Line of Credit Facility, Interest Rate at Period End | 7.6875% | 7.6875% | |||
Long-term Line of Credit | $ 12,256,905 | ¥ 75,000,000 | $ 12,301,332 | ¥ 75,000,000 |
PROMISSORY NOTES PAYABLE (Detai
PROMISSORY NOTES PAYABLE (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
Debt Instrument [Line Items] | |||
Interest Expense, Debt | $ 1,998,862 | $ 813,626 | |
Unsecured Notes Payable One [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 13,396,206 | 4,811,670 | |
Unsecured Notes Payable Two [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,877,729 | ||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | ||
Long-term Debt, Gross | $ 1,877,729 | 2,308,974 | |
Unsecured Notes Payable Three [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 817,127 | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | ||
Long-term Debt, Gross | $ 817,127 | 869,294 | |
Unsecured Notes Payable Four [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 817,127 | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | ||
Long-term Debt, Gross | $ 817,127 | 820,089 | |
Unsecured Notes Payable Five [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 163,425 | ||
Debt Instrument, Interest Rate, Stated Percentage | 15.75% | ||
Long-term Debt, Gross | $ 175,223 | $ 167,247 | |
Unsecured Notes Payable Six [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,634,254 | ||
Debt Instrument, Interest Rate, Stated Percentage | 20.00% | ||
Long-term Debt, Gross | $ 1,893,465 | ||
Unsecured Notes Payable Seven [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 4,902,762 | ||
Debt Instrument, Interest Rate, Stated Percentage | 26.70% | ||
Long-term Debt, Gross | $ 5,890,701 | ||
Unsecured Notes Payable Nine [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 817,127 | ||
Debt Instrument, Interest Rate, Stated Percentage | 15.00% | ||
Long-term Debt, Gross | $ 892,030 | ||
Unsecured Notes Payable Ten [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 457,591 | ||
Debt Instrument, Interest Rate, Stated Percentage | 15.00% | ||
Long-term Debt, Gross | $ 522,093 | $ 346,066 | |
Unsecured Notes Payable Eleven [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 300,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 15.00% | ||
Long-term Debt, Gross | $ 322,500 | ||
Unsecured Notes Payable Eight [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 163,425 | ||
Debt Instrument, Interest Rate, Stated Percentage | 20.00% | ||
Long-term Debt, Gross | $ 188,212 |
AMOUNTS DUE TO DIRECTORS (Detai
AMOUNTS DUE TO DIRECTORS (Details) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Amounts due to directors (Note 13) | $ 10,129,247 | $ 10,908,277 |
Lin Chi Jung [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Amounts due to directors (Note 13) | 10,073,426 | 10,866,943 |
Lin Chao Chin [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Amounts due to directors (Note 13) | 23,027 | 18,224 |
Lin Hsin Hung [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Amounts due to directors (Note 13) | $ 32,794 | $ 23,110 |
AMOUNTS DUE TO DIRECTORS (Det65
AMOUNTS DUE TO DIRECTORS (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Minimum [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Related Party Transaction, Rate | 9.60% | |
Maximum [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Related Party Transaction, Rate | 36.50% | |
Lin Chi Jung [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Accrued Salaries | $ 44,416 | $ 90,633 |
Officers Or Stockholders Advances | 10,029,010 | 10,776,310 |
Interest Expense, Related Party | 1,763,546 | $ 2,024,041 |
Debt Instrument, Debt Default, Amount | $ 2,451,381 |
ACCOUNTS PAYABLE (Details Textu
ACCOUNTS PAYABLE (Details Textual) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Other Payables And Accrued Expenses [Line Items] | ||
Accounts Payable, Current | $ 10,531,908 | $ 5,665,811 |
Unpaid Project Development Fees | $ 7,270,855 |
CUSTOMER DEPOSITS (Details Text
CUSTOMER DEPOSITS (Details Textual) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Customer Deposits, Current | $ 12,306,707 | $ 3,318,609 |
Linyi Project [Member] | ||
Customer Deposits, Current | $ 12,306,707 |
AMOUNT DUE TO AN AFFILIATE (Det
AMOUNT DUE TO AN AFFILIATE (Details Textual) | Dec. 31, 2014USD ($) | Aug. 31, 2014USD ($) | Aug. 31, 2014CNY (¥) | Dec. 31, 2013USD ($) |
Related Party Transaction [Line Items] | ||||
Due to Affiliate, Current | $ 17,396,948 | $ 21,090 | ||
China Everbright Bank [Member] | ||||
Related Party Transaction [Line Items] | ||||
Debt Instrument, Face Amount | $ 16,342,540 | ¥ 100,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 14.00% | 14.00% | ||
Interest Payable, Current | 915,182 | |||
Jiaxing Shangyang [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due to Affiliate, Current | 114,398 | |||
Shanghai Xinguang [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due to Affiliate, Current | 20,264 | |||
Shanghai Xing Xin Yang [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due to Affiliate, Current | $ 4,563 |
OTHER PAYABLES AND ACCRUED EX69
OTHER PAYABLES AND ACCRUED EXPENSES (Details) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Other Payables And Accrued Expenses [Line Items] | ||
Accrued staff commission and bonus | $ 532,411 | $ 675,138 |
Rental deposits received | 374,680 | 447,260 |
Other payables | 217,777 | 287,606 |
Dividends payable to non-controlling interest | 290,188 | |
Accrued Liabilities and Other Liabilities | $ 1,415,056 | $ 1,410,004 |
INCOME TAXES PAYABLE (Details)
INCOME TAXES PAYABLE (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Payable [Line Items] | ||
Total income tax benefit | $ 30,583 | $ 349,296 |
Prc Corparate [Member] | ||
Income Tax Payable [Line Items] | ||
Provision for income tax | 47,711 | 349,295 |
Deferred tax benefit | (17,129) | 0 |
Total income tax benefit | $ 30,583 | $ 349,295 |
INCOME TAXES PAYABLE (Details 1
INCOME TAXES PAYABLE (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Payable [Line Items] | ||
Provision for income tax benefit at PRC statutory tax rate of 25% | $ 44,194 | $ (18,878) |
Permanent differences | (14,116) | 12,428 |
Under (Over)-provision for income taxes in prior years | 505 | 206,343 |
Change in valuation allowance | 0 | 149,403 |
Total income tax benefit | $ 30,583 | $ 349,296 |
INCOME TAXES PAYABLE (Details T
INCOME TAXES PAYABLE (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Payable [Line Items] | ||
Effective Income Tax Rate, Continuing Operations | 25.00% | 25.00% |
Less: Valuation allowance | $ 17,129 | $ 0 |
LONG TERM BORROWINGS (Details)
LONG TERM BORROWINGS (Details) | Dec. 31, 2014USD ($) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013USD ($) |
Debt Instrument [Line Items] | |||
Outstanding borrowings | $ 15,062,230 | $ 11,481,245 | |
Less: Current portion of long term borrowings | 6,890,960 | ¥ 42,000,000 | 4,592,498 |
Long-term Debt, Excluding Current Maturities | $ 8,171,270 | $ 6,888,747 |
LONG TERM BORROWINGS (Details T
LONG TERM BORROWINGS (Details Textual) | 1 Months Ended | 12 Months Ended | |||||||
Dec. 16, 2014USD ($) | May 16, 2014USD ($) | May 16, 2014CNY (¥) | May 16, 2013USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2014CNY (¥) | Dec. 16, 2014CNY (¥) | Dec. 31, 2013USD ($) | May 16, 2013CNY (¥) | |
Debt Instrument [Line Items] | |||||||||
Accumulated Capitalized Interest Costs | $ 2,372,564 | ||||||||
Pledged Assets, Not Separately Reported, Real Estate | $ 45,030,368 | ||||||||
Floating Mortgage Ratio | 50.00% | ||||||||
Repayments of Debt | $ 4,575,911 | ¥ 28,000,000 | |||||||
Long-term Debt, Current Maturities | $ 6,890,960 | ¥ 42,000,000 | $ 4,592,498 | ||||||
Debt Instrument ,Draw down Amount | 8,171,270 | ¥ 50,000,000 | |||||||
Benchmark Lending Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate During Period | 8.06% | ||||||||
China CITIC Bank [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Restricted Cash and Cash Equivalents | $ 0 | $ 246,895 | |||||||
Loan Payable To Bank [Member] | HUAXIA Bank [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 19,611,047 | ¥ 120,000,000 | |||||||
Debt Instrument, Interest Rate During Period | 7.025% | ||||||||
Debt Instrument, Maturity Date, Description | 3 years | ||||||||
Loan Payable To Bank [Member] | China CITIC Bank [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 11,439,778 | ¥ 70,000,000 | |||||||
Debt Instrument, Interest Rate During Period | 14.21% | ||||||||
Debt Instrument, Maturity Date, Description | 2 years |
DEFERRED GOVERNEMNET SUBSIDY (D
DEFERRED GOVERNEMNET SUBSIDY (Details Textual) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Governemnet Subsidy [Line Items] | ||
Deferred Government Subsidy | $ 5,421,706 | $ 5,441,358 |
STATUTORY RESERVE (Details Text
STATUTORY RESERVE (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Statutory Accounting Practices [Line Items] | ||
Statutory reserve (Note16) | $ 812,582 | $ 812,467 |
Prc Corparate [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Minimum Percentage Of Profits After Tax To Be Transferred To Statutory Reserve | 10.00% | |
Statutory Reserve Maintenance Required, Percentage On Registered Capital | 50.00% | |
Prc Subsidiary [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Minimum Percentage Of Profits After Tax To Be Transferred To Statutory Reserve | 10.00% | |
Statutory Reserve Maintenance Required, Percentage On Registered Capital | 50.00% |
COMMITMENTS AND CONTINGENCIES77
COMMITMENTS AND CONTINGENCIES (Details) | Dec. 31, 2014USD ($) |
Operating Leased Assets [Line Items] | |
2,015 | $ 11,299 |
2,016 | 0 |
2,017 | 0 |
Operating Leases, Future Minimum Payments Due | $ 11,299 |
COMMITMENTS AND CONTINGENCIES78
COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments And Contingencies [Line Items] | ||
Operating Leases, Rent Expense | $ 50,265 | $ 254,559 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | ||
Net revenues | $ 8,611,639 | $ 11,240,190 |
Cost of revenues | (4,350,690) | (4,412,118) |
Gross income | 4,260,949 | 6,828,072 |
Operating expenses | (1,915,753) | (2,392,995) |
General and administrative expenses | (4,587,529) | (7,611,693) |
Operating income (loss) | (2,242,333) | (3,176,616) |
Other income (expenses) | ||
Interest income | 853,055 | 1,114,907 |
Interest expense | (3,401,238) | (3,888,737) |
Miscellaneous | 53,967 | 302,972 |
Equity in net loss of unconsolidated affiliates | (445,280) | (746,749) |
Total other (expenses) income | (2,939,496) | (3,217,607) |
Loss before income taxes and equity in net loss of an unconsolidated affiliate | (5,181,829) | (6,394,223) |
Income tax (expense) benefit | (30,583) | (349,296) |
Net income (loss) | (5,212,412) | (6,743,519) |
Real estate property under development | 77,377,187 | 31,644,480 |
Total assets | 101,338,710 | 62,396,039 |
Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 0 | 0 |
Cost of revenues | 0 | 0 |
Gross income | 0 | 0 |
Operating expenses | 0 | 0 |
General and administrative expenses | (212,343) | (545,012) |
Operating income (loss) | (212,343) | (545,012) |
Other income (expenses) | ||
Interest income | 0 | 16 |
Interest expense | (45,000) | (80,604) |
Miscellaneous | 0 | 0 |
Equity in net loss of unconsolidated affiliates | 57,037 | (143,732) |
Total other (expenses) income | 12,307 | (224,320) |
Loss before income taxes and equity in net loss of an unconsolidated affiliate | (200,305) | (769,332) |
Income tax (expense) benefit | (5,704) | 0 |
Net income (loss) | (206,009) | (769,332) |
Real estate property under development | 0 | 0 |
Total assets | 53,305 | 13,090 |
Property Brokerage Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 8,611,639 | 11,240,190 |
Cost of revenues | (4,350,690) | (4,412,118) |
Gross income | 4,260,949 | 6,828,072 |
Operating expenses | (1,221,856) | (1,343,398) |
General and administrative expenses | (2,845,692) | (2,725,323) |
Operating income (loss) | 193,400 | 2,759,350 |
Other income (expenses) | ||
Interest income | 509,079 | 882,584 |
Interest expense | (3,356,238) | (3,808,133) |
Miscellaneous | 51,712 | 305,944 |
Equity in net loss of unconsolidated affiliates | (99,969) | (3,751) |
Total other (expenses) income | (2,895,425) | (2,656,356) |
Loss before income taxes and equity in net loss of an unconsolidated affiliate | (2,702,025) | (102,994) |
Income tax (expense) benefit | (40,518) | (156,777) |
Net income (loss) | (2,742,543) | (53,783) |
Real estate property under development | 0 | 0 |
Total assets | 25,376,692 | 24,122,374 |
Real Estate Development [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 0 | 0 |
Cost of revenues | 0 | 0 |
Gross income | 0 | 0 |
Operating expenses | (693,897) | (1,049,597) |
General and administrative expenses | (1,529,493) | (4,341,357) |
Operating income (loss) | (2,223,390) | (5,390,954) |
Other income (expenses) | ||
Interest income | 343,985 | 232,307 |
Interest expense | 0 | 0 |
Miscellaneous | 2,255 | (2,972) |
Equity in net loss of unconsolidated affiliates | (402,348) | (566,267) |
Total other (expenses) income | (56,109) | (336,932) |
Loss before income taxes and equity in net loss of an unconsolidated affiliate | (2,279,499) | (5,727,886) |
Income tax (expense) benefit | 15,639 | (192,518) |
Net income (loss) | (2,263,860) | (5,920,404) |
Real estate property under development | 71,377,187 | 31,644,480 |
Total assets | $ 75,908,713 | $ 38,260,574 |
ERROR CORRECTION (Details)
ERROR CORRECTION (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Balance Sheets | ||
Total Assets | $ 101,338,710 | $ 62,396,039 |
Total Liabilities | 104,631,063 | 63,507,700 |
Total liabilities and shareholders’ deficit | (10,451,550) | (10,229,144) |
Statement of Operations | ||
Net Revenues | 8,611,639 | 11,240,190 |
Net loss | $ (5,212,412) | $ (6,743,519) |
Loss Per Share - Basic and Fully Diluted | $ (0.09) | $ (0.04) |
Weighted average common shares outstanding - Basic and Fully Diluted | 37,404,254 | 28,691,925 |
Scenario, Previously Reported [Member] | ||
Balance Sheets | ||
Total Assets | $ 61,698,318 | |
Total Liabilities | 58,095,126 | |
Total liabilities and shareholders’ deficit | (8,856,248) | |
Statement of Operations | ||
Net Revenues | 12,763,447 | |
Net loss | $ (1,931,311) | |
Loss Per Share - Basic and Fully Diluted | $ (0.04) | |
Weighted average common shares outstanding - Basic and Fully Diluted | 28,691,925 | |
Restatement Adjustment [Member] | ||
Balance Sheets | ||
Total Assets | $ 697,721 | |
Total Liabilities | 5,412,573 | |
Total liabilities and shareholders’ deficit | (1,372,896) | |
Statement of Operations | ||
Net Revenues | (1,523,257) | |
Net loss | $ (5,357,281) | |
Loss Per Share - Basic and Fully Diluted | $ (0.06) |