Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | May 10, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | $ 153,348 | ||
Trading Symbol | SRRE | ||
Entity Common Stock, Shares Outstanding | 68,691,925 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 5,869,944 | $ 8,693,345 |
Restricted cash (Note 3) | 1,068,805 | 304,681 |
Transactional financial assets (Note 4) | 23,152,639 | 0 |
Accounts receivable, net | 350,524 | 900,239 |
Promissory deposits (Note 5) | 120,529 | 176,958 |
Real estate property under development (Note 6) | 67,974,281 | 77,502,496 |
Amount due from unconsolidated affiliates (Note 10) | 2,686,498 | 2,892,256 |
Other receivables and deposits, net (Note 7) | 6,719,078 | 5,871,765 |
Total current assets | 107,942,298 | 96,341,740 |
Property and equipment, net (Note 8) | 1,283,901 | 1,412,403 |
Investment properties, net (Note 9) | 4,255,265 | 4,348,324 |
Deferred tax assets | 591,300 | 337,536 |
Investments in unconsolidated affiliates (Note 10) | 50,677,228 | 37,037,129 |
Other investments, net (Note 11) | 153,041 | 144,155 |
Total assets | 164,903,033 | 139,621,287 |
Current liabilities | ||
Bank loans (Note 12) | 0 | 7,302,552 |
Current portion of long term borrowings (Note 16) | 0 | 7,496,036 |
Promissory notes payable (Note 13) | 1,530,409 | 1,616,603 |
Amounts due to directors (Note 14) | 5,263,171 | 6,533,288 |
Accounts payable (Note15) | 3,767,578 | 2,486,348 |
Customer deposits (Note 16) | 41,468,361 | 54,263,661 |
Amount due to an affiliate (Note 17) | 18,579,652 | 36,010,325 |
Other payables and accrued expenses (Note 18) | 961,235 | 1,636,817 |
Other taxes payable | 261,633 | 232,382 |
Income Taxes payable (Note 19) | 776,110 | 194,368 |
Total current liabilities | 72,608,149 | 117,772,380 |
Long-term borrowings (Note 20) | 0 | 0 |
Long-term income tax payable (Note 19) | 3,623,499 | 0 |
Deferred government subsidy (Note 21) | 5,072,605 | 4,782,387 |
Total liabilities | 81,304,253 | 122,554,767 |
Commitments and contingencies (Note 23) | ||
Stockholders' equity | ||
Common stock, par value $0.01 per share; 200,000,000 shares Authorized; 68,691,925 and 68,691,925 shares issued and outstanding as of December 31, 2017 and 2016, respectively | 686,919 | 686,919 |
Additional paid-in capital | 7,570,008 | 7,570,008 |
Statutory reserve (Note 22) | 931,510 | 938,128 |
Retained earnings | 68,975,118 | 5,831,320 |
Accumulated other comprehensive income | 3,095,469 | 474,073 |
Total equity of Sunrise Real Estate Group, Inc. | 81,259,024 | 15,500,448 |
Non-controlling interests | 2,339,756 | 1,566,072 |
Total stockholders’ equity | 83,598,780 | 17,066,520 |
Total liabilities and stockholders’ equity | $ 164,903,033 | $ 139,621,287 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
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 | 68,691,925 |
Common stock, shares outstanding | 68,691,925 | 68,691,925 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net revenues | $ 27,555,845 | $ 5,200,859 |
Cost of revenues | (22,574,152) | (2,959,757) |
Gross profit | 4,981,693 | 2,241,102 |
Operating expenses | (1,185,078) | (2,410,437) |
General and administrative expenses | (3,654,667) | (3,463,677) |
Operating profit (loss) | 141,948 | (3,633,012) |
Other income (expenses) | ||
Interest income | 39,469 | 59,144 |
Interest expense | (423,864) | (2,205,816) |
Other income (loss) | 1,019,588 | 3,102,270 |
Equity income (loss) of affiliates | 66,234,367 | 30,007,194 |
Total Other Income (Expenses) | 66,869,560 | 30,962,792 |
Income taxes (Note 19) | (4,144,726) | 37,395 |
Net income | 62,866,782 | 27,367,175 |
Less: Net (income) loss attributable to non-controlling interests | (212,152) | 3,066,907 |
Net income attributable to stockholders of Sunrise Real Estate Group, Inc. | $ 62,654,630 | $ 30,434,082 |
Earnings per share - basic and fully diluted | $ 0.91 | $ 0.44 |
Weighted average common shares outstanding - Basic and fully diluted | 68,691,925 | 68,691,925 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 62,866,782 | $ 27,367,175 |
Other comprehensive income - Foreign currency translation adjustment | 3,195,953 | (664,003) |
Total comprehensive income (loss) | 66,062,735 | 26,703,172 |
Less: Comprehensive loss attributable to non-controlling interests | (786,711) | 3,315,419 |
Total comprehensive income attributable to stockholders of Sunrise Real Estate Group, Inc. | $ 65,276,024 | $ 30,018,591 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Total | Common Stock | Additional Paid-in Capital | Statutory Reserve | Retained Earnings (Deficits) | Accumulated Other Comprehensive Income | Non-controlling Interests |
Balance at Dec. 31, 2015 | $ (9,711,025) | $ 686,919 | $ 7,570,008 | $ 851,729 | $ (24,545,524) | $ 889,564 | $ 4,836,278 |
Balance (in shares) at Dec. 31, 2015 | 68,691,925 | ||||||
Profit (loss) for the year | 27,367,175 | $ 0 | 0 | 0 | 30,434,082 | 0 | (3,066,907) |
Shares issued | 0 | ||||||
Surplus reserve | 0 | 86,399 | (86,399) | ||||
Deconsolidation of subsidiary | 74,373 | 29,161 | 45,213 | ||||
Cash dividends paid to non-controlling interests | 0 | 0 | 0 | 0 | 0 | 0 | |
Capital contribution from non-controlling interests of new consolidated Subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Translation of foreign Operations | (664,003) | 0 | 0 | 0 | 0 | (415,491) | (248,512) |
Balance at Dec. 31, 2016 | 17,066,520 | $ 686,919 | 7,570,008 | 938,128 | 5,831,320 | 474,073 | 1,566,072 |
Balance (in shares) at Dec. 31, 2016 | 68,691,925 | ||||||
Profit (loss) for the year | 62,866,782 | 62,654,630 | 212,152 | ||||
Shares issued | 0 | $ 0 | 0 | ||||
Surplus reserve | 0 | (6,618) | 6,618 | 0 | |||
Deconsolidation of subsidiary | 469,523 | 482,550 | (13,027) | ||||
Cash dividends paid to non-controlling interests | 0 | 0 | |||||
Capital contribution from non-controlling interests of new consolidated Subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 | |
Translation of foreign Operations | 3,195,955 | 0 | 0 | 0 | 0 | 2,621,396 | 574,559 |
Balance at Dec. 31, 2017 | $ 83,598,780 | $ 686,919 | $ 7,570,008 | $ 931,510 | $ 68,975,118 | $ 3,095,469 | $ 2,339,756 |
Balance (in shares) at Dec. 31, 2017 | 68,691,925 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities | ||
Net income (loss) | $ 62,866,782 | $ 27,367,175 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | ||
Depreciation and amortization | 503,790 | 602,002 |
Loss (gain) on disposal of property and equipment | 38,994 | (2,971,028) |
Bad debt | 90,603 | 96,372 |
Equity in net loss (gain) of unconsolidated affiliates | (68,493,355) | (29,092,782) |
Impairment loss on Real estate property under development | 426,984 | 288,309 |
Changes in assets and liabilities | ||
Accounts receivable | 586,530 | 317,772 |
Promissory deposits | 65,259 | 992,049 |
Real estate property under development | 12,560,521 | (4,897,263) |
Customer deposits | (15,642,207) | 38,877,133 |
Amount due from unconsolidated affiliates | 372,197 | (469,954) |
Other receivables and deposits | (560,972) | (4,155,457) |
Deferred tax assets | 0 | (213,242) |
Accounts payable | 1,093,145 | (4,695,878) |
Other payables and accrued expenses | (752,517) | 245,621 |
Interest payable on promissory notes | 0 | 59,177 |
Interest payable on amounts due to directors | 0 | 811,070 |
Taxes payable | 4,063,835 | 94,917 |
Other Tax payable | 14,465 | (54,267) |
Net cash provided by (used in) operating activities | (2,765,946) | 23,201,726 |
Cash flows from investing activities | ||
Acquisition of property, plant and equipment | (15,723) | (81,604) |
Transactional financial assets | (22,438,037) | 0 |
Dividend distribution of affiliates | 57,445,961 | 0 |
Proceeds from disposal of property and equipment | 0 | 8,937,274 |
Capital contribution to unconsolidated affiliates | 0 | (1,153,236) |
Advances to an unconsolidated affiliate | 0 | (451,427) |
Repayment of advances to unconsolidated affiliates | 0 | 257,437 |
Net cash provided by investing activities | 34,992,201 | 7,508,444 |
Cash flows from financing activities | ||
Restricted cash | (722,337) | (177,540) |
Capital injection from non-controlling interest of new consolidated subsidiaries | 0 | 60,124 |
New bank loans | 0 | 24,393,543 |
Repayments of bank loans | (15,710,845) | (39,952,472) |
Advances from directors | 7,945,377 | 297,085 |
Repayments of advances from directors | (9,122,540) | (5,020,980) |
Advances from an affiliate | 45,581,379 | 86,881,378 |
Repayments to an affiliate | (65,231,905) | (83,607,071) |
Proceeds from promissory notes | 0 | 1,862,568 |
Repayments of promissory notes | (180,113) | (8,173,426) |
Net cash (used in) financing activities | (37,440,984) | (23,436,791) |
Effect of exchange rate changes on cash and cash equivalents | 2,391,328 | 476,449 |
Net increase (decrease) in cash and cash equivalents | (2,823,401) | 7,749,828 |
Cash and cash equivalents at beginning of year | 8,693,345 | 943,517 |
Cash and cash equivalents at end of year | 5,869,944 | 8,693,345 |
Supplemental disclosure of cash flow information | ||
Income taxes paid | 173,510 | 0 |
Interest paid | $ 672,424 | $ 3,708,564 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 12 Months Ended |
Dec. 31, 2017 | |
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 Investment Management Consultation Company Limited (“SHSY”) February 5, 2004 PRC 100 % Subsidiary Property brokerage services Suzhou Shang Yang Real Estate Consultation Company Limited (“SZSY”) November 24, 2006 PRC 75.25 % 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 Linyi Shangyang 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 GaoFengHui 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 Linyi Rui Lin Construction and Design Company Limited (“LYRL”) March 6, 2012 PRC 100 % Subsidiary Investment holding Company Name Date of Place of % of Relationship Principal activity Shanghai XinJi Yang Real Estate Brokerage Company Limited (“SHXJYB”) January 28, 2013 PRC 75 % 3 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 (“SHXG”) December 17, 2012 PRC 49 % Equity investment Equity investment and consultancy Shanghai Da Er Wei Trading Company Limited (“SHDEW”) June 6, 2013 PRC 23.08 % Equity investment Import and export trading Shanghai HuiTian (“SHHT”) July 25, 2014 PRC 100 % Subsidiary Investment holding 1. After equity transaction in February 2015, The Company holed the equity of SZSY as blow: SZXJY 49 26 12.5 75.25 2. The Company and a shareholder of LYSY, which holds 51 51 75 3. 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 SystemsTech, entered into an exchange agreement under which SRRE issued 10,000,000 shares of common stock to the beneficial shareholders, or their designees, in exchange for all outstanding capital stock of LRY. The transaction was closed on October 5, 2004. Lin Chi-Jung is Chairman of the Board of Directors of SRRE, the President of LRY and the principal and controlling shareholder of Ace Develop. Regarding the 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 SHXG, in the PRC to provide investment management and consulting services. LRY holds 49 On June 6, 2013, SHSY and LYRL together with 4 investors established a company, namely Shanghai Daerwei (“SHDEW”), 14.62 8.46 SHDEW. 485,286,783 On July 25, August 19 and October 15, 2014, the Company established three investment holding company separately, namely SHHT, SHSYTX and SZSYHT. These three company were 100 76.92 100 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, 2017 | |
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 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 Company values its investments in wealth management products using alternative pricing sources and models utilizing market observable inputs, and accordingly the Company classifies the valuation techniques that use these inputs as Level 2. 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. 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, 2017, there was no single customer that represented more than 10% of our net revenues separately. During the year ended December 31, 27 13 0 188,408 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, 2017 and December 31, 2016 are $ 1 6.5342 1 6.9370 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, and 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, 2017 and 2016, the Company had not 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. Property and equipment are stated at cost less accumulated depreciation and any impairment losses. 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 to allocate the cost of depreciable assets over their respective estimated useful lives of 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, 2017 and 2016. 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. During the year ended December 31, 2017, the Company provided an allowance for impairment loss on investments in unconsolidated affiliates of $ NIL (2016: 288,309 236,028 1,428,156 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, 2017, the Company provided an allowance for impairment loss on other investments of $Nil (2016: $Nil). As of December 31, 2017, the allowance for impairment loss on other investments amounted to $$76,922 (2016: $ 76,922 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 $ 5,108,941 5,072,605 4,782,387 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 The Company accounts for real estate development sales in accordance with the ASC 976-605, “Accounting for Sales of Real Estate” (Formerly Statement of Financial Accounting Standards No. 66) (“ASC 976-605”). A real estate development sale is recognized by the percentage-of-completion method on the sale of individual units when the individual unit sites are being sold separately and all the following criteria are met as below: a. Construction is beyond a preliminary stage. b. The buyer is committed to the extent of being unable to require a refund except for no delivery of the unit. c. Sufficient units have already been sold to assure that the entire property will not revert to rental property. d. Sales prices are collectible. e. Aggregate sales proceeds and costs can be reasonably estimated. If any of the above criteria is not met, proceeds shall be accounted for as deposits until the criteria are met. 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, 2017 and 2016 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, 2016 and 2015. In January 2017, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business. The amendments in this update clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for interim and annual periods beginning after December 15, 2017 and should be applied prospectively on or after the effective date. The Company is in the process of evaluating the impact of this accounting standard update. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires restricted cash to be presented with cash and cash equivalents on the statement of cash flows and disclosure of how the statement of cash flows reconciles to the balance sheet if restricted cash is shown separately from cash and cash equivalents on the balance sheet. ASU 2016-18 is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted. The Company is in the process of evaluating the impact of this accounting standard update on its financial statements. In August, 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force). The ASU is intended to reduce diversity in practice in the presentation and classification of certain cash receipts and cash payments by providing guidance on eight specific cash flow issues. The ASU is effective for interim and annual periods beginning after December 15, 2017 and early adoption is permitted, including adoption during an interim period. We are currently assessing the impact this standard will have on our consolidated statement of cash flows. In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. ASU 2014-15 requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity's ability to continue as a going concern. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2014-15 on the Company's financial statements and disclosures. |
RESTRICTED CASH
RESTRICTED CASH | 12 Months Ended |
Dec. 31, 2017 | |
Cash and Cash Equivalents [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, 2017, the Company held cash deposits of $ 1,068,805 304,681 |
TRANSACTIONAL FINANCIAL ASSETS
TRANSACTIONAL FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Investments [Abstract] | |
Investment Holdings [Text Block] | NOTE 4 - TRANSACTIONAL FINANCIAL ASSETS As of December 31, 2017, we have $ 23,152,639 4.8 5.35 |
PROMISSORY DEPOSITS
PROMISSORY DEPOSITS | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets Disclosure [Text Block] | NOTE 5 - PROMISSORY DEPOSITS Promissory deposits were paid to property developers in respect of the real estate projects were the Company has been appointed as sales agent. The balances were 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, 2017 | |
Real Estate Held for Development and Sale [Abstract] | |
Real Estate Held For Development and Sale [Text Block] | NOTE 6 - 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 Xiamen 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 had signed a joint development agreement with Zhongji Pufa Real Estate Co. According to this agreement, the Company has got the right to develop the GXL project, which located on 182 lane Guangxinglu, Putuo distirct, Shanghai, PRC. This project covers a site area of approximately 2,502 For the year ended of December 31, 2017, the company had recognized the net revenue and cost of revenue of Linyi project at a certain proportion. As of December 31, 2017, the real estate property under development totaled $ 68,133,444 77,502,496 |
OTHER RECEIVABLES AND DEPOSITS
OTHER RECEIVABLES AND DEPOSITS | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 7 - OTHER RECEIVABLES AND DEPOSITS December 31, December 31, 2017 2016 Advances to staff $ 118,835 $ 175,585 Rental deposits 72,531 69,390 Prepaid expense 22,572 524,622 Prepaid tax 4,687,947 4,731,739 Other receivables 1,817,193 370,429 $ 6,719,078 $ 5,871,765 Other receivables and deposits as of December 31, 2017 are stated net of allowance for doubtful accounts of $ 674,478 299,327 1,817,193 816,950 765,205 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 8 - PROPERTY AND EQUIPMENT , NET December 31, December 31, 2017 2016 Furniture and fixtures $ 166,660 $ 177,662 Computer and office equipment 163,969 307,682 Motor vehicles 602,260 689,539 Properties 2,315,428 2,180,981 3,248,317 3,355,863 Less: Accumulated depreciation 1,964,416 1,943,460 $ 1,283,901 $ 1,412,403 During the year ended December 31, 2017, depreciation and amortization expense for property and equipment amounted to $ 149,076 |
INVESTMENT PROPERTIES, NET
INVESTMENT PROPERTIES, NET | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | NOTE 9 - INVESTMENT PROPERTIES, NET December 31, December 31, 2017 2016 Investment properties $ 9,476,420 $ 8,926,167 Less: Accumulated depreciation (5,221,155) (4,577,843) $ 4,255,265 $ 4,348,324 During the year ended December 31, 2017, depreciation and amortization expense for investment properties amounted to $ 699,931 |
INVESTMENTS IN AND AMOUNT DUE F
INVESTMENTS IN AND AMOUNT DUE FROM UNCONSOLIDATED AFFILIATES | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 10 - INVESTMENTS IN AND AMOUNT DUE FROM UNCONSOLIDATED AFFILIATES The investments in unconsolidated affiliates primarily consist of WHYYL ( 49 23.08 54,088 50,623,140 WHYYL is primarily developing a real estate project in Wuhan, the PRC on a parcel of land covering approximately 27,950 3 In 2011, the Company invested $ 4,697,686 49 54,088 6,920,837 For the year ended of December 31, 2017, the company had recognized the net revenue and cost of revenue of WHYYL project at a certain proportion. Years Ended December 31, 2017 2016 Revenues $ 53,638,709 $ - Net profit (loss) $ (6,920,837) $ (901,871) December 31, December 31, 2017 2016 Current assets $ 19,066,691 $ 62,859,330 Non-current assets 9,736 1,392,618 Total assets 19,076,427 64,251,949 Current liabilities 18,965,514 57,420,884 Total equity $ 110,914 $ 6,831,065 As of December 31, 2017, the Company has a balance of $ 2,686,498 2,892,256 SHDEW was established in June 2013 with its business as a skincare and cosmetic company. SHDEW’s online Wechat stores had a membership of over a million members as of December 31, 2017. SHDEW is developing its own skincare products as well as improving its online ecommerce platform. SHDEW sells products under its own brands as well as the products of third parties. The products include skincare, cosmetics, personal care products such as soaps, shampoos, skin care devices and children’s apparel. SHDEW is developing its own online shopping platform where consumers can purchase its n cosmetics and skincare products as well as products imported into China. The online shopping platform was in operation in 2017. 342,843,033 219,337,694 Years Ended December 31, 2017 2016 Revenues $ 743,253,100 $ 485,286,783 Net profit (loss) $ 342,843,033 $ 132,936,415 December 31, December 31, 2017 2016 Current assets $ 647,287,630 $ 122,345,251 Non-current assets 19,471,756 319,725,610 Total assets 666,759,387 442,070,861 Current liabilities 447,406,389 293,430,056 Total equity $ 219,337,694 $ 145,667,618 |
OTHER INVESTMENTS, NET
OTHER INVESTMENTS, NET | 12 Months Ended |
Dec. 31, 2017 | |
Other Investments [Abstract] | |
Investments and Other Noncurrent Assets [Text Block] | NOTE 11 - OTHER INVESTMENTS, NET As of December 31, 2017 and 2016, investments accounted using the cost method consist of various companies engaging in real estate agency or property related services. During the years ended December 31, 2017 and 2016, 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, 2017 of $Nil (2016: $Nil). As of December 31, 2017, the Company’s allowance for impairment loss on other investments amounted to $ 76,922 76,922 |
BANK LOANS
BANK LOANS | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Bank Loan [Text Block] | NOTE 12 - BANK LOANS As of December 31, 2017, the Company has repaid its two remaining loans of Bank of China and First Sino Bank. |
PROMISSORY NOTES PAYABLE
PROMISSORY NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Notes Payable Disclosure [Text Block] | NOTE 13 - PROMISSORY NOTES PAYABLE The promissory notes payable consists 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 $ 1,530,409 1,616,603 The promissory note with a principal as of December 31, 2017 amounting to $ 765,205 0 and December 31, 2016 765,205 720,773 respectively. The promissory note with a principal as of December 31, 2017 amounting to $ 765,205 0 As of December 31, 2017, and December 31, 2016 765,205 720,773 During the year ended December 31, 2017, the interest expense related to these promissory notes was $NIL (2016: $ 468,607 |
AMOUNTS DUE TO DIRECTORS
AMOUNTS DUE TO DIRECTORS | 12 Months Ended |
Dec. 31, 2017 | |
Director [Member] | |
Related Party Transactions Disclosure [Text Block] | NOTE 14 - AMOUNTS DUE TO DIRECTORS December 31, December 31, 2017 2016 Lin Chi-Jung $ 5,154,329 $ 6,446,184 Lin Hsin-Hung 108,842 87,105 $ 5,263,171 $ 6,533,288 (a) The balance due to Lin Chi-Jung, the Company’s CEO, President and Chairman, consisted of a balance of unpaid salaries and reimbursements totaling $ 105,445 118,160 5,154,329 6,446,184 The balance of unpaid salaries and reimbursements was unsecured, interest-free and has no fixed term of repayment. The advances from Lin Chi-Jung bear interest at rates ranging from 18 30 864,829 (b) The balances due to Lin Hsin-Hung was unsecured, interest-free and have no fixed term of repayment. |
ACCOUNTS PAYABLE
ACCOUNTS PAYABLE | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 15 - ACCOUNTS PAYABLE As of December 31, 2017, and 2016, the balances of accounts payable were $ 3,767,578 2,486,348 633,319 2,751,656 |
CUSTOMER DEPOSITS
CUSTOMER DEPOSITS | 12 Months Ended |
Dec. 31, 2017 | |
Customer Deposits [Abstract] | |
Customer Deposits Disclosure [Text Block] | NOTE 16 - Customer deposits consisted of the sales from real estate development project (Linyi project and GXL project) which cannot be recognized as revenue at the accounting period and deposits received for rental. Linyi project has started pre-sales in November 2013 and in the year of 2017, the Project have recognized its revenue along with customer deposit, as of December 31, 2017, the pre-sales amounted to $ 6,198,103 35,141,730 |
AMOUNT DUE TO AFFILIATES
AMOUNT DUE TO AFFILIATES | 12 Months Ended |
Dec. 31, 2017 | |
Due To Affiliate [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | As of December 31, 2017 and December 31, 2016, the temporary borrowing, in the amount of 18,020,716 35,483,584 respectively, from SHDEW is for operations and is unsecured, interest free and payable on demand. The amount due to JXSY, in the amount of $ 539,959 $ 18,977 |
OTHER PAYABLES AND ACCRUED EXPE
OTHER PAYABLES AND ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | NOTE 18 - OTHER PAYABLES AND ACCRUED EXPENSES December 31, December 31, 2017 2016 Accrued staff commission and bonus $ 302,710 $ 792,203 Rental deposits received 161,055 275,725 Rental receipts in advance - - Other payables 291,546 374,922 Dividends payable to non-controlling interest 205,924 193,967 $ 961,235 $ 1,636,817 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, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 19 - INCOME TAXES PAYABLE The 2017 Tax Act was enacted on December 22, 2017. Due to the complexities involved in the accounting for the 2017 Tax Act, the SEC issued SAB 118, which provides guidance on the application of US GAAP for income taxes in the period of enactment. SAB 118 requires companies to include in their financial statements a reasonable estimate of the impact of the 2017 Tax Act, to the extent such an estimate has been determined. . The Tax Legislation significantly revises the U.S. corporate income tax by, among other things, lowering the corporate income tax rate to 21 The Company’s management is still evaluating the effect of the U.S. Tax Reform on the Company. Management may update its judgment of that effect based on its continuing evaluation and on future regulations or guidance issued by the U.S. Department of the Treasury, and specific actions the Company may take in the future. Year Ended December 31, 2017 2016 Income /(loss) before income tax expense Income /(loss) from China operations $ 67,182,830 $ 27,525,786 Income /(loss) from non-China operations (171,322) (196,006) Total income /(loss) before income tax expense 67,011,508 27,329,780 Income tax expense applicable to China operations Current tax 56,803 - Deferred tax (225,766) (227,607) Subtotal income tax expense applicable to China operations (168,963) 37,395 Non-China income tax expense/(benefit) 4,313,689 - Total income tax expense $ 4,144,726 $ 37,395 In 2017, of the $ 168,963 4,313,689 Effective Tax Rate The following is reconciliation between the U.S. federal statutory rate and the Company’s effective tax rate: 2017 2016 PRC Statutory rate 25 % 25 % Effect of the U.S. Transition Tax under the 2017 TCJA 6.4 % 0.0 % Effect of income not taxable for PRC tax purposes (25.3) % (24.6) % Under (Over)-provision for income taxes in prior years 0.0 % (0.6) % Effective income tax rate 6.2 % (0.2) % Deferred Tax Assets and Liabilities Significant components of the Company’s deferred tax assets and liabilities consist of the following : As of December 31, 2017 2016 Deferred tax assets: Net operating loss from operations $ 591,300 $ 337,536 Total deferred tax assets 591,300 337,536 Less: Valuation allowance - - Net deferred tax assets $ 591,300 $ 337,536 In assessing the reliability 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 carry forwards of $ 591,300 248,784 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, 2017 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | NOTE 20 - LONG TERM BORROWINGS December 31, December 31, 2017 2016 Outstanding borrowings $ - $ 7,496,036 Less: Current portion of long term borrowings - 7,496,036 $ - $ - |
DEFERRED GOVERNMENT SUBSIDY
DEFERRED GOVERNMENT SUBSIDY | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Government Subsidy [Abstract] | |
Deferred Government Subsidy [Text Block] | NOTE 21- DEFERRED GOVERNMENT 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 $ 5,072,605 |
STATUTORY RESERVE
STATUTORY RESERVE | 12 Months Ended |
Dec. 31, 2017 | |
Statutory Reserve [Abstract] | |
Statutory Reserve Disclosure [Text Block] | NOTE 22- 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, 2017, the Company’s statutory reserve fund was $ 931,510 938,128 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 23- 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, 2017 were $ 198,158 182,101 Amount Year Ending Within one year $ 57,636 Two to five years 22,008 $ 79,644 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 24- 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, 2017 Property Brokerage Real Estate Investment Services Development Transaction Others Total Net revenues $ 4,172,870 $ 23,382,975 $ - $ - $ 27,555,845 Cost of revenues (1,118,377) (21,455,775) - - (22,574,152) Gross profit 3,054,493 1,927,200 - - 4,981,693 Operating expenses (699,534) (485,170) - (374) (1,185,078) General and administrative expenses (1,929,700) (1,414,037) - (310,930) (3,654,667) Operating loss 425,259 27,993 - (311,304) 141,948 Other income (expenses) Interest income 24,213 11,392 - 3,864 39,469 Interest expense (423,864) - - - (423,864) Other income, Net 483,687 (611,537) 1,008,896 138,542 1,019,588 Equity in net income (loss) of unconsolidated affiliates 66,234,367 66,234,367 Total other (expenses) income 84,036 (600,145) 67,243,263 142,406 66,869,560 Income (loss) before income taxes 509,295 (572,152) 67,243,263 (168,898) 67,011,508 Income tax (56,803) 225,766 (4,313,689) - 168,963 Net Income (loss) $ 452,492 $ (346,386) $ 62,929,574 $ (168,898) $ 67,180,471 Year Ended December 31, 2016 Property Brokerage Real Estate Investment Services Development Transaction Others Total Net revenues $ 4,935,249 $ - $ - $ 265,610 $ 5,200,859 Cost of revenues (2,618,596) - - (341,161) (2,959,757) Gross profit 2,316,653 - - (75,551) 2,241,102 Operating expenses (1,177,882) (1,202,879) - (29,676) (2,410,437) General and administrative expenses (1,780,642) (1,389,379) - (293,656) (3,463,677) Operating loss (641,871) (2,592,258) - (398,883) (3,633,012) Other income (expenses) Interest income 47,432 11,382 - 330 59,144 Interest expense (1,890,047) (270,639) - (45,130) (2,205,816) Other income, Net 3,151,911 (49,594) - (47) 3,102,270 Equity in net income (loss) of unconsolidated affiliates 30,007,194 30,007,194 Total other (expenses) income 1,309,296 (308,851) 30,007,194 (44,847) 30,962,792 Income (loss) before income taxes 667,425 (2,901,109) 30,007,194 (443,730) 27,329,780 Income tax (190,212) 227,607 - 37,395 Net Income (loss) $ 477,213 $ (2,673,502) $ 30,007,194 $ (443,730) $ 27,367,175 Property Brokerage Real Estate Investment* Services Development Transaction Others Total As of December 31, 2017 Real estate property under development $ - $ 67,974,281 $ - $ - $ 67,974,281 Total assets 9,283,409 81,625,107 73,982,908 11,609 164,903,033 As of December 31, 2016 Real estate property under development $ - $ 77,502,496 $ - $ - $ 77,502,496 Total assets 10,297,854 92,110,884 37,181,284 162,832 139,752,854 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 25 - SUBSEQUENT EVENTS None. |
SUMMARY OF SIGNIFICANT ACCOUN33
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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. |
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 Company values its investments in wealth management products using alternative pricing sources and models utilizing market observable inputs, and accordingly the Company classifies the valuation techniques that use these inputs as Level 2. 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. |
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] | During the year ended December 31, 2017, there was no single customer that represented more than 10% of our net revenues separately. During the year ended December 31, 27 13 0 188,408 |
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] | Foreign Currency Translation and Transactions 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, 2017 and December 31, 2016 are $ 1 6.5342 1 6.9370 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, and 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, 2017 and 2016, the Company had not 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] | Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation and any impairment losses. 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 to allocate the cost of depreciable assets over their respective estimated useful lives of 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, 2017 and 2016. |
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] | Long Term Investments 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. During the year ended December 31, 2017, the Company provided an allowance for impairment loss on investments in unconsolidated affiliates of $ NIL (2016: 288,309 236,028 1,428,156 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, 2017, the Company provided an allowance for impairment loss on other investments of $Nil (2016: $Nil). As of December 31, 2017, the allowance for impairment loss on other investments amounted to $$76,922 (2016: $ 76,922 |
Government Subsidies Policy [Policy Text Block] | Government Subsidies 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 $ 5,108,941 5,072,605 4,782,387 |
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 The Company accounts for real estate development sales in accordance with the ASC 976-605, “Accounting for Sales of Real Estate” (Formerly Statement of Financial Accounting Standards No. 66) (“ASC 976-605”). A real estate development sale is recognized by the percentage-of-completion method on the sale of individual units when the individual unit sites are being sold separately and all the following criteria are met as below: a. Construction is beyond a preliminary stage. b. The buyer is committed to the extent of being unable to require a refund except for no delivery of the unit. c. Sufficient units have already been sold to assure that the entire property will not revert to rental property. d. Sales prices are collectible. e. Aggregate sales proceeds and costs can be reasonably estimated. If any of the above criteria is not met, proceeds shall be accounted for as deposits until the criteria are met. 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, 2017 and 2016 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, 2016 and 2015. |
New Accounting Pronouncements [Policy Text Block] | New Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business. The amendments in this update clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for interim and annual periods beginning after December 15, 2017 and should be applied prospectively on or after the effective date. The Company is in the process of evaluating the impact of this accounting standard update. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires restricted cash to be presented with cash and cash equivalents on the statement of cash flows and disclosure of how the statement of cash flows reconciles to the balance sheet if restricted cash is shown separately from cash and cash equivalents on the balance sheet. ASU 2016-18 is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted. The Company is in the process of evaluating the impact of this accounting standard update on its financial statements. In August, 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force). The ASU is intended to reduce diversity in practice in the presentation and classification of certain cash receipts and cash payments by providing guidance on eight specific cash flow issues. The ASU is effective for interim and annual periods beginning after December 15, 2017 and early adoption is permitted, including adoption during an interim period. We are currently assessing the impact this standard will have on our consolidated statement of cash flows. In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. ASU 2014-15 requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity's ability to continue as a going concern. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2014-15 on the Company's financial statements and disclosures. |
ORGANIZATION AND DESCRIPTION 34
ORGANIZATION AND DESCRIPTION OF BUSINESS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization and Description Of Business [Abstract] | |
Consolidation Entities Nature Of Business [Table Text Block] | As of December 31, 2017, 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 Investment Management Consultation Company Limited (“SHSY”) February 5, 2004 PRC 100 % Subsidiary Property brokerage services Suzhou Shang Yang Real Estate Consultation Company Limited (“SZSY”) November 24, 2006 PRC 75.25 % 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 Linyi Shangyang 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 GaoFengHui 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 Linyi Rui Lin Construction and Design Company Limited (“LYRL”) March 6, 2012 PRC 100 % Subsidiary Investment holding Company Name Date of Place of % of Relationship Principal activity Shanghai XinJi Yang Real Estate Brokerage Company Limited (“SHXJYB”) January 28, 2013 PRC 75 % 3 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 (“SHXG”) December 17, 2012 PRC 49 % Equity investment Equity investment and consultancy Shanghai Da Er Wei Trading Company Limited (“SHDEW”) June 6, 2013 PRC 23.08 % Equity investment Import and export trading Shanghai HuiTian (“SHHT”) July 25, 2014 PRC 100 % Subsidiary Investment holding 1. After equity transaction in February 2015, The Company holed the equity of SZSY as blow: SZXJY 49 26 12.5 75.25 2. The Company and a shareholder of LYSY, which holds 51 51 75 3. 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, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] | Depreciation is computed using the straight-line method to allocate the cost of depreciable assets over the estimated useful lives of the assets as follows: 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, 2017 | |
Receivables [Abstract] | |
Schedule Of Other Receivables and Deposit [Table Text Block] | December 31, December 31, 2017 2016 Advances to staff $ 118,835 $ 175,585 Rental deposits 72,531 69,390 Prepaid expense 22,572 524,622 Prepaid tax 4,687,947 4,731,739 Other receivables 1,817,193 370,429 $ 6,719,078 $ 5,871,765 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | December 31, December 31, 2017 2016 Furniture and fixtures $ 166,660 $ 177,662 Computer and office equipment 163,969 307,682 Motor vehicles 602,260 689,539 Properties 2,315,428 2,180,981 3,248,317 3,355,863 Less: Accumulated depreciation 1,964,416 1,943,460 $ 1,283,901 $ 1,412,403 |
INVESTMENT PROPERTIES, NET (Tab
INVESTMENT PROPERTIES, NET (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties [Table Text Block] | December 31, December 31, 2017 2016 Investment properties $ 9,476,420 $ 8,926,167 Less: Accumulated depreciation (5,221,155) (4,577,843) $ 4,255,265 $ 4,348,324 |
INVESTMENTS IN AND AMOUNT DUE39
INVESTMENTS IN AND AMOUNT DUE FROM UNCONSOLIDATED AFFILIATES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
WHYYL [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Equity Method Investments [Table Text Block] | The following table sets forth the financial information of WHYYL. Years Ended December 31, 2017 2016 Revenues $ 53,638,709 $ - Net profit (loss) $ (6,920,837) $ (901,871) December 31, December 31, 2017 2016 Current assets $ 19,066,691 $ 62,859,330 Non-current assets 9,736 1,392,618 Total assets 19,076,427 64,251,949 Current liabilities 18,965,514 57,420,884 Total equity $ 110,914 $ 6,831,065 |
SHDEW [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Equity Method Investments [Table Text Block] | As of December 31, 2017, the net profit for SHDEW was $ 342,843,033 219,337,694 Years Ended December 31, 2017 2016 Revenues $ 743,253,100 $ 485,286,783 Net profit (loss) $ 342,843,033 $ 132,936,415 December 31, December 31, 2017 2016 Current assets $ 647,287,630 $ 122,345,251 Non-current assets 19,471,756 319,725,610 Total assets 666,759,387 442,070,861 Current liabilities 447,406,389 293,430,056 Total equity $ 219,337,694 $ 145,667,618 |
AMOUNTS DUE TO DIRECTORS (Table
AMOUNTS DUE TO DIRECTORS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | December 31, December 31, 2017 2016 Lin Chi-Jung $ 5,154,329 $ 6,446,184 Lin Hsin-Hung 108,842 87,105 $ 5,263,171 $ 6,533,288 |
OTHER PAYABLES AND ACCRUED EX41
OTHER PAYABLES AND ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, December 31, 2017 2016 Accrued staff commission and bonus $ 302,710 $ 792,203 Rental deposits received 161,055 275,725 Rental receipts in advance - - Other payables 291,546 374,922 Dividends payable to non-controlling interest 205,924 193,967 $ 961,235 $ 1,636,817 |
INCOME TAXES PAYABLE (Tables)
INCOME TAXES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The Company’s management is still evaluating the effect of the U.S. Tax Reform on the Company. Management may update its judgment of that effect based on its continuing evaluation and on future regulations or guidance issued by the U.S. Department of the Treasury, and specific actions the Company may take in the future. Year Ended December 31, 2017 2016 Income /(loss) before income tax expense Income /(loss) from China operations $ 67,182,830 $ 27,525,786 Income /(loss) from non-China operations (171,322) (196,006) Total income /(loss) before income tax expense 67,011,508 27,329,780 Income tax expense applicable to China operations Current tax 56,803 - Deferred tax (225,766) (227,607) Subtotal income tax expense applicable to China operations (168,963) 37,395 Non-China income tax expense/(benefit) 4,313,689 - Total income tax expense $ 4,144,726 $ 37,395 |
Schedule Of Income Tax Reconciliation [Table Text Block] | The following is reconciliation between the U.S. federal statutory rate and the Company’s effective tax rate: 2017 2016 PRC Statutory rate 25 % 25 % Effect of the U.S. Transition Tax under the 2017 TCJA 6.4 % 0.0 % Effect of income not taxable for PRC tax purposes (25.3) % (24.6) % Under (Over)-provision for income taxes in prior years 0.0 % (0.6) % Effective income tax rate 6.2 % (0.2) % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company’s deferred tax assets and liabilities consist of the following : As of December 31, 2017 2016 Deferred tax assets: Net operating loss from operations $ 591,300 $ 337,536 Total deferred tax assets 591,300 337,536 Less: Valuation allowance - - Net deferred tax assets $ 591,300 $ 337,536 |
LONG TERM BORROWINGS (Tables)
LONG TERM BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of December 31, 2017, the Company have repaid its the remaining long-term loan of Huaxia bank. December 31, December 31, 2017 2016 Outstanding borrowings $ - $ 7,496,036 Less: Current portion of long term borrowings - 7,496,036 $ - $ - |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of December 31, 2017, the Company had the following operating lease obligations falling due. Amount Year Ending Within one year $ 57,636 Two to five years 22,008 $ 79,644 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 Property Brokerage Real Estate Investment Services Development Transaction Others Total Net revenues $ 4,172,870 $ 23,382,975 $ - $ - $ 27,555,845 Cost of revenues (1,118,377) (21,455,775) - - (22,574,152) Gross profit 3,054,493 1,927,200 - - 4,981,693 Operating expenses (699,534) (485,170) - (374) (1,185,078) General and administrative expenses (1,929,700) (1,414,037) - (310,930) (3,654,667) Operating loss 425,259 27,993 - (311,304) 141,948 Other income (expenses) Interest income 24,213 11,392 - 3,864 39,469 Interest expense (423,864) - - - (423,864) Other income, Net 483,687 (611,537) 1,008,896 138,542 1,019,588 Equity in net income (loss) of unconsolidated affiliates 66,234,367 66,234,367 Total other (expenses) income 84,036 (600,145) 67,243,263 142,406 66,869,560 Income (loss) before income taxes 509,295 (572,152) 67,243,263 (168,898) 67,011,508 Income tax (56,803) 225,766 (4,313,689) - 168,963 Net Income (loss) $ 452,492 $ (346,386) $ 62,929,574 $ (168,898) $ 67,180,471 Year Ended December 31, 2016 Property Brokerage Real Estate Investment Services Development Transaction Others Total Net revenues $ 4,935,249 $ - $ - $ 265,610 $ 5,200,859 Cost of revenues (2,618,596) - - (341,161) (2,959,757) Gross profit 2,316,653 - - (75,551) 2,241,102 Operating expenses (1,177,882) (1,202,879) - (29,676) (2,410,437) General and administrative expenses (1,780,642) (1,389,379) - (293,656) (3,463,677) Operating loss (641,871) (2,592,258) - (398,883) (3,633,012) Other income (expenses) Interest income 47,432 11,382 - 330 59,144 Interest expense (1,890,047) (270,639) - (45,130) (2,205,816) Other income, Net 3,151,911 (49,594) - (47) 3,102,270 Equity in net income (loss) of unconsolidated affiliates 30,007,194 30,007,194 Total other (expenses) income 1,309,296 (308,851) 30,007,194 (44,847) 30,962,792 Income (loss) before income taxes 667,425 (2,901,109) 30,007,194 (443,730) 27,329,780 Income tax (190,212) 227,607 - 37,395 Net Income (loss) $ 477,213 $ (2,673,502) $ 30,007,194 $ (443,730) $ 27,367,175 Property Brokerage Real Estate Investment* Services Development Transaction Others Total As of December 31, 2017 Real estate property under development $ - $ 67,974,281 $ - $ - $ 67,974,281 Total assets 9,283,409 81,625,107 73,982,908 11,609 164,903,033 As of December 31, 2016 Real estate property under development $ - $ 77,502,496 $ - $ - $ 77,502,496 Total assets 10,297,854 92,110,884 37,181,284 162,832 139,752,854 |
ORGANIZATION AND DESCRIPTION 46
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details) | 12 Months Ended | |
Dec. 31, 2017 | ||
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 | |
Equity investment, Place of Incorporation | PRC | |
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 | |
Equity investment, Date of Incorporation | Jan. 28, 2013 | |
Shanghai Shang Yang Investment Management and Consulting 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 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 | 75.25% | [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 | |
Linyi Rui 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% | |
Subsidiaries, Principal activity | Investment holding | |
Shanghai Xin Ji Yang Real Estate Brokerage Company Limited [Member] | ||
Organization And Description Of Business [Line Items] | ||
Subsidiaries, % of Ownership held by the Company | 75.00% | |
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 | |
Shanghai XinJi Yang Real Estate Brokerage Company Limited SHXJYB” [Member] | ||
Organization And Description Of Business [Line Items] | ||
Subsidiaries, % of Ownership held by the Company | 75.00% | |
Subsidiaries, Principal activity | Property brokerage services | |
Xin Guang Investment Management and 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 | 23.08% | |
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% | |
Equity investment, Principal activity | Investment holding | |
[1] | After equity transaction in February 2015, The Company holed the equity of SZSY as blow: SZXJY 49%, SHXJY 26% and Sunrise Real Estate Development Group, Inc. (CY-SRRE) 12.5%, totally hold 75.25% equity of SZSY. | |
[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. |
ORGANIZATION AND DESCRIPTION 47
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Textual) | Mar. 06, 2012 | May 08, 2006 | Aug. 09, 2005 | Jan. 10, 2005 | Oct. 05, 2004shares | Oct. 31, 2011 | Jan. 31, 2011a | Aug. 31, 2004shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 15, 2014 | Jun. 06, 2013 | Jan. 28, 2013 | Dec. 17, 2012 | Oct. 13, 2011 | Sep. 28, 2011 | Sep. 24, 2007 | Nov. 24, 2006 | Jun. 25, 2004 |
Organization And Description Of Business [Line Items] | |||||||||||||||||||
Percentage Of Equity Interest In Subsidiary Transferred To Parent | 49.00% | ||||||||||||||||||
Real Estate Project Land Of Developing Square Meters | a | 27,950 | ||||||||||||||||||
Real Estate Project Land Of Developing Estimated Construction Period | 3 years | ||||||||||||||||||
Revenue, Net | $ | $ 27,555,845 | $ 5,200,859 | |||||||||||||||||
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 | ||||||||||||||||||
Suzhou Shangyang Huitian Wealth Investment Management Co,. Ltd [Member] | |||||||||||||||||||
Organization And Description Of Business [Line Items] | |||||||||||||||||||
Percentage of equity interest in subsidiary transferred to other shareholder | 76.92% | ||||||||||||||||||
Shareholder Of Szsy [Member] | |||||||||||||||||||
Organization And Description Of Business [Line Items] | |||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 12.50% | 12.50% | |||||||||||||||||
Percentage Of Equity Interest In Subsidiary Sold To Related Party | 49.00% | ||||||||||||||||||
Percentage Of Equity Interest In Subsidiary Transferred To Parent | 26.00% | ||||||||||||||||||
Business Combination Transferred Equity Interest In Acquire To Other Subsidiary | 75.25% | ||||||||||||||||||
Shareholder Of Lysy [Member] | |||||||||||||||||||
Organization And Description Of Business [Line Items] | |||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 51.00% | 51.00% | |||||||||||||||||
Percentage Of Equity Interest In Subsidiary Sold To Related Party | 51.00% | ||||||||||||||||||
Percentage Of Equity Interest In Subsidiary Transferred To Parent | 75.00% | 75.00% | |||||||||||||||||
Shanghai Da Er Wei Trading Company Limited [Member] | |||||||||||||||||||
Organization And Description Of Business [Line Items] | |||||||||||||||||||
Revenue, Net | $ | $ 485,286,783 | ||||||||||||||||||
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 | 8.46% | ||||||||||||||||||
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 | 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 SHXJY [Member] | |||||||||||||||||||
Organization And Description Of Business [Line Items] | |||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 26.00% | ||||||||||||||||||
SZXJY [Member] | Held By Director Of Szxjy [Member] | |||||||||||||||||||
Organization And Description Of Business [Line Items] | |||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 12.50% | ||||||||||||||||||
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 | 20.00% | ||||||||||||||||||
Percentage Of Voting Interests Acquired During Period | 100.00% | 80.00% | |||||||||||||||||
SRRE [Member] | |||||||||||||||||||
Organization And Description Of Business [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | 5,000,000 | ||||||||||||||||||
SRRE [Member] | Linyi Shangyang Real Estate Development Company Limited [Member] | |||||||||||||||||||
Organization And Description Of Business [Line Items] | |||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 51.00% | ||||||||||||||||||
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 | 10,000,000 | |||||||||||||||||
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] | Shanghai Da Er Wei Trading Company Limited [Member] | |||||||||||||||||||
Organization And Description Of Business [Line Items] | |||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 14.62% | ||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 24.00% | ||||||||||||||||||
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 Tian Xi [Member] | |||||||||||||||||||
Organization And Description Of Business [Line Items] | |||||||||||||||||||
Percentage of equity interest in subsidiary transferred to other shareholder | 100.00% | ||||||||||||||||||
Shenzhen Hui Tian [Member] | |||||||||||||||||||
Organization And Description Of Business [Line Items] | |||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||||||||
SHXJY [Member] | |||||||||||||||||||
Organization And Description Of Business [Line Items] | |||||||||||||||||||
Percentage Of Equity Interest In Subsidiary Transferred To Parent | 24.00% |
SUMMARY OF SIGNIFICANT ACCOUN48
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2017 | |
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 and office equipment [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Computer and office equipment [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Motor Vehicles [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Properties [member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
SUMMARY OF SIGNIFICANT ACCOUN49
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 12 Months Ended | |||||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2012CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Foreign Currency Exchange Rate Translation | $ 1 | $ 1 | ¥ 6.5342 | ¥ 6.9370 | ||
Real Estate Investment Property, Estimated Useful Lives | 20 years | |||||
Significant Influence Percentage Description | 20.00% | 0.00% | ||||
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 | ||||
Equity Method Investments | 50,677,228 | 37,037,129 | ||||
Proceeds From Government Subsidies | 5,072,605 | 4,782,387 | ||||
Accounts Receivable, Net, Current | 350,524 | 900,239 | ||||
Government Subsidies | $ 5,108,941 | ¥ 33,175,416 | ||||
Allowance For Impairment Losses, Other Investments | 76,922 | 76,922 | ||||
Other Investments [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Equity Method Investments | 76,922 | 76,922 | ||||
Affiliates [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Equity Method Investments | 236,028 | 1,428,156 | ||||
Affiliates [Member] | Other Investments [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Equity Method Investments | $ 0 | 288,309 | ||||
Customer One [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Accounts Receivable, Net, Current | $ 0 | |||||
Customer One [Member] | Sales Revenue, Net [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Concentration Risk, Percentage | 27.00% | |||||
Customer Two [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Accounts Receivable, Net, Current | $ 188,408 | |||||
Customer Two [Member] | Sales Revenue, Net [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Concentration Risk, Percentage | 13.00% |
RESTRICTED CASH (Details Textua
RESTRICTED CASH (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2015 |
Short-term Debt [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents | $ 1,068,805 | $ 304,681 |
TRANSACTIONAL FINANCIAL ASSETS
TRANSACTIONAL FINANCIAL ASSETS (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Marketable Securities, Current | $ 23,152,639 | $ 0 |
Bank Wealth Management Investment Products [Member] | ||
Marketable Securities, Current | $ 23,152,639 | |
Maximum [Member] | Bank Wealth Management Investment Products [Member] | ||
Investment Holdings, Annualized Rate Of Return | 5.35% | |
Minimum [Member] | Bank Wealth Management Investment Products [Member] | ||
Investment Holdings, Annualized Rate Of Return | 4.80% |
REAL ESTATE PROPERTY UNDER DE52
REAL ESTATE PROPERTY UNDER DEVELOPMENT (Details Textual) | Dec. 31, 2017USD ($)a | Dec. 31, 2016USD ($) | Mar. 13, 2014m² |
Linyi Project [Member] | |||
Real Estate Property Under Development [Line Items] | |||
Area of Land | 103,385 | 2,502 | |
Use Rights [Member] | |||
Real Estate Property Under Development [Line Items] | |||
Finite-Lived Intangible Assets, Net | $ 68,133,444 | $ 77,502,496 |
OTHER RECEIVABLES AND DEPOSIT53
OTHER RECEIVABLES AND DEPOSITS (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Other Receivables And Deposits [Line Items] | ||
Advances to staff | $ 118,835 | $ 175,585 |
Rental deposits | 72,531 | 69,390 |
Prepaid expense | 22,572 | 524,622 |
Prepaid tax | 4,687,947 | 4,731,739 |
Other receivables | 1,817,193 | 370,429 |
Other Receivables And Deposit, Net | $ 6,719,078 | $ 5,871,765 |
OTHER RECEIVABLES AND DEPOSIT54
OTHER RECEIVABLES AND DEPOSITS (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Other Receivables And Deposits [Line Items] | ||
Allowance for Doubtful Other Receivables, Current | $ 674,478 | $ 299,327 |
Other Receivables, Net, Current | 1,817,193 | $ 370,429 |
Zhongji Pufa [Member] | GXL Project [Member] | ||
Other Receivables And Deposits [Line Items] | ||
Other Receivables, Net, Current | 816,950 | |
Nanjing Longchang [Member] | ||
Other Receivables And Deposits [Line Items] | ||
Other Receivables, Net, Current | $ 765,205 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 3,248,317 | $ 3,355,863 |
Less: Accumulated depreciation | 1,964,416 | 1,943,460 |
Property, Plant and Equipment, Net | 1,283,901 | 1,412,403 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 166,660 | 177,662 |
Computer and office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 163,969 | 307,682 |
Motor vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 602,260 | 689,539 |
Properties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,315,428 | $ 2,180,981 |
PROPERTY AND EQUIPMENT, NET (56
PROPERTY AND EQUIPMENT, NET (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation, Depletion and Amortization, Total | $ 503,790 | $ 602,002 |
Property And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation, Depletion and Amortization, Total | $ 149,076 |
INVESTMENT PROPERTIES, NET (Det
INVESTMENT PROPERTIES, NET (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Investment Properties [Line Items] | ||
Investment properties | $ 9,476,420 | $ 8,926,167 |
Less: Accumulated depreciation | (5,221,155) | (4,577,843) |
Real Estate Investment Property, Net | $ 4,255,265 | $ 4,348,324 |
INVESTMENT PROPERTIES, NET (D58
INVESTMENT PROPERTIES, NET (Details Textual) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Investment Properties [Line Items] | |
Depreciation, Depletion and Amortization, Nonproduction | $ 699,931 |
INVESTMENTS IN AND AMOUNT DUE59
INVESTMENTS IN AND AMOUNT DUE FROM UNCONSOLIDATED AFFILIATES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Investment In And Amount Due From An Unconsolidated Affiliate [Line Items] | ||
Net profit (loss) | $ 6,920,837 | |
WHYYL [Member] | ||
Investment In And Amount Due From An Unconsolidated Affiliate [Line Items] | ||
Revenues | 53,638,709 | $ 0 |
Net profit (loss) | (6,920,837) | (901,871) |
Current assets | 19,066,691 | 62,859,330 |
Non-current assets | 9,736 | 1,392,618 |
Total assets | 19,076,427 | 64,251,949 |
Current liabilities | 18,965,514 | 57,420,884 |
Total equity | 110,914 | 6,831,065 |
SHDEW [Member] | ||
Investment In And Amount Due From An Unconsolidated Affiliate [Line Items] | ||
Revenues | 743,253,100 | 485,286,783 |
Net profit (loss) | 342,843,033 | 132,936,415 |
Current assets | 647,287,630 | 122,345,251 |
Non-current assets | 19,471,756 | 319,725,610 |
Total assets | 666,759,387 | 442,070,861 |
Current liabilities | 447,406,389 | 293,430,056 |
Total equity | $ 219,337,694 | $ 145,667,618 |
INVESTMENTS IN AND AMOUNT DUE60
INVESTMENTS IN AND AMOUNT DUE FROM UNCONSOLIDATED AFFILIATES (Details Textual) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2011a | Dec. 31, 2017USD ($)a | Dec. 31, 2016USD ($) | Dec. 31, 2011USD ($) | |
Investment In And Amount Due From An Unconsolidated Affiliate [Line Items] | ||||
Amount due from an unconsolidated affiliate (Note 9) | $ 2,686,498 | $ 2,892,256 | ||
Income (Loss) from Equity Method Investments | 68,493,355 | 29,092,782 | ||
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 6,920,837 | |||
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 | 54,088 | |||
Equity Method Investments | 50,677,228 | 37,037,129 | ||
WHYYL [Member] | ||||
Investment In And Amount Due From An Unconsolidated Affiliate [Line Items] | ||||
Amount due from an unconsolidated affiliate (Note 9) | $ 2,686,498 | 2,892,256 | ||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | ||
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $ (6,920,837) | (901,871) | ||
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 | $ 54,088 | |||
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | 110,914 | 6,831,065 | ||
Equity Method Investments | $ 4,697,686 | |||
SHDEW [Member] | ||||
Investment In And Amount Due From An Unconsolidated Affiliate [Line Items] | ||||
Income (Loss) from Equity Method Investments | $ 342,843,033 | |||
Equity Method Investment, Ownership Percentage | 23.08% | |||
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $ 342,843,033 | 132,936,415 | ||
Equity Method Investment Summarized Financial Information, Equity, Total | 50,623,140 | |||
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | $ 219,337,694 | $ 145,667,618 |
OTHER INVESTMENTS, NET (Details
OTHER INVESTMENTS, NET (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Investment [Line Items] | ||
Impairment loss on other investments | $ 0 | $ 0 |
Equity Method Investments | 50,677,228 | 37,037,129 |
Other Investments [Member] | ||
Investment [Line Items] | ||
Equity Method Investments | $ 76,922 | $ 76,922 |
PROMISSORY NOTES PAYABLE (Detai
PROMISSORY NOTES PAYABLE (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Interest Expense, Debt | $ 0 | $ 468,607 |
Unsecured Notes Payable One [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 1,530,409 | 1,616,603 |
Unsecured Notes Payable Two [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 765,205 | |
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | |
Long-term Debt, Gross | $ 765,205 | 720,773 |
Unsecured Notes Payable Three [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 765,205 | |
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | |
Long-term Debt, Gross | $ 765,205 | $ 720,773 |
AMOUNTS DUE TO DIRECTORS (Detai
AMOUNTS DUE TO DIRECTORS (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Amounts due to directors (Note 14) | $ 5,263,171 | $ 6,533,288 |
Lin Chi Jung [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Amounts due to directors (Note 14) | 5,154,329 | 6,446,184 |
Lin Hsin Hung [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Amounts due to directors (Note 14) | $ 108,842 | $ 87,105 |
AMOUNTS DUE TO DIRECTORS (Det64
AMOUNTS DUE TO DIRECTORS (Details Textual) - Lin Chi Jung [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2016 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Accrued Salaries | $ 105,445 | $ 118,160 | |
Officers Or Stockholders Advances | 5,154,329 | $ 6,446,184 | |
Interest Expense, Related Party | $ 0 | $ 864,829 | |
Minimum [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Related Party Transaction, Rate | 18.00% | ||
Maximum [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Related Party Transaction, Rate | 30.00% |
ACCOUNTS PAYABLE (Details Textu
ACCOUNTS PAYABLE (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Other Payables And Accrued Expenses [Line Items] | ||
Accounts Payable, Current | $ 3,767,578 | $ 2,486,348 |
Linyi Project [Member] | ||
Other Payables And Accrued Expenses [Line Items] | ||
Unpaid Project Development Fees | 633,319 | |
Guangxinlu Project [Member] | ||
Other Payables And Accrued Expenses [Line Items] | ||
Unpaid Project Development Fees | $ 2,751,656 |
CUSTOMER DEPOSITS (Details Text
CUSTOMER DEPOSITS (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Customer Deposits, Current | $ 41,468,361 | $ 54,263,661 |
Linyi Project [Member] | ||
Customer Deposits, Current | 6,198,103 | |
GXL Project [Member] | ||
Customer Deposits, Current | $ 35,141,730 |
AMOUNT DUE TO AFFILIATES (Detai
AMOUNT DUE TO AFFILIATES (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||
Due to Affiliate, Current | $ 18,579,652 | $ 36,010,325 |
Shanghai Daerwei Trading Company Limited [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate, Current | 18,020,716 | $ 35,483,584 |
SHXG [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate, Current | 18,977 | |
JXSY [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Affiliate, Current | $ 539,959 |
OTHER PAYABLES AND ACCRUED EX68
OTHER PAYABLES AND ACCRUED EXPENSES (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Other Payables And Accrued Expenses [Line Items] | ||
Accrued staff commission and bonus | $ 302,710 | $ 792,203 |
Rental deposits received | 161,055 | 275,725 |
Rental receipts in advance | 0 | 0 |
Other payables | 291,546 | 374,922 |
Dividends payable to non-controlling interest | 205,924 | 193,967 |
Accrued Liabilities and Other Liabilities | $ 961,235 | $ 1,636,817 |
INCOME TAXES PAYABLE (Details)
INCOME TAXES PAYABLE (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income /(loss) before income tax expense | |||
Income /(loss) before income tax expense | $ 67,011,508 | $ 27,329,780 | |
Income tax expense applicable to China operations | |||
Income tax expense | $ 4,313,689 | 4,144,726 | (37,395) |
PRC Operations [Member] | |||
Income /(loss) before income tax expense | |||
Income /(loss) before income tax expense | 67,182,830 | 27,525,786 | |
Income tax expense applicable to China operations | |||
Current tax | 56,803 | 0 | |
Deferred tax | (225,766) | (227,607) | |
Income tax expense | (168,963) | 37,395 | |
Non-China Operations [Member] | |||
Income /(loss) before income tax expense | |||
Income /(loss) before income tax expense | (171,322) | (196,006) | |
Income tax expense applicable to China operations | |||
Income tax expense | $ 4,313,689 | $ 0 |
INCOME TAXES PAYABLE (Details 1
INCOME TAXES PAYABLE (Details 1) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Payable [Line Items] | ||
PRC Statutory rate | 25.00% | 25.00% |
Effect of the U.S. Transition Tax under the 2017 TCJA | 6.40% | 0.00% |
Effect of income not taxable for PRC tax purposes | (25.30%) | (24.60%) |
Under (Over)-provision for income taxes in prior years | 0.00% | (0.60%) |
Effective income tax rate | 6.20% | (0.20%) |
INCOME TAXES PAYABLE (Details 2
INCOME TAXES PAYABLE (Details 2) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Net operating loss from operations | $ 591,300 | $ 337,536 |
Total deferred tax assets | 591,300 | 337,536 |
Less: Valuation allowance | 0 | 0 |
Net deferred tax assets | $ 591,300 | $ 337,536 |
INCOME TAXES PAYABLE (Details T
INCOME TAXES PAYABLE (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Payable [Line Items] | ||||
Operating Loss Carryforwards, Valuation Allowance | $ 591,300 | $ 591,300 | $ 248,784 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 25.00% | 25.00% | ||
Income Tax Expense (Benefit) | $ 4,313,689 | $ 4,144,726 | $ (37,395) | |
PRC tax [Member] | ||||
Income Tax Payable [Line Items] | ||||
Income Tax Expense (Benefit) | $ 168,963 | |||
Scenario, Plan [Member] | ||||
Income Tax Payable [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
LONG TERM BORROWINGS (Details)
LONG TERM BORROWINGS (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 0 | $ 7,496,036 |
Less: Current portion of long term borrowings | 0 | 7,496,036 |
Long-term Debt, Excluding Current Maturities | $ 0 | $ 0 |
DEFERRED GOVERNMENT SUBSIDY (De
DEFERRED GOVERNMENT SUBSIDY (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Government Subsidy [Line Items] | ||
Deferred Government Subsidy | $ 5,072,605 | $ 4,782,387 |
STATUTORY RESERVE (Details Text
STATUTORY RESERVE (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statutory Accounting Practices [Line Items] | ||
Statutory reserve (Note16) | $ 931,510 | $ 938,128 |
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% | |
Statutory reserve (Note16) | $ 931,510 | $ 938,128 |
COMMITMENTS AND CONTINGENCIES76
COMMITMENTS AND CONTINGENCIES (Details) | Dec. 31, 2017USD ($) |
Operating Leased Assets [Line Items] | |
Within one year | $ 57,636 |
Two to five years | 22,008 |
Operating lease commitments arising from the promotional package | $ 79,644 |
COMMITMENTS AND CONTINGENCIES77
COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments And Contingencies [Line Items] | ||
Operating Leases, Rent Expense | $ 198,158 | $ 182,101 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Net revenues | $ 27,555,845 | $ 5,200,859 | |
Cost of revenues | (22,574,152) | (2,959,757) | |
Gross profit | 4,981,693 | 2,241,102 | |
Operating expenses | (1,185,078) | (2,410,437) | |
General and administrative expenses | (3,654,667) | (3,463,677) | |
Operating loss | (141,948) | 3,633,012 | |
Other income (expenses) | |||
Interest income | 39,469 | 59,144 | |
Interest expense | (423,864) | (2,205,816) | |
Other income, Net | (1,019,588) | (3,102,270) | |
Equity in net income (loss) of unconsolidated affiliates | 68,493,355 | 29,092,782 | |
Total other (expenses) income | 66,869,560 | 30,962,792 | |
Income (loss) before income taxes | 67,011,508 | 27,329,780 | |
Income tax | $ (4,313,689) | (4,144,726) | 37,395 |
Net Income( loss) | 62,866,782 | 27,367,175 | |
Total assets | 164,903,033 | 164,903,033 | 139,621,287 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 27,555,845 | 5,200,859 | |
Cost of revenues | (22,574,152) | (2,959,757) | |
Gross profit | 4,981,693 | 2,241,102 | |
Operating expenses | (1,185,078) | (2,410,437) | |
General and administrative expenses | (3,654,667) | (3,463,677) | |
Operating loss | 141,948 | (3,633,012) | |
Other income (expenses) | |||
Interest income | 39,469 | 59,144 | |
Interest expense | (423,864) | (2,205,816) | |
Other income, Net | 1,019,588 | 3,102,270 | |
Equity in net income (loss) of unconsolidated affiliates | 66,234,367 | 30,007,194 | |
Total other (expenses) income | 66,869,560 | 30,962,792 | |
Income (loss) before income taxes | 67,011,508 | 27,329,780 | |
Income tax | 168,963 | 37,395 | |
Net Income( loss) | 67,180,471 | 27,367,175 | |
Real estate property under development | 67,974,281 | 67,974,281 | 77,502,496 |
Total assets | 164,903,033 | 164,903,033 | 139,752,854 |
Property Brokerage Services [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 4,172,870 | 4,935,249 | |
Cost of revenues | (1,118,377) | (2,618,596) | |
Gross profit | 3,054,493 | 2,316,653 | |
Operating expenses | (699,534) | (1,177,882) | |
General and administrative expenses | (1,929,700) | (1,780,642) | |
Operating loss | 425,259 | (641,871) | |
Other income (expenses) | |||
Interest income | 24,213 | 47,432 | |
Interest expense | (423,864) | (1,890,047) | |
Other income, Net | 483,687 | 3,151,911 | |
Total other (expenses) income | 84,036 | 1,309,296 | |
Income (loss) before income taxes | 509,295 | 667,425 | |
Income tax | (56,803) | (190,212) | |
Net Income( loss) | 452,492 | 477,213 | |
Real estate property under development | 0 | 0 | 0 |
Total assets | 9,283,409 | 9,283,409 | 10,297,854 |
Real Estate Development [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 23,382,975 | 0 | |
Cost of revenues | (21,455,775) | 0 | |
Gross profit | 1,927,200 | 0 | |
Operating expenses | (485,170) | (1,202,879) | |
General and administrative expenses | (1,414,037) | (1,389,379) | |
Operating loss | 27,993 | (2,592,258) | |
Other income (expenses) | |||
Interest income | 11,392 | 11,382 | |
Interest expense | 0 | (270,639) | |
Other income, Net | (611,537) | (49,594) | |
Total other (expenses) income | (600,145) | (308,851) | |
Income (loss) before income taxes | (572,152) | (2,901,109) | |
Income tax | 225,766 | 227,607 | |
Net Income( loss) | (346,386) | (2,673,502) | |
Real estate property under development | 67,974,281 | 67,974,281 | 77,502,496 |
Total assets | 81,625,107 | 81,625,107 | 92,110,884 |
Investment Transaction [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 0 | 0 | |
Cost of revenues | 0 | 0 | |
Gross profit | 0 | 0 | |
Operating expenses | 0 | ||
General and administrative expenses | 0 | ||
Operating loss | 0 | ||
Other income (expenses) | |||
Interest income | 0 | ||
Interest expense | 0 | ||
Other income, Net | 1,008,896 | ||
Equity in net income (loss) of unconsolidated affiliates | 66,234,367 | 30,007,194 | |
Total other (expenses) income | 67,243,263 | 30,007,194 | |
Income (loss) before income taxes | 67,243,263 | 30,007,194 | |
Income tax | (4,313,689) | ||
Net Income( loss) | 62,929,574 | 30,007,194 | |
Real estate property under development | 0 | 0 | 0 |
Total assets | 73,982,908 | 73,982,908 | 37,181,284 |
Other Segments [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 0 | 265,610 | |
Cost of revenues | 0 | (341,161) | |
Gross profit | 0 | (75,551) | |
Operating expenses | (374) | (29,676) | |
General and administrative expenses | (310,930) | (293,656) | |
Operating loss | (311,304) | (398,883) | |
Other income (expenses) | |||
Interest income | 3,864 | 330 | |
Interest expense | 0 | (45,130) | |
Other income, Net | 138,542 | (47) | |
Total other (expenses) income | 142,406 | (44,847) | |
Income (loss) before income taxes | (168,898) | (443,730) | |
Income tax | 0 | 0 | |
Net Income( loss) | (168,898) | (443,730) | |
Real estate property under development | 0 | 0 | 0 |
Total assets | $ 11,609 | $ 11,609 | $ 162,832 |