Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Fang Holdings Ltd |
Entity Central Index Key | 0001294404 |
Current Fiscal Year End Date | --12-31 |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Common Class A | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 65,403,527 |
Common Class B | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 24,336,650 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 105,282 | $ 171,183 |
Restricted cash, current | 219,096 | 245,474 |
Short-term investments | 194,720 | 16,043 |
Accounts receivable, net of allowance of US$33,276 and US$21,810 as of December 31, 2018 and 2019, respectively (including account receivable of the People's Republic of China ("PRC") Domestic Entities and the PRC Domestic Entities' subsidiaries that can only be used to settle their own obligations of US$2,988 and US$324 as of December 31, 2018 and 2019, respectively) | 66,379 | 58,687 |
Funds receivable | 8,372 | 5,474 |
Prepayments and other current assets | 31,509 | 27,894 |
Commitment deposits | 188 | 191 |
Loans receivable, current (net of allowance of US$3,697 and US$2,905 as of December 31, 2018 and 2019, respectively) | 60,490 | 117,602 |
Amounts due from related parties | 644 | |
Current assets of discontinued operations | 26,289 | |
Total current assets | 686,680 | 668,837 |
Non-current assets: | ||
Property and equipment, net (including property and equipment, net of the PRC Domestic Entities and the PRC Domestic Entities' subsidiaries that can only be used to settle their own obligations of US$324,564 and US$339,407 as of December 31, 2018 and 2019, respectively) | 695,457 | 727,739 |
Land use rights | 33,153 | |
Loans receivable, non-current (net of allowance of US$132 and nil as of December 31, 2018 and 2019, respectively) | 6,249 | |
Deferred tax assets | 6,570 | 2,202 |
Restricted cash, non-current portion (including restricted cash, noncurrent portion of the PRC Domestic Entities and the PRC Domestic Entities' subsidiaries that can only be used to settle their own obligations of nil and US$1,433 as of December 31, 2018 and 2019, respectively) | 42,452 | 6,990 |
Deposits for non-current assets | 618 | 902 |
Long-term investments | 341,946 | 373,233 |
Other non-current assets | 39,179 | 4,558 |
Non-current assets of discontinued operations | 573 | |
Total non-current assets | 1,126,222 | 1,155,599 |
Total assets | 1,812,902 | 1,824,436 |
Current liabilities: | ||
Short-term loans and current portion of long -term loans (including short-term loans and current portion of long-tem loan of the PRC Domestic Entities and the PRC Domestic Entities' subsidiaries without recourse to the Company of US$76,267 and US$ 70,215 as of December 31, 2018 and 2019, respectively) | 264,624 | 297,811 |
Short term bond payable | 102,779 | |
Deferred revenue (including deferred revenue of the PRC Domestic Entities and the PRC Domestic Entities' subsidiaries without recourse to the Company of US$62,816 and US$32,254 as of December 31, 2018 and 2019, respectively) | 134,143 | 142,473 |
Accrued expenses and other liabilities (including accrued expenses and other liabilities of the PRC Domestic Entities and the PRC Domestic Entities' subsidiaries without recourse to the Company of US$3,.266and US$54,543 as of December 31, 2018 and 2019, respectively) | 120,244 | 118,924 |
Customers' refundable fees (including customers' refundable fees of the PRC Domestic Entities and the PRC Domestic Entities' subsidiaries without recourse to the Company of US$3,274 and US$2,209 as of December 31, 2018 and 2019, respectively) | 4,981 | 3,976 |
Income tax payable (including income tax payable of the PRC Domestic Entities and the PRC Domestic Entities' subsidiaries without recourse to the Company of US$1,982 and US$305 as of December 31, 2018 and 2019, respectively) | 4,207 | 2,383 |
Amounts due to related parties | 9,227 | 19 |
Current liabilities of discontinued operations | 35,327 | |
Total current liabilities | 640,205 | 600,913 |
Non-current liabilities: | ||
Long-term loans, less current portion (including long-term loans, less current portion of the PRC Domestic Entities and the PRC Domestic Entities' subsidiaries without recourse to the Company of US$44,891 and US$46,525as of December 31, 2018 and 2019, respectively) | 184,158 | 123,215 |
Convertible senior notes | 168,929 | 254,435 |
Deferred tax liabilities (including deferred tax liabilities of the PRC Domestic Entities and the PRC Domestic Entities' subsidiaries without recourse to the Company of US$10,488 and US$656 as of December 31, 2018 and 2019, respectively) | 90,723 | 97,578 |
Other non-current liabilities (including other non-current liabilities of the PRC Domestic Entities and the PRC Domestic Entities' subsidiaries without recourse to the Company of US$51,144 and US$64,456 as of December 31, 2018 and 2019, respectively) | 138,435 | 150,837 |
Non-current liabilities of discontinued operations | 2,258 | |
Total non-current liabilities | 582,245 | 628,323 |
Total liabilities | 1,222,450 | 1,229,236 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Additional paid-in capital | 528,620 | 517,802 |
Accumulated other comprehensive loss | (98,371) | (75,837) |
Retained earnings | 270,358 | 276,746 |
Less: Treasury shares (7,065,058 and 6,372,159 shares as of December 31, 2018 and 2019, respectively.) | (123,216) | (136,615) |
Total Fang Holdings Limited shareholders' equity | 589,759 | 594,506 |
Noncontrolling interests | 693 | 694 |
Total shareholders' equity | 590,452 | 595,200 |
Total liabilities and shareholders' equity | 1,812,902 | 1,824,436 |
Common Class A | ||
Shareholders' equity: | ||
Ordinary shares | 9,244 | 9,286 |
Common Class B | ||
Shareholders' equity: | ||
Ordinary shares | $ 3,124 | $ 3,124 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | |
Allowance for Doubtful Accounts Receivable, Current | $ 21,810 | $ 33,276 | ||
Accounts Receivable, Net, Current | 66,379 | 58,687 | ||
Allowance for Doubtful Accounts Receivable | 21,810 | 33,276 | ||
Property and equipment, net | 695,457 | 727,739 | ||
Restricted cash, non-current | 42,452 | 6,990 | ||
Short-term loans | 264,624 | 297,811 | ||
Deferred revenue | 134,143 | 142,473 | ||
Accrued expenses and other liabilities | 120,244 | 118,924 | ||
Customer's refundable fees | 4,981 | 3,976 | ||
Income tax payable | 4,207 | 2,383 | ||
Long-term loans | $ 184,158 | $ 123,215 | ||
Treasury Stock, Shares | shares | 6,372,159 | 7,065,058 | ||
Allowance for Notes, Loans and Financing Receivable, Current | $ 2,905 | $ 3,697 | ||
Allowance for Notes, Loans and Financing Receivable, Noncurrent | 0 | 132 | ||
Deferred Tax Liabilities, Net, Noncurrent | 90,723 | 97,578 | ||
Other Liabilities, Noncurrent | 138,435 | 150,837 | ||
PRC Domestic Entities [Member] | ||||
Accounts Receivable, Net, Current | 324 | 2,988 | ||
Property and equipment, net | 339,407 | 324,564 | ||
Restricted cash, non-current | 1,433 | 0 | ||
Short-term loans | 70,215 | 76,267 | ||
Deferred revenue | 32,254 | 32,816 | ||
Accrued expenses and other liabilities | 54,543 | 36,266 | ||
Customer's refundable fees | 2,209 | 3,274 | ||
Income tax payable | 305 | 1,982 | ||
Long-term loans | 46,525 | 44,891 | ||
Deferred Tax Liabilities, Net, Noncurrent | 656 | 10,488 | ||
Other Liabilities, Noncurrent | $ 64,456 | $ 51,144 | ||
Common Class A | ||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 1 | $ 1 | ||
Class A and Class B ordinary shares, shares authorized | shares | 600,000,000 | 600,000,000 | ||
Ordinary Shares, Shares issued | shares | 71,775,686 | 72,069,645 | ||
Ordinary Shares, Shares outstanding | shares | 65,403,527 | 65,004,587 | ||
Conversion of Stock, Shares Issued | shares | 1 | 1 | ||
Common Class B | ||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 1 | $ 1 | ||
Class A and Class B ordinary shares, shares authorized | shares | 600,000,000 | 600,000,000 | ||
Ordinary Shares, Shares issued | shares | 24,336,650 | 24,336,650 | ||
Ordinary Shares, Shares outstanding | shares | 24,336,650 | 24,336,650 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||
Revenues | $ 219,711 | $ 240,047 | $ 395,338 |
Cost of services | (28,260) | (46,392) | (163,598) |
Gross profit | 191,451 | 193,655 | 231,740 |
Operating income (expenses) | |||
Selling expenses (including related party amounts of nil, nil and US$2,311 for the years ended December 31, 2017, 2018 and 2019, respectively) | (73,662) | (59,064) | (83,579) |
General and administrative expenses (including related party amounts of US$501, US$685 and US$853 for the years ended December 31, 2017, 2018 and 2019, respectively) | (99,442) | (129,224) | (129,719) |
Other income (including related party amounts of nil, nil and US$1,411 for the years ended December 31, 2017, 2018 and 2019, respectively) | 6,518 | 4,427 | 699 |
Operating income from continuing operations | 24,865 | 9,794 | 19,141 |
Foreign exchange gain (loss) | 154 | (598) | 15 |
Interest income | 9,038 | 10,202 | 11,052 |
Interest expense | (25,402) | (21,174) | (16,153) |
Change in fair value of securities | (46,062) | (167,402) | 518 |
Realized gain on sale of available-for-sale securities (including accumulated other comprehensive income reclassifications for unrealized gain on available-for-sale securities of US$2,421, US$761 and US$861 for the years ended December 31, 2017, 2018 and 2019, respectively) | 861 | 761 | 2,421 |
Government grants | 927 | 1,224 | 3,025 |
Investment income, net | 2,644 | 6,816 | 6,692 |
Other non-operating loss | (30) | (4,562) | |
Impairment on investments | (2,768) | ||
Income (loss) from continuing operations before income taxes | (32,975) | (160,407) | 19,381 |
Income tax (expense) benefits | 9,544 | 18,989 | (18,352) |
Income (loss) from continuing operations, net of income taxes | (23,431) | (141,418) | 1,029 |
Income from discontinued operations, net of income taxes | 13,181 | 26,509 | 20,675 |
Net income (loss) | (10,250) | (114,909) | 21,704 |
Net income (loss) attributable to noncontrolling interests from continuing operations | (1) | 2 | (3) |
Net income (loss) attributable to Fang Holdings Limited's shareholders | (10,249) | (114,911) | 21,707 |
Net income (loss) attributable to Fang Holdings Limited's shareholders from continuing operations | (23,430) | (141,420) | 1,032 |
Net income attributable to Fang Holdings Limited's shareholders from discontinued operations | 13,181 | 26,509 | 20,675 |
Other comprehensive income (loss), before tax | |||
Foreign currency translation adjustments | (26,703) | (46,648) | 56,571 |
Unrealized gain on available-for-sale securities | (861) | (1,493) | (212,838) |
Amounts reclassified from accumulated other comprehensive income | (861) | (1,493) | (2,736) |
Gain (loss) on intra-entity foreign transactions of long-term-investment nature | 497 | (3,034) | 1,872 |
Separation of real estate information, analytics and marketplace services business | 20,853 | ||
Other comprehensive income (loss), before tax | (22,534) | (49,682) | 268,545 |
Income tax expense related to components of other comprehensive income | (49,566) | ||
Other comprehensive income (loss), net of tax | (22,534) | (49,682) | 218,979 |
Comprehensive income (loss) | (32,784) | (164,591) | 240,683 |
Comprehensive income (loss) attributable to noncontrolling interests | (1) | 2 | (3) |
Comprehensive income (loss) attributable to Fang Holdings Limited's shareholders | $ (32,783) | $ (164,593) | $ 240,686 |
Earnings (loss) per share for Class A and Class B ordinary shares | |||
Basic | $ (0.11) | $ (1.29) | $ 0.24 |
Diluted | (0.11) | (1.29) | 0.24 |
Earnings (loss) per share for Class A and Class B ordinary shares from continuing operations | |||
Basic | (0.26) | (1.59) | 0.01 |
Diluted | (0.26) | (1.59) | 0.01 |
Earnings per share for Class A and Class B ordinary shares from discontinued operations | |||
Basic | 0.15 | 0.30 | 0.23 |
Diluted | $ 0.15 | $ 0.30 | $ 0.23 |
Weighted average number of Class A and Class B ordinary shares outstanding: | |||
Basic | 89,511,052 | 88,749,432 | 88,475,665 |
Diluted | 89,511,052 | 88,749,432 | 91,585,677 |
Parent excluding Retained Earnings and Noncontrolling Interests | |||
Other comprehensive income (loss), before tax | |||
Foreign currency translation adjustments | $ (26,703) | $ (46,648) | $ 56,571 |
Amounts reclassified from accumulated other comprehensive income | (861) | (1,493) | (2,736) |
Separation of real estate information, analytics and marketplace services business | 3,672 | ||
Marketing services | |||
Revenues | |||
Revenues | 94,639 | 98,377 | 149,267 |
Listing services | |||
Revenues | |||
Revenues | 63,471 | 81,741 | 141,454 |
Financial services | |||
Revenues | |||
Revenues | 9,561 | 18,060 | 12,055 |
Value-added services | |||
Revenues | |||
Revenues | $ 5,893 | $ 5,182 | $ 4,753 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selling Expense | $ 73,662 | $ 59,064 | $ 83,579 |
General and administrative expenses (including related party amounts of US$897, US$501 and US$685 for the years ended December 31, 2016, 2017 and 2018, respectively) | 99,442 | 129,224 | 129,719 |
Equity Securities, FV-NI, Unrealized Gain | 861 | 761 | 2,421 |
Related Party | |||
Selling Expense | 2,311 | 0 | 0 |
General and administrative expenses (including related party amounts of US$897, US$501 and US$685 for the years ended December 31, 2016, 2017 and 2018, respectively) | 853 | 685 | 501 |
Other income | $ 1,411 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) | $ (10,250) | $ (114,909) | $ 21,704 |
Adjustments to reconcile net income (loss) to net cash generated from operating activities: | |||
Share-based compensation | 8,820 | 14,082 | 7,218 |
Depreciation of property and equipment | 25,247 | 25,923 | 27,589 |
Amortization of land use rights | 812 | 372 | |
Deferred tax benefits | (10,498) | (21,271) | (317) |
Net allowance for doubtful accounts and loans receivable | 8,784 | 24,598 | 32,614 |
Realized and unrealized loss (gain) related to investment securities | 45,287 | 165,931 | (3,254) |
Impairment on investments | 2,768 | ||
Amortization of loan origination costs | 414 | 191 | |
Amortization of transaction costs for structured note | 136 | ||
Amortization of issuance costs and unamortized discount (premium) for convertible senior notes | (715) | 1,665 | 1,797 |
Loss on disposal of property and equipment | 2,257 | 985 | 5,571 |
Deemed rental expense (Note 19) | 156 | 162 | 159 |
Allowance of doubtful accounts of commitment deposit | 206 | ||
Compensation expenses related to investment in China Index Holding Limited ("CIH") (Note 5) | 13,608 | ||
Foreign currency exchange gain, net | 1,192 | ||
Reduction in the carrying amount of the right-of-use assets | 2,511 | ||
Changes in operating assets and liabilities, net of effects of spinoff of CIH and disposal of subsidiaries: | |||
Accounts receivable | (18,958) | (18,395) | (437) |
Funds receivable | (3,021) | 509 | 2,330 |
Prepayments and other current assets | (5,450) | 3,405 | 9,405 |
Commitment deposits | 5,608 | 816 | |
Loans receivable, current | 30,901 | ||
Loans receivable, non-current | 14,800 | ||
Amounts due from related parties | (148) | 167 | (445) |
Other non-current assets | (1,117) | (3,443) | 5,644 |
Deferred revenue | 12,604 | 12,644 | 30,260 |
Accrued expenses and other liabilities | 2,660 | (42,877) | (39,343) |
Customers' refundable fees | 1,082 | (2,861) | (22,651) |
Income tax payable | 1,204 | (294) | (1,685) |
Amounts due to related parties | 285 | ||
Other non-current liabilities | (6,831) | 2,564 | 676 |
Net cash generated from operating activities | 69,259 | 55,005 | 126,889 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Acquisition of short-term investments | (249,937) | (721,703) | (383,064) |
Proceeds from maturity and disposal of fixed-rate time deposits and trading securities | 10,118 | 164,350 | 373,363 |
Proceeds from disposal of available-for-sale securities | 166,032 | 595,363 | 13,931 |
Acquisition of property and equipment | (12,097) | (96,117) | (65,885) |
Origination of loans receivable | (118,825) | (134,802) | (212,824) |
Collection of loans receivable | 181,767 | 149,545 | 86,931 |
Purchase of land use rights | (34,263) | ||
Proceeds from government in connection of purchase of land use rights | 14,368 | ||
Acquisition of long-term investments | (44,418) | (84,544) | (13,000) |
Proceeds from disposal of property and equipment | 10 | 230 | 5,755 |
Proceeds from disposal of equity investments with readily determinable fair value | 10,347 | 6,645 | |
Deposits for non-current assets | (55,456) | ||
Net cash used in investing activities | (57,003) | (106,665) | (284,512) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from exercise of share options | 21 | 2,974 | 4,785 |
Proceeds from short-term loans | 2,396 | 36,327 | |
Proceeds from long-term loans | 71,215 | 66,843 | 111,475 |
Proceeds from issuance of short term bond | 102,009 | ||
Purchase of structured note in connection with issuance of short term bond | (102,805) | ||
Repayment of loans | (43,651) | (26,884) | (43,989) |
Proceeds from disposal of subsidiaries, net of US$1,378 cash disposed | 262 | ||
Redemption of convertible senior notes | (83,118) | (44,560) | |
Payment of loan origination costs | (528) | (302) | |
Cash disposed in connection with the spinoff of CIH | (19,917) | ||
Net cash generated from (used in) financing activities | (74,116) | 34,700 | 71,969 |
Exchange rate effect on cash, cash equivalents and restricted cash | (18,882) | (26,728) | 29,302 |
Net decrease in cash, cash equivalents and restricted cash | (80,742) | (43,688) | (56,352) |
Cash, cash equivalents and restricted cash at beginning of year | 447,572 | 491,260 | 547,612 |
Cash, cash equivalents and restricted cash at end of year | 366,830 | 447,572 | 491,260 |
Supplemental schedule of cash flow information: | |||
Income tax paid | 9,597 | 8,218 | 7,979 |
Interest paid | 20,886 | 12,215 | 16,895 |
Acquisition of property and equipment through utilization of deposits | 275 | 57,102 | 244,568 |
Acquisition of property and equipment included in accrued expenses and other liabilities | 3,914 | $ 10,438 | 6,121 |
Long-term investments received in settlement of funds receivable | $ 12,058 | ||
Shareholder contribution of call option (Note 5) | $ 693 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | |||
Cash and cash equivalents | $ 105,282 | $ 195,108 | $ 228,276 |
Restricted cash, current | 219,096 | 245,474 | 223,002 |
Restricted cash, non-current portion | 42,452 | 6,990 | 39,982 |
Total cash cash equivalents and restricted cash | $ 366,830 | $ 447,572 | $ 491,260 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) | Common StockCommon Class A | Common StockCommon Class B | Common Stock | Additional Paid-in Capital | Treasury StockCommon Class A | Treasury Stock | Foreign Currency Translations Adjustments | Net Unrealized Loss On Securities Available For Sales | Loss on Intra-Entity Foreign Transactions of Long-Term-Investment Nature | Parent excluding Retained Earnings and Noncontrolling Interests | Retained Earnings | Noncontrolling Interest | Total |
Beginning Balance at Dec. 31, 2016 | $ 12,281,000 | $ 488,943,000 | $ (136,615,000) | $ (77,602,000) | $ 3,249,000 | $ (6,996,000) | $ (81,349,000) | $ 203,870,000 | $ 695,000 | $ 487,825,000 | |||
Beginning Balance (in shares) at Dec. 31, 2016 | 64,012,758 | 24,336,650 | |||||||||||
Net (loss) profit for the year | 21,704,000 | ||||||||||||
Net (loss) profit for the year | 21,704,000 | 21,704,000 | |||||||||||
Other comprehensive loss: | |||||||||||||
Foreign currency translation adjustments | 56,571,000 | 56,571,000 | 56,571,000 | ||||||||||
Unrealized gain (loss) on available-for-sale securities | 163,272,000 | 163,272,000 | 163,272,000 | ||||||||||
Foreign currency transaction gain | 1,872,000 | 1,872,000 | 1,872,000 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | (2,736,000) | (2,736,000) | (2,736,000) | ||||||||||
Contribution by noncontrolling interests | (3,000) | (3,000) | |||||||||||
Contribution from shareholder | 159,000 | 159,000 | |||||||||||
Share-based compensation | 7,218,000 | 7,218,000 | |||||||||||
Exercise of share options and vesting of unvested shares | 47,000 | 4,346,000 | 4,393,000 | ||||||||||
Exercise of share options and vesting of unvested shares (in shares) | 347,304 | ||||||||||||
Ending Balance at Dec. 31, 2017 | 12,328,000 | 500,666,000 | (136,615,000) | (21,031,000) | 163,785,000 | (5,124,000) | 137,630,000 | 225,574,000 | 692,000 | 740,275,000 | |||
Ending Balance (in shares) at Dec. 31, 2017 | 64,360,062 | 24,336,650 | |||||||||||
Cumulative effect of adoption of new accounting principle | ASU 2014-09 (Topic 606) | 2,298,000 | 2,298,000 | |||||||||||
Cumulative effect of adoption of new accounting principle | ASU 2016-01 | (163,785,000) | (163,785,000) | 163,785,000 | ||||||||||
Balance as adjusted | 12,328,000 | 500,666,000 | (136,615,000) | (21,031,000) | (5,124,000) | (26,155,000) | 391,657,000 | 692,000 | 742,573,000 | ||||
Net (loss) profit for the year | (114,911,000) | 2,000 | (114,909,000) | ||||||||||
Other comprehensive loss: | |||||||||||||
Foreign currency translation adjustments | (46,648,000) | (46,648,000) | (46,648,000) | ||||||||||
Unrealized gain (loss) on available-for-sale securities | 1,493,000 | 1,493,000 | 1,493,000 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | (1,493,000) | (1,493,000) | (1,493,000) | ||||||||||
Gain (Loss) on intra-entity foreign transactions of long-term investment nature | (3,034,000) | (3,034,000) | (3,034,000) | ||||||||||
Contribution from shareholder | 162,000 | 162,000 | |||||||||||
Share-based compensation | 14,082,000 | 14,082,000 | |||||||||||
Exercise of share options and vesting of unvested shares | 82,000 | 2,892,000 | 2,974,000 | ||||||||||
Exercise of share options and vesting of unvested shares (in shares) | 644,525 | ||||||||||||
Ending Balance at Dec. 31, 2018 | 12,410,000 | 517,802,000 | (136,615,000) | (67,679,000) | (8,158,000) | (75,837,000) | 276,746,000 | 694,000 | 595,200,000 | ||||
Ending Balance (in shares) at Dec. 31, 2018 | 65,004,587 | 24,336,650 | |||||||||||
Net (loss) profit for the year | (10,249,000) | (1,000) | (10,250,000) | ||||||||||
Other comprehensive loss: | |||||||||||||
Foreign currency translation adjustments | (26,703,000) | (26,703,000) | (26,703,000) | ||||||||||
Unrealized gain (loss) on available-for-sale securities | 861,000 | 861,000 | 861,000 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | $ (861,000) | (861,000) | (861,000) | ||||||||||
Gain (Loss) on intra-entity foreign transactions of long-term investment nature | 497,000 | 497,000 | 497,000 | ||||||||||
Contribution from shareholder | 2,014,000 | 2,014,000 | |||||||||||
Repurchase of treasury stock (in shares) | (7,065,058) | ||||||||||||
Separation of real estate information, analytics and marketplace services business | 3,672,000 | 3,672,000 | 17,181,000 | 20,853,000 | |||||||||
Share-based compensation | 8,820,000 | 8,820,000 | |||||||||||
Exercise of share options and vesting of unvested shares | 7,714,000 | (7,693,000) | 21,000 | ||||||||||
Exercise of share options and vesting of unvested shares (in shares) | 398,940 | 692,899 | |||||||||||
Others | (42,000) | (16,000) | 5,685,000 | (5,627,000) | |||||||||
Ending Balance at Dec. 31, 2019 | $ 24,336,650 | $ 12,368,000 | $ 528,620,000 | $ (123,216,000) | $ (90,710,000) | $ (7,661,000) | $ (98,371,000) | $ 270,358,000 | $ 693,000 | $ 590,452,000 | |||
Ending Balance (in shares) at Dec. 31, 2019 | 65,403,527 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | 1. ORGANIZATION AND BASIS OF PRESENTATION The Company was incorporated on June 18, 1999 as Fly High Holdings Limited under the laws of the British Virgin Islands (“BVI”). In June 2004, the Company changed its name to SouFun Holdings Limited and its corporate domicile to the Cayman Islands and became a Cayman Islands company with limited liability under the Companies Law of the Cayman Islands. In 2016, the Company changed its name to Fang Holdings Limited (formerly known as SouFun Holdings Limited). The accompanying consolidated financial statements include the financial statements of (i) Fang Holdings Limited (the “Company”), (ii) its subsidiaries located outside of the People’s Republic of China (the “PRC”) (the “non-PRC subsidiaries”), (iii) wholly foreign owned entities in the PRC (the “WOFEs”) and their subsidiaries, (iv) entities controlled through contractual arrangements (the “PRC Domestic Entities”) and (v) the PRC Domestic Entities’ subsidiaries. The Company, and where appropriate, the term “Company” also refers to its non-PRC subsidiaries, WOFEs, PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries as a whole. The Company is principally engaged in the provision of marketing services, listing services, leads generation, financial services, value-added services and e-commerce services to the real estate and home furnishing industries in the PRC. Details of the Company’s major subsidiaries, PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries as of December 31, 2019 were as follows: Date of Place of Company Establishment Establishment Principal Activities Beijing SouFun Internet Information Service Co., Ltd. ("Beijing Internet") December 17, 2003 PRC Provision of marketing services and listing services SouFun Media Technology (Beijing) Co., Ltd. ("SouFun Media") November 28, 2002 PRC Provision of technology, leads generation and information consultancy services Beijing SouFun Network Technology Co., Ltd. ("SouFun Network") March 16, 2006 PRC Provision of technology, leads generation and information consultancy services Beijing SouFun Science and Technology Development Co., Ltd. ("Beijing Technology") March 14, 2006 PRC Provision of marketing services, leads generation services and listing services Beijing Century Jia Tian Xia Technology Development Co., Ltd. ("Beijing JTX Technology") December 21, 2006 PRC Provision of marketing services and listing services Beijing Hong An Tu Sheng Network Technology Co., Ltd. ("Beijing Hong An") November 15, 2010 PRC Provision of technology, leads generation and information consultancy services Beijing Tuo Shi Huan Yu Network Technology Co., Ltd. ("Beijing TuoShi") November 19, 2010 PRC Provision of technology, leads generation and information consultancy services Beijing Yi Ran Ju Ke Technology Development Co., Ltd. ("Beijing Yi Ran Ju Ke") July 8, 2011 PRC Provision of marketing services, rental services, leads generation services and real estate agency services Beijing Hua Ju Tian Xia Network Technology Co., Ltd. ("Beijing Hua Ju Tian Xia") July 25, 2012 PRC Provision of technology and information consultancy services 1. ORGANIZATION AND BASIS OF PRESENTATION (continued) Date of Place of Company Establishment Establishment Principal Activities Beijing Li Man Wan Jia Network Technology Co., Ltd. ("Beijing Li Man Wan Jia") July 25, 2012 PRC Provision of technology, leads generation and information consultancy services Shanghai Jia Biao Tang Real Estate Broking Co., Ltd. ("Shanghai JBT Real Estate Broking") July 7, 2005 PRC Provision of real estate agency services, marketing services and listing services Tianjin Jia Tian Xia Network Technology Co., Ltd. (“Jia Tian Xia Network Technology”) April 15, 2014 PRC Provision of technology and information consultancy services Hangzhou SouFun Network Technology Co., Ltd., ("Hangzhou SouFun Network") August 27, 2013 PRC Provision of technology and information consultancy services Wuhan SouFun Yi Ran Ju Ke Real Estate Agents Co., Ltd. ("Wuhan Yi Ran Ju Ke") December 13, 2013 PRC Provision of real estate agency services, leads generation services and real estate information services Hangzhou Ji Ju Real Estate Agents Co., Ltd. ("Hanzhou Ji Ju") December 23, 2013 PRC Provision of real estate agency services and real estate information services Fang Tian Xia Financial Information Service (Beijing) Ltd. (previously known as Beijing Tianxia Dai Information service Co., Ltd.) April 9, 2014 PRC Provision of finance information services Shanghai SouFun Microfinance Co.,Ltd.("Shanghai SouFun Microfinance") January 19, 2015 PRC Provision of Microfinance services Beihai Tian Xia Dai Microfinance Co., Ltd.("Beihai Tian Xia Dai Microfinance") September 12, 2014 PRC Provision of microfinance services Shanghai BaoAn Enterprise Co., Ltd. (“Shanghai BaoAn Enterprise”) March 31, 2013 PRC Lease, resale and management of property Shanghai BaoAn Hotel Co., Ltd. (“Shanghai BaoAn Hotel”) March 31, 2013 PRC Operation and management of hotel, restaurant and other catering business 1. ORGANIZATION AND BASIS OF PRESENTATION (continued) Date of Place of Company Establishment Establishment Principal Activities Chongqing Tian Xia Dai Microfinance Co., Ltd ("Chongqing Tian Xia Dai Microfinance") December 11, 2014 PRC Provision of microfinance services Tianjin Jia Tian Xia Microfinance Co., Ltd. ("Tianjin Jia Tian Xia Microfinance") December 5, 2014 PRC Provision of microfinance services Guangzhou Fang Tian Xia Real Estate Broking Co., Ltd. (“Guangzhou Fang Tian Xia”) March 9, 2015 PRC Provision of real estate agency services Beijing Cun Fang Real Estate Broking Co., Ltd. (“Beijing Cun Fang”) April 7, 2015 PRC Provision of real estate agency services Tianjin Fang Tian Xia Real Estate Broking Co., Ltd. (“Tianjin Fang Tian Xia”) May 21, 2015 PRC Provision of real estate agency services Nanjing Cun Fang Real Estate Broking Co., Ltd. (“Nanjing Cun Fang”) April 30, 2015 PRC Provision of real estate agency services Date of Place of Company Establishment Establishment Principal Activities Nanchang Cun Fang Real Estate Broking Co., Ltd. (“Nanchang Cun Fang”) June 3, 2015 PRC Provision of real estate agency services Chongqing Fang Tian Xia Real Estate Broking Co., Ltd. (“Chongqing Fang Tian Xia”) May 27, 2015 PRC Provision of real estate agency services Shanghai SouFun Fang Tian Xia Broking Co., Ltd. (“Shanghai Fang Tian Xia”) April 16, 2015 PRC Provision of real estate agency services Beijing Li Tian Rong Ze Yi Jia Technology Development Co., Ltd. (“Beijing Li Tian Rong Ze”) September 4, 2015 PRC Provision of technology and information consultancy services Hong Kong Property Network Limited ("HK Property") May 19, 2011 Hong Kong Investment holding Best Fang Holdings LLC Aug 30, 2017 United States of America Investment holding Best Work Holdings (New York) LLC ("Best Work") March 14, 2011 United States of America Investment holding In order to comply with PRC laws and regulations which restrict foreign control of companies involved in internet content provision (“ICP”) and advertising businesses, the Company operates its websites and provides online marketing, listing and leads generation services in the PRC through its PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries. The equity interests of the PRC Domestic Entities are legally held directly by Vincent Tianquan Mo, executive chairman of the board of directors, Richard Jiangong Dai, a director of the board who resigned from the board effective February 25, 2016, or Jianning Dai, general manager of the Company’s subsidiary. The effective control of the PRC Domestic Entities is held by the Company through two of its WOFEs, namely, SouFun Network and Jia Tian Xia Network Technology as a result of a series of contractual arrangements and their supplementary agreements signed with each of the PRC Domestic Entities which arrangements and agreements contain similar provisions regarding obligations and rights of the Company and the PRC Domestic Entities (hereinafter, together the “Contractual Agreements”). As a result of the Contractual Agreements, the Company maintains the ability to approve decisions made by the PRC Domestic Entities, is entitled to substantially all of the economic benefits from the PRC Domestic Entities and is obligated to absorb all of the PRC Domestic Entities’ expected losses. Therefore, the Company consolidates the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries in accordance with the United States of America Securities and Exchange Commission (“SEC”) Regulation S-X Article 3A‑02 and Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”). The following is a summary of the Contractual Agreements: Exclusive Technical Consultancy and Service Agreements The WOFEs provide the following exclusive technical services to the PRC Domestic Entities: (i) access to information assembled by the WOFEs concerning the real estate industry and companies in this sector to enable the PRC Domestic Entities to target potential customers and provide research services; and (ii) technical information technology system support to enable the PRC Domestic Entities to service the needs of its customers. The agreements can be extended indefinitely at the sole discretion of the WOFEs. Operating Agreements Pursuant to the operating agreements, each PRC Domestic Entity and its legal shareholders have agreed not to enter into any transaction that would substantially affect the assets, rights, obligations or operations of the PRC Domestic Entity without prior written consent from the WOFEs. In addition, the PRC Domestic Entities will appoint or remove their directors and executive officers based on instruction from the WOFEs. The agreements can be extended indefinitely at the sole discretion of the WOFEs. Equity Pledge Agreements, Shareholders Proxy Agreements and Exclusive Call Option Agreements In order to secure the payment obligations of each PRC Domestic Entity under the exclusive technical consultancy and service agreements, the legal shareholders have pledged their entire respective ownership interests in each Domestic PRC Entity to the WOFEs. The legal shareholders shall not transfer the pledged ownership interests without the prior written consent from the WOFEs. The WOFEs are entitled to dividends and funds obtained through conversion, auction or sale of the ownership interests that the legal shareholders pledged to the WOFEs. The agreements can be extended at the sole discretion of the WOFEs. The legal shareholders irrevocably appoint the WOFEs to act as proxy for the legal shareholders to exercise their respective rights as shareholders of the PRC Domestic Entities to attend shareholders’ meetings and cast votes. The agreements will remain valid until terminated upon written consent by the WOFEs, the PRC Domestic Entities and their legal shareholders or by their successors. 1. ORGANIZATION AND BASIS OF PRESENTATION (continued) The legal shareholders granted the Company or any third party designated by the Company the exclusive right to acquire from the legal shareholders the whole or part of the respective equity interests in each PRC Domestic Entity at a price equivalent to the historical cost when permitted by applicable PRC laws and regulations. The legal shareholders shall not sell, transfer or dispose of the equity interests in the PRC Domestic Entities without the prior written consent of the Company or any third party designated by the Company. The proceeds from the exercise of the call option will be applied to repay the loans under the loan agreements. The Company does not have to make any additional payment to the legal shareholders. The PRC Domestic Entities will not distribute any dividend without the prior written consent from the WOFEs. The agreements can be extended indefinitely at the sole discretion of the Company. Loan Agreements The WOFEs provided loans to the legal shareholders to enable them to contribute the registered capital of the PRC Domestic Entities. Under the terms of the loan agreements, the legal shareholders will repay the loans by transferring their legal ownership in the PRC Domestic Entities to the WOFEs when permitted by applicable PRC laws and regulations. Any gains from the transfer shall be paid back to the WOFEs or any third party designated by the WOFEs. The legal shareholders shall repay the loan by means of transferring their respective equity interests in the PRC Domestic Entities to the WOFEs or any other person designated by the WOFEs. Supplementary Agreements In addition to the above contractual agreements, the Company, the WOFEs, the PRC Domestic Entities and their legal shareholders entered into supplementary agreements in March 2010 to memorialize certain terms previously agreed amongst the Company, the WOFEs, the PRC Domestic Entities and their legal shareholders. While these supplementary agreements were signed in 2010, the terms, intent and substance of all the agreements above remained unchanged. Pursuant to the supplementary agreements: · the WOFEs have unilateral discretion in setting the technical service fees charged to the PRC Domestic Entities; · the WOFEs are obligated to provide financial support to the PRC Domestic Entities in the event the PRC Domestic Entities incur losses; · the annual budget of the PRC Domestic Entities should be assessed and approved by the WOFEs; · the legal shareholders agree to remit any profits distributed from the PRC Domestic Entities to the Company upon request by the Company; and · the PRC Domestic Entities are obligated to transfer their entire retained earnings, after deduction of PRC income tax, to the WOFEs in the form of a donation upon the WOFEs’ request. All of these provisions have been incorporated into the Contractual Agreements signed subsequent to March 2010. 1. ORGANIZATION AND BASIS OF PRESENTATION (continued) Furthermore, the WOFEs and the PRC Domestic Entities entered into supplementary agreements in March 2013 to memorialize the following terms previously agreed between the WOFEs and the PRC Domestic Entities when the Exclusive Call Option Agreements were entered into: · the legal shareholders agreed to remit the purchase consideration received from the exercise of the exclusive right to acquire the equity interests in the PRC Domestic Entities to the WOFEs or any entity designated by the WOFEs. This provision has been incorporated into the Contractual Agreements signed subsequent to March 2013. Through the design of the aforementioned agreements, the legal shareholders of the PRC Domestic Entities effectively assigned their full voting rights to the WOFEs, which give the WOFEs the power to direct the activities that most significantly impact the PRC Domestic Entities’ economic performance. The WOFEs obtained the ability to approve decisions made by the PRC Domestic Entities and the ability to acquire the equity interests in the PRC Domestic Entities when permitted by PRC law. The WOFEs are obligated to absorb a majority of the expected losses from the PRC Domestic Entities’ activities through providing unlimited financial support to the PRC Domestic Entities and are entitled to receive a majority of profits from the PRC Domestic Entities through the exclusive technical consultancy and service fees. As a result, the Company, through the WOFEs, is the primary beneficiary of the PRC Domestic Entities. Accordingly, in accordance with SEC Regulation S-X Article 3A‑02 and ASC 810, the Company, through the WOFEs, has consolidated the operating results of the PRC Domestic Entities in the Company’s financial statements. 1. ORGANIZATION AND BASIS OF PRESENTATION (continued) The carrying amounts of the assets, liabilities, the results of operations and cash flows of the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries included in the Company’s consolidated balance sheets, consolidated statements of comprehensive income (loss) and consolidated statements of cash flows were as follows: As of December 31, 2018 2019 US$ US$ ASSETS Current assets: Cash and cash equivalents 34,004 13,670 Restricted cash, current 214,876 217,951 Short-term investments 5,586 — Accounts receivable (net of allowance of US$12,913 and US$10,978 as of December 31, 2018 and 2019, respectively) 25,910 40,836 Funds receivable 5,124 8,182 Prepayments and other current assets 25,384 27,644 Commitment deposits 191 188 Total current assets 311,075 308,471 Non-current assets: Property and equipment, net 358,432 342,146 Land use rights 32,428 — Deferred tax assets 2 2,442 Deposits for non-current assets 95 265 Long-term investments 273,340 219,201 Restricted cash, non-current portion — 35,363 Other non-current assets 1,815 32,972 Total non-current assets 666,112 632,389 Total assets 977,187 940,860 1. ORGANIZATION AND BASIS OF PRESENTATION (continued) As of December 31, 2018 2019 US$ US$ Current liabilities: Short-term loans and current portion of long-term loans 76,267 70,215 Deferred revenue 32,816 32,254 Accrued expenses and other liabilities 36,266 54,543 Customer’s refundable fees 3,274 2,209 Income tax payable 1,982 305 Amounts due to related parties — 10,253 Intercompany payable to the non PRC Domestic Entities Total current liabilities 596,161 578,554 Non-current liabilities: Long-term loans, less current portion 44,891 46,525 Deferred tax liabilities 10,488 656 Other non-current liabilities 51,144 64,456 Total non-current liabilities 106,523 111,637 Total liabilities 702,684 690,191 Net assets 274,503 250,669 Intercompany payable to the non PRC Domestic Entities represents the amounts due to the WOFE and its wholly-owned subsidiaries, which are eliminated upon consolidation. For the Years Ended December 31, 2017 2018 2019 US$ US$ US$ Total revenues 91,087 89,111 102,383 Net loss (6,484) (79,229) (23,543) For the Years Ended December 31, 2017 2018 2019 US$ US$ US$ Net cash generated from operating activities 122,327 26,241 29,288 Net cash used in investing activities (99,946) (9,851) (3,991) Net cash (used in) generated from financing activities 8,565 (25,220) (2,904) As of December 31, 2019, except for the restricted cash, current of US$215,450, accounts receivable of US$324, restricted cash, non-current portion of US$35,363 and property and equipment of US$339,407, which are all pledged to secure bank borrowings (Note 11), there was no other pledge or collateralization of the assets of the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries. 1. ORGANIZATION AND BASIS OF PRESENTATION (continued) Creditors of the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries have no recourse to the general credit of their respective primary beneficiary. The amounts of liabilities of the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries have been parenthetically presented on the consolidated balance sheets. The PRC Domestic Entities held certain registered copyrights, trademarks and registered domain names, which are used for the Company’s business operations. All of these revenue-producing assets were internally developed, for which the Company did not incur significant development costs. There were no other assets of the PRC Domestic Entities or the PRC Domestic Entities’ subsidiaries that can only be used to settle their own obligations except for accounts receivable of US$324, restricted cash- noncurrent portion of US$1,433 and property and equipment of US$339,407 pledged to secure bank borrowings. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with the United States generally accepted accounting principles (“U.S. GAAP”). On June 11, 2019, the Company completed the separation and distribution of its real estate information, analytics and marketplace services business into a separate, independent public company, CIH. The spin-off was completed by way of distribution to Fang's stockholders of all of the then issued and outstanding shares of common stock of CIH on the basis of one share of CIH common stock for every one share of Fang common stock held as of the close of business on May 28, 2019 (the record date for the distribution). As a result of the distribution, CIH is now an independent public company, and its common stock is listed under the symbol "CIH" on the Nasdaq Global Market. The separation represented a strategic shift that has a major effect on Fang's operations and financial results. As a result, the business operated by CIH has been reclassified as discontinued operations. For the periods presented, the assets and liabilities of the discontinued operations are presented separately on the consolidated balance sheets, and the results of the discontinued operations, less income taxes, are reported as income from discontinued operations, on the consolidated statements of comprehensive income (loss). See note 2-Discontinued Operations and note 15. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in the Company’s financial statements include, but are not limited to, estimated stand-alone selling prices of performance obligations, allowance for doubtful accounts, allowance for credit losses, useful lives of property and equipment, realization of deferred tax assets, impairment of long-lived assets, share-based compensation expense, uncertain income tax positions, fair value of the embedded derivatives in the convertible senior notes and fair value of short term and long term investments. Changes in facts and circumstances may result in revised estimates. Actual results could materially differ from those estimates. Principles of Consolidation The consolidated financial statements include the financial statements of the Company, its non-PRC subsidiaries, WOFEs, the PRC Domestic Entities in which the Company, through its WOFEs, has a controlling financial interest, and the PRC Domestic Entities’ subsidiaries. The Company has determined that it has a controlling financial interest, even though it does not hold a majority of the voting equity interest in an entity, because the Company has the ability to control the PRC Domestic Entities through the WOFEs’ rights to all the residual benefits of the PRC Domestic Entities and the WOFEs’ obligation to fund losses of the PRC Domestic Entities. As a result, the PRC Domestic Entities are included in the consolidated financial statements. All significant intercompany balances and transactions between the Company, its subsidiaries, the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries have been eliminated in consolidation, except for the intercompany transactions between continuing operations and discontinued operations before the disposal of the discontinued operations, which are considered to continue after the disposal of the discontinued operations are presented separately in continuing operations and discontinued operations in a way that reflects the continuance of those transactions. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Foreign Currency Translation and Transactions The functional currency of the Company and its non-PRC subsidiaries is the United States dollars (“US$”). The WOFEs, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries determine their functional currency to be the Chinese Renminbi (“RMB”) based on the criteria of ASC 830, Foreign Currency Matters . The Company uses US$ as its reporting currency. Transactions denominated in foreign currencies are remeasured into the functional currency at the exchange rates prevailing on the transaction dates. Foreign currency denominated financial assets and liabilities are remeasured at the exchange rates prevailing at the balance sheet date. Exchange gains and losses are included in the consolidated statements of comprehensive income (loss). The assets and liabilities of the Company’s PRC subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries are translated into US$ at the exchange rates prevailing at the balance sheet date. The consolidated statements of comprehensive income (loss) of these entities are translated into US$ at the weighted average exchange rates for the year. The resulting translation gains (losses) are recorded in accumulated other comprehensive income (loss) as a component of shareholders’ equity. For the purpose of the consolidated statements of cash flows, cash flows of the Company’s PRC subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries are translated into US$ at the exchange rates prevailing on the dates of the cash flows. Frequently recurring cash flows of these entities which arise throughout the year are translated into US$ at the weighted average exchange rates for the year. Transaction gains and losses are recognized in the consolidated statements of operations. Gains and losses on intra-entity foreign currency transactions that are of a long-term-investment nature (that is, settlement is not planned or anticipated in the foreseeable future) between consolidated entities are not recognized in earnings, but are included as a component of other comprehensive income (loss). Cash and Cash Equivalents Cash and cash equivalents represent cash on hand and demand deposits placed with banks or other financial institutions with original maturity of 90 days or less at the date of purchase which are unrestricted as to withdrawal and use. In addition, all highly liquid investments with original stated maturity of 90 days or less are classified as cash equivalents. Restricted Cash Restricted cash represents cash pledged to financial institutions as collateral for the Company’s bank loans, and cash deposits in banks that are restricted as to withdrawal or usage according to certain contracts with customers. The restricted cash is not available for withdrawal or the Company’s general use until after the corresponding bank loans are repaid, or the performance obligation is satisfied. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The Accounting Standards Update (“ASU”) 2016‑18, Statement of Cash Flows (Topic 230): Restricted Cash, required that restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. The guidance was effective as of January 1, 2018 and the Company applied it using a retrospective transition method to each period presented. The adoption of this guidance changed the presentation and classification of restricted cash in the Company’s consolidated statements of cash flows. For the year ended December 31, 2017, substantially all of the changes in restricted cash of US$51,900, was previously reported as part of financing activities in the consolidated statement of cash flows. Investments Periods prior to January 1, 2018 All highly liquid investments with original maturities of greater than 90 days but less than 365 days are classified as short-term investments which are stated at their approximate fair value. The Company accounts for its investments in accordance with ASC 320, Investments-Debt and Equity Securities (“ASC 320”). The Company classifies the investments in debt and equity securities as “held-to-maturity”, “trading” or “available-for-sale”, whose classification determines the respective accounting methods stipulated by ASC 320. Dividend and interest income, including amortization of the premium and discount arising at acquisition, for all categories of investments in securities are included in earnings. Any realized gains or losses on the sale of the investments are determined on a specific identification method, and such gains and losses are reflected in the consolidated statements of comprehensive income (loss). The securities that the Company has positive intent and ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost. For individual securities classified as held-to-maturity securities, the Company evaluates whether a decline in fair value below the amortized cost basis is other-than-temporary in accordance with the Company’s policy and ASC 320. If the Company concludes that it does not intend or is not required to sell an impaired debt security before the recovery of its amortized cost basis, the impairment is considered temporary and the held-to-maturity securities continue to be recognized at the amortized costs. When the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell prior to recovery of its amortized cost basis, an other-than-temporary impairment is deemed to have occurred. In these instances, the other-than-temporary impairment loss is recognized in the consolidated statements of comprehensive income (loss) equal to the entire excess of the debt security’s amortized cost basis over its fair value at the balance sheet date of the reporting period for which the assessment is made. The securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Unrealized holding gains and losses for trading securities are included in earnings. Investments not classified as trading or as held-to-maturity are classified as available-for-sale securities. Available-for-sale securities are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income (loss) in shareholders’ equity. Realized gains or losses are charged to earnings during the period in which the gain or loss is realized. An impairment loss on the available-for-sale securities are recognized in the consolidated statements of comprehensive income (loss) when the decline in value is determined to be other-than-temporary. No impairment loss was recognized for the year ended December 31, 2017. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) In accordance with ASC 325 Investments-Other , for investments in an investee over which the Company does not have significant influence and which do not have readily determinable fair value, the Company carries the investment at cost and only adjusted for other-than-temporary declines in fair value and distributions of earnings that exceed the Company’s share of earnings since its investment. Management regularly evaluates the impairment of the cost method investments based on performance and financial position of the investee as well as other evidence of market value. Such evaluation included, but is not limited to, reviewing the investee’s cash position, recent financing, projected and historical financial performance, cash flow forecasts and financing needs. An impairment loss is recognized in earnings equal to the excess of the investment’s cost over its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value would then become the new cost basis of investment. An impairment loss of US$2,768 was recognized for the year ended December 31, 2017. Period commencing January 1, 2018 The Company adopted ASU 2016‑01, Financial Instruments—Overall (Subtopic 825‑10), Recognition and Measurement of Financial Assets and Liabilities from January 1, 2018, which requires all equity securities with readily determinable fair values, other than those accounted for under equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with changes in the fair value recognized through net income. Change in fair value of available-for-sale equity securities are reported in earnings. Upon the adoption of ASU 2016‑01, accumulated unrealized gain, net of income taxes, of US$163,785 was reclassified from accumulated other comprehensive income to retained earnings as of January 1, 2018. (1) Debt Securities The Company accounts for its debt investments in accordance with ASC 320, Investments-Debt Securities (“ASC 320”). The Company classifies the debt investments as “held-to-maturity”, “trading” or “available-for-sale”, whose classification determines the respective accounting methods stipulated by ASC 320. Interest income, including amortization of the premium and discount arising at acquisition, for all categories of debt investments are included in earnings. Any realized gains or losses on the sale of the debt investments are determined on a specific identification method, and such gains and losses are reflected in the consolidated statements of comprehensive income (loss). The debt securities that the Company has positive intent and ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost. For individual securities classified as held-to-maturity securities, the Company evaluates whether a decline in fair value below the amortized cost basis is other-than-temporary in accordance with the Company’s policy and ASC 320. If the Company concludes that it does not intend or is not required to sell an impaired debt security before the recovery of its amortized cost basis, the impairment is considered temporary and the held-to-maturity securities continue to be recognized at the amortized costs. When the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell prior to recovery of its amortized cost basis, an other-than-temporary impairment is deemed to have occurred. In these instances, the other-than-temporary impairment loss is recognized in the consolidated statements of comprehensive income (loss) equal to the entire excess of the debt security’s amortized cost basis over its fair value at the balance sheet date of the reporting period for which the assessment is made. The debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Unrealized holding gains and losses for trading securities are included in earnings. All highly liquid investments with original maturities of greater than 90 days but less than 365 days are classified as short-term investments which are stated at their approximate fair value. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Investments not classified as trading or as held-to-maturity are classified as available-for-sale securities. Available-for-sale debt securities are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income (loss) in shareholders’ equity. Realized gains or losses are charged to earnings during the period in which the gain or loss is realized. An impairment loss on the available-for-sale securities are recognized in the consolidated statements of comprehensive income (loss) when the decline in value is determined to be other-than-temporary. No impairment loss was recognized for the years ended December 31, 2018 and 2019, respectively. (2) Equity Securities All equity investments with readily determinable fair values, other than those accounted for under equity method of accounting or those that result in consolidation of the investee, are measured at fair value with changes in the fair value recognized through net income. Equity investments without readily determinable fair values which do not qualify for net asset value per share (or its equivalent) practical expedient and over which the Company does not have the ability to exercise significant influence through the investments in common stock, are accounted for under the measurement alternative. The carrying values of equity investments without readily determinable fair values are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. All gains and losses on these investments, realized and unrealized, are recognized in the consolidated statements of comprehensive income (loss). The Company makes assessment of whether an investment is impaired at each reporting date, and recognizes an impairment loss equal to the difference between the carrying value and fair value in earnings. No impairment loss was recognized for the years ended December 31, 2018 and 2019, respectively. As a result of adoption of ASU 2016‑01, the Company is not required to disclose the fair value for equity investments without readily determinable fair value. (3) Equity method investments In accordance with ASC 323 Investments-Equity Method and Joint Ventures , the Company applies the equity method of accounting to equity investments in common stock over which it has significant influence but does not own a majority equity interests or otherwise control. Under the equity method, the Company initially records its investment in the common stock of an investee at cost. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee represents goodwill and intangible assets acquired. The Company adjusts the carrying amount of an investment for its share of the earnings or losses of the investee after the date of investment and reports the recognized earnings or losses in the consolidated statements of comprehensive income (loss). When the Company’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Company does not recognize further losses, unless the Company has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Company holds other investments in the equity investee. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The equity method investments are subject to periodic testing for other-than-temporary impairment, by considering factors including, but not limited to, stock prices of public companies in which the Company has an equity investment, current economic and market conditions, operating performance of the investees such as current earnings trends and undiscounted cash flows, and other company-specific information, such as recent financing rounds. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and the determination of whether any identified impairment is other-than-temporary. If any impairment is considered other-than-temporary, the Company will write down the asset to its fair value and take the corresponding charge to the consolidated statements of comprehensive income (loss). No impairment was recorded for equity method investments for the years ended December 31, 2018 and 2019, respectively. The Company elects fair value measurement for certain investment that would otherwise be accounted for under the equity-method of accounting, in accordance with ASC Topic 825-10, Financial instruments . The fair value option is applied to all of the Company’s financial interests in the same entity that are eligible items. Such election is irrevocable. Under fair value method, investments are recorded at fair value and any changes in fair value are reported in the consolidated statements of comprehensive income (loss). Funds Receivable Funds receivable represents cash collection through third-party payment service providers. The Company carefully considers and monitors the credit worthiness of the third-party payment service providers. An allowance for doubtful accounts is recorded in the period in which a loss is determined to be probable. Funds receivable balances are written off after all collection efforts have been exhausted. Loans Receivable Loans receivable consists primarily of secured loans in the form of mortgage loans and unsecured loans to borrowers that have passed the Company’s credit assessment. Such amounts are recorded at the principal amount less impairment as of the balance sheet date. The loan periods extended by the Company to the borrowers generally range from 3 to 36 months. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) An allowance for credit loss is recorded when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company assesses the allowance for credit loss related to loans receivable on a quarterly basis, either on an individual or collective basis. The Company considers various factors in evaluating loans receivable for possible impairment on an individual basis. These factors include the amount of the loan, historical experience, value of collateral, if any, credit quality and age of the receivable balances. Impairment is measured on an individual loan basis using either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is secured. The Company evaluates the remainder of its loans receivables portfolio for impairment on a collective basis in accordance with ASC 450‑20, Loss Contingencies and records an allowance for credit loss at the portfolio segment level. Loan principal and interest receivables are charged-off when the loan principal and interest receivables are deemed to be uncollectible. In general, loan principal and interest receivables are identified as uncollectible if any of the following conditions are met : 1) the borrower is dead, missing or incapacitate and there is no legal heir and presentee or the legal heir and presentee refuse to abide the contract; 2) identification of fraud, and the fraud is officially reported to and filed with relevant law enforcement departments; 3) outstanding amount following 180 days past due after all collection efforts based on management’s judgment. Property and Equipment, Net Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated Useful Life Office equipment 3 - 5 years Motor vehicles 5 - 10 years Leasehold improvement shorter of lease term or economic lives Buildings 12 -45 years Land is stated at cost and is not depreciated. Construction in progress represents buildings and related premises under construction, which is stated at actual construction cost less any impairment loss. Construction in progress is transferred to the respective category of property and equipment when completed and ready for its intended use. Interest associated with major development and construction projects is capitalized and included in the cost of the project. The capitalization of interest cease when the project is substantially completed or the development activity is suspended for more than a brief period. The amount to be capitalized is determined by applying the capitalization rate to the average amount of accumulated qualifying capital expenditures for assets under construction during the year. Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts, respectively, with any resulting gain or loss reflected in the consolidated statements of comprehensive income (loss). 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Impairment of Long-Lived Assets The Company evaluates its long-lived assets or asset group with finite lives for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset group may not be fully recoverable. When these events occur, the Company evaluates the impairment by comparing the carrying amount of the assets to future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Company recognizes an impairment loss based on the excess of the carrying amount of the asset group over its fair value, but not below the fair values of the individual long-lived assets within the asset group. No impairment charge was recognized for any of the years presented. Asset groups to be disposed of would be reported at the lower of the carrying amount or fair value less costs to sell, and no longer depreciated. The assets and liabilities of a disposal group classified as held for sale would be presented separately in the appropriate asset and liability sections of the consolidated balance sheets. Fair Value of Financial Instruments Financial instruments of the Company primarily include cash and cash equivalents, restricted cash, accounts receivable, commitment deposits, funds receivable, short-term and long-term investments, loans receivable, short-term and long-term loans, short-term bond payable, convertible senior notes and related derivative liabilities. As of December 31, 2018 and 2019, the carrying values of these financial instruments, other than trading securities and call option included in the short-term investment (see note 5), restricted cash, non-current portion, long-term investments, long-term loans, less current portion, convertible senior notes and related derivative liabilities, approximate their fair values due to the short-term maturity of these instruments. The call option was valued using the Black-Sholes pricing model as of December 31, 2019. The equity investments with readily determinable fair value and trading securities were recorded at fair value based on the quoted price in active markets as of December 31, 2018 and 2019. The equity method investments carried at fair value was recorded at fair value based on the quoted price, adjusted if relevant, for other input that is indirectly observable in the active market as of December 31, 2019. The carrying values of long-term loans, less current portion and restricted cash, non-current portion approximate their fair values, as the loans and restricted cash bear interest at rates determined based on the prevailing interest rates in the market. The convertible senior notes were recognized based on residual proceeds after allocation to the derivative liabilities at fair market value. The estimated fair values of the convertible senior notes based on a market approach were approximately US$199,172 and US$145,437 as of December 31, 2018 and 2019, respectively, and represents a Level 3 valuation in accordance with ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). When determining the estimated fair value of the convertible senior notes, the Company used a commonly accepted valuation methodology and market-based risk measurements that are indirectly observable, such as credit risk. The fair value of the bifurcated derivative liabilities was insignificant for the years ended December 31, 2018 and 2019. Prior to January 1, 2018, the Company determined that it was not practicable to estimate the fair value of its cost method investments as of December 31, 2017 and measures the cost method investment at fair value on a nonrecurring basis only if an impairment charge were to be recognized. The Company applies ASC 820 in measuring fair value. ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Include other inputs that are directly or indirectly observable in the marketplace. Level 3 - Unobservable inputs which are supported by little or no market activity. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Assets measured at fair value on a recurring basis as of December 31, 2018 and 2019 are summarized below. Fair Value Measurement as of December 31, 2018 Quoted Prices in Active Significant Markets for Other Identical Observable Unobservable Fair Value at Assets Inputs Inputs December 31, (Level 1) (Level 2) (Level 3) 2018 US$ US$ US$ US$ Equity investments with readily determinable fair value 181,483 — — 181,483 Trading securities 1,773 — — 1,773 Fair Value Measurement as of December 31, 2019 Quoted Prices in Active Significant Markets for Other Identical Observable Unobservable Fair Value at Assets Inputs Inputs December 31, (Level 1) (Level 2) (Level 3) 2019 US$ US$ US$ US$ Call option — — 1,384 1,384 Equity investments with readily determinable fair value 121,841 — — 121,841 Equity method investments carried at fair value 8,539 18,200 — 26,739 The following table provides additional information about the reconciliation of the fair value measurements of assets and liabilities using significant unobservable inputs (level 3). Call option Balance as of December 31, 2018 — Initial recognition 693 Decrease as a result of exercise (458) Change in fair value for the period 1,149 Balance as of December 31, 2019 1,384 The call option was valued using the Black-Scholes pricing model at the reporting date. The calculation was based on the exercise price, annual risk-free rate of 1.59%, dividend yield of 0% and volatility of 44%. Revenue Recognition Revenues are derived from marketing services, listing services, leads generation, financial services, value-added services and E-commerce services. Revenue generated by CIH, which primarily include special listing services, data and analytics service have been classified and reported under discontinued operations for all the periods presented. See Note 15. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Periods prior to January 1, 2018 Revenues for each type of service sales were recognized only when the following criteria are met: (a) persuasive evidence of an arrangement exists; (b) price is fixed or determinable; (c) delivery of services has occurred; and (d) collectability is reasonably assured. Listing Services Listing services revenues consist of revenues derived from both basic listing services and special listing services. The Company’s basic and special listing services are provided to agents, brokers, property developers, property owners, property managers and others seeking to sell or rent new or secondary residential and commercial properties. (1) Basic listing services Basic listing services entitle customers to post and make changes to information for properties, home furnishings and other related products and services in a particular area on the website and mobile apps for a specified period of time, which typically range from one to 36 months, in exchange for a fixed fee. Written contracts, containing all significant terms, signed by the Company and its customers provide persuasive evidence of the arrangement. The amount of fee to be paid is not subject to change once the contract has been signed. The contracts generally do not contain any specific performance target or refund guarantee. Delivery of services occurs by making access to the websites and mobile apps available for posting by the customers over the specified listing period. The Company performs credit assessments of its customers prior to signing the written contract to ensure collectability is reasonably assured. In accordance with ASC 605, revenues were recognized ratably over the duration of the service period as the basic listing services were being delivered. (2) Special listing services Special listing services consist of promotional activities associated with themed marketing campaigns, each generally over a one year duration and designed to recognize the leading companies within a specific real estate sector. For each special listing campaign, targeted leading companies participate in a collective marketing and promotional program for a specified fee, consisting of various online and offline promotional activities tied to the specialized theme of the campaign. Each revenue arrangement may include one or multiple special listing campaigns. The Company evaluated its special listing revenue arrangements in accordance with ASC 605‑25, Revenue recognition–Multiple-element arrangements . The promotional services within a special listing program were accounted for as one combined unit of accounting, as each promotional deliverable did not have standalone value to the customer since all the deliverables were tied to the |
CONCENTRATION OF RISKS
CONCENTRATION OF RISKS | 12 Months Ended |
Dec. 31, 2019 | |
CONCENTRATION OF RISKS | |
CONCENTRATION OF RISKS | 3. CONCENTRATION OF RISKS Concentration of Credit Risk Assets that potentially subject the Company to significant concentration of credit risk primarily consist of cash and cash equivalents, restricted cash, fixed-rate time deposits and structured note classified as short-term investments, accounts receivable, funds receivable, loans receivable and commitment deposits. As of December 31, 2019, the Company had US$456,287 in cash and cash equivalents, restricted cash and fixed-rate time deposits classified as short-term investments, 95.9% and 4.1% of which were held by financial institutions in the PRC and financial institutions outside of the PRC, respectively. Under PRC law, it is generally required that a commercial bank in the PRC that holds third-party cash deposits protect the depositors’ rights and interests over their deposited money; PRC banks are subject to a series of risk control regulatory standards; and PRC bank regulatory authorities are empowered to take over the operation and management of any PRC bank that faces a material credit crisis. In the event of bankruptcy of one of the financial institutions in which the Company has deposits or investments, it may be unlikely to claim its deposits or investments back in full. The Company selected reputable financial institutions with high credit ratings to deposit its assets. The Company regularly monitors the ratings of the financial institutions in case of any defaults. There has been no recent history of default in relation to these financial institutions. As of December 31, 2019, the Company had US$103,879 of short-investment in structured note which is issued by Guotai Junan Financial Products Limited (“GTJA”), a financial institution in Hong Kong Special Administrative Region (“SAR”). The repayments of the principal and interests of the Company's bond received by GTJA are required to settle the structured note (see Note 5). The Company actively monitors the risks of default of its bond to limit the exposure to credit risk of the structured note. Accounts receivable are typically unsecured and are derived from revenue earned from customers in the PRC. The risk with respect to accounts receivable is mitigated by credit evaluations the Company performs on its customers and its ongoing monitoring of outstanding balances. The Company regularly reviews the creditworthiness of its customers, and requires collateral from its customers in certain circumstances when accounts receivables become long overdue. Funds receivable represent amounts due from third-party payment service providers. The Company carefully considers and monitors the credit worthiness of the third-party payment service providers to mitigate any risks associated with funds receivable. The Company is exposed to default risk on its loans receivable. The Company assesses the allowance for credit loss related to loans receivable on a quarterly basis, either on an individual or collective basis. As of December 31, 2018 and 2019, no single borrower comprised a significant portion of the Company’s loan portfolio. The Company regularly reviews the creditworthiness of real estate developers, and requires collateral from real estate developers in certain circumstances when commitment deposits become overdue. Concentration of Customers There were no revenues from customers which individually represented greater than 10% of the total revenues for any of the years ended December 31, 2017, 2018 and 2019. There were no accounts receivable of customers which individually accounted for greater than 10% of the total accounts receivable as of December 31, 2018 and 2019. Current Vulnerability Due to Certain Other Concentrations The Company’s operations may be adversely affected by significant political, economic and social uncertainties in the PRC. Although the PRC government has been pursuing economic reform policies for more than 30 years, no assurance can be given that the PRC government will continue to pursue such policies or that such policies may not be significantly altered, especially in the event of a change in leadership, social or political disruption or unforeseen circumstances affecting the PRC’s political, economic and social conditions. There is also no guarantee that the PRC government’s pursuit of economic reforms will be consistent or effective. 3. CONCENTRATION OF RISKS (continued) The Company almost transacts all of its business in RMB, which is not freely convertible into foreign currencies. On January 1, 1994, the PRC government abolished the dual rate system and introduced a single rate of exchange as quoted daily by the People’s Bank of China (the “PBOC”). However, the unification of the exchange rates does not imply that the RMB may be readily convertible into United States dollars or other foreign currencies. All foreign exchange transactions continue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. Additionally, the value of the RMB is subject to changes in central government policies and international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. Internet and advertising related businesses are subject to significant restrictions under current PRC laws and regulations. Specifically, foreign investors are not allowed to own more than a 50% equity interest in any ICP business. In 2016, a foreign invested entity mainly owned and ultimately controlled by the WFOEs obtained the ICP to operate www.fang.com . The Company conducts its operations in the PRC through contractual arrangements entered into between the WOFEs and the PRC Domestic Entities. The relevant regulatory authorities may find the current contractual arrangements and businesses to be in violation of any existing or future PRC laws or regulations. If the Company or any of its current or future PRC Domestic Entities or subsidiaries are found in violation of any existing or future laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant regulatory authorities would have broad discretion in dealing with such violations, including levying fines, confiscating the income of WOFEs, PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries, revoking the business licenses or operating licenses of WOFEs, PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries, shutting down the Company’s servers or blocking the Company’s websites, discontinuing or placing restrictions or onerous conditions on the Company’s operations, requiring the Company to undergo a costly and disruptive restructuring, or enforcement actions that could be harmful to the Company’s business. Any of these actions could cause significant disruption to the Company’s business operations and severely damage the Company’s reputation, which would in turn materially and adversely affect the Company’s business and results of operations. In addition, if the imposition of any of these penalties causes the Company to lose the rights to direct the actives of PRC Domestic Entities or the Company’s right to receive their economic benefits, the Company would no longer be able to consolidate the PRC Domestic Entities. In addition, if the WOFEs, PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries or their shareholders fail to perform their obligations under the Contractual Agreements, the Company may have to incur substantial costs and expend resources to enforce the Company’s rights under the contracts. The Company may have to rely on legal remedies under PRC law, including seeking specific performance or injunctive relief and claiming damages, which may not be effective. All of these Contractual Agreements are governed by PRC law and provide for the resolution of disputes through arbitration in the PRC. Accordingly, these contracts would be interpreted in accordance with PRC law and any disputes would be resolved in accordance with the PRC legal procedures. The legal system in the PRC is not as developed as in other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system could limit the Company’s ability to enforce these Contractual Agreements. Under PRC law, rulings by arbitrators are final, parties cannot appeal the arbitration results in courts, and prevailing parties may only enforce the arbitration awards in PRC courts through arbitration award recognition proceedings, which would incur additional expenses and delay. In the event the Company is unable to enforce these Contractual Agreements, the Company may not be able to exert effective control over its PRC Domestic Entities, and the Company’s ability to conduct its business may be negatively affected. The Company believes that its corporate structure and Contractual Agreements of the Company’s PRC Domestic Entities and WFOEs in China are in compliance with all existing PRC laws and regulations. Therefore, in the opinion of management, (i) the ownership structure of the Company and the PRC Domestic Entities are in compliance with existing PRC laws and regulations; (ii) the Contractual Agreements with PRC Domestic Entities and their nominee shareholder are valid and binding, and will not result in any violation of PRC laws or regulations currently in effect; and (iii) the Company’s business operations are in compliance with existing PRC law and regulations in all material respects. |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2019 | |
REVENUE | |
REVENUE | 4. REVENUE The following table presents revenue disaggregated by nature of services: For the Years Ended December 31, 2018 2019 Marketing services 98,377 94,639 Listing services 81,741 63,471 Leads generation services 21,303 43,300 Financial services 18,060 9,561 Value-added services 5,182 5,893 E-commerce services - Fang membership services 2,752 634 - Direct sales services 5,294 869 - Sub lease services 6,402 1,145 - Other 936 199 Subtotal 15,384 2,847 Total revenues 240,047 219,711 4. REVENUE (continued) The following table presents revenue disaggregated by categories of customers: For the Year Ended December 31, 2018 2019 Marketing services - New home (a) 98,049 94,635 - Suppliers of home furnishing and improvement 328 4 Subtotal 98,377 94,639 Listing services - Secondary and rental (b) 81,442 63,379 - Other 299 92 Subtotal 81,741 63,471 Leads generation services - New home (a) 15,877 34,651 - Secondary and rental (b) 2,577 6,593 - Suppliers of home furnishing and improvement 2,849 2,056 Subtotal 21,303 43,300 Financial services 18,060 9,561 Value-added services 5,182 5,893 E-commerce services - New home (a) 8,046 1,503 - Other 7,338 1,344 Subtotal 15,384 2,847 Total revenues 240,047 219,711 (a) New home business primarily consists of sales to residential property developers and their sales agents who are promoting newly developed properties for sale. (b) Secondary and rental business primarily consists of sales to real estate agents who are promoting secondary properties for sale or rental. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2019 | |
INVESTMENTS | |
INVESTMENTS | 5. INVESTMENTS Short-term investments and long-term investments consisted of the following: As of December 31, 2018 2019 US$ US$ Short-term investments Trading securities 1,773 — Fixed-rate time deposits 14,270 89,457 Call options — 1,384 Structured note — 103,879 16,043 194,720 Long-term investments: Equity Investments with Readily Determinable Fair Values: - Hopefluent Company Holdings Limited ("Hopefluent") 30,733 23,418 - Shenzhen World Union Properties Consultancy Co., Ltd. ("World Union") 150,750 98,423 181,483 121,841 Equity Investments without Readily Determinable Fair Values: - Guilin Bank 47,664 46,892 - Xian Chuangdian Quancheng Real Estate Consultant Limited (“Chuangdian”) 3,330 3,276 - Tospur Real Estate Consulting Co., Ltd. ("Tospur") 55,507 54,607 -Foshan Nature Lvke Science 729 717 107,230 105,492 Equity method investments - Chongqing Wanli New Energy Co., Ltd. (“Wanli”) 84,520 87,874 84,520 87,874 Equity method investments carried at fair value - China Index Holdings Limited (“CIH”) — 26,739 — 26,739 373,233 341,946 Short-term investments As of December 31, 2018 and 2019, the Company held fixed-rate time deposits purchased from commercial banks and financial institutions with maturities of less than one year. As of December 31, 2018, the Company held investments in PRC mutual funds in the amount of US$1,773 , which were classified as trading securities as they were held principally for the purpose of selling in the near term. In 2018, the Company sold majority of such trading securities in the amount of US$11,705, and recognized a loss of US$2,091 as change in fair value of securities in the consolidated statements of comprehensive income (loss). In 2019, the Company disposed trading securities in the amount of US$1,648 and recognized a loss of US$116 as change in fair value of securities in the consolidated statements of comprehensive income (loss). Interest income on the fixed-rate time deposits and cash and cash equivalents and restricted cash of US$11,052, US$10,202 and US$9,038 were recognized for the years ended December 31, 2017, 2018 and 2019, respectively. 5. INVESTMENTS (continued) The call options were granted by Next Decade Technology Limited and Media Partner Investments Limited (together the "Sellers") which are affiliated companies of Fang's executive chairman, Mr. Vincent Mo in conjunction with the Company’s investment in the Class B ordinary shares of CIH in 2019. Pursuant to the agreement, the Company has the right to request the Sellers to sell within the next 12 months, at a fixed price of USD5.99 per share, in aggregate up to 15 million ordinary shares of CIH. Since the call options were granted to the Company from its controlling shareholder’s affiliates, they are considered a contribution by the shareholder and the fair value of the call option at grant date of US$693 was treated as contribution from shareholder and directly recorded as additional paid in capital. On December 27, 2019, the Company exercised a portion of the call options and acquired 5 million Class B ordinary shares of CIH from the Sellers. As of December 31, 2019, the fair value of the call option for the remaining 10 million ordinary shares of CIH was US$1,384. Total unrealized gain of US$1,149 was recorded in change in fair value of securities for the year ended December 31, 2019. On October 29, 2019, Beijing Soufang Network Technology Co., Ltd. (“Beijing Soufang”), a PRC subsidiary of the Company, through a consolidated trust, purchased a 364 days RMB denominated structured note issued by GTJA in the total consideration of RMB720,000 (equivalent to US$102,009). The transaction cost related to the issuance of the structured note is US$796. In connection with the issuance of the structured note, GTJA purchased the 364 days RMB denominated short-term bond issued by the Company (the “Bond”) in the total consideration of RMB720,000 (Note 12). Pursuant to the agreement, all the repayments of the principal and interests of the Bond received by GTJA are required to settle the structured note with Beijing Soufang. The transfer of the structured note is subject to prior written consent of GTJA. The Company recognized the investment to the structured note at amortized cost. Long-term investments Dividends from the long-term investments of US$6,692, US$6,838 and US$2,759 were recognized as investment income in the consolidated statements of comprehensive income (loss) for the years ended December 31, 2017, 2018 and 2019, respectively. Equity Investments with Readily Determinable Fair Values On June 27, 2014, the Company acquired 27,551,733 shares of Color Life, a Hong Kong listed company, for US$13,583. The investment constituted a 2.76% ownership in Color Life and was classified as an available-for-sale security. In 2017, the Company sold 20,705,000 shares for a total consideration of US$12,317, and recognized a gain of US$2,110 in the consolidated statements of comprehensive income (loss). As of December 31, 2017, the market price of the remaining shares declined to US$4,554. Total fair value decrease of US$3,735 was recorded in other comprehensive income (loss) and US$2,110 gain related to the sale was reclassified out of accumulated other comprehensive income for the year ended December 31, 2017. On January 1, 2018, as a result of adoption of ASU 2016-01, the investment was reclassified as equity investment with readily determinable fair value. In 2018, the Company sold 6,846,733 shares for a total consideration of US$6,645, and recognized a gain of US$2,091 in the consolidated statements of comprehensive income (loss). In November 2014, the Company acquired an aggregate of 111,935,037 shares of Hopefluent, a Hong Kong listed company, for US$43,361. The investment constituted 17.26% ownership in Hopefluent and was classified as an available-for-sale security. In 2017, the Company sold 3,164,000 shares for a total consideration of US$1,614, and recognized a gain of US$626 in the consolidated statements of comprehensive income (loss). As of December 31, 2017, the market price of the remaining shares increased to US$47,729. Total fair value increase of US$18,309 was recorded in other comprehensive income and US$626 gain related to the sale was reclassified out of accumulated other comprehensive income for the year ended December 31, 2017. On January 1, 2018, as a result of adoption of ASU 2016-01, the investment was reclassified as equity investment with readily determinable fair value. As of December 31, 2018 and 2019, the market price of the shares declined to US$30,733 and US$23,418, respectively. Total unrealized loss of US$16,996 and US$7,315 were recorded in change in fair value of securities for the years ended December 31, 2018 and 2019. 5. INVESTMENTS (continued) On May 29, 2015, the Company acquired an aggregate of 145,376,744 shares of World Union, a PRC listed company, at a total consideration of US$121,393. The investment constituted 10.06% ownership in World Union. The investment in World Union was classified as a cost method investment upon acquisition, as the Company could not freely sell the shares due to a lock-up provision of 36 months. On April 8, 2016, World Union declared a stock dividend whereby four shares were distributed to shareholders for every ten shares held. As a result, the Company’s shareholding increased from 145,376,744 shares to 203,527,442 shares. As of December 31, 2017, as the lock-up restriction will terminate within one year, the classification of the investment changed from a cost method to an available for sale security, and the fair value of the investment was measured based on the market price, adjusted for the effect of the remaining restriction, in accordance with ASC 820. As of December 31, 2017, the fair value of World Union was US$318,065 and the related tax effect of US$49,566 were recorded in other comprehensive income for the year ended December 31, 2017. As of December 31, 2017 and 2018, the investment constituted 9.96% ownership in World Union. On January 1, 2018, as a result of adoption of ASU 2016-01, the investment was reclassified as equity investment with readily determinable fair value. As of December 31, 2018, the fair value of World Union was US$150,750, total fair value decrease of US$161,039 was recorded in change in fair value of securities for the year ended December 31, 2018. In 2019, the Company sold 20,429,640 shares for a total consideration of US$10,347, and recognized a loss of US$4,702 in the consolidated statements of comprehensive income (loss). As of December 31, 2019, the investment constituted 8.99% ownership in World Union and the market price of the remaining shares decreased to US$98,423. Total unrealized loss of US$35,417 was recorded in change in fair value of securities for the year ended December 31, 2019. Equity Investments without Readily Determinable Fair Values On October 29, 2015, the Company acquired 11.03% of the share capital of Sindeo, a non-listed company, for US$5,000. The investment in Sindeo was classified as a cost method investment, as the Company does not have significant influence over Sindeo and because there is no readily determinable fair value. During the years ended December 31, 2016 and 2017, the impairment loss of US$2,232 and US$2,768, respectively, was recorded in the statement of comprehensive income (loss) to write down the carrying value of its investment in Sinedo to nil as of December 31, 2017 as Sindeo’s financial condition had deteriorated as evidenced by significant operating losses. On January 1, 2018, as a result of adoption of ASU 2016-01, the investment was reclassified as equity investment without readily determinable fair value, and measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. There is no orderly transaction for an identical or a similar investment of Sinedo for the years ended December 31, 2018 and 2019. As of December 31, 2018 and 2019, the carrying value of investment in Sinedo is nil. On July 12, 2016, 30,595,859 shares of Guilin Bank, a PRC non-listed company, was transferred by a third-party to repay a portion of its overdue receivables of US$12,173 owed to the Company. On September 25, 2017, additional 42,834,202 shares of Guilin Bank was transferred by the third-party in full satisfaction of its remaining overdue receivables of US$24,695 to the Company. In October 2017, the Company received 7,343,006 shares of Guilin Bank as a stock dividend and the Company’s shareholding increased from 73,430,061 to 80,773,067. On January 1, 2018, as a result of adoption of ASU 2016-01, the investment was reclassified as equity securities without readily determinable fair values, as the Company does not have significant influence over Guilin Bank and because there is no readily determinable fair value. The Company accounts for the investment in Guilin Bank at cost, less any impairment, adjusted for observable price changes for the years ended December 31, 2018 and 2019. In 2018, Guilin Bank entered into a new financing agreement with a group of new investors. The new financing provided the observable price for the Company’s investment. The Company evaluated this investment’s carrying amount based on the observable price, and recognized a gain of US$10,633 in change in fair value of securities for the year ended December 31, 2018. The total investment constituted 1.79% and 1.62% ownership in Guilin Bank as of December 31, 2018 and 2019 respectively. There is no orderly transaction for an identical or a similar investment of Guilin Bank for the year ended December 31, 2019. No impairment on the investment in Guilin Bank was recognized for the years ended December 31, 2018 and 2019. The legal title of investment in Guilin Bank was held by a subsidiary of CIH in the PRC prior to the spinoff of CIH. Pursuant to the transfer agreement between the Company and CIH, CIH is required to transfer the legal title of investment in Guilin Bank to the Company after the spinoff. The Company assumes all the rights and obligations with respect to such assets. As of December 31, 2019, the transfer of the legal title is still in progress. 5. INVESTMENTS (continued) On January 21, 2016, the Company acquired an aggregate of 4,411,765 shares of Chuangdian, which is listed on the National Equities Exchange and Quotations (“NEEQ”) in the PRC, for a total consideration of US$3,294. As of December 31,2017, the investment constituted 15% ownership in Chuangdian and was classified as a cost method investment, as the Company does not have significant influence and because there is no readily determinable fair value, as the breadth and scope of NEEQ is not comparable to equivalent U.S markets. The Company received 2,766,177 and 1,378,165 shares as dividends in 2016 and 2017, respectively. On January 1, 2018 , as a result of adoption of ASU 2016-01, the investment was reclassified as equity securities without readily determinable fair values. There is no orderly transaction for an identical or a similar investment of Chuangdian for the years ended December 31, 2018 and 2019. No impairment on the investment in Chuangdian was recognized for the years ended December 31, 2018 and 2019. On December 10, 2014, the Company acquired 16% of the share capital of Tospur, a non-listed company, for US$62,257. The investment in Tospur was classified as a cost method investment, as the Company does not have significant influence over Tospur and because there is no readily determinable fair value. On January 1, 2018, as a result of adoption of ASU 2016-01, the investment was reclassified as equity securities without readily determinable fair values , and measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. There is no orderly transaction for an identical or a similar investment of Tospur for the years ended December 31, 2018 and 2019. No impairment on the investment in Tospur was recognized for the years ended December 31, 2018 and 2019. Equity method investments In July 2018, the Company has entered into definitive agreements (the Agreement) to acquire a 10% equity interest in Chongqing Wanli New Energy Co., Ltd. (“Wanli”), a company listed on the Shanghai Stock Exchange, from a shareholder of Wanli for a cash consideration of US$72,852, of which US$29,141 will compensate the seller in connection with the Business Disposal (defined below). The difference between the cash consideration of the investment and the amount of underlying equity in net assets of Wanli was US$60,980 as of August 10, 2018, the closing date of the acquisition. In connection with the acquisition, the seller agrees (1) to enter into an irrevocable acting-in-concert agreement with a term of three years to adhere to the Company’s action in Wanli’s future meetings of shareholders and board of directors, (2) to purchase from Wanli its battery business for a price of no less than US$99,758 within three years after the consummation of the proposed acquisition (the “Business Disposal”), and (3) to ensure the profitability of Wanli measured by the lower of net profit or net profit excluding extraordinary items in three years subsequent to the Agreement. Following the consummation of the acquisition, the Company became the largest shareholder of Wanli. During the years ended December 31, 2018 and 2019, the Company acquired additional 4.67% and 1.88% equity interest in Wanli through daily transactions in the secondary market with total consideration of US$11,667 and US$4,868, respectively. As at December 31, 2018 and 2019, the Company holds 14.67% and 16.55% equity interest in Wanli. The investment is accounted for under equity method as the Company can exercise significant influence over operating and financial policies of Wanli. Equity method investments carried at fair value Between August and December 2019, the Company acquired 2.44% Class A ordinary shares in CIH through daily transactions in the secondary market with total consideration of US$9,600. On December 27, 2019, the Company exercised a portion of the call option received from Mr. Mo’s affiliated entities and acquired 5 million Class B ordinary shares from the sellers in exchange for US$29,950. The fair value of the Company’s investment in Class B ordinary shares in CIH was approximately US$16,800 as of December 27, 2019 based on its quoted closing price, adjusted for other input that is indirectly observable in the active market. Because Mr. Mo is both an employee and a shareholder of the Company, and the transaction is not commensurate to other non-employee shareholders, the excess of the consideration transferred , which includes the fair value of the call option exercised, over the fair value of the equity interest acquired in the amount of US$13,608 was recognized as compensation expenses in the consolidated statements of comprehensive income (loss) for the year ended December 31, 2019. 5. INVESTMENTS (continued) Each Class A ordinary share of CIH is entitled to one vote and each Class B ordinary share is entitled to ten votes. As at December 31, 2019, the Company aggregately holds 7.64% equity interest in CIH, and 16.95% voting interest. The Company determines that it can exercise significant influence over operating and financial policies of CIH, by taking into considerations of 1) material transactions between the Company and CIH; 2) the outstanding call option to purchase additional shares of CIH. The Company elected fair value measurement for investment in CIH that would otherwise be accounted for under the equity method of accounting in accordance with ASC 825-10. As of December 31, 2019, the market price of the shares increased to US$26,739. Total unrealized gain of US$339 was recorded in change in fair value of securities for the year ended December 31, 2019. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE | 6. ACCOUNTS RECEIVABLE Accounts receivable and the related allowance for doubtful accounts were summarized as follows: As of December 31, 2018 2019 US$ US$ Accounts receivable 91,963 88,189 Allowance for doubtful accounts (33,276) (21,810) Accounts receivable, net 58,687 66,379 For the Years Ended December 31, 2017 2018 2019 US$ US$ US$ Movement in allowance for doubtful accounts: Balance at beginning of year 34,366 31,127 33,276 Additional provision charged to expenses 31,695 28,050 9,026 Write-offs (38,351) (23,442) (19,909) Foreign currency translation adjustments 3,417 (2,459) (583) Balance at end of year 31,127 33,276 21,810 The recoveries of amounts previously charged off were US$2,568 and US$1,651 in 2018 and 2019, respectively. |
PREPAYMENTS AND OTHER CURRENT A
PREPAYMENTS AND OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAYMENTS AND OTHER CURRENT ASSETS | 7. PREPAYMENTS AND OTHER CURRENT ASSETS Prepayments and other current assets consisted of the following: As of December 31, 2018 2019 US$ US$ Prepaid expenses 5,971 2,862 Advance to employees 589 311 Dividends receivable — 1,389 Rental deposits and others 2,324 1,105 Interest receivable 3,801 3,842 Properties held for sale 9,906 17,410 Others 5,303 4,590 27,894 31,509 |
LOANS RECEIVABLE
LOANS RECEIVABLE | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
LOANS RECEIVABLE | 8. LOANS RECEIVABLE Beginning in August 2014, the Company initially provided secured and unsecured loans to both individuals and businesses, but ceased to provide loans to businesses by end of 2015. Loans made to individuals consist of loans secured by pledged properties for consumption and property renovations use, as well as unsecured loans. Secured loans As of December 31, 2018 and 2019, the duration of secured loans ranged from 3 to 36 months, and had interest rates ranging from 7.8% to 18% per annum and 7.8% to 14.4% per annum, respectively. As of December 31, 2018 and 2019, the total outstanding balance is US$123,673 and US$58,754. Unsecured loans As of December 31, 2018 and 2019, the duration of unsecured loans ranged from 3 to 36 months, and had interest rates ranging from 5.4% to 18% per annum and 7% to 21.6% per annum. As of December 31, 2018 and 2019, the total outstanding balance is US$4,007 and US$4,641. The Company assesses the allowance for credit loss related to loans receivable on a quarterly basis, either on an individual or collective basis. The Company considers various factors in evaluating loans receivable for possible impairment on an individual basis. These factors include the amount of the loan, historical experience, value of collateral, if any, credit quality and age of the receivables balances. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. When the evaluation indicates that it is probable that the scheduled interest and principal payments due per the loan agreement are unlikely to be collected, such loan receivable is considered impaired. Impairment is measured on an individual loan basis using either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is secured. The Company evaluates the remainder of its loans receivables portfolio for impairment on a collective basis in accordance with ASC 450‑20, Loss Contingencies , and records an allowance for credit loss at the portfolio level. When evaluating the loans receivable on a collective basis, the Company applies a formula-based percentage utilizing historical loss data to calculate the collective allowance. 8. LOANS RECEIVABLE (continued) The Company’s internal credit risk ratings are categorized into three categories: pass, special attention and non-performing. A “pass” rating represents the highest quality loans receivable. Typically, the Company considers loans receivable with a risk rating of non-performing to be fully impaired, or up to the fair value of collateral, if any. The Company derives internal credit risk rating by taking into consideration various customer-specific factors, such as the Company’s specific historical experience with the borrower. Such credit risk rating is updated when facts or circumstances change. Loans receivable are written off at the point when they are considered uncollectible, and all outstanding balances, including any previously earned but uncollected interest income, will be reversed and charged against the allowance for credit loss. The internal credit risk rating considerations are as follows: · Pass: Loans for which borrowers are expected to honor the terms of the contracts. There are no indicators to question the borrowers’ ability to repay the principal and accrued interest in full and on a timely basis. · Special attention: Loans for which borrowers are currently able to repay the principal and no interests are accrued when considered impaired or overdue more than 90 days, the repayment of loans might be adversely affected by some factors. · Non-performing: Loans for which borrowers may not able to repay the principal and accrued interest in full. These loans are fully provided for unless secured by collateral The Company does not accrue interest on loans receivable that are considered impaired or more than 90 days past due unless either the receivable has not been collected due to administrative reasons or the receivable is well secured and in the process of collection. After an impaired loans receivable has been placed on nonaccrual status, interest will be recognized when cash is received on a cash basis method-cost recovery. A loan receivable may be returned to accrual status after all of the borrower’s delinquent balances of principal and interest have been settled, and the borrower remains current for an appropriate period. The outstanding balance of nonaccrual loans as of December 31, 2018 and 2019 were US$5,749 and US$11,198. A summary of the Company’s loans receivables is presented as follows: As of December 31, 2018 As of December 31, 2019 US$’000 US$’000 Personal loans 127,680 63,395 Total Loans receivable 127,680 63,395 Allowance for loan losses Individually assessed 546 538 Collectively assessed 3,283 2,367 Loans receivable, net 123,851 60,490 Current portion 117,602 60,490 Non-current portion 6,249 — 8. LOANS RECEIVABLE (continued) Analysis of loans by credit quality indicator The following table summarizes the Company’s loan portfolio by credit quality indicator as of December 31, 2018 and 2019, respectively: As of December 31, As of December 31, Internal credit risk rating 2018 % 2019 % US$ US$ Pass 121,931 96.0 52,197 82.3 Special attention 1,383 1.0 1,873 3.0 Non-performing 4,366 3.0 9,325 14.7 Total 127,680 100 63,395 100 The following tables represent the aging of loans by portfolio segment as of December 31, 2018 and 2019, respectively: 90‑179 days 180‑365 days Over 1 year Total As of December 31, 2019 past due past due past due Total Current loans US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Personal loans 2,283 2,669 4,998 9,950 53,445 63,395 Total 2,283 2,669 4,998 9,950 53,445 63,395 90‑179 days 180‑365 days Over 1 year Total As of December 31, 2018 past due past due past due Total Current loans US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Personal loans 1,717 164 3,345 5,226 122,454 127,680 Total 1,717 164 3,345 5,226 122,454 127,680 8. LOANS RECEIVABLE (continued) Allowance for loan losses The following tables present the activity in the allowance for loan losses in loans receivable by loan portfolio as of and for the years ended December 31,2017, 2018 and 2019, respectively: For the year ended December 31, Personal Loans 2017 2018 2019 Beginning balance 3,736 4,916 3,829 Provision 1,180 2,776 3,737 Reversal — (3,660) (4,610) Foreign currency translation adjustments — (203) (51) Ending balance 4,916 3,829 2,905 Ending balance: individually evaluated for impairment 574 546 538 Ending balance: collectively evaluated for impairment 4,342 3,283 2,367 Loans Of which individually evaluated for impairment 4,377 546 538 Of which collectively evaluated for impairment 144,551 127,134 62,857 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | 9. PROPERTY AND EQUIPMENT, NET Property and equipment consisted of the following: As of December 31, 2018 2019 US$ US$ Buildings 723,882 741,700 Office equipment 23,587 21,227 Motor vehicles 1,503 1,243 Leasehold improvement 22,034 17,366 Land 50,731 50,731 Total 821,737 832,267 Less: Accumulated depreciation (128,569) (147,984) Construction in progress 34,571 11,174 727,739 695,457 Depreciation of property and equipment and amortization of land use rights charged to continuing and discontinued operations were US$27,961 and US$26,735 for the years ended December 31, 2017 and 2018, respectively. Depreciation of property and equipment charged to continuing and discontinued operations was US$25,247 for the year ended December 31, 2019. 9. PROPERTY AND EQUIPMENT, NET (continued) As of December 31, 2019, the Company is still in the process of obtaining the property ownership certificates for certain buildings with aggregate net carrying values of US$69,907. As of December 31, 2019, certain buildings with aggregate net carrying value of US$458,921 were pledged for bank borrowings. |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
OTHER NON-CURRENT ASSETS | 10. OTHER NON-CURRENT ASSETS Other non-current assets consisted of the following: As of December 31, 2018 2019 US$ US$ Right of use assets — 36,269 Rental and other deposits 1,946 382 Others 2,612 2,528 Other non-current assets, net 4,558 39,179 The right of use assets and the amortization were summarized as follows: As of December 31, 2019 US$ Right of use assets 38,780 Less: accumulated amortization (2,511) Right of use assets 36,269 Cash paid for amounts included in the measurement of operating lease liabilities was US$1,807 for the year ended December 31, 2019. Non-cash transaction amount of lease liabilities arising from acquisition of right-of-use assets was US$2,501. 10. OTHER NON-CURRENT ASSETS (continued) Operating lease expense was allocated to the following expense items: For the Year Ended December 31, 2019 US$ Cost of revenues 374 General and administrative expenses 951 Selling and marketing expenses 1,367 Total operating lease expenses 2,692 Short-term lease expenses 2,340 Total lease expenses 5,032 The weighted average remaining lease term excluding land-use right as of December 31, 2019 was 1.37 years, and the weighted average discount rate of the operating leases was 6%. Maturities of the lease liabilities as of December 31, 2019 were as follows: For the Year Ended December 31 US$ 2020 2,533 2021 1,296 2022 667 2023 and thereafter — Total undiscounted lease payments 4,496 Less: Imputed interest (275) Present value of lease liabilities balance 4,221 Amounts due within 12 months 2,361 Long-term lease liabilities 1,860 |
SHORT-TERM AND LONG-TERM LOANS
SHORT-TERM AND LONG-TERM LOANS | 12 Months Ended |
Dec. 31, 2019 | |
SHORT-TERM AND LONG-TERM LOANS | |
SHORT-TERM AND LONG-TERM LOANS | 11. SHORT-TERM AND LONG-TERM LOANS Short-term and long-term loans consisted of the following: As of December 31, 2018 2019 US$ US$ Short-term loans and current portion of long-term loans 297,811 264,624 Long-term loans, less current portion 123,215 184,158 11. SHORT-TERM AND LONG-TERM LOANS (continued) Short-term loans as of December 31, 2018 and 2019 represents US$ denominated bank borrowings of US$190,000 and US$190,000, respectively obtained from financial institutions in the United States and the current-portion of long-term loans of US$107,811 and US$74,624, respectively. The short-term loan of US$190,000 are repayable on demand and bear interest rates of 3-month London Interbank Offered Rate (“LIBOR”) plus 1.30% (2018: 3-month LIBOR plus 1.25%). The short-term bank borrowings were secured by RMB denominated bank deposits placed with financial institutions in the PRC of US$245,474 and US$215,377 as of December 31, 2018 and 2019, respectively, and were classified as restricted cash, current on the consolidated balance sheets. The weighted average interest rate for the short-term borrowings for the years ended December 31, 2018 and 2019 was approximately 3.64% and 3.69%, respectively. The long-term loan of US$31,353 and US$30,578 as of December 31, 2018 and 2019 represents US$ denominated bank borrowing obtained from financial institutions in the United States. The long-term loan is repayable by installments from December 1, 2017 to November 11, 2027 and bears interest rate of 4.1% for the first 3 years; thereafter the interest rate will be floating at Industrial and Commercial Bank of China (USA) NA Prime plus 1.0%. US$3,218 and US$813 of the bank loan were re-classified to short term loans because they were repayable within twelve months as of December 31, 2018 and 2019. The loan is secured by land and building in the United States with carrying value of US$54,973 as of December 31, 2019. Certain bank account was funded from the loan proceeds and was restricted for use to pay for the tenant improvements of the collateral property and the loan payments. As of December 31, 2018 and 2019, the balance of the account of US$5,989 and US$5,983 were classified as restricted cash (non-current) on the consolidated balance sheets. The long-term loans of US$70,640 and US$60,529 as of December 31, 2018 and 2019 represent RMB denominated bank borrowings from financial institutions in China for the purchase of buildings in Beijing, PRC. The long-term loans are repayable by installments from September 23, 2016 to September 22, 2026 and bear interest rate of 4.9%. As of December 31, 2018 and 2019, US$70,640 and US$60,529 of the bank loans were classified as short term loans because the Company did not meet certain loan covenants. Even though the Company obtained a waiver from the lender indicating that the lender permanently gave up its right to demand payment as a result of the violation as of December 31, 2019, the loan was classified as current because without the waiver, the Company would be in default at the December 31, 2019 balance sheet date and it is probable that the Company will be unable to comply with all provisions of the debt agreement for a period of one year from the balance sheet date. The loans were secured by building in the PRC with carrying value of US$206,449 as of December 31, 2019. The long-term loan of US$19,644 and US$16,983 as of December 31, 2018 and 2019 represent RMB denominated bank borrowings from financial institutions in China for the purchase of buildings in Wuhan, PRC. The long-term loan is repayable by installments from March 21, 2017 to March 21, 2027 and bears interest rate of 4.9%. As of December 31, 2018 and 2019, US$2,381 and US$2,342 of the bank loan were re-classified to short term loans because it was repayable within twelve months. The loan was secured by bank balance of US$1,433, accounts receivable with carrying amount of US$324 and building in the PRC with carrying value of US$43,298 as of December 31, 2019. 11. SHORT-TERM AND LONG-TERM LOANS (continued) The long-term loan of US$45,315 and US$40,009 as of December 31, 2018 and 2019 represent RMB denominated bank borrowings from financial institutions in China for the purchase of buildings in Chongqing, PRC. The long-term loan is repayable by installments from August 2, 2018 to August 1, 2028 and bears floating interest rate at 25% above long-term People’s Bank of China benchmark rate ("PBOC rate") (2018: 40% above PBOC rate).As of December 31, 2018 and 2019, US$4,764 and US$4,572 of the bank loan was re-classified to short term loans because it was repayable within twelve months. The loan was secured by buildings in the PRC with carrying value of US$89,660 as of December 31, 2019. The long-term loan of US$37,266 and US$37,573 as of December 31, 2018 and 2019 represent US$ denominated bank borrowing obtained from financial institutions in Taiwan. The principal of the long-term loan, in the amount of US$40,000, is repayable by 10% on October 23, 2020 and by 90% on October 23, 2023. The loan bears an annual interest rate of 2.35% plus LIBOR of three months. US$2,820 was paid to the bank as service charges and accounted for as reduction of the long-term loan. As of December 31, 2018 and 2019, nil and US$4,000 of the bank loan were re-classified to short term loans because it was repayable within twelve months. The loan was secured by building in the United States with carrying value of US$7,802 as of December 31, 2019. Certain bank account was restricted for use to pay for interest payments. As of December 31, 2019, the balance of the account of US$1,105 was classified as restricted cash (non-current) on the consolidated balance sheets. The Company met certain covenants in the loan agreement. The long-term loan of US$43,003 as of December 31, 2019 represents RMB denominated bank borrowings from financial institutions in China. The long-term loan is repayable by installments from March 5, 2020 to April 22, 2029 and bears interest rate of 5.98%. US$2,365 of the bank loan was re-classified to short term loans because it was repayable within twelve months. The loan was secured by buildings in the PRC with carrying value of US$56,739 and an RMB denominated bank deposits placed with financial institutions in the PRC of US$984, as of December 31, 2019. The long-term loan of US$30,107 as of December 31, 2019 represents RMB denominated bank borrowing obtained from financial institutions in China. The long-term loan is repayable by installments from February 27, 2020 to August 23, 2021 and bears floating interest rate at 5% above two-year People's Bank of China benchmark rate. US$3 of the bank loan was re-classified to short term loans because it was repayable within twelve months. The bank borrowing was secured by RMB denominated bank deposits placed with financial institutions in the PRC of US$33,931 as of December 31, 2019, and was classified as "restricted cash, non-current" on the consolidated balance sheets. |
SHORT-TERM BOND PAYABLE
SHORT-TERM BOND PAYABLE | 12 Months Ended |
Dec. 31, 2019 | |
SHORT-TERM BOND PAYABLE | |
SHORT-TERM BOND PAYABLE | 12. On October 29, 2019, Fang issued a 364 days RMB denominated bond (“Bond”) at par in the amount of RMB720,000 (equivalent to US$102,009) with an annual interest rate of 4.8%. The issuance cost was US$528. The Company's investment in ordinary shares of Hopefluent in the amount of US$23,418 was pledged as collateral for the Bond. |
ACCRUED EXPENSES AND OTHER LIAB
ACCRUED EXPENSES AND OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
ACCRUED EXPENSES AND OTHER LIABILITIES | |
ACCRUED EXPENSES AND OTHER LIABILITIES | 13. ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities consisted of the following: As of December 31, 2018 2019 US$ US$ Payroll and welfare benefit 5,578 17,655 Other taxes and surcharges payable (1) 38,935 30,527 Amounts payable to employees 2,269 2,311 Amounts payable to sales and marketing agents 30,934 25,364 Interest payables 1,585 4,155 Utility and property management payables 6,538 6,508 Construction payables 3,216 3,869 Amounts due to foremen and suppliers of decoration services 2,562 2,115 Deposits for rental 7,683 3,941 Cash incentives payable to home buyers (2) 5,893 5,378 Lease liability, current — 2,361 Others 13,731 16,060 118,924 120,244 (1) Other taxes and surcharges payable consist of VAT, cultural construction fee (“CCF”), city construction tax (“CCT”) and withholding individual income tax (“IIT”). (2) Cash incentives payable to home buyers, are payable when home buyers successfully purchase new properties through the Company’s platform and successfully registers on the Company’s website. |
CONVERTIBLE SENIOR NOTES
CONVERTIBLE SENIOR NOTES | 12 Months Ended |
Dec. 31, 2019 | |
CONVERTIBLE SENIOR NOTES [Abstract] | |
CONVERTIBLE SENIOR NOTES | 14. CONVERTIBLE SENIOR NOTES On December 4, 2013, the Company issued US$400,000, including an US$50,000 overallotment option (the “Overallotment Option”) which was exercised on January 3, 2014, of convertible senior notes which would mature on December 15, 2018 (collectively the “December 2018 Notes”). The total net proceeds from the December 2018 Notes were US$390,455. The investors may convert the December 2018 Notes to Class A ordinary shares at any time in whole or in part at specified conversion prices. The conversion rate for the December 2018 Notes was initially 9.6839 ADSs per US$1,000 principal amount of notes (equivalent to an initial conversion price of approximately US$103.26 per ADS), subject to adjustment as described in the respective Subscription Agreement. Investors of the December 2018 Notes had the right to require the Company to repurchase for cash all or part of their notes on December 15, 2016, and this was exercised accordingly. The Company repurchased a total of US$394,300 of the December 2018 Notes, which represents approximately 98.6% of the outstanding principal amount of the Notes prior to such repurchase. In 2018 , upon maturity, the Company repurchased the remaining balance of US$5,700 of the December 2018 Notes. 14. CONVERTIBLE SENIOR NOTES (continued) On September 24, 2015, the Company issued (i) 3,418,803 Class A ordinary shares for US$100,000 and (ii) US$100,000 of convertible notes which will mature on September 24, 2022 (the “September 2022 Notes”) to Safari Company (“Safari”). The Safari Company is beneficially owned by the Carlyle Company (“Carlyle”) (72%) and Ateefa Limited, a company owned by Vincent Tianquan Mo (28%). A representative of Carlyle is entitled to hold a seat on the Company’s board of directors so long as Carlyle continues to beneficially own at least 1% of the Company’s total outstanding share capital calculated on a fully-diluted basis. The total net proceeds from the Class A ordinary shares and the September 2022 Notes were US$199,645. The investors may convert the September 2022 Notes to Class A ordinary shares at any time in whole or in part at specified conversion prices. The conversion rate for the September 2022 Notes is initially 27.9086 Class A Shares per US$1,000 principal amount of the Note (equivalent to an initial conversion price of approximately US$35.83 per Class A Share), subject to adjustment as described in the respective Subscription Agreement. On November 4, 2015, the Company issued (i) an aggregate of 8,436,581 Class A shares for an total consideration of US$246,770 and (ii) US$200,000 of convertible notes which will mature on November 3, 2022 (the “November 2022 Notes ") to IDG Alternative Global Limited ("IDG Alternative"). IDG Alternative is owned as to 72.53% by IDG Maximum Financial Limited, a British Virgin Islands company, and as to 27.47% by Deanhale Limited, a British Virgin Islands company wholly owned by Mr Mo. IDG Maximum Financial Limited is affiliated with IDG-Accel China Capital GP Associates Ltd. and IDG China Capital Fund GP III Associates Ltd. The total net proceeds from the Class A ordinary shares and the November 2022 Notes were US$446,059. The investors may convert the November 2022 Notes to Class A ordinary shares at any time in whole or in part at specified conversion prices. The conversion rate for the November 2022 Notes is initially 27.9086 Class A Shares, representing Class A ordinary shares at par value HK$1.00 per share, per US$1,000 principal amount of the Note (equivalent to an initial conversion price of approximately US$35.83 per Class A Share), subject to adjustment as described in the respective Subscription Agreement. On October 25, 2018, the Company and IDG Alternative entered into a Note Repurchase Agreement ("October 25, 2018 Note Repurchase") pursuant to which the Company issued five replacement notes in the total amount of US$150,000 to the same note holder (“New November 2022 Notes”), together with US$38,860 paid in cash in satisfaction of the November 2022 Notes. The New November 2022 Notes have the same terms as the November 2022 Notes, except for the change of principal amount from US$200,000 to US$150,000. Subsequent to the issuance of the New November 2022 Notes, IDG Alternative sold four out of the five New November 2022 Notes, in aggregate of US$95,060, to four different note holders. IDG Alternative also entered into an amendment to shareholder agreement with Deanhale Limited. Pursuant to the amendment and satisfaction of conditions set out in the amendment, the remaining US$54,940 New November 2022 Note is beneficially owned by Deanhale Limited. In connection with the separation and distribution, on June 11, 2019, CIH agreed to issue a warrant to each of the holders of the September 2022 Notes and the New November 2022 Notes , which entitled them to purchase for nominal consideration such number of CIH's Class A ordinary shares as calculated based on the number of the Company's Class A ordinary shares upon the assumed conversion of the convertible notes immediately prior to or on the record date if and only if such holders subsequently decide to convert the convertible notes. The holders will be able to purchase up to 6,977,150 Class A ordinary shares in the aggregate based on the initial conversion rate into Fang's Class A ordinary shares and a one-for-one distribution rate into CIH's Class A ordinary shares. In the event that holders subsequently decide not to convert the convertible notes, and instead, demand payment of principal and accrued interest upon maturity of the convertible notes, the warrant will be canceled and the right to purchase CIH's Class A ordinary shares will be forfeited. In addition, CIH also agreed to provide a guarantee for the benefit of the holders, under which the CIH is liable to the payment obligations under the convertible notes in the event that the Company fails to discharge its primary payment obligations under the convertible notes or certain circumstances relating to CIH, including, among others, change-in-control transactions or certain fundamental changes to CIH's share capital. 14. CONVERTIBLE SENIOR NOTES (continued) On October 28, 2019 (“October 28, 2019 Note Repurchase“), the Company entered into a Note Repurchase Agreement pursuant to which the Company redeemed the US$54,940 New November 2022 Note beneficially owned by Mr. Mo for a consideration of US$54,940 plus $73 equal to all the accrued and unpaid interest on the repurchase date. On December 31, 2019 (“December 31, 2019 Note Repurchase“), the Company and Safari entered into a Note Repurchase Agreement pursuant to which the Company redeemed the September 2022 Note in the principal amount of US$28,000 for a consideration of US$28,000 plus $105 equal to all the accrued and unpaid interest on the repurchase date. The US$28,000 note was beneficially owned by Mr. Mo prior to the repurchase. The December 2018 Notes, the September 2022 Notes, the November 2022 Notes and the New November 2022 Notes bear interest at the rate of 2.00%, 1.50%, 1.50% and 1.50% per annum, respectively, payable semi-annually. The December 2018 Notes, September 2022 Notes, November 2022 Notes and New November 2022 Notes are collectively referred to as the “Notes”. The Notes are senior unsecured obligations and rank (i) senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Notes; (ii) equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; (iii) effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all indebtedness and other liabilities of the subsidiaries or consolidated controlled entities of the Company. The issuance costs of US$9,545, US$355 and US$711 of the December 2018 Notes, the September 2022 Notes and the November 2022 Notes, respectively, were amortized as interest expense using the effective interest rate method through the maturity date of the respective Notes. The principal amount and unamortized premium as of December 31, 2018 and 2019 were as follows: As of December 31, 2018 2019 US$ US$ Principal amount 250,000 167,060 Unamortized premium 4,435 1,869 254,435 168,929 The effective interest rate was 2.86%, 1.56%, 2.46% and 0.69% for the December 2018 Notes, the September 2022 Notes, the November 2022 Notes and the New November 2022 Notes, respectively. For the years ended December 31, 2017, 2018 and 2019, the Company recognized interest expense related to the Notes of US$6,395, US$6,154 and US$2,848, respectively. 14. CONVERTIBLE SENIOR NOTES (continued) Accounting treatment The Notes were originally recorded as long-term debt. The conversion option was not required to be bifurcated because the conversion options of the December 2018 Notes, the September 2022 Notes, the New November 2022 Notes are indexed to the Company’s ADSs and Class A ordinary shares, respectively, and meet all additional conditions for equity classification. Since the conversion options were not required to be bifurcated, the Company then determined if there were any beneficial conversion features (“BCF”) in accordance with ASC 470‑20. The Company assessed the embedded conversion option feature of the December 2018 Notes and the September 2022 Notes and concluded that there is no BCF because the effective conversion price of the December 2018 Notes and the September 2022 Notes exceeded the fair value of the Company’s ADSs and Class A ordinary shares at their respective commitment dates. For the November 2022 Notes, the Company recognized a BCF of US$12,113 through a credit to additional paid-in capital because the fair value per Class A ordinary share of US$38.00 exceeded the most favorable conversion price of US$35.83 at the commitment date on November 4, 2015. The resulting discount of US$12,113 to the November 2022 Notes is then accreted to the redemption value as interest expense using the effective interest method through the consolidated statements of comprehensive income (loss) over the term of the November 2022 Notes. The Company did not reassess the BCF upon the exchange of the November 2022 Notes with the New November 2022 Notes since the exchange is not accounted for as an extinguishment. In connection with the make-whole fundamental change provision within the Notes agreements, the number of ADSs and Class A ordinary shares issuable upon conversion of the Notes will be increased if the Holders decide to convert. As (i) the fair value of the ADSs into which the December 2018 Notes is convertible plus the make-whole ADSs and (ii) the fair value of the Class A ordinary shares into which the September 2022 Notes, the November 2022 Notes and the New November 2022 Notes are convertible plus the make-whole Class A ordinary shares, respectively, do not approximate the fair value at the settlement date, the make-whole features are not indexed to the Company’s ADSs for the December 2018 Notes and Class A ordinary shares for the September 2022, the November 2022 Notes and the New November 2022 Notes, and are required to be bifurcated. The fair values of the make-whole features were insignificant for the years ended December 31, 2017, 2018 and 2019. The Company evaluated the embedded contingent redemption features contained in the Notes in accordance with ASC 815 Derivatives and Hedging . The contingent redemption features were not required to be bifurcated because they are considered to be clearly and closely related to the debt host, as the Notes were not issued at a substantial discount and are puttable at par. The Company evaluated the contingent interest features contained in the Notes in accordance with ASC 815 to determine if these features require bifurcation. Certain embedded contingent interest features are not considered to be clearly and closely related to the debt host and met the definition of a derivative. Accordingly, these embedded contingent interest features were bifurcated from the Notes on the issuance date, and their fair values were insignificant for the years ended December 31, 2017, 2018 and 2019. For the embedded contingent interest features not bifurcated from the December 2018 Notes, the September 2022 Notes, the November 2022 Notes and the New November 2022 Notes, the Company determined whether the additional interest payments need to be accrued as a liability in accordance with ASC 450. Since the likelihood of occurrence of such default events is remote, the Company determined that a liability was not probable and no accrual was made as of December 31, 2018 and 2019. The Company will continue to assess the accrual for these additional interest payment liabilities at each reporting date. 14. CONVERTIBLE SENIOR NOTES (continued) In connection with October 25, 2018 Note Repurchase of the November 2022 Note and issuance of New November 2022 Notes, the Company evaluated the contemporaneous exchange of cash between the Company and the note holder from issuance of New November 2022 Notes and satisfaction of the November 2022 Notes pursuant to ASC 470‑50 and concluded that they are not substantially different. The Company determined a new effective interest rate at the repurchase date based on the carrying amount and the revised cash flows. In connection with October 28, 2019 Note Repurchase of the New November 2022 Note for principal amount of US$54,940 and December 31, 2019 Note Repurchase of the September 2022 Note for a principal amount of US$28,000, which were treated as extinguishment of debts, the Company recognized net gain of US$1,165 for the year ended December 31, 2019. Pursuant to ASC 470-50-40-2, such gain was recorded as additional paid-in capital since the transaction with the controlling shareholder is treated as a contribution from shareholder. As of December 31, 2019, aggregate future principal payments for long-term debt, including long-term loans (Note 11) and convertible senior notes, were as follows: Long-term loans Convertible senior notes Total 2020 74,624 — 74,624 2021 40,234 — 40,234 2022 10,166 167,060 177,226 2023 46,204 — 46,204 2024 and thereafter 89,981 — 89,981 261,209 167,060 428,269 |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | 15. DISCONTINUED OPERATIONS On June 11, 2019, the Company completed the spin-off of CIH into a separate and independent public company. The spin-off was completed by way of distribution to Fang's stockholders of all of the then issued and outstanding shares of common stock of CIH on the basis of one share of CIH common stock for one share of Fang common stock held as of the close of business on May 28, 2019 (the record date for the distribution). As a result of the distribution, CIH is now an independent public company, and its common stock is listed under the symbol “CIH" on the Nasdaq Global Market. The separation represented a strategic shift that has a major effect on Fang's operations and financial results, the business operated by CIH has been reclassified as discontinued operations. For all periods presented, the assets and liabilities of the discontinued operations are presented separately on the consolidated balance sheets, and the results of the discontinued operations, less income taxes, are reported as a separate component of income, which is income from discontinued operations, on the consolidated statements of comprehensive income (loss). Intercompany transactions between continuing operations and discontinued operations before the disposal of the discontinued operations, which are considered to continue after the disposal of the discontinued operations are presented separately in continuing operations and discontinued operations in a way that reflects the continuance of those transactions. 15. DISCONTINUED OPERATIONS (continued) The major classes of line items constituting operating results of discontinued operations included in the Company's consolidated statements of comprehensive income (loss) were as follows. For the year ended 2017 2018 2019(a) US$ US$ US$ Revenues 49,606 63,656 32,934 Cost of revenues (11,736) (12,566) (6,615) Operating expenses Selling expenses (8,625) (11,686) (5,916) General and administrative expenses (6,195) (9,395) (4,753) Interest income 271 100 37 Realized gain on sale of available-for-sale securities 315 732 — Government grants 129 211 33 Income from discontinued operations, before income taxes 23,765 31,052 15,720 Income tax expense (3,090) (4,543) (2,539) Income from discontinued operations, net of income taxes 20,675 26,509 13,181 (a) The major classes of line items constituting assets and liabilities of discontinued operations were as follows as of December 31, 2018. As of December 31, 2018 US$ ASSETS Cash and cash equivalents 23,925 Accounts receivable, net 2,263 Prepayment and other current assets 101 Total current assets 26,289 Property and equipment, net 573 Total non-current assets 573 Total assets 26,862 LIABILITIES AND SHAREHOLDERS’ EQUITY Deferred revenue 20,873 Accrued expenses and other payables 12,344 Income tax payable 2,110 Total current liabilities 35,327 Other non-current liabilities 2,258 Total non-current liabilities 2,258 Total liabilities 37,585 15. DISCONTINUED OPERATIONS (continued) Cash flows of the discontinued operations were as follows. For the year ended 2017 2018 2019(a) US$ US$ US$ Net cash provided by operating activities 30,143 32,119 20,271 Net cash provided by (used in) investing activities 18 726 (1) Net cash used in financing activities (50,995) (42,985) (24,250) (a) CIH financial results from January 1, 2019 to June 11, 2019. In connection with the spinoff of CIH, noncash net liabilities distributed to the shareholders of the Company were US$40,770. Certain disclosure of income taxes and EPS for the years ended December 31, 2017 and 2018 were retrospectively adjusted as a result of the discontinued operations. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2019 | |
SHAREHOLDERS' EQUITY | |
SHAREHOLDERS' EQUITY | 16. SHAREHOLDERS’ EQUITY Ordinary Shares As of December 31, 2018, the Company has 72,069,645 Class A and 24,336,650 Class B ordinary shares issued. As of December 31, 2019, the Company has 71,775,686 Class A and 24,336,650 Class B ordinary shares issued. Total outstanding shares of Class A ordinary shares as of December 31, 2018 and 2019 are 65,004,587 and 65,403,527, respectively. Total outstanding shares of Class B ordinary shares as of December 31, 2018 and 2019 are 24,336,650. The rights of the holders of Class A and Class B ordinary shares are identical, except with respect to voting rights. Each Class A ordinary share is entitled to one vote per share whereas each Class B ordinary share is entitled to 10 votes per share. Each Class B ordinary share is convertible into one Class A ordinary share at any time by its holder, but Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Upon any transfer of Class B ordinary shares by a Class B ordinary shareholder to any person or entity which is not an affiliate of such holder, such Class B ordinary shares will be automatically and immediately converted into the equal number of Class A ordinary shares. No class B ordinary shares were converted into Class A ordinary shares for the years ended December 31, 2017, 2018 and 2019. Treasury share Treasury share represents shares repurchased and held by the Company. These shares have no voting rights and are not entitled to receive dividends and are excluded from the weighted average outstanding shares in calculation of net income per share. Treasury share is accounted for under the cost method. As of December 31, 2019, under the repurchase plan, the Company has repurchased an aggregate of 7,065,058 Class A ordinary shares on the open market for a total cash consideration of US$136,615. The Company has used 692,899 Class A treasury shares to settle the exercise of share options as of December 31, 2019. Statutory reserve The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s PRC subsidiaries. 16. SHAREHOLDERS’ EQUITY (continued) In accordance with the PRC Regulations on Enterprises with Foreign Investment and its articles of association, a foreign invested enterprise established in the PRC is required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A foreign invested enterprise is required to allocate at least 10% of its annual after-tax profit to the general reserve until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign invested enterprises. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. The WOFEs were established as foreign invested enterprises and therefore are subject to the above mandated restrictions on distributable profits. Additionally, in accordance with the Company Law of the PRC, a domestic enterprise is required to provide a statutory common reserve of at least 10% of its annual after-tax profit until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. A domestic enterprise is also required to provide a discretionary surplus reserve, at the discretion of the board of directors, from the profits determined in accordance with the enterprise’s PRC statutory accounts. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. The PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries were established as domestic invested enterprises and therefore are subject to the above mentioned restrictions on distributable profits. As of December 31, 2018 and 2019, the PRC subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries had appropriated US$15,525 and US$14,307 respectively, to the general reserve fund, which is restricted for distribution to the Company. |
TAXATION
TAXATION | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
TAXATION | 17. TAXATION Cayman Islands Under the current laws of the Cayman Islands, the Company and subsidiaries incorporated in the Cayman Islands are not subject to tax on income or capital gains. In addition, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed. British Virgin Islands (“BVI”) Under the current laws of the BVI, subsidiaries incorporated in the BVI are not subject to tax on income or capital gains. In addition, upon payments of dividends by these companies to their shareholders, no BVI withholding tax will be imposed. Hong Kong Under the Hong Kong tax laws, subsidiaries in Hong Kong are subject to the Hong Kong profits tax rate at 16.5% and they are exempted from income tax on their foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. A two-tiered profits tax rates regime was introduced in 2018 where the first HK$2 million of assessable profits earned by a company will be taxed at half of the current tax rate (8.25%) whilst the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to nominate only one company in the group to benefit from the progressive rates. No provision for Hong Kong profits tax has been made in the financial statements as the subsidiaries in Hong Kong have no assessable profits for the three years ended December 31, 2019. 17. TAXATION (continued) United States of America On December 22, 2017, the Tax Act was enacted and contains significant changes to U.S. income tax law. Effective in 2018, the Tax Act reduces the U.S. statutory tax rate from 35% to 21% and creates new taxes focused on foreign-sourced earnings and related-party payments, including the creation of the base erosion anti-abuse tax and a new tax on global intangible low-taxed income ("GILTI"). The Securities and Exchange Commission (SEC) staff issued SAB 118 on December 22, 2017, which allows companies to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. The Tax Act reduces the U.S. statutory tax rate from 35% to 21% for years after 2017. Accordingly, the Company re-measured its deferred taxes as of December 31, 2017, to reflect the reduced rate that will apply in future periods when these deferred taxes are settled or realized. As Best Work Holdings (New York) LLC. is loss making since incorporated therefor the Company recognized a deferred tax asset of US$13,834 to reflect the reduced U.S. tax rate and full valuation allowance is provided and corresponding remeasurement were made to unrecognized tax benefit and valuation allowance. Singapore A subsidiary was incorporated in Singapore in November 2014 and does not conduct any substantive operations of its own. No provision for Singapore profits tax has been made in the financial statements as this entity has no assessable profits for the three years ended December 31, 2019. China In March 2007, a new enterprise income tax law (the “New EIT Law”) in the PRC was enacted which became effective on January 1, 2008. The New EIT Law applies a unified 25% enterprise income tax (“EIT”) rate to both foreign invested enterprises and domestic enterprises, unless a preferential EIT rate is otherwise stipulated. On April 14, 2008, relevant governmental regulatory authorities released further qualification criteria, application procedures and assessment processes for meeting the High and New Technology Enterprise (“HNTE”) status under the New EIT Law which would entitle qualified and approved entities to a favorable EIT tax rate of 15%. In April 2009 and June 2017, the State Administration for Taxation (“SAT”) issued Circular Guoshuihan [2009] No. 203 (“Circular 203”) and SAT Announcement [2017] No. 24 (“Announcement 24”) stipulating that entities which qualified for the HNTE status should apply with in-charge tax authorities to enjoy the reduced EIT rate of 15% provided under the New EIT Law starting from the year when the new HNTE certificate becomes effective. The HNTE certificate is effective for a period of three years and can be renewed for another three years. Subsequently, an entity needs to re-apply for the HNTE status in order to be able to enjoy the preferential tax rate of 15%. The Company obtained new HNTE certificates for SouFun Media, SouFun Network, Beijing Technology, Beijing JTX Technology and Hong An Tu Sheng in November 2015 and subsequently renewed in September and October 2018. Therefore, these five subsidiaries can enjoy the preferential tax rate of 15% from 2015 to 2020. The Company received the new HNTE certificate for Beijing Tuoshi in December 2016 and subsequently renewed in December 2019. Therefore, Beijing Tuoshi can enjoy the preferential tax rate of 15% from 2016 to 2021. The Company received new HNTE certificates for Beijing Li Man Wan Jia and Beijing Hua Ju Tian Xia in 2018. Beijing Li Man Wan Jia and Beijing Hua Ju Tian Xia hence can enjoy the preferential tax rate of 15% from 2018 to 2020. 17. TAXATION (continued) If any entities fail to maintain the HNTE qualification under the New EIT Law, they will no longer qualify for the preferential tax rate of 15%, which could have a material and adverse effect on the Company’s results of operations and financial position provided that they do not qualify for any other preferential tax treatment. Historically, the abovementioned PRC subsidiaries have successfully obtained or renewed the HNTE certificates when the previous certificates had expired. Subsequent to government approval in May 2014, Beijing Li Man Wan Jia and Beijing Hua Ju Tian Xia obtained the Software Enterprise status with effect from January 1, 2013. Accordingly, these three subsidiaries are entitled to the two-year EIT exemption for years 2013 and 2014 and a reduced EIT rate of 12.5% for years 2015, 2016 and 2017. Moreover, the current EIT Law treats enterprises established outside of China with “effective management and control” located in the PRC as PRC resident enterprises for tax purposes. The term “effective management and control” is generally defined as exercising overall management and control over the business, personnel, accounting, properties, etc. of an enterprise. The Company, if considered a PRC resident enterprise for tax purposes, would be subject to the PRC EIT at the rate of 25% on its worldwide income for the period after January 1, 2008. As of December 31, 2018 and 2019, the Company had not accrued for PRC tax on such basis. Income (loss) from continuing operations before income taxes consisted of: For the Years Ended December 31, 2017 2018 2019 US$ US$ US$ PRC 32,423 (120,523) 13,094 Non-PRC (13,042) (39,884) (46,069) 19,381 (160,407) (32,975) Income tax expenses (benefits) from continuing operations comprised: For the Years Ended December 31, 2017 2018 2019 US$ US$ US$ Current tax expense 18,669 2,282 954 Deferred tax benefit (317) (21,271) (10,498) 18,352 (18,989) (9,544) 17. TAXATION (continued) A reconciliation between the amount of income tax expenses (benefits) and the amount computed by applying the PRC statutory tax rate to income (loss) from continuing operations before income taxes was as follows: For the Years Ended December 31, 2017 2018 2019 US$ US$ US$ Income (loss) from continuing operations before income taxes 19,381 (160,407) (32,975) Income tax at applicable tax rate of 25% 4,845 (40,102) (8,244) Effect of international tax rate differences 472 6,891 8,236 Non-deductible expenses 7,671 16,042 6,419 Non-taxable income — (1,145) (535) Effect of tax holidays or preferential tax rates (9,457) (3,489) (756) Effect of tax rate changes (1,725) — 298 Investment basis difference in the PRC Domestic Entities 2,696 — — Withholding tax — 11,720 4,711 Research and development super-deduction — (2,703) (3,185) Changes in valuation allowance 8,845 1,273 1,327 Expiration of loss carry forwards — 101 124 Expiration of unrecognized tax benefits due to applicable statute of limitations (4,302) (8,881) (13,090) Interest and penalties on unrecognized tax benefits 9,307 1,304 (7,168) Others — — 2,319 (18,989) (9,544) A roll-forward of unrecognized tax benefits, exclusive of related interest and penalties, was as follows: As of December 31, 2017 2018 2019 US$ US$ US$ Balance at beginning of year 78,933 79,436 72,737 Increase relating to prior year tax positions 4,192 577 5,451 Increase relating to current year tax positions 10,666 6,925 14,818 Decrease relating to reversal of prior years’ tax position (14,102) (1,821) (5,548) Decrease relating to expiration of applicable statute of limitations (4,586) (9,220) (13,090) Foreign currency translation adjustments 4,333 (3,160) (1,116) Disposal of subsidiaries — — (2,440) Balance at end of year 79,436 72,737 70,812 17. TAXATION (continued) As of December 31, 2018 and 2019, the Company had recorded US$135,646 and US$121,904 as an accrual for unrecognized tax benefits and related interest and penalties, respectively, which is included in the account of “Other non-current liabilities”. As of December 31, 2018 and 2019, unrecognized tax benefits of US$70,350 and US$68,088 respectively, would impact the effective tax rate if recognized. The remaining US$2,387 and US$2,724 unrecognized tax benefit as of December 31, 2018, and 2019, respectively were presented as a reduction of the deferred income tax assets for tax loss carry forwards since the uncertain tax position would reduce the tax loss carry forwards under the tax law. The final outcome of the tax uncertainty is dependent upon various matters including tax examinations, interpretation of tax laws or expiration of statute of limitations. However, due to the uncertainties associated with the status of examinations, including the protocols of finalizing audits by the relevant tax authorities, there is a high degree of uncertainty regarding the future cash outflows associated with these tax uncertainties. The amount of unrecognized tax benefits may change in the next twelve months, pending clarification of current tax law or audit by the tax authorities. However, a reliable estimate of the range of the possible change cannot be made at this time. For the years ended December 31, 2017, 2018, and 2019, the Company recognized US$9,307, US$1,304 and US$(7,168) in income tax expenses (benefits) for interest and penalties related to uncertain tax positions. Accrued interest and penalties related to unrecognized tax benefits were US$65,296 and US$53,816 as of December 31, 2018 and 2019, respectively. The Company’s PRC entities have been subject to the New EIT Law since January 1, 2008. The PRC tax authorities, US tax authorities and Hong Kong tax authorities have up to five years, three years and six years, respectively, to conduct examinations of the Company’s tax filings. Accordingly, the PRC subsidiaries’ tax years 2014 through 2019, the US subsidiaries’ tax years 2016 through 2019 and the Hong Kong subsidiaries’ tax years 2013 through 2019 remain open to examination by the respective taxing jurisdictions. The aggregate amount and per share effect of tax holidays and preferential tax rates from continuing operations were as follows: For the Years Ended December 31, 2017 2018 2019 US$ US$ US$ The aggregate amount (9,457) (3,489) (756) The aggregate effect on basic and diluted earnings per share for Class A and Class B ordinary shares: -Basic 0.11 0.04 0.01 -Diluted 0.10 0.04 0.01 17. TAXATION (continued) The components of deferred taxes were as follows: As of December 31, 2018 2019 US$ US$ Deferred tax assets Net operating losses 71,297 59,374 Lease liability — 1,055 Impairment of assets 933 1,153 Overcharged advertising and promotion fee 1,061 1,141 Fixed assets depreciation 208 332 Less: Valuation allowance (71,297) (55,430) Total deferred tax assets, net 2,202 7,625 Deferred tax liabilities Right of use assets — (1,055) Investment basis in the PRC entities (72,088) (75,774) BaoAn Acquisition – Property (12,191) (11,522) Investments (13,160) (3,290) Interest capitalization (139) (137) Deferred tax liabilities (97,578) (91,778) Net deferred income tax assets 2,202 6,570 Net deferred income tax liabilities (97,578) (90,723) The rollforward of valuation allowances of deferred tax assets were as follows: As of December 31, 2018 2019 US$ US$ Balance as of beginning of year (73,011) (71,297) Additions of valuation allowance (9,868) (4,433) Utilization of deferred tax assets 8,595 2,651 Change in judgment about the realizability of deferred tax assets — 455 Decrease relating to disposal of entities — 16,447 Foreign currency translation adjustments 2,987 747 Balance as of end of year (71,297) (55,430) As of December 31, 2019, the Company had net operating losses of US$41,765 from the Company’s subsidiaries incorporated in the US, which can be carried forward indefinitely to offset future taxable income. The remaining accumulated net operating losses of US$41,341, US$131,392, US$23,879, US$27,950 and US$37,464 arose from several of its PRC entities, which can be carried forward to offset future taxable profit and will expire in years 2020, 2021, 2022, 2023 and 2024 if not utilized. 17. TAXATION (continued) Deferred tax liabilities arising from undistributed earnings As of December 31, 2018 and 2019, a portion of the aggregate undistributed earnings of the PRC subsidiaries that were available for distribution to non-PRC parent companies was not considered to be indefinitely reinvested under ASC 740‑30, “Income Taxes: Other Consideration or Special Areas”. In accordance with the New EIT Law, a withholding income tax will be imposed on the PRC subsidiaries when dividends are distributed to their non-PRC parent companies. The withholding tax rate is 10% unless a foreign investor’s tax jurisdiction has a tax treaty with the PRC that provides for a lower withholding tax rate and the foreign investor is recognized as the beneficial owner of the income under the relevant tax rules. Deferred tax liabilities amounting to US$40,436 and US$44,635 were provided for the withholding tax of the PRC entities as of December 31, 2018 and 2019, respectively. The deferred tax liabilities arising from the aggregate undistributed earnings of the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries that are available for distribution to the PRC tax resident parent companies, that is, the WOFEs, amounted to US$31,652 and US$31,139 as of December 31, 2018 and 2019, respectively. 17. TAXATION (continued) As of December 31, 2018 and 2019, the Company did not provide for deferred tax liabilities and foreign withholding taxes on certain undistributed earnings of its PRC subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries that were available for distribution to non-PRC parent companies on the basis of its intent to permanently reinvest these foreign subsidiaries’ earnings. The cumulative amount of such temporary difference was US$319,483 and US$305,179 as of December 31, 2018 and 2019, respectively. The amount of the unrecognized deferred tax liability for temporary differences related to investments in PRC subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries that are essentially permanent in duration was US$31,948 and US$30,518 as of December 31, 2018 and 2019, respectively. |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 12 Months Ended |
Dec. 31, 2019 | |
SHARE-BASED PAYMENTS | |
SHARE-BASED PAYMENTS | 18. SHARE-BASED PAYMENTS Stock related award incentive plan of 1999 On September 1, 1999, the Company’s shareholders approved the 1999 Stock Related Award Incentive Plan (the “1999 Plan”). Under the 1999 Plan, the Company may issue up to 12% of the fully diluted ordinary shares of the Company to its directors and employees. The purpose of the 1999 Plan is to provide additional incentive and motivation to its directors and employees, through an equity interest in the Company, to work towards increasing the value of the Company. The 1999 Plan provides for accelerated vesting, subject to certain conditions, if there is a change in control. The 1999 Plan has no stated expiry date. The exercise price, vesting and other conditions of individual awards are determined by the executive chairman of the board of directors. The awards are typically subject to a three-year to a four-year service vesting condition and expire 10 or 15 years after the grant date. In addition, the grantee must return all awards and any proceeds from the sale of the awards if he/she violates certain provisions including a non-compete condition for a period of 2 years after cessation of employment with the Company. The non-compete condition does not give rise to an in-substance service condition. Stock related award incentive plan of 2010 On August 4, 2010, the Company’s board of directors and shareholders approved the 2010 Stock Related Award Incentive Plan (the “2010 Plan”). Under the 2010 Plan, the Company may issue up to 10% of the total number of ordinary shares, including ordinary shares issuable upon conversion of any preferred shares to its directors and employees. The purpose of the 2010 Plan was to recognize and acknowledge the contributions made to the Company by eligible employees and to promote the success of the Company’s business. The 2010 Plan allows the board of directors, or its designated committee, to establish the performance criteria when granting stock options on the basis of any one of, or combination of, increase in share price, earnings per share, total shareholder return, return on equity, return on assets, return on investment, net operating income, cash flow, revenue, economic value added, personal management objectives, or other measures of performance selected by the Company's board of directors, or its designated committee. Partial achievement of the specified criteria may result in a vesting corresponding to the degree of achievement as specified in the detail rules. The exercise price, vesting and other conditions of individual awards are determined by the executive chairman of the board of directors, except for awards to officers which are determined by the board of directors or the compensation committee. The awards are typically subject to a four-year service vesting condition and multiple performance conditions with a contractual life of ten years. In addition, the grantee must return all awards and any proceeds from the sale of the awards if he/she violates certain provisions. 18. SHARE-BASED PAYMENTS (continued) Stock related award incentive plan of 2015 On June 4, 2015, the Company’s board of directors and shareholders approved the 2015 Stock Related Award Incentive Plan (the “2015 Plan”). Under the 2015 Plan, the Company may issue up to 1.5% of the total number of ordinary shares, including ordinary shares issuable upon conversion of any preferred shares to its directors and employees. The purpose of the 2015 Plan was to recognize and acknowledge the contributions made to the Company by eligible employees and to promote the success of the Company’s business. The 2015 Plan allows the board of directors, or its designated committee, to establish the performance criteria when granting stock options on the basis of any one of, or combination of, increase in share price, earnings per share, total shareholder return, return on equity, return on assets, return on investment, net operating income, cash flow, revenue, economic value added, personal management objectives, or other measures of performance selected by the Company’s board of directors, or its designated committee. Partial achievement of the specified criteria may result in a vesting corresponding to the degree of achievement as specified in the detail rules. The exercise price, vesting and other conditions of individual awards are determined by the executive chairman of the board of directors, except for awards to officers which are determined by the board of directors or the compensation committee. The awards are typically subject to a four-year service vesting condition and multiple performance conditions with a contractual life of ten years. In addition, the grantee must return all awards and any proceeds from the sale of the awards if he/she violates certain provisions. New grant and modification of equity awards On August 29, 2017 (the “2017 Replacement Date”), the Company’s board of directors approved to replace 1,377,730 share options granted during the years ended December 31, 2015 and 2016 under the 2015 Plan to 200 employees with 153,036 options and 1,224,694 restricted shares (the “Replacement Awards”). The exercise price of 153,036 options was reduced from US$27.2~US$30.0 per share to US$18.1 per share. The replacement awards were subject to graded vesting over four years from the Replacement Date, in which 25% of the awards vest at the end of each of the next four years. The total incremental share-based compensation of US$12,537 resulting from the modification is recognized ratably over the new requisite service period. The total unamortized share-based compensation of US$7,447 resulting from the modification is recognized ratably over the original requisite service period. On December 30, 2018 (the “2018 Replacement Date”), the Company’s board of directors approved to replace 252,500 share options granted during the year ended December 31, 2008 under the 1999 Plan to 5 employees with 252,500 options (the “2018 Replacement Awards”). The expiration date of 252,500 options was extended from December 30, 2018 to December 30, 2028. The replacement awards were fully vested as of the replacement date. The total incremental share-based compensation of US$619 resulting from the modification is fully recognized during the year ended December 31, 2018. During 2018, the Company approved to extend the expiration date of an aggregate number of 518,175 share options granted under the 1999 Plan to 10 employees for terms between 2 days and nine years. These stock options expired prior to December 31, 2017. The awards granted are fully vested as of the grant date. These transactions were accounted for as new grant. The total share-based compensation of US$2,764 resulting is fully recognized during the year ended December 31, 2018. On April 24, 2019, the Company approved to extend the expiration date of 119,920 share options granted under the 1999 Plan to 2 employees to July 27, 2019 and March 30, 2020, respectively. These stock options would have been expired between April 27, 2019 and December 30, 2019 if not modified. These options were fully vested and US$18 incremental compensation cost was recognized for the year ended December 31, 2019 resulting from the modification. On June 7, 2019, the Company approved the grant of options to certain officers and employees of the Company under the 2015 Plan to purchase 1,423,337 ordinary shares of The Company at exercise prices of US$5.85 per share. 25% of the awards vest at the end of each anniversary of the grant date over the next four years. The options have a contractual term of ten years. 18. SHARE-BASED PAYMENTS (continued) On June 11, 2019, the Company spun off its real estate information, analytics and marketplace business as a separate public company CIH. To protect all the existing Fang's awards holders from changes in the value of their awards following the spin-off, CIH issued share options to all the existing Fang's awards holders that entitled them to receive an equivalent number of CIH's shares. These CIH's share options have a nominal exercise price of US$0.001 with substantially the same remaining vesting terms and conditions as applied to Fang's equity awards and are exercisable if and to the extent that the corresponding Fang's equity awards are exercised. For purposes of the vesting of these equity awards, continued employment or service with Fang or with CIH is treated as continued employment for purposes of both Fang's and CIH's equity awards and the vesting terms of each converted grant remained unchanged. As of June 11, 2019, the total number of outstanding stock options of Fang is 7,357,154 which includes 6,773,143 and 584,011 share options held by the Company's and CIH's employees, respectively. As of June 11, 2019, the total number of outstanding restricted shares of Fang is 1,029,437 which includes 931,588 and 97,849 restricted shares held by the Company's and CIH's employees. There was US$848 of incremental compensation cost resulting from the modification, of which US$589 were recognized for the year ended December 31, 2019. On June 28, 2019 the Company approved to extend the expiration date of 119,920 share options granted under the 1999 Plan to 2 employees to July 27, 2020 and March 30, 2021, respectively. These stock options would have been expired between July 27, 2019 and March 30, 2020 if not modified. These options were fully vested and US$13 of incremental compensation cost was recognized for the year ended December 31, 2019 resulting from the modification. On November 15, 2019, the Company approved to reduce the exercise prices of 5,991,867 share options from US$5.0~US$30.0 per share to $1.99 per share, which were granted to 307 employees of the Company under the 1999, 2010 and 2015 Plan during the years ended December 31, 2006 to 2019. In addition to the adjustment of exercise price, 1) the share options vested at the modification day became subject to one additional year of service condition till November 14, 2020; 2) share options expected to be vested on or before November 14, 2020 became subject to one additional year of service condition following its original term; 3) share options expected to be vested after November 14, 2020 would follow its original term. There was US$9,146 of incremental compensation cost resulting from the modification, of which US$1,069 were recognized for the year ended December 31, 2019. On December 19, 2019, the Company approved to extend the expiration date of 225,000 share options granted under the 1999 Plan to 2 employees to December 30, 2029. These stock options would have been expired on December 30, 2019 if not modified. These options were expected to be vested on November 14, 2020. There was US$793 of incremental compensation cost resulting from the modification, of which US$26 was recognized for the year ended December 31, 2019. 18. SHARE-BASED PAYMENTS (continued) A summary of the Company’s equity award activity held by both the Company's employees and CIH's employees under the 1999 Plan, 2010 Plan and 2015 Plan for the year ended December 31, 2019 was stated below: Weighted Weighted- Average Average per Remaining Share Contractual Aggregate Options Granted to Employees Number of Exercise Term Intrinsic and Directors Shares Price (Years) Value Outstanding, December 31, 2018 6,034,054 10.92 4.50 US$ 5,919 Granted (new options) 1,423,337 5.85 Granted (replacement options) 6,456,707 2.05 Forfeited (87,950) 16.94 Expired (140,446) 22.27 Exercised (11,000) 1.97 Replaced (6,456,707) 8.70 Outstanding, December 31, 2019 7,217,995 3.84 5.05 US$ 5,299 Vested and expected to vest at December 31, 2019 7,217,995 3.84 5.05 US$ 5,299 Exercisable at December 31, 2019 16.42 4.01 US$ 86 The aggregate intrinsic value as of December 31, 2019 in the table above represents the difference between the fair value of the Company’s ordinary share at December 31, 2019 and the exercise price. The fair values of the share options granted by Fang to the Company’s employees for the years ended December 31, 2019 are as follows: Year Ended December 31, 2019 US$ Weighted average grant date fair value of option per share 2.88 Aggregate grant date fair value of options 4,099 Total intrinsic value of options exercised by the Company's employees for the years ended December 31, 2017, 2018 and 2019 was US$2,953, US$ 3,979 and US$64 respectively. As of December 31, 2019, there was US$13,314 of unrecognized share-based compensation cost related to the Company's and CIH's equity awards held by the Company's employees that are expected to be recognized over a weighted-average vesting period of 1.52 years. 18. SHARE-BASED PAYMENTS (continued) A summary of CIH’s share options activities held by the Company’s employees for the year ended December 31, 2019 was as follows: Weighted Weighted- Average Average per Remaining Share Contractual Aggregate Options Granted to Employees Number of Exercise Term Intrinsic and Directors Shares Price (Years) Value Outstanding, December 31, 2018 — — — — CIH’s share options issued (a) 6,773,143 0.001 Forfeited (59,340) 0.001 Expired (76,185) 0.001 Outstanding, December 31, 2019 6,637,618 0.001 4.78 US$ 24,154 Vested and expected to vest at December 31, 2019 6,637,618 0.001 4.78 US$ 24,154 Exercisable at December 31, 2019 326,165 0.001 3.12 US$ 1,187 (a) The aggregate intrinsic value in the table above represents the difference between the fair value of CIH's ordinary share as of December 31, 2019 and the exercise price of CIH’s share options, which may be exercisable if and to the extent that the corresponding Fang's share options are exercised. The Company used the Black-Scholes option pricing model for stock options granted and primarily used the Binomial option pricing model for modifications to determine the fair value of the stock options for the years ended December 31, 2018 and 2019. The volatility assumption was estimated based on the price volatility of the shares of the Company and comparable companies in the internet media business. The expected term was remaining contract life of the share options. The risk-free rates were based on the market yield of US Treasury Bonds and Notes with maturity terms equal to the expected term of the option awards. Forfeitures were estimated based on historical experience. The dividend yield of nil are based on the Company’s estimated dividend distribution for the stock options granted during the year ended December 31, 2019. 18. SHARE-BASED PAYMENTS (continued) The assumptions used to estimate the fair values of the share options granted or modified were as follows: For the Years Ended December 31, 2019 Risk-free interest rate 1.57% to 2.42 % Dividend yield Nil Expected volatility range 39.00% to 48.06 % Weighted average expected life 0.07 to 10.00 years Estimated forfeiture rate — Exercise multiple 2.2-2.8 Fair value of ordinary share US$1.99 to US$5.80 Restricted Shares A summary of the Company’s restricted shares held by both the Company’s employees and CIH’s employees for the year ended December 31, 2019 was stated below: Weighted- Restricted Shares Number of Average Grant date Granted to Employees and Directors Shares Fair Value per Share Outstanding, December 31, 2018 1,066,635 17.62 Forfeited (52,161) 18.60 Vested (387,940) 17.60 Unvested, December 31, 2019 626,534 17.55 A summary of CIH’s restricted shares activities held by the Company’s employees for the year ended December 31, 2019 was as follows: Weighted- Restricted Shares Number of Average Grant date Granted to Employees and Directors Shares Fair Value per Share Outstanding, December 31, 2018 — — CIH’s restricted shares issued (a) 931,588 0.34 Forfeited (17,032) Vested (350,829) Unvested, December 31, 2019 563,727 0.34 (a) 18. SHARE-BASED PAYMENTS (continued) Total intrinsic value of restricted shares exercised by the Company's employees for the year ended December 31, 2019 was US$668. As of December 31, 2019, there was US$5,033 of unrecognized share-based compensation cost related to the Company's and CIH's restricted shares held by the Company's employees that are expected to be recognized over a weighted-average vesting period of 1.67 years. Total share-based compensation expense of share-based awards granted to employees and directors charged to both continuing and discontinued operations were US$7,218, US$14,082 and US$8,820, respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 19. RELATED PARTY TRANSACTIONS a) Related Parties Name of Related Parties Relationship with the Company Vincent Tianquan Mo Executive chairman of the board of directors and controlling shareholder of the Company Richard Jiangong Dai Director of the board up until February 25, 2016 Wall Street Global Training Center, Inc. A company under the control of Vincent Tianquan Mo Beihai Silver Beach 1 Hotel and Property Management Company, Ltd. (“Beihai Silver Beach”) A company under the control of Vincent Tianquan Mo Che Tian Xia Company Ltd. A company under the control of Vincent Tianquan Mo Shanghai Yuyue Electronic Technology Development Co., Ltd (“Shanghai Yuyue”) A company under the control of Vincent Tianquan Mo China Index Holdings and its subsidiaries (“CIH”) A company under the control of Vincent Tianquan Mo and the Company can exercise significant influence Next Decade Technology Limited A company under the control of Vincent Tianquan Mo Media Partner Investments Limited A company under the control of Vincent Tianquan Mo Chongqing Wanli New Energy CO., LTD (“Wanli”) Equity method investment 19. RELATED PARTY TRANSACTIONS (continued) b) The Company had the following related party transactions for the years ended December 31, 2017, 2018 and 2019: For the Years Ended December 31, 2017 2018 2019 US$ US$ US$ Office building leased from: - Vincent Tianquan Mo 159 162 156 Management fee incurred: - Beihai Silver Beach 501 523 697 Listing service fee incurred: - CIH — — 2,331 Office building leased to: - CIH — — 615 IT service income from: - CIH — — 756 Software license income from: - CIH — — Receipt of call option for acquisition of ordinary shares of CIH (Note 5) from: - Next Decade Technology Limited and Media Partner Investments Limited — — Acquisition of Class B ordinary shares of CIH (Note 5) from: - Next Decade Technology Limited and Media Partner Investments Limited — — Disposal of subsidiaries to: - Shanghai Yuyue — — Free rental space to Wall Street Global Training Center, Inc. Starting from 2011, the Company provided Wall Street Global Training Center, Inc. with office space of approximately 220 square feet in the Company’s building located in New York City, United States of America, free of charge. The estimated fair value of the free office space was insignificant for each of the years ended December 31, 2017, 2018 and 2019. Office building leased from Vincent Tianquan Mo The Company entered into an agreement with Vincent Tianquan Mo to lease a building owned by him for a 10-year period for nil consideration starting from March 1, 2012. The deemed rental expense of US$159 and US$162 and US$156, and the corresponding contribution from shareholder were included in the consolidated financial statements for the years ended December 31, 2017, 2018 and 2019, respectively. Management service provided by Beihai Silver Beach On April 1, 2013, the Company and Beihai Silver Beach entered into a contract, pursuant to which Beihai Silver Beach was engaged to manage the hotel and office leasing operations owned by Shanghai BaoAn Enterprise and Shanghai BaoAn Hotel for ten years. The management fees incurred for the years ended December 31, 2017, 2018 and 2019 were US$501 and US$523, and US$697 respectively. The balance as of December 31, 2018 represented outstanding management fees which were unsecured and interest-free. The balance as of December 31, 2019 represented prepaid management fees. Use of domain name of Che Tian Xia Company Ltd. 19. RELATED PARTY TRANSACTIONS (continued) In April 2013, the Company entered into a contract with Che Tian Xia Company Ltd. to use the latter’s domain name www.youtx.com for seven years at nil consideration. Listing service fee provided by CIH CIH acts as an agent on behalf of the Company on listing services for commercial properties. The Company recorded the service fee from CIH when the Company and its customers enter into a sales contract. Prior to June 11, 2019, these transactions are presented separately in selling expenses and income from discontinued operations. The amounts of service fee were US$561, US$687 and US$1,495 for the years ended December 31, 2017 and 2018, and the period between January 1, 2019 and June 11, 2019. The amount of service fee was US$2,331 for the period between June 12, 2019 and December 31, 2019. On January 1, 2020, the Company and CIH agreed to terminate the cooperation agreement. Office building leased to CIH The Company leases out offices to CIH. Prior to June 11, 2019, these transactions are presented separately in other income and income from discontinued operations. The amounts of lease income were US$1,268, US$1,153 and US$490 for the years ended December 31, 2017 and 2018, and the period between January 1, 2019 and June 11, 2019. The amount of lease income was US$615 for the period between June 12, 2019 and December 31, 2019. IT service income from CIH The Company entered into an IT service agreement with CIH, pursuant to which CIH agrees to utilize Fang’s server and other IT services. The agreement is effective from June 11, 2019. US$756 of IT service income incurred during the period from June 11, 2019 to December 31, 2019. Software license income from CIH The Company entered into a software license agreement with CIH, pursuant to which, Fang agrees to license the right of using certain of its software at annual royalty fee of US$72. The term of the software license agreement is 10 years. The agreement is effective from June 11, 2019. US$40 of IT service income incurred during the period from June 11, 2019 to December 31, 2019. After the completion of the separation, there were certain cash collections and cash payments on behalf of each other between the Company and CIH from June 11, 2019 to December 31, 2019. In November 2019, the Company entered into an agreement with CIH to settle all such balances with CIH on a quarterly basis in net amounts. The balance of US$317 as of December 31, 2019 represents the net amount due to CIH, after offsetting with an equivalent amount due from CIH of US$9,258. Disposal of subsidiaries to Shanghai Yuyue The Company sold 100% equity interest of 42 entities which used to operate the marketing, listing, leads generating services and ecommerce business to Shanghai Yuyue, an entity controlled by Mr. Vincent Tianquan Mo, the controlling shareholder of the Company in 2019. Revenues generated by these entities were US$8,746 for the year ended December 31, 2018 and US$1,450 before their disposal in 2019. Upon the disposal, Shanghai Yuyue assumes net liabilities of these entities at carrying amount. Accordingly, there was no disposal gain or loss as a result of the transaction. 19. RELATED PARTY TRANSACTIONS (continued) For the year ended December 31, 2019, noncash net liability distributed to Shanghai Yuyue in connection with the disposal of subsidiaries were US$8,772. Prepayment for purchase from Wanli The Company entered into an agreement with Wanli and its affiliate in 2019 to purchase data and services for a total consideration of US$275. The Company has prepaid US$275 in cash in 2019. As of December 31, 2019, the Company has not received the related data and services from Wanli. c) The Company had the following related party balances as of December 31, 2018 and 2019: As of December 31, 2018 2019 US$ US$ Amounts due from a related party: - Beihai Silver Beach — 369 - Wanli — 275 — 644 19. RELATED PARTY TRANSACTIONS (continued) As of December 31, 2018 2019 US$ US$ Amounts due to a related party: - Beihai Silver Beach 19 — - Shanghai Yuyue — 8,910 - CIH — |
EMPLOYEE DEFINED CONTRIBUTION P
EMPLOYEE DEFINED CONTRIBUTION PLAN | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
EMPLOYEE DEFINED CONTRIBUTION PLAN | 20. EMPLOYEE DEFINED CONTRIBUTION PLAN Full time employees of the Company in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the PRC subsidiaries of the Company make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Company has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefits charged to both continuing and discontinued operations, which were expensed as incurred, were US$21,583, US$20,093 and US$17,624 for the years ended December 31, 2017, 2018 and 2019, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 21. COMMITMENTS AND CONTINGENCIES Capital commitment The Company has commitments for the construction of fixed assets of US$24,959 as of December 31, 2019. The future payments schedule is presented as follows: As of December 31 2019, Less Than 1–2 2-5 More Than Total 1 Year Years Years 5 Years Capital commitment: 24,959 12,469 11,764 363 363 Operating lease commitments The Group leases offices and properties under non-cancelable operating lease agreements. Future minimum lease payments under these non-cancelable operating lease agreements with initial terms longer than twelve months are disclosed as maturity of lease liabilities in Note 10. 21. COMMITMENTS AND CONTINGENCIES (continued) As of December 31, 2019, the Company had US$407 of short term lease commitments under non-cancellable operating leases. As previously disclosed in the consolidated financial statements for the year ended December 31, 2018 and under the previous lease standard (Topic 840), future minimum annual lease payments for the year subsequent to December 31, 2018 and in aggregate were as follows: US$ 2019 4,368 2020 2,198 2021 181 2022 18 2023 and thereafter 37 6,802 Payments under operating leases were expensed on a straight-line basis over the periods of the respective leases. For the years ended December 31, 2017 and 2018, total rental expenses for all operating leases were US$27,832 and US$9,678, respectively. Contingencies In April and May 2018, the Company was involved in suits as one of the defendants for trade mark infringement claimed by a third party, alleging RMB99,900, RMB300,000, and RMB500,000, respectively. In March 2019, the People's High Court of Beijing ruled that the Company was not the proper defendant for the suits involving RMB300,000 and RMB500,000. In June 2019, the Supreme People’s Court upheld the ruling of the People's High Court of Beijing for the cases involving RMB300,000 and RMB500,000. The suit involving RMB99,900 is still ongoing and the Company is vigorously contesting the allegations. In February 2019, the Company was served with a subpoena from a court in Beijing, in which a third party claimed that a contract the Company entered into was invalid. Pursuant to such contract, the Company received shares of Guilin Bank from a debtor’s nominee to discharge its indebtedness (See Note 5). The debtor subsequently alleged that such contract was invalid because the transfer price of such assets was below the fair market value. The Company vigorously contested the allegation and received a judgment in favor of the Company. Such third party appealed to a higher court and the case was still under review. In accordance with ASC Topic 450, no accrual of loss contingency was accrued as of December 31, 2019 since it is not probable that a liability has been incurred because of these legal proceedings and the amount of loss cannot be reasonably estimated. Income taxes As of December 31, 2019, the Company had accrued US$121,889 for unrecognized tax benefits (Note 17). The final outcome of the tax uncertainty is dependent upon various matters including tax examinations, interpretation of tax laws or expiration of statute of limitations. However, due to the uncertainties associated with the status of examinations, including the protocols of finalizing audits by the relevant tax authorities, there is a high degree of uncertainty regarding the future cash outflows associated with these tax uncertainties. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2019 | |
SEGMENT REPORTING | |
SEGMENT REPORTING | 22. SEGMENT REPORTING In accordance with ASC 280, Segment Reporting, the Company’s chief operating decision maker has been identified as the executive chairman of the board of directors, who makes resource allocation decisions and assesses performance based on the Company’s consolidated results. As a result, the Company has only one reportable segment. Geographic disclosures As the Company generates substantially all of its revenues from customers domiciled in the PRC, no geographical segments are presented. All of the Company’s long-lived assets are located in the PRC except for buildings and land (i.e. including the construction in progress) with net book values of US$112,713 and US$99,685 as of December 31, 2018 and 2019, respectively, which are located in the United States of America. |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
EARNINGS (LOSS) PER SHARE | |
EARNINGS (LOSS) PER SHARE | 23. EARNINGS (LOSS) PER SHARE Basic and diluted earnings (loss) per share for each of the years presented are calculated as follows: For the Year Ended December 31, 2017 2018 2019 (In thousands, except share data) Numerator: Net income (loss) attributable to Fang Holdings Limited’s shareholders from continuing operations 1,032 (141,420) (23,430) Net income attributable to Fang Holdings Limited’s shareholders from discontinued operations 20,675 26,509 13,181 Net income (loss) attributable to Class A and Class B ordinary shareholders 21,707 (114,911) (10,249) Denominator: Weighted average number of Class A and Class B ordinary shares outstanding-basic 88,475,665 88,749,432 89,511,052 Potentially dilutive ordinary shares equivalent 3,110,012 — — Weighted average number of Class A and Class B ordinary shares outstanding-dilutive 91,585,677 88,749,432 89,511,052 Basic net income (loss) per share Earnings (loss) from continuing operations per share - basic 0.01 (1.59) (0.26) Earnings from discontinued operations per share - basic 0.23 0.30 0.15 Earnings (loss) per share - basic 0.24 (1.29) (0.11) Diluted net income (loss) per share Earnings (loss) from continuing operations per share - diluted 0.01 (1.59) (0.26) Earnings from discontinued operations per share - diluted 0.23 0.30 0.15 Earnings (loss) per share - diluted 0.24 (1.29) (0.11) The repurchased but not retired ordinary shares are accounted as treasury share which are not considered outstanding and excluded from the calculation of basic earnings (loss) per share since the date of repurchase. Options to purchase 7,217,995 shares of common stock at US$1.95~US$30 per share and 626,534 restricted shares were outstanding in 2019 but were not included in the computation of diluted EPS due to anti-dilutive effect. In addition, 2,009,489 related to the Company's September 2022 Notes and 2,653,084 related to the Company's New November 2022 Notes were not included in the calculation of diluted earnings (loss) per share because the impact of inclusion would be anti-dilutive. Options to purchase 6,034,054 shares of common stock at US$1.95~US$30 per share and 1,066,635 restricted shares were outstanding in 2018 but were not included in the computation of diluted EPS due to anti-dilutive effect. In addition, 2,790,860 related to the Company’s September 2022 Notes and 4,186,290 related to the Company’s New November 2022 Notes were not included in the calculation of diluted earnings (loss) per share because the impact of inclusion would be anti-dilutive. In 2017, the number of securities that were not included in the calculation of diluted earnings (loss) per share because the impact of inclusion would be anti-dilutive were as follows: 2,961,570 share options, 290,534 related to the Company’s December 2018 Notes, 2,790,860 related to the Company’s September 2022 Notes and 5,581,720 related to the Company’s November 2022 Notes. As of December 31, 2017, the conversion prices for the December 2018 Notes, the September 2022 Notes and the November 2022 Notes were US$19.62 per ADS, US$7.166 per ADS and US$7.166 per ADS, respectively, as of December 31, 2017. There is no cash conversion rate. |
PARENT COMPANY ONLY CONDENSED F
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | 24. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION Condensed balance sheets As of December 31, 2018 2019 US$ US$ ASSETS Cash and cash equivalents 2,529 13,734 Short-term investments — 1,384 Prepayments and other current assets 39 Amounts due from subsidiaries 17,056 — Total current assets 19,683 15,157 Non-current assets: Restricted cash, non-current portion 1,001 1,106 Long-term investments 30,733 49,006 Investment in subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries 898,766 Total non-current assets 901,629 948,878 Total assets 921,312 964,035 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term loans and current portion of long-term loans 26,808 4,003 Short term bond payable — 102,779 Accrued expenses and other liabilities 2,575 5,045 Amounts due to subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries 5,722 29,843 Total current liabilities 35,105 141,670 Non-current liabilities: Long-term loans, less current portion 63,677 Convertible senior notes 254,435 168,929 Total non-current liabilities 232,606 Total liabilities 374,276 Commitments and contingencies — — Shareholders’ equity: Class A ordinary shares, par value HK$1.00 per share, 600,000,000 shares authorized for Class A and Class B in aggregate; 72,069,645 and 71,775,686 shares issued as of December 31, 2018 and 2019; 65,004,587 and 65,403,527 shares outstanding as of December 31, 2018 and 2019 9,286 9,244 Class B ordinary shares, par value HK$1 per share, 600,000,000 shares authorized for Class A and Class B in aggregate, 24,336,650 shares and 24,336,650 shares issued and outstanding as at December 31, 2018 and December 31, 2019, respectively 3,124 3,124 Additional paid-in capital 517,802 528,620 Accumulated other comprehensive loss (75,837) (98,371) Retained earnings 276,746 270,358 Treasury share (7,065,058 and 6,372,159 shares as of December 31, 2018 and 2019, respectively.) (136,615) (123,216) Total shareholders’ equity 594,506 589,759 Total liabilities and shareholders’ equity 921,312 964,035 24. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (continued) Condensed statements of comprehensive income (loss) For the Years Ended December 31, 2017 2018 2019 US$ US$ US$ Revenues — — — Cost of revenues — — — Gross profit — — — General and administrative expenses (998) (9,348) (26,317) Operating loss (998) (9,348) (26,317) Equity in profits (losses) of subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries 27,339 (85,190) 34,397 Foreign exchange gain (loss) 211 7 (3,998) Interest income 196 73 65 Interest expenses (7,233) (7,700) (8,978) Change in fair value of securities 2,736 (14,904) (6,043) Investment income, net 2,221 2,151 625 Impairment on investments (2,768) — — Income (loss) before income taxes 21,704 (114,911) (10,249) Income tax expenses — — — Net income (loss) 21,704 (114,911) (10,249) Other comprehensive income (loss), before tax Foreign currency translation adjustments 56,571 (46,648) (26,703) Unrealized gain on available-for-sale securities 14,575 1,493 861 Amounts reclassified from accumulated other comprehensive income (2,736) (1,493) (861) Other comprehensive income recorded by subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries 198,263 — — Gain (loss) on intra- entity foreign transactions of long-term-investment nature — — Separation of real estate information, analytics and marketplace services business 1,872 (3,034) 3,672 Other comprehensive income (loss), before tax 268,545 (49,682) (22,534) Income tax expense related to components of other comprehensive income (49,566) — — Other comprehensive income (loss), net of tax 218,979 (49,682) (22,534) Comprehensive income (loss) 240,683 (164,593) (32,783) Condensed statements of cash flows 2017 2018 2019 US$ US$ US$ Net cash provided by (used in) operating activities (67,381) (3,302) 9,859 Net cash provided by (used in) investing activities 13,931 8,272 (25,362) Net cash provided by (used in) financing activities (31,179) (13,241) 26,241 Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash — — 572 Net increase (decrease) in cash, cash equivalents and restricted cash (22,271) (8,271) 11,310 Cash and cash equivalents and restricted cash at beginning of year 34,072 11,801 3,530 Cash and cash equivalents and restricted cash at end of year 11,801 3,530 14,840 24. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (continued) Basis of Presentation For the presentation of the parent company only condensed financial information, the Company records its investment in subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries which it effectively controls through contractual agreements, under the equity method of accounting as prescribed in ASC 323, Investments-Equity Method and Joint Ventures . Such investments are presented on the condensed balance sheets as “Investment in subsidiaries, PRC Domestic Entities, and PRC Domestic Entities’ subsidiaries” and the subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries’ profit or loss as “Equity in profits (losses) of subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries” on the condensed statements of comprehensive income (loss). The parent company only condensed financial information should be read in conjunction with the Company’s consolidated financial statements. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 25. SUBSEQUENT EVENTS The recent outbreak of a novel strain of coronavirus named as COVID-19, has spread rapidly since January 2020. The epidemic has resulted in quarantines, travel restrictions, and the temporary closure of facilities in China and many other countries for the past few months. In March 2020, the World Health Organization declared the COVID-19 a pandemic. Government efforts to contain the spread of COVID-19 through city lockdowns or "stay-at-home" orders, widespread business closures, restrictions on travel and emergency quarantines, among others, have caused disruptions to the Company's business operations. The Company has taken measures to reduce the impact of the COVID-19 outbreak, including monitoring its employees' health on a daily basis and optimizing its technology system to support remote work arrangements. The Company has experienced business disturbance due to quarantine measures to contain the spread of COVID-19, and experienced delayed cash collection of accounts receivables and slowdown of revenue growth in the first quarter of 2020. Especially, there were significant disruption of the operation of the Company's subsidiary and its customers located in Hubei province. The Company has implemented various measurements to control expenditures. The fair value of equity investments with readily determinable fair values and equity method investments carried at fair value as of April 30, 2020 has dropped by 29% since December 31, 2019, as a result of the market volatility. The Company is uncertain if those values will rebound in the near future. Given the uncertainty around the extent and timing of the potential future spread or mitigation of the COVID-19 and around the imposition or relaxation of protective measures, the Company cannot reasonably estimate the impact for the remainder of fiscal year 2020. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in the Company’s financial statements include, but are not limited to, estimated stand-alone selling prices of performance obligations, allowance for doubtful accounts, allowance for credit losses, useful lives of property and equipment, realization of deferred tax assets, impairment of long-lived assets, share-based compensation expense, uncertain income tax positions, fair value of the embedded derivatives in the convertible senior notes and fair value of short term and long term investments. Changes in facts and circumstances may result in revised estimates. Actual results could materially differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the financial statements of the Company, its non-PRC subsidiaries, WOFEs, the PRC Domestic Entities in which the Company, through its WOFEs, has a controlling financial interest, and the PRC Domestic Entities’ subsidiaries. The Company has determined that it has a controlling financial interest, even though it does not hold a majority of the voting equity interest in an entity, because the Company has the ability to control the PRC Domestic Entities through the WOFEs’ rights to all the residual benefits of the PRC Domestic Entities and the WOFEs’ obligation to fund losses of the PRC Domestic Entities. As a result, the PRC Domestic Entities are included in the consolidated financial statements. All significant intercompany balances and transactions between the Company, its subsidiaries, the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries have been eliminated in consolidation, except for the intercompany transactions between continuing operations and discontinued operations before the disposal of the discontinued operations, which are considered to continue after the disposal of the discontinued operations are presented separately in continuing operations and discontinued operations in a way that reflects the continuance of those transactions. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions The functional currency of the Company and its non-PRC subsidiaries is the United States dollars (“US$”). The WOFEs, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries determine their functional currency to be the Chinese Renminbi (“RMB”) based on the criteria of ASC 830, Foreign Currency Matters . The Company uses US$ as its reporting currency. Transactions denominated in foreign currencies are remeasured into the functional currency at the exchange rates prevailing on the transaction dates. Foreign currency denominated financial assets and liabilities are remeasured at the exchange rates prevailing at the balance sheet date. Exchange gains and losses are included in the consolidated statements of comprehensive income (loss). The assets and liabilities of the Company’s PRC subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries are translated into US$ at the exchange rates prevailing at the balance sheet date. The consolidated statements of comprehensive income (loss) of these entities are translated into US$ at the weighted average exchange rates for the year. The resulting translation gains (losses) are recorded in accumulated other comprehensive income (loss) as a component of shareholders’ equity. For the purpose of the consolidated statements of cash flows, cash flows of the Company’s PRC subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries are translated into US$ at the exchange rates prevailing on the dates of the cash flows. Frequently recurring cash flows of these entities which arise throughout the year are translated into US$ at the weighted average exchange rates for the year. Transaction gains and losses are recognized in the consolidated statements of operations. Gains and losses on intra-entity foreign currency transactions that are of a long-term-investment nature (that is, settlement is not planned or anticipated in the foreseeable future) between consolidated entities are not recognized in earnings, but are included as a component of other comprehensive income (loss). |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents represent cash on hand and demand deposits placed with banks or other financial institutions with original maturity of 90 days or less at the date of purchase which are unrestricted as to withdrawal and use. In addition, all highly liquid investments with original stated maturity of 90 days or less are classified as cash equivalents. |
Restricted Cash. | Restricted Cash Restricted cash represents cash pledged to financial institutions as collateral for the Company’s bank loans, and cash deposits in banks that are restricted as to withdrawal or usage according to certain contracts with customers. The restricted cash is not available for withdrawal or the Company’s general use until after the corresponding bank loans are repaid, or the performance obligation is satisfied. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The Accounting Standards Update (“ASU”) 2016‑18, Statement of Cash Flows (Topic 230): Restricted Cash, required that restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. The guidance was effective as of January 1, 2018 and the Company applied it using a retrospective transition method to each period presented. The adoption of this guidance changed the presentation and classification of restricted cash in the Company’s consolidated statements of cash flows. For the year ended December 31, 2017, substantially all of the changes in restricted cash of US$51,900, was previously reported as part of financing activities in the consolidated statement of cash flows. |
Investments | Investments Periods prior to January 1, 2018 All highly liquid investments with original maturities of greater than 90 days but less than 365 days are classified as short-term investments which are stated at their approximate fair value. The Company accounts for its investments in accordance with ASC 320, Investments-Debt and Equity Securities (“ASC 320”). The Company classifies the investments in debt and equity securities as “held-to-maturity”, “trading” or “available-for-sale”, whose classification determines the respective accounting methods stipulated by ASC 320. Dividend and interest income, including amortization of the premium and discount arising at acquisition, for all categories of investments in securities are included in earnings. Any realized gains or losses on the sale of the investments are determined on a specific identification method, and such gains and losses are reflected in the consolidated statements of comprehensive income (loss). The securities that the Company has positive intent and ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost. For individual securities classified as held-to-maturity securities, the Company evaluates whether a decline in fair value below the amortized cost basis is other-than-temporary in accordance with the Company’s policy and ASC 320. If the Company concludes that it does not intend or is not required to sell an impaired debt security before the recovery of its amortized cost basis, the impairment is considered temporary and the held-to-maturity securities continue to be recognized at the amortized costs. When the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell prior to recovery of its amortized cost basis, an other-than-temporary impairment is deemed to have occurred. In these instances, the other-than-temporary impairment loss is recognized in the consolidated statements of comprehensive income (loss) equal to the entire excess of the debt security’s amortized cost basis over its fair value at the balance sheet date of the reporting period for which the assessment is made. The securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Unrealized holding gains and losses for trading securities are included in earnings. Investments not classified as trading or as held-to-maturity are classified as available-for-sale securities. Available-for-sale securities are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income (loss) in shareholders’ equity. Realized gains or losses are charged to earnings during the period in which the gain or loss is realized. An impairment loss on the available-for-sale securities are recognized in the consolidated statements of comprehensive income (loss) when the decline in value is determined to be other-than-temporary. No impairment loss was recognized for the year ended December 31, 2017. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) In accordance with ASC 325 Investments-Other , for investments in an investee over which the Company does not have significant influence and which do not have readily determinable fair value, the Company carries the investment at cost and only adjusted for other-than-temporary declines in fair value and distributions of earnings that exceed the Company’s share of earnings since its investment. Management regularly evaluates the impairment of the cost method investments based on performance and financial position of the investee as well as other evidence of market value. Such evaluation included, but is not limited to, reviewing the investee’s cash position, recent financing, projected and historical financial performance, cash flow forecasts and financing needs. An impairment loss is recognized in earnings equal to the excess of the investment’s cost over its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value would then become the new cost basis of investment. An impairment loss of US$2,768 was recognized for the year ended December 31, 2017. Period commencing January 1, 2018 The Company adopted ASU 2016‑01, Financial Instruments—Overall (Subtopic 825‑10), Recognition and Measurement of Financial Assets and Liabilities from January 1, 2018, which requires all equity securities with readily determinable fair values, other than those accounted for under equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with changes in the fair value recognized through net income. Change in fair value of available-for-sale equity securities are reported in earnings. Upon the adoption of ASU 2016‑01, accumulated unrealized gain, net of income taxes, of US$163,785 was reclassified from accumulated other comprehensive income to retained earnings as of January 1, 2018. (1) Debt Securities The Company accounts for its debt investments in accordance with ASC 320, Investments-Debt Securities (“ASC 320”). The Company classifies the debt investments as “held-to-maturity”, “trading” or “available-for-sale”, whose classification determines the respective accounting methods stipulated by ASC 320. Interest income, including amortization of the premium and discount arising at acquisition, for all categories of debt investments are included in earnings. Any realized gains or losses on the sale of the debt investments are determined on a specific identification method, and such gains and losses are reflected in the consolidated statements of comprehensive income (loss). The debt securities that the Company has positive intent and ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost. For individual securities classified as held-to-maturity securities, the Company evaluates whether a decline in fair value below the amortized cost basis is other-than-temporary in accordance with the Company’s policy and ASC 320. If the Company concludes that it does not intend or is not required to sell an impaired debt security before the recovery of its amortized cost basis, the impairment is considered temporary and the held-to-maturity securities continue to be recognized at the amortized costs. When the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell prior to recovery of its amortized cost basis, an other-than-temporary impairment is deemed to have occurred. In these instances, the other-than-temporary impairment loss is recognized in the consolidated statements of comprehensive income (loss) equal to the entire excess of the debt security’s amortized cost basis over its fair value at the balance sheet date of the reporting period for which the assessment is made. The debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Unrealized holding gains and losses for trading securities are included in earnings. All highly liquid investments with original maturities of greater than 90 days but less than 365 days are classified as short-term investments which are stated at their approximate fair value. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Investments not classified as trading or as held-to-maturity are classified as available-for-sale securities. Available-for-sale debt securities are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income (loss) in shareholders’ equity. Realized gains or losses are charged to earnings during the period in which the gain or loss is realized. An impairment loss on the available-for-sale securities are recognized in the consolidated statements of comprehensive income (loss) when the decline in value is determined to be other-than-temporary. No impairment loss was recognized for the years ended December 31, 2018 and 2019, respectively. (2) Equity Securities All equity investments with readily determinable fair values, other than those accounted for under equity method of accounting or those that result in consolidation of the investee, are measured at fair value with changes in the fair value recognized through net income. Equity investments without readily determinable fair values which do not qualify for net asset value per share (or its equivalent) practical expedient and over which the Company does not have the ability to exercise significant influence through the investments in common stock, are accounted for under the measurement alternative. The carrying values of equity investments without readily determinable fair values are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. All gains and losses on these investments, realized and unrealized, are recognized in the consolidated statements of comprehensive income (loss). The Company makes assessment of whether an investment is impaired at each reporting date, and recognizes an impairment loss equal to the difference between the carrying value and fair value in earnings. No impairment loss was recognized for the years ended December 31, 2018 and 2019, respectively. As a result of adoption of ASU 2016‑01, the Company is not required to disclose the fair value for equity investments without readily determinable fair value. (3) Equity method investments In accordance with ASC 323 Investments-Equity Method and Joint Ventures , the Company applies the equity method of accounting to equity investments in common stock over which it has significant influence but does not own a majority equity interests or otherwise control. Under the equity method, the Company initially records its investment in the common stock of an investee at cost. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee represents goodwill and intangible assets acquired. The Company adjusts the carrying amount of an investment for its share of the earnings or losses of the investee after the date of investment and reports the recognized earnings or losses in the consolidated statements of comprehensive income (loss). When the Company’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Company does not recognize further losses, unless the Company has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Company holds other investments in the equity investee. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The equity method investments are subject to periodic testing for other-than-temporary impairment, by considering factors including, but not limited to, stock prices of public companies in which the Company has an equity investment, current economic and market conditions, operating performance of the investees such as current earnings trends and undiscounted cash flows, and other company-specific information, such as recent financing rounds. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and the determination of whether any identified impairment is other-than-temporary. If any impairment is considered other-than-temporary, the Company will write down the asset to its fair value and take the corresponding charge to the consolidated statements of comprehensive income (loss). No impairment was recorded for equity method investments for the years ended December 31, 2018 and 2019, respectively. The Company elects fair value measurement for certain investment that would otherwise be accounted for under the equity-method of accounting, in accordance with ASC Topic 825-10, Financial instruments . The fair value option is applied to all of the Company’s financial interests in the same entity that are eligible items. Such election is irrevocable. Under fair value method, investments are recorded at fair value and any changes in fair value are reported in the consolidated statements of comprehensive income (loss). |
Funds Receivable | Funds Receivable Funds receivable represents cash collection through third-party payment service providers. The Company carefully considers and monitors the credit worthiness of the third-party payment service providers. An allowance for doubtful accounts is recorded in the period in which a loss is determined to be probable. Funds receivable balances are written off after all collection efforts have been exhausted. |
Loans Receivable | Loans Receivable Loans receivable consists primarily of secured loans in the form of mortgage loans and unsecured loans to borrowers that have passed the Company’s credit assessment. Such amounts are recorded at the principal amount less impairment as of the balance sheet date. The loan periods extended by the Company to the borrowers generally range from 3 to 36 months. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) An allowance for credit loss is recorded when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company assesses the allowance for credit loss related to loans receivable on a quarterly basis, either on an individual or collective basis. The Company considers various factors in evaluating loans receivable for possible impairment on an individual basis. These factors include the amount of the loan, historical experience, value of collateral, if any, credit quality and age of the receivable balances. Impairment is measured on an individual loan basis using either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is secured. The Company evaluates the remainder of its loans receivables portfolio for impairment on a collective basis in accordance with ASC 450‑20, Loss Contingencies and records an allowance for credit loss at the portfolio segment level. Loan principal and interest receivables are charged-off when the loan principal and interest receivables are deemed to be uncollectible. In general, loan principal and interest receivables are identified as uncollectible if any of the following conditions are met : 1) the borrower is dead, missing or incapacitate and there is no legal heir and presentee or the legal heir and presentee refuse to abide the contract; 2) identification of fraud, and the fraud is officially reported to and filed with relevant law enforcement departments; 3) outstanding amount following 180 days past due after all collection efforts based on management’s judgment. |
Property and Equipment, Net | Property and Equipment, Net Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated Useful Life Office equipment 3 - 5 years Motor vehicles 5 - 10 years Leasehold improvement shorter of lease term or economic lives Buildings 12 -45 years Land is stated at cost and is not depreciated. Construction in progress represents buildings and related premises under construction, which is stated at actual construction cost less any impairment loss. Construction in progress is transferred to the respective category of property and equipment when completed and ready for its intended use. Interest associated with major development and construction projects is capitalized and included in the cost of the project. The capitalization of interest cease when the project is substantially completed or the development activity is suspended for more than a brief period. The amount to be capitalized is determined by applying the capitalization rate to the average amount of accumulated qualifying capital expenditures for assets under construction during the year. Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts, respectively, with any resulting gain or loss reflected in the consolidated statements of comprehensive income (loss). 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates its long-lived assets or asset group with finite lives for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset group may not be fully recoverable. When these events occur, the Company evaluates the impairment by comparing the carrying amount of the assets to future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Company recognizes an impairment loss based on the excess of the carrying amount of the asset group over its fair value, but not below the fair values of the individual long-lived assets within the asset group. No impairment charge was recognized for any of the years presented. Asset groups to be disposed of would be reported at the lower of the carrying amount or fair value less costs to sell, and no longer depreciated. The assets and liabilities of a disposal group classified as held for sale would be presented separately in the appropriate asset and liability sections of the consolidated balance sheets. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Financial instruments of the Company primarily include cash and cash equivalents, restricted cash, accounts receivable, commitment deposits, funds receivable, short-term and long-term investments, loans receivable, short-term and long-term loans, short-term bond payable, convertible senior notes and related derivative liabilities. As of December 31, 2018 and 2019, the carrying values of these financial instruments, other than trading securities and call option included in the short-term investment (see note 5), restricted cash, non-current portion, long-term investments, long-term loans, less current portion, convertible senior notes and related derivative liabilities, approximate their fair values due to the short-term maturity of these instruments. The call option was valued using the Black-Sholes pricing model as of December 31, 2019. The equity investments with readily determinable fair value and trading securities were recorded at fair value based on the quoted price in active markets as of December 31, 2018 and 2019. The equity method investments carried at fair value was recorded at fair value based on the quoted price, adjusted if relevant, for other input that is indirectly observable in the active market as of December 31, 2019. The carrying values of long-term loans, less current portion and restricted cash, non-current portion approximate their fair values, as the loans and restricted cash bear interest at rates determined based on the prevailing interest rates in the market. The convertible senior notes were recognized based on residual proceeds after allocation to the derivative liabilities at fair market value. The estimated fair values of the convertible senior notes based on a market approach were approximately US$199,172 and US$145,437 as of December 31, 2018 and 2019, respectively, and represents a Level 3 valuation in accordance with ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). When determining the estimated fair value of the convertible senior notes, the Company used a commonly accepted valuation methodology and market-based risk measurements that are indirectly observable, such as credit risk. The fair value of the bifurcated derivative liabilities was insignificant for the years ended December 31, 2018 and 2019. Prior to January 1, 2018, the Company determined that it was not practicable to estimate the fair value of its cost method investments as of December 31, 2017 and measures the cost method investment at fair value on a nonrecurring basis only if an impairment charge were to be recognized. The Company applies ASC 820 in measuring fair value. ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Include other inputs that are directly or indirectly observable in the marketplace. Level 3 - Unobservable inputs which are supported by little or no market activity. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Assets measured at fair value on a recurring basis as of December 31, 2018 and 2019 are summarized below. Fair Value Measurement as of December 31, 2018 Quoted Prices in Active Significant Markets for Other Identical Observable Unobservable Fair Value at Assets Inputs Inputs December 31, (Level 1) (Level 2) (Level 3) 2018 US$ US$ US$ US$ Equity investments with readily determinable fair value 181,483 — — 181,483 Trading securities 1,773 — — 1,773 Fair Value Measurement as of December 31, 2019 Quoted Prices in Active Significant Markets for Other Identical Observable Unobservable Fair Value at Assets Inputs Inputs December 31, (Level 1) (Level 2) (Level 3) 2019 US$ US$ US$ US$ Call option — — 1,384 1,384 Equity investments with readily determinable fair value 121,841 — — 121,841 Equity method investments carried at fair value 8,539 18,200 — 26,739 The following table provides additional information about the reconciliation of the fair value measurements of assets and liabilities using significant unobservable inputs (level 3). Call option Balance as of December 31, 2018 — Initial recognition 693 Decrease as a result of exercise (458) Change in fair value for the period 1,149 Balance as of December 31, 2019 1,384 The call option was valued using the Black-Scholes pricing model at the reporting date. The calculation was based on the exercise price, annual risk-free rate of 1.59%, dividend yield of 0% and volatility of 44%. |
Revenue Recognition | Revenue Recognition Revenues are derived from marketing services, listing services, leads generation, financial services, value-added services and E-commerce services. Revenue generated by CIH, which primarily include special listing services, data and analytics service have been classified and reported under discontinued operations for all the periods presented. See Note 15. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Periods prior to January 1, 2018 Revenues for each type of service sales were recognized only when the following criteria are met: (a) persuasive evidence of an arrangement exists; (b) price is fixed or determinable; (c) delivery of services has occurred; and (d) collectability is reasonably assured. Listing Services Listing services revenues consist of revenues derived from both basic listing services and special listing services. The Company’s basic and special listing services are provided to agents, brokers, property developers, property owners, property managers and others seeking to sell or rent new or secondary residential and commercial properties. (1) Basic listing services Basic listing services entitle customers to post and make changes to information for properties, home furnishings and other related products and services in a particular area on the website and mobile apps for a specified period of time, which typically range from one to 36 months, in exchange for a fixed fee. Written contracts, containing all significant terms, signed by the Company and its customers provide persuasive evidence of the arrangement. The amount of fee to be paid is not subject to change once the contract has been signed. The contracts generally do not contain any specific performance target or refund guarantee. Delivery of services occurs by making access to the websites and mobile apps available for posting by the customers over the specified listing period. The Company performs credit assessments of its customers prior to signing the written contract to ensure collectability is reasonably assured. In accordance with ASC 605, revenues were recognized ratably over the duration of the service period as the basic listing services were being delivered. (2) Special listing services Special listing services consist of promotional activities associated with themed marketing campaigns, each generally over a one year duration and designed to recognize the leading companies within a specific real estate sector. For each special listing campaign, targeted leading companies participate in a collective marketing and promotional program for a specified fee, consisting of various online and offline promotional activities tied to the specialized theme of the campaign. Each revenue arrangement may include one or multiple special listing campaigns. The Company evaluated its special listing revenue arrangements in accordance with ASC 605‑25, Revenue recognition–Multiple-element arrangements . The promotional services within a special listing program were accounted for as one combined unit of accounting, as each promotional deliverable did not have standalone value to the customer since all the deliverables were tied to the specialized theme of the campaign, and were not sold separately. For contractual arrangements that contain multiple special listing campaigns, the program for each campaign was accounted for as a separate unit of accounting. ASC 605‑25 required revenues to be allocated to each unit of accounting on a relative fair value basis based on a selling price hierarchy. The selling price for a deliverable was based on vendor-specific objective evidence (“VSOE”) if available, third party evidence (“TPE”) if VSOE was not available, or best estimate of selling price (“BESP”) if neither VSOE nor TPE was available. The Company allocated total arrangement consideration to each unit of accounting based on its relative selling price, which was determined based on its BESP for that deliverable since neither VSOE nor TPE exist. In determining the BESP for each deliverable, the Company considered its overall pricing model and objectives when sold separately, as well as market or competitive conditions that may impact the price at which the Company would transact if the deliverable were sold regularly on a standalone basis. The Company monitored the conditions that affect its determination of selling price for each deliverable and reassess such estimates periodically. In accordance with ASC 250, “Accounting Changes and Error Corrections,” changes in the determination of the BESP were considered a change in accounting estimate and were accounted for on a prospective basis. The effect of changes in the BESP on the allocation of arrangement consideration was insignificant for all periods presented. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Written contracts, containing all significant terms, signed by the Company and its customers provide persuasive evidence of the arrangement. The amount of fee to be paid is not subject to change once the contract has been signed. The contracts do not contain any specific performance, cancellation, termination or refund provisions. The Company performs credit assessments of its customers prior to signing the written contract to ensure collectability is reasonably assured. In accordance with ASC 605, “Revenue Recognition,” revenues were recognized ratably over the duration of the campaign period as the special listing services were being delivered. Marketing Services The Company offers marketing services on the Company’s websites and mobile apps, primarily through banner advertisements, floating links, logos and other media insertions. These marketing services are offered to real estate developers and to a lesser extent provider of products and services for home decoration and improvement. Marketing services allow customers to place advertisements on particular areas of the Company’s websites and mobile apps, in particular formats and over particular periods of time. Written contracts, containing all significant terms, signed by the Company and its customers provide persuasive evidence of the arrangement. The contracts generally do not contain any specific performance target or refund guarantee. The service fee is negotiated between the customer and the Company but once a price is agreed to and the written contract is signed by both parties, the price is fixed and not subject to change. The service fee is due and payable in installments over the service period. The marketing services typically last from several days to one year. Delivery of the service occurs upon displaying the agreed forms of services on the Company’s websites and mobile apps over the specified service period. The Company performs credit assessments on its customers prior to signing the written contract to ensure collectability is reasonably assured. Revenues were recognized ratably over the contract period, as there was persuasive evidence of an arrangement, the fee is fixed or determinable and collection was reasonably assured, as prescribed by ASC 605. Since 2016, the Company began to provide marketing services whereby the sole consideration for the services is in the form of a specifically identified unit of a development. The Company accounts for these arrangements pursuant to ASC 845, Nonmonetary transactions , and have determined that the fair value of consideration received, i.e. the specifically identified real estate property, is more readily determinable than the marketing services surrendered. Accordingly, the fair value of property is used for measurement and revenues are recognized ratably over the service period. Revenue recognized under such arrangement was US$1,361 for the year ended December 31, 2017. For certain arrangements, the Company provides marketing services that contain multiple deliverables, that is, different forms of services to be delivered over different periods of time. The Company accounted for each deliverable in the arrangement as separate unit of accounting. Revenues were allocated to each unit of accounting on a relative fair value basis based on a selling price hierarchy and was recognized ratably over the duration of the service period. The selling price for a deliverable was based on its vendor-specific objective evidence (“VSOE”) if available, third party evidence (“TPE”) if VSOE is not available, or BESP if neither VSOE nor TPE is available. The total arrangement consideration was allocated to each unit of accounting based on its relative selling price which is determined based on the Company’s BESP for that deliverable because neither VSOE nor TPE exist. In determining its BESP for each deliverable, the Company considered its overall pricing model and objectives, as well as market or competitive conditions that may impact the price at which the Company would transact if the deliverable were sold regularly on a standalone basis. The Company monitored the conditions that affect its determination of selling price for each deliverable and reassesses such estimates periodically. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) E-commerce service E-commerce service revenues consist of revenues derived from: (1) Fang membership services The Company enters into arrangements with real-estate developers, pursuant to which the Company charges its customers RMB5,000 to RMB20,000 in order for them to purchase specified properties from the real estate developers at a discount significantly greater than the face value of the fees charged by the Company. The discount is either a fixed amount off or a fixed percentage to the price of the specified property. The fees paid by the customers to the Company are refundable before a purchase of the specified properties at a discount is made by the customers or if after the purchase, only if the customers can fulfil certain requirements under the refund policy. The Company chose to analogize to rights of return guidance in ASC 605‑15 when accounting for refundable fees as reliable estimates of refunds can be made based on company-specific historical evidence. Revenues were recognized by the Company when cash consideration of the fees was received and the discount has been applied by the customers to pay for the purchase price of the specified properties, net of estimated refunds. Cash received in advance of the purchase of specified properties and provision for refunds were recorded as “customers’ refundable fees” . The provision of refunds was insignificant for the year ended December 31, 2017. Additionally, the Company, real-estate developers and marketing agencies entered into tri-party cooperation arrangements for certain Fang membership services. When customers use their Fang membership cards to purchase specified properties in selected advertisements published by the marketing agents, a portion of the proceeds from the Fang membership services is remitted to the marketing agents. The Company recognized revenues from this type of Fang membership services on a net basis, representing the portion of proceeds received from customers that is ultimately retained by the Company as it is an agent in the arrangement. Commencing in 2014, the Company also entered into cooperation arrangements directly with real-estate developers for Fang membership services. The Company either engages third-party real estate agents or places advertisements with marketing agents to promote the real-estate projects. The Company recognized revenues from this type of Fang membership services on a gross basis, representing the proceeds received from the real-estate developers, as the Company is the primary obligor in the arrangement. Payments to third-party real estate agents are recorded as cost of sales, while payments to marketing agents are recorded as selling expenses. The portion to be remitted to third-party real estate agents and marketing agents was recorded as amounts payable to sales and marketing agents in “accrued expenses and other liabilities” on the consolidated balance sheets (Note 13). 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) (2) Direct sales services The Company promotes property developments of its developer clients primarily through its websites and mobile applications (“mobile apps”). Potential buyers can register with the Company free of charge if they are interested in any real estate properties covered by its direct sales services. After the registration, the Company provides the buyers with additional information about the properties and related services, such as tours to visit the property developments and other services to facilitate property purchases. By using the direct sales services, individual buyers can enjoy discounted prices for properties that the Company offers from its developer clients. The Company charges its developer clients a fee for each property it sold through its direct sales services at a predetermined percentage of the value of the individual transaction. Thereafter, the real estate developers can request for refund only if they can fulfil certain requirements under the refund policy. The Company chose to analogize to rights of return guidance in ASC 605‑15 when accounting for refundable fees as reliable estimates of refunds can be made based on company-specific historical evidence. Revenues were recognized by the Company based on total of successful purchase transactions made, net of estimated refunds. The provision of refunds was insignificant for the year ended December 31, 2017. (3) Sublease services Beginning in 2015, the Company began to provide sublease service through its websites. The Company identifies suitable properties and initially enters into lease agreements with the property owners. The lease agreements allow the Company to sublease the properties. Regardless whether the leased property is subsequently sub-leased by the Company, the lease agreement between the Company and the property owner remains in effect, including the Company’s obligation to make fixed rental payments over the non-cancellable lease term. The property owner is not a party to, and therefore not entitled to, any rights or obligations under the sublease agreement. Sublease rental income was recorded as revenue from subleasing services and recognized on a gross basis as the Company is the principal to the sublease arrangements. The sublease income was recognized on a straight-line basis over the lease term. Sublease rental income for the year ended December 31, 2017 was US$15,085. (4) Real estate online brokerage services Commencing in 2015, the Company provided brokerage services for sellers and buyers of secondary properties. Brokerage services may include property listing services, advisory services, transaction negotiation services and administration services. In addition to secondary property sales, the Company also assists property owners and potential tenants with leasing transactions. Commission revenues derived from brokerage services is recognized upon the execution, fulfillment of all performance obligations specified on the tri-party transaction agreement that is entered into between the seller, buyer and the Company in its capacity as broker, and cash receipt. (5) Online decoration services Beginning in 2015, the Company launched online decoration services, which includes interior design, remodeling, renovation, furnishing and other home improvement services. The Company generally charges the customers a fixed fee. The Company recognized revenues based on the percentage-of-completion method and measures progress using input measures, i.e., cost-to-cost, in accordance with ASC 605‑35, Revenue Recognition Construction-Type and Production-Type Contracts. Estimated losses, if any, were recognized during the period in which the loss becomes probable and reasonably estimable. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Financial Services Financial services are provided through the Company’s online financial platform www.fangtx.com and offline micro loan subsidiaries. The Company provides secured loans in the form of entrusted loans, mortgage loans and unsecured loans, primarily to borrowers that meet the Company’s credit assessment requirements. The Company ceased to provide entrusted loans since 2017. Revenues derived from loan interest income and annual service fees are recognized using the effective interest rate method. The Company does not accrue interest on loans receivable that are considered impaired or more than 90 days past due unless either the receivable has not been collected due to administrative reasons or the receivable is well secured and in the process of collection. Unsecured loans stop accruing interest when 60 days past due and are classified as impaired loan. Value-added Services The Company generates revenues from value-added services including subscription services for access to the Company’s information database and consulting services for customized and industry-related research reports and indices. Revenues derived from subscription services for access to the Company’s information database are recognized ratably over the subscription period. Revenues derived from consulting services for customized and industry-related research reports and indices were recognized when the relevant services were completed. The Company’s business was subject to VAT, surcharges or cultural construction fees levied on advertising-related sales in the PRC. In accordance with ASC 605‑45, Revenue Recognition-Principal Agent Considerations , all such VAT, surcharges and cultural construction fees were presented as cost of revenues in the consolidated statements of comprehensive income (loss). VAT, surcharges and cultural construction fees for the year ended 2017 were US$33,320. All service fees received in advance of the provision of services were initially recorded as deferred revenues and subsequently recognized as revenues when the related services were performed by the Company. Period commencing January 1, 2018 The Company adopted ASC 606, Revenue from Contracts with Customers (“ASC 606”), from January 1, 2018, applying the modified retrospective method to those contracts which were not completed as of January 1, 2018. Accordingly, revenues for the year ended December 31, 2018 were presented under ASC 606, while revenues for the year ended December 31, 2017 were not adjusted and continued to be reported under ASC 605. Upon the adoption of the ASC 606, the Company recognized the cumulative effect of US$2.3 million, net of income taxes, as an increase to the opening retained earnings as of January 1, 2018. The cumulative effect of adoption is primarily related to the following reasons: 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) (1) Before the adoption of ASC 606, the Company assessed whether collectability is reasonably assured at the outset of the arrangement, and subsequently reassessed if there was a substantive change in facts and circumstances. If the collectability of all or a portion of the fee is not reasonably assured, all revenue recognition were deferred until payment was received (assuming all of the other revenue recognition criteria have been met). Upon the adoption of ASC 606, if it is not probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer, consideration received from the customer is initially recorded as a liability. The Company will recognize nonrefundable consideration received as revenue only when one of the following events has occurred: · the Company has no remaining obligations to transfer goods or services to the customer and all, or substantially all of the consideration has been received; · the contract has been terminated; or · the Company have transferred control of the goods or services to which the consideration that has been received relates, and has stopped transferring (and has no obligation under the contract to transfer) additional goods or services to the customer, if applicable. As a result, the Company made an adjustment to decrease the opening balance of retained earnings as of January 1, 2018 by US$0.5 million. (2) The Company’s policy before the adoption of ASC 606 was to require written signed contracts by both the Company and its customers as persuasive evidence of its revenue arrangements. In certain cases where services are being delivered prior to the receipt of the written signed contracts by both parties, revenue had been deferred until such time the written signed contracts are collected. Under the new revenue standard, revenues may be recognized prior to the receipt of the written signed contracts by both parties (assuming all other revenue recognition criteria are satisfied), as long as the revenue arrangements between the Company and its customers are legally enforceable. As a result, the Company made an adjustment to increase the opening balance of retained earnings as of January 1, 2018 by US$2.8 million. In addition, the Company’s revenues are presented net of value-added tax collected on behalf of governments starting from January 1, 2018. Prior to January 1, 2018, value-added tax collected on behalf of governments were presented as gross in both revenues and cost of revenues. The Company has elected to adopt the practical expedient for incremental costs to obtain a contract with a customer, i.e. sales commissions, with amortization periods of one year or less to be recorded in selling expenses when incurred. The Company has elected the practical expedient not to disclose the information about remaining performance obligations which are part of the contracts that have an original expected duration of one year or less. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Since the adoption of ASC 606 starting from January 1, 2018, the Company recognizes revenues upon the satisfaction of its performance obligation (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services, excluding amounts collected on behalf of third parties (for example, value-added taxes). For each performance obligation satisfied over time, the Company recognizes revenue over time by measuring the progress toward complete satisfaction of that performance obligation. If the Company does not satisfy a performance obligation over time, the performance obligation is satisfied at a point in time. The Company’s contracts with customers often include promises to transfer multiple products and services. For these contracts, the Company accounts for individual performance obligations separately if they are capable of being distinct and distinct within the context of the contract. Determining whether products and services are considered distinct performance obligations may require significant judgment. Judgment is also required to determine the stand-alone selling price (“SSP”) for each distinct performance obligation. In instances where SSP is not directly observable, such as when the Company does not sell the product or service separately, the Company determines the SSP using information that may include market conditions and other observable inputs. Marketing Services The Company offers marketing services on the Company’s websites and mobile apps, primarily through banner advertisements, floating links, logos and other media insertions. These marketing services are offered to real estate developers and to a lesser extent provider of products and services for home decoration and improvement. Marketing services allow customers to place advertisements on particular areas of the Company’s websites and mobile apps, in particular formats and over particular periods of time. The marketing services typically last from several days to one year. The Company determines that the customer simultaneously receives and consumes benefits provided by the Company’s performance as the Company performs during the term of the contract. Revenues from marketing services are recognized ratably over the service period. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Listing Services Listing services revenues consist of revenues derived from both basic listing services and special listing services. (1) Basic listing services Basic listing services entitle customers to post and make changes to information for properties, home furnishings and other related products and services in a particular area on the website and mobile apps for a specified period of time, which typically range from one to 12 months, in exchange for a fixed fee. Revenues are recognized on a straight line basis over the service period. The Company determines that its performance pattern to be straight line since the customer simultaneously receives and consumes the benefits provided by the Company as the Company performs during the term of the contract and the earning process is straight line. (2) Special listing services The Company offers special listing services, consisting of a number of online and offline themed events, including industry forums, periodic updates and online promotions to its customers to promote their brands. The special listing services contain a number of defined but not identical or similar activities to be performed over the period of one year. These activities are to fulfill the special listing service and are not separate promises in the contract. The Company determines that each day of the promotion service is distinct because the customer can benefit from each increment of service on its own (that is, it is capable of being distinct) and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the Company’s ability to fulfill another day of service or the benefit to the customer of another day of service. The Company determines that it is providing a series of distinct goods or services because the services provided each day are substantially the same, the customer simultaneously receives and consumes the benefits provided by the Company as the Company performs, and the same measure of progress would be used to measure the Company’s progress toward satisfying its promise to provide the promotion services. Revenues of special listing services are recognized on a straight-line basis over the period of one year. Value-added Services Value-added services consist of revenues derived from: (1) Data services The Company derives revenues by providing access and analytics tools, including appraisal and rating modules, and city maps, based on its proprietary database of commercial real estate information, typically through a fixed monthly fee for its data services. The Company determines that the customer simultaneously receives and consumes benefits provided by the Company’s performance as the Company performs during the term of the contract and the earning process is straight-line. Revenues from data services are recognized on a straight-line basis over the subscription period. (2) Analytics services The Company derives revenues by providing customized research reports to customers. There are no contractual customer acceptance provisions. Revenues from customized research reports are recognized when the Company delivers the reports to customers, which is when the control over the report has been transferred to customers. The Company provides data monitoring and survey services over a period of time, generally less than one year. Revenues are recognized on a straight-line basis over the term of the agreement since the customer simultaneously receives and consumes benefits provided by the Company’s performance as the Company performs during the term of the contract and the earning process is straight-line. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Financial Services The Company provides secured loans in the form of mortgage loans and unsecured loans, primarily to borrowers that meet the Company’s credit assessment requirements. Revenues derived from loan interest income and annual service fees are recognized using the effective interest rate method. The Company does not accrue interest on loans receivable that are considered impaired or more than 90 days past due unless either the receivable has not been collected due to administrative reasons or the receivable is well secured and in the process of collection. Unsecured loans stop accruing interest when 60 days past due and are classified as impaired loan. E-Commerce Services E-commerce service revenues consist of revenues derived from: (1) Fang membership services For the years ended December 31, 2018 and 2019, the Company enters into arrangements with real-estate developers, pursuant to which the Company charges individual buyers who are interested to purchase specified properties from the real estate developers at a discount significantly greater than the face value of the fees charged by the Company. The discount is either a fixed amount or a fixed percentage to the price of the specified property. The fees paid by the individual buyers to the Company are refundable before a purchase of the specified properties is consummated by the individual buyers. Upon the successful purchase of the specified properties by the individual buyers, a portion of the proceeds from the Fang membership services is remitted to the real-estate developers or its designated marketing agents. The Company determines real-estate developers as its customers and identifies one single performance obligation as the referral service. The Company determined the referral service to be satisfied at a point in time only when the purchase of the specified properties have been consummated by the individual buyers. Consideration payable to the real-estate developers or its designated marketing agents are accounted for as a reduction of the transaction price. (2) Direct sales services The Company promotes properties of its property developer customers primarily through its websites and mobile applications by providing the potential individual buyers with additional information about the properties and related services, such as tours to visit the properties and other services to facilitate property purchases. In return, the Company charges its property developer customers a fee for each property it sells at a predetermined percentage of the value of the individual transaction. The Company determines real-estate developers as its customers and identifies one single performance obligation as the referral service. The Company determined the referral service to be satisfied at a point in time only when the purchase of the specified properties have been consummated by the individual buyers. Revenues were recognized by the Company based on total of successful purchase transactions made. (3) Sublease services The Company identifies suitable properties and initially enters into lease agreements with the property owners. The lease agreements allow the Company to sublease the properties. Regardless whether the leased property is subsequently sub-leased by the Company, the lease agreement between the Company and the property owner remains in effect, including the Company’s obligation to make fixed rental payments over the non-cancellable lease term. The property owner is not a party to, and therefore not entitled to, any rights or obligations under the sublease agreement. Sublease rental income is recorded as revenue from subleasing services and recognized on a gross basis. The sublease income is recognized on a straight-line basis over the lease term. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Sublease rental income for the years ended December 31, 2018 and 2019 was US $6,402 and US$1,145, respectively. In 2019, the Company ceased operation of the sublease services. Leads Generation Services The Company provides leads generation services to real estate developers, real estate agents and to a lesser extent, providers of products and services for home decoration and improvement. The Company’s platform generates a list of sales leads regarding potential real estate consumers based on each customer’s specific needs. The service fee is charged based on the number of sales leads delivered during a certain period of time. Revenue is recognized at a point in time upon the transfer of control of sales leads to customers. Contract Balances The timing of revenue recogni |
Cost of Revenues | Cost of Revenues Cost of revenues consists of employee costs, tax surcharges, rental costs incurred in relation to sublease services, server and bandwidth leasing fees, payments to third-party real estate agents and other direct costs incurred in providing the related services. Prior to January 1, 2018, VAT was also included in cost of revenues. These costs are expensed when incurred. |
Advertising Expenditure | Advertising Expenses Advertising expenses are expensed when incurred and are included in selling expenses in the consolidated statements of comprehensive income (loss). For the years ended December 31, 2017, 2018 and 2019, the advertising expenses charged to both continuing and discontinued operations were US$16,869, US$7,110 and US$11,478, respectively. |
Leases | Leases Leases are classified at the inception date as either a capital lease or an operating lease. A lease is a capital lease if any of the following conditions exists: (a) ownership is transferred to the lessee by the end of the lease term, (b) there is a bargain purchase option, (c) the lease term is at least 75% of the property’s estimated remaining economic life or (d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. The Company does not have capital leases for any of the years presented. Prior to January 1, 2019, payments made under operating lease, including land use rights, were charged to the consolidated statements of comprehensive income on a straight-line basis over the term of underlying lease. Leases with escalated rent provisions are recognized on a straight-line basis commencing with the beginning of the lease term. There are no capital improvement funding, lease concessions or contingent rent in the lease agreements. The Company has no legal or contractual asset retirement obligations at the end of the lease term. The company adopted ASC Topic 842, Leases (“ASC 842”) on January 1, 2019, using a modified retrospective method for leases that exist at, or are entered into after, January 1, 2019, and has not recast the comparative periods presented in the consolidated financial statements. The adoption of ASC 842 requires the recognition of right-of-use assets and lease liabilities on the balance sheet for both operating and finance leases. The Company elected the package of practical expedients that not to reassess: (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases, and (3) initial direct costs for any expired or existing leases. The Company also elected the hindsight practical expedient to determine the reasonably certain lease term for existing leases. The Company used its estimated incremental borrowing rate based on information available at the date of adoption in calculating the present value of its existing lease payments. The following table summarizes the effect on the consolidated balance sheet as a result of adopting ASC 842. As of December 31, 2018 Effect of Adoption As of January 1, 2019 US$ US$ US$ Prepayments and other current assets 27,894 (254) 27,640 Other non-current assets 4,558 36,803 41,361 Land use rights 33,153 (33,153) — Accrued expenses and other liabilities (118,924) (1,668) (120,592) Other non-current liabilities (150,837) (1,728) (152,565) Upon adoption of ASC 842, the lease liabilities are recognized upon lease commencement for operating leases based on the present value of lease payments over the lease term. The right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. As the rate implicit in the lease cannot be readily determined, the incremental borrowing rate at the lease commencement date is used in determining the imputed interest and present value of lease payments. The incremental borrowing rate was determined using a portfolio approach based on the rate of interest that the Company would have to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company recognizes the single lease cost on a straight-line basis over the remaining lease term for operating leases. The Company has elected not to recognize right-of-use assets or lease liabilities for leases with an initial term of 12 months or less; expenses for these leases are recognized on a straight-line basis over the lease term. In addition, the Company has elected not to separate non-lease components (e.g., property management fees) from the lease components. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) |
Income Taxes | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Income Taxes The Company follows the liability method of accounting for income taxes, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carryforwards, if any. The Company reduces the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence, it is “more-likely-than-not” that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting period based on a “more-likely-than-not” realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of futures profitability, the duration of statutory carryforward periods, the Company’s experience with operating loss and tax credit carryforwards, if any, not expiring. The Company applies ASC 740, Income taxes (“ASC 740”), to account for uncertainties in income taxes. In accordance with the provisions of ASC 740, the Company recognizes in its financial statements the impact of a tax position if a tax return position or future tax position is “more-likely-than-not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more-likely-than-not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Company’s estimated liability for unrecognized tax benefits, which is included in “other non-current liabilities”, is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statutes of limitation. The outcome for a particular audit cannot be determined with certainty prior to the conclusion of the audit and, in some cases, appeal or litigation process. The actual benefits ultimately realized may differ from the Company’s estimates. As each audit is concluded, adjustments, if any, are recorded in the Company’s financial statements. Additionally, in future periods, changes in facts, circumstances, and new information may require the Company to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur. Interest and penalties arising from underpayment of income taxes are computed in accordance with the related PRC tax law. The amount of interest expense is computed by applying the applicable statutory rate of interest to the difference between the tax position recognized and the amount previously taken or expected to be taken in a tax return. Interest and penalties recognized in accordance with ASC 740 are classified in the consolidated statements of comprehensive income (loss) as income tax expense. |
Government Grants | Government Grants Government grants primarily consist of financial subsidies received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. For certain government grants, there are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. The government grants of non-operating nature with no further conditions to be met are recorded as non-operating income in “Other income, net” when received. The government grants with certain operating conditions are recorded as liabilities when received and will be recorded as operating income when the conditions are met. Government grants related to the acquisition of property and equipment and land use rights are recorded as other non-current liabilities on the consolidated balance sheets when the grants become receivable, and recognized as other income in the consolidated statements of comprehensive income (loss) on a straight-line basis over the estimated useful lives of those assets. For the years ended December 31, 2017,2018 and 2019, US$3,025, US$1,224 and US$927 respectively, of government grants were recognized in the consolidated statements of comprehensive income (loss). 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) |
Share-based Compensation | Share-based Compensation The Company’s employees and directors participate in the Company’s share-based award incentive plan which is more fully discussed in Note 18. The Company applies ASC 718, Compensation-Stock Compensation (“ASC 718”), to account for its employee share-based payments. There were no share-based payments made to non-employees for any of the years presented. In accordance with ASC 718, the Company determines whether a share option should be classified and accounted for as a liability award or an equity award. All grants of share-based awards to employees classified as equity awards are recognized in the financial statements based on their grant date fair values which are calculated using an option pricing model. All grants of share-based awards to employees and directors classified as liabilities are remeasured at the end of each reporting period with an adjustment for fair value recorded to the current period expense in order to properly reflect the cumulative expense based on the current fair value of the vested rewards over the vesting periods. The Company has elected to recognize compensation expense using the straight-line method for all employee equity awards granted with graded vesting based on service conditions, which were not subject to performance vesting conditions. Meanwhile, the Company uses the accelerated attribution method for equity awards with performance conditions on a tranche-by-tranche basis based on the probable outcome of the performance conditions. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed. Cancellation of an award accompanied by the concurrent grant of a replacement award is accounted for as a modification of the terms of the cancelled award (“modified awards”). The compensation costs associated with the modified awards are recognized if the new vesting condition is achieved. Total recognized compensation cost for the awards is at least equal to the fair value of the awards at the grant date unless at the date of the modification the performance or service conditions of the original awards are not expected to be satisfied. The incremental compensation cost is measured as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. Therefore, in relation to the modified awards, the Company recognizes share-based compensation over the vesting periods of the replacement award, which comprises, (i) the amortization of the incremental portion of share-based compensation over the remaining vesting term and (ii) any unrecognized compensation cost of the original award over the original term. In March 2016, the Financial Accounting Standards Board (“FASB”) issued a new accounting standard update on simplifying the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new guidance also allows an entity to account for forfeitures when they occur. This guidance became effective for reporting periods beginning after December 15, 2016. The Company adopted this new guidance on January 1, 2017. In prior years, excess tax benefits were recognized in additional paid-in capital; tax deficiencies were recognized either as an offset to accumulated excess tax benefits, if any, or in the consolidated statement of comprehensive income (loss). Excess tax benefits were not recognized until the deduction reduces taxes payable. Upon adoption, all excess tax benefits and tax deficiencies are recognized as income tax expense or benefit in the consolidated statement of comprehensive income (loss). This change was adopted prospectively and did not have a material impact on the Company’s consolidated financial statements. The Company elected to account for forfeitures as they occur, rather than estimate expected forfeitures. These changes were adopted on a modified retrospective basis, and resulted in no material cumulative effect adjustment to retained earnings. A modification to the terms of an award occurs in connection with the event of an equity restructuring (e.g. spin-off) result in the recognition of incremental compensation cost if there are changes in fair value, vesting conditions, or the classification of the award immediately before and after the restructuring. The incremental compensation, if any, is measured as the excess of the fair value of the post-modified award over the fair value of the award before the modification. In connection with spin-off transaction, when employees of the Company receive unvested equity instruments of the former subsidiary, or employees of the former subsidiary retain unvested equity instruments of the Company, compensation cost is recognized by the entity that receives the employee services regardless of which entity’s equity instruments the employee holds. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) |
Earnings per Share | Earnings (loss) per Share The Company computes earnings (loss) per Class A and Class B ordinary shares in accordance with ASC 260, Earnings Per Share (“ASC 260”), using the two class method. Under the provisions of ASC 260, basic net income (loss) per share is computed using the weighted average number of ordinary shares outstanding during the period except that it does not include unvested ordinary shares subject to repurchase or cancellation. Diluted net income per share is computed using the weighted average number of ordinary shares and, if dilutive, potential ordinary shares outstanding during the period. Potentially dilutive securities have been excluded from the computation of diluted net income per share if their inclusion is anti-dilutive. Potential ordinary shares consist of the incremental ordinary shares issuable upon the exercise of stock options, contracts that may be settled in the Company’s stock or cash and the conversion of the convertible senior notes. The dilutive effect of outstanding stock options , restricted shares and convertible senior notes is reflected in diluted earnings per share by application of the treasury stock method and the if-converted method, respectively. The computation of the diluted net income per share of Class A ordinary shares assumes the conversion of Class B ordinary shares, while the diluted net income per share of Class B ordinary shares does not assume the conversion of those shares. The liquidation and dividend rights of the holders of the Company’s Class A and Class B ordinary shares are identical, except with respect to voting. The Class B ordinary shareholders do not have the legal ability to cause the Company’s board of directors to declare unequal dividends to the holders of Class A and Class B ordinary shares. As a result, and in accordance with ASC 260, the undistributed earnings for each year are allocated based on the contractual participation rights of the Class A and Class B ordinary shares as if the earnings for the year had been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. Further, as the conversion of Class B ordinary shares is assumed in the computation of the diluted net income per share of Class A ordinary shares, the undistributed earnings are equal to net income for that computation. For the purposes of calculating the Company’s basic and diluted earnings per Class A and Class B ordinary shares, the ordinary shares relating to the options that were exercised are assumed to have been outstanding from the date of exercise of such options. The Company uses income/(loss) from continuing operations as the control number in determining whether potential common shares are dilutive or antidilutive. That is, the same number of potential common shares used in computing the diluted per-share amount for income from continuing operations shall be used in computing all other reported diluted per-share amounts even if those amounts will be antidilutive to their respective basic per-share amounts. In connection with spin-off transaction, the Company retrospectively presents the earnings (loss) from continuing operations per share and earnings (loss) from discontinued operations per share separately from earnings (loss) per share for all periods presented. |
Derivative Instruments | Derivative Instruments ASC 815, Derivatives and Hedging , requires all contracts which meet the definition of a derivative to be recognized on the balance sheet as either assets or liabilities and recorded at fair value. Changes in the fair value of derivative financial instruments are either recognized periodically in earnings or in other comprehensive income (loss) depending on the use of the derivative and whether it qualifies for hedge accounting. Changes in fair values of derivatives not qualified as hedges are reported in earnings. The estimated fair values of derivative instruments are determined at discrete points in time based on the relevant market information. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) |
Comprehensive Income (Loss) | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments from owners and distributions to owners. Accumulated other comprehensive income (loss), as presented on the consolidated balance sheets, includes (i) the cumulative foreign currency translation adjustments, (ii) gains and losses on intra-entity foreign currency transactions that are of a long-term-investment nature (that is, settlement is not planned or anticipated in the foreseeable future) between consolidated entities (iii) changes in unrealized gains on available-for-sale debt securities. Comprehensive income (loss) also included changes in unrealized gains on available-for-sale equity securities for the year ended December 31, 2017, before the adoption of ASU 2016‑01. In connection with the spin-off of foreign subsidiaries, the cumulative translation adjustment is reclassified as part of the net adjustment to shareholders’ equity. |
Contingencies | Contingencies The Company records accruals for certain of its outstanding legal proceedings or claims when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. The Company evaluates, on a quarterly basis, developments in legal proceedings or claims that could affect the amount of any accrual, as well as any developments that would make a loss contingency both probable and reasonably estimable. The Company discloses the amount of the accrual if it is material. When a loss contingency is not both probable and estimable, the Company does not record an accrued liability but discloses the nature and the amount of the claim, if material. However, if the loss (or an additional loss in excess of the accrual) is at least reasonably possible, then the Company discloses an estimate of the loss or range of loss, if such estimate can be made and material, or states that such estimate is immaterial if it can be estimated but immaterial, or discloses that an estimate cannot be made. The assessments of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involve complex judgments about future events. Management is often unable to estimate the loss or a range of loss, particularly where (i) the damages sought are indeterminate, (ii) the proceedings are in the early stages, or (iii) there is a lack of clear or consistent interpretation of laws specific to the industry-specific complaints among different jurisdictions. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including eventual loss, fine, penalty or business impact, if any. |
Discontinued operations | Discontinued operations The Company considers whether the criteria of ASC 205-20, Discontinued Operations , has been met, which includes evaluating if the disposal of a component represents a strategic shift that has, or will have, a major effect on the Company. When a component of the Company's business is expected to be disposed of other than by sale (for example, in a distribution to owners in a spin-off), the component shall continue to be classified as held and used until it is disposed of. Upon distribution, the Company retrospectively presents the assets and liabilities of the discontinued operation separately from other assets and liabilities on the consolidated balance sheets, and the results of operations of the discontinued operation separately on the consolidated statements of comprehensive income (loss) for all periods presented . |
Recent accounting pronouncements | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Recent accounting pronouncements In June 2016, the FASB issued ASU No. 2016‑13 (“ASU 2016‑13”), Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. ASU 2016‑13 changes the impairment model for most financial assets and certain other instruments. The standard will replace “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. For available-for-sale debt securities, entities will be required to record allowances rather than reduce the carrying amount, as they do today under the other-than-temporary impairment model. The standard is effective for public business entities for annual periods beginning after December 15, 2019, and interim periods therein. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018‑13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measureme nt. ASU No. 2018‑13 eliminates, adds and modifies certain disclosure requirements for fair value measurements. The amendments applicable to the disclosures of changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial year of adoption. This ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted, and an entity is also permitted to early adopt any removed or modified disclosures and delay adoption of the additional disclosures until their effective date. The Company is in the process of evaluating the impact on its consolidated financial statements upon adoption. |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Details of Subsidiaries and PRC Domestic Entities | Date of Place of Company Establishment Establishment Principal Activities Beijing SouFun Internet Information Service Co., Ltd. ("Beijing Internet") December 17, 2003 PRC Provision of marketing services and listing services SouFun Media Technology (Beijing) Co., Ltd. ("SouFun Media") November 28, 2002 PRC Provision of technology, leads generation and information consultancy services Beijing SouFun Network Technology Co., Ltd. ("SouFun Network") March 16, 2006 PRC Provision of technology, leads generation and information consultancy services Beijing SouFun Science and Technology Development Co., Ltd. ("Beijing Technology") March 14, 2006 PRC Provision of marketing services, leads generation services and listing services Beijing Century Jia Tian Xia Technology Development Co., Ltd. ("Beijing JTX Technology") December 21, 2006 PRC Provision of marketing services and listing services Beijing Hong An Tu Sheng Network Technology Co., Ltd. ("Beijing Hong An") November 15, 2010 PRC Provision of technology, leads generation and information consultancy services Beijing Tuo Shi Huan Yu Network Technology Co., Ltd. ("Beijing TuoShi") November 19, 2010 PRC Provision of technology, leads generation and information consultancy services Beijing Yi Ran Ju Ke Technology Development Co., Ltd. ("Beijing Yi Ran Ju Ke") July 8, 2011 PRC Provision of marketing services, rental services, leads generation services and real estate agency services Beijing Hua Ju Tian Xia Network Technology Co., Ltd. ("Beijing Hua Ju Tian Xia") July 25, 2012 PRC Provision of technology and information consultancy services Date of Place of Company Establishment Establishment Principal Activities Beijing Li Man Wan Jia Network Technology Co., Ltd. ("Beijing Li Man Wan Jia") July 25, 2012 PRC Provision of technology, leads generation and information consultancy services Shanghai Jia Biao Tang Real Estate Broking Co., Ltd. ("Shanghai JBT Real Estate Broking") July 7, 2005 PRC Provision of real estate agency services, marketing services and listing services Tianjin Jia Tian Xia Network Technology Co., Ltd. (“Jia Tian Xia Network Technology”) April 15, 2014 PRC Provision of technology and information consultancy services Hangzhou SouFun Network Technology Co., Ltd., ("Hangzhou SouFun Network") August 27, 2013 PRC Provision of technology and information consultancy services Wuhan SouFun Yi Ran Ju Ke Real Estate Agents Co., Ltd. ("Wuhan Yi Ran Ju Ke") December 13, 2013 PRC Provision of real estate agency services, leads generation services and real estate information services Hangzhou Ji Ju Real Estate Agents Co., Ltd. ("Hanzhou Ji Ju") December 23, 2013 PRC Provision of real estate agency services and real estate information services Fang Tian Xia Financial Information Service (Beijing) Ltd. (previously known as Beijing Tianxia Dai Information service Co., Ltd.) April 9, 2014 PRC Provision of finance information services Shanghai SouFun Microfinance Co.,Ltd.("Shanghai SouFun Microfinance") January 19, 2015 PRC Provision of Microfinance services Beihai Tian Xia Dai Microfinance Co., Ltd.("Beihai Tian Xia Dai Microfinance") September 12, 2014 PRC Provision of microfinance services Shanghai BaoAn Enterprise Co., Ltd. (“Shanghai BaoAn Enterprise”) March 31, 2013 PRC Lease, resale and management of property Shanghai BaoAn Hotel Co., Ltd. (“Shanghai BaoAn Hotel”) March 31, 2013 PRC Operation and management of hotel, restaurant and other catering business Date of Place of Company Establishment Establishment Principal Activities Chongqing Tian Xia Dai Microfinance Co., Ltd ("Chongqing Tian Xia Dai Microfinance") December 11, 2014 PRC Provision of microfinance services Tianjin Jia Tian Xia Microfinance Co., Ltd. ("Tianjin Jia Tian Xia Microfinance") December 5, 2014 PRC Provision of microfinance services Guangzhou Fang Tian Xia Real Estate Broking Co., Ltd. (“Guangzhou Fang Tian Xia”) March 9, 2015 PRC Provision of real estate agency services Beijing Cun Fang Real Estate Broking Co., Ltd. (“Beijing Cun Fang”) April 7, 2015 PRC Provision of real estate agency services Tianjin Fang Tian Xia Real Estate Broking Co., Ltd. (“Tianjin Fang Tian Xia”) May 21, 2015 PRC Provision of real estate agency services Nanjing Cun Fang Real Estate Broking Co., Ltd. (“Nanjing Cun Fang”) April 30, 2015 PRC Provision of real estate agency services Date of Place of Company Establishment Establishment Principal Activities Nanchang Cun Fang Real Estate Broking Co., Ltd. (“Nanchang Cun Fang”) June 3, 2015 PRC Provision of real estate agency services Chongqing Fang Tian Xia Real Estate Broking Co., Ltd. (“Chongqing Fang Tian Xia”) May 27, 2015 PRC Provision of real estate agency services Shanghai SouFun Fang Tian Xia Broking Co., Ltd. (“Shanghai Fang Tian Xia”) April 16, 2015 PRC Provision of real estate agency services Beijing Li Tian Rong Ze Yi Jia Technology Development Co., Ltd. (“Beijing Li Tian Rong Ze”) September 4, 2015 PRC Provision of technology and information consultancy services Hong Kong Property Network Limited ("HK Property") May 19, 2011 Hong Kong Investment holding Best Fang Holdings LLC Aug 30, 2017 United States of America Investment holding Best Work Holdings (New York) LLC ("Best Work") March 14, 2011 United States of America Investment holding |
Carrying Amount of Assets and Liabilities | As of December 31, 2018 2019 US$ US$ ASSETS Current assets: Cash and cash equivalents 34,004 13,670 Restricted cash, current 214,876 217,951 Short-term investments 5,586 — Accounts receivable (net of allowance of US$12,913 and US$10,978 as of December 31, 2018 and 2019, respectively) 25,910 40,836 Funds receivable 5,124 8,182 Prepayments and other current assets 25,384 27,644 Commitment deposits 191 188 Total current assets 311,075 308,471 Non-current assets: Property and equipment, net 358,432 342,146 Land use rights 32,428 — Deferred tax assets 2 2,442 Deposits for non-current assets 95 265 Long-term investments 273,340 219,201 Restricted cash, non-current portion — 35,363 Other non-current assets 1,815 32,972 Total non-current assets 666,112 632,389 Total assets 977,187 940,860 As of December 31, 2018 2019 US$ US$ Current liabilities: Short-term loans and current portion of long-term loans 76,267 70,215 Deferred revenue 32,816 32,254 Accrued expenses and other liabilities 36,266 54,543 Customer’s refundable fees 3,274 2,209 Income tax payable 1,982 305 Amounts due to related parties — 10,253 Intercompany payable to the non PRC Domestic Entities Total current liabilities 596,161 578,554 Non-current liabilities: Long-term loans, less current portion 44,891 46,525 Deferred tax liabilities 10,488 656 Other non-current liabilities 51,144 64,456 Total non-current liabilities 106,523 111,637 Total liabilities 702,684 690,191 Net assets 274,503 250,669 |
Result of Operations | For the Years Ended December 31, 2017 2018 2019 US$ US$ US$ Total revenues 91,087 89,111 102,383 Net loss (6,484) (79,229) (23,543) |
Summary of Cash Flow Activities | For the Years Ended December 31, 2017 2018 2019 US$ US$ US$ Net cash generated from operating activities 122,327 26,241 29,288 Net cash used in investing activities (99,946) (9,851) (3,991) Net cash (used in) generated from financing activities 8,565 (25,220) (2,904) |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Property and Equipment Estimated Useful Lives of Assets | Category Estimated Useful Life Office equipment 3 - 5 years Motor vehicles 5 - 10 years Leasehold improvement shorter of lease term or economic lives Buildings 12 -45 years |
Assets Measured Fair Value on a Recurring Basis | Assets measured at fair value on a recurring basis as of December 31, 2018 and 2019 are summarized below. Fair Value Measurement as of December 31, 2018 Quoted Prices in Active Significant Markets for Other Identical Observable Unobservable Fair Value at Assets Inputs Inputs December 31, (Level 1) (Level 2) (Level 3) 2018 US$ US$ US$ US$ Equity investments with readily determinable fair value 181,483 — — 181,483 Trading securities 1,773 — — 1,773 Fair Value Measurement as of December 31, 2019 Quoted Prices in Active Significant Markets for Other Identical Observable Unobservable Fair Value at Assets Inputs Inputs December 31, (Level 1) (Level 2) (Level 3) 2019 US$ US$ US$ US$ Call option — — 1,384 1,384 Equity investments with readily determinable fair value 121,841 — — 121,841 Equity method investments carried at fair value 8,539 18,200 — 26,739 |
Reconciliation of the fair value measurements of assets and liabilities using significant unobservable inputs (level 3) | Call option Balance as of December 31, 2018 — Initial recognition 693 Decrease as a result of exercise (458) Change in fair value for the period 1,149 Balance as of December 31, 2019 1,384 |
Accounting Standards Update 2016-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | As of December 31, 2018 Effect of Adoption As of January 1, 2019 US$ US$ US$ Prepayments and other current assets 27,894 (254) 27,640 Other non-current assets 4,558 36,803 41,361 Land use rights 33,153 (33,153) — Accrued expenses and other liabilities (118,924) (1,668) (120,592) Other non-current liabilities (150,837) (1,728) (152,565) |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
REVENUE | |
Schedule of disaggregation of Revenue | The following table presents revenue disaggregated by nature of services: For the Years Ended December 31, 2018 2019 Marketing services 98,377 94,639 Listing services 81,741 63,471 Leads generation services 21,303 43,300 Financial services 18,060 9,561 Value-added services 5,182 5,893 E-commerce services - Fang membership services 2,752 634 - Direct sales services 5,294 869 - Sub lease services 6,402 1,145 - Other 936 199 Subtotal 15,384 2,847 Total revenues 240,047 219,711 4. REVENUE (continued) The following table presents revenue disaggregated by categories of customers: For the Year Ended December 31, 2018 2019 Marketing services - New home (a) 98,049 94,635 - Suppliers of home furnishing and improvement 328 4 Subtotal 98,377 94,639 Listing services - Secondary and rental (b) 81,442 63,379 - Other 299 92 Subtotal 81,741 63,471 Leads generation services - New home (a) 15,877 34,651 - Secondary and rental (b) 2,577 6,593 - Suppliers of home furnishing and improvement 2,849 2,056 Subtotal 21,303 43,300 Financial services 18,060 9,561 Value-added services 5,182 5,893 E-commerce services - New home (a) 8,046 1,503 - Other 7,338 1,344 Subtotal 15,384 2,847 Total revenues 240,047 219,711 (a) New home business primarily consists of sales to residential property developers and their sales agents who are promoting newly developed properties for sale. (b) Secondary and rental business primarily consists of sales to real estate agents who are promoting secondary properties for sale or rental. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INVESTMENTS | |
Short-Term Investment and Long-Term Investment | Short-term investments and long-term investments consisted of the following: As of December 31, 2018 2019 US$ US$ Short-term investments Trading securities 1,773 — Fixed-rate time deposits 14,270 89,457 Call options — 1,384 Structured note — 103,879 16,043 194,720 Long-term investments: Equity Investments with Readily Determinable Fair Values: - Hopefluent Company Holdings Limited ("Hopefluent") 30,733 23,418 - Shenzhen World Union Properties Consultancy Co., Ltd. ("World Union") 150,750 98,423 181,483 121,841 Equity Investments without Readily Determinable Fair Values: - Guilin Bank 47,664 46,892 - Xian Chuangdian Quancheng Real Estate Consultant Limited (“Chuangdian”) 3,330 3,276 - Tospur Real Estate Consulting Co., Ltd. ("Tospur") 55,507 54,607 -Foshan Nature Lvke Science 729 717 107,230 105,492 Equity method investments - Chongqing Wanli New Energy Co., Ltd. (“Wanli”) 84,520 87,874 84,520 87,874 Equity method investments carried at fair value - China Index Holdings Limited (“CIH”) — 26,739 — 26,739 373,233 341,946 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts receivable and the related allowance for doubtful accounts were summarized as follows: As of December 31, 2018 2019 US$ US$ Accounts receivable 91,963 88,189 Allowance for doubtful accounts (33,276) (21,810) Accounts receivable, net 58,687 66,379 |
Allowance for Doubtful Accounts | For the Years Ended December 31, 2017 2018 2019 US$ US$ US$ Movement in allowance for doubtful accounts: Balance at beginning of year 34,366 31,127 33,276 Additional provision charged to expenses 31,695 28,050 9,026 Write-offs (38,351) (23,442) (19,909) Foreign currency translation adjustments 3,417 (2,459) (583) Balance at end of year 31,127 33,276 21,810 |
PREPAYMENTS AND OTHER CURRENT_2
PREPAYMENTS AND OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAYMENTS AND OTHER CURRENT ASSETS | Prepayments and other current assets consisted of the following: As of December 31, 2018 2019 US$ US$ Prepaid expenses 5,971 2,862 Advance to employees 589 311 Dividends receivable — 1,389 Rental deposits and others 2,324 1,105 Interest receivable 3,801 3,842 Properties held for sale 9,906 17,410 Others 5,303 4,590 27,894 31,509 |
LOANS RECEIVABLE (Tables)
LOANS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Summary of loans receivable | A summary of the Company’s loans receivables is presented as follows: As of December 31, 2018 As of December 31, 2019 US$’000 US$’000 Personal loans 127,680 63,395 Total Loans receivable 127,680 63,395 Allowance for loan losses Individually assessed 546 538 Collectively assessed 3,283 2,367 Loans receivable, net 123,851 60,490 Current portion 117,602 60,490 Non-current portion 6,249 — |
Financing Receivable Credit Quality Indicators | The following table summarizes the Company’s loan portfolio by credit quality indicator as of December 31, 2018 and 2019, respectively: As of December 31, As of December 31, Internal credit risk rating 2018 % 2019 % US$ US$ Pass 121,931 96.0 52,197 82.3 Special attention 1,383 1.0 1,873 3.0 Non-performing 4,366 3.0 9,325 14.7 Total 127,680 100 63,395 100 |
Past Due Financing Receivables | The following tables represent the aging of loans by portfolio segment as of December 31, 2018 and 2019, respectively: 90‑179 days 180‑365 days Over 1 year Total As of December 31, 2019 past due past due past due Total Current loans US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Personal loans 2,283 2,669 4,998 9,950 53,445 63,395 Total 2,283 2,669 4,998 9,950 53,445 63,395 90‑179 days 180‑365 days Over 1 year Total As of December 31, 2018 past due past due past due Total Current loans US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Personal loans 1,717 164 3,345 5,226 122,454 127,680 Total 1,717 164 3,345 5,226 122,454 127,680 |
Allowance for Credit Losses on Financing Receivables | The following tables present the activity in the allowance for loan losses in loans receivable by loan portfolio as of and for the years ended December 31,2017, 2018 and 2019, respectively: For the year ended December 31, Personal Loans 2017 2018 2019 Beginning balance 3,736 4,916 3,829 Provision 1,180 2,776 3,737 Reversal — (3,660) (4,610) Foreign currency translation adjustments — (203) (51) Ending balance 4,916 3,829 2,905 Ending balance: individually evaluated for impairment 574 546 538 Ending balance: collectively evaluated for impairment 4,342 3,283 2,367 Loans Of which individually evaluated for impairment 4,377 546 538 Of which collectively evaluated for impairment 144,551 127,134 62,857 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment | Property and equipment consisted of the following: As of December 31, 2018 2019 US$ US$ Buildings 723,882 741,700 Office equipment 23,587 21,227 Motor vehicles 1,503 1,243 Leasehold improvement 22,034 17,366 Land 50,731 50,731 Total 821,737 832,267 Less: Accumulated depreciation (128,569) (147,984) Construction in progress 34,571 11,174 727,739 695,457 |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Other Non-Current Assets | As of December 31, 2018 2019 US$ US$ Right of use assets — 36,269 Rental and other deposits 1,946 382 Others 2,612 2,528 Other non-current assets, net 4,558 39,179 |
Schedule of right of use assets and the amortization | As of December 31, 2019 US$ Right of use assets 38,780 Less: accumulated amortization (2,511) Right of use assets 36,269 |
Schedule of Operating lease expense | For the Year Ended December 31, 2019 US$ Cost of revenues 374 General and administrative expenses 951 Selling and marketing expenses 1,367 Total operating lease expenses 2,692 Short-term lease expenses 2,340 Total lease expenses 5,032 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | For the Year Ended December 31 US$ 2020 2,533 2021 1,296 2022 667 2023 and thereafter — Total undiscounted lease payments 4,496 Less: Imputed interest (275) Present value of lease liabilities balance 4,221 Amounts due within 12 months 2,361 Long-term lease liabilities 1,860 |
SHORT-TERM AND LONG-TERM LOANS
SHORT-TERM AND LONG-TERM LOANS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SHORT-TERM AND LONG-TERM LOANS | |
Schedule of Debt | Short-term and long-term loans consisted of the following: As of December 31, 2018 2019 US$ US$ Short-term loans and current portion of long-term loans 297,811 264,624 Long-term loans, less current portion 123,215 184,158 |
ACCRUED EXPENSES AND OTHER LI_2
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
ACCRUED EXPENSES AND OTHER LIABILITIES | |
Schedule of Accrued expenses and other Liabilities | Accrued expenses and other liabilities consisted of the following: As of December 31, 2018 2019 US$ US$ Payroll and welfare benefit 5,578 17,655 Other taxes and surcharges payable (1) 38,935 30,527 Amounts payable to employees 2,269 2,311 Amounts payable to sales and marketing agents 30,934 25,364 Interest payables 1,585 4,155 Utility and property management payables 6,538 6,508 Construction payables 3,216 3,869 Amounts due to foremen and suppliers of decoration services 2,562 2,115 Deposits for rental 7,683 3,941 Cash incentives payable to home buyers (2) 5,893 5,378 Lease liability, current — 2,361 Others 13,731 16,060 118,924 120,244 (1) Other taxes and surcharges payable consist of VAT, cultural construction fee (“CCF”), city construction tax (“CCT”) and withholding individual income tax (“IIT”). (2) Cash incentives payable to home buyers, are payable when home buyers successfully purchase new properties through the Company’s platform and successfully registers on the Company’s website. |
CONVERTIBLE SENIOR NOTES (Table
CONVERTIBLE SENIOR NOTES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
CONVERTIBLE SENIOR NOTES [Abstract] | |
Schedule of debt conversions | The principal amount and unamortized premium as of December 31, 2018 and 2019 were as follows: As of December 31, 2018 2019 US$ US$ Principal amount 250,000 167,060 Unamortized premium 4,435 1,869 254,435 168,929 |
Schedule of aggregate future principal payments | Long-term loans Convertible senior notes Total 2020 74,624 — 74,624 2021 40,234 — 40,234 2022 10,166 167,060 177,226 2023 46,204 — 46,204 2024 and thereafter 89,981 — 89,981 261,209 167,060 428,269 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of assets, liabilities, income, expenses and cash flows of discontinued operations | The major classes of line items constituting operating results of discontinued operations included in the Company's consolidated statements of comprehensive income (loss) were as follows. For the year ended 2017 2018 2019(a) US$ US$ US$ Revenues 49,606 63,656 32,934 Cost of revenues (11,736) (12,566) (6,615) Operating expenses Selling expenses (8,625) (11,686) (5,916) General and administrative expenses (6,195) (9,395) (4,753) Interest income 271 100 37 Realized gain on sale of available-for-sale securities 315 732 — Government grants 129 211 33 Income from discontinued operations, before income taxes 23,765 31,052 15,720 Income tax expense (3,090) (4,543) (2,539) Income from discontinued operations, net of income taxes 20,675 26,509 13,181 (a) The major classes of line items constituting assets and liabilities of discontinued operations were as follows as of December 31, 2018. As of December 31, 2018 US$ ASSETS Cash and cash equivalents 23,925 Accounts receivable, net 2,263 Prepayment and other current assets 101 Total current assets 26,289 Property and equipment, net 573 Total non-current assets 573 Total assets 26,862 LIABILITIES AND SHAREHOLDERS’ EQUITY Deferred revenue 20,873 Accrued expenses and other payables 12,344 Income tax payable 2,110 Total current liabilities 35,327 Other non-current liabilities 2,258 Total non-current liabilities 2,258 Total liabilities 37,585 15. DISCONTINUED OPERATIONS (continued) Cash flows of the discontinued operations were as follows. For the year ended 2017 2018 2019(a) US$ US$ US$ Net cash provided by operating activities 30,143 32,119 20,271 Net cash provided by (used in) investing activities 18 726 (1) Net cash used in financing activities (50,995) (42,985) (24,250) (a) CIH financial results from January 1, 2019 to June 11, 2019. |
TAXATION (Tables)
TAXATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income (Loss) from Continuing Operations Before Income Taxes | Income (loss) from continuing operations before income taxes consisted of: For the Years Ended December 31, 2017 2018 2019 US$ US$ US$ PRC 32,423 (120,523) 13,094 Non-PRC (13,042) (39,884) (46,069) 19,381 (160,407) (32,975) |
Income Tax Expenses (Benefits) form continuing Operations Benefits | Income tax expenses (benefits) from continuing operations comprised: For the Years Ended December 31, 2017 2018 2019 US$ US$ US$ Current tax expense 18,669 2,282 954 Deferred tax benefit (317) (21,271) (10,498) 18,352 (18,989) (9,544) |
Reconciliation Between Income Tax Expense (Benefit) and Amount Computed by Applying Statutory Tax Rate | 17. TAXATION (continued) A reconciliation between the amount of income tax expenses (benefits) and the amount computed by applying the PRC statutory tax rate to income (loss) from continuing operations before income taxes was as follows: For the Years Ended December 31, 2017 2018 2019 US$ US$ US$ Income (loss) from continuing operations before income taxes 19,381 (160,407) (32,975) Income tax at applicable tax rate of 25% 4,845 (40,102) (8,244) Effect of international tax rate differences 472 6,891 8,236 Non-deductible expenses 7,671 16,042 6,419 Non-taxable income — (1,145) (535) Effect of tax holidays or preferential tax rates (9,457) (3,489) (756) Effect of tax rate changes (1,725) — 298 Investment basis difference in the PRC Domestic Entities 2,696 — — Withholding tax — 11,720 4,711 Research and development super-deduction — (2,703) (3,185) Changes in valuation allowance 8,845 1,273 1,327 Expiration of loss carry forwards — 101 124 Expiration of unrecognized tax benefits due to applicable statute of limitations (4,302) (8,881) (13,090) Interest and penalties on unrecognized tax benefits 9,307 1,304 (7,168) Others — — 2,319 (18,989) (9,544) |
Unrecognized Tax Benefits, Exclusive of Related Interest and Penalties | For the Years Ended December 31, 2017 2018 2019 US$ US$ US$ Income (loss) from continuing operations before income taxes 19,381 (160,407) (32,975) Income tax at applicable tax rate of 25% 4,845 (40,102) (8,244) Effect of international tax rate differences 472 6,891 8,236 Non-deductible expenses 7,671 16,042 6,419 Non-taxable income — (1,145) (535) Effect of tax holidays or preferential tax rates (9,457) (3,489) (756) Effect of tax rate changes (1,725) — 298 Investment basis difference in the PRC Domestic Entities 2,696 — — Withholding tax — 11,720 4,711 Research and development super-deduction — (2,703) (3,185) Changes in valuation allowance 8,845 1,273 1,327 Expiration of loss carry forwards — 101 124 Expiration of unrecognized tax benefits due to applicable statute of limitations (4,302) (8,881) (13,090) Interest and penalties on unrecognized tax benefits 9,307 1,304 (7,168) Others — — 2,319 (18,989) (9,544) A roll-forward of unrecognized tax benefits, exclusive of related interest and penalties, was as follows: As of December 31, 2017 2018 2019 US$ US$ US$ Balance at beginning of year 78,933 79,436 72,737 Increase relating to prior year tax positions 4,192 577 5,451 Increase relating to current year tax positions 10,666 6,925 14,818 Decrease relating to reversal of prior years’ tax position (14,102) (1,821) (5,548) Decrease relating to expiration of applicable statute of limitations (4,586) (9,220) (13,090) Foreign currency translation adjustments 4,333 (3,160) (1,116) Disposal of subsidiaries — — (2,440) Balance at end of year 79,436 72,737 70,812 |
Aggregate Amount and Effect of Tax Holidays and Preferential Tax Rates | The aggregate amount and per share effect of tax holidays and preferential tax rates from continuing operations were as follows: For the Years Ended December 31, 2017 2018 2019 US$ US$ US$ The aggregate amount (9,457) (3,489) (756) The aggregate effect on basic and diluted earnings per share for Class A and Class B ordinary shares: -Basic 0.11 0.04 0.01 -Diluted 0.10 0.04 0.01 |
Components of Deferred Taxes | The components of deferred taxes were as follows: As of December 31, 2018 2019 US$ US$ Deferred tax assets Net operating losses 71,297 59,374 Lease liability — 1,055 Impairment of assets 933 1,153 Overcharged advertising and promotion fee 1,061 1,141 Fixed assets depreciation 208 332 Less: Valuation allowance (71,297) (55,430) Total deferred tax assets, net 2,202 7,625 Deferred tax liabilities Right of use assets — (1,055) Investment basis in the PRC entities (72,088) (75,774) BaoAn Acquisition – Property (12,191) (11,522) Investments (13,160) (3,290) Interest capitalization (139) (137) Deferred tax liabilities (97,578) (91,778) Net deferred income tax assets 2,202 6,570 Net deferred income tax liabilities (97,578) (90,723) |
Rollforward of valuation allowances of deferred tax assets | As of December 31, 2018 2019 US$ US$ Balance as of beginning of year (73,011) (71,297) Additions of valuation allowance (9,868) (4,433) Utilization of deferred tax assets 8,595 2,651 Change in judgment about the realizability of deferred tax assets — 455 Decrease relating to disposal of entities — 16,447 Foreign currency translation adjustments 2,987 747 Balance as of end of year (71,297) (55,430) |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Equity Award Activity | A summary of the Company’s equity award activity held by both the Company's employees and CIH's employees under the 1999 Plan, 2010 Plan and 2015 Plan for the year ended December 31, 2019 was stated below: Weighted Weighted- Average Average per Remaining Share Contractual Aggregate Options Granted to Employees Number of Exercise Term Intrinsic and Directors Shares Price (Years) Value Outstanding, December 31, 2018 6,034,054 10.92 4.50 US$ 5,919 Granted (new options) 1,423,337 5.85 Granted (replacement options) 6,456,707 2.05 Forfeited (87,950) 16.94 Expired (140,446) 22.27 Exercised (11,000) 1.97 Replaced (6,456,707) 8.70 Outstanding, December 31, 2019 7,217,995 3.84 5.05 US$ 5,299 Vested and expected to vest at December 31, 2019 7,217,995 3.84 5.05 US$ 5,299 Exercisable at December 31, 2019 16.42 4.01 US$ 86 |
Summary of fair value of option granted | Year Ended December 31, 2019 US$ Weighted average grant date fair value of option per share 2.88 Aggregate grant date fair value of options 4,099 |
Assumptions Used to Estimate Fair Value | For the Years Ended December 31, 2019 Risk-free interest rate 1.57% to 2.42 % Dividend yield Nil Expected volatility range 39.00% to 48.06 % Weighted average expected life 0.07 to 10.00 years Estimated forfeiture rate — Exercise multiple 2.2-2.8 Fair value of ordinary share US$1.99 to US$5.80 |
Restricted Stock [Member] | |
Summary of Equity Award Activity | A summary of the Company’s restricted shares held by both the Company’s employees and CIH’s employees for the year ended December 31, 2019 was stated below: Weighted- Restricted Shares Number of Average Grant date Granted to Employees and Directors Shares Fair Value per Share Outstanding, December 31, 2018 1,066,635 17.62 Forfeited (52,161) 18.60 Vested (387,940) 17.60 Unvested, December 31, 2019 626,534 17.55 |
China Index Holdings Limited [Member] | |
Summary of Equity Award Activity | A summary of CIH’s share options activities held by the Company’s employees for the year ended December 31, 2019 was as follows: Weighted Weighted- Average Average per Remaining Share Contractual Aggregate Options Granted to Employees Number of Exercise Term Intrinsic and Directors Shares Price (Years) Value Outstanding, December 31, 2018 — — — — CIH’s share options issued (a) 6,773,143 0.001 Forfeited (59,340) 0.001 Expired (76,185) 0.001 Outstanding, December 31, 2019 6,637,618 0.001 4.78 US$ 24,154 Vested and expected to vest at December 31, 2019 6,637,618 0.001 4.78 US$ 24,154 Exercisable at December 31, 2019 326,165 0.001 3.12 US$ 1,187 (a) |
China Index Holdings Limited [Member] | Restricted Stock [Member] | |
Summary of Equity Award Activity | A summary of CIH’s restricted shares activities held by the Company’s employees for the year ended December 31, 2019 was as follows: Weighted- Restricted Shares Number of Average Grant date Granted to Employees and Directors Shares Fair Value per Share Outstanding, December 31, 2018 — — CIH’s restricted shares issued (a) 931,588 0.34 Forfeited (17,032) Vested (350,829) Unvested, December 31, 2019 563,727 0.34 (a) |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Parties and Related Party Transactions | Name of Related Parties Relationship with the Company Vincent Tianquan Mo Executive chairman of the board of directors and controlling shareholder of the Company Richard Jiangong Dai Director of the board up until February 25, 2016 Wall Street Global Training Center, Inc. A company under the control of Vincent Tianquan Mo Beihai Silver Beach 1 Hotel and Property Management Company, Ltd. (“Beihai Silver Beach”) A company under the control of Vincent Tianquan Mo Che Tian Xia Company Ltd. A company under the control of Vincent Tianquan Mo Shanghai Yuyue Electronic Technology Development Co., Ltd (“Shanghai Yuyue”) A company under the control of Vincent Tianquan Mo China Index Holdings and its subsidiaries (“CIH”) A company under the control of Vincent Tianquan Mo and the Company can exercise significant influence Next Decade Technology Limited A company under the control of Vincent Tianquan Mo Media Partner Investments Limited A company under the control of Vincent Tianquan Mo Chongqing Wanli New Energy CO., LTD (“Wanli”) Equity method investment For the Years Ended December 31, 2017 2018 2019 US$ US$ US$ Office building leased from: - Vincent Tianquan Mo 159 162 156 Management fee incurred: - Beihai Silver Beach 501 523 697 Listing service fee incurred: - CIH — — 2,331 Office building leased to: - CIH — — 615 IT service income from: - CIH — — 756 Software license income from: - CIH — — Receipt of call option for acquisition of ordinary shares of CIH (Note 5) from: - Next Decade Technology Limited and Media Partner Investments Limited — — Acquisition of Class B ordinary shares of CIH (Note 5) from: - Next Decade Technology Limited and Media Partner Investments Limited — — Disposal of subsidiaries to: - Shanghai Yuyue — — |
Related party balances | As of December 31, 2018 2019 US$ US$ Amounts due from a related party: - Beihai Silver Beach — 369 - Wanli — 275 — 644 As of December 31, 2018 2019 US$ US$ Amounts due to a related party: - Beihai Silver Beach 19 — - Shanghai Yuyue — 8,910 - CIH — |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
COMMITMENTS AND CONTINGENCIES | |
Schedule of capital commitment | The future payments schedule is presented as follows: As of December 31 2019, Less Than 1–2 2-5 More Than Total 1 Year Years Years 5 Years Capital commitment: 24,959 12,469 11,764 363 363 |
Future Minimum Lease Payments under Non-Cancelable Operating Leases | future minimum annual lease payments for the year subsequent to December 31, 2018 and in aggregate were as follows: US$ 2019 4,368 2020 2,198 2021 181 2022 18 2023 and thereafter 37 6,802 |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
EARNINGS (LOSS) PER SHARE | |
Basic and Diluted Earnings (Loss) Per Share | Basic and diluted earnings (loss) per share for each of the years presented are calculated as follows: For the Year Ended December 31, 2017 2018 2019 (In thousands, except share data) Numerator: Net income (loss) attributable to Fang Holdings Limited’s shareholders from continuing operations 1,032 (141,420) (23,430) Net income attributable to Fang Holdings Limited’s shareholders from discontinued operations 20,675 26,509 13,181 Net income (loss) attributable to Class A and Class B ordinary shareholders 21,707 (114,911) (10,249) Denominator: Weighted average number of Class A and Class B ordinary shares outstanding-basic 88,475,665 88,749,432 89,511,052 Potentially dilutive ordinary shares equivalent 3,110,012 — — Weighted average number of Class A and Class B ordinary shares outstanding-dilutive 91,585,677 88,749,432 89,511,052 Basic net income (loss) per share Earnings (loss) from continuing operations per share - basic 0.01 (1.59) (0.26) Earnings from discontinued operations per share - basic 0.23 0.30 0.15 Earnings (loss) per share - basic 0.24 (1.29) (0.11) Diluted net income (loss) per share Earnings (loss) from continuing operations per share - diluted 0.01 (1.59) (0.26) Earnings from discontinued operations per share - diluted 0.23 0.30 0.15 Earnings (loss) per share - diluted 0.24 (1.29) (0.11) |
PARENT COMPANY ONLY CONDENSED_2
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | |
Condensed Balance Sheets | As of December 31, 2018 2019 US$ US$ ASSETS Cash and cash equivalents 2,529 13,734 Short-term investments — 1,384 Prepayments and other current assets 39 Amounts due from subsidiaries 17,056 — Total current assets 19,683 15,157 Non-current assets: Restricted cash, non-current portion 1,001 1,106 Long-term investments 30,733 49,006 Investment in subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries 898,766 Total non-current assets 901,629 948,878 Total assets 921,312 964,035 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term loans and current portion of long-term loans 26,808 4,003 Short term bond payable — 102,779 Accrued expenses and other liabilities 2,575 5,045 Amounts due to subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries 5,722 29,843 Total current liabilities 35,105 141,670 Non-current liabilities: Long-term loans, less current portion 63,677 Convertible senior notes 254,435 168,929 Total non-current liabilities 232,606 Total liabilities 374,276 Commitments and contingencies — — Shareholders’ equity: Class A ordinary shares, par value HK$1.00 per share, 600,000,000 shares authorized for Class A and Class B in aggregate; 72,069,645 and 71,775,686 shares issued as of December 31, 2018 and 2019; 65,004,587 and 65,403,527 shares outstanding as of December 31, 2018 and 2019 9,286 9,244 Class B ordinary shares, par value HK$1 per share, 600,000,000 shares authorized for Class A and Class B in aggregate, 24,336,650 shares and 24,336,650 shares issued and outstanding as at December 31, 2018 and December 31, 2019, respectively 3,124 3,124 Additional paid-in capital 517,802 528,620 Accumulated other comprehensive loss (75,837) (98,371) Retained earnings 276,746 270,358 Treasury share (7,065,058 and 6,372,159 shares as of December 31, 2018 and 2019, respectively.) (136,615) (123,216) Total shareholders’ equity 594,506 589,759 Total liabilities and shareholders’ equity 921,312 964,035 |
Condensed Statements of Comprehensive Income | For the Years Ended December 31, 2017 2018 2019 US$ US$ US$ Revenues — — — Cost of revenues — — — Gross profit — — — General and administrative expenses (998) (9,348) (26,317) Operating loss (998) (9,348) (26,317) Equity in profits (losses) of subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries 27,339 (85,190) 34,397 Foreign exchange gain (loss) 211 7 (3,998) Interest income 196 73 65 Interest expenses (7,233) (7,700) (8,978) Change in fair value of securities 2,736 (14,904) (6,043) Investment income, net 2,221 2,151 625 Impairment on investments (2,768) — — Income (loss) before income taxes 21,704 (114,911) (10,249) Income tax expenses — — — Net income (loss) 21,704 (114,911) (10,249) Other comprehensive income (loss), before tax Foreign currency translation adjustments 56,571 (46,648) (26,703) Unrealized gain on available-for-sale securities 14,575 1,493 861 Amounts reclassified from accumulated other comprehensive income (2,736) (1,493) (861) Other comprehensive income recorded by subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries 198,263 — — Gain (loss) on intra- entity foreign transactions of long-term-investment nature — — Separation of real estate information, analytics and marketplace services business 1,872 (3,034) 3,672 Other comprehensive income (loss), before tax 268,545 (49,682) (22,534) Income tax expense related to components of other comprehensive income (49,566) — — Other comprehensive income (loss), net of tax 218,979 (49,682) (22,534) Comprehensive income (loss) 240,683 (164,593) (32,783) |
Condensed Statements of Cash Flows | 2017 2018 2019 US$ US$ US$ Net cash provided by (used in) operating activities (67,381) (3,302) 9,859 Net cash provided by (used in) investing activities 13,931 8,272 (25,362) Net cash provided by (used in) financing activities (31,179) (13,241) 26,241 Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash — — 572 Net increase (decrease) in cash, cash equivalents and restricted cash (22,271) (8,271) 11,310 Cash and cash equivalents and restricted cash at beginning of year 34,072 11,801 3,530 Cash and cash equivalents and restricted cash at end of year 11,801 3,530 14,840 |
ORGANIZATION AND BASIS OF PRE_3
ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Details of Company's Subsidiaries, PRC Domestic Entities and PRC Domestic Entities' Subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Beijing SouFun Internet Information Service Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Dec. 17, 2003 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of marketing services and listing services |
SouFun Media Technology Beijing Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Nov. 28, 2002 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of technology, leads generation and information consultancy services |
Beijing SouFun Network Technology Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Mar. 16, 2006 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of technology, leads generation and information consultancy services |
Beijing SouFun Science and Technology Development Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Mar. 14, 2006 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of marketing services, leads generation services and listing services |
Beijing Century Jia Tian Xia Technology Development Co Ltd [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Dec. 21, 2006 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of marketing services and listing services |
Beijing Hong An Tu Sheng Network Technology Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Nov. 15, 2010 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of technology, leads generation and information consultancy services |
Beijing Tuo Shi Huan Yu Network Technology Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Nov. 19, 2010 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of technology, leads generation and information consultancy services |
Beijing Yi Ran Ju Ke Technology Development Co Ltd [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Jul. 8, 2011 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of marketing services, rental services, leads generation services and real estate agency services |
Beijing Hua Ju Tian Xia Network Technology Co Ltd [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Jul. 25, 2012 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of technology and information consultancy services |
Beijing Li Man Wan Jia Network Technology Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Jul. 25, 2012 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of technology, leads generation and information consultancy services |
Shanghai Jia Biao Tang Real Estate Broking Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Jul. 7, 2005 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of real estate agency services, marketing services and listing services |
Tianjin Jia Tian Xia Network Technology Co Ltd [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Apr. 15, 2014 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of technology and information consultancy services |
Hangzhou SouFun Network Technology Co., Ltd., [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Aug. 27, 2013 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of technology and information consultancy services |
Wuhan SouFun Yi Ran Ju Ke Real Estate Agents Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Dec. 13, 2013 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of real estate agency services, leads generation services and real estate information services |
Hangzhou Ji Ju Real Estate Agents Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Dec. 23, 2013 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of real estate agency services and real estate information services |
Fang Tian Xia Financial Information Service (Beijing) Ltd. (previously known as Beijing Tianxi a Dai Information service Co., Ltd.) [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Apr. 9, 2014 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of finance information services |
Shanghai SouFun Microfinance Co.,Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Jan. 19, 2015 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of Microfinance services |
Beihai Tian Xia Dai Microfinance Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Sep. 12, 2014 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of microfinance services |
Shanghai BaoAn Enterprise Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Mar. 31, 2013 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Lease, resale and management of property |
Shanghai BaoAn Hotel Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Mar. 31, 2013 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Operation and management of hotel, restaurant and other catering business |
Chongqing Tian Xia Dai Microfinance Co Ltd [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Dec. 11, 2014 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of microfinance services |
Tianjin Jia Tian Xia Microfinance Co Ltd [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Dec. 5, 2014 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of microfinance services |
Guangzhou Fang Tian Xia Real Estate Broking Co., Ltd. ("Guangzhou Fang Tian Xia") [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Mar. 9, 2015 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of real estate agency services |
Beijing Cun Fang Real Estate Broking Co., Ltd. ("Beijing Cun Fang") [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Apr. 7, 2015 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of real estate agency services |
Tianjin Fang Tian Xia Real Estate Broking Co., Ltd. ("Tianjin Fang Tian Xia") [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | May 21, 2015 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of real estate agency services |
Nanjing Cun Fang Real Estate Broking Co., Ltd. ("Nanjing Cun Fang") [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Apr. 30, 2015 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of real estate agency services |
Nanchang Cun Fang Real Estate Broking Co., Ltd. ("Nanchang Cun Fang") [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Jun. 3, 2015 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of real estate agency services |
Chongqing Fang Tian Xia Real Estate Broking Co., Ltd. ("Chongqing Fang Tian Xia") [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | May 27, 2015 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of real estate agency services |
Shanghai SouFun Fang Tian Xia Broking Co., Ltd. ("Shanghai Fang Tian Xia") [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Apr. 16, 2015 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of real estate agency services |
Beijing Li Tian Rong Ze Yi Jia Technology Development Co., Ltd. ("Beijing Li Tian Rong Ze") [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Sep. 4, 2015 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of technology and information consultancy services |
Hong Kong Property Network Limited [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | May 19, 2011 |
Entity Incorporation, State Country Name | Hong Kong |
Equity Method Investment, Description of Principal Activities | Investment holding |
Best Fang Holdings LLC [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Aug. 30, 2017 |
Entity Incorporation, State Country Name | United States of America |
Equity Method Investment, Description of Principal Activities | Investment holding |
Best Work Holdings New York LLC [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Mar. 14, 2011 |
Entity Incorporation, State Country Name | United States of America |
Equity Method Investment, Description of Principal Activities | Investment holding |
ORGANIZATION AND BASIS OF PRE_4
ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Carrying Amounts of Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||||
Cash and cash equivalents | $ 105,282 | $ 171,183 | ||
Restricted cash, current | 219,096 | 245,474 | $ 223,002 | |
Short-term investments | 194,720 | 16,043 | ||
Accounts receivable (net of allowance of US$12,913 and US$10,978 as of December 31, 2018 and 2019, respectively) | 66,379 | 58,687 | ||
Funds receivable | 8,372 | 5,474 | ||
Prepayments and other current assets | 31,509 | $ 27,640 | 27,894 | |
Commitment deposits (net of allowance of US$206 and nil as of December 31, 2017 and 2018, respectively) | 188 | 191 | ||
Total current assets | 686,680 | 668,837 | ||
Non-current assets: | ||||
Property and equipment, net | 695,457 | 727,739 | ||
Land use rights | 33,153 | |||
Deferred tax assets, non-current | 6,570 | 2,202 | ||
Deposit for non-current assets | 618 | 902 | ||
Long-term investments | 341,946 | 373,233 | ||
Restricted cash, non-current portion | 42,452 | 6,990 | $ 39,982 | |
Other non-current assets | 39,179 | 41,361 | 4,558 | |
Total non-current assets | 1,126,222 | 1,155,599 | ||
Total assets | 1,812,902 | 1,824,436 | ||
Current liabilities: | ||||
Short-term loans and current portion of long-term loans | 264,624 | 297,811 | ||
Deferred revenue | 134,143 | 142,473 | ||
Accrued expenses and other liabilities | 120,244 | 120,592 | 118,924 | |
Customer's refundable fees | 4,981 | 3,976 | ||
Income tax payable | 4,207 | 2,383 | ||
Amounts due to a related party | 9,227 | 19 | ||
Total current liabilities | 640,205 | 600,913 | ||
Non-current liabilities: | ||||
Long-term loans, less current portion | 428,269 | |||
Other non-current liabilities | 138,435 | $ 152,565 | 150,837 | |
Deferred tax liabilities, non-current | 90,723 | 97,578 | ||
Total non-current liabilities | 582,245 | 628,323 | ||
Total liabilities | 1,222,450 | 1,229,236 | ||
PRC Domestic Entities | ||||
Current assets: | ||||
Cash and cash equivalents | 13,670 | 34,004 | ||
Restricted cash, current | 217,951 | 214,876 | ||
Short-term investments | 5,586 | |||
Accounts receivable (net of allowance of US$12,913 and US$10,978 as of December 31, 2018 and 2019, respectively) | 40,836 | 25,910 | ||
Funds receivable | 8,182 | 5,124 | ||
Prepayments and other current assets | 27,644 | 25,384 | ||
Commitment deposits (net of allowance of US$206 and nil as of December 31, 2017 and 2018, respectively) | 188 | 191 | ||
Total current assets | 308,471 | 311,075 | ||
Non-current assets: | ||||
Property and equipment, net | 342,146 | 358,432 | ||
Land use rights | 32,428 | |||
Deferred tax assets, non-current | 2,442 | 2 | ||
Deposit for non-current assets | 265 | 95 | ||
Long-term investments | 219,201 | 273,340 | ||
Restricted cash, non-current portion | 35,363 | |||
Other non-current assets | 32,972 | 1,815 | ||
Total non-current assets | 632,389 | 666,112 | ||
Total assets | 940,860 | 977,187 | ||
Current liabilities: | ||||
Short-term loans and current portion of long-term loans | 70,215 | 76,267 | ||
Deferred revenue | 32,254 | 32,816 | ||
Accrued expenses and other liabilities | 54,543 | 36,266 | ||
Customer's refundable fees | 2,209 | 3,274 | ||
Income tax payable | 305 | 1,982 | ||
Amounts due to a related party | 10,253 | |||
Intercompany payable to the non PRC Domestic Entities | 408,775 | 445,556 | ||
Total current liabilities | 578,554 | 596,161 | ||
Non-current liabilities: | ||||
Long-term loans, less current portion | 46,525 | 44,891 | ||
Other non-current liabilities | 64,456 | 51,144 | ||
Deferred tax liabilities, non-current | 656 | 10,488 | ||
Total non-current liabilities | 111,637 | 106,523 | ||
Total liabilities | 690,191 | 702,684 | ||
Net Assets | $ 250,669 | $ 274,503 |
ORGANIZATION AND BASIS OF PRE_5
ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Carrying Amounts of Assets and Liabilities) (Details) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for Doubtful Accounts Receivable, Current | $ 21,810 | $ 33,276 | $ 31,127 | $ 34,366 |
Allowance for Doubtful Accounts Receivable | 21,810 | 33,276 | ||
PRC Domestic Entities | ||||
Allowance for Doubtful Accounts Receivable, Current | $ 10,978 | $ 12,913 |
ORGANIZATION AND BASIS OF PRE_6
ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Results of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||
Total revenues | $ 219,711 | $ 240,047 | $ 395,338 |
Net loss | (10,250) | (114,909) | 21,704 |
PRC Domestic Entities | |||
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||
Total revenues | 102,383 | 89,111 | 91,087 |
Net loss | $ (23,543) | $ (79,229) | $ (6,484) |
ORGANIZATION AND BASIS OF PRE_7
ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash generated from operating activities | $ 69,259 | $ 55,005 | $ 126,889 |
Net cash used in investing activities | (57,003) | (106,665) | (284,512) |
Net cash (used in) generated from financing activities | (74,116) | 34,700 | 71,969 |
PRC Domestic Entities | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash generated from operating activities | 29,288 | 26,241 | 122,327 |
Net cash used in investing activities | (3,991) | (9,851) | (99,946) |
Net cash (used in) generated from financing activities | $ (2,904) | $ (25,220) | $ 8,565 |
ORGANIZATION AND BASIS OF PRE_8
ORGANIZATION AND BASIS OF PRESENTATION (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Restricted Cash, Current | $ 219,096 | $ 245,474 | $ 223,002 |
Restricted Cash, Noncurrent | 42,452 | 6,990 | $ 39,982 |
Accounts receivable | 66,379 | 58,687 | |
Subsidiaries [Member] | Accounts Receivable [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Accounts receivable | 324 | ||
PRC Domestic Entities | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Restricted Cash, Current | 217,951 | 214,876 | |
Restricted Cash, Noncurrent | 35,363 | ||
Accounts receivable | 40,836 | $ 25,910 | |
PRC Domestic Entities | Pledged | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Restricted Cash, Current | 215,450 | ||
Restricted Cash, Noncurrent | 35,363 | ||
Property and equipment pledged as collateral | 339,407 | ||
PRC Domestic Entities | Accounts Receivable [Member] | Pledged | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Accounts receivable | 324 | ||
PRC Domestic Entities | Subsidiaries [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Restricted Cash, Noncurrent | 1,433 | ||
Property and equipment pledged as collateral | $ 339,407 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Estimated Useful Lives of Assets) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Office Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 5 years |
Office Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 3 years |
Motor Vehicles | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 10 years |
Motor Vehicles | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 5 years |
Building | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 12 years |
Leasehold Improvement | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | shorter of lease term or economic lives |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Assets Measured at Fair Value on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Equity investments with readily determinable fair value | $ 121,841 | $ 181,483 |
Equity method investments carried at fair value | 26,739 | |
Trading securities | 1,773 | |
Call options | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Derivative asset | 1,384 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Equity investments with readily determinable fair value | 121,841 | 181,483 |
Equity method investments carried at fair value | 8,539 | |
Trading securities | $ 1,773 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Equity method investments carried at fair value | 18,200 | |
Fair Value, Inputs, Level 3 [Member] | Call options | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Derivative asset | $ 1,384 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Reconciliation) (Details) - Call options $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Measurement Input, Exercise Price [Member] | |
Reconciliation of the fair value measurements | |
Measurement input | 1.59 |
Measurement Input, Risk Free Interest Rate [Member] | |
Reconciliation of the fair value measurements | |
Measurement input | 1.59 |
Measurement Input, Expected Dividend Rate [Member] | |
Reconciliation of the fair value measurements | |
Measurement input | 0 |
Measurement Input, Option Volatility [Member] | |
Reconciliation of the fair value measurements | |
Measurement input | 44 |
Fair Value, Inputs, Level 3 [Member] | |
Reconciliation of the fair value measurements | |
Initial recognition | $ 693 |
Decrease as a result of exercise | (458) |
Change in fair value for the period | 1,149 |
Balance as of December 31, 2019 | $ 1,384 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (adopting ASC 842) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Prepayments and other current assets | $ 31,509 | $ 27,640 | $ 27,894 |
Other non-current assets | 39,179 | 41,361 | 4,558 |
Land use rights | 33,153 | ||
Accrued expenses and other liabilities | (120,244) | (120,592) | (118,924) |
Other non-current liabilities | $ (138,435) | (152,565) | $ (150,837) |
Restatement Adjustment [Member] | Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Prepayments and other current assets | (254) | ||
Other non-current assets | 36,803 | ||
Land use rights | (33,153) | ||
Accrued expenses and other liabilities | (1,668) | ||
Other non-current liabilities | $ (1,728) |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) ¥ in Thousands | Jan. 01, 2019USD ($) | Jan. 01, 2018USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Significant Accounting Policies [Line Items] | ||||||
Business tax and surcharges | $ 33,320,000 | |||||
Revenue recognized during the year | $ 38,123,000 | $ 46,652,000 | ||||
Decrease in deferred revenue | $ 27,120,000 | |||||
Advertising Expense | 11,478,000 | $ 7,110,000 | 16,869,000 | |||
Operating Leases, Rent Expense, Sublease Rentals | 15,085,000 | |||||
Revenues | 219,711,000 | 240,047,000 | 395,338,000 | |||
Impairment loss | 0 | |||||
Other than Temporary Impairment Losses, Investments | 2,768,000 | |||||
Impairment of equity method investments | 0 | 0 | ||||
Retained earnings | 2,800,000 | |||||
Sub lease income | 1,145,000 | 6,402,000 | ||||
Operating Lease, Right-of-Use Asset | 36,269,000 | |||||
Operating Lease, Liability | $ 4,221,000 | |||||
Increase (Decrease) in Restricted Cash | 51,900,000 | |||||
Debt and Equity Securities, Unrealized Gain (Loss) | 163,785,000 | |||||
Revenue, Practical Expedient, Incremental Cost of Obtaining Contract [true false] | true | true | ||||
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation [true false] | true | true | ||||
Accounting Standards Update 2016-02 [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Impact of Restatement on Opening Retained Earnings, Net of Tax | 2,300,000 | |||||
Marketing services | ||||||
Significant Accounting Policies [Line Items] | ||||||
Revenue determined by measurement of fair value of specifically identified real estate property | 1,361,000 | |||||
Revenues | $ 94,639,000 | 98,377,000 | 149,267,000 | |||
Grant [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Revenues | 927,000 | 1,224,000 | $ 3,025,000 | |||
Adjustments [Member] | Accounting Standards Update 2016-02 [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Impact of Restatement on Opening Retained Earnings, Net of Tax | $ 500,000 | |||||
Valuation, Market Approach [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Convertible Debt, Fair Value Disclosures | 145,437 | 199,172 | ||||
Trading securities | ||||||
Significant Accounting Policies [Line Items] | ||||||
Other than Temporary Impairment Losses, Investments | 0 | 0 | ||||
Equity Securities [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 | ||||
Maximum | ||||||
Significant Accounting Policies [Line Items] | ||||||
Membership services fee | ¥ | ¥ 20,000 | |||||
Minimum | ||||||
Significant Accounting Policies [Line Items] | ||||||
Membership services fee | ¥ | ¥ 5,000 |
CONCENTRATION OF RISKS (Narrati
CONCENTRATION OF RISKS (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Concentration Risk [Line Items] | ||
Cash and cash equivalents, restricted cash and short term investments | $ 456,287,000 | |
Maximum amount of equity ownership allowed to foreign investors in any ICP business | 50.00% | |
Short-term investments | $ 194,720,000 | $ 16,043,000 |
GTJA | ||
Concentration Risk [Line Items] | ||
Short-term investments | $ 103,879 | |
PRC | Cash Assets | Geographic Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 95.90% | |
Outside PRC | Cash Assets | Geographic Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 4.10% |
REVENUE (Disaggregation of Reve
REVENUE (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 219,711 | $ 240,047 |
E Commerce services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,847 | 15,384 |
Fang membership services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 634 | 2,752 |
Direct sales services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 869 | 5,294 |
Sub lease services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,145 | 6,402 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 199 | 936 |
Marketing services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 94,639 | 98,377 |
Listing services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 63,471 | 81,741 |
Financial services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 9,561 | 18,060 |
Value-added services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,893 | 5,182 |
Leads generation Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 43,300 | $ 21,303 |
REVENUE - Disaggregation by cus
REVENUE - Disaggregation by customer category (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 219,711 | $ 240,047 |
E Commerce services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,847 | 15,384 |
E Commerce services | New home | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,503 | 8,046 |
E Commerce services | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,344 | 7,338 |
Marketing services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 94,639 | 98,377 |
Marketing services | New home | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 94,635 | 98,049 |
Marketing services | Home furnishing and improvement | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 4 | 328 |
Listing services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 63,471 | 81,741 |
Listing services | Secondary and rental | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 63,379 | 81,442 |
Listing services | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 92 | 299 |
Financial services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 9,561 | 18,060 |
Value-added services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,893 | 5,182 |
Leads generation Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 43,300 | 21,303 |
Leads generation Services | New home | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 34,651 | 15,877 |
Leads generation Services | Home furnishing and improvement | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,056 | 2,849 |
Leads generation Services | Secondary and rental | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 6,593 | $ 2,577 |
INVESTMENTS - Short-term and lo
INVESTMENTS - Short-term and long-term investments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investment And Other Income [Line Items] | ||
Short-term investments | $ 194,720 | $ 16,043 |
Long-term investments | 341,946 | 373,233 |
Equity Investments With Readily Determinable Fair Value [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 121,841 | 181,483 |
Equity Investments With Readily Determinable Fair Value [Member] | Hopefluent Company Holdings Limited [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 23,418 | 30,733 |
Equity Investments With Readily Determinable Fair Value [Member] | Shenzhen World Union Properties Consultancy Co Ltd [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 98,423 | 150,750 |
Equity Investments Without Readily Determinable Fair Value [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 105,492 | 107,230 |
Equity Investments Without Readily Determinable Fair Value [Member] | Guilin Bank [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 46,892 | 47,664 |
Equity Investments Without Readily Determinable Fair Value [Member] | Xian Chuangdian Quancheng Real estate consultant limited [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 3,276 | 3,330 |
Equity Investments Without Readily Determinable Fair Value [Member] | Tospur Real Estate Consulting Co Ltd [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 54,607 | 55,507 |
Equity Investments Without Readily Determinable Fair Value [Member] | Foshan Nature Lvke Science [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 717 | 729 |
Equity Method Investment [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 87,874 | 84,520 |
Equity Method Investment [Member] | Chongqing Wanli New Energy Co Ltd [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 87,874 | 84,520 |
Equity Method Investments Carried At Fair Value [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 26,739 | |
Equity Method Investments Carried At Fair Value [Member] | China Index Holdings Limited [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 26,739 | |
Short-term investments. | Trading securities | ||
Investment And Other Income [Line Items] | ||
Short-term investments | 1,773 | |
Short-term investments. | Fixed-rate time deposits | ||
Investment And Other Income [Line Items] | ||
Short-term investments | 89,457 | $ 14,270 |
Short-term investments. | Call options | ||
Investment And Other Income [Line Items] | ||
Short-term investments | 1,384 | |
Short-term investments. | Structured note | ||
Investment And Other Income [Line Items] | ||
Short-term investments | $ 103,879 |
INVESTMENTS - Equity securities
INVESTMENTS - Equity securities investments (Details) | Dec. 27, 2019USD ($)shares | Oct. 29, 2019USD ($) | Sep. 30, 2017shares | Sep. 25, 2017USD ($)shares | Jul. 12, 2016USD ($)shares | Apr. 08, 2016shares | Apr. 07, 2016shares | Jan. 21, 2016USD ($)shares | Oct. 29, 2015USD ($) | May 29, 2015USD ($)shares | Dec. 10, 2014USD ($) | Jun. 27, 2014USD ($)shares | Oct. 31, 2017shares | Nov. 30, 2014USD ($)shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2019USD ($)$ / shares | Oct. 29, 2019CNY (¥) | Oct. 29, 2019USD ($) |
Investment And Other Income [Line Items] | |||||||||||||||||||||
Proceeds from Sale of Available-for-sale Securities | $ 166,032,000 | $ 595,363,000 | $ 13,931,000 | ||||||||||||||||||
Interest income on fixed-rate time deposits and adjustable-rate investments | 9,038,000 | 10,202,000 | 11,052,000 | ||||||||||||||||||
Short Term Bond Payable | 102,779,000 | $ 102,779,000 | |||||||||||||||||||
Dividends from long-term investments | $ 2,759,000 | $ 6,838,000 | $ 6,692,000 | ||||||||||||||||||
Investment percentage of ownership | 8.99% | 9.96% | 9.96% | ||||||||||||||||||
Gain on sale of available-for-sale securities | $ (45,287,000) | $ (165,931,000) | $ 3,254,000 | ||||||||||||||||||
Unrealized gain (loss) on available-for-sale security | (861,000) | (1,493,000) | (212,838,000) | ||||||||||||||||||
Unrealized loss on investment in equity recognized | 161,039,000 | ||||||||||||||||||||
Unrealized gain on investment in equity recognized | 861,000 | 761,000 | 2,421,000 | ||||||||||||||||||
Impairment loss | 2,768,000 | ||||||||||||||||||||
Other Comprehensive Income (Loss), Tax | 49,566,000 | ||||||||||||||||||||
Compensation expenses related to investment | $ 13,608,000 | ||||||||||||||||||||
364 days RMB denominated bond | |||||||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||||||
Short Term Bond Payable | ¥ 720,000 | $ 102,009,000 | |||||||||||||||||||
Beijing SouFun Network Technology Co., Ltd. [Member] | 364 days RMB denominated bond | |||||||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||||||
Proceeds from Sale of Available-for-sale Securities | $ 796,000 | ||||||||||||||||||||
Debt Instrument, Term | 364 days | ||||||||||||||||||||
Short Term Bond Payable | ¥ 720,000,000 | $ 102,009 | |||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | |||||||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||||||
Assets, Fair Value Disclosure | $ 1,773,000 | ||||||||||||||||||||
China Index Holdings Limited [Member] | |||||||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||||||
Call option term | 12 months | ||||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 5.99 | $ 5.99 | |||||||||||||||||||
Number of shares acquired in investment | shares | 15,000,000 | ||||||||||||||||||||
Fair value of the call option at grant date | $ 693,000 | ||||||||||||||||||||
fair value of the derivative increased | 1,384,000 | ||||||||||||||||||||
Change in fair value of securities | 339,000 | ||||||||||||||||||||
Compensation expenses related to investment | $ 13,608,000 | ||||||||||||||||||||
Sindeo, Inc. (the "Corporation") [Member] | |||||||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||||||
Payments to Acquire Investments | $ 5,000,000 | ||||||||||||||||||||
Investment percentage of ownership | 11.03% | ||||||||||||||||||||
Impairment loss | $ 2,768,000 | $ 2,232,000 | |||||||||||||||||||
Guilin Bank [Member] | |||||||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||||||
Investment percentage of ownership | 1.62% | 1.79% | |||||||||||||||||||
Unrealized gain on investment in equity recognized | $ 10,633,000 | ||||||||||||||||||||
Shares received as dividends | shares | 7,343,006 | ||||||||||||||||||||
Impairment loss | $ 312,019,000 | ||||||||||||||||||||
Number of shares held in investment | shares | 73,430,061 | 80,773,067 | |||||||||||||||||||
Number of shares transferred from third party in partial payment of past due receivables | shares | 42,834,202 | 30,595,859 | |||||||||||||||||||
Past due payables paid by third party stock transfer | $ 24,695,000 | $ 12,173,000 | |||||||||||||||||||
Tospur [Member] | |||||||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||||||
Payments to Acquire Investments | $ 62,257,000 | ||||||||||||||||||||
Investment percentage of ownership | 16.00% | ||||||||||||||||||||
Impairment loss | $ 0 | 0 | |||||||||||||||||||
Chuangdian [Member] | |||||||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||||||
Number of shares acquired in investment | shares | 4,411,765 | ||||||||||||||||||||
Payments to Acquire Investments | $ 3,294,000 | ||||||||||||||||||||
Investment percentage of ownership | 15.00% | ||||||||||||||||||||
Shares received as dividends | shares | 1,378,165 | 2,766,177 | |||||||||||||||||||
Impairment loss | 0 | 0 | |||||||||||||||||||
Common Class A | China Index Holdings Limited [Member] | |||||||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||||||
Number of shares acquired in investment | shares | 5,000,000 | ||||||||||||||||||||
Change in fair value of securities | 1,149,000 | ||||||||||||||||||||
Payments to Acquire Investments | $ 29,950,000 | ||||||||||||||||||||
Common Class B | China Index Holdings Limited [Member] | |||||||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||||||
Number of shares acquired in investment | shares | 5,000,000 | ||||||||||||||||||||
Equity Securities [Member] | |||||||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||||||
Number of shares acquired in investment | shares | 27,551,733 | ||||||||||||||||||||
Payments to Acquire Investments | $ 13,583,000 | ||||||||||||||||||||
Impairment loss | 0 | 0 | |||||||||||||||||||
Equity Securities [Member] | Color Life Service Company [Member] | |||||||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||||||
Proceeds from Sale of Available-for-sale Securities | $ 6,645,000 | $ 12,317,000 | |||||||||||||||||||
Number of investment shares sold | shares | 6,846,733 | 20,705,000 | |||||||||||||||||||
Gain on sale of available-for-sale securities | $ 2,091,000 | $ 2,110,000 | |||||||||||||||||||
Unrealized gain (loss) on available-for-sale security | 3,735,000 | ||||||||||||||||||||
Gain on sale of securities reclassified out of accumulated other comprehensive income | 2,110,000 | ||||||||||||||||||||
Market value of investment | 4,554,000 | ||||||||||||||||||||
Equity Securities [Member] | Hopefluent Company Holdings Limited [Member] | |||||||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||||||
Proceeds from Sale of Available-for-sale Securities | $ 1,614,000 | ||||||||||||||||||||
Number of investment shares sold | shares | 3,164,000 | ||||||||||||||||||||
Gain on sale of available-for-sale securities | $ 626,000 | ||||||||||||||||||||
Unrealized gain (loss) on available-for-sale security | 18,309,000 | ||||||||||||||||||||
Gain on sale of securities reclassified out of accumulated other comprehensive income | 626,000 | ||||||||||||||||||||
Market value of investment | 23,418,000 | 30,733,000 | 47,729,000 | 23,418,000 | |||||||||||||||||
Unrealized loss on investment in equity recognized | 7,315,000 | 16,996,000 | |||||||||||||||||||
Equity Securities [Member] | Shenzhen World Union Properties Consultancy Co Ltd [Member] | |||||||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||||||
Proceeds from Sale of Available-for-sale Securities | $ 10,347,000 | ||||||||||||||||||||
Number of investment shares sold | shares | 20,429,640 | ||||||||||||||||||||
Gain on sale of available-for-sale securities | $ (4,702,000) | ||||||||||||||||||||
Number of shares received as stock dividend for every 10 shares held | shares | 4 | ||||||||||||||||||||
Number of shares held for which 4 shares of stock dividend issued | shares | 10 | ||||||||||||||||||||
Equity Securities [Member] | Shenzhen World Union Properties Consultancy Co Ltd [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||||||
Market value of investment | 98,423,000 | 150,750,000 | $ 98,423,000 | ||||||||||||||||||
Unrealized loss on investment in equity recognized | 35,417,000 | ||||||||||||||||||||
Assets, Fair Value Disclosure | $ 318,065,000 | ||||||||||||||||||||
Equity Securities [Member] | Shenzhen World Union Properties Consultancy Co Ltd [Member] | Maximum | |||||||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||||||
Lock-up provision expiration period | 1 year | ||||||||||||||||||||
Common Stock | China Index Holdings Limited [Member] | |||||||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||||||
Fair value of the call option at grant date | 10,000,000 | ||||||||||||||||||||
Trading securities | |||||||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||||||
Proceeds from Sale of Available-for-sale Securities | 1,648,000 | 11,705,000 | |||||||||||||||||||
Loss recognized on trading securities | 116,000 | 2,091,000 | |||||||||||||||||||
Impairment loss | $ 0 | 0 | |||||||||||||||||||
Available-for-sale Securities [Member] | |||||||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||||||
Trading securities | $ 1,773,000 | ||||||||||||||||||||
Available-for-sale Securities [Member] | Equity Securities [Member] | Color Life Service Company [Member] | |||||||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||||||
Investment percentage of ownership | 2.76% | ||||||||||||||||||||
Available-for-sale Securities [Member] | Equity Securities [Member] | Hopefluent Company Holdings Limited [Member] | |||||||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||||||
Number of shares acquired in investment | shares | 111,935,037 | ||||||||||||||||||||
Payments to Acquire Investments | $ 43,361,000 | ||||||||||||||||||||
Investment percentage of ownership | 17.26% | ||||||||||||||||||||
Available-for-sale Securities [Member] | Equity Securities [Member] | Shenzhen World Union Properties Consultancy Co Ltd [Member] | |||||||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||||||
Number of shares acquired in investment | shares | 145,376,744 | ||||||||||||||||||||
Payments to Acquire Investments | $ 121,393,000 | ||||||||||||||||||||
Investment percentage of ownership | 10.06% | ||||||||||||||||||||
Period of lock-up provision | 36 months | ||||||||||||||||||||
Number of shares held in investment | shares | 203,527,442 | 145,376,744 |
INVESTMENTS - Equity Method (De
INVESTMENTS - Equity Method (Details) $ / shares in Units, $ in Thousands, shares in Millions | Dec. 27, 2019USD ($)shares | Aug. 10, 2018USD ($) | Jul. 31, 2018USD ($) | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2019USD ($)Vote$ / sharesshares | Dec. 31, 2018USD ($) |
Common Class A | ||||||
Investment And Other Income [Line Items] | ||||||
Ordinary shares, voting rights | Vote | 1 | |||||
Common Class B | ||||||
Investment And Other Income [Line Items] | ||||||
Ordinary shares, voting rights | Vote | 10 | |||||
China Index Holdings Limited [Member] | ||||||
Investment And Other Income [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 7.64% | 7.64% | ||||
Share Price | $ / shares | $ 5.99 | $ 5.99 | ||||
Investment Shares Acquired | shares | 15 | |||||
Change in fair value of securities | $ 339 | |||||
China Index Holdings Limited [Member] | Common Class A | ||||||
Investment And Other Income [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 2.44% | 2.44% | ||||
Total consideration paid for equity method investment | $ 9,600 | |||||
Investment Shares Acquired | shares | 5 | |||||
Payments to Acquire Investments | $ 29,950 | |||||
Market price of investment | $ 16,800 | |||||
Ordinary shares, voting rights | Vote | 1 | |||||
Change in fair value of securities | $ 1,149 | |||||
China Index Holdings Limited [Member] | Common Class B | ||||||
Investment And Other Income [Line Items] | ||||||
Investment Shares Acquired | shares | 5 | |||||
Controlling Shareholder Seller [Member] | ||||||
Investment And Other Income [Line Items] | ||||||
Percentage Of Voting Equity Interests | 16.95 | |||||
Market Price Increase | $ 26,739 | |||||
Controlling Shareholder Seller [Member] | Common Class B | ||||||
Investment And Other Income [Line Items] | ||||||
Ordinary shares, voting rights | Vote | 10 | |||||
Chongqing Wanli New Energy Co Ltd [Member] | ||||||
Investment And Other Income [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 10.00% | 16.55% | 16.55% | 14.67% | ||
Cash paid for equity method investment | $ 72,852 | |||||
Cash paid to seller for business disposal compensation | $ 29,141 | |||||
Difference between cash consideration paid and underlying equity in net assets | $ 60,980 | |||||
Term of acting-in-concert agreement | 3 years | |||||
Period of ensured profitability | 3 years | |||||
Additional equity interest acquired | 1.88% | 4.67% | ||||
Total consideration paid for equity method investment | $ 4,868 | $ 11,667 | ||||
Chongqing Wanli New Energy Co Ltd [Member] | Maximum | ||||||
Investment And Other Income [Line Items] | ||||||
Period from consummation of proposed acquisition within which the purchase price must be paid | 3 years | |||||
Chongqing Wanli New Energy Co Ltd [Member] | Minimum | ||||||
Investment And Other Income [Line Items] | ||||||
Price to be paid for the purchase of the battery business | $ 99,758 |
ACCOUNTS RECEIVABLE (Schedule o
ACCOUNTS RECEIVABLE (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||||
Accounts receivable | $ 88,189 | $ 91,963 | ||
Allowance for doubtful accounts | (21,810) | (33,276) | $ (31,127) | $ (34,366) |
Accounts receivable, net | $ 66,379 | $ 58,687 |
ACCOUNTS RECEIVABLE (Schedule_2
ACCOUNTS RECEIVABLE (Schedule of Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in allowance for doubtful accounts: | |||
Balance at beginning of year | $ 33,276 | $ 31,127 | $ 34,366 |
Additional provision charged to expenses | 9,026 | 28,050 | 31,695 |
Write-offs | (19,909) | (23,442) | (38,351) |
Foreign currency translation adjustments | (583) | (2,459) | 3,417 |
Balance at end of year | 21,810 | 33,276 | $ 31,127 |
Recoveries of previous write-offs | $ 1,651 | $ 2,568 |
PREPAYMENTS AND OTHER CURRENT_3
PREPAYMENTS AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Prepaid expenses | $ 2,862 | $ 5,971 | |
Advance to employees | 311 | 589 | |
Dividend Receivable | 1,389 | ||
Rental deposits and others | 1,105 | 2,324 | |
Interest Receivable | 3,842 | 3,801 | |
Properties held for sale | 17,410 | 9,906 | |
Others | 4,590 | 5,303 | |
Prepayments and other current assets | $ 31,509 | $ 27,640 | $ 27,894 |
LOANS RECEIVABLE (Narrative) (D
LOANS RECEIVABLE (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Financing Receivable, Gross | $ 63,395 | $ 127,680 |
Nonaccrual loans outstanding | 11,198 | 5,749 |
Pledged | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Financing Receivable, Gross | 58,754 | 123,673 |
Uncollateralized [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Financing Receivable, Gross | $ 4,641 | $ 4,007 |
Maximum | Pledged | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Debt Instrument, Term | 36 months | 36 months |
Interest rate | 14.40% | 18.00% |
Maximum | Uncollateralized [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Debt Instrument, Term | 36 months | 36 months |
Interest rate | 21.60% | 18.00% |
Minimum | Pledged | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Debt Instrument, Term | 3 months | 3 months |
Interest rate | 7.80% | 7.80% |
Minimum | Uncollateralized [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Debt Instrument, Term | 3 months | 3 months |
Interest rate | 7.00% | 5.40% |
LOANS RECEIVABLE - Summary of l
LOANS RECEIVABLE - Summary of loans receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Total Loans receivable | $ 63,395 | $ 127,680 | |
Current portion | 60,490 | 117,602 | |
Non-current portion | 6,249 | ||
Personal [Member] | |||
Total Loans receivable | 63,395 | 127,680 | |
Individually assessed | 538 | 546 | $ 574 |
Collectively assessed | 2,367 | 3,283 | $ 4,342 |
Loans receivable, net | 60,490 | 123,851 | |
Current portion | $ 60,490 | 117,602 | |
Non-current portion | $ 6,249 |
LOANS RECEIVABLE (Loans Credit)
LOANS RECEIVABLE (Loans Credit) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans receivable | $ 63,395 | $ 127,680 |
Notes receivable, Percentage | 100.00% | 100.00% |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans receivable | $ 52,197 | $ 121,931 |
Notes receivable, Percentage | 82.30% | 96.00% |
Special attention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans receivable | $ 1,873 | $ 1,383 |
Notes receivable, Percentage | 3.00% | 1.00% |
Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans receivable | $ 9,325 | $ 4,366 |
Notes receivable, Percentage | 14.70% | 3.00% |
LOANS RECEIVABLE - Aging of loa
LOANS RECEIVABLE - Aging of loans by portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 9,950 | $ 5,226 |
Financing Receivable, Recorded Investment, Current | 53,445 | 122,454 |
Total loans | 63,395 | 127,680 |
Personal [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 9,950 | 5,226 |
Financing Receivable, Recorded Investment, Current | 53,445 | 122,454 |
Total loans | 63,395 | 127,680 |
Financing Receivables 90 to 179 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2,283 | 1,717 |
Financing Receivables 90 to 179 Days Past Due [Member] | Personal [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2,283 | 1,717 |
Financing Receivables 180 to 365 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2,669 | 164 |
Financing Receivables 180 to 365 Days Past Due [Member] | Personal [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2,669 | 164 |
Financing Receivables Equal To Over 1 Year Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 4,998 | 3,345 |
Financing Receivables Equal To Over 1 Year Past Due [Member] | Personal [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 4,998 | $ 3,345 |
LOANS RECEIVABLE - Portfolio (D
LOANS RECEIVABLE - Portfolio (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Foreign currency translation adjustments | $ (583) | $ (2,459) | $ 3,417 |
Personal [Member] | |||
Beginning balance | 3,829 | 4,916 | 3,736 |
Provision | 3,737 | 2,776 | 1,180 |
Reversal | (4,610) | (3,660) | |
Foreign currency translation adjustments | (51) | (203) | |
Ending balance | 2,905 | 3,829 | 4,916 |
Ending balance: individually evaluated for impairment | 538 | 546 | 574 |
Ending balance: collectively evaluated for impairment | 2,367 | 3,283 | 4,342 |
Loans Of which individually evaluated for impairment | 538 | 546 | 4,377 |
Loans Of which collectively evaluated for impairment | $ 62,857 | $ 127,134 | $ 144,551 |
PROPERTY AND EQUIPMENT, NET (Sc
PROPERTY AND EQUIPMENT, NET (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $ 832,267 | $ 821,737 |
Less: Accumulated depreciation | (147,984) | (128,569) |
Construction in progress | 11,174 | 34,571 |
Property plant and equipment Net | 695,457 | 727,739 |
Building | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 741,700 | 723,882 |
Office Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 21,227 | 23,587 |
Motor Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 1,243 | 1,503 |
Leasehold Improvement | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 17,366 | 22,034 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $ 50,731 | $ 50,731 |
PROPERTY AND EQUIPMENT, NET (Na
PROPERTY AND EQUIPMENT, NET (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation of property and equipment and amortization of land use rights | $ 26,735 | $ 27,961 | |
Depreciation expenses | $ 25,247 | $ 25,923 | $ 27,589 |
Building | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Collateral Amount | 458,921 | ||
Scenario One [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Buildings and Improvements, Gross | $ 69,907 |
OTHER NON-CURRENT ASSETS (Sched
OTHER NON-CURRENT ASSETS (Schedule of other non-current assets ) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Investments, All Other Investments [Abstract] | |||
Right-of-use assets | $ 36,269 | ||
Rental and other deposits | 382 | $ 1,946 | |
Others | 2,528 | 2,612 | |
Other non-current assets, net | $ 39,179 | $ 41,361 | $ 4,558 |
OTHER NON-CURRENT ASSETS ( Sche
OTHER NON-CURRENT ASSETS ( Schedule of right of use assets and the amortization) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Investments, All Other Investments [Abstract] | |
Right Of Use Assets Excluding Accumulated Amortization | $ 38,780 |
Less: accumulated amortization | (2,511) |
Right of use assets | $ 36,269 |
OTHER NON-CURRENT ASSETS ( Sc_2
OTHER NON-CURRENT ASSETS ( Schedule of allocation of rental expense) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Allocation of rental expense | |
Total operating lease expenses | $ 2,692 |
Short-term lease expenses | 2,340 |
Total lease expenses | 5,032 |
Cost of revenues | |
Allocation of rental expense | |
Total operating lease expenses | 374 |
General and administrative expenses | |
Allocation of rental expense | |
Total operating lease expenses | 951 |
Selling and marketing expenses | |
Allocation of rental expense | |
Total operating lease expenses | $ 1,367 |
OTHER NON-CURRENT ASSETS (Sch_2
OTHER NON-CURRENT ASSETS (Schedule of Maturities of lease liabilities) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Maturities of the lease liabilities | |
2020 | $ 2,533 |
2021 | 1,296 |
2022 | 667 |
Total undiscounted lease payments | 4,496 |
Less: Imputed interest | $ (275) |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Amounts due within 12 months |
Present value of lease liabilities balance | $ 4,221 |
Amounts due within 12 months | $ 2,361 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term lease liabilities |
Long-term lease liabilities | $ 1,860 |
OTHER NON-CURRENT ASSETS (Narra
OTHER NON-CURRENT ASSETS (Narrative ) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Investments, All Other Investments [Abstract] | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 1,807 |
Non-cash transaction amount of lease liabilities | $ 2,501 |
Weighted average remaining lease term | 1 year 4 months 13 days |
Weighted average discount rate | 6.00% |
SHORT-TERM AND LONG-TERM LOAN (
SHORT-TERM AND LONG-TERM LOAN (Schedule of Short-term and Long-term Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
SHORT-TERM AND LONG-TERM LOANS | ||
Short-term loans and current portion of long-term loans | $ 264,624 | $ 297,811 |
Long-term loans, less current portion | $ 184,158 | $ 123,215 |
SHORT-TERM AND LONG-TERM LOAN_2
SHORT-TERM AND LONG-TERM LOANS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 428,269 | ||
Short-term Debt | 264,624 | $ 297,811 | |
Bank deposit, serves as bank borrowing security, classified as current | 215,377 | 245,474 | |
Building | |||
Debt Instrument [Line Items] | |||
Assets pledged as collateral | 458,921 | ||
US$ denominated bank borrowing | Repayable Within Twelve Months [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt reclassified to short-term debt | 4,000 | 0 | |
Denominated Bank Borrowing [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 74,624 | 107,811 | |
Short-term Debt | 190,000 | 190,000 | |
Bank Borrowings One [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Bank Debt | $ 30,578 | $ 31,353 | |
Short-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | LIBOR | |
Interest basis spread on variable rate | 1.30% | 1.25% | |
Debt Instrument, Interest Rate, Basis for Effective Rate | bear interest rates of 3-month London Interbank Offered Rate ("LIBOR") plus 1.30% (2018: 3-month LIBOR plus 1.25%). | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 3.69% | 3.64% | |
Long-term loans | |||
Debt Instrument [Line Items] | |||
Stated interest rate, as a percent | 4.10% | ||
Period of stated interest rate application | 3 years | ||
Long-term loans | Restricted Cash Noncurrent [Member] | |||
Debt Instrument [Line Items] | |||
Bank account for tenant improvements | $ 5,983 | $ 5,989 | |
Long-term loans | Repayable Within Twelve Months [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt reclassified to short-term debt | $ 813 | 3,218 | |
Long-term loans | Prime | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Description of Variable Rate Basis | Prime rate | ||
Interest basis spread on variable rate | 1.00% | ||
Long-term loans | US$ denominated bank borrowing | |||
Debt Instrument [Line Items] | |||
Carrying amount of debt | $ 7,802 | $ 2,820 | |
Long-term loans | US$ denominated bank borrowing | Restricted Cash Noncurrent [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt reclassified to short-term debt | 1,105 | ||
Long-term loans | PRC | |||
Debt Instrument [Line Items] | |||
Long-term debt reclassified to short-term debt | 984 | ||
Long-term loans | PRC | RMB denominated bank borrowing for purchase of buildings | Building | |||
Debt Instrument [Line Items] | |||
Assets pledged as collateral | 89,660 | ||
Long-term loans | PRC | RMB Denominated Bank Borrowing For Financial Institutions in China | |||
Debt Instrument [Line Items] | |||
Carrying amount of debt | 30,107 | ||
Long-term debt reclassified to short-term debt | 3 | ||
Long-term loans | PRC | RMB Denominated Bank Borrowing For Financial Institutions in China | Restricted Cash Noncurrent [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt reclassified to short-term debt | 33,931 | ||
Long-term loans | PRC | RMB Denominated Bank Borrowing For Financial Institutions in China | Repayable Within Twelve Months [Member] | |||
Debt Instrument [Line Items] | |||
Carrying amount of debt | 43,003 | ||
Long-term debt reclassified to short-term debt | $ 2,365 | ||
Stated interest rate, as a percent | 5.98% | ||
Long-term loans | PRC | RMB Denominated Bank Borrowing For Financial Institutions in China | Building | Repayable Within Twelve Months [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt reclassified to short-term debt | $ 56,739 | ||
Long-term loans | PRC | RMB Denominated Bank Borrowing For Financial Institutions in China | PBOC rate | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Description of Variable Rate Basis | 5% | ||
Long-term loans | Beijing PRC | RMB denominated bank borrowing for purchase of buildings | |||
Debt Instrument [Line Items] | |||
Carrying amount of debt | $ 60,529 | $ 70,640 | |
Stated interest rate, as a percent | 4.90% | 4.90% | |
Long-term loans | Beijing PRC | RMB denominated bank borrowing for purchase of buildings | Repayable On Demand For Not Meeting Loan Covenants [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt reclassified to short-term debt | 60,529 | $ 70,640 | |
Long-term loans | Beijing PRC | RMB denominated bank borrowing for purchase of buildings | Buildings and Land [Member] | |||
Debt Instrument [Line Items] | |||
Assets pledged as collateral | 206,449 | ||
Long-term loans | Wuhan PRC | RMB denominated bank borrowing for purchase of buildings | |||
Debt Instrument [Line Items] | |||
Carrying amount of debt | 16,983 | 19,644 | |
Assets pledged as collateral | $ 1,433 | ||
Stated interest rate, as a percent | 4.90% | ||
Long-term loans | Wuhan PRC | RMB denominated bank borrowing for purchase of buildings | Accounts Receivable [Member] | |||
Debt Instrument [Line Items] | |||
Assets pledged as collateral | $ 324 | ||
Long-term loans | Wuhan PRC | RMB denominated bank borrowing for purchase of buildings | Repayable Within Twelve Months [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt reclassified to short-term debt | 2,342 | 2,381 | |
Long-term loans | Wuhan PRC | RMB denominated bank borrowing for purchase of buildings | Building | |||
Debt Instrument [Line Items] | |||
Assets pledged as collateral | 43,298 | ||
Long-term loans | Chongqing, Sichuan Province PRC | RMB denominated bank borrowing for purchase of buildings | |||
Debt Instrument [Line Items] | |||
Carrying amount of debt | 40,009 | 45,315 | |
Long-term loans | Chongqing, Sichuan Province PRC | RMB denominated bank borrowing for purchase of buildings | Repayable Within Twelve Months [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt reclassified to short-term debt | $ 4,572 | ||
Long-term loans | Chongqing, Sichuan Province PRC | RMB denominated bank borrowing for purchase of buildings | Repayable On Demand For Not Meeting Loan Covenants [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt reclassified to short-term debt | $ 4,764 | ||
Long-term loans | Chongqing, Sichuan Province PRC | RMB denominated bank borrowing for purchase of buildings | PBOC rate | |||
Debt Instrument [Line Items] | |||
Interest basis spread on variable rate | 25.00% | 40.00% | |
Long-term loans | UNITED STATES | Buildings and Land [Member] | |||
Debt Instrument [Line Items] | |||
Assets pledged as collateral | $ 54,973 | ||
Long-term loans | Taiwan | US$ denominated bank borrowing | |||
Debt Instrument [Line Items] | |||
Carrying amount of debt | 37,573 | $ 37,266 | |
Principle amount of debt | $ 40,000 | ||
Stated interest rate, as a percent | 2.35% | ||
Long-term loans | Taiwan | US$ denominated bank borrowing | Payable on October 23, 2020 | |||
Debt Instrument [Line Items] | |||
Percent of principle in periodic payment | 10.00% | ||
Long-term loans | Taiwan | US$ denominated bank borrowing | Payable on October 23, 2021 | |||
Debt Instrument [Line Items] | |||
Percent of principle in periodic payment | 90.00% | ||
Long-term loans | Taiwan | US$ denominated bank borrowing | Three month LIBOR | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Description of Variable Rate Basis | 3-month LIBOR |
SHORT-TERM BOND PAYABLE (Detail
SHORT-TERM BOND PAYABLE (Details) $ in Thousands | Dec. 31, 2019USD ($) | Oct. 29, 2019CNY (¥) | Oct. 29, 2019USD ($) |
Short-term Debt [Line Items] | |||
Short term bond payable | $ 102,779 | ||
364 days RMB denominated bond | |||
Short-term Debt [Line Items] | |||
Short term bond payable | ¥ 720,000 | $ 102,009 | |
Stated interest rate, as a percent | 4.80% | 4.80% | |
Debt issuance cost | $ 528 | ||
Investment in shares pledged as collateral for bond | $ 23,418 |
ACCRUED EXPENSES AND OTHER LI_3
ACCRUED EXPENSES AND OTHER LIABILITIES (Schedule of Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
ACCRUED EXPENSES AND OTHER LIABILITIES | |||
Payroll and welfare benefit | $ 17,655 | $ 5,578 | |
Other taxes and surcharges payable | 30,527 | 38,935 | |
Amounts payable to employees | 2,311 | 2,269 | |
Amounts payable to sales and marketing agents | 25,364 | 30,934 | |
Interest payables | 4,155 | 1,585 | |
Utility and property management payables | 6,508 | 6,538 | |
Construction payables | 3,869 | 3,216 | |
Amounts due to foremen and suppliers of decoration services | 2,115 | 2,562 | |
Deposits for rental | 3,941 | 7,683 | |
Cash incentives payable to home buyers | 5,378 | 5,893 | |
Lease liability, current | 2,361 | ||
Others | 16,060 | 13,731 | |
Accrued expenses and other liabilities | $ 120,244 | $ 120,592 | $ 118,924 |
CONVERTIBLE SENIOR NOTES (princ
CONVERTIBLE SENIOR NOTES (principal amount and unamortized discount and debt issuance costs) (Details) - Convertible senior notes - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Principle amount of debt | $ 167,060 | $ 250,000 |
Unamortized premium | (1,869) | (4,435) |
Total | $ 168,929 | $ 254,435 |
CONVERTIBLE SENIOR NOTES (Sched
CONVERTIBLE SENIOR NOTES (Schedule of future principal payments) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2020 | $ 74,624 |
2021 | 177,226 |
2022 | 40,234 |
2023 | 46,204 |
2024 and thereafter | 89,981 |
Total | 428,269 |
Long-term loans | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2020 | 74,624 |
2021 | 10,166 |
2022 | 40,234 |
2023 | 46,204 |
2024 and thereafter | 89,981 |
Total | 261,209 |
Convertible senior notes | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2021 | 167,060 |
Total | $ 167,060 |
CONVERTIBLE SENIOR NOTES (Narra
CONVERTIBLE SENIOR NOTES (Narrative) (Details) | Dec. 31, 2019USD ($) | Oct. 28, 2019USD ($) | Oct. 25, 2018USD ($)loan | Dec. 15, 2016USD ($) | Nov. 04, 2015USD ($)shares | Sep. 24, 2015USD ($)$ / sharesshares | Dec. 04, 2013USD ($)$ / shares | Jan. 03, 2014USD ($) | Dec. 31, 2019USD ($)loanitemshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2019$ / shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018$ / shares | Oct. 24, 2018USD ($) | Nov. 04, 2015$ / shares | Nov. 04, 2015USD ($)$ / shares |
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term Debt | $ 428,269,000 | |||||||||||||||||
Repayment of debt | $ 83,118,000 | $ 44,560,000 | ||||||||||||||||
Carlyle Group [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Minimum percentage of Company's total outstanding share capital to be owned by related party | 1.00% | |||||||||||||||||
Safari Company | Carlyle Group [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Percentage interest owned | 72.00% | |||||||||||||||||
Safari Company | Ateefa Limited [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Percentage interest owned | 28.00% | |||||||||||||||||
Safari Company | IDG Maximum Financial Limited | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Percentage interest owned | 72.53% | |||||||||||||||||
Safari Company | Deanhale Limited | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Percentage interest owned | 27.47% | |||||||||||||||||
Common Class A | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Shares issued (in shares) | shares | 8,436,581 | 3,418,803 | ||||||||||||||||
Proceeds from issuance of shares | $ 246,770 | $ 100,000,000 | ||||||||||||||||
Principle amount of debt | $ 1,000,000 | |||||||||||||||||
Par value | $ / shares | $ 1 | $ 1 | $ 1 | |||||||||||||||
November 2022 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Threshold shares issuable | shares | 6,977,150 | |||||||||||||||||
Spin off distribution ratio | 1 | |||||||||||||||||
Repayments of accrued and unpaid interest on convertible debt | $ 73,000 | |||||||||||||||||
Redeemed face amount | 54,940,000 | |||||||||||||||||
Repayment of debt | 54,940,000 | |||||||||||||||||
November 2022 | IDG Maximum Financial Limited | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principle amount of debt | 95,060,000 | |||||||||||||||||
Number of replacement notes issued | loan | 5 | |||||||||||||||||
Number of replacement notes resold | loan | 4 | |||||||||||||||||
Number of note holders | item | 4 | |||||||||||||||||
November 2022 | Deanhale Limited | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principle amount of debt | 54,940,000 | |||||||||||||||||
Convertible senior notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principle amount of debt | $ 250,000,000 | 167,060,000 | ||||||||||||||||
Long-term Debt | $ 167,060,000 | |||||||||||||||||
Interest expense | $ 2,848,000 | $ 6,154,000 | $ 6,395,000 | |||||||||||||||
December 2018 Notes One | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principle amount of debt | $ 400,000,000 | |||||||||||||||||
Stated interest rate, as a percent | 2.00% | |||||||||||||||||
Effective interest rate, as a percent | 2.86% | |||||||||||||||||
Percentage of outstanding principal amount repurchased | 98.60% | |||||||||||||||||
Total net proceeds from issuance of senior convertible notes | $ 390,455,000 | |||||||||||||||||
Repayment of debt | $ 394,300,000 | 5,700,000 | ||||||||||||||||
Issuance costs | 9,545,000 | |||||||||||||||||
December 2018 Notes One | American Depositary Shares ADS [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principle amount of debt | $ 1,000,000 | |||||||||||||||||
Conversion price | $ / shares | $ 103.26 | |||||||||||||||||
Conversion rate | 0.0096839 | |||||||||||||||||
December 2018 Notes One | Overallotment Option | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principle amount of debt | $ 50,000,000 | |||||||||||||||||
September 2022 Notes One | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principle amount of debt | 100,000,000 | $ 28,000,000 | ||||||||||||||||
Gain loss on extinguishment of debt | 1,165,000 | |||||||||||||||||
Stated interest rate, as a percent | 1.50% | |||||||||||||||||
Effective interest rate, as a percent | 1.56% | |||||||||||||||||
Issuance costs | 355,000 | |||||||||||||||||
September 2022 Notes One | Safari Company | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Repayments of accrued and unpaid interest on convertible debt | $ 105,000 | |||||||||||||||||
Redeemed face amount | $ 28,000,000 | |||||||||||||||||
Repayment of debt | $ 28,000,000 | |||||||||||||||||
September 2022 Notes One | Common Class A | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principle amount of debt | $ 1,000,000 | |||||||||||||||||
Conversion price | $ / shares | $ 35.83 | |||||||||||||||||
Conversion rate | 0.0279086 | |||||||||||||||||
Total net proceeds from issuance of senior convertible notes and from the sale of common stock | $ 199,645,000 | |||||||||||||||||
November 2022 Notes One | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principle amount of debt | $ 54,940,000 | $ 200,000,000 | $ 200,000 | |||||||||||||||
Stated interest rate, as a percent | 1.50% | |||||||||||||||||
Effective interest rate, as a percent | 2.46% | |||||||||||||||||
Conversion price | $ / shares | $ 35.83 | |||||||||||||||||
Interest expense | 12,113,000 | |||||||||||||||||
Beneficial conversion feature (BCF) recognized | 12,113,000 | |||||||||||||||||
Issuance costs | $ 711,000 | |||||||||||||||||
Fair value of stock (in dollars per share) | $ / shares | $ 38 | |||||||||||||||||
November 2022 Notes One | Common Class A | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Conversion price | $ / shares | $ 35.83 | |||||||||||||||||
Conversion rate | 0.0279086 | |||||||||||||||||
Total net proceeds from issuance of senior convertible notes and from the sale of common stock | $ 446,059,000 | |||||||||||||||||
New November 2022 Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Principle amount of debt | $ 150,000,000 | |||||||||||||||||
Number of replacement notes issued | loan | 5 | |||||||||||||||||
Stated interest rate, as a percent | 1.50% | |||||||||||||||||
Effective interest rate, as a percent | 0.69% | |||||||||||||||||
Repayment of debt | $ 38,860,000 |
DISCONTINUED OPERATIONS Operati
DISCONTINUED OPERATIONS Operating results (Details) $ in Thousands | Jun. 11, 2019 | Jun. 11, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | $ 13,181 | $ 26,509 | $ 20,675 | ||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | China Index Holding Limited [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Conversion ratio of spin off under discontinued operations | 1 | ||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Revenues | $ 32,934 | 63,656 | 49,606 | ||
Cost of revenues | (6,615) | (12,566) | (11,736) | ||
Selling expenses | (5,916) | (11,686) | (8,625) | ||
General and administrative expenses | (4,753) | (9,395) | (6,195) | ||
Interest income | 37 | 100 | 271 | ||
Realized gain on sale of available-for-sale securities | 732 | 315 | |||
Government grants | 33 | 211 | 129 | ||
Income from discontinued operations, before income taxes | 15,720 | 31,052 | 23,765 | ||
Income tax expense | (2,539) | (4,543) | (3,090) | ||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | $ 13,181 | $ 26,509 | $ 20,675 |
DISCONTINUED OPERATIONS Opera_2
DISCONTINUED OPERATIONS Operating results - Assets and Liabilities (Details) $ in Thousands | Dec. 31, 2018USD ($) |
ASSETS | |
Total current assets | $ 26,289 |
Total non-current assets | 573 |
LIABILITIES AND SHAREHOLDERS' EQUITY | |
Total current liabilities | 35,327 |
Total non-current liabilities | 2,258 |
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | China Index Holding Limited [Member] | |
ASSETS | |
Cash and cash equivalents | 23,925 |
Accounts receivable, net | 2,263 |
Prepayment and other current assets | 101 |
Total current assets | 26,289 |
Property and equipment, net | 573 |
Total non-current assets | 573 |
Total assets | 26,862 |
LIABILITIES AND SHAREHOLDERS' EQUITY | |
Deferred revenue | 20,873 |
Accrued expenses and other payables | 12,344 |
Income tax payable | 2,110 |
Total current liabilities | 35,327 |
Other non-current liabilities | 2,258 |
Total non-current liabilities | 2,258 |
Total liabilities | $ 37,585 |
DISCONTINUED OPERATIONS Opera_3
DISCONTINUED OPERATIONS Operating results - Discontinued Operations (Details) - USD ($) $ in Thousands | 5 Months Ended | 12 Months Ended | |
Jun. 11, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flow discontinued operations | |||
Net cash provided by operating activities | $ 20,271 | ||
Net cash provided by (used in) investing activities | (1) | ||
Net cash used in financing activities | $ (24,250) | ||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | China Index Holding Limited [Member] | |||
Cash flow discontinued operations | |||
Net cash provided by operating activities | $ 32,119 | $ 30,143 | |
Net cash provided by (used in) investing activities | 726 | 18 | |
Net cash used in financing activities | $ (42,985) | $ (50,995) |
SHAREHOLDERS' EQUITY (Narrative
SHAREHOLDERS' EQUITY (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Voteshares | Dec. 31, 2018shares | Dec. 31, 2017shares | |
Shareholders Equity [Line Items] | |||
Number of Class A ordinary shares that a Class B ordinary share may be converted into | 1 | ||
The number of Class B ordinary shares converted into Class A ordinary shares | 0 | 0 | 0 |
PRC Regulations on Enterprises with Foreign Investment | |||
Restricted net assets | |||
Restriction for distribution of funds | US$14,307 | US$15,525 | |
General reserves | Foreign invested enterprise | PRC Regulations on Enterprises with Foreign Investment | |||
Restricted net assets | |||
Maximum reserve as a percent of registered capital based on PRC statutory accounts | 50.00% | 50.00% | |
General reserves | Foreign invested enterprise | PRC Regulations on Enterprises with Foreign Investment | Minimum | |||
Restricted net assets | |||
Percent of annual after-tax profit to be allocated to reserves | 10.00% | 10.00% | |
Common reserves | Domestic enterprise | Company Law of the PRC | |||
Restricted net assets | |||
Maximum reserve as a percent of registered capital based on PRC statutory accounts | 50.00% | 50.00% | |
Common reserves | Domestic enterprise | Company Law of the PRC | Minimum | |||
Restricted net assets | |||
Percent of annual after-tax profit to be allocated to reserves | 10.00% | 10.00% | |
Common Class A | |||
Shareholders Equity [Line Items] | |||
Common Stock, Shares, Issued | 71,775,686 | 72,069,645 | |
Common Stock, Shares, Outstanding | 65,403,527 | 65,004,587 | |
Number of voting rights per share | Vote | 1 | ||
Common Class A | Treasury Stock | |||
Treasury Share | |||
Aggregate number of shares repurchased | 7,065,058 | ||
Cash consideration for repurchase of common stock | $ | $ 136,615 | ||
Exercise of share options | 692,899 | ||
Common Class A | Common Stock | |||
Treasury Share | |||
Exercise of share options | 398,940 | 644,525 | 347,304 |
Common Class B | |||
Shareholders Equity [Line Items] | |||
Common Stock, Shares, Issued | 24,336,650 | 24,336,650 | |
Common Stock, Shares, Outstanding | 24,336,650 | 24,336,650 | |
Number of voting rights per share | Vote | 10 |
TAXATION (Schedule of Income(Lo
TAXATION (Schedule of Income(Loss) from Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 13,094 | $ (120,523) | $ 32,423 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | (46,069) | (39,884) | (13,042) |
Income (loss) from continuing operations before income taxes | $ (32,975) | $ (160,407) | $ 19,381 |
TAXATION (Schedule of Income Ta
TAXATION (Schedule of Income Tax Expenses (Benefits) from Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Current tax expense | $ 954 | $ 2,282 | $ 18,669 |
Deferred tax benefit | (10,498) | (21,271) | (317) |
Income Tax Expenses (Benefit) from Continuing Operations | $ (9,544) | $ (18,989) | $ 18,352 |
TAXATION (Schedule of Reconcili
TAXATION (Schedule of Reconciliation between Amount of Income Tax Expenses (Benefits) and Amount Computed by Applying Statutory Tax Rate to Income (Loss) from Continuing Operations before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income (loss) from continuing operations before income taxes | $ (32,975) | $ (160,407) | $ 19,381 |
Income tax at applicable tax rate of 25% | (8,244) | (40,102) | 4,845 |
Effect of international tax rate differences | 8,236 | 6,891 | 472 |
Non-deductible expenses | 6,419 | 16,042 | 7,671 |
Non-taxable income | (535) | (1,145) | |
Effect of tax holidays or preferential tax rates | (756) | (3,489) | (9,457) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 298 | (1,725) | |
Investment basis difference in the PRC Domestic Entities | 2,696 | ||
Withholding tax | 4,711 | 11,720 | |
Research and development super-deduction | (3,185) | (2,703) | |
Changes in valuation allowance | 1,327 | 1,273 | 8,845 |
Expiration of loss carry forwards | 124 | 101 | |
Expiration of unrecognized tax benefits due to applicable statute of limitations | (13,090) | (8,881) | (4,302) |
Interest and penalties on unrecognized tax benefits | (7,168) | 1,304 | 9,307 |
Others | 2,319 | ||
Effective Income Tax Reconciliation Adjustments Total, Total | $ (9,544) | $ (18,989) | $ 18,352 |
TAXATION (Schedule of Roll-forw
TAXATION (Schedule of Roll-forward of Unrecognized Tax Benefits, Exclusive of Related Interest and Penalties) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $ 72,737 | $ 79,436 | $ 78,933 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 5,451 | 577 | 4,192 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 14,818 | 6,925 | 10,666 |
Decrease relating to reversal of prior years' tax position | (5,548) | (1,821) | (14,102) |
Decrease relating to expiration of applicable statute of limitations | (13,090) | (9,220) | (4,586) |
Foreign currency translation adjustments | (1,116) | (3,160) | 4,333 |
Disposal of subsidiaries | (2,440) | ||
Balance at end of year | $ 70,812 | $ 72,737 | $ 79,436 |
TAXATION (Schedule of Aggregate
TAXATION (Schedule of Aggregate Amount and Per Share Effect of Tax Holidays and Preferential Tax Rates) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Holiday [Line Items] | |||
The aggregate amount | $ (756) | $ (3,489) | $ (9,457) |
Basic Earnings Per Share [Member] | |||
Income Tax Holiday [Line Items] | |||
Income tax holiday and tax preference rates income tax benefits per share | $ 0.01 | $ 0.04 | $ 0.11 |
Diluted Earnings Per Share [Member] | |||
Income Tax Holiday [Line Items] | |||
Income tax holiday and tax preference rates income tax benefits per share | $ 0.01 | $ 0.04 | $ 0.10 |
TAXATION (Schedule of Component
TAXATION (Schedule of Components of Deferred Taxes) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets | |||
Net operating losses | $ 59,374 | $ 71,297 | |
Lease liability | 1,055 | ||
Impairment of assets | 1,153 | 933 | |
Overcharged advertising and promotion fee | 1,141 | 1,061 | |
Fixed assets depreciation | 332 | 208 | |
Less: Valuation allowance | (55,430) | (71,297) | $ (73,011) |
Total deferred tax assets, net | 7,625 | 2,202 | |
Total deferred tax assets, net | 6,570 | 2,202 | |
Deferred tax liabilities | |||
Right of use assets | 1,055 | ||
Investment basis in the PRC entities | (75,774) | (72,088) | |
BaoAn Acquisition - Property | (11,522) | (12,191) | |
Investments | (3,290) | (13,160) | |
Interest capitalization | (137) | (139) | |
Deferred tax liabilities | (91,778) | (97,578) | |
Net deferred income tax assets | 6,570 | 2,202 | |
Net deferred income tax liabilities | $ (90,723) | $ (97,578) |
TAXATION (Schedule of Rollforwa
TAXATION (Schedule of Rollforward of Valuation Allowances of Deferred Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Balance as of beginning of the year | $ (71,297) | $ (73,011) |
Additions of valuation allowance | (4,433) | (9,868) |
Utilization of deferred tax assets | 2,651 | 8,595 |
Change in judgment about the realizability of deferred tax assets | 455 | |
Decrease relating to disposal of entities | 16,447 | |
Foreign currency translation adjustments | 747 | 2,987 |
Balance as of end of the year | $ (55,430) | $ (71,297) |
TAXATION (Narrative) (Details)
TAXATION (Narrative) (Details) $ in Thousands, $ in Millions | Apr. 14, 2008 | Jan. 01, 2008 | Jan. 31, 2008 | Dec. 31, 2019HKD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2019USD ($) |
Income Tax [Line Items] | ||||||||||||
Tax rate on profits | 21.00% | 35.00% | ||||||||||
Income tax expense (benefit) | $ (9,544) | $ (18,989) | $ 18,352 | |||||||||
Deferred Tax Assets, Net | 6,570 | 2,202 | $ 6,570 | |||||||||
Unrecognized Tax benefits | 70,812 | 72,737 | 79,436 | $ 78,933 | 70,812 | |||||||
Unrecognized tax benefits | ||||||||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 68,088 | 70,350 | 68,088 | |||||||||
Unrecognized Tax benefit reduction of deferred income tax assets for tax loss carry forwards | 2,724 | 2,387 | ||||||||||
Income Tax Examination, Penalties and Interest Expense | (7,168) | 1,304 | 9,307 | |||||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 53,816 | 65,296 | 53,816 | |||||||||
Unrecognized tax benefits including interest and penalties | 121,889 | 121,889 | ||||||||||
Operating Loss Carryforwards [Abstract] | ||||||||||||
Operating loss carryforwards | $ 41,765 | 41,765 | ||||||||||
Deferred tax liabilities arising from undistributed earnings | ||||||||||||
Withholding tax rate | 10.00% | 10.00% | ||||||||||
Deferred tax liabilities for undistributed foreign earnings | $ 44,635 | 40,436 | 44,635 | |||||||||
Temporary differences related to investment in subsidiaries | 75,774 | 72,088 | 75,774 | |||||||||
Accrued Expenses And Other Liabilities [Member] | ||||||||||||
Unrecognized tax benefits | ||||||||||||
Unrecognized tax benefits including interest and penalties | 121,904 | 135,646 | 121,904 | |||||||||
Earliest Tax Year [Member] | ||||||||||||
Operating Loss Carryforwards [Abstract] | ||||||||||||
Deferred Tax Assets, Tax Credit Carryforwards | $ 41,341 | 41,341 | ||||||||||
Operating loss carry forwards expiration date | 2020 | 2020 | ||||||||||
Tax Year 2021 Member | ||||||||||||
Operating Loss Carryforwards [Abstract] | ||||||||||||
Deferred Tax Assets, Tax Credit Carryforwards | $ 131,392 | 131,392 | ||||||||||
Operating loss carry forwards expiration date | 2021 | 2021 | ||||||||||
Tax Year 2022 Member | ||||||||||||
Operating Loss Carryforwards [Abstract] | ||||||||||||
Deferred Tax Assets, Tax Credit Carryforwards | $ 23,879 | 23,879 | ||||||||||
Operating loss carry forwards expiration date | 2022 | 2022 | ||||||||||
Tax Year 2023 Member | ||||||||||||
Operating Loss Carryforwards [Abstract] | ||||||||||||
Deferred Tax Assets, Tax Credit Carryforwards | $ 27,950 | 27,950 | ||||||||||
Operating loss carry forwards expiration date | 2023 | 2023 | ||||||||||
Latest Tax Year [Member] | ||||||||||||
Operating Loss Carryforwards [Abstract] | ||||||||||||
Deferred Tax Assets, Tax Credit Carryforwards | $ 37,464 | 37,464 | ||||||||||
Operating loss carry forwards expiration date | 2024 | 2024 | ||||||||||
Cayman Islands Tax Information Authority [Member] | Foreign Tax Authority | ||||||||||||
Income Tax [Line Items] | ||||||||||||
Withholding on dividend remittance | $ 0 | 0 | ||||||||||
British Virgin Islands International Tax Authority [Member] | Foreign Tax Authority | ||||||||||||
Income Tax [Line Items] | ||||||||||||
Withholding on dividend remittance | $ 0 | 0 | ||||||||||
Inland Revenue, Hong Kong [Member] | Foreign Tax Authority | ||||||||||||
Income Tax [Line Items] | ||||||||||||
Tax rate on profits | 16.50% | 16.50% | ||||||||||
Preferential tax rate | 8.25% | 8.25% | ||||||||||
Withholding on dividend remittance | $ 0 | 0 | ||||||||||
First tier of profits assessed at half tax rate | $ 2 | |||||||||||
Tax assessable profits | 0 | 0 | 0 | |||||||||
Income tax expense (benefit) | $ 0 | 0 | $ 0 | |||||||||
Internal Revenue Service (IRS) [Member] | Foreign Tax Authority | ||||||||||||
Income Tax [Line Items] | ||||||||||||
Tax rate on profits | 21.00% | 21.00% | 35.00% | |||||||||
Deferred Tax Assets, Net | $ 13,834 | 13,834 | ||||||||||
Deferred tax asset valuation allowance provided | 0 | |||||||||||
Inland Revenue, Singapore (IRAS) [Member] | Foreign Tax Authority | ||||||||||||
Income Tax [Line Items] | ||||||||||||
Tax assessable profits | $ 0 | |||||||||||
Income tax expense (benefit) | $ 0 | 0 | $ 0 | |||||||||
State Administration of Taxation, China [Member] | PRC - Domestic Tax Authority | ||||||||||||
Income Tax [Line Items] | ||||||||||||
Tax rate on profits | 25.00% | |||||||||||
State Administration of Taxation, China [Member] | PRC - Domestic Tax Authority | High And New Technology Enterprises [Member] | ||||||||||||
Income Tax [Line Items] | ||||||||||||
Preferential tax rate | 15.00% | 15.00% | 15.00% | 15.00% | ||||||||
Preferential certificate term (in years) | 3 years | |||||||||||
Preferential certificate renewal term (in years) | 3 years | |||||||||||
State Administration of Taxation, China [Member] | PRC - Domestic Tax Authority | PRC Resident Enterprise [Member] | ||||||||||||
Income Tax [Line Items] | ||||||||||||
Transitional enterprise income tax rate | 25.00% | |||||||||||
PRC Subsidiaries And PRC Domestic Entities And PRC Domestic Entities' Subsidiaries [Member] | ||||||||||||
Deferred tax liabilities arising from undistributed earnings | ||||||||||||
Deferred tax liabilities for undistributed foreign earnings | $ 31,139 | 31,652 | $ 31,139 | |||||||||
Temporary differences related to withholding taxes on undistributed earnings of subsidiaries | 305,179 | 319,483 | 305,179 | |||||||||
Temporary differences related to investment in subsidiaries | $ 30,518 | $ 31,948 | $ 30,518 | |||||||||
Five Subsidiaries [Member] | State Administration of Taxation, China [Member] | PRC - Domestic Tax Authority | ||||||||||||
Income Tax [Line Items] | ||||||||||||
Preferential tax rate | 15.00% | 15.00% | ||||||||||
Beijing Tuoshi [Member] | State Administration of Taxation, China [Member] | PRC - Domestic Tax Authority | ||||||||||||
Income Tax [Line Items] | ||||||||||||
Preferential tax rate | 15.00% | 15.00% | ||||||||||
Three Subsidiaries [Member] | State Administration of Taxation, China [Member] | PRC - Domestic Tax Authority | Software Enterprise [Member] | ||||||||||||
Income Tax [Line Items] | ||||||||||||
Preferential tax rate | 12.50% | 12.50% | 12.50% | |||||||||
Period of exemption from taxes | 2 years | 2 years | ||||||||||
Beijing Li Man Wan Jia Network Technology Co., Ltd. [Member] | State Administration of Taxation, China [Member] | PRC - Domestic Tax Authority | ||||||||||||
Income Tax [Line Items] | ||||||||||||
Preferential tax rate | 15.00% | 15.00% | ||||||||||
Beijing Hua Ju Tian Xia Network Technology Co Ltd [Member] | State Administration of Taxation, China [Member] | PRC - Domestic Tax Authority | ||||||||||||
Income Tax [Line Items] | ||||||||||||
Preferential tax rate | 15.00% | 15.00% |
SHARE-BASED PAYMENTS - (Summary
SHARE-BASED PAYMENTS - (Summary of Equity Award Activity) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Granted (new options) | 518,175 | ||
Employees and Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding, December 31, 2018 | 6,034,054 | ||
Granted (new options) | 1,423,337 | ||
Granted (replacement options) | 6,456,707 | ||
Forfeited | (87,950) | ||
Expired | (140,446) | ||
Exercised | (11,000) | ||
Replaced | (6,456,707) | ||
Outstanding, December 31, 2019 | 7,217,995 | 6,034,054 | |
Vested and expected to vest at December 31, 2019 | 7,217,995 | ||
Exercisable at December 31, 2019 | 636,052 | ||
Weighted Average Exercise Price | |||
Outstanding, December 31, 2018 | $ 10.92 | ||
Granted (new option) | $ 5.85 | ||
Granted (replacement option) | 2.05 | ||
Forfeited | 16.94 | ||
Expired | 22.27 | ||
Exercised | 1.97 | ||
Replaced | 8.70 | ||
Outstanding, December 31, 2019 | 3.84 | $ 10.92 | |
Vested and expected to vest at December 31, 2019 | 3.84 | ||
Exercisable at December 31, 2019 | $ 16.42 | ||
Weighted Average Remaining Contractual Term | |||
Outstanding, December 31, 2018 | 4 years 6 months | ||
Outstanding, December 31, 2019 | 5 years 18 days | ||
Vested and expected to vest at December 31, 2019 | 5 years 18 days | ||
Exercisable at December 31, 2019 | 4 years 4 days | ||
Aggregated Intrinsic Value | |||
Outstanding, December 31, 2018 | $ 5,919,000 | ||
Outstanding, December 31, 2019 | $ 5,299,000 | $ 5,919,000 | |
Vested and expected to vest at December 31, 2019 | 5,299,000 | ||
Exercisable at December 31, 2019 | $ 86,000 | ||
Employees and Directors [Member] | China Index Holdings Limited [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Granted (new options) | 6,773,143 | ||
Forfeited | (59,340) | ||
Expired | (76,185) | ||
Outstanding, December 31, 2019 | 6,637,618 | ||
Vested and expected to vest at December 31, 2019 | 6,637,618 | ||
Exercisable at December 31, 2019 | 326,165 | ||
Weighted Average Exercise Price | |||
Granted (new option) | $ 0.001 | ||
Forfeited | 0.001 | ||
Expired | 0.001 | ||
Outstanding, December 31, 2019 | 0.001 | ||
Vested and expected to vest at December 31, 2019 | 0.001 | ||
Exercisable at December 31, 2019 | $ 0.001 | ||
Weighted Average Remaining Contractual Term | |||
Outstanding, December 31, 2018 | 0 years | ||
Outstanding, December 31, 2019 | 4 years 9 months 11 days | ||
Vested and expected to vest at December 31, 2019 | 4 years 9 months 11 days | ||
Exercisable at December 31, 2019 | 3 years 1 month 13 days | ||
Aggregated Intrinsic Value | |||
Outstanding, December 31, 2019 | $ 24,154 | ||
Vested and expected to vest at December 31, 2019 | 24,154 | ||
Exercisable at December 31, 2019 | $ 1,187 |
SHARE-BASED PAYMENTS - (Schedul
SHARE-BASED PAYMENTS - (Schedule of Fair Value of Option Granted) (Details) - Employee - Employee Stock Option [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average grant date fair value of option per share | $ / shares | $ 2.88 |
Aggregate grant date fair value of options | $ | $ 4,099 |
SHARE-BASED PAYMENTS - (Sched_2
SHARE-BASED PAYMENTS - (Schedule of Assumptions Used to Estimate Fair Value) (Details) | 12 Months Ended |
Dec. 31, 2019$ / shares | |
Assumptions Used To Determine Fair Value Options [Line Items] | |
Dividend yield | 0.00% |
Maximum | |
Assumptions Used To Determine Fair Value Options [Line Items] | |
Risk-free interest rate | 2.42% |
Expected volatility range | 48.06% |
Weighted average expected life | 10 years |
Exercise multiple | $ 2.8 |
Fair value of ordinary share | $ 5.80 |
Minimum | |
Assumptions Used To Determine Fair Value Options [Line Items] | |
Risk-free interest rate | 1.57% |
Expected volatility range | 39.00% |
Weighted average expected life | 26 days |
Exercise multiple | $ 2.2 |
Fair value of ordinary share | $ 1.99 |
SHARE-BASED PAYMENTS - (Summa_2
SHARE-BASED PAYMENTS - (Summary Of Restricted Shares Granted) (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Number of Shares | |
Outstanding, December 31, 2018 | 1,066,635 |
Forfeited | (52,161) |
Vested | (387,940) |
Unvested, December 31, 2019 | 626,534 |
Weighted-Average Grant date Fair Value per Share | |
Outstanding, December 31, 2018 | $ / shares | $ 17.62 |
Forfeited | $ / shares | 18.60 |
Vested | $ / shares | 17.60 |
Unvested, December 31, 2019 | $ / shares | $ 17.55 |
China Index Holdings Limited [Member] | |
Number of Shares | |
Granted | 931,588 |
Forfeited | (17,032) |
Vested | (350,829) |
Unvested, December 31, 2019 | 563,727 |
Weighted-Average Grant date Fair Value per Share | |
Granted | $ / shares | $ 0.34 |
Unvested, December 31, 2019 | $ / shares | $ 0.34 |
SHARE-BASED PAYMENTS - (Narrati
SHARE-BASED PAYMENTS - (Narrative) (Details) $ / shares in Units, $ in Thousands | Dec. 19, 2019USD ($)employeeshares | Nov. 15, 2019USD ($)employee$ / sharesshares | Jun. 28, 2019USD ($)employeeshares | Jun. 11, 2019USD ($)$ / sharesshares | Jun. 07, 2019$ / sharesshares | Apr. 24, 2019employeeshares | Aug. 29, 2017USD ($)employee$ / sharesshares | Jun. 04, 2015 | Aug. 04, 2010 | Sep. 01, 1999 | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)employeeshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of employees | employee | 10 | |||||||||||||
Granted | 518,175 | |||||||||||||
Number of restricted shares | 1,029,437 | |||||||||||||
Total incremental share-based compensation | $ | $ 8,820 | $ 14,082 | $ 7,218 | |||||||||||
Incremental share based compensation | $ | $ 2,764 | |||||||||||||
Total unamortized share-based compensation | $ | 13,314 | |||||||||||||
Intrinsic value of options exercised | $ | 64 | $ 3,979 | $ 2,953 | |||||||||||
Unrecognized share-based compensation | $ | $ 13,314 | |||||||||||||
Unrecognized share-based compensation, vesting period | 1 year 6 months 7 days | |||||||||||||
Dividend yield | 0.00% | |||||||||||||
Restricted Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of restricted shares | 626,534 | 1,066,635 | ||||||||||||
Total unamortized share-based compensation | $ | $ 5,033 | |||||||||||||
Unrecognized share-based compensation | $ | $ 5,033 | |||||||||||||
Unrecognized share-based compensation, vesting period | 1 year 8 months 1 day | |||||||||||||
Intrinsic value of restricted shares vested | $ | $ 668 | |||||||||||||
Employee Stock Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of employees | employee | 307 | |||||||||||||
Outstanding | 5,991,867 | 7,357,154 | ||||||||||||
Granted | 6,773,143 | |||||||||||||
Exercise Price | $ / shares | $ 1.99 | |||||||||||||
Total incremental share-based compensation | $ | $ 9,146 | $ 1,069 | ||||||||||||
Employee Stock Option [Member] | Vesting at modification day | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Additional vesting period | 1 year | |||||||||||||
Employee Stock Option [Member] | Expected to vest on or before November 14, 2020 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Additional vesting period | 1 year | |||||||||||||
China Index Holdings Limited [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of restricted shares | 97,849 | |||||||||||||
China Index Holdings Limited [Member] | Restricted Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of restricted shares | 563,727 | |||||||||||||
China Index Holdings Limited [Member] | Employee Stock Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted | 584,011 | |||||||||||||
Exercise Price | $ / shares | $ 0.001 | |||||||||||||
Total incremental share-based compensation | $ | $ 848 | $ 589 | ||||||||||||
Employee [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of restricted shares | 931,588 | |||||||||||||
Maximum | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Expiration Period | 9 years | |||||||||||||
Maximum | Employee Stock Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Exercise Price | $ / shares | $ 30 | |||||||||||||
Minimum | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Expiration Period | 2 days | |||||||||||||
Minimum | Employee Stock Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Exercise Price | $ / shares | $ 5 | |||||||||||||
Stock Related Award Incentive Plan Of 2015 [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Percentage of Shares Issuable to Director and Employees | 1.50% | |||||||||||||
Vesting period | 4 years | |||||||||||||
Contractual term | P10Y | |||||||||||||
The 2017 Replacement Date [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting period | 4 years | |||||||||||||
Number of employees | employee | 200 | |||||||||||||
Percent of awards to vest | 25.00% | |||||||||||||
Total incremental share-based compensation | $ | $ 12,537 | |||||||||||||
Total unamortized share-based compensation | $ | 7,447 | |||||||||||||
Unrecognized share-based compensation | $ | $ 7,447 | |||||||||||||
The 2017 Replacement Date [Member] | Restricted Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Replaced | 1,224,694 | |||||||||||||
The 2017 Replacement Date [Member] | Employee Stock Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted | 1,377,730 | |||||||||||||
Replaced | 153,036 | |||||||||||||
Exercise Price | $ / shares | $ 18.1 | |||||||||||||
The 2017 Replacement Date [Member] | Maximum | Employee Stock Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Exercise Price | $ / shares | 30 | |||||||||||||
The 2017 Replacement Date [Member] | Minimum | Employee Stock Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Exercise Price | $ / shares | $ 27.2 | |||||||||||||
The 2018 Replacement Date [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of employees | employee | 5 | |||||||||||||
Total incremental share-based compensation | $ | $ 619 | |||||||||||||
The 2018 Replacement Date [Member] | Employee Stock Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted | 252,500 | |||||||||||||
Replaced | 252,500 | |||||||||||||
Stock Incentive Plan 2010 [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Percentage of Shares Issuable to Director and Employees | 10.00% | |||||||||||||
Vesting period | 4 years | |||||||||||||
Contractual term | P10Y | |||||||||||||
Stock Plan 1999 [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Percentage of Shares Issuable to Director and Employees | 12.00% | |||||||||||||
Return Period of Awards in case of cessation of employment and violation of certain provisions | 2 years | |||||||||||||
Stock Plan 1999 [Member] | Options Expiring September 2019 and March 2020 [Member] | Employee Stock Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of employees | employee | 2 | |||||||||||||
Granted | 119,920 | |||||||||||||
Total incremental share-based compensation | $ | 18,000 | |||||||||||||
Stock Plan 1999 [Member] | Option Expiring July 2020 And March 2021 [Member] | Employee Stock Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of employees | employee | 2 | |||||||||||||
Granted | 119,920 | |||||||||||||
Total incremental share-based compensation | $ | $ 13,000 | |||||||||||||
Stock Plan 1999 [Member] | Option Expiring December 2029 [Member] | Employee Stock Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of employees | employee | 2 | |||||||||||||
Granted | 225,000 | |||||||||||||
Total incremental share-based compensation | $ | $ 793 | $ 26 | ||||||||||||
Stock Plan 1999 [Member] | Maximum | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting period | 4 years | |||||||||||||
Expiration Period | 15 years | |||||||||||||
Stock Plan 1999 [Member] | Minimum | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting period | 3 years | |||||||||||||
Expiration Period | 10 years | |||||||||||||
Stock Plan 2015 [Member] | Employee Stock Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting period | 4 years | |||||||||||||
Contractual term | P10Y | |||||||||||||
Granted | 1,423,337 | |||||||||||||
Exercise Price | $ / shares | $ 5.85 | |||||||||||||
Percent of awards to vest | 25.00% |
RELATED PARTY TRANSACTIONS (Sum
RELATED PARTY TRANSACTIONS (Summary of Related Parties Transaction by Related Party) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Vincent Tianquan Mo | |
Related Party Transaction [Line Items] | |
Relationship with the Company | Executive chairman of the board of directors and controlling shareholder of the Company |
Richard Jiangong Dai | |
Related Party Transaction [Line Items] | |
Relationship with the Company | Director of the board up until February 25, 2016 |
Wall Street Global Training Center | |
Related Party Transaction [Line Items] | |
Relationship with the Company | A company under the control of Vincent Tianquan Mo |
Beihai Silver Beach | |
Related Party Transaction [Line Items] | |
Relationship with the Company | A company under the control of Vincent Tianquan Mo |
Che Tian Xia Company | |
Related Party Transaction [Line Items] | |
Relationship with the Company | A company under the control of Vincent Tianquan Mo |
Shanghai Yuyue Electronic | |
Related Party Transaction [Line Items] | |
Relationship with the Company | A company under the control of Vincent Tianquan Mo |
China Index Holdings | |
Related Party Transaction [Line Items] | |
Relationship with the Company | A company under the control of Vincent Tianquan Mo and the Company can exercise significant influence |
Next Decade Technology | |
Related Party Transaction [Line Items] | |
Relationship with the Company | A company under the control of Vincent Tianquan Mo |
Media Partner Investments | |
Related Party Transaction [Line Items] | |
Relationship with the Company | A company under the control of Vincent Tianquan Mo |
Chongqing Wanli New Energy | |
Related Party Transaction [Line Items] | |
Relationship with the Company | Equity method investment |
RELATED PARTY TRANSACTIONS (Sch
RELATED PARTY TRANSACTIONS (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands | 5 Months Ended | 12 Months Ended | ||
Jun. 10, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | ||||
Office Building Lease | $ 2,692 | |||
Vincent Tianquan Mo | ||||
Related Party Transaction [Line Items] | ||||
Office Building Lease | 156 | $ 162 | $ 159 | |
Beihai Silver Beach | Management Services | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction expenses | 697 | 523 | 501 | |
China Index Holdings Limited [Member] | ||||
Related Party Transaction [Line Items] | ||||
Office Building Lease | $ 490 | 1,153 | 1,268 | |
Related party transaction expenses | $ 1,495 | 687 | $ 561 | |
Office building lease income | 615 | |||
China Index Holdings Limited [Member] | Listing service fee | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction expenses | 2,331 | |||
China Index Holdings Limited [Member] | IT service income | ||||
Related Party Transaction [Line Items] | ||||
Income from related party | 756 | |||
China Index Holdings Limited [Member] | Software license income | ||||
Related Party Transaction [Line Items] | ||||
Income from related party | 40 | |||
Next Decade Technology Limited and Media Partner Investments Limited | ||||
Related Party Transaction [Line Items] | ||||
Receipt of warrant for acquisition of ordinary shares | 693 | |||
Next Decade Technology Limited and Media Partner Investments Limited | Common Class B | ||||
Related Party Transaction [Line Items] | ||||
Acquisition of Class B ordinary shares of CIH | 29,950 | |||
Shanghai Yuyue | ||||
Related Party Transaction [Line Items] | ||||
Disposal of subsidiaries | $ 7,394 | $ 8,746 |
RELATED PARTY TRANSACTIONS (S_2
RELATED PARTY TRANSACTIONS (Schedule of Amounts Due to Related Party) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Amounts due from a related party | $ 644 | |
Amounts due to a related party | 9,227 | $ 19 |
Beihai Silver Beach | ||
Related Party Transaction [Line Items] | ||
Amounts due from a related party | 369 | |
Amounts due to a related party | $ 19 | |
Shanghai Yuyue Electronic | ||
Related Party Transaction [Line Items] | ||
Amounts due to a related party | 8,910 | |
China Index Holdings | ||
Related Party Transaction [Line Items] | ||
Amounts due to a related party | 317 | |
Wanli | ||
Related Party Transaction [Line Items] | ||
Amounts due from a related party | $ 275 |
RELATED PARTY TRANSACTIONS - (N
RELATED PARTY TRANSACTIONS - (Narrative) (Details) $ in Thousands | Apr. 01, 2013 | Mar. 01, 2012USD ($) | Apr. 30, 2013USD ($) | Jun. 10, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2011ft² |
Transactions With Third Party [Line Items] | ||||||||
Office Building Lease | $ 2,692 | |||||||
Annual rental fee | 2,692 | |||||||
Due to Related Parties, Current | 9,227 | $ 19 | ||||||
Due from Related Parties, Current | 644 | |||||||
Vincent Tianquan Mo | ||||||||
Transactions With Third Party [Line Items] | ||||||||
Office Building Lease | 156 | $ 159 | ||||||
Annual rental fee | $ 156 | 159 | ||||||
Shanghai Yuyue | ||||||||
Transactions With Third Party [Line Items] | ||||||||
Entity owned percentage | 100.00% | |||||||
Vincent Tianquan Mo | ||||||||
Transactions With Third Party [Line Items] | ||||||||
Lease period | 10 years | |||||||
Cost Of Lease Operating Lease | $ 0 | |||||||
Office Building Lease | $ 156 | 162 | 159 | |||||
Annual rental fee | 156 | 162 | 159 | |||||
Che Tian Xia Company | ||||||||
Transactions With Third Party [Line Items] | ||||||||
Cost To Use Domain Name | $ 0 | |||||||
Period of use for domain name | 7 years | |||||||
Beihai Silver Beach | ||||||||
Transactions With Third Party [Line Items] | ||||||||
Lease period | 10 years | |||||||
Due to Related Parties, Current | 19 | |||||||
Due from Related Parties, Current | 369 | |||||||
China Index Holdings Limited [Member] | ||||||||
Transactions With Third Party [Line Items] | ||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 1,495 | 687 | 561 | |||||
Office Building Lease | 490 | 1,153 | 1,268 | |||||
Annual rental fee | $ 490 | 1,153 | $ 1,268 | |||||
Annual Royalty Fee | 72 | |||||||
Shanghai Yuyue | ||||||||
Transactions With Third Party [Line Items] | ||||||||
Noncash net liability distributed | 8,772 | |||||||
Consideration from disposal of subsidiaries | 7,394 | $ 8,746 | ||||||
Proceeds from before disposal | 1,450 | |||||||
Wanli | ||||||||
Transactions With Third Party [Line Items] | ||||||||
Due from Related Parties, Current | 275 | |||||||
IT service income | China Index Holdings Limited [Member] | ||||||||
Transactions With Third Party [Line Items] | ||||||||
Other income | 756 | |||||||
Software license income | ||||||||
Transactions With Third Party [Line Items] | ||||||||
Due to Related Parties, Current | 317 | |||||||
Due from Related Parties, Current | 9,258 | |||||||
Software license income | China Index Holdings Limited [Member] | ||||||||
Transactions With Third Party [Line Items] | ||||||||
Other income | $ 40 | |||||||
Training service fee [Member] | ||||||||
Transactions With Third Party [Line Items] | ||||||||
Free rental space | ft² | 220 |
EMPLOYEE DEFINED CONTRIBUTION_2
EMPLOYEE DEFINED CONTRIBUTION PLAN (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Amount of employee benefits | $ 17,624 | $ 20,093 | $ 21,583 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Schedule of Capital Commitment) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Capital commitment: | $ 24,959 |
Less Than 1 Year | |
Long-term Purchase Commitment [Line Items] | |
Capital commitment: | 12,469 |
1-2 Years | |
Long-term Purchase Commitment [Line Items] | |
Capital commitment: | 11,764 |
2-5 Years | |
Long-term Purchase Commitment [Line Items] | |
Capital commitment: | 363 |
More Than 5 Years | |
Long-term Purchase Commitment [Line Items] | |
Capital commitment: | $ 363 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Schedule of Future Minimum Lease Payments under Non Cancelable Operating Leases) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
COMMITMENTS AND CONTINGENCIES | |
2019 | $ 4,368 |
2020 | 2,198 |
2021 | 181 |
2022 | 18 |
2023 and thereafter | 37 |
Total undiscounted lease payments | $ 6,802 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019CNY (¥) | Mar. 31, 2019CNY (¥) | May 31, 2018CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Acquisition and construction of fixed assets | $ | $ 24,959 | ||||||
Short term lease commitments | $ | 407 | ||||||
Rental expenses | $ | $ 9,678 | $ 27,832 | |||||
Amount of damage claimed | ¥ | ¥ 99,900 | ||||||
Unrecognized tax benefits including interest and penalties | $ | $ 121,889 | ||||||
Litigation Case One | |||||||
Amount of damage claimed | ¥ | ¥ 300,000 | ¥ 300,000 | ¥ 99,900 | ||||
Litigation Case Two | |||||||
Amount of damage claimed | ¥ | ¥ 500,000 | ¥ 500,000 | 300,000 | ||||
Litigation Case Three | |||||||
Amount of damage claimed | ¥ | ¥ 500,000 |
SEGMENT REPORTING (Narrative) (
SEGMENT REPORTING (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
UNITED STATES | Land and Building [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-Lived Assets | $ 99,685 | $ 112,713 |
EARNINGS (LOSS) PER SHARE (Sche
EARNINGS (LOSS) PER SHARE (Schedule of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||
Net income (loss) attributable to Fang Holdings Limited's shareholders from continuing operations | $ (23,430) | $ (141,420) | $ 1,032 |
Net income attributable to Fang Holdings Limited's shareholders from discontinued operations | 13,181 | 26,509 | 20,675 |
Net income (loss) attributable to Class A and Class B ordinary shareholders | $ (10,249) | $ (114,911) | $ 21,707 |
Denominator: | |||
Weighted average number of Class A and Class B ordinary shares outstanding-basic | 89,511,052 | 88,749,432 | 88,475,665 |
Potentially dilutive ordinary shares equivalent | 3,110,012 | ||
Weighted average number of Class A and Class B ordinary shares outstanding-dilutive | 89,511,052 | 88,749,432 | 91,585,677 |
Earnings (Loss) per share - basic: | |||
Earnings (loss) from continuing operations per share - basic | $ (0.26) | $ (1.59) | $ 0.01 |
Earnings from discontinued operations per share - basic | 0.15 | 0.30 | 0.23 |
Earnings (loss) per share - basic | (0.11) | (1.29) | 0.24 |
Earnings (loss) per share - diluted: | |||
Earnings (loss) from continuing operations per share - diluted | (0.26) | (1.59) | 0.01 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Diluted Share | 0.15 | 0.30 | 0.23 |
Earnings (loss) per share -diluted | $ (0.11) | $ (1.29) | $ 0.24 |
EARNINGS (LOSS) PER SHARE - Add
EARNINGS (LOSS) PER SHARE - Additional Information (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Compensation Plan | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Amount antidilutive securities | 7,217,995 | 6,034,054 | 2,961,570 |
Stock Compensation Plan | Maximum | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Exercise Price | $ 30 | $ 30 | |
Stock Compensation Plan | Minimum | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Exercise Price | $ 1.95 | $ 1.95 | |
Restricted Stock Units (RSUs) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Amount antidilutive securities | 626,534 | 1,066,635 | |
December 2018 Notes One | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Amount antidilutive securities | 290,534 | ||
Conversion price | $ 19.62 | ||
September 2022 Notes One | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Amount antidilutive securities | 2,009,489 | 2,790,860 | 2,790,860 |
Conversion price | $ 7.166 | ||
November 2022 Notes One | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Amount antidilutive securities | 2,653,084 | 4,186,290 | 5,581,720 |
Conversion price | $ 7.166 |
PARENT COMPANY ONLY CONDENSED_3
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - CONDENSED BALANCE SHEETS (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||||
Cash and cash equivalents | $ 105,282 | $ 171,183 | ||
Short-term investments | 194,720 | 16,043 | ||
Prepayments and other current assets | 31,509 | $ 27,640 | 27,894 | |
Total current assets | 686,680 | 668,837 | ||
Non-current assets: | ||||
Restricted cash, non-current portion | 42,452 | 6,990 | $ 39,982 | |
Long-term investments | 341,946 | 373,233 | ||
Other non-current assets | 1,126,222 | 1,155,599 | ||
Total assets | 1,812,902 | 1,824,436 | ||
Current liabilities: | ||||
Short-term loans and current portion of long-term loans | 264,624 | 297,811 | ||
Short term bond payable | 102,779 | |||
Accrued expenses and other liabilities | 120,244 | $ 120,592 | 118,924 | |
Total current liabilities | 640,205 | 600,913 | ||
Non-current liabilities: | ||||
Convertible senior notes | 168,929 | 254,435 | ||
Total non-current liabilities | 582,245 | 628,323 | ||
Total liabilities | 1,222,450 | 1,229,236 | ||
Commitments and contingencies | ||||
Shareholders equity: | ||||
Additional paid-in capital | 528,620 | 517,802 | ||
Accumulated other comprehensive loss | (98,371) | (75,837) | ||
Retained earnings | 270,358 | 276,746 | ||
Treasury share | (123,216) | (136,615) | ||
Total shareholders' equity | 589,759 | 594,506 | ||
Total liabilities and shareholders' equity | 1,812,902 | 1,824,436 | ||
Parent Company | ||||
Current assets: | ||||
Cash and cash equivalents | 13,734 | 2,529 | ||
Short-term investments | 1,384 | |||
Prepayments and other current assets | 39 | 98 | ||
Amounts due from subsidiaries | 17,056 | |||
Total current assets | 15,157 | 19,683 | ||
Non-current assets: | ||||
Restricted cash, non-current portion | 898,766 | 869,895 | ||
Long-term investments | 1,106 | 1,001 | ||
Investment in subsidiaries, PRC Domestic Entities and PRC Domestic Entities' subsidiaries | 49,006 | 30,733 | ||
Other non-current assets | 948,878 | 901,629 | ||
Total assets | 964,035 | 921,312 | ||
Current liabilities: | ||||
Short-term loans and current portion of long-term loans | 4,003 | 26,808 | ||
Short term bond payable | 102,779 | |||
Accrued expenses and other liabilities | 5,045 | 2,575 | ||
Amounts due to subsidiaries, PRC Domestic Entities and PRC Domestic Entities' subsidiaries | 29,843 | 5,722 | ||
Total current liabilities | 141,670 | 35,105 | ||
Non-current liabilities: | ||||
Long-term loans, less current portion | 168,929 | 254,435 | ||
Convertible senior notes | 63,677 | 37,266 | ||
Total non-current liabilities | 232,606 | 291,701 | ||
Total liabilities | 374,276 | 326,806 | ||
Shareholders equity: | ||||
Additional paid-in capital | 528,620 | 517,802 | ||
Accumulated other comprehensive loss | (98,371) | (75,837) | ||
Retained earnings | 270,358 | 276,746 | ||
Treasury share | (123,216) | (136,615) | ||
Total shareholders' equity | 589,759 | 594,506 | ||
Total liabilities and shareholders' equity | 964,035 | 921,312 | ||
Common Class A | ||||
Shareholders equity: | ||||
Ordinary Shares, Value | 9,244 | 9,286 | ||
Common Class A | Parent Company | ||||
Shareholders equity: | ||||
Ordinary Shares, Value | 9,244 | 9,286 | ||
Common Class B | ||||
Shareholders equity: | ||||
Ordinary Shares, Value | 3,124 | 3,124 | ||
Common Class B | Parent Company | ||||
Shareholders equity: | ||||
Ordinary Shares, Value | $ 3,124 | $ 3,124 |
PARENT COMPANY ONLY CONDENSED_4
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (CONDENSED BALANCE SHEETS) (Details) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 04, 2015 |
Treasury Stock, Shares | 6,372,159 | 7,065,058 | |
Parent Company | |||
Treasury Stock, Shares | 6,372,159 | 7,065,058 | |
Common Class A | |||
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 | $ 1 |
Common Stock, Shares Authorized | 600,000,000 | 600,000,000 | |
Ordinary Shares, Shares issued | 71,775,686 | 72,069,645 | |
Common Stock, Shares, Outstanding | 65,403,527 | 65,004,587 | |
Common Class A | Parent Company | |||
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 | |
Common Stock, Shares Authorized | 600,000,000 | 600,000,000 | |
Ordinary Shares, Shares issued | 72,069,645 | 72,069,645 | |
Common Stock, Shares, Outstanding | 65,403,005 | 65,004,587 | |
Common Class B | |||
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 | |
Common Stock, Shares Authorized | 600,000,000 | 600,000,000 | |
Ordinary Shares, Shares issued | 24,336,650 | 24,336,650 | |
Common Stock, Shares, Outstanding | 24,336,650 | 24,336,650 | |
Common Class B | Parent Company | |||
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 | |
Common Stock, Shares Authorized | 600,000,000 | 600,000,000 | |
Ordinary Shares, Shares issued | 24,336,650 | 24,336,650 | |
Common Stock, Shares, Outstanding | 24,336,650 | 24,336,650 |
PARENT COMPANY ONLY CONDENSED_5
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | $ 219,711 | $ 240,047 | $ 395,338 |
Gross profit | 191,451 | 193,655 | 231,740 |
General and administrative expenses | 99,442 | 129,224 | 129,719 |
Operating loss | 24,865 | 9,794 | 19,141 |
Foreign exchange gain (loss) | 154 | (598) | 15 |
Interest income | 9,038 | 10,202 | 11,052 |
Interest expenses | (25,402) | (21,174) | (16,153) |
Change in fair value of securities | 861 | 761 | 2,421 |
Investment income, net | 2,644 | 6,816 | 6,692 |
Impairment on investments | (2,768) | ||
Income (loss) before income taxes | (32,975) | (160,407) | 19,381 |
Income tax expenses | 9,544 | 18,989 | (18,352) |
Net income (loss) | (10,250) | (114,909) | 21,704 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | (26,703) | (46,648) | 56,571 |
Unrealized gain on available-for-sale securities | 861 | 1,493 | 163,272 |
Amounts reclassified from accumulated other comprehensive income | 861 | 1,493 | 2,736 |
Gain (loss) on intra- entity foreign transactions of long-term-investment nature | 497 | (3,034) | 1,872 |
Separation of real estate information, analytics and marketplace services business | 20,853 | ||
Other Comprehensive Income (Loss), before Tax | (22,534) | (49,682) | 268,545 |
Income tax expense related to components of other comprehensive income | (49,566) | ||
Other comprehensive income (loss), net of tax | (22,534) | (49,682) | 218,979 |
Comprehensive income (loss) | (32,784) | (164,591) | 240,683 |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
General and administrative expenses | 26,317 | 9,348 | 998 |
Operating loss | (26,317) | (9,348) | (998) |
Equity in profits (losses) of subsidiaries, PRC Domestic Entities and PRC Domestic Entities' subsidiaries | 34,397 | (85,190) | 27,339 |
Foreign exchange gain (loss) | (3,998) | 7 | 211 |
Interest income | 65 | 73 | 196 |
Interest expenses | (8,978) | (7,700) | (7,233) |
Change in fair value of securities | (6,043) | (14,904) | 2,736 |
Investment income, net | 625 | 2,151 | 2,221 |
Impairment on investments | (2,768) | ||
Income (loss) before income taxes | (10,249) | (114,911) | 21,704 |
Net income (loss) | (10,249) | (114,911) | 21,704 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | (26,703) | (46,648) | 56,571 |
Unrealized gain on available-for-sale securities | 861 | 1,493 | 14,575 |
Amounts reclassified from accumulated other comprehensive income | (861) | (1,493) | (2,736) |
Other comprehensive income recorded by subsidiaries, PRC Domestic Entities and PRC Domestic Entities' subsidiaries | 198,263 | ||
Gain (loss) on intra- entity foreign transactions of long-term-investment nature | 497 | ||
Separation of real estate information, analytics and marketplace services business | 3,672 | (3,034) | 1,872 |
Other Comprehensive Income (Loss), before Tax | (22,534) | (49,682) | 268,545 |
Income tax expense related to components of other comprehensive income | (49,566) | ||
Other comprehensive income (loss), net of tax | (22,534) | (49,682) | 218,979 |
Comprehensive income (loss) | $ (32,783) | $ (164,593) | $ 240,683 |
PARENT COMPANY ONLY CONDENSED_6
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (CONDENSED STATEMENTS OF CASH FLOWS) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | $ 69,259 | $ 55,005 | $ 126,889 |
Net cash provided by investing activities | (57,003) | (106,665) | (284,512) |
Net cash provided by (used in) financing activities | (74,116) | 34,700 | 71,969 |
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash | (18,882) | (26,728) | 29,302 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (80,742) | (43,688) | (56,352) |
Cash, cash equivalents and restricted cash at beginning of year | 447,572 | 491,260 | 547,612 |
Cash, cash equivalents and restricted cash at end of year | 366,830 | 447,572 | 491,260 |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 9,859 | (3,302) | (67,381) |
Net cash provided by investing activities | (25,362) | 8,272 | 13,931 |
Net cash provided by (used in) financing activities | 26,241 | (13,241) | (31,179) |
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash | 572 | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 11,310 | (8,271) | (22,271) |
Cash, cash equivalents and restricted cash at beginning of year | 3,530 | 11,801 | 34,072 |
Cash, cash equivalents and restricted cash at end of year | $ 14,840 | $ 3,530 | $ 11,801 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | Apr. 30, 2020 |
Subsequent Event | |
Subsequent Event [Line Items] | |
Percentage drop in equity method investments | 29.00% |