Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2016shares | |
Document Information [Line Items] | |
Entity Registrant Name | Fang Holdings Ltd |
Entity Central Index Key | 1,294,404 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2016 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2,016 |
Common Class A [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 64,012,758 |
Common Class B [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 24,336,650 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 336,528 | $ 817,921 |
Restricted cash, current | 211,084 | 103,179 |
Short-term investments | 42,929 | 62,559 |
Accounts receivable (net of allowance of US$31,064 and US$34,366 as of December 31, 2015 and 2016, respectively) | 93,672 | 147,516 |
Funds receivable (net of allowance of nil and US$2,322 as of December 31, 2015 and 2016, respectively) | 20,483 | 45,400 |
Prepayments and other current assets | 39,824 | 60,265 |
Commitment deposits (net of allowance of US$500 and nil as of December 31, 2015 and 2016, respectively) | 6,527 | 10,646 |
Loans receivable, current | 41,966 | 266,990 |
Amounts due from a related party | 197 | 262 |
Total current assets | 793,210 | 1,514,738 |
Non-current assets: | ||
Property and equipment, net | 319,897 | 326,504 |
Loans receivable, non-current | 16,808 | 55,349 |
Deferred tax assets | 4,915 | 5,490 |
Deposit for non-current assets | 240,712 | 137,715 |
Long-term investments | 231,880 | 244,678 |
Other non-current assets | 7,391 | 7,568 |
Total non-current assets | 821,603 | 777,304 |
Total assets | 1,614,813 | 2,292,042 |
Current liabilities: | ||
Short-term loans (including short-term loans of the People’s Republic of China (“PRC”) Domestic Entities and the PRC Domestic Entities' subsidiaries without recourse to the Company of nil and US$22,734 as of December 31, 2015 and 2016, respectively) | 212,734 | 100,000 |
Deferred revenue (including deferred revenue of the PRC Domestic Entities and the PRC Domestic Entities' subsidiaries without recourse to the Company of US$46,455 and US$21,744 as of December 31, 2015 and 2016, respectively) | 129,765 | 145,321 |
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$109,727 and US$106,459 as of December 31, 2015 and 2016, respectively) | 318,539 | 361,593 |
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$36,425 and US$18,295 as of December 31, 2015 and 2016, respectively) | 28,630 | 59,107 |
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$1,872 and US$199 as of December 31, 2015 and 2016, respectively) | 6,022 | 9,948 |
Convertible senior notes | 396,716 | |
Total current liabilities | 695,690 | 1,072,685 |
Non-current liabilities: | ||
Long-term loans (including long-term loans of the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries without recourse to the Company of nil and US$65,190 as of December 31, 2015 and 2016, respectively) | 65,190 | |
Convertible senior notes | 295,268 | 287,887 |
Deferred tax liabilities | 70,424 | 76,631 |
Other non-current liabilities | 416 | 312 |
Total non-current liabilities | 431,298 | 364,830 |
Total liabilities | 1,126,988 | 1,437,515 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Additional paid-in capital | 488,943 | |
Accumulated other comprehensive loss | (81,349) | (10,364) |
Retained earnings | 203,870 | 373,505 |
Less: Treasury stock (nil and 7,065,058 shares as of December 31, 2015 and 2016, respectively.) | (136,615) | |
Total Fang Holdings Limited shareholders’ equity | 487,130 | 853,766 |
Noncontrolling interests | 695 | 761 |
Total shareholders’ equity | 487,825 | 854,527 |
Total liabilities and shareholders’ equity | 1,614,813 | 2,292,042 |
Common Class A [Member] | ||
Shareholders' equity: | ||
Ordinary shares | 9,157 | 9,110 |
Common Class B [Member] | ||
Shareholders' equity: | ||
Ordinary shares | $ 3,124 | $ 3,124 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Thousands | Dec. 31, 2016USD ($)shares | Dec. 31, 2016HKDHKD / sharesshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2015HKDHKD / sharesshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Accounts receivable, allowance | $ 34,366 | $ 31,064 | $ 21,397 | $ 15,019 | ||
Allowance for Doubtful Accounts Receivable | 34,366 | 31,064 | ||||
Short-term loans | 212,734 | 100,000 | ||||
Deferred revenue | 129,765 | 145,321 | ||||
Accrued expenses and other liabilities | 318,539 | 361,593 | ||||
Customer’s refundable fees | 28,630 | 59,107 | ||||
Income tax payable | 6,022 | 9,948 | ||||
Long-term loans | $ 65,190 | |||||
Class A and Class B ordinary shares, shares authorized | shares | 600,000,000 | 600,000,000 | 600,000,000 | 600,000,000 | ||
Commitment Deposits [Member] | ||||||
Allowance for Doubtful Accounts Receivable | $ 500 | |||||
Funds Receivable[ [Member] | ||||||
Allowance for Doubtful Accounts Receivable | 2,322 | |||||
PRC Domestic Entities [Member] | ||||||
Allowance for Doubtful Accounts Receivable | 65,190 | |||||
Short-term loans | 22,734 | |||||
Deferred revenue | 21,744 | 46,455 | ||||
Accrued expenses and other liabilities | 106,459 | 109,727 | ||||
Customer’s refundable fees | 18,295 | 36,425 | ||||
Income tax payable | 199 | 1,872 | ||||
Long-term loans | $ 65,190 | |||||
Common Class A [Member] | ||||||
Ordinary shares, par value | HKD / shares | HKD 1 | HKD 1 | ||||
Ordinary Shares, Shares issued | shares | 71,077,816 | 71,077,816 | 70,736,679 | 70,736,679 | ||
Ordinary Shares, Shares outstanding | shares | 64,012,758 | 64,012,758 | 70,736,679 | 70,736,679 | ||
Common Class B [Member] | ||||||
Ordinary shares, par value | HKD / shares | HKD 1 | HKD 1 | ||||
Ordinary Shares, Shares issued | shares | 24,336,650 | 24,336,650 | 24,336,650 | 24,336,650 | ||
Ordinary Shares, Shares outstanding | shares | 24,336,650 | 24,336,650 | 24,336,650 | 24,336,650 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | |||
Total gross revenues | $ 916,391 | $ 883,549 | $ 702,882 |
Cost of revenues | |||
Cost of services | (687,184) | (555,389) | (145,739) |
Total cost of revenues | (687,184) | (555,389) | (145,739) |
Gross profit | 229,207 | 328,160 | 557,143 |
Operating (expenses) income | |||
Selling expenses | (229,817) | (236,603) | (147,874) |
General and administrative expenses (including related party amounts of US$1,084, US$776 and US$897for the years ended December 31, 2014, 2015 and 2016, respectively) | (151,251) | (125,405) | (100,571) |
Other income (loss) | 415 | (625) | 835 |
Operating income (loss) | (151,446) | (34,473) | 309,533 |
Foreign exchange (loss) gain | (1,882) | 1,464 | (44) |
Interest income | 11,367 | 22,221 | 43,857 |
Interest expense | (20,791) | (16,519) | (17,308) |
Realized gain on sale available-for-sale security (including accumulated other comprehensive income reclassifications for unrealized gain on available-for-sale security of nil, nil and US$10,583 for the years ended December 31, 2014, 2015 and 2016, respectively) | 10,583 | ||
Government grants | 6,469 | 4,936 | 7,205 |
Investment income | 3,281 | 1,333 | 0 |
Impairment on investments | (2,232) | (8,417) | |
Income (loss) before income taxes and noncontrolling interests | (144,651) | (21,038) | 334,826 |
Income tax (expense) benefit | (24,984) | 5,905 | (81,609) |
Net income (loss) | (169,635) | (15,133) | 253,217 |
Net (loss) attributable to noncontrolling interests | (37) | ||
Net income (loss) attributable to Fang Holdings Limited’s shareholders | (169,635) | (15,096) | 253,217 |
Other comprehensive income (loss), before tax | |||
Foreign currency translation adjustments | (60,732) | (55,928) | (4,323) |
Amounts reclassified from accumulated other comprehensive income | (10,583) | ||
Unrealized gain (loss) on available-for-sale securities | 7,326 | (4,002) | 10,508 |
Loss on intra-entity foreign transactions of long-term-investment nature | (6,996) | ||
Other comprehensive income (loss), before tax | (70,985) | (59,930) | 6,185 |
Other comprehensive income, net of tax | (70,985) | (59,930) | 6,185 |
Income tax expense related to components of other comprehensive income | |||
Comprehensive income (loss) | (240,620) | (75,063) | 259,402 |
Comprehensive (loss) attributable to noncontrolling interests | (37) | ||
Comprehensive income (loss) attributable to Fang Holdings Limited’s shareholders | $ (240,620) | $ (75,026) | $ 259,402 |
Earnings (loss) per share for Class A and Class B ordinary shares | |||
Basic | $ (1.81) | $ (0.18) | $ 3.08 |
Diluted | $ (1.81) | $ (0.18) | $ 2.87 |
Weighted average number of Class A and Class B ordinary shares outstanding: | |||
Basic | 93,605,749 | 85,170,886 | 82,163,135 |
Diluted | 93,605,749 | 85,170,886 | 92,208,620 |
E-commerce services [Member] | |||
Revenues | |||
Total gross revenues | $ 577,684 | $ 474,810 | $ 244,344 |
Marketing Services [Member] | |||
Revenues | |||
Total gross revenues | 165,437 | 249,862 | 294,484 |
Listing Services [Member] | |||
Revenues | |||
Total gross revenues | 118,109 | 107,922 | 145,654 |
Financial Services [Member] | |||
Revenues | |||
Total gross revenues | 29,602 | 29,582 | 3,235 |
Other value-added services [Member] | |||
Revenues | |||
Other Revenues | $ 25,559 | $ 21,373 | $ 15,165 |
CONSOLIDATED STATEMENTS OF COM5
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
General and administrative expenses | $ 151,251 | $ 125,405 | $ 100,571 |
Accumulated other comprehensive income reclassifications for unrealized gain on available-for-sale security | 10,583 | ||
Related Party [Member] | |||
General and administrative expenses | $ 897 | $ 776 | $ 1,084 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) | $ (169,635) | $ (15,133) | $ 253,217 |
Adjustments to reconcile net income (loss) to net cash generated from (used in) operating activities: | |||
Share-based compensation | 6,552 | 4,497 | 4,682 |
Depreciation of property and equipment | 25,004 | 14,668 | 11,624 |
Deferred tax expenses (benefits) | (2,250) | (32,361) | 27,339 |
Allowance for doubtful accounts | 29,712 | 18,649 | 17,377 |
Allowance for funds receivable | 2,322 | ||
Realized gain on available-for-sale security | (10,583) | ||
Impairment on investments | 2,232 | 8,417 | |
Amortization of loan origination costs | 1,302 | 1,393 | 1,812 |
Amortization of issuance costs for convertible senior notes | 4,964 | 3,196 | 3,033 |
Loss on disposal of property and equipment | 719 | 0 | 0 |
Deemed rental expense (Note 18) | 154 | 169 | 174 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 16,190 | (118,797) | (22,697) |
Funds receivable | 7,769 | 13,177 | (25,173) |
Prepayments and other current assets | 16,730 | (35,333) | 8,799 |
Commitment deposits | 4,119 | 36,666 | (47,312) |
Loans receivable, current | 214,824 | (53,340) | (2,009) |
Loans receivable, non-current | 36,158 | (192,059) | (79,641) |
Amounts due from a related party | 273 | (262) | |
Other non-current assets | (317) | 2,250 | (4,275) |
Deferred revenue | (6,535) | 33,099 | 4,420 |
Accrued expenses and other liabilities | (17,574) | 106,412 | 50,085 |
Customers’ refundable fees | (27,580) | 19,161 | (10,502) |
Income tax payable | (3,437) | 29,346 | 15,064 |
Amounts due to a related party | (657) | 120 | |
Other non-current liabilities | 127 | (51) | (95) |
Net cash generated from (used in) operating activities | 131,240 | (165,310) | 214,459 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Acquisition of fixed-rate time deposits | (73,804) | (129,759) | (1,268,688) |
Proceeds from maturity of fixed-rate time deposits | 89,952 | 507,007 | 822,804 |
Proceeds from disposal of an available-for-sale security | 13,074 | ||
Acquisition of property and equipment | (24,576) | (45,151) | (7,976) |
Payment for business acquisitions | (9,806) | ||
Purchase of land use right | (54) | ||
Acquisition of long-term investments | (4,902) | (127,388) | (119,312) |
Proceeds from disposal of property and equipment | 924 | 635 | 96 |
Deposits for non-current assets | (128,614) | (146,728) | (48,249) |
Net cash (used in) generated from investing activities | (127,946) | 58,562 | (631,131) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from issuance of Class A ordinary shares | 346,775 | ||
Proceeds from exercise of share options | 1,664 | 8,416 | 12,485 |
Proceeds from issuance of shares by a PRC Domestic Entity’s subsidiary | 0 | 718 | 80 |
Proceeds from short-term loans | 296,558 | 72,750 | |
Proceeds from long-term loans | 67,721 | ||
Repayment of short-term loans | (182,362) | (153,500) | (90,000) |
Proceeds from issuances of convertible senior notes | 300,000 | 50,000 | |
Redemption of convertible senior notes | (394,300) | ||
Repurchase of ordinary shares | (136,615) | ||
Payment of issuance costs for convertible senior notes | (1,144) | ||
Payment of loan origination costs | (15) | (781) | |
Payment of dividends | (82,751) | (82,380) | |
Changes in restricted cash | (118,281) | 95,078 | 303,805 |
Net cash generated from financing activities | (465,615) | 587,471 | 192,065 |
Exchange rate effect on cash and cash equivalents | (19,072) | (17,562) | (1,643) |
Net (decrease) increase in cash and cash equivalents | (481,393) | 463,161 | (226,250) |
Cash and cash equivalents at beginning of year | 817,921 | 354,760 | 581,010 |
Cash and cash equivalents at end of year | 336,528 | 817,921 | 354,760 |
Supplemental schedule of cash flow information: | |||
Income tax paid | 6,664 | 6,674 | 12,198 |
Interest paid | 19,418 | 13,245 | 16,069 |
Acquisition of property and equipment through utilization of deposits | $ 14,345 | $ 90,713 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Class A [Member] | Common Class B [Member] | Ordinary Shares [Member] | Ordinary Shares [Member]Common Class A [Member] | Ordinary Shares [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Foreign currency translation adjustments [Member] | Unrealized gain on available-for- sale securities [Member] | Intra-entity foreign currency transaction loss [Member] | Parent [Member] | Retained Earnings [Member] | Noncontrolling Interests [Member] | |
Beginning Balance at Dec. 31, 2013 | $ 443,467 | $ 10,500 | $ 89,071 | $ 43,381 | $ 43,381 | $ 300,515 | |||||||||
Beginning Balance (in shares) at Dec. 31, 2013 | 57,440,895 | 24,336,650 | |||||||||||||
Net loss for the year | 253,217 | $ 264,249 | $ 75,224 | 253,217 | |||||||||||
Other comprehensive income: | |||||||||||||||
Foreign currency translation adjustments | (4,323) | (4,323) | (4,323) | ||||||||||||
Unrealized loss on available-for-sale securities | 10,508 | 10,508 | 10,508 | ||||||||||||
Foreign currency transaction losses | (4,323) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | |||||||||||||||
Contribution by noncontrolling interests | 80 | 80 | |||||||||||||
Contribution from shareholder | 174 | 174 | |||||||||||||
Share-based compensation | 4,682 | 4,682 | |||||||||||||
Exercise of share options | 7,264 | 119 | 7,145 | ||||||||||||
Exercise of share options (in shares) | 924,029 | ||||||||||||||
Dividends declared | (82,380) | (58,043) | (24,337) | (82,380) | |||||||||||
Ending Balance at Dec. 31, 2014 | 632,689 | 10,619 | 101,072 | 39,058 | 10,508 | 49,566 | 471,352 | 80 | |||||||
Ending Balance (in shares) at Dec. 31, 2014 | 58,364,924 | 24,336,650 | |||||||||||||
Net loss for the year | (15,133) | (15,096) | (4,313) | (15,096) | (37) | ||||||||||
Other comprehensive income: | |||||||||||||||
Foreign currency translation adjustments | (55,928) | (55,928) | (55,928) | ||||||||||||
Unrealized loss on available-for-sale securities | (4,002) | (4,002) | (4,002) | ||||||||||||
Foreign currency transaction losses | (55,928) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | |||||||||||||||
Contribution by noncontrolling interests | 718 | 718 | |||||||||||||
Contribution from shareholder | 169 | 169 | |||||||||||||
Issuance of ordinary shares | 346,775 | 1,548 | 345,227 | ||||||||||||
Issuance of ordinary shares (in shares) | 11,855,384 | ||||||||||||||
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | 12,113 | 12,113 | |||||||||||||
Share-based compensation | 4,497 | 4,497 | |||||||||||||
Exercise of share options | 5,938 | 67 | 5,871 | ||||||||||||
Exercise of share options (in shares) | 516,371 | ||||||||||||||
Excess tax benefits | 9,442 | 9,442 | |||||||||||||
Dividends declared | (82,751) | (58,414) | (24,337) | (82,751) | |||||||||||
Ending Balance at Dec. 31, 2015 | 854,527 | 12,234 | 478,391 | (16,870) | 6,506 | (10,364) | 373,505 | 761 | |||||||
Ending Balance (in shares) at Dec. 31, 2015 | 70,736,679 | 24,336,650 | |||||||||||||
Net loss for the year | (169,635) | $ (125,531) | $ (44,104) | (169,635) | |||||||||||
Other comprehensive income: | |||||||||||||||
Foreign currency translation adjustments | (60,732) | (60,732) | (607,328) | ||||||||||||
Unrealized loss on available-for-sale securities | 7,326 | 7,326 | 7,326 | ||||||||||||
Foreign currency transaction losses | (60,732) | (6,996) | (6,996) | 0 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 10,583 | (10,583) | |||||||||||||
Contribution by noncontrolling interests | (66) | (66) | |||||||||||||
Contribution from shareholder | 154 | 154 | |||||||||||||
Repurchase of treasury stock | (136,615) | $ (136,615) | |||||||||||||
Repurchase of treasury stock (in shares) | (7,065,058) | 7,065,058 | |||||||||||||
Share-based compensation | 6,552 | 6,552 | |||||||||||||
Exercise of share options | $ 3,423 | 47 | 3,376 | ||||||||||||
Exercise of share options (in shares) | 363,417 | [1] | 341,137 | ||||||||||||
Excess tax benefits | $ 470 | 0 | 470 | ||||||||||||
Ending Balance at Dec. 31, 2016 | $ 487,825 | $ 12,281 | $ 488,943 | $ (136,615) | $ (77,602) | $ 3,249 | $ (6,996) | $ (81,349) | $ 203,870 | $ 695 | |||||
Ending Balance (in shares) at Dec. 31, 2016 | 64,012,758 | 24,336,650 | |||||||||||||
[1] | Included both Class A and Class B ordinary shares. |
CONSOLIDATED STATEMENTS OF SHA8
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends declared | $ 82,751 | $ 82,380 |
Common Class A [Member] | ||
Dividends declared, per share | $ 1 | $ 1 |
Dividends declared | $ 58,414 | $ 58,043 |
Common Class B [Member] | ||
Dividends declared, per share | $ 1 | $ 1 |
Dividends declared | $ 24,337 | $ 24,337 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2016 | |
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 E-commerce services, marketing services, listing services, financial services and other value-added 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, 2016 were as follows: Company Date of Place of Percentage of Principal Activities Beijing SouFun Internet Information Service Co., Ltd. ("Beijing Internet") December 17, 2003 PRC Nil Provision of marketing services and listing services SouFun Media Technology (Beijing) Co., Ltd. ("SouFun Media") November 28, 2002 PRC 100 % Provision of technology and information consultancy services Beijing SouFun Network Technology Co., Ltd. ("SouFun Network") March 16, 2006 PRC 100 % Provision of technology and information consultancy services Beijing SouFun Science and Technology Development Co., Ltd. ("Beijing Technology") March 14, 2006 PRC Nil Provision of marketing services and listing services Beijing Century Jia Tian Xia Technology Development Co., Ltd. ("Beijing JTX Technology") December 21, 2006 PRC Nil Provision of marketing services and listing services Beijing Zhong Zhi Shi Zheng Information Technology Co. Ltd., ("Beijing Zhongzhi") June 5, 2007 PRC 100 % Provision of technology and information consultancy services Beijing Hong An Tu Sheng Network Technology Co., Ltd. ("Beijing Hong An") January 1, 2011 PRC 100 % Provision of technology and information consultancy services Beijing Tuo Shi Huan Yu Network Technology Co., Ltd. ("Beijing TuoShi") March 1, 2011 PRC 100 % Provision of technology and information consultancy services Beijing Yi Ran Ju Ke Technology Development Co., Ltd. ("Beijing Yi Ran Ju Ke") September 10, 2011 PRC Nil Provision of marketing services, rental services and real estate agency services Beijing Hua Ju Tian Xia Network Technology Co., Ltd. ("Beijing Hua Ju Tian Xia")** July 25, 2012 PRC Nil Provision of technology and information consultancy services Company Date of Place of Percentage of Principal Activities Beijing Li Man Wan Jia Network Technology Co., Ltd. ("Beijing Li Man Wan Jia") July 25, 2012 PRC 100 % Provision of technology and information consultancy services Shanghai Jia Biao Tang Real Estate Broking Co., Ltd. ("Shanghai JBT Real Estate Broking") July 7, 2005 PRC Nil Provision of real estate agency services, marketing services and listing services Beijing Zhong Zhi Xun Bo Information Technology Co. Ltd., ("Zhongzhi Xun Bo") January 6, 2012 PRC 100 % Provision of technology and information consultancy services Tianjin SouFun Network Technology Co., Ltd.("Tianjin SouFun Network") March 1, 2012 PRC 100 % Provision of technology and information consultancy services Hangzhou SouFun Network Technology Co., Ltd., ("Hangzhou SouFun Network") August 27, 2013 PRC 100 % 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 Nil Provision of real estate agency services and real estate information services Hanzhou Ji Ju Real Estate Agents Co., Ltd. ("Hanzhou Ji Ju") December 23, 2013 PRC Nil Provision of real estate agency services and real estate information services Beijing Tianxia Dai Information service Co., Ltd.("Tianxia Dai Information") April 9, 2014 PRC 100 % Provision of finance information services Shanghai SouFun Microfinance Co.,Ltd.("Shanghai SouFun Microfinance") January 19, 2015 PRC 100 % Provision of Microfinance services Beihai Tian Xia Dai Microfinance Co., Ltd.("Beihai Tian Xia Dai Microfinance") September 12, 2014 PRC 100 % Provision of microfinance services Shanghai BaoAn Enterprise Co., Ltd. (“Shanghai BaoAn Enterprise”) March 31, 2013 PRC 100 % Lease, resale and management of property Shanghai BaoAn Hotel Co., Ltd. (“Shanghai BaoAn Hotel”) March 31, 2013 PRC 100 % Operation and management of hotel, restaurant and other catering business Company Date of Place of Percentage of Principal Activities Beijing Fang Tian Xia Decorative Engineering Co., Ltd.("Beijing Fang Tian Xia Decorative Engineering") October 15, 2014 PRC 100 % Provision of decorative engineering services Chongqing Tian Xia Dai Microfinance Co., Ltd ("Chongqing Tian Xia Dai Microfinance") December 11, 2014 PRC 100 % Provision of microfinance services Tianjin Jia Tian Xia Microfinance Co. ,Ltd. ("Tianjin Jia Tian Xia Microfinance") December 5, 2014 PRC 100 % Provision of microfinance services Beijing Fang Chao Real Estate Broking Co., Ltd. March 6, 2015 PRC Nil Provision of real estate agency services Guangzhou Fang Tian Xia Real Estate Broking Co., Ltd. March 9, 2015 PRC 100 % Provision of real estate agency services Beijing Cun Fang Real Estate Broking Co., Ltd. April 7, 2015 PRC 100 % Provision of real estate agency services Shenzhen Fang Tian Xia Broking Co., Ltd. April 13, 2015 PRC Nil Provision of real estate agency services Tianjin Fang Tian Xia Real Estate Broking Co., Ltd. May 21, 2015 PRC 100 % Provision of real estate agency services Suzhou Cun Fang Real Estate Broking Co., Ltd. May 21, 2015 PRC 100 % Provision of real estate agency services Nanjing Cun Fang Real Estate Broking Co., Ltd. April 30, 2015 PRC 100 % Provision of real estate agency services Chengdu SouFun Fang Tian Xia Real Estate Broking Co., Ltd. March 12, 2015 PRC 100 % Provision of real estate agency services Company Date of Place of Percentage of Principal Activities Nanchang Cun Fang Real Estate Broking Co., Ltd. June 3, 2015 PRC Nil Provision of real estate agency services Chongqing Fang Tian Xia Real Estate Broking Co., Ltd. May 27, 2015 PRC 100 % Provision of real estate agency services Wuhan SouFun Fang Tian Xia Real Estate Broking Co., Ltd. May 8, 2015 PRC 100 % Provision of real estate agency services Shanghai SouFun Fang Tian Xia Broking Co., Ltd. April 16, 2015 PRC Nil Provision of real estate agency services Shenzhen Yi Ran Ju Ke Real Estate Broking Co., Ltd. August 13, 2015 PRC Nil Provision of real estate agency services Hangzhou Nuo Guan Real Estate Broking Co., Ltd. September 17, 2015 PRC Nil Provision of real estate agency services Beijing Li Tian Rong Ze Yi Jia Technology Development Co., Ltd. September 16, 2015 PRC Nil Provision of technology and information consultancy services Fang Holdings Limited August 7, 2000 Hong Kong 100 % Investment holding Hong Kong Property Network Limited ("HK Property") May 19, 2011 Hong Kong 100 % Investment holding Best Work Holdings (New York) LLC ("Best Work") March 14, 2011 United States of America 100 % Investment holding Historically, 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 advertising 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 and chief executive officer, and Richard Jiangong Dai, a director of the board who resigned from the board effective February 25, 2016. The effective control of the PRC Domestic Entities is held by the Company through six of its WOFEs, namely, SouFun Network, SouFun Media, Beijing Tuoshi, Beijing Hong An, Beijing Zhong Zhi 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 Rule 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 are effective for 10 years and 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 are effective for 10 years and 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 are effective for 10 years and 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. The Company or any third party designated by the Company has 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 have a term of 10 years and 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 repayment term of the loans was not stated in the agreements. The legal shareholders are liable to repay their respective portions of the loans by transferring their entire respective equity interests in the PRC Domestic Entities upon the written request of the WOFEs when such legal shareholders terminate their employment with 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. 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 has determined that the WOFEs are the primary beneficiaries of the PRC Domestic Entities. Accordingly, in accordance with SEC Regulation S-X Rule 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. Business taxes (“BT”) and value added taxes (“VAT”) relating to service fees charged by the WOFEs are recorded as cost of services. 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, statements of comprehensive income (loss) and statements of cash flows were as follows: As of December 31, 2015 2016 US$ US$ ASSETS Current assets: Cash and cash equivalents 51,164 18,352 Restricted cash, current 103,179 209,642 Short-term investments 2,002 2,595 Accounts receivable (net of allowance of US$12,622 and US$19,013 as of December 31, 2015 and 2016, respectively) 68,654 74,624 Funds receivable 383 886 Commitment deposits 10,246 6,527 Prepayments and other current assets 151,654 16,290 Total current assets 387,282 328,916 Non-current assets: Property and equipment, net 21,642 34,452 Long-term investments 256,837 216,913 Deferred tax assets, non-current - 270 Deposit for non-current assets 594 224,529 Other non-current assets 4,559 633 Total non-current assets 283,632 476,796 Total assets 670,914 805,712 As of December 31, 2015 2016 US$ US$ Current liabilities: Short-term loans - 22,734 Deferred revenue 46,455 21,744 Accrued expenses and other liabilities 109,727 106,459 Customer’s refundable fees 36,245 18,295 Income tax payable 1,872 199 Intercompany payable to the non PRC Domestic Entities 293,697 356,423 Total current liabilities 487,996 525,854 Non-current liabilities: Long-term loans - 65,190 Total non-current liabilities - 65,190 Total liabilities 487,996 591,044 Net assets 182,918 214,668 For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ Total revenues 107,950 315,797 287,475 Net income (loss) 25,464 (41,831) (24,135) For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ Net cash generated from (used in) operating activities 113,176 (61,480) (790) Net cash (used in) generated from investing activities (113,148) (8,913) (3,763) Net cash (used in) generated from financing activities (106,688) 95,078 (25,963) The PRC Domestic Entities had no intercompany amounts payable to the WOFEs for accrued service fees as of December 31, 2015 and 2016. The WOFEs did not charge the PRC Domestic Entities, technology consultancy service fees during the years ended December 31, 2014, 2015 and 2016. As of December 31, 2016, except for the current restricted cash of US$ 209,642 224,506 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 assets of the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries that can only be used to settle their own obligations. The WOFEs have not provided any financial support that they were not previously contractually required to provide to the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries during the years presented. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with the United States generally accepted accounting principles (“U.S. GAAP”). |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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, best estimate of selling price (“BESP”), customer refunds, 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 issued and purchase price allocation. Changes in facts and circumstances may result in revised estimates. Actual results could materially differ from those estimates. 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. 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. The Company uses the monthly average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in accumulated other comprehensive income (loss), a component of shareholders’ equity. 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. Cash and cash equivalents represent cash on hand and demand deposits placed with banks or other financial institutions with original maturity of 90 90 Restricted cash represents cash pledged to financial institutions as collateral for the Company’s bank loans. The restricted cash is not available for withdrawal or the Company’s general use until after the corresponding bank loans are repaid. All highly liquid investments with original maturities of greater than 90 365 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. An impairment loss of US$ 8,417 2,232 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 adjusts 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 includes, 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. No impairment loss was recognized for the year ended December 31, 2016. The Company considers many factors in assessing the collectability of its receivables, such as the age of the amounts due, the customer’s payment history and credit-worthiness. An allowance for doubtful accounts is recorded in the period in which a loss is determined to be probable. Accounts receivable balances are written off after all collection efforts have been exhausted. Funds receivable represents cash paid by individuals through third-party payment service providers for clearing transactions. The Company carefully considers and monitors the credit worthiness of the third-party payment service providers used. 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. Nil and US$ 2,322 Commitment deposits represent cash paid to real estate developers for the right to provide sales agency services for their real estate projects. The commitment deposits are refundable at specified dates and are classified accordingly. In accordance with relevant contract terms, in the event of default, the Company is normally entitled to collateral or other forms of security from the real estate developers, which it can then resell to recover its original commitment deposit. The Company’s recovery of its original commitment deposit is dependent on market conditions. As of December 31, 2015 and 2016, commitment deposits of US$ 10,219 5,860 The Company considers many factors in assessing the collectability of commitment deposits, such as the age of the amounts due, the market value of collaterals, as well as the real estate developer’s payment history and credit-worthiness. An allowance for doubtful accounts is recorded in the period in which a loss is determined to be probable. Commitment deposits are written off after all collection efforts have been exhausted. The company has obtained collaterals of US$ 5,611 5,252 500 Loans receivable consists primarily of secured loans in the form of entrusted loans, 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 one to thirty-six months. 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. Commencing in August 2014, the Company began to enter into arrangements with third-party investors under which the Company sells its economic benefits in certain mortgage and unsecured loans receivable in exchange for cash, which is equivalent to the book value of such loans receivable. Sales of mortgage and unsecured loans receivable to investors are accounted for in accordance with ASC 860 “Transfers and Servicing” (“ASC 860”). The Company does not recognize any gain or loss from the sale of mortgage and unsecured loans receivable. The Company derecognizes the mortgage and unsecured loans receivable if (i) the mortgage and unsecured loans have been legally isolated from the Company; (ii) there are no constraints on investors to pledge or exchange the mortgage and unsecured loans; and (iii) the Company does not maintain effective control over the mortgage and unsecured loans. From June 2016, the Company stopped entering into these arrangements with third-party investors. The derecognized amount of loans receivable in which the Company retains continuing involvement as of December 31, 2015 and 2016 were US$ 37.87 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 5 Motor vehicles 5 Leasehold improvement shorter of lease term or economic lives Buildings 12 38 Land is stated at cost and is not depreciated. 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). The Company evaluates its long-lived assets or asset Company 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 a n asset Company 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. Financial instruments of the Company primarily include cash and cash equivalents, restricted cash, accounts receivable, commitment deposits, funds receivable, investments including cost method investments, fixed-rate time deposits, available-for-sale securities, loans receivable, short-term loans, long-term loans, loans receivable, non-current, convertible senior notes (Note 14) and related derivative liabilities. As of December 31, 2015 and 2016, the carrying values of these financial instruments, other than the cost method investment, available-for-sale securities, long-term loans, convertible senior notes and related derivative liabilities, approximated their fair values due to the short-term maturity of these instruments. The available-for-sale securities were recorded at fair value based on the quoted price in active markets as of December 31, 2015 and 2016. The carrying values of the long-term loans approximate their fair values, as the loans 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$ 697,104 225,186 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. 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. The Company measures its available-for-sale securities at fair value using quoted prices from the active markets. Fair Value Measurement as of December 31, 2015 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) 2015 US$ US$ US$ US$ Available-for-sale securities 56,027 - - 56,027 Fair Value Measurement as of December 31, 2016 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) 2016 US$ US$ US$ US$ Available-for-sale securities 51,639 - - 51,639 E-Commerce Services 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 RMB 5,000 20,000 (2) Direct sales services (3) Sublease services . Sublease rental income for the year ended December 31, 2015 and 2016 was US$ 18,241 31,929 US$ 2017 34,454 2018 1,357 2019 199 2020 109 2021 and thereafter 3 36,122 (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 recognizes 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, are recognized during the period in which the loss becomes probable and reasonably estimable. 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. Beginning in 2015, the Group began to enter into marketing service agreements with certain real estate developers, where the Company may elect to collect the contractually stated marketing service fee in the form of (i) a designated real estate property, if transferred to the Company or sold to a third-party buyer designated by the Company prior to a pre-determined date, which typically falls at the end of the marketing service period, or (ii) cash, if the Company elects not to take the designated real estate property as settlement consideration by the pre-determined date. The Company determines the contractually stated marketing service fee under the new payment arrangements with reference to the cash price of the comparable services offered by the Company under the sole cash payment arrangements. The designated real estate property is typically a specifically identified residential unit within a residential community developed by the real estate developer and its fair value is generally commensurate with the contractually stated marketing service fee as of the date of the marketing service agreement. If the Company elects settlement through the sale of the designated real estate property to a third-party buyer, the Company is entitled to retain the entire sales proceeds. In this scenario, the Company has the sole discretion in setting the sales price of the designated real estate property to the third-party buyer but has no incentive to permit such real estate property to be sold at a price lower than the contractually stated marketing service fee, which serves as a de-facto minimal selling price, because the Company would instead accept the cash payment of the stated marketing service fee. Prior to the pre-determined date, the real estate developer is obligated not to sell, encumber or otherwise dispose of the designated real estate property without the consent of the Company. Under these arrangements, the Company initially recognizes the marketing service revenue up to the amount of the contractually stated marketing service fee. Any excess is contingent upon the sale of the designated real estate properties and is accounted for as contingent marketing service revenues, if and when the sale is consummated and all other revenue recognition criteria are met. For the year ended December 31, 2015, the Company did not elect to collect the marketing service fees under these arrangements through a transfer or sale of the designated real estate properties, as the Company elected to collect all the marketing service fees in cash. For the year ended December 31, 2016, the Company recognized marketing service revenue of US$ 9,730 52,000 Instead, 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 nil, nil and US$ 728 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 accounts for each deliverable in the arrangement as separate unit of accounting. Revenues are allocated to each unit of accounting on a relative fair value basis based on a selling price hierarchy and is recognized ratably over the duration of the service period. The selling price for a deliverable is 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 is 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 monitors the conditions that affect its determination of selling price for each deliverable and reassesses such estimates periodically. T he Company updated the BESP for each deliverable during the year ended December 31, 2016. In accordance with ASC 250, “Accounting Changes and Error Corrections”, changes in the determination of the BESP are considered a change in accounting estimate and are accounted for on a prospective basis. The effect of changes in the BESP on the allocation of arrangement consideration was insignificant for the years ended December 31, 2014, 2015 and 2016. 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 are recognized ratably over the duration of the service period as the basic listing services are being delivered. (2) Special listing services Special listing services are multiple element arrangements comprising of website listing services and other coordination of promotional themed events (“Offline Services”), such as a physical forum discussion or a banquet gathering, each with the special listing as the theme, where the Company’s customers promote their products or services to a live audience. The Offline Services do not have standalone value and are always sold with special listing services. 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. Delivery of services occurs by making access to the websites available for posting by the customers over the specified listing period and upon completion of the Offline Services. The Company performs credit assessments of its customers prior to signing the written contract to ensure collectability is reasonably assured. As the Offline Services do not have standalone value, a combined unit of accounting is used pursuant to ASC 605-25, “Revenue recognitionMultiple-element arrangements” whereby revenues are recognized upon delivery of the final deliverable, which is recognized ratably over the duration of the special listing service period. Financial Services Financial services are provided through the Company’s online financial platform www.fangtx.com Other Value-added Services The Company generates revenues from other 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 are recognized when the relevant services are completed. The Company’s business is subject to BT, 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 BT, VAT, surcharges and cultural construction fees are presented as cost of revenues in the consolidated statements of comprehensive income (loss). BT, VAT, surcharges and cultural construction fees for the years ended December 31, 2014, 2015 and 2016 were US$ 44,003 48,253 68,007 All service fees received in advance of the provision of services are initially recorded as deferred revenues and subsequently recognized as revenues when the related services are performed by the Company. Cost of revenues consists of employee costs, BT, VAT and surcharges, rental costs incurred in relation to sublease services, labor and decoration material costs related to online decoration services, server and bandwidth leasing fees, payments to third-party real estate agents and other direct costs incurred in providing the related services. These costs are expensed when incurred. 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, 2014, 2015 and 2016, the advertising expenses were US$ 6,202 44,123 61,762 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. A capital lease is accounted for as if there was an acquisition of an asset and an incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases wherein rental payments are expensed as incurred. The Company had no capital leases for any of the years presented. 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 |
CONCENTRATION OF RISKS
CONCENTRATION OF RISKS | 12 Months Ended |
Dec. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
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 classified as short-term investments, accounts receivable, funds receivable, loans receivable and commitment deposits. As of December 31, 2016, the Company had US$ 590,540 93.8 6.2 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, 2016, 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, 2014, 2015 and 2016. Concentration of Revenues Revenues from marketing services represented 42 28.3 18 35 54 63 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. 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 www.fang.com 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. Based on the advice of the Company’s PRC legal counsel, the 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. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | 4. INVESTMENTS Short-term investments and long-term investments consisted of the following: As of December 31, 2015 2016 US$ US$ Short-term investments Fixed-rate time deposits 62,559 42,929 Long-term investments: Available-for-sale securities: - Yirendai Ltd. ("Yirendai") 985 - - Color Life Service Group ("Color Life") 23,703 20,606 - Hopefluent Group Holdings Limited ("Hopefluent") 31,339 31,033 56,027 51,639 Cost method investments: - Shenzhen World Union Properties Consultancy Co., Ltd. ("World Union") 121,394 107,088 - Sindeo, Inc. ("Sindeo") 5,000 2,768 - Guilin Bank - 12,173 - Xian Chuangdian Quancheng Real Estate Consultant Limited (“Chuangdian”) - 3,294 - Tospur Real Estate Consulting Co., Ltd. ("Tospur") 62,257 54,918 188,651 180,241 244,678 231,880 As of December 31, 2015 and 2016, the Company held fixed-rate time deposits in commercial banks and financial institutions with an original maturity of less than one year. Interest income on the fixed-rate time deposits of US$ 27,166 9,474 11,367 Dividends from the long-term investments of nil, US$ 1,333 3,281 103,935 995 0.18 985 10 283,408 1,496 2,491 0.66 13,074 10,583 On June 27, 2014, the Company acquired 27,551,733 13,583 2.76 24,091 388 20,606 3,097 In November 2014, the Company acquired an aggregate of 111,935,037 43,361 17.26 8,417 34,944 31,339 3,605 31,033 306 33,235 On May 29, 2015, the Company acquired an aggregate of 145,376,744 121,394 10.06 145,376,744 203,527,442 2,232 On July 12, 2016, the Company acquired an aggregate of 30,595,859 12,173 0.01 On January 21, 2016, the Company acquired an aggregate of 4,411,765 3,294 15 On December 10, 2014, the Company acquired 16 62,257 Gross Gross Fair Value Original Unrealized Unrealized (Net Carrying Cost Gains Losses Amount) US$ US$ US$ US$ December 31, 2015 - Color Life 13,583 10,120 - 23,703 - Hopefluent 34,944 - (3,605) 31,339 - Yirendai 995 - (10) 985 49,522 10,120 (3,615) 56,027 December 31, 2016 - Color Life 13,583 7,023 - 20,606 - Hopefluent 34,944 - (3,911) 31,033 48,527 7,023 (3,911) 51,639 As of December 31, 2015 and 2016, the total losses for securities with net losses in accumulated other comprehensive income (loss) were US$ 3,615 3,911 As of December 31, 2016 Less than 12 12 Months or Months Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss Hopefluent 31,033 (306) - (3,605) 31,033 (3,911) Total available-for-sale securities 31,033 (306) - (3,605) 31,033 (3,911) As of December 31, 2015 Less than 12 12 Months or Months Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Hopefluent 31,339 (3,605) - - 31,339 (3,605) Yirendai 985 (10) - - 985 (10) Total available-for-sale securities 32,324 (3,615) - - 32,324 (3,615) |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE | 5. ACCOUNTS RECEIVABLE Accounts receivable and the related allowance for doubtful accounts were summarized as follows: As of December 31, 2015 2016 US$ US$ Accounts receivable 178,580 128,038 Allowance for doubtful accounts (31,064) (34,366) Accounts receivable, net 147,516 93,672 For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ Movement in allowance for doubtful accounts: Balance at beginning of year 15,019 21,397 31,064 Additional provision charged to expenses 17,377 18,649 30,025 Write-offs (10,933) (7,209) (24,250) Foreign currency translation adjustments (66) (1,773) (2,473) Balance at end of year 21,397 31,064 34,366 |
PREPAYMENTS AND OTHER CURRENT A
PREPAYMENTS AND OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAYMENTS AND OTHER CURRENT ASSETS | 6. PREPAYMENTS AND OTHER CURRENT ASSETS Prepayments and other current assets consisted of the following: As of December 31, 2015 2016 US$ US$ Prepaid expenses 15,364 13,092 Advance to employees 1,623 1,334 Receivable from a broker for exercise of employee stock options 237 - Rental deposits and others 10,273 7,668 Interest receivable 13,168 1,021 Rent paid to original lessors for sublease services 15,882 6,793 Receivable for real estate properties - 989 Others 3,718 8,927 60,265 39,824 |
LOANS RECEIVABLE
LOANS RECEIVABLE | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
LOANS RECEIVABLE | 7. LOANS RECEIVABLE Beginning in August 2014, the Company launched its financial services business and platform via www.fangtx.com (formerly known as www.txdai.com). 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 were primarily unsecured and were mortgage and bridge loans to secure purchase of secondary property prior to sale of primary property as well property renovations . Secured loans As of December 31, 2016 and 2015, the duration of secured loans ranged from one to 36 6 24 6 26 7,031 19,255 Unsecured loans As of December 31, 2016 and 2015, the duration of unsecured loans ranged from one to 36 1 28.08 4 24 55,479 306,740 Loans held for investment are recorded at outstanding principal adjusted for any charge-offs, allowance for loan losses and loan origination costs, while loans held for sale are reported at the lower of cost or fair value. 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 segment 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. 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, 2016 and 2015 were US$ 3,313 2,024 As of December 31, 2015 As of December 31, 2016 US$’000 US$’000 Personal loans 325,995 62,510 Total Loans receivable 325,995 62,510 Allowance for loan losses Individually assessed 577 541 Collectively assessed 3,079 3,195 Loans receivable, net 322,339 58,774 Current portion 266,990 41,966 Non-current portion 55,349 16,808 For the years ended December 31, 2014, 2015 and 2016, a provision of nil, US$ 3,656 3,736 Analysis of loans by credit quality indicator Internal credit risk rating As of December 31, % As of December 31, % US$ US$ Pass 323,129 99.1 59,196 94.7 Special attention 1,266 0.4 1,158 1.9 Non-performing 1,600 0.5 2,156 3.4 Total 325,995 100 62,510 100 On December 31, 2015 and 2016, non-performing loans of US$ 1,600 2,156 1,204 90-179 days 180-365 days Over 1year As of December 31,2016 past due past due past due Total Current Total loans US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Personal loans 593 1,390 1,206 3,189 45,224 62,510 Total 593 1,390 1,206 3,189 45,224 62,510 90-179 days 180-365 days Over 1year As of December 31,2015 past due past due past due Total Current Total loans US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Personal loans 320 356 924 1,600 324,395 325,995 Total 320 356 924 1,600 324,395 325,995 Allowance for loan losses For the year ended December 31, 2016 Personal Total Beginning balance 3,656 3,656 Provision 80 80 Write offs - - Ending balance 3,736 3,736 Ending balance: individually evaluated for impairment 541 541 Ending balance: collectively evaluated for impairment 3,195 3,195 Loans Of which individually evaluated for impairment 4,570 4,570 Of which collectively evaluated for impairment 57,940 57,940 For the year ended December 31, 2015 Personal Total Beginning balance - - Provision 3,656 3,656 Write offs - - Ending balance 3,656 3,656 Ending balance: individually evaluated for impairment 577 577 Ending balance: collectively evaluated for impairment 3,079 3,079 Loans Of which individually evaluated for impairment 13,956 13,956 Of which collectively evaluated for impairment 312,039 312,039 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | 8. PROPERTY AND EQUIPMENT, NET Property and equipment consisted of the following: As of December 31, 2015 2016 US$ US$ Buildings 281,801 263,392 Office equipment 35,751 40,288 Motor vehicles 1,833 1,531 Leasehold improvement 13,445 21,627 Land 37,421 37,421 Total 370,251 364,259 Less: Accumulated depreciation (44,216) (62,759) Construction in progress 469 18,397 326,504 319,897 Depreciation expenses were US$ 11,624 14,668 25,004 The Company is still in the process of obtaining the property ownership certificates for certain buildings with aggregate net carrying values of US$ 29,727 |
DEPOSIT FOR NON-CURRENT ASSETS
DEPOSIT FOR NON-CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2016 | |
DEPOSIT FOR NON-CURRENT ASSETS [Abstract] | |
DEPOSIT FOR NON-CURRENT ASSETS | 9. DEPOSIT FOR NON-CURRENT ASSETS Deposit for non-current assets consisted of the following: As of December 31, 2015 2016 US$ US$ Buildings 135,299 239,827 Others 2,416 885 Total 137,715 240,712 Deposits for buildings represent interest-free non-refundable deposits for the purchases of certain office buildings: (i) an office building in Beijing in the PRC for US$ 224,507 13,084 2,236 As of December 31, 2016. US$224,506 of deposit for non-current assets have been pledged US$87,920 bank borrowings from financial institutions in China |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2016 | |
Investments, All Other Investments [Abstract] | |
OTHER NON-CURRENT ASSETS | 10. OTHER NON-CURRENT ASSETS Other non-current assets consisted of the following: As of December 31, 2015 2016 US$ US$ Rental and other deposits 2,375 4,933 Rental deposits paid to lessors for sublease services 4,420 1,711 Others 774 747 7,569 7,391 |
SHORT-TERM AND LONG-TERM LOANS
SHORT-TERM AND LONG-TERM LOANS | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
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, 2015 2016 US$ US$ Short-term loans 100,000 212,734 Long-term loans - 65,190 Short-term loans as of December 31, 2015 and 2016 represents US$ denominated bank borrowings of US$ 100,000 190,000 103,179 209,642 1.05 1.0 100,000 103,179 The weighted average interest rate for all short-term borrowings for the years ended December 31, 2015 and 2016 was approximately 1.4% and 1.92%, respectively. Long-term bank loans as of December 31, 2016 represents bank borrowings from financial institutions in China for the purchase of a building in Beijing, PRC. The Company borrowed a total of US$87,920. US$22,730 of the bank loans were re-classified to short term loans because i) US$13,420 were repayable on demand as the Company did not meet certain loan covenants, and ii) US$ 9,310 |
ACCRUED EXPENSES AND OTHER LIAB
ACCRUED EXPENSES AND OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER LIABILITIES | 12. ACCRUED EXPENSES AND OTHER LIABILITIES As of December 31, 2015 2016 US$ US$ Payroll and welfare benefit 37,241 18,467 Other taxes and surcharges payable (1) 42,484 39,824 Accrued unrecognized tax benefits and related interest and penalties Note 16 104,211 121,856 Amounts payable to employees 3,493 2,162 Amounts payable to sales and marketing agents 82,769 74,669 Accrued rental expenses 1,118 209 Amounts due to foremen and suppliers of decoration services (2) 23,765 4,872 Amounts due to Tianxiajin investors (3) 23,985 1,530 Down payments collected on behalf of secondary home sellers 4,452 3,116 Cash incentives payable to home buyers (4) 14,594 14,271 Amounts payable for purchase of treasury stock (5) 9,861 Others 23,481 27,702 361,593 318,539 (1) Other taxes and surcharges payable consist of BT, VAT, cultural construction fee (“CCF”), city construction tax (“CCT”) and withholding individual income tax (“IIT”). (2) Amounts due to foremen and suppliers of decoration services consist of service fees to the foremen and decoration materials cost to suppliers. In 2016, the Company gradually ceased providing decoration services. (3) This amount represents refundable deposits due to Tianxiajin investors. In 2016, the Company gradually ceased providing such services through its online financing platform. (4) 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. (5) This amount represents the purchase of treasury stock . |
CUSTOMERS' REFUNDABLE FEES
CUSTOMERS' REFUNDABLE FEES | 12 Months Ended |
Dec. 31, 2016 | |
Revenue Recognition [Abstract] | |
CUSTOMERS' REFUNDABLE FEES | 13. CUSTOMERS’ REFUNDABLE FEES Roll-forward of customers’ refundable fees: As of December 31, 2015 2016 US$ US$ Balance at beginning of year 42,392 59,107 Cash received from customers during the year 392,750 371,837 Revenue recognized during the year (204,282) (272,083) Payments to sales and marketing agents during the year (95,212) (33,251) Refunds paid during the year (73,526) (90,061) Amounts payable to real estate developers - (4,674) Foreign currency translation adjustments (3,015) (2,245) Balance at end of year 59,107 28,630 |
CONVERTIBLE SENIOR NOTES
CONVERTIBLE SENIOR NOTES | 12 Months Ended |
Dec. 31, 2016 | |
CONVERTIBLE SENIOR NOTES [Abstract] | |
CONVERTIBLE SENIOR NOTES | 14. CONVERTIBLE SENIOR NOTES O n December 4, 2013, the Company issued US$ 400,000 50,000 December 15, 2018 390,455 9.6839 1,000 103.26 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 98.6 570 On September 24, 2015, the Company issued (i) 3,418,803 100,000 100,000 September 24, 2022 72 28 1 199,645 27.9086 1,000 35.83 On November 4, 2015, the Company issued (i) an aggregate of 8,436,581 246,770 November 3, 2022 446,059 27.9086 1.00 1,000 35.83 The December 2018 2.00 1.50 The Company intends to use the proceeds of the Notes for general corporate purposes, including development of new products and services, working capital, capital expenditures, business expansion and potential business acquisitions, technologies and/or products. 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$ 9,545 355 711 The principal amount and unamortized discount and debt issuance costs as of December 31, 2015 and 2016 were as follows: As of December 31, 2015 2016 US$ US$ Principal amount 700,000 305,700 Unamortized discount and debt issuance costs (15,397) (10,432) 684,603 295,268 The effective interest rate was 2.86 1.56 1.56 8,111 8,904 17,001 Accounting treatment The Notes were originally recorded as long-term debt. The Company evaluated the embedded conversion features contained in the Notes in accordance with ASC 815-40-15 and ASC 815-40-25-7 to ASC 815-40-25-35 to determine if the conversion options require bifurcation. The conversion option was not required to be bifurcated because the conversion options of the December 2018 Notes and the September 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 38.00 35.83 12,113 The Company evaluated the embedded contingent redemption features contained in the Notes in accordance with ASC 815. 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. 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, 2014, 2015 and 2016. For the embedded contingent interest features not bifurcated from the December 2018 Notes, the September 2022 Notes and the 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, 2015 and 2016. The Company will continue to assess the accrual for these additional interest payment liabilities at each reporting date. As of December 31, 2016, aggregate future principal payments for long-term debt, including short-term and long-term loans (Note 11) were as follows: US$ 2017 212,734 2018 13,150 2019 7,450 2020 7,450 2021 and thereafter 342,839 583,623 |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | 15. SHAREHOLDERS’ EQUITY Ordinary Shares Upon completion of the Company’s initial public offering (“IPO”) in September 2010, the Company’s ordinary shares were converted into 50,767,426 25,298,329 600,000,000 1.00 In 2015, the Company completed various follow-on offerings which resulted in 70,736,679 ordinary shares issued and outstanding as of December 31, 2015. 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 No class B ordinary shares were converted into Class A ordinary shares for the years ended December 31, 2014, 2015 and 2016. Treasury stock Treasury stock represents shares repurchased and held by the Company. Treasury stock is accounted for under the cost method. On February 25, 2016, the board of directors approved a plan to repurchase ADS amounting to US$ 200,000 7,065,058 136,615 Restricted net assets 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 financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s PRC subsidiaries. On February 10, 2015, the Company’s board of directors declared the distribution of dividends to the Company’s ordinary shareholders in the amount of US$ 82,751 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 a result of these PRC laws and regulations that require annual appropriations of 10% of after-tax income to be set aside prior to payment of dividends as general reserve fund, the Company’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company. Amounts restricted include paid-in capital, statutory reserve funds and net assets of the Company’s PRC subsidiaries, as determined pursuant to PRC generally accepted accounting principles, totaling US$ 955,571 742,676 |
TAXATION
TAXATION | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
TAXATION | 16. 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 United States of America Subsidiaries incorporated in the United States of America do not conduct any substantive operations of their own. No provision for United States of America income tax has been made in the financial statements as these subsidiaries have no assessable income for the three years ended December 31, 2016. In addition, as these entities were in a loss position, no withholding tax on the undistributed earnings was recognized as of December 31, 2015 and 2016. In 2011, Best Work acquired a property in New York, the United States of America and claimed certain business expense deductions on its United States of America tax return. As Best Work currently has no operating activities, the respective business expense deductions may be denied by the United States of America federal and New York state tax authorities. 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, 2016. 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 15 15 15 The Company obtained new HNTE certificates for its various subsidiaries i.e. SouFun Media, Beijing Zhong Zhi Shi Zheng, SouFun Network, Beijing Technology, Beijing JTX Technology and Hong An Tu Sheng in November 2015. Therefore, these six subsidiaries can enjoy the preferential tax rate of 15 12.5 The Company newly applied for the HNTE status for Beijing Tuoshi in 2016 and received the new HNTE certificates in December 2016. Beijing Tuoshi can enjoy the preferential tax rate of 15% in years 2016, 2017 and 2018. 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 Subsequent to government approval in May 2014, Beijing Li Man Wan Jia, Beijing Zhong Zhi Xun Bo 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 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 Income (loss) before income taxes consisted of: For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ PRC 365,370 (5,008) (136,773) Non-PRC (30,544) (16,030) (7,878) 334,826 (21,038) (144,651) Income tax expenses (benefits) comprised: For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ Current tax expense 54,270 26,456 27,685 Deferred tax expense (benefit) 27,339 (32,361) (2,701) 81,609 (5,905) 24,984 A reconciliation between the amount of income tax expenses (benefits) and the amount computed by applying the PRC statutory tax rate to income (loss) before income taxes was as follows: For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ Income (loss) before income taxes 334,826 (21,038) (144,651) Income tax at applicable tax rate of 25% 83,707 (5,260) (36,163) Effect of international tax rate differences 4,208 847 (598) Non-deductible expenses 10,337 2,145 18,891 Effect of tax holidays or preferential tax rates (54,757) (5,985) (5,759) Effect of tax rate changes (4,769) - - Investment basis difference in the PRC Domestic Entities 3,884 (335) (2,757) Withholding tax 23,164 (30,578) - Research and development super-deduction (2,284) (1,667) - Changes in valuation allowance (82) 28,041 30,856 Unrecognized tax benefits 393 (8,133) - Changes in interest and penalties on unrecognized tax benefits 17,808 15,020 15,270 81,609 (5,905) 24,984 A roll-forward of unrecognized tax benefits, exclusive of related interest and penalties, was as follows: As of December 31, 2014 2015 2016 US$ US$ US$ Balance at beginning of year 24,756 50,983 70,296 Increase relating to prior year tax positions 26,307 32,227 5,070 Increase relating to current year tax positions - 5,124 4,769 Decrease relating to reversal of prior years’ tax position - (14,059) - Decrease relating to expiration of applicable statute of limitations - (1,787) - Foreign currency translation adjustments (80) (2,192) (1,202) Balance at end of year 50,983 70,296 78,933 As of December 31, 2015 and 2016, the Company had recorded US$ 104,211 121,856 61,770 67,346 For the years ended December 31, 2014, 2015, and 2016, the Company recognized US$ 17,808 15,020 15,270 42,441 54,510 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 2012 through 2016, the US subsidiaries’ tax years 2014 through 2016 and the Hong Kong subsidiaries’ tax years 2011 through 2016 remain open to examination by the respective taxing jurisdictions. The aggregate amount and per share effect of tax holidays and preferential tax rates were as follows: For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ The aggregate amount (54,757) (5,985) (5,759) The aggregate effect on basic and diluted earnings per share for Class A and Class B ordinary shares: -Basic 0.67 0.07 0.06 -Diluted 0.59 0.07 0.06 The components of deferred taxes were as follows: As of December 31, 2015 2016 US$ US$ Deferred tax assets Net operating losses 34,807 63,084 Impairment of funds receivable - 348 Impairment of loans receivable - 65 Overcharged advertising and promotion fee - 90 Share based compensation 4,263 5,351 Less: Valuation allowance (33,580) (64,166) Total deferred tax assets, net 5,490 4,915 Deferred tax liabilities Investment basis in the PRC entities (62,224) (57,413) BaoAn Acquisition Property (14,407) (13,011) Deferred tax liabilities (76,631) (70,424) As of December 31, 2016, the Company had net operating losses from several of its PRC entities of US 1,325 2017 2021 Deferred tax liabilities arising from undistributed earnings As of December 31, 2015 and 2016, 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$ 28,716 28,716 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$ 33,508 29,297 As of December 31, 2015 and 2016, 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$ 475,620 309,641 47,562 30,964 |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED PAYMENTS | 17. 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 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 15 2 Starting from December 31, 2006, the Company awarded Special Stock Options to its employees and directors. Terms for Special Stock Options are the same as other option grants except the underlying ordinary shares to be received upon exercise of the vested options do not have any entitlement to vote. Every two Special Stock Options is exercisable into one Class A ordinary share. The Special Stock Options have been accounted for as equity awards and measured at the date on which the terms of the grant was communicated to the grantee. These Special Stock Options vest 10 20 40 30 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 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. 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 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. A summary of the equity award activity under the 1999 Plan, 2010 Plan and 2015 Plan for the year ended December 31, 2016 was stated below: Weighted Weighted- Weighted- Average Average per Average Remaining Share Grant-date Contractual Aggregate Options Granted to Employees Number of Exercise Fair Value Term Intrinsic and Directors Shares (*) Price per Share (Years) Value Outstanding, December 31, 2015 8,240,623 13.80 4.21 5.98 US$ 190,761 Granted 2,738,200 21.02 10.52 Forfeited (527,191) 27.33 9.41 Expired (282,798) 8.10 2.50 Exercised (363,417) 10.44 3.77 Outstanding, December 31, 2016 9,805,417 15.38 5.77 6.20 US$ 10,011 Vested and expected to vest at December 31, 2016 9,805,417 15.38 5.77 6.20 US$ 10,011 Exercisable at December 31, 2016 7,283,716 13.61 4.22 5.04 US$ 20,328 The aggregate intrinsic value in the table above represents the difference between the fair value of the Company’s ordinary share at December 31, 2016 and the exercise price. The weighted average grant-date fair value per share of options granted for the year ended December 31, 2016 was US$ 10.52 2,263,092 2,738,200 45,826 12,853 10,011 As of December 31, 2016, there was US$ 24,968 3.23 The fair value for stock options granted during the year ended December 31, 2016 under the 2015 Plan was estimated using the Black-Scholes option pricing model. 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 estimated based on the resulting output of the Black-Scholes option pricing model. 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, 2016. The assumptions used to estimate the fair values of the share options granted were as follows: For the Years Ended December 31, 2016 Risk-free interest rate 1.97% to 2.23% Dividend yield nil Expected volatility range 49.66% to 50.18% Weighted average expected life 6.35 years Estimated forfeiture rate - Fair value of ordinary share US$6.85 to US$7.60 Total share-based compensation expense of share-based awards granted to employees and directors was as follows: For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ Cost of revenues 782 471 443 Selling expenses 1,122 446 512 General and administrative expenses 2,778 3,485 5,597 4,682 4,402 6,552 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 18. 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 chief executive officer 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 and two other independent directors 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 and Richard Jiangong Dai Guangxi Wharton International Hotel ("Guangxi Wharton") A company under the control of Vincent Tianquan Mo Research Center on Natural Conservation, Inc. ("Research Center") A company under the control of Vincent Tianquan Mo Upsky Long Island Hotel LLC ("Upsky Long Island") A company under the control of Vincent Tianquan Mo Upsky San Francisco Airport Hotel LLC (formerly known as "Crowne Plaza San Francisco-International Airport") ("Upsky San Francisco") A company under the control of Vincent Tianquan Mo Upsky Lighthouse Hotel LLC ("Upsky Lighthouse") A company under the control of Vincent Tianquan Mo Nanning Xuyin Business Co., Ltd. (“Nanning Xuyin”) A company under the control of Vincent Tianquan Mo New York Military Academy A company of which Vincent Tianquan b) The Company had the following related party transactions for the years ended December 31, 2014, 2015 and 2016: For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ Office building leased from: -Vincent Tianquan Mo 174 169 154 Management fee incurred: -Beihai Silver Beach 700 470 421 Hotel service fee incurred: - Beihai Silver Beach - - 113 - Upsky San Francisco 7 20 17 - Upsky Lighthouse - 1 - - Upsky Long Island 203 116 81 Training fee incurred - New York Military Academy - - 111 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 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 10 174 169 154 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 the BaoAn Entities for ten years. The management fees incurred for the years ended December 31, 2014, 2015 and 2016 were US$ 700 470 421 Hotel service fee For the year ended December 31, 2014, Upsky San Francisco and Upsky Long Island provided hotel accommodation to the Company amounting to US$ 7 203 20 116 1 17 81 113 Training service fee In the year ended December 31, 2016, New York Military Academy, a company of which Vincent Tianquan Mo is a director, provided training service to the Company amounting to US$ 111 Use of domain name of Che Tian Xia Company Ltd. 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 Nanning Xuyin holds shares of Guilin Bank Co., Ltd (“Guilin Bank”) As of December 31, 2015, Nanning Xuyin, which is 80 73,430,061 . In 2016, 30,595,859 Acquisition of Beijing Gutianxia Information Co., Ltd (“Gutianxia”) The company has engaged Gutianxia to enter into pledged agreements on behalf of the Company with certain real estate developers, who provide individual properties as collateral of accounts receivable. On December 30, 2016, Beijing Fang Network Technology Co., Ltd, one of the wholly owned subsidiaries of the Company entered into various VIE agreements with its legal shareholders, i.e. Vincent Tianquan Mo and Richard Jiangong Dai and obtained control over Gutianxia for zero consideration as the fair value of acquired assets and liabilities of the Gutianxia is not material. c) The Company had the following related party balances as of December 31, 2015 and 2016: As of December 31, 2015 2016 US$ US$ Amounts due from a related party: - Beihai Silver Beach 262 197 The balances as of December 31, 2015 and 2016 represented outstanding management fees which were unsecured and interest-free. |
EMPLOYEE DEFINED CONTRIBUTION P
EMPLOYEE DEFINED CONTRIBUTION PLAN | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
EMPLOYEE DEFINED CONTRIBUTION PLAN | 19. 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, which were expensed as incurred, were US$ 19,632 46,861 79,676 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 20. COMMITMENTS AND CONTINGENCIES Operating lease commitments As of December 31, 2016, the Company had future minimum lease payments under non-cancellable operating leases with initial terms in excess of one year as follows: US$ 2017 70,851 2018 33,850 2019 8,505 2020 3,873 2021 and thereafter 574 117,653 Payments under operating leases are expensed on a straight-line basis over the periods of the respective leases. The Company’s lease arrangements have no renewal options, rent escalation clauses, restrictions or contingent rents and are all conducted with third parties, except for the building leased from a related party as disclosed in Note 18. For the years ended December 31, 2014, 2015 and 2016, total rental expenses for all operating leases were US$ 14,302 33,769 66,330 Income taxes As of December 31, 2016, the Company had accrued US$ 121,856 Guarantees In accordance with ASC 460, the Company determined that the fair value of the guarantees provided on the transferred mortgage and unsecured loans and guaranteed loans (Note 7) was insignificant as of December 31, 2016 because the potential exposure to the Company was minimal, as (i) each transferred mortgage loan and guaranteed loan was guaranteed by the borrower’s assets with a fair value substantially greater than the loan principal amounts, and (ii) each transferred unsecured loan was separately assessed by the Company based on recovery risk and the likelihood of default was considered remote. Additionally, no contingent liability was recorded as of December 31, 2016 as there were no indicators that the borrowers will default in the foreseeable future. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | 21. 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 and chief executive officer, 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. Entity-wide disclosures The Company’s revenues by its four product groups, including the new home product group, secondary and rental properties product group, home furnishing and improvement product group, and research product group were summarized as follows: For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ E-commerce services: New home 244,294 318,612 265,583 Other product groups 50 156,198 312,101 Total E-commerce service revenues 244,344 474,810 577,684 Marketing services: New home 260,333 219,057 144,631 Secondary and rental properties 1,093 2,498 1,635 Home furnishing and improvement 33,058 28,307 19,171 Total marketing service revenues 294,484 249,862 165,437 Listing services: Secondary and rental properties 124,172 83,972 94,507 Research 19,019 21,540 22,959 Other product groups 2,463 2,410 643 Total listing service revenues 145,654 107,922 118,109 Other value-added services Research 15,165 21,373 25,559 Total other value-added services revenues 15,165 21,373 25,559 Financial services: New home 2,927 20,156 22,724 Other product groups 308 9,426 6,878 Total financial service revenues 3,235 29,582 29,602 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) 52,974 57,414 and under construction in 2016 |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | 22. EARNINGS (LOSS) PER SHARE Basic and diluted earnings (loss) per share for each of the years presented are calculated as follows: For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ US$ US$ US$ Class A Class B Class A Class B Class A Class B Earnings (Loss) per share - basic: Numerator: Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share-basic 178,214 75,003 (10,783) (4,313) (125,531) (44,104) Denominator: Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share 57,826,485 24,336,650 60,834,236 24,336,650 69,269,099 24,336,650 Denominator used for basic earnings (loss) per share 57,826,485 24,336,650 60,834,236 24,336,650 69,269,099 24,336,650 Earnings (loss) per share - basic 3.08 3.08 (0.18) (0.18) (1.81) (1.81) Earnings (loss) per share - diluted: Numerator: 177,993 75,224 (10,783) (4,313) (125,531) (44,104) Effect of convertible senior notes 11,032 - - - - - 189,025 75,224 (10,783) (4,313) (125,531) (44,104) Reallocation of net income (loss) attributable to ordinary shareholders as a result of conversion of Class B to Class A shares 75,224 - (4,313) - (44,104) - Net income (loss) attributable to ordinary shareholders 264,249 75,224 (15,096) (4,313) (125,531) (44,104) Denominator: Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share 57,826,486 24,336,650 60,834,236 24,336,650 69,269,099 24,336,650 Conversion of Class B to Class A ordinary shares 24,336,650 - 24,336,650 - 24,336,650 - Employee stock options 6,106,284 1,912,500 - - - - Convertible senior notes 3,939,200 - - - - - Denominator used for diluted earnings (loss) per share 92,208,620 26,249,150 85,170,866 24,336,650 93,605,749 24,336,650 Earnings (loss) per share -diluted 2.87 2.87 (0.18) (0.18) (1.81) (1.81) T Effects of convertible senior notes and options to purchase ordinary shares were not included in the calculation of diluted earnings (loss) per share for the year ended December 31, 2015 and 2016 because the impact of inclusion would be anti-dilutive. In 2016, 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: 5,763,088 4,153,642 2,790,860 5,581,720 19.62 7.166 7.166 |
PARENT COMPANY ONLY CONDENSED F
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | 23. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION Condensed balance sheets As of December 31, 2015 2016 US$ US$ ASSETS Current assets: Cash and cash equivalents 427,156 34,072 Prepayments and other current assets 980 491 Amounts due from subsidiaries 21,743 - Total current assets 449,879 34,563 Non-current assets: Property and equipment, net 26 12 Long-term investments 46,364 54,408 Investment in subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries 1,044,465 753,117 Total non-current assets 1,090,855 807,537 Total assets 1,540,734 842,100 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accrued expenses and other liabilities 2,365 11,401 Amounts due to subsidiaries and PRC Domestic Entities - 48,301 Convertible senior notes 396,716 - Total current liabilities 399,081 59,702 Non-current liabilities: Convertible senior notes 287,887 295,268 Total non-current liabilities 287,887 295,268 Total liabilities 686,968 354,970 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, and 70,736,679 shares and 64,012,758 shares issued and outstanding as of December 31, 2015 and 2016, respectively 9,110 9,157 Class B ordinary shares, par value HK$1.00 per share, 600,000,000 shares authorized for Class A and Class B in aggregate, and 24,336,650 shares and 24,336,650 shares issued and outstanding as of December 31, 2015 and 2016, respectively 3,124 3,124 Additional paid-in capital 478,391 488,943 Accumulated other comprehensive income (loss) (10,364) (81,349) Retained earnings 373,505 203,870 Treasury stock - (136,615) Total shareholders’ equity 853,766 487,130 Total liabilities and shareholders’ equity 1,540,734 842,100 Condensed statements of comprehensive income (loss) For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ Revenues - - - Cost of revenues - - - Gross profit - - - General and administrative (expenses) income (867) 3,023 3,610 Operating (loss) income (867) 3,023 3,610 Equity in profits (losses) of subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries 270,241 (6,254) (167,967) Interest income 3,303 260 1,775 Interest expenses (11,033) (12,108) (17,807) Realized gain on available-for-sale security (including accumulated other comprehensive income reclassifications for unrealized net gain on available-for-sale security of nil, nil and 10,583 for the years ended December 31, 2014, 2015 and 2016, respectively) - - 10,583 Investment income - - 1,571 Other-than-temporary impairment on available-for-sale securities (8,417) - (2,232) Foreign exchange gain (loss) (10) (17) 832 Income (loss) before income taxes 253,217 (15,096) (169,635) Income tax expenses - - - Net income (loss) 253,217 (15,096) (169,635) Other comprehensive income (loss), net of tax Foreign currency translation adjustments (4,323) (55,928) (67,728) Amounts reclassified from accumulated other comprehensive income - - (10,583) Unrealized gain (loss) on available-for-sale securities 10,508 (4,002) 7,326 Other comprehensive income (loss), net of tax 6,185 (59,930) (70,985) Comprehensive income (loss) 259,402 (75,026) (240,620) Condensed statements of cash flows 2014 2015 2016 US$ US$ US$ Net cash provided by (used in) operating activities 914 (4,718) 117,398 Net cash (used in) provided by investing activities (118,045) (78,196) 11,575 Net cash (used in) provided by financing activities (101,442) 489,695 (522,057) Net (decrease) increase in cash and cash equivalents (218,573) 406,782 (393,084) Cash and cash equivalents at beginning of year 238,947 20,374 427,156 Cash and cash equivalents at end of year 20,374 427,156 34,072 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. |
SUMMARY OF SIGNIFICANT ACCOUN32
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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, best estimate of selling price (“BESP”), customer refunds, 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 issued and purchase price allocation. 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. |
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. The Company uses the monthly average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in accumulated other comprehensive income (loss), a component of shareholders’ equity. 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. |
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 90 |
Restricted Cash | Restricted Cash Restricted cash represents cash pledged to financial institutions as collateral for the Company’s bank loans. The restricted cash is not available for withdrawal or the Company’s general use until after the corresponding bank loans are repaid. |
Investments | Investments All highly liquid investments with original maturities of greater than 90 365 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. An impairment loss of US$ 8,417 2,232 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 adjusts 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 includes, 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. No impairment loss was recognized for the year ended December 31, 2016. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts The Company considers many factors in assessing the collectability of its receivables, such as the age of the amounts due, the customer’s payment history and credit-worthiness. An allowance for doubtful accounts is recorded in the period in which a loss is determined to be probable. Accounts receivable balances are written off after all collection efforts have been exhausted. |
Funds Receivable | Funds Receivable Funds receivable represents cash paid by individuals through third-party payment service providers for clearing transactions. The Company carefully considers and monitors the credit worthiness of the third-party payment service providers used. 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. Nil and US$ 2,322 |
Commitment deposits | Commitment deposits Commitment deposits represent cash paid to real estate developers for the right to provide sales agency services for their real estate projects. The commitment deposits are refundable at specified dates and are classified accordingly. In accordance with relevant contract terms, in the event of default, the Company is normally entitled to collateral or other forms of security from the real estate developers, which it can then resell to recover its original commitment deposit. The Company’s recovery of its original commitment deposit is dependent on market conditions. As of December 31, 2015 and 2016, commitment deposits of US$ 10,219 5,860 The Company considers many factors in assessing the collectability of commitment deposits, such as the age of the amounts due, the market value of collaterals, as well as the real estate developer’s payment history and credit-worthiness. An allowance for doubtful accounts is recorded in the period in which a loss is determined to be probable. Commitment deposits are written off after all collection efforts have been exhausted. The company has obtained collaterals of US$ 5,611 5,252 500 |
Loans receivable | Loans receivable Loans receivable consists primarily of secured loans in the form of entrusted loans, 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 one to thirty-six months. 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. Commencing in August 2014, the Company began to enter into arrangements with third-party investors under which the Company sells its economic benefits in certain mortgage and unsecured loans receivable in exchange for cash, which is equivalent to the book value of such loans receivable. Sales of mortgage and unsecured loans receivable to investors are accounted for in accordance with ASC 860 “Transfers and Servicing” (“ASC 860”). The Company does not recognize any gain or loss from the sale of mortgage and unsecured loans receivable. The Company derecognizes the mortgage and unsecured loans receivable if (i) the mortgage and unsecured loans have been legally isolated from the Company; (ii) there are no constraints on investors to pledge or exchange the mortgage and unsecured loans; and (iii) the Company does not maintain effective control over the mortgage and unsecured loans. From June 2016, the Company stopped entering into these arrangements with third-party investors. The derecognized amount of loans receivable in which the Company retains continuing involvement as of December 31, 2015 and 2016 were US$ 37.87 |
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 5 Motor vehicles 5 Leasehold improvement shorter of lease term or economic lives Buildings 12 38 Land is stated at cost and is not depreciated. 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). |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates its long-lived assets or asset Company 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 a n asset Company 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, investments including cost method investments, fixed-rate time deposits, available-for-sale securities, loans receivable, short-term loans, long-term loans, loans receivable, non-current, convertible senior notes (Note 14) and related derivative liabilities. As of December 31, 2015 and 2016, the carrying values of these financial instruments, other than the cost method investment, available-for-sale securities, long-term loans, convertible senior notes and related derivative liabilities, approximated their fair values due to the short-term maturity of these instruments. The available-for-sale securities were recorded at fair value based on the quoted price in active markets as of December 31, 2015 and 2016. The carrying values of the long-term loans approximate their fair values, as the loans 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$ 697,104 225,186 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. 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. The Company measures its available-for-sale securities at fair value using quoted prices from the active markets. Assets measured at fair value on a recurring basis as of December 31, 2015 and 2016 are summarized below. Fair Value Measurement as of December 31, 2015 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) 2015 US$ US$ US$ US$ Available-for-sale securities 56,027 - - 56,027 Fair Value Measurement as of December 31, 2016 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) 2016 US$ US$ US$ US$ Available-for-sale securities 51,639 - - 51,639 |
Revenue Recognition | Revenue Recognition E-Commerce Services 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 RMB 5,000 20,000 (2) Direct sales services (3) Sublease services . Sublease rental income for the year ended December 31, 2015 and 2016 was US$ 18,241 31,929 US$ 2017 34,454 2018 1,357 2019 199 2020 109 2021 and thereafter 3 36,122 (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 recognizes 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, are recognized during the period in which the loss becomes probable and reasonably estimable. 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. Beginning in 2015, the Group began to enter into marketing service agreements with certain real estate developers, where the Company may elect to collect the contractually stated marketing service fee in the form of (i) a designated real estate property, if transferred to the Company or sold to a third-party buyer designated by the Company prior to a pre-determined date, which typically falls at the end of the marketing service period, or (ii) cash, if the Company elects not to take the designated real estate property as settlement consideration by the pre-determined date. The Company determines the contractually stated marketing service fee under the new payment arrangements with reference to the cash price of the comparable services offered by the Company under the sole cash payment arrangements. The designated real estate property is typically a specifically identified residential unit within a residential community developed by the real estate developer and its fair value is generally commensurate with the contractually stated marketing service fee as of the date of the marketing service agreement. If the Company elects settlement through the sale of the designated real estate property to a third-party buyer, the Company is entitled to retain the entire sales proceeds. In this scenario, the Company has the sole discretion in setting the sales price of the designated real estate property to the third-party buyer but has no incentive to permit such real estate property to be sold at a price lower than the contractually stated marketing service fee, which serves as a de-facto minimal selling price, because the Company would instead accept the cash payment of the stated marketing service fee. Prior to the pre-determined date, the real estate developer is obligated not to sell, encumber or otherwise dispose of the designated real estate property without the consent of the Company. Under these arrangements, the Company initially recognizes the marketing service revenue up to the amount of the contractually stated marketing service fee. Any excess is contingent upon the sale of the designated real estate properties and is accounted for as contingent marketing service revenues, if and when the sale is consummated and all other revenue recognition criteria are met. For the year ended December 31, 2015, the Company did not elect to collect the marketing service fees under these arrangements through a transfer or sale of the designated real estate properties, as the Company elected to collect all the marketing service fees in cash. For the year ended December 31, 2016, the Company recognized marketing service revenue of US$ 9,730 52,000 Instead, 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 nil, nil and US$ 728 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 accounts for each deliverable in the arrangement as separate unit of accounting. Revenues are allocated to each unit of accounting on a relative fair value basis based on a selling price hierarchy and is recognized ratably over the duration of the service period. The selling price for a deliverable is 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 is 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 monitors the conditions that affect its determination of selling price for each deliverable and reassesses such estimates periodically. T he Company updated the BESP for each deliverable during the year ended December 31, 2016. In accordance with ASC 250, “Accounting Changes and Error Corrections”, changes in the determination of the BESP are considered a change in accounting estimate and are accounted for on a prospective basis. The effect of changes in the BESP on the allocation of arrangement consideration was insignificant for the years ended December 31, 2014, 2015 and 2016. 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 are recognized ratably over the duration of the service period as the basic listing services are being delivered. (2) Special listing services Special listing services are multiple element arrangements comprising of website listing services and other coordination of promotional themed events (“Offline Services”), such as a physical forum discussion or a banquet gathering, each with the special listing as the theme, where the Company’s customers promote their products or services to a live audience. The Offline Services do not have standalone value and are always sold with special listing services. 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. Delivery of services occurs by making access to the websites available for posting by the customers over the specified listing period and upon completion of the Offline Services. The Company performs credit assessments of its customers prior to signing the written contract to ensure collectability is reasonably assured. As the Offline Services do not have standalone value, a combined unit of accounting is used pursuant to ASC 605-25, “Revenue recognitionMultiple-element arrangements” whereby revenues are recognized upon delivery of the final deliverable, which is recognized ratably over the duration of the special listing service period. Financial Services Financial services are provided through the Company’s online financial platform www.fangtx.com Other Value-added Services The Company generates revenues from other 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 are recognized when the relevant services are completed. The Company’s business is subject to BT, 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 BT, VAT, surcharges and cultural construction fees are presented as cost of revenues in the consolidated statements of comprehensive income (loss). BT, VAT, surcharges and cultural construction fees for the years ended December 31, 2014, 2015 and 2016 were US$ 44,003 48,253 68,007 All service fees received in advance of the provision of services are initially recorded as deferred revenues and subsequently recognized as revenues when the related services are performed by the Company. |
Cost of Revenues | Cost of Revenues Cost of revenues consists of employee costs, BT, VAT and surcharges, rental costs incurred in relation to sublease services, labor and decoration material costs related to online decoration services, server and bandwidth leasing fees, payments to third-party real estate agents and other direct costs incurred in providing the related services. 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, 2014, 2015 and 2016, the advertising expenses were US$ 6,202 44,123 61,762 |
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. A capital lease is accounted for as if there was an acquisition of an asset and an incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases wherein rental payments are expensed as incurred. The Company had no capital leases for any of the years presented. |
Income Taxes | 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 “accrued expenses and other 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 Subsidies | 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. For the years ended December 31, 2014, 2015 and 2016, US$ 7,205 4,936 6,469 |
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 17. 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. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Share-based compensation expense was recorded net of estimated forfeitures such that expense was recorded only for those share-based awards that are expected to vest. |
Earnings per Share | Earnings per Share The Company computes earnings 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 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 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. |
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. These estimates are calculated with reference to the market rates using industry standard valuation techniques. The fair value of the derivative instruments held by the Company was insignificant for all of the years presented. |
Comprehensive Income (Loss) | 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) unrealized gain (loss) on available-for-sale securities, and (iii) 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. |
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. |
Recent accounting pronouncements | Recent accounting pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements in ASC 605, and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is originally effective for the annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. ASU No. 2015-14, “Revenue from Contracts with Customers” (“ASU 2015-14”), defers the effective date of ASU 2014-09 by one year. As a result, ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017 and interim periods therein. Early adoption is permitted to the original effective date. The Company is currently evaluating the impact of adopting the new revenue standard on its consolidated financial statements and considering additional disclosure requirements. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”). ASU 2015-17 requires that deferred income tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Group has early adopted the ASU 2015-17 when preparing for the financial statement for the year ended December 31, 2016 on a prospective basis and no retrospective adjustment was made for the consolidated balance sheet as of December 31, 2015. In January 2016, the FASB issued ASU No. 2016-01 (“ASU 2016-01”), Financial Instruments In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 requires lessees to recognize the rights and obligations resulting from leases as assets and liabilities. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “CompensationStock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). ASU 2016-09 involves several aspects of the accounting for shared-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flow. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2016-09 on its consolidated financial statements. 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 November 2016, the FASB issued Accounting Standards Update No. 2016-18 (“ASU 2016-18”), Statement of Cash Flows (Topic 230): Restricted Cash. ASU 2016-18 requires companies to include amounts generally described as restricted cash and restricted cash equivalents in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This standard is effective for public business entities in the first quarter of 2018. Early adoption is permitted. In January 2017, the FASB issued Accounting Standards Update No. 2017-04(“ASU 2017-04”), Intangibles Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. This standard is effective for public business entities in the first quarter of 2020. Early adoption is permitted. The Company is currently evaluating the effect that this guidance will have on its consolidated financial statements and related disclosures . |
ORGANIZATION AND BASIS OF PRE33
ORGANIZATION AND BASIS OF PRESENTATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Details of Subsidiaries and PRC Domestic Entities | Company Date of Place of Percentage of Principal Activities Beijing SouFun Internet Information Service Co., Ltd. ("Beijing Internet") December 17, 2003 PRC Nil Provision of marketing services and listing services SouFun Media Technology (Beijing) Co., Ltd. ("SouFun Media") November 28, 2002 PRC 100 % Provision of technology and information consultancy services Beijing SouFun Network Technology Co., Ltd. ("SouFun Network") March 16, 2006 PRC 100 % Provision of technology and information consultancy services Beijing SouFun Science and Technology Development Co., Ltd. ("Beijing Technology") March 14, 2006 PRC Nil Provision of marketing services and listing services Beijing Century Jia Tian Xia Technology Development Co., Ltd. ("Beijing JTX Technology") December 21, 2006 PRC Nil Provision of marketing services and listing services Beijing Zhong Zhi Shi Zheng Information Technology Co. Ltd., ("Beijing Zhongzhi") June 5, 2007 PRC 100 % Provision of technology and information consultancy services Beijing Hong An Tu Sheng Network Technology Co., Ltd. ("Beijing Hong An") January 1, 2011 PRC 100 % Provision of technology and information consultancy services Beijing Tuo Shi Huan Yu Network Technology Co., Ltd. ("Beijing TuoShi") March 1, 2011 PRC 100 % Provision of technology and information consultancy services Beijing Yi Ran Ju Ke Technology Development Co., Ltd. ("Beijing Yi Ran Ju Ke") September 10, 2011 PRC Nil Provision of marketing services, rental services and real estate agency services Beijing Hua Ju Tian Xia Network Technology Co., Ltd. ("Beijing Hua Ju Tian Xia")** July 25, 2012 PRC Nil Provision of technology and information consultancy services Company Date of Place of Percentage of Principal Activities Beijing Li Man Wan Jia Network Technology Co., Ltd. ("Beijing Li Man Wan Jia") July 25, 2012 PRC 100 % Provision of technology and information consultancy services Shanghai Jia Biao Tang Real Estate Broking Co., Ltd. ("Shanghai JBT Real Estate Broking") July 7, 2005 PRC Nil Provision of real estate agency services, marketing services and listing services Beijing Zhong Zhi Xun Bo Information Technology Co. Ltd., ("Zhongzhi Xun Bo") January 6, 2012 PRC 100 % Provision of technology and information consultancy services Tianjin SouFun Network Technology Co., Ltd.("Tianjin SouFun Network") March 1, 2012 PRC 100 % Provision of technology and information consultancy services Hangzhou SouFun Network Technology Co., Ltd., ("Hangzhou SouFun Network") August 27, 2013 PRC 100 % 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 Nil Provision of real estate agency services and real estate information services Hanzhou Ji Ju Real Estate Agents Co., Ltd. ("Hanzhou Ji Ju") December 23, 2013 PRC Nil Provision of real estate agency services and real estate information services Beijing Tianxia Dai Information service Co., Ltd.("Tianxia Dai Information") April 9, 2014 PRC 100 % Provision of finance information services Shanghai SouFun Microfinance Co.,Ltd.("Shanghai SouFun Microfinance") January 19, 2015 PRC 100 % Provision of Microfinance services Beihai Tian Xia Dai Microfinance Co., Ltd.("Beihai Tian Xia Dai Microfinance") September 12, 2014 PRC 100 % Provision of microfinance services Shanghai BaoAn Enterprise Co., Ltd. (“Shanghai BaoAn Enterprise”) March 31, 2013 PRC 100 % Lease, resale and management of property Shanghai BaoAn Hotel Co., Ltd. (“Shanghai BaoAn Hotel”) March 31, 2013 PRC 100 % Operation and management of hotel, restaurant and other catering business Company Date of Place of Percentage of Principal Activities Beijing Fang Tian Xia Decorative Engineering Co., Ltd.("Beijing Fang Tian Xia Decorative Engineering") October 15, 2014 PRC 100 % Provision of decorative engineering services Chongqing Tian Xia Dai Microfinance Co., Ltd ("Chongqing Tian Xia Dai Microfinance") December 11, 2014 PRC 100 % Provision of microfinance services Tianjin Jia Tian Xia Microfinance Co. ,Ltd. ("Tianjin Jia Tian Xia Microfinance") December 5, 2014 PRC 100 % Provision of microfinance services Beijing Fang Chao Real Estate Broking Co., Ltd. March 6, 2015 PRC Nil Provision of real estate agency services Guangzhou Fang Tian Xia Real Estate Broking Co., Ltd. March 9, 2015 PRC 100 % Provision of real estate agency services Beijing Cun Fang Real Estate Broking Co., Ltd. April 7, 2015 PRC 100 % Provision of real estate agency services Shenzhen Fang Tian Xia Broking Co., Ltd. April 13, 2015 PRC Nil Provision of real estate agency services Tianjin Fang Tian Xia Real Estate Broking Co., Ltd. May 21, 2015 PRC 100 % Provision of real estate agency services Suzhou Cun Fang Real Estate Broking Co., Ltd. May 21, 2015 PRC 100 % Provision of real estate agency services Nanjing Cun Fang Real Estate Broking Co., Ltd. April 30, 2015 PRC 100 % Provision of real estate agency services Chengdu SouFun Fang Tian Xia Real Estate Broking Co., Ltd. March 12, 2015 PRC 100 % Provision of real estate agency services Company Date of Place of Percentage of Principal Activities Nanchang Cun Fang Real Estate Broking Co., Ltd. June 3, 2015 PRC Nil Provision of real estate agency services Chongqing Fang Tian Xia Real Estate Broking Co., Ltd. May 27, 2015 PRC 100 % Provision of real estate agency services Wuhan SouFun Fang Tian Xia Real Estate Broking Co., Ltd. May 8, 2015 PRC 100 % Provision of real estate agency services Shanghai SouFun Fang Tian Xia Broking Co., Ltd. April 16, 2015 PRC Nil Provision of real estate agency services Shenzhen Yi Ran Ju Ke Real Estate Broking Co., Ltd. August 13, 2015 PRC Nil Provision of real estate agency services Hangzhou Nuo Guan Real Estate Broking Co., Ltd. September 17, 2015 PRC Nil Provision of real estate agency services Beijing Li Tian Rong Ze Yi Jia Technology Development Co., Ltd. September 16, 2015 PRC Nil Provision of technology and information consultancy services Fang Holdings Limited August 7, 2000 Hong Kong 100 % Investment holding Hong Kong Property Network Limited ("HK Property") May 19, 2011 Hong Kong 100 % Investment holding Best Work Holdings (New York) LLC ("Best Work") March 14, 2011 United States of America 100 % Investment holding |
Carrying Amount of Assets and Liabilities | As of December 31, 2015 2016 US$ US$ ASSETS Current assets: Cash and cash equivalents 51,164 18,352 Restricted cash, current 103,179 209,642 Short-term investments 2,002 2,595 Accounts receivable (net of allowance of US$12,622 and US$19,013 as of December 31, 2015 and 2016, respectively) 68,654 74,624 Funds receivable 383 886 Commitment deposits 10,246 6,527 Prepayments and other current assets 151,654 16,290 Total current assets 387,282 328,916 Non-current assets: Property and equipment, net 21,642 34,452 Long-term investments 256,837 216,913 Deferred tax assets, non-current - 270 Deposit for non-current assets 594 224,529 Other non-current assets 4,559 633 Total non-current assets 283,632 476,796 Total assets 670,914 805,712 |
Result of Operations | For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ Total revenues 107,950 315,797 287,475 Net income (loss) 25,464 (41,831) (24,135) |
Summary of Cash Flow Activities | For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ Net cash generated from (used in) operating activities 113,176 (61,480) (790) Net cash (used in) generated from investing activities (113,148) (8,913) (3,763) Net cash (used in) generated from financing activities (106,688) 95,078 (25,963) |
SUMMARY OF SIGNIFICANT ACCOUN34
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Property and Equipment Estimated Useful Lives of Assets | Category Estimated Useful Life Office equipment 5 Motor vehicles 5 Leasehold improvement shorter of lease term or economic lives Buildings 12 38 |
Assets Measeured Fair Value on a Recurring Basis | Fair Value Measurement as of December 31, 2015 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) 2015 US$ US$ US$ US$ Available-for-sale securities 56,027 - - 56,027 Fair Value Measurement as of December 31, 2016 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) 2016 US$ US$ US$ US$ Available-for-sale securities 51,639 - - 51,639 |
Schedule of future minimum sublease rental incomes | US$ 2017 34,454 2018 1,357 2019 199 2020 109 2021 and thereafter 3 36,122 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Short-Term Investment and Long-Term Investment | As of December 31, 2015 2016 US$ US$ Short-term investments Fixed-rate time deposits 62,559 42,929 Long-term investments: Available-for-sale securities: - Yirendai Ltd. ("Yirendai") 985 - - Color Life Service Group ("Color Life") 23,703 20,606 - Hopefluent Group Holdings Limited ("Hopefluent") 31,339 31,033 56,027 51,639 Cost method investments: - Shenzhen World Union Properties Consultancy Co., Ltd. ("World Union") 121,394 107,088 - Sindeo, Inc. ("Sindeo") 5,000 2,768 - Guilin Bank - 12,173 - Xian Chuangdian Quancheng Real Estate Consultant Limited (“Chuangdian”) - 3,294 - Tospur Real Estate Consulting Co., Ltd. ("Tospur") 62,257 54,918 188,651 180,241 244,678 231,880 |
Summary of Available-for-Sale Securities | Gross Gross Fair Value Original Unrealized Unrealized (Net Carrying Cost Gains Losses Amount) US$ US$ US$ US$ December 31, 2015 - Color Life 13,583 10,120 - 23,703 - Hopefluent 34,944 - (3,605) 31,339 - Yirendai 995 - (10) 985 49,522 10,120 (3,615) 56,027 December 31, 2016 - Color Life 13,583 7,023 - 20,606 - Hopefluent 34,944 - (3,911) 31,033 48,527 7,023 (3,911) 51,639 |
Schedule of unrealized losses and fair value | As of December 31, 2016 Less than 12 12 Months or Months Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss Hopefluent 31,033 (306) - (3,605) 31,033 (3,911) Total available-for-sale securities 31,033 (306) - (3,605) 31,033 (3,911) As of December 31, 2015 Less than 12 12 Months or Months Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Hopefluent 31,339 (3,605) - - 31,339 (3,605) Yirendai 985 (10) - - 985 (10) Total available-for-sale securities 32,324 (3,615) - - 32,324 (3,615) |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Accounts Receivable | As of December 31, 2015 2016 US$ US$ Accounts receivable 178,580 128,038 Allowance for doubtful accounts (31,064) (34,366) Accounts receivable, net 147,516 93,672 |
Allowance for Doubtful Accounts | For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ Movement in allowance for doubtful accounts: Balance at beginning of year 15,019 21,397 31,064 Additional provision charged to expenses 17,377 18,649 30,025 Write-offs (10,933) (7,209) (24,250) Foreign currency translation adjustments (66) (1,773) (2,473) Balance at end of year 21,397 31,064 34,366 |
PREPAYMENTS AND OTHER CURRENT37
PREPAYMENTS AND OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAYMENTS AND OTHER CURRENT ASSETS | As of December 31, 2015 2016 US$ US$ Prepaid expenses 15,364 13,092 Advance to employees 1,623 1,334 Receivable from a broker for exercise of employee stock options 237 - Rental deposits and others 10,273 7,668 Interest receivable 13,168 1,021 Rent paid to original lessors for sublease services 15,882 6,793 Receivable for real estate properties - 989 Others 3,718 8,927 60,265 39,824 |
LOANS RECEIVABLE (Tables)
LOANS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Summary of loans receivable | A summary of the Company’s loans receivables is presented as follows: As of December 31, 2015 As of December 31, 2016 US$’000 US$’000 Personal loans 325,995 62,510 Total Loans receivable 325,995 62,510 Allowance for loan losses Individually assessed 577 541 Collectively assessed 3,079 3,195 Loans receivable, net 322,339 58,774 Current portion 266,990 41,966 Non-current portion 55,349 16,808 |
Financing Receivable Credit Quality Indicators | The following table summarizes the Company’s loan portfolio by credit quality indicator as of December 31, 2016 and 2015, respectively: Internal credit risk rating As of December 31, % As of December 31, % US$ US$ Pass 323,129 99.1 59,196 94.7 Special attention 1,266 0.4 1,158 1.9 Non-performing 1,600 0.5 2,156 3.4 Total 325,995 100 62,510 100 |
Past Due Financing Receivables | The following tables represent the aging of loans by portfolio segment as of December 31, 2015 and 2016, respectively: 90-179 days 180-365 days Over 1year As of December 31,2016 past due past due past due Total Current Total loans US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Personal loans 593 1,390 1,206 3,189 45,224 62,510 Total 593 1,390 1,206 3,189 45,224 62,510 90-179 days 180-365 days Over 1year As of December 31,2015 past due past due past due Total Current Total loans US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Personal loans 320 356 924 1,600 324,395 325,995 Total 320 356 924 1,600 324,395 325,995 |
Allowance for Credit Losses on Financing Receivables | For the year ended December 31, 2016 Personal Total Beginning balance 3,656 3,656 Provision 80 80 Write offs - - Ending balance 3,736 3,736 Ending balance: individually evaluated for impairment 541 541 Ending balance: collectively evaluated for impairment 3,195 3,195 Loans Of which individually evaluated for impairment 4,570 4,570 Of which collectively evaluated for impairment 57,940 57,940 For the year ended December 31, 2015 Personal Total Beginning balance - - Provision 3,656 3,656 Write offs - - Ending balance 3,656 3,656 Ending balance: individually evaluated for impairment 577 577 Ending balance: collectively evaluated for impairment 3,079 3,079 Loans Of which individually evaluated for impairment 13,956 13,956 Of which collectively evaluated for impairment 312,039 312,039 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment | As of December 31, 2015 2016 US$ US$ Buildings 281,801 263,392 Office equipment 35,751 40,288 Motor vehicles 1,833 1,531 Leasehold improvement 13,445 21,627 Land 37,421 37,421 Total 370,251 364,259 Less: Accumulated depreciation (44,216) (62,759) Construction in progress 469 18,397 326,504 319,897 |
DEPOSIT FOR NON-CURRENT ASSETS
DEPOSIT FOR NON-CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
DEPOSIT FOR NON-CURRENT ASSETS [Abstract] | |
Schedule of Deposit for Non-current Assets | As of December 31, 2015 2016 US$ US$ Buildings 135,299 239,827 Others 2,416 885 Total 137,715 240,712 |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, All Other Investments [Abstract] | |
Other Non-Current Assets | As of December 31, 2015 2016 US$ US$ Rental and other deposits 2,375 4,933 Rental deposits paid to lessors for sublease services 4,420 1,711 Others 774 747 7,569 7,391 |
SHORT-TERM AND LONG-TERM LOANS
SHORT-TERM AND LONG-TERM LOANS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | As of December 31, 2015 2016 US$ US$ Short-term loans 100,000 212,734 Long-term loans - 65,190 |
ACCRUED EXPENSES AND OTHER LI43
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consisted of the following: As of December 31, 2015 2016 US$ US$ Payroll and welfare benefit 37,241 18,467 Other taxes and surcharges payable (1) 42,484 39,824 Accrued unrecognized tax benefits and related interest and penalties Note 16 104,211 121,856 Amounts payable to employees 3,493 2,162 Amounts payable to sales and marketing agents 82,769 74,669 Accrued rental expenses 1,118 209 Amounts due to foremen and suppliers of decoration services (2) 23,765 4,872 Amounts due to Tianxiajin investors (3) 23,985 1,530 Down payments collected on behalf of secondary home sellers 4,452 3,116 Cash incentives payable to home buyers (4) 14,594 14,271 Amounts payable for purchase of treasury stock (5) 9,861 Others 23,481 27,702 361,593 318,539 (1) Other taxes and surcharges payable consist of BT, VAT, cultural construction fee (“CCF”), city construction tax (“CCT”) and withholding individual income tax (“IIT”). (2) Amounts due to foremen and suppliers of decoration services consist of service fees to the foremen and decoration materials cost to suppliers. In 2016, the Company gradually ceased providing decoration services. (3) This amount represents refundable deposits due to Tianxiajin investors. In 2016, the Company gradually ceased providing such services through its online financing platform. (4) 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. (5) This amount represents the purchase of treasury stock . |
CUSTOMERS' REFUNDABLE FEES (Tab
CUSTOMERS' REFUNDABLE FEES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Revenue Recognition [Abstract] | |
Roll-Forward of Customers' Refundable Fees | As of December 31, 2015 2016 US$ US$ Balance at beginning of year 42,392 59,107 Cash received from customers during the year 392,750 371,837 Revenue recognized during the year (204,282) (272,083) Payments to sales and marketing agents during the year (95,212) (33,251) Refunds paid during the year (73,526) (90,061) Amounts payable to real estate developers - (4,674) Foreign currency translation adjustments (3,015) (2,245) Balance at end of year 59,107 28,630 |
CONVERTIBLE SENIOR NOTES (Table
CONVERTIBLE SENIOR NOTES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
CONVERTIBLE SENIOR NOTES [Abstract] | |
Schedule of debt conversions | As of December 31, 2015 2016 US$ US$ Principal amount 700,000 305,700 Unamortized discount and debt issuance costs (15,397) (10,432) 684,603 295,268 |
Schedule of aggregate future principal payments | US$ 2017 212,734 2018 13,150 2019 7,450 2020 7,450 2021 and thereafter 342,839 583,623 |
TAXATION (Tables)
TAXATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Before Income Taxes | For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ PRC 365,370 (5,008) (136,773) Non-PRC (30,544) (16,030) (7,878) 334,826 (21,038) (144,651) |
Income Tax Expenses Benefits | For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ Current tax expense 54,270 26,456 27,685 Deferred tax expense (benefit) 27,339 (32,361) (2,701) 81,609 (5,905) 24,984 |
Reconciliation Between Income Tax Expense and Amount Computed by Applying Statutory Tax Rate | For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ Income (loss) before income taxes 334,826 (21,038) (144,651) Income tax at applicable tax rate of 25% 83,707 (5,260) (36,163) Effect of international tax rate differences 4,208 847 (598) Non-deductible expenses 10,337 2,145 18,891 Effect of tax holidays or preferential tax rates (54,757) (5,985) (5,759) Effect of tax rate changes (4,769) - - Investment basis difference in the PRC Domestic Entities 3,884 (335) (2,757) Withholding tax 23,164 (30,578) - Research and development super-deduction (2,284) (1,667) - Changes in valuation allowance (82) 28,041 30,856 Unrecognized tax benefits 393 (8,133) - Changes in interest and penalties on unrecognized tax benefits 17,808 15,020 15,270 81,609 (5,905) 24,984 |
Unrecognized Tax Benefits, Exclusive of Related Interest and Penalties | As of December 31, 2014 2015 2016 US$ US$ US$ Balance at beginning of year 24,756 50,983 70,296 Increase relating to prior year tax positions 26,307 32,227 5,070 Increase relating to current year tax positions - 5,124 4,769 Decrease relating to reversal of prior years’ tax position - (14,059) - Decrease relating to expiration of applicable statute of limitations - (1,787) - Foreign currency translation adjustments (80) (2,192) (1,202) Balance at end of year 50,983 70,296 78,933 |
Aggregate Amount and Effect of Tax Holidays and Preferential Tax Rates | For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ The aggregate amount (54,757) (5,985) (5,759) The aggregate effect on basic and diluted earnings per share for Class A and Class B ordinary shares: -Basic 0.67 0.07 0.06 -Diluted 0.59 0.07 0.06 |
Components of Deferred Taxes | As of December 31, 2015 2016 US$ US$ Deferred tax assets Net operating losses 34,807 63,084 Impairment of funds receivable - 348 Impairment of loans receivable - 65 Overcharged advertising and promotion fee - 90 Share based compensation 4,263 5,351 Less: Valuation allowance (33,580) (64,166) Total deferred tax assets, net 5,490 4,915 Deferred tax liabilities Investment basis in the PRC entities (62,224) (57,413) BaoAn Acquisition Property (14,407) (13,011) Deferred tax liabilities (76,631) (70,424) |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Equity Award Activity | Weighted Weighted- Weighted- Average Average per Average Remaining Share Grant-date Contractual Aggregate Options Granted to Employees Number of Exercise Fair Value Term Intrinsic and Directors Shares (*) Price per Share (Years) Value Outstanding, December 31, 2015 8,240,623 13.80 4.21 5.98 US$ 190,761 Granted 2,738,200 21.02 10.52 Forfeited (527,191) 27.33 9.41 Expired (282,798) 8.10 2.50 Exercised (363,417) 10.44 3.77 Outstanding, December 31, 2016 9,805,417 15.38 5.77 6.20 US$ 10,011 Vested and expected to vest at December 31, 2016 9,805,417 15.38 5.77 6.20 US$ 10,011 Exercisable at December 31, 2016 7,283,716 13.61 4.22 5.04 US$ 20,328 |
Assumptions Used to Estimate Fair Value | For the Years Ended December 31, 2016 Risk-free interest rate 1.97% to 2.23% Dividend yield nil Expected volatility range 49.66% to 50.18% Weighted average expected life 6.35 years Estimated forfeiture rate - Fair value of ordinary share US$6.85 to US$7.60 |
Share - Based Compensation Expense | For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ Cost of revenues 782 471 443 Selling expenses 1,122 446 512 General and administrative expenses 2,778 3,485 5,597 4,682 4,402 6,552 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Parties | Name of Related Parties Relationship with the Company Vincent Tianquan Mo Executive chairman of the board of directors and chief executive officer 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 and two other independent directors 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 and Richard Jiangong Dai Guangxi Wharton International Hotel ("Guangxi Wharton") A company under the control of Vincent Tianquan Mo Research Center on Natural Conservation, Inc. ("Research Center") A company under the control of Vincent Tianquan Mo Upsky Long Island Hotel LLC ("Upsky Long Island") A company under the control of Vincent Tianquan Mo Upsky San Francisco Airport Hotel LLC (formerly known as "Crowne Plaza San Francisco-International Airport") ("Upsky San Francisco") A company under the control of Vincent Tianquan Mo Upsky Lighthouse Hotel LLC ("Upsky Lighthouse") A company under the control of Vincent Tianquan Mo Nanning Xuyin Business Co., Ltd. (“Nanning Xuyin”) A company under the control of Vincent Tianquan Mo New York Military Academy A company of which Vincent Tianquan |
Related Party Transactions | For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ Office building leased from: -Vincent Tianquan Mo 174 169 154 Management fee incurred: -Beihai Silver Beach 700 470 421 Hotel service fee incurred: - Beihai Silver Beach - - 113 - Upsky San Francisco 7 20 17 - Upsky Lighthouse - 1 - - Upsky Long Island 203 116 81 Training fee incurred - New York Military Academy - - 111 |
Related Party Balances | As of December 31, 2015 2016 US$ US$ Amounts due from a related party: - Beihai Silver Beach 262 197 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments under Non-Cancelable Operating Leases | US$ 2017 70,851 2018 33,850 2019 8,505 2020 3,873 2021 and thereafter 574 117,653 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Revenues by Product Groups | For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ E-commerce services: New home 244,294 318,612 265,583 Other product groups 50 156,198 312,101 Total E-commerce service revenues 244,344 474,810 577,684 Marketing services: New home 260,333 219,057 144,631 Secondary and rental properties 1,093 2,498 1,635 Home furnishing and improvement 33,058 28,307 19,171 Total marketing service revenues 294,484 249,862 165,437 Listing services: Secondary and rental properties 124,172 83,972 94,507 Research 19,019 21,540 22,959 Other product groups 2,463 2,410 643 Total listing service revenues 145,654 107,922 118,109 Other value-added services Research 15,165 21,373 25,559 Total other value-added services revenues 15,165 21,373 25,559 Financial services: New home 2,927 20,156 22,724 Other product groups 308 9,426 6,878 Total financial service revenues 3,235 29,582 29,602 |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Share | For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ US$ US$ US$ Class A Class B Class A Class B Class A Class B Earnings (Loss) per share - basic: Numerator: Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share-basic 178,214 75,003 (10,783) (4,313) (125,531) (44,104) Denominator: Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share 57,826,485 24,336,650 60,834,236 24,336,650 69,269,099 24,336,650 Denominator used for basic earnings (loss) per share 57,826,485 24,336,650 60,834,236 24,336,650 69,269,099 24,336,650 Earnings (loss) per share - basic 3.08 3.08 (0.18) (0.18) (1.81) (1.81) Earnings (loss) per share - diluted: Numerator: 177,993 75,224 (10,783) (4,313) (125,531) (44,104) Effect of convertible senior notes 11,032 - - - - - 189,025 75,224 (10,783) (4,313) (125,531) (44,104) Reallocation of net income (loss) attributable to ordinary shareholders as a result of conversion of Class B to Class A shares 75,224 - (4,313) - (44,104) - Net income (loss) attributable to ordinary shareholders 264,249 75,224 (15,096) (4,313) (125,531) (44,104) Denominator: Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share 57,826,486 24,336,650 60,834,236 24,336,650 69,269,099 24,336,650 Conversion of Class B to Class A ordinary shares 24,336,650 - 24,336,650 - 24,336,650 - Employee stock options 6,106,284 1,912,500 - - - - Convertible senior notes 3,939,200 - - - - - Denominator used for diluted earnings (loss) per share 92,208,620 26,249,150 85,170,866 24,336,650 93,605,749 24,336,650 Earnings (loss) per share -diluted 2.87 2.87 (0.18) (0.18) (1.81) (1.81) |
PARENT COMPANY ONLY CONDENSED52
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | As of December 31, 2015 2016 US$ US$ ASSETS Current assets: Cash and cash equivalents 427,156 34,072 Prepayments and other current assets 980 491 Amounts due from subsidiaries 21,743 - Total current assets 449,879 34,563 Non-current assets: Property and equipment, net 26 12 Long-term investments 46,364 54,408 Investment in subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries 1,044,465 753,117 Total non-current assets 1,090,855 807,537 Total assets 1,540,734 842,100 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accrued expenses and other liabilities 2,365 11,401 Amounts due to subsidiaries and PRC Domestic Entities - 48,301 Convertible senior notes 396,716 - Total current liabilities 399,081 59,702 Non-current liabilities: Convertible senior notes 287,887 295,268 Total non-current liabilities 287,887 295,268 Total liabilities 686,968 354,970 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, and 70,736,679 shares and 64,012,758 shares issued and outstanding as of December 31, 2015 and 2016, respectively 9,110 9,157 Class B ordinary shares, par value HK$1.00 per share, 600,000,000 shares authorized for Class A and Class B in aggregate, and 24,336,650 shares and 24,336,650 shares issued and outstanding as of December 31, 2015 and 2016, respectively 3,124 3,124 Additional paid-in capital 478,391 488,943 Accumulated other comprehensive income (loss) (10,364) (81,349) Retained earnings 373,505 203,870 Treasury stock - (136,615) Total shareholders’ equity 853,766 487,130 Total liabilities and shareholders’ equity 1,540,734 842,100 |
Condensed Statements of Comprehensive Income | For the Years Ended December 31, 2014 2015 2016 US$ US$ US$ Revenues - - - Cost of revenues - - - Gross profit - - - General and administrative (expenses) income (867) 3,023 3,610 Operating (loss) income (867) 3,023 3,610 Equity in profits (losses) of subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries 270,241 (6,254) (167,967) Interest income 3,303 260 1,775 Interest expenses (11,033) (12,108) (17,807) Realized gain on available-for-sale security (including accumulated other comprehensive income reclassifications for unrealized net gain on available-for-sale security of nil, nil and 10,583 for the years ended December 31, 2014, 2015 and 2016, respectively) - - 10,583 Investment income - - 1,571 Other-than-temporary impairment on available-for-sale securities (8,417) - (2,232) Foreign exchange gain (loss) (10) (17) 832 Income (loss) before income taxes 253,217 (15,096) (169,635) Income tax expenses - - - Net income (loss) 253,217 (15,096) (169,635) Other comprehensive income (loss), net of tax Foreign currency translation adjustments (4,323) (55,928) (67,728) Amounts reclassified from accumulated other comprehensive income - - (10,583) Unrealized gain (loss) on available-for-sale securities 10,508 (4,002) 7,326 Other comprehensive income (loss), net of tax 6,185 (59,930) (70,985) Comprehensive income (loss) 259,402 (75,026) (240,620) |
Condensed Statements of Cash Flows | 2014 2015 2016 US$ US$ US$ Net cash provided by (used in) operating activities 914 (4,718) 117,398 Net cash (used in) provided by investing activities (118,045) (78,196) 11,575 Net cash (used in) provided by financing activities (101,442) 489,695 (522,057) Net (decrease) increase in cash and cash equivalents (218,573) 406,782 (393,084) Cash and cash equivalents at beginning of year 238,947 20,374 427,156 Cash and cash equivalents at end of year 20,374 427,156 34,072 |
ORGANIZATION AND BASIS OF PRE53
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, 2016 | |
Beijing SouFun Internet Information Service Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Dec. 17, 2003 |
Place of Establishment | PRC |
Percentage of Ownership | |
Principal Activities | Provision of marketing services and listing services |
SouFun Media Technology Beijing Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Nov. 28, 2002 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Provision of technology and information consultancy services |
Beijing SouFun Network Technology Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Mar. 16, 2006 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Provision of technology and information consultancy services |
Beijing SouFun Science and Technology Development Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Mar. 14, 2006 |
Place of Establishment | PRC |
Percentage of Ownership | |
Principal Activities | Provision of marketing services and listing services |
Beijing Century Jia Tian Xia Technology Development Co Ltd [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Dec. 21, 2006 |
Place of Establishment | PRC |
Percentage of Ownership | |
Principal Activities | Provision of marketing services and listing services |
Beijing Zhong Zhi Shi Zheng Information Technology Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Jun. 5, 2007 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Provision of technology and information consultancy services |
Beijing Hong An Tu Sheng Network Technology Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Jan. 1, 2011 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Provision of technology and information consultancy services |
Beijing Tuo Shi Huan Yu Network Technology Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Mar. 1, 2011 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Provision of technology and information consultancy services |
Beijing Yi Ran Ju Ke Technology Development Co Ltd [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Sep. 10, 2011 |
Place of Establishment | PRC |
Percentage of Ownership | |
Principal Activities | Provision of marketing services, rental services and real estate agency services |
Beijing Hua Ju Tian Xia Network Technology Co Ltd [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Jul. 25, 2012 |
Place of Establishment | PRC |
Percentage of Ownership | |
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] | |
Date of Establishment | Jul. 25, 2012 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Provision of technology and information consultancy services |
Shanghai Jia Biao Tang Real Estate Broking Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Jul. 7, 2005 |
Place of Establishment | PRC |
Percentage of Ownership | |
Principal Activities | Provision of real estate agency services, marketing services and listing services |
Beijing Zhong Zhi Xun Bo Information Technology Co. Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Jan. 6, 2012 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Provision of technology and information consultancy services |
Tianjin Soufun Network Technology Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Mar. 1, 2012 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Provision of technology and information consultancy services |
Hangzhou SouFun Network Technology Co., Ltd., [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Aug. 27, 2013 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
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] | |
Date of Establishment | Dec. 13, 2013 |
Place of Establishment | PRC |
Percentage of Ownership | |
Principal Activities | Provision of real estate agency services and real estate information services |
Hanzhou Ji Ju Real Estate Agents Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Dec. 23, 2013 |
Place of Establishment | PRC |
Percentage of Ownership | |
Principal Activities | Provision of real estate agency services and real estate information services |
Beijing Tianxia Dai Information Service Co Ltd [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Apr. 9, 2014 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Provision of finance information services |
Chongqing Tian Xia Dai Microfinance Co Ltd [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Dec. 11, 2014 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Provision of microfinance services |
Chongqing Fang Tian Xia Real Estate Broking Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | May 27, 2015 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Provision of real estate agency services |
Tianjin Fang Tian Xia Real Estate Broking Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | May 21, 2015 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Provision of real estate agency services |
Suzhou Cun Fang Real Estate Broking Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | May 21, 2015 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Provision of real estate agency services |
Nanjing Cun Fang Real Estate Broking Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Apr. 30, 2015 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Provision of real estate agency services |
Shenzhen Fang Tian Xia Broking Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Apr. 13, 2015 |
Place of Establishment | PRC |
Percentage of Ownership | |
Principal Activities | Provision of real estate agency services |
Beijing Cun Fang Real Estate Broking Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Apr. 7, 2015 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Provision of real estate agency services |
Beijing Fang Chao Real Estate Broking Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Mar. 6, 2015 |
Place of Establishment | PRC |
Percentage of Ownership | |
Principal Activities | Provision of real estate agency services |
Tianjin Jia Tian Xia Microfinance Co Ltd [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Dec. 5, 2014 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Provision of microfinance services |
Beijing Fang Tian Xia Decorative Engineering Co Ltd [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Oct. 15, 2014 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Provision of decorative engineering services |
Beihai Tian Xia Dai Microfinance Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Sep. 12, 2014 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Provision of microfinance services |
Shanghai Baoan Enterprise Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Mar. 31, 2013 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Lease, resale and management of property |
Shanghai BaoAn Hotel Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Mar. 31, 2013 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Operation and management of hotel, restaurant and other catering business |
Best Work Holdings New York LLC [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Mar. 14, 2011 |
Place of Establishment | United States of America |
Percentage of Ownership | 100.00% |
Principal Activities | Investment holding |
Shanghai SouFun Microfinance Co.,Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Jan. 19, 2015 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Provision of Microfinance services |
Guangzhou Fang Tian Xia Real Estate Broking Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Mar. 9, 2015 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Provision of real estate agency services |
Chengdu SouFun Fang Tian Xia Real Estate Broking Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Mar. 12, 2015 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Provision of real estate agency services |
Nanchang Cun Fang Real Estate Broking Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Jun. 3, 2015 |
Place of Establishment | PRC |
Percentage of Ownership | |
Principal Activities | Provision of real estate agency services |
Hangzhou Nuo Guan Real Estate Broking Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Sep. 17, 2015 |
Place of Establishment | PRC |
Percentage of Ownership | |
Principal Activities | Provision of real estate agency services |
Beijing Li Tian Rong Ze Yi Jia Technology Development Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Sep. 16, 2015 |
Place of Establishment | PRC |
Percentage of Ownership | |
Principal Activities | Provision of technology and information consultancy services |
Fang Holdings Limited [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Aug. 7, 2000 |
Place of Establishment | Hong Kong |
Percentage of Ownership | 100.00% |
Principal Activities | Investment holding |
Hong Kong Property Network Limited [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | May 19, 2011 |
Place of Establishment | Hong Kong |
Percentage of Ownership | 100.00% |
Principal Activities | Investment holding |
Shanghai SouFun Fang Tian Xia Broking Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Apr. 16, 2015 |
Place of Establishment | PRC |
Percentage of Ownership | |
Principal Activities | Provision of real estate agency services |
Shenzhen Yi Ran Ju Ke Real Estate Broking Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | Aug. 13, 2015 |
Place of Establishment | PRC |
Percentage of Ownership | |
Principal Activities | Provision of real estate agency services |
Wuhan SouFun Fang Tian Xia Real Estate Broking Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Date of Establishment | May 8, 2015 |
Place of Establishment | PRC |
Percentage of Ownership | 100.00% |
Principal Activities | Provision of real estate agency services |
ORGANIZATION AND BASIS OF PRE54
ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Carrying Amounts of Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets: | ||||
Cash and cash equivalents | $ 336,528 | $ 817,921 | $ 354,760 | $ 581,010 |
Restricted cash, current | 211,084 | 103,179 | ||
Short-term investments | 42,929 | 62,559 | ||
Accounts receivable (net of allowance of US$12,622 and US$19,013 as of December 31, 2015 and 2016, respectively) | 93,672 | 147,516 | ||
Funds receivable | 20,483 | 45,400 | ||
Commitment deposits | 6,527 | 10,646 | ||
Prepayments and other current assets | 39,824 | 60,265 | ||
Total current assets | 793,210 | 1,514,738 | ||
Non-current assets: | ||||
Property and equipment, net | 319,897 | 326,504 | ||
Long-term investments | 231,880 | 244,678 | ||
Deferred tax assets, non-current | 4,915 | 5,490 | ||
Deposit for non-current assets | 240,712 | 137,715 | ||
Other non-current assets | 7,391 | 7,568 | ||
Total non-current assets | 821,603 | 777,304 | ||
Total assets | 1,614,813 | 2,292,042 | ||
Current liabilities: | ||||
Short-term loans | 212,734 | 100,000 | ||
Deferred revenue | 129,765 | 145,321 | ||
Accrued expenses and other liabilities | 318,539 | 361,593 | ||
Customer’s refundable fees | 28,630 | 59,107 | ||
Income tax payable | 6,022 | 9,948 | ||
Total current liabilities | 695,690 | 1,072,685 | ||
Non-current liabilities: | ||||
Long-term loans | 583,623 | |||
Total non-current liabilities | 431,298 | 364,830 | ||
Total liabilities | 1,126,988 | 1,437,515 | ||
PRC Domestic Entities and the PRC Domestic Entities' subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 18,352 | 51,164 | ||
Restricted cash, current | 209,642 | 103,179 | ||
Short-term investments | 2,595 | 2,002 | ||
Accounts receivable (net of allowance of US$12,622 and US$19,013 as of December 31, 2015 and 2016, respectively) | 74,624 | 68,654 | ||
Funds receivable | 886 | 383 | ||
Commitment deposits | 6,527 | 10,246 | ||
Prepayments and other current assets | 16,290 | 151,654 | ||
Total current assets | 328,916 | 387,282 | ||
Non-current assets: | ||||
Property and equipment, net | 34,452 | 21,642 | ||
Long-term investments | 216,913 | 256,837 | ||
Deferred tax assets, non-current | 270 | 0 | ||
Deposit for non-current assets | 224,529 | 594 | ||
Other non-current assets | 633 | 4,559 | ||
Total non-current assets | 476,796 | 283,632 | ||
Total assets | 805,712 | 670,914 | ||
Current liabilities: | ||||
Short-term loans | 22,734 | |||
Deferred revenue | 21,744 | 46,455 | ||
Accrued expenses and other liabilities | 106,459 | 109,727 | ||
Customer’s refundable fees | 18,295 | 36,245 | ||
Income tax payable | 199 | 1,872 | ||
Intercompany payable to the non PRC Domestic Entities | 356,423 | 293,697 | ||
Total current liabilities | 525,854 | 487,996 | ||
Non-current liabilities: | ||||
Long-term loans | 0 | 65,190 | ||
Total non-current liabilities | 65,190 | 0 | ||
Total liabilities | 591,044 | 487,996 | ||
Net assets | $ 214,668 | $ 182,918 |
ORGANIZATION AND BASIS OF PRE55
ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Carrying Amounts of Assets and Liabilities) (Details) (Parenthetical) $ in Thousands | Dec. 31, 2016USD ($) | Dec. 31, 2016HKD | Dec. 31, 2015USD ($) | Dec. 31, 2015HKD | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Accounts receivable, allowance | $ 34,366 | $ 31,064 | $ 21,397 | $ 15,019 | ||
PRC Domestic Entities and the PRC Domestic Entities' subsidiaries [Member] | ||||||
Accounts receivable, allowance | $ 19,013 | $ 12,622 |
ORGANIZATION AND BASIS OF PRE56
ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Results of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||
Total revenues | $ 916,391 | $ 883,549 | $ 702,882 |
Net income (loss) | (169,635) | (15,096) | 253,217 |
Domestic [Member] | |||
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||
Total revenues | 287,475 | 315,797 | 107,950 |
Net income (loss) | $ (24,135) | $ (41,831) | $ 25,464 |
ORGANIZATION AND BASIS OF PRE57
ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Cash Flows) (Details) - Domestic [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash generated from (used in) operating activities | $ (790) | $ (61,480) | $ 113,176 |
Net cash (used in) generated from investing activities | (3,763) | (8,913) | (113,148) |
Net cash (used in) generated from financing activities | $ (25,963) | $ 95,078 | $ (106,688) |
ORGANIZATION AND BASIS OF PRE58
ORGANIZATION AND BASIS OF PRESENTATION (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Restricted Cash and Cash Equivalents, Current | $ 211,084 | $ 103,179 |
PRC Domestic Entities and the PRC Domestic Entities' subsidiaries [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Restricted Cash and Cash Equivalents, Current | $ 209,642 | $ 103,179 |
SUMMARY OF SIGNIFICANT ACCOUN59
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Estimated Useful Lives of Assets) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Office equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 5 years |
Motor vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 5 years |
Buildings [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 12 years |
Buildings [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 38 years |
Leasehold Improvement [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | shorter of lease term or economic lives |
SUMMARY OF SIGNIFICANT ACCOUN60
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Assets Measured at Fair Value on Recurring Basis) (Details) - Available-for-sale securities [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | $ 51,639 | $ 56,027 |
Fair Value Inputs Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 51,639 | 56,027 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities |
SUMMARY OF SIGNIFICANT ACCOUN61
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of future minimum sublease rental income) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 34,454 |
2,018 | 1,357 |
2,019 | 199 |
2,020 | 109 |
2021 and thereafter | 3 |
Total | $ 36,122 |
SUMMARY OF SIGNIFICANT ACCOUN62
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 12 Months Ended | |||||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016HKD | Dec. 31, 2015HKD | Dec. 31, 2013USD ($) | |
Significant Accounting Policies [Line Items] | ||||||
Other than temporary impairment losses investments available for sale securities | $ 2,232,000 | $ 0 | $ 8,417,000 | |||
Allowance for doubtful accounts | 34,366,000 | 31,064,000 | 21,397,000 | $ 15,019,000 | ||
Commitment deposits, default | 5,860,000 | 10,219,000 | ||||
Allowance for doubtful accounts for commitment deposits | 0 | 500,000 | ||||
Business tax and surcharges | 68,007,000 | 48,253,000 | 44,003,000 | |||
Advertising costs | 61,762,000 | 44,123,000 | 6,202,000 | |||
Sublease rental income | 31,929,000 | 18,241,000 | ||||
Government grants | 6,469,000 | 4,936,000 | 7,205,000 | |||
Revenues | 916,391,000 | 883,549,000 | 702,882,000 | |||
Derecognized Loans Receivable, Continuing Involvement | 37,870 | |||||
Collateralized Financings | 5,252,000 | 5,611,000 | ||||
Marketing Services [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Revenues | 165,437,000 | 249,862,000 | $ 294,484,000 | |||
New Payment Arrangements One [Member] | Marketing Services [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Revenues | 9,730,000 | 52,000,000 | ||||
Market Approach Valuation Technique [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Estimated fair value of convertible senior notes | $ 225,186,000 | $ 697,104,000 | ||||
Maximum [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Cash equivalents maturity period | 90 days | |||||
Short term investments maturity period | 365 days | |||||
Membership services fee | $ 20,000,000 | |||||
Maximum [Member] | Cash And Cash Equivalents [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Short term investments maturity period | 90 days | |||||
Minimum [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Short term investments maturity period | 90 days | |||||
Membership services fee | $ 5,000,000 |
CONCENTRATION OF RISKS (Details
CONCENTRATION OF RISKS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Concentration Risk [Line Items] | |||
Cash and cash equivalents, restricted cash and short term investments | $ 590,540 | ||
Internet Content Provision ("ICP") and Advertising Businesses [Member] | Maximum [Member] | |||
Concentration Risk [Line Items] | |||
Maximum percentage of ownership amount that foreign investors are allowed to own equity interest | 50.00% | ||
Financial Institution [Member] | CHINA | |||
Concentration Risk [Line Items] | |||
Cash and cash equivalents, restricted cash and short term investment held percentage | 93.80% | ||
Financial Institution [Member] | International [Member] | |||
Concentration Risk [Line Items] | |||
Cash and cash equivalents, restricted cash and short term investment held percentage | 6.20% | ||
Marketing Services [Member] | |||
Concentration Risk [Line Items] | |||
Revenues from services as percentage of total revenues | 18.00% | 28.30% | 42.00% |
E Commerce Services [Member] | |||
Concentration Risk [Line Items] | |||
Revenues from services as percentage of total revenues | 63.00% | 54.00% | 35.00% |
INVESTMENTS (Short-Term Investm
INVESTMENTS (Short-Term Investment and Long-Term Investment) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment And Other Income [Line Items] | ||
Short-term investments | $ 42,929 | $ 62,559 |
Long-term investments | 231,880 | 244,678 |
Fixed Rate Time Deposits [Member] | ||
Investment And Other Income [Line Items] | ||
Short-term investments | 42,929 | 62,559 |
Cost-method Investments [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 180,241 | 188,651 |
Available-for-sale securities [Member] | Equity Securities [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 51,639 | 56,027 |
Available-for-sale securities [Member] | Tospur Real Estate Consulting Co Ltd [Member] | Cost-method Investments [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 54,918 | 62,257 |
Available-for-sale securities [Member] | Yirendai Ltd [Member] | Equity Securities [Member] | ||
Investment And Other Income [Line Items] | ||
Short-term investments | 0 | |
Available-for-sale securities [Member] | Hopefluent Group Holdings Limited [Member] | Equity Securities [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 31,033 | 31,339 |
Available-for-sale securities [Member] | Color Life Service Group [Member] | Equity Securities [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 20,606 | 23,703 |
Available-for-sale securities [Member] | Yirendaii Ltd [Member] | Equity Securities [Member] | ||
Investment And Other Income [Line Items] | ||
Short-term investments | 985 | |
Available-for-sale securities [Member] | Shenzhen World Union Properties Consultancy Co.,Ltd. [Member] | Cost-method Investments [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 107,088 | 121,394 |
Available-for-sale securities [Member] | Sindeo, Inc. (the "Corporation") [Member] | Cost-method Investments [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 2,768 | 5,000 |
Available-for-sale securities [Member] | Guilin Bank [Member] | Cost-method Investments [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 12,173 | 0 |
Available-for-sale securities [Member] | Xian Chuangdian Quancheng Real estate consultant limited [Member] | Cost-method Investments [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | $ 3,294 | $ 0 |
INVESTMENTS (Summary of Availab
INVESTMENTS (Summary of Available-for-Sale Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | |||
Original Cost | $ 48,527 | $ 49,522 | |
Gross Unrealized Gain | 7,023 | 10,120 | |
Gross Unrealized losses | (3,911) | (3,615) | |
Fair Value | 51,639 | 56,027 | |
Color Life Service Group [Member] | Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Original Cost | 13,583 | 13,583 | |
Gross Unrealized Gain | 7,023 | 10,120 | |
Gross Unrealized losses | |||
Fair Value | 20,606 | 23,703 | |
Hopefluent Group Holdings Limited [Member] | Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Original Cost | 34,944 | 34,944 | $ 34,944 |
Gross Unrealized Gain | |||
Gross Unrealized losses | (3,911) | (3,605) | |
Fair Value | $ 31,033 | 31,339 | |
Yirendai Ltd [Member] | Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Original Cost | 995 | ||
Gross Unrealized Gain | |||
Gross Unrealized losses | (10) | ||
Fair Value | $ 985 |
INVESTMENTS (Summary of Avail66
INVESTMENTS (Summary of Available-for-Sale Securities in an unrealized loss position) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Less than Twelve Months, Fair Value | $ 31,033 | $ 32,324 |
Available-for-sale Securities, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Fair Value | 31,033 | 32,324 |
Available-for-sale Securities, Less than 12 Months, Unrealized Loss | (306) | (3,615) |
Available-for-sale Securities, 12 Months or Longer, Unrealized Loss | 0 | |
Available-for-sale Securities, Unrealized Loss | (3,911) | (3,615) |
Hopefluent Group Holdings Limited [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Less than Twelve Months, Fair Value | 31,033 | 31,339 |
Available-for-sale Securities, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Fair Value | 31,033 | 31,339 |
Available-for-sale Securities, Less than 12 Months, Unrealized Loss | (306) | (3,605) |
Available-for-sale Securities, 12 Months or Longer, Unrealized Loss | 0 | |
Available-for-sale Securities, Unrealized Loss | $ (3,911) | (3,605) |
Yirendai Ltd [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Less than Twelve Months, Fair Value | 985 | |
Available-for-sale Securities, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Fair Value | 985 | |
Available-for-sale Securities, Less than 12 Months, Unrealized Loss | (10) | |
Available-for-sale Securities, 12 Months or Longer, Unrealized Loss | 0 | |
Available-for-sale Securities, Unrealized Loss | $ (10) |
INVESTMENTS (Narrative) (Detail
INVESTMENTS (Narrative) (Details) - USD ($) $ in Thousands | Jul. 12, 2016 | Jan. 21, 2016 | Dec. 10, 2014 | Jun. 27, 2014 | May 11, 2011 | Aug. 31, 2016 | May 29, 2015 | Nov. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 08, 2016 |
Investment And Other Income [Line Items] | ||||||||||||
Interest income on fixed-rate time deposits and adjustable-rate investments | $ 11,367 | $ 9,474 | $ 27,166 | |||||||||
Unrealized gain on available-for-sale security | 7,326 | (4,002) | 10,508 | |||||||||
Other-than-temporary impairment on available-for-sale security | 8,417 | |||||||||||
Available for sale securities | 48,527 | 49,522 | ||||||||||
Investment income | 3,281 | 1,333 | 0 | |||||||||
Total losses for securities with net losses in accumulated other comprehensive income (loss) | $ 3,911 | 3,615 | ||||||||||
Dividend Distribution, Stock Dividend Description | every 10 shares distributed 4 shares for stock dividend | |||||||||||
Business Combination, Consideration Transferred | $ 2,491 | |||||||||||
Proceeds from disposal of an available-for-sale security | $ 13,074 | 13,074 | ||||||||||
Accumulated other comprehensive income reclassifications for unrealized gain on available-for-sale security | $ 10,583 | 10,583 | ||||||||||
Impairment loss | $ 2,232 | 8,417 | ||||||||||
Yirendai Ltd [Member] | ||||||||||||
Investment And Other Income [Line Items] | ||||||||||||
Shares acquired during the period | 283,408 | |||||||||||
Consideration for acquisition | $ 1,496 | |||||||||||
Percentage of ownership interest | 0.66% | |||||||||||
Guilin Bank [Member] | ||||||||||||
Investment And Other Income [Line Items] | ||||||||||||
Shares acquired during the period | 30,595,859 | |||||||||||
Consideration for acquisition | $ 12,173 | |||||||||||
Percentage of ownership interest | 0.01% | |||||||||||
Chuangdian [Member] | ||||||||||||
Investment And Other Income [Line Items] | ||||||||||||
Shares acquired during the period | 4,411,765 | |||||||||||
Consideration for acquisition | $ 3,294 | |||||||||||
Percentage of ownership interest | 15.00% | |||||||||||
Tospur [Member] | ||||||||||||
Investment And Other Income [Line Items] | ||||||||||||
Consideration for acquisition | $ 62,257 | |||||||||||
Percentage of ownership interest | 16.00% | |||||||||||
Equity Securities [Member] | Color Life Service Group [Member] | ||||||||||||
Investment And Other Income [Line Items] | ||||||||||||
Unrealized loss | 3,097 | $ 388 | ||||||||||
Market price of acquired firm | 20,606 | 24,091 | ||||||||||
Available for sale securities | 13,583 | 13,583 | ||||||||||
Total losses for securities with net losses in accumulated other comprehensive income (loss) | ||||||||||||
Equity Securities [Member] | Hopefluent Group Holdings Limited [Member] | ||||||||||||
Investment And Other Income [Line Items] | ||||||||||||
Market price of acquired firm | 31,339 | |||||||||||
Available for sale securities | 34,944 | 34,944 | $ 34,944 | |||||||||
Total losses for securities with net losses in accumulated other comprehensive income (loss) | 3,911 | 3,605 | ||||||||||
Equity Securities [Member] | Yirendai Ltd [Member] | ||||||||||||
Investment And Other Income [Line Items] | ||||||||||||
Unrealized gain on available-for-sale security | 985 | |||||||||||
Available for sale securities | 995 | |||||||||||
Total losses for securities with net losses in accumulated other comprehensive income (loss) | $ 10 | |||||||||||
Available-for-sale securities [Member] | Equity Securities [Member] | Color Life Service Group [Member] | ||||||||||||
Investment And Other Income [Line Items] | ||||||||||||
Shares acquired during the period | 27,551,733 | |||||||||||
Consideration for acquisition | $ 13,583 | |||||||||||
Percentage of ownership interest | 2.76% | |||||||||||
Available-for-sale securities [Member] | Equity Securities [Member] | Hopefluent Group Holdings Limited [Member] | ||||||||||||
Investment And Other Income [Line Items] | ||||||||||||
Shares acquired during the period | 111,935,037 | |||||||||||
Consideration for acquisition | $ 43,361 | |||||||||||
Percentage of ownership interest | 17.26% | |||||||||||
Unrealized loss | $ 33,235 | 306 | ||||||||||
Market price of acquired firm | 31,033 | |||||||||||
Other-than-temporary impairment on available-for-sale security | $ 3,605 | |||||||||||
Available-for-sale securities [Member] | Equity Securities [Member] | Shenzhen World Union Properties Consultancy Co.,Ltd. [Member] | ||||||||||||
Investment And Other Income [Line Items] | ||||||||||||
Shares acquired during the period | 145,376,744 | 203,527,442 | ||||||||||
Consideration for acquisition | $ 121,394 | |||||||||||
Percentage of ownership interest | 10.06% | |||||||||||
Available-for-sale securities [Member] | Equity Securities [Member] | Yirendai Ltd [Member] | ||||||||||||
Investment And Other Income [Line Items] | ||||||||||||
Shares acquired during the period | 103,935 | |||||||||||
Consideration for acquisition | $ 995 | |||||||||||
Percentage of ownership interest | 0.18% | |||||||||||
Unrealized gain on available-for-sale security | $ 10 |
ACCOUNTS RECEIVABLE (Schedule o
ACCOUNTS RECEIVABLE (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Accounts receivable | $ 128,038 | $ 178,580 |
Allowance for doubtful accounts | (34,366) | (31,064) |
Accounts receivable, net | $ 93,672 | $ 147,516 |
ACCOUNTS RECEIVABLE (Schedule69
ACCOUNTS RECEIVABLE (Schedule of Allowance for Doubtful Accounts) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2016HKD | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Movement in allowance for doubtful accounts: | ||||
Balance at beginning of year | $ 31,064 | $ 21,397 | $ 15,019 | |
Additional provision charged to expenses | 30,025 | 18,649 | 17,377 | |
Write-offs | (24,250) | (7,209) | (10,933) | |
Foreign currency translation adjustments | (2,473) | (1,773) | (66) | |
Balance at end of year | $ 34,366 | $ 31,064 | $ 21,397 |
PREPAYMENTS AND OTHER CURRENT70
PREPAYMENTS AND OTHER CURRENT ASSETS (Schedule of prepayments and other current assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Prepaid expenses | $ 13,092 | $ 15,364 |
Advance to employees | 1,334 | 1,623 |
Receivable from a broker for exercise of employee stock options | 0 | 237 |
Rental deposits and others | 7,668 | 10,273 |
Interest receivable | 1,021 | 13,168 |
Rent paid to original lessors for sublease services | 6,793 | |
Receivable for real estate properties | 989 | 0 |
Others | 8,927 | 3,718 |
Prepayments and other current assets | $ 39,824 | $ 60,265 |
LOANS RECEIVABLE (Summary of Gr
LOANS RECEIVABLE (Summary of Group’s loans Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Total Loans receivable | $ 62,510 | $ 325,995 |
Individually assessed | 541 | 577 |
Collectively assessed | 3,195 | 3,079 |
Loans receivable, net | 62,510 | 325,995 |
Loans receivable, net, current | 41,966 | 266,990 |
Loans receivable, non-current | 16,808 | 55,349 |
Consumer Portfolio Segment [Member] | ||
Total Loans receivable | 62,510 | 325,995 |
Individually assessed | ||
Collectively assessed | 3,195 | 3,079 |
Loans receivable, net | $ 62,510 | $ 325,995 |
LOANS RECEIVABLE (Loans Credit)
LOANS RECEIVABLE (Loans Credit) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | $ 62,510 | $ 325,995 |
Notes receivable, Percentage | 100.00% | 100.00% |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | $ 59,196 | $ 323,129 |
Notes receivable, Percentage | 94.70% | 99.10% |
Special attention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | $ 1,158 | $ 1,266 |
Notes receivable, Percentage | 1.90% | 0.40% |
Non-performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | $ 2,156 | $ 1,600 |
Notes receivable, Percentage | 3.40% | 0.50% |
LOANS RECEIVABLE (Loans Portfol
LOANS RECEIVABLE (Loans Portfolio Segment) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 3,189 | $ 1,600 |
Financing Receivable, Recorded Investment, Current | 45,224 | 324,395 |
Financing Receivable, Net | 62,510 | 325,995 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 3,189 | 1,600 |
Financing Receivable, Recorded Investment, Current | 45,224 | 324,395 |
Financing Receivable, Net | 62,510 | 325,995 |
Financing Receivables, 90 to 179 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 593 | 320 |
Financing Receivables, 90 to 179 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 593 | 320 |
Financing Receivables, 180 to 365 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,390 | 356 |
Financing Receivables, 180 to 365 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,390 | 356 |
Financing Receivables Equal To Over 1year Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,206 | 924 |
Financing Receivables Equal To Over 1year Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 1,206 | $ 924 |
LOANS RECEIVABLE (Loans Receiva
LOANS RECEIVABLE (Loans Receivable Portfolio) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Beginning balance | $ 3,656 | |
Provision | 80 | 3,656 |
Write offs | 0 | 0 |
Ending balance | 3,736 | 3,656 |
Ending balance: individually evaluated for impairment | 541 | 577 |
Ending balance: collectively evaluated for impairment | 3,195 | 3,079 |
Loans Of which individually evaluated for impairment | ||
Loans Of which collectively evaluated for impairment | 57,940 | 312,039 |
Personal [Member] | ||
Beginning balance | 3,656 | |
Provision | 80 | 3,656 |
Write offs | 0 | 0 |
Ending balance | 3,736 | 3,656 |
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | 3,195 | 3,079 |
Loans Of which individually evaluated for impairment | ||
Loans Of which collectively evaluated for impairment | $ 57,940 | $ 312,039 |
LOANS RECEIVABLE (Narrative) (D
LOANS RECEIVABLE (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | $ 62,510 | $ 325,995 | |
Loans and Leases Receivable, Nonperforming, Accrual of Interest | 2,156 | 1,600 | |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 3,313 | 2,024 | |
Loans Pledged as Collateral | 0 | 1,204 | |
Other Comprehensive Income (Loss) [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for Loan and Lease Losses | 3,736 | 3,656 | $ 0 |
Collateral Pledged [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | 7,031 | 19,255 | |
Uncollateralized [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | $ 55,479 | $ 306,740 | |
Maximum [Member] | Collateral Pledged [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan period | 36 months | 6 months | 24 months |
Interest rate | 26.00% | ||
Maximum [Member] | Uncollateralized [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan period | 36 months | ||
Interest rate | 28.08% | 24.00% | |
Minimum [Member] | Collateral Pledged [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest rate | 6.00% | ||
Minimum [Member] | Uncollateralized [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest rate | 1.00% | 4.00% |
PROPERTY AND EQUIPMENT, NET (Sc
PROPERTY AND EQUIPMENT, NET (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $ 364,259 | $ 370,251 |
Less: Accumulated depreciation | (62,759) | (44,216) |
Construction in progress | 18,397 | 469 |
Property plant and equipment Net | 319,897 | 326,504 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 263,392 | 281,801 |
Office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 40,288 | 35,751 |
Motor vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 1,531 | 1,833 |
Leasehold Improvement [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 21,627 | 13,445 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $ 37,421 | $ 37,421 |
PROPERTY AND EQUIPMENT, NET (Na
PROPERTY AND EQUIPMENT, NET (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expenses | $ 25,004 | $ 14,668 | $ 11,624 |
Property, Plant and Equipment, Additions | 13,770 | ||
Scenario One [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Building | $ 29,727 |
DEPOSIT FOR NON-CURRENT ASSET78
DEPOSIT FOR NON-CURRENT ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Non-refundable deposit | $ 240,712 | $ 137,715 |
Buildings [Member] | ||
Non-refundable deposit | 239,827 | 135,299 |
Others [Member] | ||
Non-refundable deposit | $ 885 | $ 2,416 |
DEPOSIT FOR NON-CURRENT ASSET79
DEPOSIT FOR NON-CURRENT ASSETS (Narrative) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Deposit Assets | $ 224,506 |
Debt Instrument, Collateral Amount | 87,920 |
PRC in Beijing [Member] | |
Interest free non-refundable deposits for buildings | 224,507 |
PRC in Chongqing [Member] | |
Interest free non-refundable deposits for buildings | 13,084 |
PRC in Changzhou, Jiangsu Province [Member] | |
Interest free non-refundable deposits for buildings | $ 2,236 |
OTHER NON-CURRENT ASSETS (Sched
OTHER NON-CURRENT ASSETS (Schedule of other non-current assets ) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Cost-method Investments [Line Items] | ||
Rental and other deposits | $ 4,933 | $ 2,375 |
Rental deposits paid to lessors for sublease services | 1,711 | 4,420 |
Others | 747 | 774 |
Other non-current assets | $ 7,391 | $ 7,568 |
SHORT-TERM AND LONG-TERM LOAN81
SHORT-TERM AND LONG-TERM LOANS (Schedule of Short-term and Long-term Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | ||
Short-term loans | $ 212,734 | $ 100,000 |
Long-term loans | $ 65,190 |
SHORT-TERM AND LONG-TERM LOAN82
SHORT-TERM AND LONG-TERM LOANS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Bank deposit, serves as bank borrowing security, classified as current | $ 211,084 | $ 103,179 | |
Repayment of short-term loans | 182,362 | 153,500 | $ 90,000 |
Short-term Debt | 212,734 | 100,000 | |
Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Loans Payable, Current | 9,310 | ||
Short Term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Pledged deposits released by financial institutions | $ 103,179 | ||
Short-term Debt | $ 22,730 | ||
Short-term Debt, Weighted Average Interest Rate | 1.92% | 1.40% | |
Short Term Debt [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rates above LIBOR | 0.90% | 1.00% | |
Short Term Debt [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rates above LIBOR | 1.05% | ||
Long Term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Bank Debt | $ 87,920 | ||
Long Term Debt [Member] | Maturity on Demand [Member] | |||
Debt Instrument [Line Items] | |||
Loans Payable, Current | 13,420 | ||
Bank Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
Secured Bank Borrowings | 190,000 | $ 100,000 | |
Bank Borrowings [Member] | Short Term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Bank deposit, serves as bank borrowing security, classified as current | $ 209,642 | $ 103,179 |
ACCRUED EXPENSES AND OTHER LI83
ACCRUED EXPENSES AND OTHER LIABILITIES (Schedule of Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Payroll and welfare benefit | $ 18,467 | $ 37,241 | |
Other taxes and surcharges payable | [1] | 39,824 | 42,484 |
Accrued unrecognized tax benefits and related interest and penalties | 121,856 | 104,211 | |
Amounts payable to employees | [2] | 2,162 | 3,493 |
Amounts payable to sales and marketing agents | 74,669 | 82,769 | |
Accrued rental expenses | 209 | 1,118 | |
Amounts due to foremen and suppliers of decoration services | [3] | 4,872 | 23,765 |
Amounts due to Tianxiajin investors | [4] | 1,530 | 23,985 |
Down payments collected on behalf of secondary home sellers | 3,116 | 4,452 | |
Cash incentives payable to home buyers | [5] | 14,271 | 14,594 |
Amounts payable for purchase of treasury stock | [6] | 9,861 | |
Others | 27,702 | 23,481 | |
Accrued expenses and other liabilities | $ 318,539 | $ 361,593 | |
[1] | Other taxes and surcharges payable consist of BT, VAT, cultural construction fee (“CCF”), city construction tax (“CCT”) and withholding individual income tax (“IIT”). | ||
[2] | Amounts payable to employees represent cash collections from the designated broker upon the sale of exercised employee options on behalf of the employees. | ||
[3] | Amounts due to foremen and suppliers of decoration services consist of service fees to the foremen and decoration materials cost to suppliers. In 2016, the Company gradually ceased providing decoration services. | ||
[4] | This amount represents refundable deposits due to Tianxiajin investors. In 2016, the Company gradually ceased providing such services through its online financing platform. | ||
[5] | 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. | ||
[6] | This amount represents the purchase of treasury stock. The balance was subsequently settled in January 2017. |
CUSTOMERS' REFUNDABLE FEES (Sch
CUSTOMERS' REFUNDABLE FEES (Schedule of customers' refundable fees) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance at beginning of year | $ 59,107 | $ 42,392 |
Cash received from customers during the year | 371,837 | 392,750 |
Revenue recognized during the year | (272,083) | (204,282) |
Payments to sales and marketing agents during the year | (33,251) | (95,212) |
Refunds paid during the year | (90,061) | (73,526) |
Amounts payable to real estate developers | (4,674) | 0 |
Foreign currency translation adjustments | (2,245) | (3,015) |
Balance at end of year | $ 28,630 | $ 59,107 |
CONVERTIBLE SENIOR NOTES (princ
CONVERTIBLE SENIOR NOTES (principal amount and unamortized discount and debt issuance costs) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Principal amount | $ 305,700 | $ 700,000 |
Unamortized discount and debt issuance costs | (10,432) | (15,397) |
Debt Issuance Costs, Net | $ 295,268 | $ 684,603 |
CONVERTIBLE SENIOR NOTES (Sched
CONVERTIBLE SENIOR NOTES (Schedule of future principal payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Aggregate future principal payments for long-term debt, including short-term loans | |
2,017 | $ 212,734 |
2,018 | 13,150 |
2,019 | 7,450 |
2,020 | 7,450 |
2021 and thereafter | 342,839 |
Total | $ 583,623 |
CONVERTIBLE SENIOR NOTES (Narra
CONVERTIBLE SENIOR NOTES (Narrative) (Details) $ / shares in Units, $ in Thousands | Dec. 15, 2016USD ($) | Nov. 04, 2015USD ($)shares | Sep. 24, 2015USD ($)shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)$ / shares | Sep. 24, 2016 | Dec. 31, 2016HKD / shares | Dec. 31, 2015HKD / shares | Dec. 04, 2013USD ($) |
Debt Instrument [Line Items] | |||||||||||
Total net proceeds from issuance of senior convertible notes | $ 300,000 | $ 50,000 | |||||||||
Debt Interest expense | 17,001 | $ 8,904 | $ 8,111 | ||||||||
Repayments of Convertible Debt | 394,300 | ||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 2,018 | ||||||||||
Carlyle Group [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Minimum percentage of Company's total outstanding share capital to be owned by related party | 1.00% | ||||||||||
Percentage interest owned | 72.00% | ||||||||||
Ateefa Limited [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage interest owned | 28.00% | ||||||||||
Common Class A [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Shares Issued | shares | shares | 8,436,581 | 3,418,803 | |||||||||
Consideration received from shares issued | $ 246,770 | $ 100,000 | |||||||||
Aggregate principle amount | $ 100,000 | ||||||||||
Convertible senior notes, due date | Nov. 3, 2022 | Sep. 24, 2022 | |||||||||
Convertible senior notes, interest rate | 2.00% | 1.50% | |||||||||
Total net proceeds from issuance of senior convertible notes | $ 446,059 | $ 199,645 | |||||||||
Ordinary shares, par value | HKD / shares | HKD 1 | HKD 1 | |||||||||
November 2022 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Convertible senior notes, conversion price | $ / shares | $ 35.83 | ||||||||||
Beneficial conversion feature (BCF) recognized | $ 12,113 | ||||||||||
Debt discount | $ 12,113 | ||||||||||
Ordinary shares, par value | $ / shares | $ 38 | ||||||||||
2.00% Convertible Senior Notes due December 15, 2018 [Member] | Overallotment Option [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Consideration received from shares issued | $ 50,000 | ||||||||||
2.00% Convertible Senior Notes due December 15, 2018 [Member] | Senior Notes Additional [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Consideration received from shares issued | $ 400,000 | ||||||||||
Convertible senior notes, due date | Dec. 15, 2018 | ||||||||||
December 2018 Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principle amount | $ 1,000 | ||||||||||
Convertible senior notes, interest rate | 2.86% | ||||||||||
Number of ADSs issuable upon conversion of notes per $1,000 principal amount | 9.6839 | ||||||||||
Convertible senior notes, conversion price | $ / shares | $ 103.26 | ||||||||||
Convertible senior notes, repurchase price percentage of principal amounts of notes | 98.60% | ||||||||||
Total net proceeds from issuance of senior convertible notes | $ 390,455 | ||||||||||
Repayments of Convertible Debt | $ 394,300 | ||||||||||
Reclassification of convertible notes | $ 570 | ||||||||||
Debt Related Commitment Fees and Debt Issuance Costs | $ 9,545 | ||||||||||
September 2022 Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principle amount | $ 1,000 | ||||||||||
Convertible senior notes, interest rate | 1.56% | ||||||||||
Number of ADSs issuable upon conversion of notes per $1,000 principal amount | 1 | ||||||||||
Convertible senior notes, redemption price percentage | 35.83% | 35.83% | |||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 27.9086 | 27.9086 | |||||||||
Debt Related Commitment Fees and Debt Issuance Costs | $ 355 | ||||||||||
November 2022 Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principle amount | $ 1,000 | ||||||||||
Convertible senior notes, interest rate | 1.56% | ||||||||||
Debt Related Commitment Fees and Debt Issuance Costs | $ 711 |
SHAREHOLDERS' EQUITY (Details)
SHAREHOLDERS' EQUITY (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Sep. 30, 2010shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2016HKD / shares | Feb. 25, 2016USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2015HKD / shares | Feb. 10, 2015USD ($) | |
Shareholders Equity [Line Items] | |||||||
Shares Authorized | 600,000,000 | ||||||
Declaration of dividends | $ | $ 82,751 | ||||||
Regulatory Restrictions on Payment of Dividends | As a result of these PRC laws and regulations that require annual appropriations of 10% of after-tax income to be set aside prior to payment of dividends as general reserve fund, the Company’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company. | ||||||
Restricted net assets | $ | $ 742,676 | $ 955,571 | |||||
Stock Repurchase Program, Authorized Amount | $ | $ 200,000 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 136,615 | ||||||
Treasury Stock [Member] | |||||||
Shareholders Equity [Line Items] | |||||||
Treasury Stock, Shares, Acquired | 7,065,058 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 136,615 | ||||||
Domestic [Member] | |||||||
Shareholders Equity [Line Items] | |||||||
Description of Other Additional Regulatory Limitations | 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. | ||||||
Common Class A [Member] | |||||||
Shareholders Equity [Line Items] | |||||||
Ordinary shares converted | 50,767,426 | ||||||
Ordinary shares, par value | HKD / shares | HKD 1 | HKD 1 | |||||
Ordinary Shares, Shares issued | 71,077,816 | 70,736,679 | |||||
Common Class B [Member] | |||||||
Shareholders Equity [Line Items] | |||||||
Ordinary shares converted | 25,298,329 | ||||||
Ordinary shares, par value | HKD / shares | HKD 1 | HKD 1 | |||||
Ordinary shares, voting rights | 10 | ||||||
Ordinary Shares, Shares issued | 24,336,650 | 24,336,650 |
TAXATION (Schedule of Income Be
TAXATION (Schedule of Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax [Line Items] | |||
PRC | $ (136,773) | $ (5,008) | $ 365,370 |
Non-PRC | (7,878) | (16,030) | (30,544) |
Income (loss) before income taxes and noncontrolling interests | $ (144,651) | $ (21,038) | $ 334,826 |
TAXATION (Schedule of Income Ta
TAXATION (Schedule of Income Tax Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax [Line Items] | |||
Current tax expense | $ 27,685 | $ 26,456 | $ 54,270 |
Deferred tax expense (benefit) | (2,250) | (32,361) | 27,339 |
IncomeTaxExpenseBenefit | $ 24,984 | $ (5,905) | $ 81,609 |
TAXATION (Schedule of Reconcili
TAXATION (Schedule of Reconciliation between Amount of Income Tax Expenses and Amount Computed by Applying Statutory Tax Rate to Income before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax [Line Items] | |||
Income (loss) before income taxes | $ (144,651) | $ (21,038) | $ 334,826 |
Income tax at applicable tax rate of 25% | (36,163) | (5,260) | 83,707 |
Effect of international tax rate differences | (598) | 847 | 4,208 |
Non-deductible expenses | 18,891 | 2,145 | 10,337 |
Effect of tax holidays or preferential tax rates | (5,759) | (5,985) | (54,757) |
Effect of tax rate changes | (4,769) | ||
Investment basis difference in the PRC Domestic Entities | (2,757) | (335) | 3,884 |
Withholding tax | (30,578) | 23,164 | |
Research and development super-deduction | (1,667) | (2,284) | |
Changes in valuation allowance | 30,856 | 28,041 | (82) |
Unrecognized tax benefits | (8,133) | 393 | |
Changes in interest and penalties on unrecognized tax benefits | 15,270 | 15,020 | 17,808 |
Effective Income Tax Reconciliation Adjustments Total, Total | $ 24,984 | $ (5,905) | $ 81,609 |
TAXATION (Schedule of Reconci92
TAXATION (Schedule of Reconciliation between Amount of Income Tax Expenses and Amount Computed by Applying Statutory Tax Rate to Income before Income Taxes) (Details) (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax [Line Items] | |||
Applicable tax rate | 25.00% | 25.00% | 25.00% |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax [Line Items] | |||
Balance at beginning of year | $ 70,296 | $ 50,983 | $ 24,756 |
Increase relating to prior year tax positions | 5,070 | 32,227 | 26,307 |
Increase relating to current year tax positions | 4,769 | 5,124 | |
Decrease relating to reversal of prior years' tax position | (14,059) | ||
Decrease relating to expiration of applicable statute of limitations | (1,787) | ||
Foreign currency translation adjustments | (1,202) | (2,192) | (80) |
Balance at end of year | $ 78,933 | $ 70,296 | $ 50,983 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Holiday [Line Items] | |||
The aggregate amount | $ (5,759) | $ (5,985) | $ (54,757) |
Basic Earnings Per Share [Member] | |||
Income Tax Holiday [Line Items] | |||
Aggregate tax benefit per share | $ 0.06 | $ 0.07 | $ 0.67 |
Diluted Earnings Per Share [Member] | |||
Income Tax Holiday [Line Items] | |||
Aggregate tax benefit per share | $ 0.06 | $ 0.07 | $ 0.59 |
TAXATION (Schedule of Component
TAXATION (Schedule of Components of Deferred Taxes) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets | ||
Net operating losses | $ 63,084 | $ 34,807 |
Impairment of funds receivable | 348 | |
Impairment of loans receivable | 65 | |
Overcharged advertising and promotion fee | 90 | 0 |
Share based compensation | 5,351 | 4,263 |
Less: Valuation allowance | (64,166) | (33,580) |
Total deferred tax assets, net | 4,915 | 5,490 |
Deferred tax liabilities | ||
Investment basis in the PRC entities | (57,413) | (62,224) |
BaoAn Acquisition - Property | (13,011) | (14,407) |
Deferred tax liabilities | $ (70,424) | $ (76,631) |
TAXATION (Narrative) (Details)
TAXATION (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Mar. 26, 2012 | Apr. 30, 2009 | Apr. 14, 2008 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax [Line Items] | |||||||||
Unrecognized Tax benefits | $ 78,933 | $ 70,296 | $ 50,983 | $ 24,756 | |||||
Unrecognized tax benefit that would impact the effective tax rate | 67,346 | 61,770 | |||||||
Income tax expenses for interest and penalties | 15,270 | 15,020 | $ 17,808 | ||||||
Accrued Interest and penalties related to unrecognized tax benefits | 54,510 | 42,441 | |||||||
Net Operating loss carry forwards | 1,325 | ||||||||
Deferred Tax Liabilities | 28,716 | 28,716 | |||||||
Deferred Tax Liabilities | 29,297 | 33,508 | |||||||
Temporary differences related to withholding taxes on undistributed earnings of subsidiaries | 309,641 | ||||||||
Temporary differences related to investment in subsidiaries | 57,413 | 62,224 | |||||||
Accrued Expenses And Other Liabilities [Member] | |||||||||
Income Tax [Line Items] | |||||||||
Unrecognized Tax benefits | 121,856 | 104,211 | |||||||
PRC Domestic Entities and the PRC Domestic Entities' subsidiaries [Member] | |||||||||
Income Tax [Line Items] | |||||||||
Temporary differences related to withholding taxes on undistributed earnings of subsidiaries | 0 | 475,620 | |||||||
Temporary differences related to investment in subsidiaries | $ 30,964 | $ 47,562 | |||||||
Hong Kong [Member] | |||||||||
Income Tax [Line Items] | |||||||||
Preferential tax rate | 16.50% | ||||||||
Tax years open to examination | tax years 2010 through 2015 | ||||||||
CHINA | |||||||||
Income Tax [Line Items] | |||||||||
Tax years open to examination | tax years 2011 through 2015 | ||||||||
United States [Member] | |||||||||
Income Tax [Line Items] | |||||||||
Tax years open to examination | tax years 2013 through 2015 | ||||||||
Latest Tax Year [Member] | |||||||||
Income Tax [Line Items] | |||||||||
Operating loss carry forwards expiration date | 2,021 | ||||||||
Earliest Tax Year [Member] | |||||||||
Income Tax [Line Items] | |||||||||
Operating loss carry forwards expiration date | 2,017 | ||||||||
Maximum [Member] | Hong Kong [Member] | |||||||||
Income Tax [Line Items] | |||||||||
Examination period of the company's tax filings | 6 years | ||||||||
Maximum [Member] | CHINA | |||||||||
Income Tax [Line Items] | |||||||||
Examination period of the company's tax filings | 5 years | ||||||||
Maximum [Member] | United States [Member] | |||||||||
Income Tax [Line Items] | |||||||||
Examination period of the company's tax filings | 3 years | ||||||||
Enterprise Income Tax Law [Member] | |||||||||
Income Tax [Line Items] | |||||||||
Transitional enterprise income tax rate | 25.00% | ||||||||
Statutory Tax Rate | 15.00% | ||||||||
Reduced enterprise income tax rate | 15.00% | ||||||||
Beijing Hong An Tu Sheng Network Technology Co., Ltd. and Beijing Tuo Shi Huan Yu Network Technology Co., Ltd [Member] | 2013 [Member] | |||||||||
Income Tax [Line Items] | |||||||||
Reduced enterprise income tax rate | 12.50% | ||||||||
Beijing Hong An Tu Sheng Network Technology Co., Ltd. and Beijing Tuo Shi Huan Yu Network Technology Co., Ltd [Member] | 2014 [Member] | |||||||||
Income Tax [Line Items] | |||||||||
Reduced enterprise income tax rate | 12.50% | ||||||||
SouFun Shenzhen and SouFun Shanghai [Member] | |||||||||
Income Tax [Line Items] | |||||||||
Applicable enterprise income tax rate | 25.00% | ||||||||
SouFun Media ,Beijing Zhongzhi, SouFun Network, Beijing Technology and Beijing JTX Technology [Member] | |||||||||
Income Tax [Line Items] | |||||||||
Preferential tax rate | 15.00% | 15.00% | |||||||
SouFun Media ,Beijing Zhongzhi, SouFun Network, Beijing Technology and Beijing JTX Technology [Member] | Subsequent Event [Member] | |||||||||
Income Tax [Line Items] | |||||||||
Preferential tax rate | 15.00% | ||||||||
Naning Xuyin [Member] | |||||||||
Income Tax [Line Items] | |||||||||
Number Of Shares Transferred | 30,595,859 |
SHARE-BASED PAYMENTS - (Summary
SHARE-BASED PAYMENTS - (Summary of Equity Award Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Number of Share | |||||
Outstanding Beginning Balance | [1] | 8,240,623 | |||
Granted | 2,738,200 | [1] | 2,263,092 | 0 | |
Forfeited | [1] | (527,191) | |||
Expired | [1] | (282,798) | |||
Exercised | [1] | (363,417) | |||
Outstanding Ending Balance | [1] | 9,805,417 | 8,240,623 | ||
Vested and expected to vest at December 31, 2016 | [1] | 9,805,417 | |||
Exercisable at December 31, 2016 | [1] | 7,283,716 | |||
Weighted Average Exercise Price | |||||
Outstanding Beginning Balance | $ 13.8 | ||||
Granted | 21.02 | ||||
Forfeited | 27.33 | ||||
Expired | 8.1 | ||||
Exercised | 10.44 | ||||
Outstanding Ending Balance | 15.38 | $ 13.8 | |||
Vested and expected to vest at December 31, 2016 | 15.38 | ||||
Exercisable at December 31, 2016 | 13.61 | ||||
Weighted Average Grant Date Fair Value | |||||
Outstanding Beginning Balance | 4.21 | ||||
Granted | 10.52 | ||||
Forfeited | 9.41 | ||||
Expired | 2.5 | ||||
Exercised | 3.77 | ||||
Outstanding Ending Balance | 5.77 | $ 4.21 | |||
Vested and expected to vest at December 31, 2016 | 5.77 | ||||
Exercisable at December 31, 2016 | $ 4.22 | ||||
Weighted Average Remaining Contractual Term | |||||
Outstanding Beginning Balance | 5 years 11 months 23 days | ||||
Outstanding Ending Balance | 6 years 2 months 12 days | ||||
Vested and expected to vest at December 31, 2016 | 6 years 2 months 12 days | ||||
Exercisable at December 31, 2016 | 5 years 14 days | ||||
Aggregated Intrinsic Value | |||||
Outstanding Beginning Balance | $ 190,761 | ||||
Outstanding Ending Balance | 10,011 | $ 190,761 | |||
Vested and expected to vest at December 31, 2016 | 10,011 | ||||
Exercisable at December 31, 2016 | $ 20,328 | ||||
[1] | Included both Class A and Class B ordinary shares. |
SHARE-BASED PAYMENTS - (Schedul
SHARE-BASED PAYMENTS - (Schedule of Assumptions Used to Estimate Fair Value) (Details) | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Assumptions Used To Determine Fair Value Options [Line Items] | |
Dividend yield | |
Weighted average expected life | 6 years 4 months 6 days |
Estimated forfeiture rate | 0.00% |
Minimum [Member] | |
Assumptions Used To Determine Fair Value Options [Line Items] | |
Risk-free interest rate | 1.97% |
Expected volatility range | 49.66% |
Fair value of ordinary share | $ 6.85 |
Maximum [Member] | |
Assumptions Used To Determine Fair Value Options [Line Items] | |
Risk-free interest rate | 2.23% |
Expected volatility range | 50.18% |
Fair value of ordinary share | $ 7.60 |
SHARE-BASED PAYMENTS - (Sched99
SHARE-BASED PAYMENTS - (Schedule of Share - Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share Based Compensation Expense | $ 6,552 | $ 4,402 | $ 4,682 |
Cost of revenues [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share Based Compensation Expense | 443 | 471 | 782 |
Selling expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share Based Compensation Expense | 512 | 446 | 1,122 |
General and administrative expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share Based Compensation Expense | $ 5,597 | $ 3,485 | $ 2,778 |
SHARE-BASED PAYMENTS - (Narrati
SHARE-BASED PAYMENTS - (Narrative) (Details) $ / shares in Units, $ in Thousands | Aug. 04, 2010 | Sep. 01, 1999 | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Aggregate intrinsic value of options | $ 10,011 | $ 12,853 | $ 45,826 | |||
Weighted average grant-date fair value per share of options granted | $ / shares | $ 10.52 | |||||
Recognition period for cost related to options | 3 years 2 months 23 days | |||||
Granted | shares | 2,738,200 | [1] | 2,263,092 | 0 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 24,968 | |||||
Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Suboptimal exercise factor | 1.5 | |||||
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% | |||||
Service Vesting condition for awards | 4 years | |||||
Share Based Awards Contractual Life | 10 years | |||||
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 | |||||
Percent of awards vest | 10.00% | |||||
Percent of awards vest | 20.00% | |||||
Percent of awards vest | 40.00% | |||||
Percent of awards vest | 30.00% | |||||
Contractual life of the special stock options | 10 years | |||||
Stock Plan 1999 [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Service Vesting condition for awards | 4 years | |||||
Share based awards expiration period | 15 years | |||||
Stock Plan 1999 [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Service Vesting condition for awards | 3 years | |||||
Share based awards expiration period | 10 years | |||||
[1] | Included both Class A and Class B ordinary shares. |
RELATED PARTY TRANSACTIONS (Sum
RELATED PARTY TRANSACTIONS (Summary of Related Parties Transaction by Related Party) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Vincent Tianquan Mo [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the Group | Executive chairman of the board of directors and chief executive officer |
Richard Jiangong Dai [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the Group | Director of the board up until February 25, 2016 |
Wall Street Global Training Center [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the Group | A company under the control of Vincent Tianquan Mo and two other independent directors |
Beihai Silver Beach [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the Group | A company under the control of Vincent Tianquan Mo |
Che Tian Xia Company [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the Group | A company under the control of Vincent Tianquan Mo and Richard Jiangong Dai |
Guangxi Wharton [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the Group | A company under the control of Vincent Tianquan Mo |
Research Center [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the Group | A company under the control of Vincent Tianquan Mo |
Upsky Long Island [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the Group | A company under the control of Vincent Tianquan Mo |
Upsky San Francisco [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the Group | A company under the control of Vincent Tianquan Mo |
Upsky Lighthouse Hotel [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the Group | A company under the control of Vincent Tianquan Mo |
Nanning Xuyin Business [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the Group | A company under the control of Vincent Tianquan Mo |
New York Military Academy [Member] | |
Related Party Transaction [Line Items] | |
Relationship with the Group | A company of which Vincent Tianquan Mo is a director |
RELATED PARTY TRANSACTIONS (Sch
RELATED PARTY TRANSACTIONS (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Office Building Lease | $ 154 | $ 169 | $ 174 |
Vincent Tianquan Mo [Member] | |||
Related Party Transaction [Line Items] | |||
Office Building Lease | 154 | 169 | 174 |
Beihai Silver Beach [Member] | Management Services [Member] | |||
Related Party Transaction [Line Items] | |||
Service fee incurred | 421 | 470 | 700 |
Beihai Silver Beach [Member] | Hotel Operating Costs [Member] | |||
Related Party Transaction [Line Items] | |||
Service fee incurred | 113 | ||
Upsky San Francisco [Member] | Hotel Operating Costs [Member] | |||
Related Party Transaction [Line Items] | |||
Service fee incurred | 17 | 20 | 7 |
Upsky Lighthouse [Member] | Hotel Operating Costs [Member] | |||
Related Party Transaction [Line Items] | |||
Service fee incurred | 1 | ||
Upsky Long Island [Member] | Hotel Operating Costs [Member] | |||
Related Party Transaction [Line Items] | |||
Service fee incurred | 81 | 116 | 203 |
New York Military Academy [Member] | |||
Related Party Transaction [Line Items] | |||
Service fee incurred | 111 | ||
New York Military Academy [Member] | Training Fee [Member] | |||
Related Party Transaction [Line Items] | |||
Service fee incurred | $ 111 |
RELATED PARTY TRANSACTIONS (103
RELATED PARTY TRANSACTIONS (Schedule of Amounts Due to Related Party) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Beihai Silver Beach [Member] | ||
Related Party Transaction [Line Items] | ||
Amounts due to (from) a related party | $ 197 | $ 262 |
RELATED PARTY TRANSACTIONS - (N
RELATED PARTY TRANSACTIONS - (Narrative) (Details) $ in Thousands | Apr. 02, 2013 | Apr. 30, 2013 | Mar. 01, 2012 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Dec. 31, 2012ft² |
Transactions With Third Party [Line Items] | |||||||
Free rental space | ft² | 220 | ||||||
Office Building Lease | $ 154 | $ 169 | $ 174 | ||||
Tianquan Vincent Mo [Member] | |||||||
Transactions With Third Party [Line Items] | |||||||
Lease period | 10 years | ||||||
Naning Xuying [Member] | |||||||
Transactions With Third Party [Line Items] | |||||||
Number Of Shares Transferred | shares | 30,595,859 | ||||||
Beihai Silver Beach [Member] | |||||||
Transactions With Third Party [Line Items] | |||||||
Lease period | 10 years | ||||||
Beihai Silver Beach [Member] | Management Services [Member] | |||||||
Transactions With Third Party [Line Items] | |||||||
Service fee incurred | 421 | $ 470 | 700 | ||||
Beihai Silver Beach [Member] | Hotel Operating Costs [Member] | |||||||
Transactions With Third Party [Line Items] | |||||||
Service fee incurred | 113 | ||||||
Upsky San Francisco [Member] | Hotel Operating Costs [Member] | |||||||
Transactions With Third Party [Line Items] | |||||||
Service fee incurred | 17 | 20 | 7 | ||||
Upsky Long Island [Member] | Hotel Operating Costs [Member] | |||||||
Transactions With Third Party [Line Items] | |||||||
Service fee incurred | 81 | 116 | $ 203 | ||||
Upsky Lighthouse Hotel [Member] | Hotel Operating Costs [Member] | |||||||
Transactions With Third Party [Line Items] | |||||||
Service fee incurred | $ 1 | ||||||
New York Military Academy [Member] | |||||||
Transactions With Third Party [Line Items] | |||||||
Service fee incurred | $ 111 | ||||||
Domain [Member] | Che Tian Xia Company [Member] | |||||||
Transactions With Third Party [Line Items] | |||||||
Related party transaction, domain name use period | 5 years | ||||||
Nanning Xuyin [Member] | Tianquan Vincent Mo [Member] | |||||||
Transactions With Third Party [Line Items] | |||||||
Entity owned percentage | 80.00% | ||||||
Guilin Bank [Member] | Tianquan Vincent Mo [Member] | |||||||
Transactions With Third Party [Line Items] | |||||||
Shares hold by entity | shares | 73,430,061 |
EMPLOYEE DEFINED CONTRIBUTIO105
EMPLOYEE DEFINED CONTRIBUTION PLAN (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Benefit Expenses | $ 79,676 | $ 46,861 | $ 19,632 |
COMMITMENTS AND CONTINGENCIE106
COMMITMENTS AND CONTINGENCIES (Schedule of Future Minimum Lease Payments under Non Cancelable Operating Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 70,851 |
2,018 | 33,850 |
2,019 | 8,505 |
2,020 | 3,873 |
2021 and thereafter | 574 |
Operating Leases, Future Minimum Payments Due, Total | $ 117,653 |
COMMITMENTS AND CONTINGENCIE107
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Rental expenses for operating Lease | $ 66,330 | $ 33,769 | $ 14,302 | |
Unrecognized Tax benefits | 78,933 | $ 70,296 | $ 50,983 | $ 24,756 |
Accrued Expenses And Other Liabilities [Member] | ||||
Unrecognized Tax benefits | $ 121,856 |
SEGMENT REPORTING (Schedule of
SEGMENT REPORTING (Schedule of Revenues by Product Groups) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue from External Customer [Line Items] | |||
Total gross revenues | $ 916,391 | $ 883,549 | $ 702,882 |
Listing Services [Member] | |||
Revenue from External Customer [Line Items] | |||
Total gross revenues | 118,109 | 107,922 | 145,654 |
E Commerce [Member] | |||
Revenue from External Customer [Line Items] | |||
Total gross revenues | 577,684 | 474,810 | 244,344 |
Marketing Services [Member] | |||
Revenue from External Customer [Line Items] | |||
Total gross revenues | 165,437 | 249,862 | 294,484 |
Financial Services [Member] | |||
Revenue from External Customer [Line Items] | |||
Total gross revenues | 29,602 | 29,582 | 3,235 |
Other Value Added Services [Member] | |||
Revenue from External Customer [Line Items] | |||
Total gross revenues | 25,559 | 21,373 | 15,165 |
Other Product Group [Member] | Listing Services [Member] | |||
Revenue from External Customer [Line Items] | |||
Total gross revenues | 643 | 2,410 | 2,463 |
Other Product Group [Member] | E Commerce [Member] | |||
Revenue from External Customer [Line Items] | |||
Total gross revenues | 312,101 | 156,198 | 50 |
Other Product Group [Member] | Financial Services [Member] | |||
Revenue from External Customer [Line Items] | |||
Total gross revenues | 6,878 | 9,426 | 308 |
Research Services [Member] | Listing Services [Member] | |||
Revenue from External Customer [Line Items] | |||
Total gross revenues | 22,959 | 21,540 | 19,019 |
Research Services [Member] | Other Value Added Services [Member] | |||
Revenue from External Customer [Line Items] | |||
Total gross revenues | 25,559 | 21,373 | 15,165 |
New Home [Member] | E Commerce [Member] | |||
Revenue from External Customer [Line Items] | |||
Total gross revenues | 265,583 | 318,612 | 244,294 |
New Home [Member] | Marketing Services [Member] | |||
Revenue from External Customer [Line Items] | |||
Total gross revenues | 144,631 | 219,057 | 260,333 |
New Home [Member] | Financial Services [Member] | |||
Revenue from External Customer [Line Items] | |||
Total gross revenues | 22,724 | 20,156 | 2,927 |
Secondary And Rental Properties [Member] | Listing Services [Member] | |||
Revenue from External Customer [Line Items] | |||
Total gross revenues | 94,507 | 83,972 | 124,172 |
Secondary And Rental Properties [Member] | Marketing Services [Member] | |||
Revenue from External Customer [Line Items] | |||
Total gross revenues | 1,635 | 2,498 | 1,093 |
Home Furnishing And Improvement [Member] | Marketing Services [Member] | |||
Revenue from External Customer [Line Items] | |||
Total gross revenues | $ 19,171 | $ 28,307 | $ 33,058 |
SEGMENT REPORTING (Narrative) (
SEGMENT REPORTING (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
United States [Member] | Land And Building [Member] | ||
Segment Reporting Information [Line Items] | ||
Long Lived Tangible Assets Located Outside Country | $ 57,414 | $ 52,974 |
EARNINGS (LOSS) PER SHARE (Sche
EARNINGS (LOSS) PER SHARE (Schedule of Basic and Diluted Earnings Per Share) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2016HKD / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2015HKD / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2014HKD / sharesshares | ||
Denominator: | |||||||
Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share | 93,605,749 | 85,170,886 | 82,163,135 | ||||
Earnings (loss) per share - basic | $ / shares | $ (1.81) | $ (0.18) | $ 3.08 | ||||
Numerator: | |||||||
Net income (loss) attributable to ordinary shareholders | $ | $ (169,635) | $ (15,133) | $ 253,217 | ||||
Denominator: | |||||||
Employee stock options | [1] | 9,805,417 | 9,805,417 | 8,240,623 | 8,240,623 | ||
Denominator used for diluted earnings (loss) per share | 93,605,749 | 85,170,886 | 92,208,620 | ||||
Earnings (loss) per share -diluted | $ / shares | $ (1.81) | $ (0.18) | $ 2.87 | ||||
Common Class B [Member] | |||||||
Numerator: | |||||||
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share-basic | $ | $ (44,104) | $ (4,313) | $ 75,003 | ||||
Denominator: | |||||||
Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share | 24,336,650 | 24,336,650 | 24,336,650 | ||||
Denominator used for basic earnings (loss) per share | 24,336,650 | 24,336,650 | 24,336,650 | ||||
Earnings (loss) per share - basic | $ / shares | $ (1.81) | $ (0.18) | $ 3.08 | ||||
Numerator: | |||||||
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share | $ | $ (44,104) | $ (4,313) | $ 75,224 | ||||
Effect of convertible senior notes | $ | |||||||
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share-diluted after assumed conversion | $ | (44,104) | (4,313) | 75,224 | ||||
Reallocation of net income (loss) attributable to ordinary shareholders as a result of conversion of Class B to Class A shares | $ | |||||||
Net income (loss) attributable to ordinary shareholders | $ | $ (44,104) | $ (4,313) | $ 75,224 | ||||
Denominator: | |||||||
Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share | HKD / shares | HKD 24,336,650 | HKD 24,336,650 | HKD 24,336,650 | ||||
Conversion of Class B to Class A ordinary shares | |||||||
Employee stock options | 0 | 0 | 1,912,500 | 1,912,500 | |||
Convertible senior notes | |||||||
Denominator used for diluted earnings (loss) per share | 24,336,650 | 24,336,650 | 26,249,150 | ||||
Earnings (loss) per share -diluted | $ / shares | $ (1.81) | $ (0.18) | $ 2.87 | ||||
Common Class A [Member] | |||||||
Numerator: | |||||||
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share-basic | $ | $ (125,531) | $ (10,783) | $ 178,214 | ||||
Denominator: | |||||||
Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share | 69,269,099 | 60,834,236 | 57,826,486 | ||||
Denominator used for basic earnings (loss) per share | 69,269,099 | 60,834,236 | 57,826,485 | ||||
Earnings (loss) per share - basic | $ / shares | $ (1.81) | $ (0.18) | $ 3.08 | ||||
Numerator: | |||||||
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share | $ | $ (125,531) | $ (10,783) | $ 177,993 | ||||
Effect of convertible senior notes | $ | 11,032 | ||||||
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share-diluted after assumed conversion | $ | (125,531) | (10,783) | 189,025 | ||||
Reallocation of net income (loss) attributable to ordinary shareholders as a result of conversion of Class B to Class A shares | $ | (44,104) | (4,313) | 75,224 | ||||
Net income (loss) attributable to ordinary shareholders | $ | $ (125,531) | $ (15,096) | $ 264,249 | ||||
Denominator: | |||||||
Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share | HKD / shares | HKD 69,269,099 | HKD 60,834,236 | HKD 57,826,485 | ||||
Conversion of Class B to Class A ordinary shares | 24,336,650 | 24,336,650 | 24,336,650 | ||||
Employee stock options | 0 | 0 | 6,106,284 | 6,106,284 | |||
Convertible senior notes | 0 | 3,939,200 | |||||
Denominator used for diluted earnings (loss) per share | 93,605,749 | 85,170,866 | 92,208,620 | ||||
Earnings (loss) per share -diluted | $ / shares | $ (1.81) | $ (0.18) | $ 2.87 | ||||
[1] | Included both Class A and Class B ordinary shares. |
EARNINGS (LOSS) PER SHARE (Narr
EARNINGS (LOSS) PER SHARE (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Employee Stock Option [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,763,088 |
December 2018 Notes [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,153,642 |
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 19.62 |
September 2022 Notes [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,790,860 |
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 7.166 |
November 2022 Notes [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,581,720 |
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 7.166 |
CONDENSED BALANCE SHEETS (Detai
CONDENSED BALANCE SHEETS (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets: | ||||
Cash and cash equivalents | $ 336,528 | $ 817,921 | $ 354,760 | $ 581,010 |
Prepayments and other current assets | 39,824 | 60,265 | ||
Total current assets | 793,210 | 1,514,738 | ||
Non-current assets: | ||||
Property and equipment, net | 319,897 | 326,504 | ||
Long-term investments | 231,880 | 244,678 | ||
Total non-current assets | 821,603 | 777,304 | ||
Total assets | 1,614,813 | 2,292,042 | ||
Current liabilities: | ||||
Accrued expenses and other liabilities | 318,539 | 361,593 | ||
Total current liabilities | 695,690 | 1,072,685 | ||
Non-current liabilities: | ||||
Convertible senior notes | 295,268 | 287,887 | ||
Total non-current liabilities | 431,298 | 364,830 | ||
Total liabilities | 1,126,988 | 1,437,515 | ||
Commitments and contingencies | ||||
Shareholders' equity: | ||||
Additional paid-in capital | 488,943 | |||
Accumulated other comprehensive income (loss) | (81,349) | (10,364) | ||
Retained earnings | 203,870 | 373,505 | ||
Treasury stock | (136,615) | |||
Total shareholders' equity | 487,130 | 853,766 | ||
Total liabilities and shareholders' equity | 1,614,813 | 2,292,042 | ||
Common Class A [Member] | ||||
Shareholders' equity: | ||||
Ordinary Shares, Value | 9,157 | 9,110 | ||
Common Class B [Member] | ||||
Shareholders' equity: | ||||
Ordinary Shares, Value | 3,124 | 3,124 | ||
Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 34,072 | 427,156 | $ 20,374 | $ 238,947 |
Prepayments and other current assets | 491 | 980 | ||
Amounts due from subsidiaries | 21,743 | |||
Total current assets | 34,563 | 449,879 | ||
Non-current assets: | ||||
Property and equipment, net | 12 | 26 | ||
Long-term investments | 54,408 | 46,364 | ||
Investment in subsidiaries, PRC Domestic Entities and PRC Domestic Entities' subsidiaries | 753,117 | 1,044,465 | ||
Total non-current assets | 807,537 | 1,090,855 | ||
Total assets | 842,100 | 1,540,734 | ||
Current liabilities: | ||||
Accrued expenses and other liabilities | 11,401 | 2,365 | ||
Amounts due to subsidiaries and PRC Domestic Entities | 48,301 | |||
Convertible senior notes | 396,716 | |||
Total current liabilities | 59,702 | 399,081 | ||
Non-current liabilities: | ||||
Convertible senior notes | 295,268 | 287,887 | ||
Total non-current liabilities | 295,268 | 287,887 | ||
Total liabilities | 354,970 | 686,968 | ||
Commitments and contingencies | ||||
Shareholders' equity: | ||||
Additional paid-in capital | 488,943 | 478,391 | ||
Accumulated other comprehensive income (loss) | (81,349) | (10,364) | ||
Retained earnings | 203,870 | 373,505 | ||
Treasury stock | (136,615) | |||
Total shareholders' equity | 487,130 | 853,766 | ||
Total liabilities and shareholders' equity | 842,100 | 1,540,734 | ||
Parent Company [Member] | Common Class A [Member] | ||||
Shareholders' equity: | ||||
Ordinary Shares, Value | 9,157 | 9,110 | ||
Parent Company [Member] | Common Class B [Member] | ||||
Shareholders' equity: | ||||
Ordinary Shares, Value | $ 3,124 | $ 3,124 |
CONDENSED BALANCE SHEETS (De113
CONDENSED BALANCE SHEETS (Details) (Parenthetical) - HKD / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Class A and Class B ordinary shares, shares authorized | 600,000,000 | 600,000,000 |
Common Class A [Member] | ||
Ordinary shares, par value | HKD 1 | HKD 1 |
Ordinary Shares, Shares issued | 71,077,816 | 70,736,679 |
Ordinary Shares, Shares outstanding | 64,012,758 | 70,736,679 |
Common Class B [Member] | ||
Ordinary shares, par value | HKD 1 | HKD 1 |
Ordinary Shares, Shares issued | 24,336,650 | 24,336,650 |
Ordinary Shares, Shares outstanding | 24,336,650 | 24,336,650 |
Parent Company [Member] | ||
Class A and Class B ordinary shares, shares authorized | 600,000,000 | 600,000,000 |
Parent Company [Member] | Common Class A [Member] | ||
Ordinary shares, par value | HKD 1 | HKD 1 |
Ordinary Shares, Shares issued | 64,012,758 | 70,736,679 |
Ordinary Shares, Shares outstanding | 64,012,758 | 70,736,679 |
Parent Company [Member] | Common Class B [Member] | ||
Ordinary shares, par value | HKD 1 | HKD 1 |
Ordinary Shares, Shares issued | 24,336,650 | 24,336,650 |
Ordinary Shares, Shares outstanding | 24,336,650 | 24,336,650 |
CONDENSED STATEMENTS OF COMPREH
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | $ 916,391 | $ 883,549 | $ 702,882 |
Cost of revenues | (687,184) | (555,389) | (145,739) |
Gross profit | 229,207 | 328,160 | 557,143 |
General and administrative (expenses) income | (151,251) | (125,405) | (100,571) |
Operating (loss) income | (151,446) | (34,473) | 309,533 |
Interest income | 11,367 | 22,221 | 43,857 |
Interest expenses | (20,791) | (16,519) | (17,308) |
Realized gain on available-for-sale security (including accumulated other comprehensive income reclassifications for unrealized net gain on available-for-sale security of nil, nil and 10,583 for the years ended December 31, 2014, 2015 and 2016, respectively) | 10,583 | ||
Investment income | 3,281 | 1,333 | 0 |
Other-than-temporary impairment on available-for-sale securities | (8,417) | ||
Foreign exchange gain (loss) | (1,882) | 1,464 | (44) |
Income (loss) before income taxes | (144,651) | (21,038) | 334,826 |
Income tax expenses | (24,984) | 5,905 | (81,609) |
Net income (loss) | (169,635) | (15,133) | 253,217 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | (60,732) | (55,928) | (4,323) |
Amounts reclassified from accumulated other comprehensive income | 10,583 | ||
Unrealized gain (loss) on available-for-sale securities | 7,326 | (4,002) | 10,508 |
Other comprehensive income (loss), net of tax | (70,985) | (59,930) | 6,185 |
Comprehensive income (loss) | (240,620) | (75,063) | 259,402 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | |||
Cost of revenues | |||
Gross profit | |||
General and administrative (expenses) income | 3,610 | 3,023 | (867) |
Operating (loss) income | 3,610 | 3,023 | (867) |
Equity in profits (losses) of subsidiaries, PRC Domestic Entities and PRC Domestic Entities' subsidiaries | (167,967) | (6,254) | 270,241 |
Interest income | 1,775 | 260 | 3,303 |
Interest expenses | (17,807) | (12,108) | (11,033) |
Realized gain on available-for-sale security (including accumulated other comprehensive income reclassifications for unrealized net gain on available-for-sale security of nil, nil and 10,583 for the years ended December 31, 2014, 2015 and 2016, respectively) | 10,583 | ||
Investment income | 1,571 | ||
Other-than-temporary impairment on available-for-sale securities | (2,232) | (8,417) | |
Foreign exchange gain (loss) | 832 | (17) | (10) |
Income (loss) before income taxes | (169,635) | (15,096) | 253,217 |
Income tax expenses | |||
Net income (loss) | (169,635) | (15,096) | 253,217 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | (67,728) | (55,928) | (4,323) |
Amounts reclassified from accumulated other comprehensive income | (10,583) | ||
Unrealized gain (loss) on available-for-sale securities | 7,326 | (4,002) | 10,508 |
Other comprehensive income (loss), net of tax | (70,985) | (59,930) | 6,185 |
Comprehensive income (loss) | $ (240,620) | $ (75,026) | $ 259,402 |
CONDENSED STATEMENTS OF COMP115
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Details) (Parenthetical) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated other comprehensive income reclassifications for unrealized net gains on available-for-sale security | $ 10,583 | $ 10,583 | ||
Parent Company [Member] | ||||
Accumulated other comprehensive income reclassifications for unrealized net gains on available-for-sale security | $ 10,583 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | $ 131,240 | $ (165,310) | $ 214,459 |
Net cash (used in) provided by investing activities | (127,946) | 58,562 | (631,131) |
Net cash (used in) provided by financing activities | (465,615) | 587,471 | 192,065 |
Net (decrease) increase in cash and cash equivalents | (481,393) | 463,161 | (226,250) |
Cash and cash equivalents at beginning of year | 817,921 | 354,760 | 581,010 |
Cash and cash equivalents at end of year | 336,528 | 817,921 | 354,760 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 117,398 | (4,718) | 914 |
Net cash (used in) provided by investing activities | 11,575 | (78,196) | (118,045) |
Net cash (used in) provided by financing activities | (522,057) | 489,695 | (101,442) |
Net (decrease) increase in cash and cash equivalents | (393,084) | 406,782 | (218,573) |
Cash and cash equivalents at beginning of year | 427,156 | 20,374 | 238,947 |
Cash and cash equivalents at end of year | $ 34,072 | $ 427,156 | $ 20,374 |