Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Fang Holdings Ltd |
Entity Central Index Key | 0001294404 |
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 |
Trading Symbol | SFUN |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Common Class A [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 65,004,587 |
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, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 195,108 | $ 228,276 |
Restricted cash, current | 245,474 | 223,002 |
Short-term investments | 16,043 | 55,801 |
Accounts receivable (net of allowance of US$31,127 and US$33,276 as of December 31, 2017 and 2018, respectively) | 60,950 | 66,884 |
Funds receivable | 5,474 | 6,264 |
Prepayments and other current assets | 27,995 | 32,704 |
Commitment deposits (net of allowance of US$206 and nil as of December 31, 2017 and 2018, respectively) | 191 | 5,876 |
Loans receivable, current (net of allowance of US$4,810 and US$3,697 as of December 31, 2017 and 2018, respectively) | 117,602 | 129,438 |
Amounts due from a related party | 0 | 167 |
Total current assets | 668,837 | 748,412 |
Non-current assets: | ||
Property and equipment, net | 728,312 | 622,145 |
Land use rights | 33,153 | 35,728 |
Loans receivable, non-current (net of allowance of US$106 and US$132 as of December 31, 2017 and 2018, respectively) | 6,249 | 14,674 |
Deferred tax assets | 2,202 | 7,602 |
Restricted cash, non-current portion | 6,990 | 39,982 |
Deposits for non-current assets | 902 | 58,722 |
Long-term investments | 373,233 | 470,964 |
Other non-current assets | 4,558 | 2,026 |
Total non-current assets | 1,155,599 | 1,251,843 |
Total assets | 1,824,436 | 2,000,255 |
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 US$59,820 and US$76,267 as of December 31, 2017 and 2018, respectively) | 297,811 | 236,985 |
Deferred revenue (including deferred revenue of the PRC Domestic Entities and the PRC Domestic Entities' subsidiaries without recourse to the Company of US$27,095 and US$32,816 as of December 31, 2017 and 2018, respectively) | 163,346 | 168,884 |
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$54,516 and US$36,266 as of December 31, 2017 and 2018, respectively) | 131,268 | 158,799 |
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$10,986 and US$3,274 as of December 31, 2017 and 2018, respectively) | 3,976 | 7,070 |
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$1,325 and US$1,982 as of December 31, 2017 and 2018, respectively) | 4,493 | 4,374 |
Amounts due to a related party | 19 | 0 |
Convertible senior notes | 0 | 5,700 |
Total current liabilities | 600,913 | 581,812 |
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 US$55,958 and US$44,891 as of December 31, 2017 and 2018, respectively) | 123,215 | 114,109 |
Convertible senior notes | 254,435 | 291,365 |
Deferred tax liabilities (including deferred tax liabilities of the PRC Domestic Entities and the PRC Domestic Entities' subsidiaries without recourse to the Company of US$51,227 and US$10,488 as of December 31, 2017 and 2018, respectively) | 97,578 | 126,641 |
Other non-current liabilities (including other non-current liabilities of the PRC Domestic Entities and the PRC Domestic Entities' subsidiaries without recourse to the Company of US$37,936 and US$51,144 as of December 31, 2017 and 2018, respectively) | 153,095 | 146,053 |
Total non-current liabilities | 628,323 | 678,168 |
Total liabilities | 1,229,236 | 1,259,980 |
Commitments and contingencies | 0 | 0 |
Shareholders' equity: | ||
Additional paid-in capital | 517,802 | 500,666 |
Accumulated other comprehensive income (loss) | (75,837) | 137,630 |
Retained earnings | 276,746 | 225,574 |
Less: Treasury stock (7,065,058 and 7,065,058 shares as of December 31, 2017 and 2018, respectively.) | (136,615) | (136,615) |
Total Fang Holdings Limited shareholders' equity | 594,506 | 739,583 |
Noncontrolling interests | 694 | 692 |
Total shareholders' equity | 595,200 | 740,275 |
Total liabilities and shareholders' equity | 1,824,436 | 2,000,255 |
Common Class A [Member] | ||
Shareholders' equity: | ||
Ordinary shares | 9,286 | 9,204 |
Common Class B [Member] | ||
Shareholders' equity: | ||
Ordinary shares | $ 3,124 | $ 3,124 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Thousands | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares |
Allowance for Doubtful Accounts Receivable, Current | $ 33,276 | $ 31,127 |
Allowance for Doubtful Accounts Receivable | 0 | |
Short-term loans | 297,811 | 236,985 |
Deferred revenue | 163,346 | 168,884 |
Accrued expenses and other liabilities | 131,268 | 158,799 |
Customer's refundable fees | 3,976 | 7,070 |
Income tax payable | 4,493 | 4,374 |
Long-term loans | $ 123,215 | $ 114,109 |
Treasury Stock, Shares | shares | 7,065,058 | 7,065,058 |
Allowance for Notes, Loans and Financing Receivable, Current | $ 3,697 | $ 4,810 |
Allowance for Notes, Loans and Financing Receivable, Noncurrent | 132 | 106 |
Deferred Tax Liabilities, Net, Noncurrent | 97,578 | 126,641 |
Other Liabilities, Noncurrent | 153,095 | 146,053 |
Commitment Deposits [Member] | ||
Allowance for Doubtful Accounts Receivable | 0 | 206 |
PRC Domestic Entities [Member] | ||
Short-term loans | 76,267 | 59,820 |
Deferred revenue | 32,816 | 27,095 |
Accrued expenses and other liabilities | 36,266 | 54,516 |
Customer's refundable fees | 3,274 | 10,986 |
Income tax payable | 1,982 | 1,325 |
Long-term loans | 44,891 | 55,958 |
Deferred Tax Liabilities, Net, Noncurrent | 10,488 | 51,227 |
Other Liabilities, Noncurrent | $ 51,144 | $ 37,936 |
Common Class A [Member] | ||
Class A and Class B ordinary shares, shares authorized | shares | 600,000,000 | 600,000,000 |
Ordinary Shares, Shares issued | shares | 72,069,645 | 71,425,120 |
Ordinary Shares, Shares outstanding | shares | 65,004,587 | 64,360,062 |
Common Class B [Member] | ||
Class A and Class B ordinary shares, shares authorized | shares | 600,000,000 | 600,000,000 |
Ordinary Shares, Shares issued | shares | 24,336,650 | 24,336,650 |
Ordinary Shares, Shares outstanding | shares | 24,336,650 | 24,336,650 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | |||
Revenues | $ 303,016 | $ 444,296 | $ 916,391 |
Cost of revenues | |||
Cost of services | (58,570) | (174,599) | (687,184) |
Gross profit | 244,446 | 269,697 | 229,207 |
Operating (expenses) income | |||
Selling expenses | (69,532) | (91,250) | (229,817) |
General and administrative expenses (including related party amounts of US$897, US$501 and US$685 for the years ended December 31, 2016, 2017 and 2018, respectively) | (138,386) | (135,688) | (151,251) |
Other income (loss) | 3,275 | (567) | 415 |
Operating income (loss) | 39,803 | 42,192 | (151,446) |
Foreign exchange (loss) gain | (598) | 15 | (1,882) |
Interest income | 10,302 | 11,322 | 11,367 |
Interest expense | (21,174) | (16,153) | (20,791) |
Change in fair value of securities | (167,402) | 518 | 0 |
Realized gain on sale of available-for-sale securities (including accumulated other comprehensive income reclassifications for unrealized gain on available-for-sale securities of US$10,583, US$2,736 and US$1,493 for the years ended December 31, 2016, 2017 and 2018, respectively) | 1,493 | 2,736 | 10,583 |
Government grants | 1,435 | 3,154 | 6,469 |
Investment income, net | 6,816 | 6,692 | 3,281 |
Other non-operating loss | (30) | (4,562) | 0 |
Impairment on investments | 0 | (2,768) | (2,232) |
Income (loss) before income taxes and noncontrolling interests | (129,355) | 43,146 | (144,651) |
Income tax (expense) benefits | 14,446 | (21,442) | (24,984) |
Net income (loss) | (114,909) | 21,704 | (169,635) |
Net income (loss) attributable to noncontrolling interests | 2 | (3) | 0 |
Net income (loss) attributable to Fang Holdings Limited's shareholders | (114,911) | 21,707 | (169,635) |
Other comprehensive income (loss), before tax | |||
Foreign currency translation adjustments | (46,648) | 56,571 | (60,732) |
Amounts reclassified from accumulated other comprehensive income | (1,493) | (2,736) | (10,583) |
Unrealized gain on available-for-sale securities | 1,493 | 212,838 | 7,326 |
Gain (loss) on intra-entity foreign transactions of long-term-investment nature | (3,034) | 1,872 | (6,996) |
Other comprehensive income (loss), before tax | (49,682) | 268,545 | (70,985) |
Income tax expense related to components of other comprehensive income | 0 | (49,566) | 0 |
Other comprehensive income (loss), net of tax | (49,682) | 218,979 | (70,985) |
Comprehensive income (loss) | (164,591) | 240,683 | (240,620) |
Comprehensive income (loss) attributable to noncontrolling interests | 2 | (3) | 0 |
Comprehensive income (loss) attributable to Fang Holdings Limited's shareholders | $ (164,593) | $ 240,686 | $ (240,620) |
Earnings (loss) per share for Class A and Class B ordinary shares | |||
Basic | $ (1.29) | $ 0.25 | $ (1.81) |
Diluted | $ (1.29) | $ 0.24 | $ (1.81) |
Weighted average number of Class A and Class B ordinary shares outstanding: | |||
Basic | 88,749,432 | 88,475,665 | 93,605,749 |
Diluted | 88,749,432 | 91,585,677 | 93,605,749 |
E-commerce services [Member] | |||
Revenues | |||
Revenues | $ 15,384 | $ 87,809 | $ 577,684 |
Marketing services [Member] | |||
Revenues | |||
Revenues | 119,680 | 149,267 | 165,437 |
Listing services [Member] | |||
Revenues | |||
Revenues | 113,534 | 165,374 | 118,109 |
Financial services [Member] | |||
Revenues | |||
Revenues | 18,060 | 12,055 | 29,602 |
Value-added services [Member] | |||
Revenues | |||
Revenues | $ 36,358 | $ 29,791 | $ 25,559 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
General and administrative expenses (including related party amounts of US$897, US$501 and US$685 for the years ended December 31, 2016, 2017 and 2018, respectively) | $ 138,386 | $ 135,688 | $ 151,251 |
Available-for-sale Equity Securities, Gross Unrealized Gain | 1,493 | 2,736 | 10,583 |
Related Party [Member] | |||
General and administrative expenses (including related party amounts of US$897, US$501 and US$685 for the years ended December 31, 2016, 2017 and 2018, respectively) | $ 685 | $ 501 | $ 897 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) | $ (114,909) | $ 21,704 | $ (169,635) |
Adjustments to reconcile net income (loss) to net cash generated from operating activities: | |||
Share-based compensation | 14,082 | 7,218 | 6,552 |
Depreciation of property and equipment and amortization of land use rights | 26,735 | 27,961 | 25,004 |
Deferred tax benefits | (21,271) | (317) | (2,250) |
Allowance for doubtful accounts and loans receivable | 24,598 | 32,614 | 29,712 |
Allowance for funds receivable | 0 | 0 | 2,322 |
Realized and unrealized loss (gain) related to investment securities | 165,931 | (3,254) | (10,583) |
Impairment on investments | 0 | 2,768 | 2,232 |
Amortization of loan origination costs | 0 | 191 | 1,302 |
Amortization of issuance costs and unamortized discount/premium for convertible senior notes | 1,665 | 1,797 | 4,964 |
Loss on disposal of property and equipment | 985 | 5,571 | 719 |
Deemed rental expense (Note 19) | 162 | 159 | 154 |
Allowance of doubtful accounts of commitment deposit | 0 | 206 | 0 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (18,395) | (437) | 16,190 |
Funds receivable | 509 | 2,330 | 7,769 |
Prepayments and other current assets | 3,405 | 9,405 | 16,730 |
Commitment deposits | 5,608 | 816 | 4,119 |
Loans receivable, current | 0 | 30,901 | 214,824 |
Loans receivable, non-current | 0 | 14,800 | 36,158 |
Amounts due from a related party | 167 | (445) | 273 |
Other non-current assets | (3,443) | 5,644 | (317) |
Deferred revenue | 12,644 | 30,260 | (6,535) |
Accrued expenses and other liabilities | (42,877) | (39,343) | (17,574) |
Customers' refundable fees | (2,861) | (22,651) | (27,580) |
Income tax payable | (294) | (1,685) | (3,437) |
Other non-current liabilities | 2,564 | 676 | 127 |
Net cash generated from operating activities | 55,005 | 126,889 | 131,240 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Acquisition of short-term investments | (721,703) | (383,064) | (73,804) |
Proceeds from maturity and disposal of fixed-rate time deposits and trading securities | 164,350 | 373,363 | 89,952 |
Proceeds from disposal of available-for-sale securities | 595,363 | 13,931 | 13,074 |
Acquisition of property and equipment | (96,117) | (65,885) | (24,576) |
Origination of loans receivable | (134,802) | (212,824) | 0 |
Repayment of loans receivable | 149,545 | 86,931 | 0 |
Purchase of land use rights | 0 | (34,263) | 0 |
Proceeds from government in connection of purchase of land use rights | 14,368 | 0 | 0 |
Acquisition of long-term investments | (84,544) | (13,000) | (4,902) |
Proceeds from disposal of property and equipment | 230 | 5,755 | 924 |
Proceeds from disposal of equity investment with readily determinable fair value | 6,645 | 0 | 0 |
Deposits for non-current assets | 0 | (55,456) | (128,614) |
Net cash used in from investing activities | (106,665) | (284,512) | (127,946) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from exercise of share options | 2,974 | 4,785 | 1,664 |
Proceeds from short-term loans | 36,327 | 0 | 296,558 |
Proceeds from long-term loans | 66,843 | 111,475 | 67,721 |
Repayment of loans | (26,884) | (43,989) | (182,362) |
Redemption of convertible senior notes | (44,560) | 0 | (394,300) |
Repurchase of ordinary shares | 0 | 0 | (136,615) |
Payment of loan origination costs | 0 | (302) | 0 |
Net cash (used in) generated from financing activities | 34,700 | 71,969 | (347,334) |
Exchange rate effect on cash, cash equivalents and restricted cash | (26,728) | 29,302 | (29,448) |
Net decrease in cash, cash equivalents and restricted cash | (43,688) | (56,352) | (373,488) |
Cash, cash equivalents and restricted cash at beginning of year | 491,260 | 547,612 | 921,100 |
Cash, cash equivalents and restricted cash at end of year | 447,572 | 491,260 | 547,612 |
Supplemental schedule of cash flow information: | |||
Income tax paid | 8,218 | 7,979 | 6,664 |
Interest paid | 12,215 | 16,895 | 19,418 |
Acquisition of property and equipment through utilization of deposits | 57,102 | 244,568 | 14,345 |
Acquisition of property and equipment included in accrued expenses and other liabilities | 10,438 | 6,121 | 0 |
Long-term investments received in settlement of funds receivable | $ 0 | $ 12,058 | $ 13,947 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 195,108 | $ 228,276 |
Restricted cash, current | 245,474 | 223,002 |
Restricted cash, non-current portion | 6,990 | 39,982 |
Total cash cash equivalents and restricted cash | $ 447,572 | $ 491,260 |
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] | Restatement Adjustment [Member] | Restatement Adjustment [Member]Parent [Member] | Restatement Adjustment [Member]Retained Earnings [Member] | Currently Reported [Member] | Currently Reported [Member]Ordinary Shares [Member] | Currently Reported [Member]Ordinary Shares [Member]Common Class A [Member] | Currently Reported [Member]Ordinary Shares [Member]Common Class B [Member] | Currently Reported [Member]Additional Paid-in Capital [Member] | Currently Reported [Member]Treasury stock [Member] | Currently Reported [Member]Foreign currency translation adjustments [Member] | Currently Reported [Member]Unrealized gain on available-for- sale securities [Member] | Currently Reported [Member]Intra-entity foreign currency transaction loss [Member] | Currently Reported [Member]Parent [Member] | Currently Reported [Member]Retained Earnings [Member] | Currently Reported [Member]Noncontrolling Interests [Member] |
Beginning Balance at Dec. 31, 2015 | $ 854,527 | $ 12,234 | $ 478,391 | $ 0 | $ (16,870) | $ 6,506 | $ 0 | $ (10,364) | $ 373,505 | $ 761 | |||||||||||||||||||
Beginning Balance (in shares) at Dec. 31, 2015 | 70,736,679 | 24,336,650 | |||||||||||||||||||||||||||
Net (loss) profit for the year | (169,635) | $ (169,635) | $ (44,104) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (169,635) | 0 | |||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | (60,732) | 0 | 0 | 0 | (60,732) | 0 | 0 | (60,732) | 0 | 0 | |||||||||||||||||||
Unrealized loss on available-for-sale securities | 7,326 | 0 | 0 | 0 | 0 | 7,326 | 0 | 7,326 | 0 | 0 | |||||||||||||||||||
Foreign currency transaction losses | (6,996) | 0 | 0 | 0 | 0 | 0 | (6,996) | (6,996) | 0 | 0 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (10,583) | 0 | 0 | 0 | 0 | (10,583) | 0 | (10,583) | 0 | ||||||||||||||||||||
Contribution by noncontrolling interests | (66) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (66) | |||||||||||||||||||
Contribution from shareholder (Note 19(b)) | 154 | 0 | 154 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Repurchase of treasury stock | (136,615) | 0 | (136,615) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Repurchase of treasury stock (in shares) | (7,065,058) | ||||||||||||||||||||||||||||
Share-based compensation | 6,552 | 0 | 6,552 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Excess tax benefits | 470 | 0 | 470 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Exercise of share options and vesting of unvested shares | 3,423 | 47 | 3,376 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Exercise of share options and vesting of unvested shares (in shares) | 341,137 | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Cumulative effect of adoption of ASC 606 | $ 2,298 | $ 2,298 | |||||||||||||||||||||||||||
Cumulative effect of adoption of ASU 2016-01 at Dec. 31, 2017 | $ (163,785) | $ (163,785) | $ 163,785 | ||||||||||||||||||||||||||
Net (loss) profit for the year | 21,704 | 21,707 | 5,971 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21,704 | 0 | |||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | 56,571 | 0 | 0 | 0 | 56,571 | 0 | 0 | 56,571 | 0 | 0 | |||||||||||||||||||
Unrealized loss on available-for-sale securities | 163,272 | 0 | 0 | 0 | 0 | 163,272 | 0 | 163,272 | 0 | 0 | |||||||||||||||||||
Foreign currency transaction losses | 1,872 | 0 | 0 | 0 | 0 | 0 | 1,872 | 1,872 | 0 | 0 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (2,736) | 0 | 0 | 0 | 0 | (2,736) | 0 | (2,736) | 0 | ||||||||||||||||||||
Contribution by noncontrolling interests | (3) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (3) | |||||||||||||||||||
Contribution from shareholder (Note 19(b)) | 159 | 0 | 159 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Share-based compensation | 7,218 | 0 | 7,218 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Excess tax benefits | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Exercise of share options and vesting of unvested shares | 4,393 | 47 | 4,346 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Exercise of share options and vesting of unvested shares (in shares) | 347,304 | ||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2017 | 740,275 | 12,328 | 500,666 | (136,615) | (21,031) | 163,785 | (5,124) | 137,630 | 225,574 | 692 | $ 742,573 | $ 12,328 | $ 500,666 | $ (136,615) | $ (21,031) | $ 0 | $ (5,124) | $ (26,155) | $ 391,657 | $ 692 | |||||||||
Ending Balance (in shares) at Dec. 31, 2017 | 64,360,062 | 24,336,650 | 64,360,062 | 24,336,650 | |||||||||||||||||||||||||
Net (loss) profit for the year | (114,909) | $ (114,911) | $ (31,511) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (114,911) | 2 | |||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | (46,648) | 0 | 0 | 0 | (46,648) | 0 | 0 | (46,648) | 0 | 0 | |||||||||||||||||||
Unrealized loss on available-for-sale securities | 1,493 | 1,493 | 1,493 | ||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (1,493) | (1,493) | (1,493) | ||||||||||||||||||||||||||
Loss on intra-entity foreign transactions of long-term investment nature | (3,034) | 0 | 0 | 0 | 0 | 0 | (3,034) | (3,034) | 0 | 0 | |||||||||||||||||||
Contribution from shareholder (Note 19(b)) | 162 | 0 | 162 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Repurchase of treasury stock (in shares) | (7,065,058) | ||||||||||||||||||||||||||||
Share-based compensation | 14,082 | 0 | 14,082 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Exercise of share options and vesting of unvested shares | 2,974 | 82 | 2,892 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Exercise of share options and vesting of unvested shares (in shares) | 644,525 | ||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2018 | $ 595,200 | $ 12,410 | $ 517,802 | $ (136,615) | $ (67,679) | $ 0 | $ (8,158) | $ (75,837) | $ 276,746 | $ 694 | |||||||||||||||||||
Ending Balance (in shares) at Dec. 31, 2018 | 24,336,650 | 65,004,587 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | 1. ORGANIZATION AND BASIS OF PRESENTATION The Company was incorporated on June 18, 1999 as Fly High Holdings Limited under the laws of the British Virgin Islands (“BVI”). In June 2004, the Company changed its name to SouFun Holdings Limited and its corporate domicile to the Cayman Islands and became a Cayman Islands company with limited liability under the Companies Law of the Cayman Islands. In 2016, the Company changed its name to Fang Holdings Limited (formerly known as SouFun Holdings Limited). The accompanying consolidated financial statements include the financial statements of (i) Fang Holdings Limited (the “Company”), (ii) its subsidiaries located outside of the People’s Republic of China (the “PRC”) (the “non-PRC subsidiaries”), (iii) wholly foreign owned entities in the PRC (the “WOFEs”) and their subsidiaries, (iv) entities controlled through contractual arrangements (the “PRC Domestic Entities”) and (v) the PRC Domestic Entities’ subsidiaries. The Company, and where appropriate, the term “Company” also refers to its non-PRC subsidiaries, WOFEs, PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries as a whole. The Company is principally engaged in the provision of marketing services, listing services, financial services, E-commerce services and 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, 2018 were as follows: Company Date of Establishment Place of Establishment Principal Activities Beijing SouFun Internet Information Service Co., Ltd. ("Beijing Internet") December 17, 2003 PRC Provision of marketing services and listing services SouFun Media Technology (Beijing) Co., Ltd. ("SouFun Media") November 28, 2002 PRC Provision of technology and information consultancy services Beijing SouFun Network Technology Co., Ltd. ("SouFun Network") March 16, 2006 PRC Provision of technology and information consultancy services Beijing SouFun Science and Technology Development Co., Ltd. ("Beijing Technology") March 14, 2006 PRC Provision of marketing services and listing services Beijing Century Jia Tian Xia Technology Development Co., Ltd. ("Beijing JTX Technology") December 21, 2006 PRC Provision of marketing services and listing services Beijing Zhong Zhi Shi Zheng Information Technology Co. Ltd., ("Beijing Zhongzhi") June 5, 2007 PRC Provision of technology and information consultancy services Xinjiang Zhong Zhi Shu Ju Information Technology Co., Ltd. (“Xinjiang Zhong Zhi Shu Ju”) August 10, 2017 PRC Provision of technology and information consultancy services Beijing Hong An Tu Sheng Network Technology Co., Ltd. ("Beijing Hong An") November 15, 2010 PRC Provision of technology and information consultancy services Beijing Tuo Shi Huan Yu Network Technology Co., Ltd. ("Beijing TuoShi") November 19, 2010 PRC Provision of technology and information consultancy services Beijing Yi Ran Ju Ke Technology Development Co., Ltd. ("Beijing Yi Ran Ju Ke") July 8, 2011 PRC Provision of marketing services, rental services and real estate agency services Beijing Hua Ju Tian Xia Network Technology Co., Ltd. ("Beijing Hua Ju Tian Xia") July 25, 2012 PRC Provision of technology and information consultancy services Company Date of Establishment Place of Establishment Principal Activities Beijing Zhong Zhi Hong Yuan Data Information Technology Co., Ltd. (“Beijing Zhong Zhi Hong Yuan”) June 11, 2018 PRC Provision of technology and information consultancy services Beijing Li Man Wan Jia Network Technology Co., Ltd. ("Beijing Li Man Wan Jia") July 25, 2012 PRC 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 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 Provision of technology and information consultancy services Tianjin SouFun Network Technology Co., Ltd.("Tianjin SouFun Network") March 8, 2012 PRC Provision of technology and information consultancy services Tianjin Jia Tian Xia Network Technology Co., Ltd. (“Jia Tian Xia Network Technology”) April 15, 2014 PRC Provision of technology and information consultancy services Hangzhou SouFun Network Technology Co., Ltd., ("Hangzhou SouFun Network") August 27, 2013 PRC Provision of technology and information consultancy services Wuhan SouFun Yi Ran Ju Ke Real Estate Agents Co., Ltd. ("Wuhan Yi Ran Ju Ke") December 13, 2013 PRC Provision of real estate agency services and real estate information services Hangzhou Ji Ju Real Estate Agents Co., Ltd. ("Hanzhou Ji Ju") December 23, 2013 PRC Provision of real estate agency services and real estate information services Fang Tian Xia Financial Information Service (Beijing) Ltd. (previously known as Beijing Tianxia Dai Information service Co., Ltd.) April 9, 2014 PRC Provision of finance information services Shanghai SouFun Microfinance Co.,Ltd.("Shanghai SouFun Microfinance") January 19, 2015 PRC Provision of Microfinance services Beihai Tian Xia Dai Microfinance Co., Ltd.("Beihai Tian Xia Dai Microfinance") September 12, 2014 PRC Provision of microfinance services Shanghai BaoAn Enterprise Co., Ltd. (“Shanghai BaoAn Enterprise”) March 31, 2013 PRC Lease, resale and management of property Shanghai BaoAn Hotel Co., Ltd. (“Shanghai BaoAn Hotel”) March 31, 2013 PRC Operation and management of hotel, restaurant and other catering business Company Date of Establishment Place of Establishment Principal Activities Beijing Fang Tian Xia Hong An Network Technology Ltd. (previously known as Beijing Fang Tian Xia Decorative Engineering Co., Ltd.) October 15, 2014 PRC Provision of decorative engineering services Chongqing Tian Xia Dai Microfinance Co., Ltd ("Chongqing Tian Xia Dai Microfinance") December 11, 2014 PRC Provision of microfinance services Tianjin Jia Tian Xia Microfinance Co. ,Ltd. ("Tianjin Jia Tian Xia Microfinance") December 5, 2014 PRC Provision of microfinance services Beijing Fang Chao Real Estate Broking Co., Ltd. (“Beijing Fang Chao”) March 6, 2015 PRC Provision of real estate agency services Guangzhou Fang Tian Xia Real Estate Broking Co., Ltd. (“Guangzhou Fang Tian Xia”) March 9, 2015 PRC Provision of real estate agency services Beijing Cun Fang Real Estate Broking Co., Ltd. (“Beijing Cun Fang”) April 7, 2015 PRC Provision of real estate agency services Shenzhen Fang Tian Xia Real Estate Broking Co., Ltd. (“Shenzhen Fang Tian Xia”) April 13, 2015 PRC Provision of real estate agency services Tianjin Fang Tian Xia Real Estate Broking Co., Ltd. (“Tianjin Fang Tian Xia”) May 21, 2015 PRC Provision of real estate agency services Nanjing Cun Fang Real Estate Broking Co., Ltd. (“Nanjing Cun Fang”) April 30, 2015 PRC Provision of real estate agency services Company Date of Establishment Place of Establishment Principal Activities Nanchang Cun Fang Real Estate Broking Co., Ltd. (“Nanchang Cun Fang”) June 3, 2015 PRC Provision of real estate agency services Chongqing Fang Tian Xia Real Estate Broking Co., Ltd. (“Chongqing Fang Tian Xia”) May 27, 2015 PRC Provision of real estate agency services Shanghai SouFun Fang Tian Xia Broking Co., Ltd. (“Shanghai Fang Tian Xia”) April 16, 2015 PRC Provision of real estate agency services Beijing Li Tian Rong Ze Yi Jia Technology Development Co., Ltd. (“Beijing Li Tian Rong Ze”) September 4, 2015 PRC Provision of technology and information consultancy services Hong Kong Property Network Limited ("HK Property") May 19, 2011 Hong Kong Investment holding Best Fang Holdings LLC Aug 30, 2017 United States of America Investment holding Best Work Holdings (New York) LLC ("Best Work") March 14, 2011 United States of America Investment holding China Index Holdings Limited July 26, 2018 Cayman Investment holding In order to comply with PRC laws and regulations which restrict foreign control of companies involved in internet content provision (“ICP”) and advertising businesses, the Company operates its websites and provides online marketing 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, Yu Huang, chief executive officer of China Index Holdings Limited (“CIH”), a wholly owned subsidiary of the Company, or 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 three of its WOFEs, namely, SouFun Network, Beijing Zhongzhi and Jia Tian Xia Network Technology as a result of a series of contractual arrangements and their supplementary agreements signed with each of the PRC Domestic Entities which arrangements and agreements contain similar provisions regarding obligations and rights of the Company and the PRC Domestic Entities (hereinafter, together the “Contractual Agreements”). As a result of the Contractual Agreements, the Company maintains the ability to approve decisions made by the PRC Domestic Entities, is entitled to substantially all of the economic benefits from the PRC Domestic Entities and is obligated to absorb all of the PRC Domestic Entities’ expected losses. Therefore, the Company consolidates the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries in accordance with the United States of America Securities and Exchange Commission (“SEC”) Regulation S-X Article 3A-02 and Accounting Standards Codification (“ASC”) 810, Consolidation The following is a summary of the Contractual Agreements: Exclusive Technical Consultancy and Service Agreements The WOFEs provide the following exclusive technical services to the PRC Domestic Entities: (i) access to information assembled by the WOFEs concerning the real estate industry and companies in this sector to enable the PRC Domestic Entities to target potential customers and provide research services; and (ii) technical information technology system support to enable the PRC Domestic Entities to service the needs of its customers. The agreements can be extended indefinitely at the sole discretion of the WOFEs. Operating Agreements Pursuant to the operating agreements, each PRC Domestic Entity and its legal shareholders have agreed not to enter into any transaction that would substantially affect the assets, rights, obligations or operations of the PRC Domestic Entity without prior written consent from the WOFEs. In addition, the PRC Domestic Entities will appoint or remove their directors and executive officers based on instruction from the WOFEs. The agreements can be extended indefinitely at the sole discretion of the WOFEs. Equity Pledge Agreements, Shareholders Proxy Agreements and Exclusive Call Option Agreements In order to secure the payment obligations of each PRC Domestic Entity under the exclusive technical consultancy and service agreements, the legal shareholders have pledged their entire respective ownership interests in each Domestic PRC Entity to the WOFEs. The legal shareholders shall not transfer the pledged ownership interests without the prior written consent from the WOFEs. The WOFEs are entitled to dividends and funds obtained through conversion, auction or sale of the ownership interests that the legal shareholders pledged to the WOFEs. The agreements can be extended at the sole discretion of the WOFEs. The legal shareholders irrevocably appoint the WOFEs to act as proxy for the legal shareholders to exercise their respective rights as shareholders of the PRC Domestic Entities to attend shareholders' meetings and cast votes. The agreements will remain valid until terminated upon written consent by the WOFEs, the PRC Domestic Entities and their legal shareholders or by their successors. The Company or any third party designated by the Company the exclusive right to acquire from the legal shareholders the whole or part of the respective equity interests in each PRC Domestic Entity at a price equivalent to the historical cost when permitted by applicable PRC laws and regulations. The legal shareholders shall not sell, transfer or dispose of the equity interests in the PRC Domestic Entities without the prior written consent of the Company or any third party designated by the Company. The proceeds from the exercise of the call option will be applied to repay the loans under the loan agreements. The Company does not have to make any additional payment to the legal shareholders. The PRC Domestic Entities will not distribute any dividend without the prior written consent from the WOFEs. The agreements can be extended indefinitely at the sole discretion of the Company. Loan Agreements The WOFEs provided loans to the legal shareholders to enable them to contribute the registered capital of the PRC Domestic Entities. Under the terms of the loan agreements, the legal shareholders will repay the loans by transferring their legal ownership in the PRC Domestic Entities to the WOFEs when permitted by applicable PRC laws and regulations. Any gains from the transfer shall be paid back to the WOFEs or any third party designated by the WOFEs. The legal shareholders shall repay the loan by means of transferring their respective equity interests in the PRC Domestic Entities to the WOFEs or any other person designated by the WOFEs. Supplementary Agreements In addition to the above contractual agreements, the Company, the WOFEs, the PRC Domestic Entities and their legal shareholders entered into supplementary agreements in March 2010 to memorialize certain terms previously agreed amongst the Company, the WOFEs, the PRC Domestic Entities and their legal shareholders. While these supplementary agreements were signed in 2010, the terms, intent and substance of all the agreements above remained unchanged. Pursuant to the supplementary agreements: · the WOFEs have unilateral discretion in setting the technical service fees charged to the PRC Domestic Entities; · the WOFEs are obligated to provide financial support to the PRC Domestic Entities in the event the PRC Domestic Entities incur losses; · the annual budget of the PRC Domestic Entities should be assessed and approved by the WOFEs; · the legal shareholders agree to remit any profits distributed from the PRC Domestic Entities to the Company upon request by the Company; and · the PRC Domestic Entities are obligated to transfer their entire retained earnings, after deduction of PRC income tax, to the WOFEs in the form of a donation upon the WOFEs’ request. All of these provisions have been incorporated into the Contractual Agreements signed subsequent to March 2010. Furthermore, the WOFEs and the PRC Domestic Entities entered into supplementary agreements in March 2013 to memorialize the following terms previously agreed between the WOFEs and the PRC Domestic Entities when the Exclusive Call Option Agreements were entered into: · the legal shareholders agreed to remit the purchase consideration received from the exercise of the exclusive right to acquire the equity interests in the PRC Domestic Entities to the WOFEs or any entity designated by the WOFEs. This provision has been incorporated into the Contractual Agreements signed subsequent to March 2013. Through the design of the aforementioned agreements, the legal shareholders of the PRC Domestic Entities effectively assigned their full voting rights to the WOFEs, which give the WOFEs the power to direct the activities that most significantly impact the PRC Domestic Entities’ economic performance. The WOFEs obtained the ability to approve decisions made by the PRC Domestic Entities and the ability to acquire the equity interests in the PRC Domestic Entities when permitted by PRC law. The WOFEs are obligated to absorb a majority of the expected losses from the PRC Domestic Entities’ activities through providing unlimited financial support to the PRC Domestic Entities and are entitled to receive a majority of profits from the PRC Domestic Entities through the exclusive technical consultancy and service fees. As a result, the Company, through the WOFEs, is the primary beneficiary of the PRC Domestic Entities. Accordingly, in accordance with SEC Regulation S-X Article 3A-02 and ASC 810, the Company, through the WOFEs, has consolidated the operating results of the PRC Domestic Entities in the Company’s financial statements. 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, consolidated statements of comprehensive income (loss) and consolidated statements of cash flows were as follows: As of December 31, 2017 2018 US$ US$ ASSETS Current assets: Cash and cash equivalents 50,948 34,004 Restricted cash, current 223,002 214,876 Short-term investments 19,838 5,586 Accounts receivable (net of allowance of US$ 13,691 12,913 22,119 25,910 Funds receivable 2,824 5,124 Prepayments and other current assets 16,856 25,384 Commitment deposits (net of allowance of US$ 206 5,876 191 Total current assets 341,463 311,075 Non-current assets: Property and equipment, net 275,601 358,432 Land use rights 34,951 32,428 Deferred tax assets, non-current 2 2 Deposits for non-current assets 41,428 95 Long-term investments 433,894 291,808 Other non-current assets 204 1,815 Total non-current assets 786,080 684,580 Total assets 1,127,543 995,655 As of December 31, 2017 2018 US$ US$ Current liabilities: Short-term loans 59,820 76,267 Deferred revenue 27,095 32,816 Accrued expenses and other liabilities 54,516 36,266 Customer’s refundable fees 10,986 3,274 Income tax payable 1,325 1,982 Intercompany payable to the non PRC Domestic Entities 431,770 445,556 Total current liabilities 585,512 596,161 Non-current liabilities: Long-term loans 55,958 44,891 Deferred tax liabilities 51,227 10,488 Other non-current liabilities 37,936 51,144 Total non-current liabilities 145,121 106,523 Total liabilities 730,633 702,684 Net assets 396,910 292,971 Intercompany payable to the non PRC Domestic Entities represents the amounts due to the WOFE and its wholly-owned subsidiaries, which are eliminated upon consolidation. For the Years Ended December 31, 2016 2017 2018 US$ US$ US$ Total revenues 287,475 91,087 89,111 Net loss (24,135 ) (6,484 ) (79,229 ) For the Years Ended December 31, 2016 2017 2018 US$ US$ US$ Net cash generated from (used in) operating activities (790 ) 122,327 26,241 Net cash used in investing activities (3,763 ) (99,946 ) (9,851 ) Net cash (used in) generated from financing activities 90,828 8,565 (25,220 ) The PRC Domestic Entities had no intercompany amounts payable to the WOFEs for accrued service fees as of December 31, 2017 and 2018. The WOFEs did not charge the PRC Domestic Entities, technology consultancy service fees during the years ended December 31, 2016, 2017 and 2018. As of December 31, 2018, except for the current restricted cash of US$214,876, and property and equipment of US$324,564 pledged to secure bank borrowings (Note 12), there was no other pledge or collateralization of the assets of the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries. Creditors of the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries have no recourse to the general credit of their respective primary beneficiary. The amounts of liabilities of the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries have been parenthetically presented on the consolidated balance sheets. The PRC Domestic Entities held certain registered copyrights, trademarks and registered domain names, which are used for the Company’s business operations. All of these revenue-producing assets were internally developed, for which the Company did not incur significant development costs. There were no other assets of the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries that can only be used to settle their own obligations except for restricted cash of US$214,876, accounts receivable of US$2,988 and property and equipment of US$324,564 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, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in the Company’s financial statements include, but are not limited to, estimated stand-alone selling prices of performance obligations, 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 and fair value of long term investments. Changes in facts and circumstances may result in revised estimates. Actual results could materially differ from those estimates. Principles of Consolidation The consolidated financial statements include the financial statements of the Company, its non-PRC subsidiaries, WOFEs, the PRC Domestic Entities in which the Company, through its WOFEs, has a controlling financial interest, and the PRC Domestic Entities’ subsidiaries. The Company has determined that it has a controlling financial interest, even though it does not hold a majority of the voting equity interest in an entity, because the Company has the ability to control the PRC Domestic Entities through the WOFEs’ rights to all the residual benefits of the PRC Domestic Entities and the WOFEs’ obligation to fund losses of the PRC Domestic Entities. As a result, the PRC Domestic Entities are included in the consolidated financial statements. All significant intercompany balances and transactions between the Company, its subsidiaries, the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries have been eliminated in consolidation. 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 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 represent cash on hand and demand deposits placed with banks or other financial institutions with original maturity of 90 days or less at the date of purchase which are unrestricted as to withdrawal and use. In addition, all highly liquid investments with original stated maturity of 90 days or less are classified as cash equivalents. Restricted Cash Restricted cash represents cash pledged to financial institutions as collateral for the Company’s bank loans. The restricted cash is not available for withdrawal or the Company’s general use until after the corresponding bank loans are repaid The Accounting Standards Update (“ASU”) 2016 - 18, Statement of Cash Flows (Topic 230): Restricted Cash, required that restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. The guidance was effective as of January 1, 2018 and the Company applied it using a retrospective transition method to each period presented. The adoption of this guidance changed the presentation and classification of restricted cash in the Company’s consolidated statements of cash flows. For the years ended December 31, 2016 and 2017 , substantially all of the changes in restricted cash of US$107,905 and US$51,900, respectively, were previously reported as part of financing activities in the consolidated statements of cash flows. Investments Periods prior to January 1, 2018 All highly liquid investments with original maturities of greater than 90 days but less than 365 days are classified as short-term investments which are stated at their approximate fair value. The Company accounts for its investments in accordance with ASC 320, Investments-Debt and Equity Securities The securities that the Company has positive intent and ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost. For individual securities classified as held-to-maturity securities, the Company evaluates whether a decline in fair value below the amortized cost basis is other-than-temporary in accordance with the Company’s policy and ASC 320. If the Company concludes that it does not intend or is not required to sell an impaired debt security before the recovery of its amortized cost basis, the impairment is considered temporary and the held-to-maturity securities continue to be recognized at the amortized costs. When the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell prior to recovery of its amortized cost basis, an other-than-temporary impairment is deemed to have occurred. In these instances, the other-than-temporary impairment loss is recognized in the consolidated statements of comprehensive income (loss) equal to the entire excess of the debt security’s amortized cost basis over its fair value at the balance sheet date of the reporting period for which the assessment is made. The securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Unrealized holding gains and losses for trading securities are included in earnings. Investments not classified as trading or as held-to-maturity are classified as available-for-sale securities. Available-for-sale securities are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income (loss) in shareholders’ equity. Realized gains or losses are charged to earnings during the period in which the gain or loss is realized. An impairment loss on the available-for-sale securities are recognized in the consolidated statements of comprehensive income (loss) when the decline in value is determined to be other-than-temporary. No impairment loss was recognized for the year ended December 31, 2017. In accordance with ASC 325 Investments-Other impairment loss of US$2,232 and US$2,768 was recognized for the years ended December 31, 2016 and 2017, respectively. Period commencing January 1, 2018 The Company adopted ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Liabilities (1) Debt Securities The Company accounts for its debt investments in accordance with ASC 320, Investments-Debt Securities The debt securities that the Company has positive intent and ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost. For individual securities classified as held-to-maturity securities, the Company evaluates whether a decline in fair value below the amortized cost basis is other-than-temporary in accordance with the Company’s policy and ASC 320. If the Company concludes that it does not intend or is not required to sell an impaired debt security before the recovery of its amortized cost basis, the impairment is considered temporary and the held-to-maturity securities continue to be recognized at the amortized costs. When the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell prior to recovery of its amortized cost basis, an other-than-temporary impairment is deemed to have occurred. In these instances, the other-than-temporary impairment loss is recognized in the consolidated statements of comprehensive income (loss) equal to the entire excess of the debt security’s amortized cost basis over its fair value at the balance sheet date of the reporting period for which the assessment is made. The debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Unrealized holding gains and losses for trading securities are included in earnings. All highly liquid investments with original maturities of greater than 90 days but less than 365 days are classified as short-term investments which are stated at their approximate fair value. Investments not classified as trading or as held-to-maturity are classified as available-for-sale securities. Available-for-sale debt securities are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income (loss) in shareholders’ equity. Realized gains or losses are charged to earnings during the period in which the gain or loss is realized. An impairment loss on the available-for-sale securities are recognized in the consolidated statements of comprehensive income (loss) when the decline in value is determined to be other-than-temporary. No impairment loss was recognized for the year ended December 31, 2018. (2) Equity Securities All equity investments with readily determinable fair values, other than those accounted for under equity method of accounting or those that result in consolidation of the investee, are measured at fair value with changes in the fair value recognized through net income. Equity investments without readily determinable fair values which do not qualify for net asset value per share (or its equivalent) practical expedient and over which the Company does not have the ability to exercise significant influence through the investments in common stock, are accounted for under the measurement alternative. The carrying values of equity investments without readily determinable fair values are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. All gains and losses on these investments, realized and unrealized, are recognized in the consolidated statements of comprehensive income (loss). The Company makes assessment of whether an investment is impaired at each reporting date, and recognizes an impairment loss equal to the difference between the carrying value and fair value in earnings. No impairment loss was recognized for the year ended December 31, 2018. As a result of adoption of ASU 2016-01, the Company is not required to disclose the fair value for equity investments without readily determinable fair value. (3) Equity method investments In accordance with ASC 323 Investments-Equity Method and Joint Ventures The equity method investments are subject to periodic testing for other-than-temporary impairment, by considering factors including, but not limited to, stock prices of public companies in which the Company has an equity investment, current economic and market conditions, operating performance of the investees such as current earnings trends and undiscounted cash flows, and other company-specific information, such as recent financing rounds. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and the determination of whether any identified impairment is other-than-temporary. If any impairment is considered other-than-temporary, the Company will write down the asset to its fair value and take the corresponding charge to the consolidated statements of comprehensive income (loss). No impairment was recorded for equity method investments for the year ended December 31 2018. Funds Receivable Funds receivable represents cash collection through third-party payment service providers. The Company carefully considers and monitors the credit worthiness of the third-party payment service providers 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. 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. 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. Loans receivable Loans receivable consists primarily of secured loans in the form of mortgage loans and unsecured loans to borrowers that have passed the Company’s credit assessment. Such amounts are recorded at the principal amount less impairment as of the balance sheet date. The loan periods extended by the Company to the borrowers generally range from 1 to 36 months. An allowance for credit loss is recorded when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company assesses the allowance for credit loss related to loans receivable on a quarterly basis, either on an individual or collective basis. The Company considers various factors in evaluating loans receivable for possible impairment on an individual basis. These factors include the amount of the loan, historical experience, value of collateral, if any, credit quality and age of the receivables balances. Impairment is measured on an individual loan basis using either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is secured. The Company evaluates the remainder of its loans receivables portfolio for impairment on a collective basis in accordance with ASC 450-20, Loss Contingencies Loan principal and interest receivables are charged-off when the loan principal and interest receivables are deemed to be uncollectible. In general, loan principal and interest receivables are identified as uncollectible if any of the following conditions are met : 1) the borrower is dead, missing or incapacitate and there is no legal heir and presentee or the legal heir and presentee refuse to abide the contract; 2) identification of fraud, and the fraud is officially reported to and filed with relevant law enforcement departments; 3) outstanding amount following 180 days past due after all collection efforts based on management’s judgment. Property and Equipment, Net Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated Useful Life Office equipment 3 5 Motor vehicles 5 10 Leasehold improvement shorter of lease term or economic lives Buildings 12 45 Land is stated at cost and is not depreciated. Construction in progress represents buildings and related premises under construction, which is stated at actual construction cost less any impairment loss. Construction in progress is transferred to the respective category of property and equipment when completed and ready for its intended use. Interest associated with major development and construction projects is capitalized and included in the cost of the project. The capitalization of interest cease when the project is substantially completed or the development activity is suspended for more than a brief period. The amount to be capitalized is determined by applying the capitalization rate to the average amount of accumulated qualifying capital expenditures for assets under construction during the year. Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts, respectively, with any resulting gain or loss reflected in the consolidated statements of comprehensive income (loss). Land Use Rights Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis Impairment of Long-Lived Assets The Company evaluates its long-lived assets or asset group with finite lives for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset group may not be fully recoverable. When these events occur, the Company evaluates the impairment by comparing the carrying amount of the assets to future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Company recognizes an impairment loss based on the excess of the carrying amount of the asset group over its fair value, but not below the fair values of the individual long-lived assets within the asset group. No impairment charge was recognized for any of the years presented. Asset groups to be disposed of would be reported at the lower of the carrying amount or fair value less costs to sell, and no longer depreciated. The assets and liabilities of a disposal group classified as held for sale would be presented separately in the appropriate asset and liability sections of the consolidated balance sheets. Fair Value of Financial Instruments Financial instruments of the Company primarily include cash and cash equivalents, restricted cash, accounts receivable, commitment deposits, funds receivable, short-term and long-term investments, loans receivable, short-term and long-term loans, convertible senior notes (Note 15) and related derivative liabilities. As of December 31, 2017 and 2018 , the carrying values of these financial instruments, other than long-term investments, long-term loans, convertible senior notes and related derivative liabilities, approximate their fair values due to the short-term maturity of these instruments. The fair value method investments and trading securities were recorded at fair value based on the quoted price in active markets as of December 31, 2017 and 2018 . 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$301,036 and US$ 199 , 172 December 31, 2017 and 2018 , respectively, and represents a Level 3 valuation in accordance with ASC 820, Fair Value Measurements and Disclosures 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. Assets measured at fair value on a recurring basis as of December 31, 2017 and 2018 are summarized below. Fair Value Measurement as of December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Fair Value at December 31, 2017 US$ US$ US$ US$ Available-for-sale securities 52,283 318,065 - 370,348 Trading securities 15,833 - - 15,833 Fair Value Measurement as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Fair Value at December 31, 2018 US$ US$ US$ US$ Equity investments 181,483 - - 181,483 Trading securities 1,773 - - 1,773 Revenue Recognition Revenues are derived from marketing services, listing services, E-commerce services, value-added services and financial services. Periods prior to January 1, 2018 Revenues for each type of service sales were recognized only when the following criteria are met: (a) persuasive evidence of an arrangement exists; (b) price is fixed or determinable; (c) delivery of services has occurred; and (d) collectability is reasonably assured. Listing Services Listing services revenues consist of revenues derived from both basic listing services and special listing services. The Company’s basic and special listing services are provided to agents, brokers, property developers, property owners, property managers and others seeking to sell or rent new or secondary residential and commercial properties. (1) Basic listing services Basic listing services entitle customers to post and make changes to information for properties, home furnishings and other related products and services in a particular area on the website and mobile apps for a specified period of time, which typically range from 1 to 36 months, in exchange for a fixed fee. Written contracts, containing all significant terms, signed by the Company and its customers provide persuasive evidence of the arrangement. The amount of fee to be paid is not subject to change once the contract has been signed. The contracts generally do not contain any specific performance target or refund guarantee. Delivery of services occurs by making access to the websites and mobile apps available for posting by the customers over the specified listing period. The Company performs credit assessments of its customers prior to signing the written contract to ensure collectability is reasonably assured. In accordance with ASC 605, revenues were recognized ratably over the duration of the service period as the basic listing services were being delivered. (2) Special listing services Special listing services consist of promotional activities associated with themed marketing campaigns, each generally over a one year duration and designed to recognize the leading companies within a specific real estate sector. For each special listing campaign, targeted leading companies participate in a collective marketing and promotional program for a specified fee, consisting of various online and offline promotional activities tied to the specialized theme of the campaign. Each revenue arrangement may include one or multiple special listing campaigns. The Company evaluated its special listing revenue arrangements in accordance with ASC 605-25, Revenue recognition–Multiple-element arrangements Written contracts, containing all significant terms, signed by the Company and its customers provide persuasive evidence of the arrangement. The amount of fee to be paid is not subject to change once the contract has been signed. The contracts do not contain any specific performance, cancellation, termination or refund provisions. The Company performs credit assessments of its customers prior to signing the written contract to ensure collectability is reasonably assured. In accordance with ASC 605, “Revenue Recognition,” revenues were recognized ratably over the duration of the campaign period as the special listing services were being delivered. Marketing Services The Company offers marketing services on the Company’s websites and mobile apps, primarily through banner advertisements, floating links, logos and other media insertions. These marketing services are offered to real estate developers and to a lesser extent provider of products and services for home decoration and improvement. Marketing services allow customers to place advertisements on particular areas of the Company’s websites and mobile apps, in particular formats and over particular periods of time. Written contracts, containing all significant terms, signed by the Company and its customers provide persuasive evidence of the arrangement. The contracts generally do not contain any specific performance target or refund guarantee. The service fee is negotiated between the customer and the Company but once a price is agreed to and the written contract is signed by both parties, the price is fixed and not subject to change. The service fee is due and payable in installments over the service period. The marketing services typically last from several days to one year. Delivery of the service occurs upon displaying the agreed forms of services on the Company’s websites and mobile apps over the specified service period. The Company performs credit assessments on its customers prior to signing the written contract to ensure collectability is reasonably assured. Revenues were recognized ratably over the contract period, as there was persuasive evidence of an arrangement, the fee is fixed or determinable and collection was reasonably assured, as prescribed by ASC 605. 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 years ended December 31, 2016 and 2017, the Company recognized marketing service revenue of US$9,730 and nil under such arrangement. Since 2016, the Company ceased entering into these arrangements with real estate developers and collected all the marketing service fees in the form of (i) cash, or (ii) a designated real estate property transferred to the Company, from real estate developers. 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 For certain arrangements, the Company provides marketing services that contain multiple deliverables, that is, different forms of services to be delivered over different periods of time. The Company accounted for each deliverable in the arrangement as separate unit of accounting. Revenues were allocated to each unit of accounting on a relative fair value basis based on a selling price hierarchy and was recognized ratably over the duration of the service period. The selling price for a deliverable was based on its vendor-specific objective evidence (“VSOE”) if available, third party evidence (“TPE”) if VSOE is not available, or BESP if neither VSOE nor TPE is available. The total arrangement consideration was allocated to each unit of accounting based on its relative selling price which is determined based on the Company’s BESP for that deliverable because neither VSOE nor TPE exist. In determining its BESP for each deliverable, the Company considered its overall pricing model and objectives, as well as market or competitive conditions that may impact the price at which the Company would transact if the deliverable were sold regularly on a standalone basis. The Company monitored the conditions that affect its determination of selling price for each deliverable and reassesses such estimates periodically E-commerce service E-commerce service revenues consist of revenues derived from: (1) Fang membership services The Company enters into arrangements with real-estate developers, pursuant to which the Company charges its customers RMB5,000 to RMB20,000 in order for the |
CONCENTRATION OF RISKS
CONCENTRATION OF RISKS | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018, the Company had US$463,615 in cash and cash equivalents, restricted cash and short-term investments, 96.2% and 3.8% of which were held by financial institutions in the PRC and financial institutions outside of the PRC, respectively. Under PRC law, it is generally required that a commercial bank in the PRC that holds third-party cash deposits protect the depositors’ rights and interests over their deposited money; PRC banks are subject to a series of risk control regulatory standards; and PRC bank regulatory authorities are empowered to take over the operation and management of any PRC bank that faces a material credit crisis. In the event of bankruptcy of one of the financial institutions in which the Company has deposits or investments, it may be unlikely to claim its deposits or investments back in full. The Company selected reputable financial institutions with high credit ratings to deposit its assets. The Company regularly monitors the ratings of the financial institutions in case of any defaults. There has been no recent history of default in relation to these financial institutions. Accounts receivable are typically unsecured and are derived from revenue earned from customers in the PRC. The risk with respect to accounts receivable is mitigated by credit evaluations the Company performs on its customers and its ongoing monitoring of outstanding balances. The Company regularly reviews the creditworthiness of its customers, and requires collateral from its customers in certain circumstances when accounts receivables become long overdue. Funds receivable represent amounts due from third-party payment service providers. The Company carefully considers and monitors the credit worthiness of the third-party payment service providers to mitigate any risks associated with funds receivable. The Company is exposed to default risk on its loans receivable. The Company assesses the allowance for credit loss related to loans receivable on a quarterly basis, either on an individual or collective basis. As of December 31, 2018, 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, 2016, 2017 and 2018. 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. The Company almost transacts all of its business in RMB, which is not freely convertible into foreign currencies. On January 1, 1994, the PRC government abolished the dual rate system and introduced a single rate of exchange as quoted daily by the People’s Bank of China (the “PBOC”). However, the unification of the exchange rates does not imply that the RMB may be readily convertible into United States dollars or other foreign currencies. All foreign exchange transactions continue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. Additionally, the value of the RMB is subject to changes in central government policies and international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. Internet and advertising related businesses are subject to significant restrictions under current PRC laws and regulations. Specifically, foreign investors are not allowed to own more than a 50% equity interest in any ICP business. In 2016, a foreign invested entity mainly owned and ultimately controlled by our WFOE obtained the ICP to operate www.fang.com The Company conducts its operations in the PRC through contractual arrangements entered into between the WOFEs and the PRC Domestic Entities. The relevant regulatory authorities may find the current contractual arrangements and businesses to be in violation of any existing or future PRC laws or regulations. If the Company or any of its current or future PRC Domestic Entities or subsidiaries are found in violation of any existing or future laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant regulatory authorities would have broad discretion in dealing with such violations, including levying fines, confiscating the income of WOFEs, PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries, revoking the business licenses or operating licenses of WOFEs, PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries, shutting down the Company’s servers or blocking the Company’s websites, discontinuing or placing restrictions or onerous conditions on the Company’s operations, requiring the Company to undergo a costly and disruptive restructuring, or enforcement actions that could be harmful to the Company’s business. Any of these actions could cause significant disruption to the Company’s business operations and severely damage the Company’s reputation, which would in turn materially and adversely affect the Company’s business and results of operations. In addition, if the imposition of any of these penalties causes the Company to lose the rights to direct the actives of PRC Domestic Entities or the Company’s right to receive their economic benefits, the Company would no longer be able to consolidate the PRC Domestic Entities. In addition, if the WOFEs, PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries or their shareholders fail to perform their obligations under the Contractual Agreements, the Company may have to incur substantial costs and expend resources to enforce the Company’s rights under the contracts. The Company may have to rely on legal remedies under PRC law, including seeking specific performance or injunctive relief and claiming damages, which may not be effective. All of these Contractual Agreements are governed by PRC law and provide for the resolution of disputes through arbitration in the PRC. Accordingly, these contracts would be interpreted in accordance with PRC law and any disputes would be resolved in accordance with the PRC legal procedures. The legal system in the PRC is not as developed as in other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system could limit the Company’s ability to enforce these Contractual Agreements. Under PRC law, rulings by arbitrators are final, parties cannot appeal the arbitration results in courts, and prevailing parties may only enforce the arbitration awards in PRC courts through arbitration award recognition proceedings, which would incur additional expenses and delay. In the event the Company is unable to enforce these Contractual Agreements, the Company may not be able to exert effective control over its PRC Domestic Entities, and the Company’s ability to conduct its business may be negatively affected. The Company believes that its corporate structure and Contractual Agreements of the Company’s PRC Domestic Entities and WFOEs in China are in compliance with all existing PRC laws and regulations. Therefore, in the opinion of management, (i) the ownership structure of the Company and the PRC Domestic Entities are in compliance with existing PRC laws and regulations; (ii) the Contractual Agreements with PRC Domestic Entities and their nominee shareholder are valid and binding, and will not result in any violation of PRC laws or regulations currently in effect; and (iii) the Company’s business operations are in compliance with existing PRC law and regulations in all material respects. |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | 4. REVENUE The following table presents revenue disaggregated by nature of services: For the Year Ended December 31, 2018 E-commerce services - Fang membership services 2,752 - Direct sales services 5,294 - Sub lease services 6,402 - Other 936 Subtotal 15,384 Marketing services 119,680 Listing services - Basic listing services 84,482 - Special listing services 29,052 Subtotal 113,534 Financial services 18,060 Value-added services - Data services 18,905 - Analytics services 12,220 - Other 5,233 Subtotal 36,358 Total revenues 303,016 The following table presents revenue disaggregated by categories of customers: For the Year Ended December 31, 2018 E-commerce services - New home (a) 7,391 - Other 7,993 Subtotal 15,384 Marketing services - New home (a) 119,352 - Home furnishing and improvement 328 Subtotal 119,680 Listing services - Secondary and rental (b) 84,773 - Research (c) 28,748 - Other 13 Subtotal 113,534 Financial services 18,060 Value-added services 36,358 Total revenues 303,016 (a) New home business primarily consists of sales to residential property developers and their sales agents who are promoting newly developed properties for sale. (b) Secondary and rental business primarily consists of sales to real estate agents who are promoting secondary properties for sale or rental. (c) Research primarily consists of online and offline themed marketing campaigns provided to customers. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | 5. INVESTMENTS Short-term investments and long-term investments consisted of the following: As of December 31, 2017 2018 US$ US$ Short-term investments Trading securities 15,833 1,773 Fixed-rate time deposits 39,968 14,270 55,801 16,043 Long-term investments: Equity Investments with Readily Determinable Fair Values: - Color Life Service Company ("Color Life") 4,554 - - Hopefluent Company Holdings Limited ("Hopefluent") 47,729 30,733 - Shenzhen World Union Properties Consultancy Co., Ltd. ("World Union") 318,065 150,750 370,348 181,483 Equity Investments without Readily Determinable Fair Values: - Guilin Bank 38,817 47,664 - Xian Chuangdian Quancheng Real Estate Consultant Limited (“Chuangdian”) 3,498 3,330 - Tospur Real Estate Consulting Co., Ltd. ("Tospur") 58,301 55,507 -Foshan Nature Lvke Science - 729 100,616 107,230 Equity method investments - Chongqing Wanli New Energy Co., Ltd. (“Wanli”) - 84,520 470,964 373,233 As of December 31, 2017 and 2018, the Company held fixed-rate time deposits purchased from commercial banks and financial institutions with maturities of less than one year. In October 2017, the Company invested US$15,299 US$ 15,833 US$518 US$11,705, US$2,091 Interest income on the fixed-rate time deposits of US$11,367, US$11,322 and US$10,302 were recognized for the years ended December 31, 2016, 2017 and 2018, respectively. Dividends from the long-term investments of US$3,281, US$6,692 and US$6,838 On June 27, 2014, the Company acquired 27,551,733 shares of Color Life, a Hong Kong listed company, for US$13,583. The investment constituted a 2.76% ownership in Color Life and was classified as an available-for-sale security. As of December 31, 2016, the market price further declined to US$20,606 and an unrealized loss of US$3,097 was recorded in other comprehensive income (loss). In 2017, the Company sold 20,705,000 shares for a total consideration of US$12,317, and recognized a gain of US$ 2,110 6,846,733 shares for a total consideration of US$6,645, and recognized a gain of US$ 2,091 in the consolidated statements of comprehensive income (loss). The Company received cash dividends in the amount of US$440 distributed by Color Life in 2018. In November 2014, the Company acquired an aggregate of 111,935,037 shares of Hopefluent, a Hong Kong listed company, for US$43,361. The investment constituted a 17.26% ownership in Hopefluent and was classified as an available-for-sale security. As of December 31, 2016, an unrealized loss of US$306 was recorded in other comprehensive income (loss) for the year ended December 31, 2016. In 2017, the Company sold 3,164,000 shares for a total consideration of US$1,614, and recognized a gain of US$626 in the consolidated statements of comprehensive income (loss). As of December 31, 2017, the market price of the remaining shares increased to US$47,729. Total fair value increase of US$18,309 was recorded in other comprehensive income and US$626 US$30,733. Total fair value decrease of US$16,996 On May 29, 2015, the Company acquired an aggregate of 145,376,744 shares of World Union, a PRC listed company, at a total consideration of US$121,393. The investment constituted a 10.06% ownership in World Union. The investment in World Union was classified as a cost method investment upon acquisition, as the Company could not freely sell the shares due to a lock-up provision of 36 months. On April 8, 2016, World Union declared a stock dividend whereby four shares were distributed to shareholders for every ten shares held. As a result, the Company’s shareholding increased from 145,376,744 shares to 203,527,442 shares. As of December 31, 2017, as the lock-up restriction will terminate within one year, the classification of the investment changed from a cost method to an available for sale security, and the fair value of the investment was measured based on the market price, adjusted for the effect of the remaining restriction, in accordance with ASC 820. As of December 31, 2017, the fair value of World Union was US$318,065 and the related tax effect of US$49,566 were recorded in other comprehensive income for the year ended December 31, 2017. As of December 31, 2017 and 2018, the investment constituted a 9.96 US$150,750, US$161,039 On October 29, 2015, the Company acquired 11.03% of the share capital of Sindeo, a non-listed company, for US$5,000. The investment in Sindeo was classified as a cost method investment, as the Company does not have significant influence over Sindeo and because there is no readily determinable fair value. During the year ended December 31, 2016 and 2017, the impairment loss of US$2,232 and US$2,768, respectively, was recorded in the statement of comprehensive income (loss) as Sindeo’s financial condition had deteriorated as evidenced by significant operating losses. On July 12, 2016, 30,595,859 shares of Guilin Bank, a PRC non-listed company, was transferred by a third-party to repay a portion of its overdue receivables of US$12,173 owed to the Company. The investment constituted a 1.02% 42,834,202 US$24,695 to the Company. 7,343,006 73,430,061 to 80,773,067. On January 21, 2016, the Company acquired an aggregate of 4,411,765 shares of Chuangdian, which is listed on the National Equities Exchange and Quotations (“NEEQ”) in the PRC, for a total consideration of US$3,294. The investment constituted a 15% 1,378,165 On December 10, 2014, the Company acquired 16% of the share capital of Tospur, a non-listed company, for US$62,257. In July 2018, the Company has entered into definitive agreements (the Agreement) to acquire a 10% equity interest in Chongqing Wanli New Energy Co., Ltd. (“Wanli”), a company listed on the Shanghai Stock Exchange, from its controlling shareholder for a cash consideration of US$72,852, of which US$29,141 will compensate the seller in connection with the Business Disposal (defined below). The difference between the cash consideration of the investment and the amount of underlying equity in net assets of Wanli w as US 60,980 During September to December in 2018, the Company acquired additional 4.67% equity interest in Wanli through daily transactions in the secondary market with total consideration of US$11,667. 14.67 % The investment is accounted for under equity method as the Company can exercise significant influence over operating and financial policies of Wanli. The following is a summary of the available-for-sale securities as of December 31, 2017. Due to the adoption of ASU 2016-01, change in fair value of available-for-sale equity securities are recorded in change in fair value of securities in the consolidated financial statement of comprehensive income (loss). Original Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Net Carrying Amount) US$ US$ US$ US$ December 31, 2017 - Color Life 3,376 1,178 - 4,554 - Hopefluent 33,956 13,773 - 47,729 - World Union 121,393 196,672 - 318,065 158,725 211,623 - 370,348 |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE | 6. ACCOUNTS RECEIVABLE Accounts receivable and the related allowance for doubtful accounts were summarized as follows: As of December 31, 2017 2018 US$ US$ Accounts receivable 98,011 94,226 Allowance for doubtful accounts (31,127 ) (33,276 ) Accounts receivable, net 66,884 60,950 For the Years Ended December 31, 2016 2017 2018 US$ US$ US$ Movement in allowance for doubtful accounts: Balance at beginning of year 31,064 34,336 31,127 Additional provision charged to expenses 30,025 31,695 28,050 Write-offs (24,250 ) (38,351 ) (23,442 ) Foreign currency translation adjustments (2,473 ) 3,417 (2,459 ) Balance at end of year 34,366 31,127 33,276 The recoveries of amounts previously charged off were US$ 2,568 |
PREPAYMENTS AND OTHER CURRENT A
PREPAYMENTS AND OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAYMENTS AND OTHER CURRENT ASSETS | 7. PREPAYMENTS AND OTHER CURRENT ASSETS Prepayments and other current assets consisted of the following: As of December 31, 2017 2018 US$ US$ Prepaid expenses 5,845 5,999 Advance to employees 903 603 Receivable from a broker for exercise of employee stock options 808 65 Rental deposits and others 4,876 2,325 Interest receivable 2,902 3,801 Rent paid to original lessors for sublease services 5,590 346 Properties held for sale 5,429 9,906 Others 6,351 4,950 32,704 27,995 |
LOANS RECEIVABLE
LOANS RECEIVABLE | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
LOANS RECEIVABLE | 8. LOANS RECEIVABLE Beginning in August 2014, the Company initially provided secured and unsecured loans to both individuals and businesses, but ceased to provide loans to businesses by end of 2015. Loans made to individuals consist of loans secured by pledged properties for consumption and property renovations use, as well as unsecured loans. Secured loans As of December 31, 2017 and 2018, the duration of secured loans ranged from 3 36 months, and had interest rates ranging from 6% to 21.6% per annum and 7.8% to 18% US$132,841 123,673 Unsecured loans As of December 31, 2017 and 2018, the duration of unsecured loans ranged from 1 36 1% to 28% per annum and 5.4% to 18% per annum. As of December 31, 2017 and 2018, the total outstanding balance is US$16,187 and US$4,007. 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 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, 2017 and 2018 were US$ 3,996 A summary of the Company’s loans receivables is presented as follows: As of December 31, 2017 As of December 31, 2018 US$’000 US$’000 Personal loans 149,028 127,680 Total Loans receivable 149,028 127,680 Allowance for loan losses Individually assessed 574 546 Collectively assessed 4,342 3,283 Loans receivable, net 144,112 123,851 Current portion 129,438 117,602 Non-current portion 14,674 6,249 For the years ended December 31, 2016, 2017 and 2018, a provision of US$80 and US$1,180 884 Analysis of loans by credit quality indicator The following table summarizes the Company’s loan portfolio by credit quality indicator as of December 31, 2018 and 2017, respectively: Internal credit risk rating As of December 31, 2017 % As of December 31, 2018 % US$ US$ Pass 144,908 97.2 121,931 96.0 Special attention 763 0.5 1,383 1.0 Non-performing 3,357 2.3 4,366 3.0 Total 149,028 100 127,680 100 The following tables represent the aging of loans by portfolio segment as of December 31, 2017 and 2018, respectively: As of December 31,2018 90-179 days past due 180-365 days past due Over 1 year past due Total Current Total loans US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Personal loans 1,717 164 3,345 5,226 122,454 127,680 Total 1,717 164 3,345 5,226 122,454 127,680 As of December 31,2017 90-179 days past due 180-365 days past due Over 1 year past due Total Current Total loans US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Personal loans 245 180 3,445 3,870 145,158 149,028 Total 245 180 3,445 3,870 145,158 149,028 Allowance for loan losses The following tables present the activity in the allowance for loan losses in loans receivable by loan portfolio as of and for the year ended December 31, 2017 and 2018, respectively: For the year ended December 31, 2018 Personal loans Beginning balance 4,916 Provision 2,776 Reversal (3,660 ) Foreign currency translation adjustments (203 ) Ending balance 3,829 Ending balance: individually evaluated for impairment 546 Ending balance: collectively evaluated for impairment 3,283 Loans Of which individually evaluated for impairment 546 Of which collectively evaluated for impairment 127,134 For the year ended December 31, 2017 Personal Beginning balance 3,736 Provision 1,180 Write offs - Ending balance 4,916 Ending balance: individually evaluated for impairment 574 Ending balance: collectively evaluated for impairment 4,342 Loans Of which individually evaluated for impairment 4,477 Of which collectively evaluated for impairment 144,551 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | 9. PROPERTY AND EQUIPMENT, NET Property and equipment consisted of the following: As of December 31, 2017 2018 US$ US$ Buildings 576,467 701,413 Office equipment 24,892 21,358 Motor vehicles 1,408 1,427 Leasehold improvement 16,244 18,152 Land 50,731 50,731 Total 669,742 793,081 Less: Accumulated depreciation (78,187 ) (99,340 ) Construction in progress 30,590 34,571 622,145 728,312 Depreciation of property and equipment and amortization of land use rights were US$25,004, US$27,961 and US$26,735 for the years ended December 31, 2016, 2017 and 2018, respectively. As of December 31, 2018, the Company is still in the process of obtaining the property ownership certificates for certain buildings with aggregate net carrying values of US$14,796. As the transfer of ownership of the buildings have been legally registered with the applicable government authority and the purchase consideration has been fully paid by the Company, the Company has the ability to obtain and control the future economic benefits of the buildings. As a result, these buildings were recognized as assets in the consolidated balance sheets as of December 31, 2017 and 2018. As of December 31, 2018, certain buildings with aggregate net carrying value of US$ 406,738 The Company capitalized interest cost as a component of the cost of construction in progress as follows: As of December 31, 2017 2018 US$ US$ Interest cost capitalized 756 - Interest cost charged against income 16,153 21,174 Total interest cost incurred 16,909 21,174 |
DEPOSIT FOR NON-CURRENT ASSETS
DEPOSIT FOR NON-CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
DEPOSIT FOR NON-CURRENT ASSETS [Abstract] | |
DEPOSIT FOR NON-CURRENT ASSETS | 10. DEPOSIT FOR NON-CURRENT ASSETS Deposit for non-current assets consisted of the following: As of December 31, 2017 2018 US$ US$ Buildings 55,364 - Others 3,358 902 Total 58,722 902 As of December 2017, deposits for buildings represent interest-free non-refundable deposits for the purchases of certain office buildings: (i) an office building in Wuhan in the PRC for US$41,107; (ii) two floors of an office building in Chongqing, Sichuan province in the PRC for US$13,758; and (iii) one floor of an office building in Changzhou, Jiangsu province in the PRC for US$499 As of December 31, 2017, US$41,107 US$18,403 |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
Investments, All Other Investments [Abstract] | |
OTHER NON-CURRENT ASSETS | 11. OTHER NON-CURRENT ASSETS Other non-current assets consisted of the following: As of December 31, 2017 2018 US$ US$ Rental and other deposits 852 1,861 Rental deposits paid to lessors for sublease services 409 85 Others 765 2,612 2,026 4,558 |
SHORT-TERM AND LONG-TERM LOANS
SHORT-TERM AND LONG-TERM LOANS | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
SHORT-TERM AND LONG-TERM LOANS | 12. SHORT-TERM AND LONG-TERM LOANS Short-term and long-term loans consisted of the following: As of December 31, 2017 2018 US$ US$ Short-term loans 236,985 297,811 Long-term loans 114,109 123,215 Short-term loans as of December 31, 2017 and 2018 represents US$ denominated bank borrowings of US$190,000 and US$190,000, respectively obtained from financial institutions in the United States and the current-portion of long-term loans of US$46,985 and US$107,811, respectively. The short-term loan of US$190,000 are repayable on demand and bear interest rates of three month London Interbank Offered Rate (“LIBOR”) plus 1.25% (2017: 3-month LIBOR plus 1.25%). The long-term loan of US$26,808 as of December 31, 2017 represents US$ denominated bank borrowing obtained from financial institutions in China. The long-term loan is repayable on demand and bear interest rates of three month LIBOR plus 2.8%. The bank borrowing was secured by RMB denominated bank deposits placed with financial institutions in the PRC of US$32,139 as of December 31, 2017, and was classified as “restricted cash, non-current” on the consolidated balance sheets. US$26,808 of the bank loan was re-classified to short term loans because it was repayable within twelve months. The bank deposits placed with financial institutions in the PRC to secure the loan were re-classified as “restricted cash, current”. The long-term loan of US$31,353 as of December 31, 2018 represents US$ denominated bank borrowing obtained from financial institutions in the United States. The long-term loan is repayable by installments from October 6, 2017 to November 11, 2027 and bears interest rate of 4.1% for the first 3 years; thereafter the interest rate will be floating at Industrial and Commercial Bank of China (USA) NA Prime plus 1.0% $5,989 was classified as The long-term loans of US$83,771 and US$70,640 as of December 31, 2017 and 2018 represent RMB denominated bank borrowings from financial institutions in China for the purchase of buildings in Beijing, PRC. The long-term loans are repayable by installments from September 23, 2016 to September 22, 2026 and bear interest rate of 4.9%. As of December 31, 2018, US$70,640 of the bank loans were classified as short term loans because the Company did not meet certain loan covenants. Even though the Company obtained a waiver from the lender indicating that the lender permanently gave up its right to demand payment as a result of the violation as of December 31, 2018, the loan was classified as current because without the waiver, the Company would be in default at the December 31, 2018 balance sheet date and it is probable that the Company will be unable to comply with all provisions of the debt agreement for a period of one year from the balance sheet date. The loans were secured by building in the PRC with carrying value of US$214,798 as of December 31, 2018. As of December 31, 2017, US$43,333 of the bank loans were re-classified to short term loans because i) US$31,904 was repayable on demand as the Company did not meet certain loan covenants, and ii) US$11,429 was repayable within twelve months. The long-term loan of US$19,644 as of December 31, 2018 represents RMB denominated bank borrowings from financial institutions in China for the purchase of buildings in Wuhan, PRC. The long-term loan is repayable by installments from March 21, 2017 to March 21, 2027 and bears interest rate of 4.9%. US$2,381 of the bank loan was re-classified to short term loans because it was repayable within twelve months. The loan was secured by building in the PRC with carrying value of US$45,398 as of December 31, 2018. The long-term loan of US$45,315 as of December 31, 2018 represents RMB denominated bank borrowings from financial institutions in China for the purchase of buildings in Chongqing, PRC. The long-term loan is repayable by installments from August 2, 2018 to August 1, 2028 and bears interest rate of 6.86%. US$4,764 of the bank loan was re-classified to short term loans because it was repayable within twelve months. The loan was secured by buildings in the PRC with carrying value of US$94,077 as of December 31, 2018. The long-term loan of US$37,266 as of December 31, 2018 represents US$ denominated bank borrowing obtained from financial institutions in Taiwan. The principal of the long-term loan, in the amount of US$40,000, is repayable by 10% on October 23, 2020 and by 90% on October 23, 2021. The loan bears an annual interest rate of 2.35% plus LIBOR of three months. US$2,820 was paid to the bank as service charges and accounted for as reduction of the long-term loan. The loan was secured by building in the United States with carrying value of US$9,235. Certain bank account was restricted for use to pay for interest payments. As of December 31, 2018, the balance of the account of US$1,001 was classified as restricted cash (non-current) on the consolidated balance sheets. The Company met certain covenants in the loan agreement. |
ACCRUED EXPENSES AND OTHER LIAB
ACCRUED EXPENSES AND OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER LIABILITIES | 13. ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities consisted of the following: As of December 31, 2017 2018 US$ US$ Payroll and welfare benefit 19,152 14,265 Other taxes and surcharges payable (1 ) 38,669 40,676 Amounts payable to employees 2,794 2,269 Amounts payable to sales and marketing agents 46,529 38,304 Amounts due to foremen and suppliers of decoration services 3,693 2,562 Amounts due to Tianxiajin investors 357 860 Down payments collected on behalf of secondary home sellers 1,806 1,202 Cash incentives payable to home buyers (2 ) 12,018 5,893 Others 33,781 25,237 158,799 131,268 (1) Other taxes and surcharges payable consist of VAT, cultural construction fee (“CCF”), city construction tax (“CCT”) and withholding individual income tax (“IIT”). (2) Cash incentives payable to home buyers, are payable when home buyers successfully purchase new properties through the Company’s platform and successfully registers on the Company’s website. |
CUSTOMERS' REFUNDABLE FEES
CUSTOMERS' REFUNDABLE FEES | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
CUSTOMERS' REFUNDABLE FEES | 14. CUSTOMERS’ REFUNDABLE FEES Roll-forward of customers’ refundable fees: As of December 31, 2017 2018 US$ US$ Balance at beginning of year 28,630 7,070 Cash received from customers during the year 69,148 20,512 Revenue recognized during the year (30,998 ) (13,563 ) Payments to sales and marketing agents during the year (36,836 ) (7,313 ) Refunds paid during the year (23,941 ) (2,128 ) Foreign currency translation adjustments 1,067 (602 ) Balance at end of year 7,070 3,976 |
CONVERTIBLE SENIOR NOTES
CONVERTIBLE SENIOR NOTES | 12 Months Ended |
Dec. 31, 2018 | |
CONVERTIBLE SENIOR NOTES [Abstract] | |
CONVERTIBLE SENIOR NOTES | 15. CONVERTIBLE SENIOR NOTES On December 4, 2013, the Company issued US$400,000, including an US$50,000 overallotment option (the “Overallotment Option”) which was exercised on January 3, 2014, of convertible senior notes which would mature on December 15, 2018 (collectively the “December 2018 Notes”). The total net proceeds from the December 2018 Notes were US$390,455. The investors may convert the December 2018 Notes to Class A ordinary shares at any time in whole or in part at specified conversion prices. The conversion rate for the December 2018 Notes was initially 9.6839 ADSs per US$1,000 principal amount of notes (equivalent to an initial conversion price of approximately US$103.26 per ADS), subject to adjustment as described in the respective Subscription Agreement. Investors of the December 2018 Notes had the right to require the Company to repurchase for cash all or part of their notes on December 15, 2016, and this was exercised accordingly. The Company repurchased a total of US$394,300 of the Notes, which represents approximately 98.6% of the outstanding principal amount of the Notes prior to such repurchase. In 2018, the Company repurchased the remaining balance of US$5,700 of the Notes. On September 24, 2015, the Company issued (i) 3,418,803 Class A ordinary shares for US$100,000 and (ii) US$100,000 of convertible notes which will mature on September 24, 2022 (the “September 2022 Notes”) to Safari Company. The Safari Company is beneficially owned by the Carlyle Company (“Carlyle”) (72%) and Ateefa Limited, a company owned by Vincent Tianquan Mo (28%). A representative of Carlyle is entitled to hold a seat on the Company’s board of directors so long as Carlyle continues to beneficially own at least 1% of the Company’s total outstanding share capital calculated on a fully-diluted basis. The total net proceeds from the Class A ordinary shares and the September 2022 Notes were US$199,645. The investors may convert the September 2022 Notes to Class A ordinary shares at any time in whole or in part at specified conversion prices. The conversion rate for the September 2022 Notes is initially 27.9086 Class A Shares per US$1,000 principal amount of the Note (equivalent to an initial conversion price of approximately US$35.83 per Class A Share), subject to adjustment as described in the respective Subscription Agreement. On November 4, 2015, the Company issued (i) an aggregate of 8,436,581 Class A shares for an total consideration of US$246,770 and (ii) US$200,000 of convertible notes which will mature on November 3, 2022 (the “November 2022 Notes”). The total net proceeds from the Class A ordinary shares and the November 2022 Notes were US$446,059. The investors may convert the November 2022 Notes to Class A ordinary shares at any time in whole or in part at specified conversion prices. The conversion rate for the November 2022 Notes is initially 27.9086 Class A Shares, representing Class A ordinary shares at par value HK$1.00 per share, per US$1,000 principal amount of the Note (equivalent to an initial conversion price of approximately US$35.83 per Class A Share), subject to adjustment as described in the respective Subscription Agreement. On October 25, 2018, the Company and the note holder entered into a Note Repurchase Agreement pursuant to which the Company issued five replacement notes in the total amount of US$150,000 to the same note holder (“New November 2022 Notes”), together with US$38,860 paid in cash in satisfaction of the November 2022 Notes. The New November 2022 Notes have the same terms as the November 2022 Notes, except for the change of principal amount from US$200,000 to US$150,000. The December 2018 Notes, the September 2022 Notes, the November 2022 Notes and the New November 2022 Notes bear interest at the rate of 2.00 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, US$355 and US$ 711 The principal amount and unamortized discount and debt issuance costs as of December 31, 2017 and 2018 were as follows: As of December 31, 2017 2018 US$ US$ Principal amount 305,700 250,000 Unamortized (discount)/premium and debt issuance costs (8,635 ) 4,435 297,065 254,435 The effective interest rate was 2.86% , 1.56% Notes, respectively US$17,001, US$6,395 and US$6,154, respectively. Accounting treatment The Notes were originally recorded as long-term debt. The conversion option was not required to be bifurcated because the conversion options of the December 2018 Notes, the September 2022 Notes are indexed to the Company’s ADSs and Class A ordinary shares, respectively, and meet all additional conditions for equity classification. Since the conversion options were not required to be bifurcated, the Company then determined if there were any beneficial conversion features (“BCF”) in accordance with ASC 470-20. The Company assessed the embedded conversion option feature of the December 2018 Notes and the September 2022 Notes and concluded that there is no BCF because the effective conversion price of the December 2018 Notes and the September 2022 Notes exceeded the fair value of the Company’s ADSs and Class A ordinary shares at their respective commitment dates. For the November 2022 Notes, the Company recognized a BCF of US$ through a credit to additional paid-in capital because the fair value per Class A ordinary share of US$ exceeded the most favorable conversion price of US$35.83 at the commitment date on November 4, 2015. The resulting discount of US$ to the November 2022 Notes is then accreted to the redemption value as interest expense using the effective interest method through the consolidated statements of comprehensive income (loss) over the term of the November 2022 Notes. In connection with the make-whole fundamental change provision within the Notes agreements, the number of ADSs and Class A ordinary shares issuable upon conversion of the Notes will be increased if the Holders decide to convert. As (i) the fair value of the ADSs into which the December 2018 Notes is convertible plus the make-whole ADSs and (ii) the fair value of the Class A ordinary shares into which the September 2022 Notes, the November 2022 Notes and the New November 2022 Notes are convertible plus the make-whole Class A ordinary shares, respectively, do not approximate the fair value at the settlement date, the make-whole features are not indexed to the Company’s ADSs for the December 2018 Notes and Class A ordinary shares for the September 2022, the November 2022 Notes and the New November 2022 Notes, and are required to be bifurcated. The fair values of the make-whole features were insignificant for the years ended December 31, 2016, 2017 and 2018. 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. The Company evaluated the contingent interest features contained in the Notes in accordance with ASC 815 to determine if these features require bifurcation. Certain embedded contingent interest features are not considered to be clearly and closely related to the debt host and met the definition of a derivative. Accordingly, these embedded contingent interest features were bifurcated from the Notes on the issuance date, and their fair values were insignificant for the years ended December 31, 2016, 2017 and 2018. For the embedded contingent interest features not bifurcated from the December 2018 Notes, the September 2022 Notes, the November 2022 Notes and the New November 2022 Notes, the Company determined whether the additional interest payments need to be accrued as a liability in accordance with ASC 450. Since the likelihood of occurrence of such default events is remote, the Company determined that a liability was not probable and no accrual was made as of December 31, 2017 and 2018. The Company will continue to assess the accrual for these additional interest payment liabilities at each reporting date. The Company evaluated the contemporaneous exchange of cash between the Company and the note holder from issuance of New November 2022 Notes and satisfaction of the November 2022 Notes pursuant to ASC 470-50 and concluded that they are not substantially different. The Company determined a new effective interest rate at the repurchase date based on the carrying amount and the revised cash flows. As of December 31, 2018, aggregate future principal payments for long-term debt, including short-term and long-term US$ 2019 297,811 2020 14,363 2021 10,363 2022 260,363 2023 and thereafter 90,862 673,762 |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | 16. 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 Class A ordinary shares and 25,298,329 Class B ordinary shares. The Memorandum and Articles of Association were amended and restated such that the authorized share capital consisted of 600,000,000 ordinary shares at a par value of HK$1.00 per share. In 2015, the Company completed various follow-on offerings which resulted in 70,736,679 Class A 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 votes per share. Each Class B ordinary share is convertible into one Class A ordinary share at any time by its holder, but Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Upon any transfer of Class B ordinary shares by a Class B ordinary shareholder to any person or entity which is not an affiliate of such holder, such Class B ordinary shares will be automatically and immediately converted into the equal number of Class A ordinary shares. No class B ordinary shares were converted into Class A ordinary shares for the years ended December 31, 2016, 2017 and 2018. Treasury stock Treasury stock represents shares repurchased and held by the Company. Treasury stock is accounted for under the cost method. As of December 31, 2017 and 2018, under the repurchase plan, the Company has repurchased an aggregate of 7,065,058 Class A ordinary shares on the open market for a total cash consideration of US$136,615. The repurchased shares are classified as “treasury stock” in shareholders’ equity on the Company’s consolidated balance sheets. 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 consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s PRC subsidiaries. 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 are net assets of the Company’s PRC subsidiaries, as determined pursuant to PRC generally accepted accounting principles, totaling US$983,333 and US$885,152 as of December 31, 201 7 and 201 8 , respectively. |
TAXATION
TAXATION | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
TAXATION | 17. TAXATION Cayman Islands Under the current laws of the Cayman Islands, the Company and subsidiaries incorporated in the Cayman Islands are not subject to tax on income or capital gains. In addition, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed. British Virgin Islands (“BVI”) Under the current laws of the BVI, subsidiaries incorporated in the BVI are not subject to tax on income or capital gains. In addition, upon payments of dividends by these companies to their shareholders, no BVI withholding tax will be imposed. Hong Kong Under the Hong Kong tax laws, subsidiaries in Hong Kong are subject to the Hong Kong profits tax rate at 16.5% and they are exempted from income tax on their foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. A two-tiered profits tax rates regime was introduced in 2018 where the first HK$2 million of assessable profits earned by a company will be taxed at half of the current tax rate (8.25%) whilst the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to nominate only one company in the group to benefit from the progressive rates. No provision for Hong Kong profits tax has been made in the financial statements as the subsidiaries in Hong Kong have no assessable profits for the three years ended December 31, 2018. United States of America On December 22, 2017, the Tax Act was enacted and contains significant changes to U.S. income tax law. Effective in 2018, the Tax Act reduces the U.S. statutory tax rate from 35% to 21% and creates new taxes focused on foreign-sourced earnings and related-party payments, including the creation of the base erosion anti-abuse tax and a new tax on global intangible low-taxed income ("GILTI"). The Securities and Exchange Commission (SEC) staff issued SAB 118 on December 22, 2017, which allows companies to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. The Tax Act reduces the U.S. statutory tax rate from 35% to 21% for years after 2017. Accordingly, the Company re-measured its deferred taxes as of December 31, 2017, to reflect the reduced rate that will apply in future periods when these deferred taxes are settled or realized. As Best Work Holdings (New York) LLC. is loss making since incorporated therefor the Company recognized a deferred tax asset of US$13,834 to reflect the reduced U.S. tax rate and full valuation allowance is provided and corresponding remeasurement were made to unrecognized tax benefit and valuation allowance. Singapore A subsidiary was incorporated in Singapore in November 2014 and does not conduct any substantive operations of its own. No provision for Singapore profits tax has been made in the financial statements as this entity has no assessable profits for the three years ended December 31, 2018. China In March 2007, a new enterprise income tax law (the “New EIT Law”) in the PRC was enacted which became effective on January 1, 2008. The New EIT Law applies a unified 25% enterprise income tax (“EIT”) rate to both foreign invested enterprises and domestic enterprises, unless a preferential EIT rate is otherwise stipulated. On April 14, 2008, relevant governmental regulatory authorities released further qualification criteria, application procedures and assessment processes for meeting the High and New Technology Enterprise (“HNTE”) status under the New EIT Law which would entitle qualified and approved entities to a favorable EIT tax rate of 15%. In April 2009 and June 2017, the State Administration for Taxation (“SAT”) issued Circular Guoshuihan [2009] No. 203 (“Circular 203”) and SAT Announcement [2017] No. 24 (“Announcement 24”) stipulating that entities which qualified for the HNTE status should apply with in-charge tax authorities to enjoy the reduced EIT rate of 15% provided under the New EIT Law starting from the year when the new HNTE certificate becomes effective. The HNTE certificate is effective for a period of three years and can be renewed for another three years. Subsequently, an entity needs to re-apply for the HNTE status in order to be able to enjoy the preferential tax rate of 15%. The Company obtained new HNTE certificates for its various subsidiaries i.e. SouFun Media, Beijing Zhong Zhi Shi Zheng, SouFun Network, Therefore, these six subsidiaries can enjoy the preferential tax rate of 15% 15% If any entities fail to maintain the HNTE qualification under the New EIT Law, they will no longer qualify for the preferential tax rate of 15%, which could have a material and adverse effect on the Company’s results of operations and financial position provided that they do not qualify for any other preferential tax treatment. Historically, the abovementioned PRC subsidiaries have successfully obtained or renewed the HNTE certificates when the previous certificates had expired. Subsequent to government approval in May 2014, Beijing Li Man Wan Jia, 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% for years 2015, 2016 and 2017. Moreover, the current EIT Law treats enterprises established outside of China with “effective management and control” located in the PRC as PRC resident enterprises for tax purposes. The term “effective management and control” is generally defined as exercising overall management and control over the business, personnel, accounting, properties, etc. of an enterprise. The Company, if considered a PRC resident enterprise for tax purposes, would be subject to the PRC EIT at the rate of 25% on its worldwide income for the period after January 1, 2008. As of December 31, 2017 and 2018, Income (loss) before income taxes consisted of: For the Years Ended December 31, 2016 2017 2018 US$ US$ US$ PRC (136,773 ) 56,101 (89,670 ) Non-PRC (7,878 ) (12,995 ) (39,685 ) (144,651 ) 43,146 (129,355 ) Income tax expenses (benefits) comprised: For the Years Ended December 31, 2016 2017 2018 US$ US$ US$ Current tax expense 27,685 21,759 6,825 Deferred tax benefit (2,701 ) (317 ) (21,271 ) 24,984 21,442 (14,446 ) 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, 2016 2017 2018 US$ US$ US$ Income (loss) before income taxes (144,651 ) 43,146 (129,355 ) Income tax at applicable tax rate of 25% (36,163 ) 10,786 (32,339 ) Effect of international tax rate differences (598 ) 472 6,891 Non-deductible expenses 24,135 7,360 19,427 Non-taxable income - - (1,145 ) Effect of tax holidays or preferential tax rates (5,759 ) (12,001 ) (6,557 ) Effect of tax rate changes - (1,725 ) - Investment basis difference in the PRC Domestic Entities (2,757 ) 2,696 - Withholding tax - - 11,720 Research and development super-deduction - - (3,260 ) Changes in valuation allowance 30,856 8,849 (1,707 ) Expiration of loss carry forwards 101 Unrecognized tax benefits - (4,302 ) (8,881 ) Interest and penalties on unrecognized tax benefits 15,270 9,307 1,304 24,984 21,442 (14,446 ) A roll-forward of unrecognized tax benefits, exclusive of related interest and penalties, was as follows: As of December 31, 2016 2017 2018 US$ US$ US$ Balance at beginning of year 70,296 78,933 79,436 Increase relating to prior year tax positions 5,070 4,192 577 Increase relating to current year tax positions 4,769 10,666 9,183 Decrease relating to reversal of prior years’ tax position - (14,102 ) (1,821 ) Decrease relating to expiration of applicable statute of limitations - (4,586 ) (9,220 ) Foreign currency translation adjustments (1,202 ) 4,333 (3,160 ) Balance at end of year 78,933 79,436 74,995 As of December 31, 2017 and 2018, the Company had recorded US$144,915 and US$137,904 as an accrual for unrecognized tax benefits and related interest and penalties, respectively, which is included in the account of “ liabilities”. As of December 31, 2017 and 2018, unrecognized tax benefits of US$77,561 and US$72,608 respectively, would impact the effective tax rate if recognized. The final outcome of the tax uncertainty is dependent upon various matters including tax examinations, interpretation of tax laws or expiration of statute of limitations. However, due to the uncertainties associated with the status of examinations, including the protocols of finalizing audits by the relevant tax authorities, there is a high degree of uncertainty regarding the future cash outflows associated with these tax uncertainties. The amount of unrecognized tax benefits may change in the next twelve months, pending clarification of current tax law or audit by the tax authorities. However, a reliable estimate of the range of the possible change cannot be made at this time. For the years ended December 31, 2016, 2017, and 2018, the Company recognized US$15,270, US$9,593 and US$1,304 in income tax expenses for interest and penalties related to uncertain tax positions. Accrued interest and penalties related to unrecognized tax benefits were US$67,355 and US$65,296 as of December 31, 2017 and 2018, respectively. The Company’s PRC entities have been subject to the New EIT Law since January 1, 2008. The PRC tax authorities, US tax authorities and Hong Kong tax authorities have up to five years, three years and six years, respectively, to conduct examinations of the Company’s tax filings. Accordingly, the PRC subsidiaries’ tax years 2013 through 2018, the US subsidiaries’ tax years 2015 through 2018 and the Hong Kong subsidiaries’ tax years 2012 through 2018 remain open to examination by the respective taxing jurisdictions. The aggregate amount and per share effect of tax holidays and preferential tax rates were as follows: For the Years Ended December 31, 2016 2017 2018 US$ US$ US$ The aggregate amount (5,759 ) (12,001 ) (6,557 ) The aggregate effect on basic and diluted earnings per share for Class A and Class B ordinary shares: -Basic 0.06 0.14 0.07 -Diluted 0.06 0.13 0.07 The components of deferred taxes were as follows: As of December 31, 2017 2018 US$ US$ Deferred tax assets Net operating losses 74,040 71,308 Impairment of loans receivable 274 933 Overcharged advertising and promotion fee 87 1,061 Fixed assets depreciation 49 208 Share based compensation 6,167 - Less: Valuation allowance (73,015 ) (71,308 ) Total deferred tax assets, net 7,602 2,202 Deferred tax liabilities Investment basis in the PRC entities (61,961 ) (72,088 ) BaoAn Acquisition – Property (13,309 ) (12,191 ) Investments (51,229 ) (13,160 ) Interest capitalization (142 ) (139 ) Deferred tax liabilities (126,641 ) (97,578 ) As of December 31, 2018, the Company had net operating losses of US$37,243 from the Company’s subsidiaries incorporated in the US, which can be carried forward indefinitely to offset future taxable income. The remaining accumulated net operating losses of US$238,577 arose from several of its PRC entities, which can be carried forward to offset future taxable profit and will expire in years 2019 to 2023 if not utilized. Deferred tax liabilities arising from undistributed earnings As of December 31, 2017 and 2018, 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 and US$40,436 were provided for the withholding tax of the PRC entities as of December 31, 2017 and 2018, respectively. The deferred tax liabilities arising from the aggregate undistributed earnings of the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries that are available for distribution to the PRC tax resident parent companies, that is, the WOFEs, amounted to US$33,246 and US$31,652 as of December 31, 2017 and 2018, respectively. As of December 31, 2017 and 2018, 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$338,695 and US$319,483 as of December 31, 2017 and 2018, respectively. The amount of the unrecognized deferred tax liability for temporary differences related to investments in PRC subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries that are essentially permanent in duration was US$33,869 and US$31,948 as of December 31, 2017 and 2018, respectively. |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED PAYMENTS | 18. SHARE-BASED PAYMENTS Stock related award incentive plan of 1999 On September 1, 1999, the Company’s shareholders approved the 1999 Stock Related Award Incentive Plan (the “1999 Plan”). Under the 1999 Plan, the Company may issue up to 12% of the fully diluted ordinary shares of the Company to its directors and employees. The purpose of the 1999 Plan is to provide additional incentive and motivation to its directors and employees, through an equity interest in the Company, to work towards increasing the value of the Company. The 1999 Plan provides for accelerated vesting, subject to certain conditions, if there is a change in control. The 1999 Plan has no stated expiry date. The exercise price, vesting and other conditions of individual awards are determined by the executive chairman of the board of directors. The awards are typically subject to a three-year to a four-year service vesting condition and expire 10 15 Stock related award incentive plan of 2010 On August 4, 2010, the Company’s board of directors and shareholders approved the 2010 Stock Related Award Incentive Plan (the “2010 Plan”). Under the 2010 Plan, the Company may issue up to 10% of the total number of ordinary shares, including ordinary shares issuable upon conversion of any preferred shares to its directors and employees. The purpose of the 2010 Plan was to recognize and acknowledge the contributions made to the Company by eligible employees and to promote the success of the Company’s business. The 2010 Plan allows the board of directors, or its designated committee, to establish the performance criteria when granting stock options on the basis of any one of, or combination of, increase in share price, earnings per share, total shareholder return, return on equity, return on assets, return on investment, net operating income, cash flow, revenue, economic value added, personal management objectives, or other measures of performance selected by the Company’s board of directors, or its designated committee. Partial achievement of the specified criteria may result in a vesting corresponding to the degree of achievement as specified in the detail rules. The exercise price, vesting and other conditions of individual awards are determined by the executive chairman of the board of directors, except for awards to officers which are determined by the board of directors or the compensation committee. The awards are typically subject to a four-year service vesting condition and multiple performance conditions with a contractual life of ten years. In addition, the grantee must return all awards and any proceeds from the sale of the awards if he/she violates certain provisions. Stock related award incentive plan of 2015 On June 4, 2015, the Company’s board of directors and shareholders approved the 2015 Stock Related Award Incentive Plan (the “2015 Plan”). Under the 2015 Plan, the Company may issue up to 1.5% of the total number of ordinary shares, including ordinary shares issuable upon conversion of any preferred shares to its directors and employees. The purpose of the 2015 Plan was to recognize and acknowledge the contributions made to the Company by eligible employees and to promote the success of the Company’s business. The 2015 Plan allows the board of directors, or its designated committee, to establish the performance criteria when granting stock options on the basis of any one of, or combination of, increase in share price, earnings per share, total shareholder return, return on equity, return on assets, return on investment, net operating income, cash flow, revenue, economic value added, personal management objectives, or other measures of performance selected by the Company’s board of directors, or its designated committee. Partial achievement of the specified criteria may result in a vesting corresponding to the degree of achievement as specified in the detail rules. The exercise price, vesting and other conditions of individual awards are determined by the executive chairman of the board of directors, except for awards to officers which are determined by the board of directors or the compensation committee. The awards are typically subject to a four-year service vesting condition and multiple performance conditions with a contractual life of ten years. In addition, the grantee must return all awards and any proceeds from the sale of the awards if he/she violates certain provisions. On August 29, 2017 (the “2017 Replacement Date”), the Company’s board of directors approved to replace 1,377,730 share options granted during the years ended December 31, 2015 and 2016 under the 2015 Plan to 200 employees with 153,036 options and 1,224,694 restricted shares (the “Replacement Awards”). The exercise price of 153,036 options was reduced from US$27.2~US$30.0 per share to US$18.1 per share. The replacement awards were subject to graded vesting over four years from the Replacement Date, in which 25% of the awards vest at the end of each of the next four years. The total incremental share-based compensation of US$12,537 resulting from the modification is recognized ratably over the new requisite service period. The total unamortized share-based compensation of US$7,447 resulting from the modification is recognized ratably over the original requisite service period. On December 30, 2018 (the “2018 Replacement Date”), the Company’s board of directors approved to replace 252,500 share options granted during the year ended December 31, 2008 under the 1999 Plan to 5 employees with 252,500 options (the “2018 Replacement Awards”). The expiration date of 252,500 options was extended from December 30, 2018 to December 30, 2028. The replacement awards were fully vested as of the replacement date. The total incremental share-based compensation of US$619 resulting from the modification is fully recognized during the year ended December 31, 2018. During 2018, the Company approved to extend the expiration date of an aggregate number of 518,175 share options granted under the 1999 Plan to 10 employees for terms between 2 A summary of the equity award activity under the 1999 Plan, 2010 Plan and 2015 Plan for the year ended December 31, 2018 was stated below: Options Granted to Employees and Directors Number of Shares Weighted- Average per Share Exercise Price Weighted- Average Grant-date Fair Value per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, December 31, 2017 7,241,667 11.93 5.51 5.01 US$ 136,242 Granted (new options) 518,175 4.77 5.33 - Granted (replacement options) 252,500 5.00 4.20 Forfeited (312,156 ) 21.17 8.55 - Expired (1,125,301 ) 11.27 5.22 - Exercised (288,331 ) 10.31 4.33 - Replaced (252,500 ) 5.00 3.75 Outstanding, December 31, 2018 6,034,054 10.92 4.57 4.50 US$ 5,919 Vested and expected to vest at December 31, 2018 6,034,054 10.92 4.57 4.50 US$ 5,919 Exercisable at December 31, 2018 5,160,774 9.55 3.97 3.98 US$ 5,919 The aggregate intrinsic value as of December 31, 2018 in the table above represents the difference between the fair value of the Company’s ordinary share at December 31, 2018 and the exercise price. Total intrinsic value of options exercised for the years ended December 31, 2016, 2017 and 2018 was US$ 10,011 2,953 3,979 As of December 31, 2018, there was US$4,447 of unrecognized share-based compensation cost related to equity awards that are expected to be recognized over a weighted-average vesting period of 1.53 years. The fair value for stock options granted during the year ended December 31, 2018 under the 1999 and 2015 Plan was estimated using the Black-Scholes option pricing model. The volatility assumption was estimated based on the price volatility of the shares of the Company and comparable companies in the internet media business. The expected term was estimated based on the resulting output of the Black-Scholes option pricing model. The risk-free rates were based on the market yield of US Treasury Bonds and Notes with maturity terms equal to the expected term of the option awards. Forfeitures were estimated based on historical experience. The dividend yield of nil are based on the Company’s estimated dividend distribution for the stock options granted during the year ended December 31, 2018. The assumptions used to estimate the fair values of the share options granted were as follows: For the Years Ended December 31, 2018 Risk-free interest rate 2.19 2.54 % Dividend yield nil Expected volatility range 48.22% 49.24 % Weighted average expected life 0.01 5.50 Estimated forfeiture rate - Fair value of ordinary share US$ 6.00 27.90 Restricted Shares A summary of the restricted shares for the year ended December 31, 2018 was stated below: Restricted Shares Number of Weighted- Outstanding, December 31, 2017 1,604,768 17.55 Granted 19,500 25.05 Forfeited (201,439 ) 17.91 Vested (356,194 ) 17.55 Unvested, December 31, 2018 1,066,635 17.62 Total intrinsic value of restricted shares vested for the year ended December 31, 2018 was US$4,119. As of December 31, 2018, there was US$9,527 of unrecognized share-based compensation cost related to restricted shares that are expected to be recognized over a weighted-average vesting period of 2.67 years. Total share-based compensation expense of share-based awards granted to employees and directors was as follows: For the Years Ended December 31, 2016 2017 2018 US$ US$ US$ Cost of revenues 443 364 506 Selling expenses 512 479 405 General and administrative expenses 5,597 6,375 13,171 6,552 7,218 14,082 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 19. RELATED PARTY TRANSACTIONS a) Related Parties Name of Related Parties Relationship with the Company Vincent Tianquan Mo Executive chairman of the board of directors and 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 Mo is a director b) The Company had the following related party transactions for the years ended December 31, 2016, 2017 and 2018: For the Years Ended December 31, 2016 2017 2018 US$ US$ US$ Office building leased from: -Vincent Tianquan Mo 154 159 162 Management fee incurred: -Beihai Silver Beach 421 501 523 Hotel service fee incurred: - Beihai Silver Beach 113 - - - Upsky San Francisco 17 - - - Upsky Long Island 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 square feet in the Company’s building located in New York City, United States of America, free of charge. The estimated fair value of the free office space was insignificant for each of the years ended December 31, 2016, 2017 and 2018. Office building leased from Vincent Tianquan Mo The Company entered into an agreement with Vincent Tianquan Mo to lease a building owned by him for a 10-year period for nil consideration starting from March 1, 2012. The deemed rental expense of US$154 and US$159 and US$162, and the corresponding shareholder contribution were included in the consolidated financial statements for the years ended December 31, 2016, 2017 and 2018, respectively. Management service provided by Beihai Silver Beach On April 1, 2013, the Company and Beihai Silver Beach entered into a contract, pursuant to which Beihai Silver Beach was engaged to manage the hotel and office leasing operations owned by the BaoAn Entities for ten years. The management fees incurred for the years ended December 31, 2016, 2017 and 2018 were US$421 and US$501, and US$523 respectively. Hotel service fee In the year ended December 31, 2016, Upsky San Francisco, Upsky Long Island and Beihai Silver Beach provided hotel accommodation to the Company amounting to US$17, US$81 and US$113. Training service fee In the year ended December 31, 2016, New York Military Academy, a company of which Vincent Tianquan Mo is a director, provided training service to the Company in the amount of US$ 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 for six years at nil consideration. Nanning Xuyin holds shares of Guilin Bank Co., Ltd (“Guilin Bank”) As of December 31, 2015, Nanning Xuyin, which is 80% owned by Vincent Tianquan Mo, held 73,430,061 shares of Guilin Bank that were pledged by a third-party for its overdue receivables to the Company through an entrustment agreement. In 2016, 30,595,859 shares of Guilin Bank have been transferred to the Company from Naning Xuying. In 2017, the rest of shares of Guilin Bank have been transferred to the Company from Naning Xuying. c) The Company had the following related party balances as of December 31, 2017 and 2018: As of December 31, 2017 2018 US$ US$ Amounts due from a related party: - Beihai Silver Beach 167 - As of December 31, 2017 2018 US$ US$ Amounts due to a related party: - Beihai Silver Beach - 19 The balances as of December 31, 2017 and 2018 represented outstanding management fees which were unsecured and interest-free. |
EMPLOYEE DEFINED CONTRIBUTION P
EMPLOYEE DEFINED CONTRIBUTION PLAN | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
EMPLOYEE DEFINED CONTRIBUTION PLAN | 20. EMPLOYEE DEFINED CONTRIBUTION PLAN Full time employees of the Company in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the PRC subsidiaries of the Company make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Company has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefits, which were expensed as incurred, were US$79,676, US$21,583 and US$20,093 for the years ended December 31, 2016, 2017 and 2018, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 21. COMMITMENTS AND CONTINGENCIES Capital commitment The Company has commitments for the of fixed assets of US$10,665 as of December 31, 2018, which are scheduled to be paid within one year. Operating lease commitments As of December 31, 2018, the Company had future minimum lease payments under non-cancellable operating leases with initial terms in excess of one year as follows: US$ 2019 4,368 2020 2,198 2021 181 2022 18 2023 and thereafter 37 6,802 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 19. For the years ended December 31, 2016, 2017 and 2018, total rental expenses for all operating leases were US$66,330, US$27,832 and US$9,678, respectively. Contingencies In April and May 2018, the Company was sued as one of the defendants for trade mark infringement by a third party, alleging the claim of damage in the amount of RMB 99.9 million, RMB 300 million, and RMB 500 million, respectively. The cases are still ongoing at the Beijing Intellectual Property Court. The Company is vigorously contesting the allegations. In February 2019, the Company was served with a subpoena from a court in Beijing, in which a third party claimed that a contract the Company entered into was invalid. Pursuant to such contract, the Company received shares of Guilin Bank from a debtor’s nominee to discharge its indebtedness (See Note 5). The debtor subsequently alleged that such contract was invalid because the transfer price of such assets was below the fair market value. The Company intends to vigorously contest the allegation. In accordance with ASC Topic 450, no accrual of loss contingency was accrued as of December 31, 2018 since it is not probable that a liability has been incurred because of these legal proceedings and the amount of loss cannot be reasonably estimated. Income taxes As of December 31, 2018, the Company had accrued US$137,904 for unrecognized tax benefits (Note 17). The final outcome of the tax uncertainty is dependent upon various matters including tax examinations, interpretation of tax laws or expiration of statute of limitations. However, due to the uncertainties associated with the status of examinations, including the protocols of finalizing audits by the relevant tax authorities, there is a high degree of uncertainty regarding the future cash outflows associated with these tax uncertainties. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | 22. SEGMENT REPORTING In accordance with ASC 280, “Segment Reporting”, the Company’s chief operating decision maker has been identified as the executive chairman of the board of directors 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. Geographic disclosures As the Company generates substantially all of its revenues from customers domiciled in the PRC, no geographical segments are presented. All of the Company’s long-lived assets are located in the PRC except for buildings and land (i.e. including the construction in progress) with net book values of US$104,327 and US$112,713 |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | 23. EARNINGS (LOSS) PER SHARE Basic and diluted earnings (loss) per share for each of the years presented are calculated as follows: For the Years Ended December 31, 2016 2017 2018 US$ 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 (125,531 ) (44,104 ) 15,736 5,971 (83,400 ) (31,511 ) Denominator: Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share 69,269,099 24,336,650 64,139,015 24,336,650 64,412,782 24,336,650 Denominator used for basic earnings (loss) per share 69,269,099 24,336,650 64,139,015 24,336,650 64,412,782 24,336,650 Earnings (loss) per share - basic (1.81 ) (1.81 ) 0.25 0.25 (1.29 ) (1.29 ) Earnings (loss) per share - diluted: Numerator: Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share (125,531 ) (44,104 ) 15,736 5,971 (83,400 ) (31,511 ) Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share-diluted after assumed conversion (125,531 ) (44,104 ) 15,736 5,971 (83,400 ) (31,511 ) Reallocation of net income (loss) attributable to ordinary shareholders as a result of conversion of Class B to Class A shares (44,104 ) - 5,971 - (31,511 ) - Net income (loss) attributable to ordinary shareholders (169,635 ) (44,104 ) 21,707 5,971 (114,911 ) (31,511 ) Denominator: Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share 69,269,099 24,336,650 64,139,015 24,336,650 64,412,782 24,336,650 Conversion of Class B to Class A ordinary shares 24,336,650 - 24,336,650 - 24,336,650 - Employee stock options - - 3,110,012 - - - Denominator used for diluted earnings (loss) per share 93,605,749 24,336,650 91,585,677 24,336,650 88,749,432 24,336,650 Earnings (loss) per share -diluted (1.81 ) (1.81 ) 0.24 0.24 (1.29 ) (1.29 ) The repurchased but not retired ordinary shares are accounted as treasury stock which are not considered outstanding and excluded from the calculation of basic earnings (loss) per share since the date of repurchase. Options to purchase 6,034,054 30 In 2017, the number of securities that were not included in the calculation of diluted earnings (loss) per share because the impact of inclusion would be anti-dilutive were as follows: 2,961,570 share options, 290,534 related to the Company’s December 2018 Notes, 2,790,860 related to the Company’s September 2022 Notes and 5,581,720 related to the Company’s November 2022 Notes. As of December 31, 2017, the conversion prices for the December 2018 Notes, the September 2022 Notes and the November 2022 Notes were US$19.62 per ADS, US$7.166 per ADS and US$7.166 per ADS, respectively, as of December 31, 2017. There is no cash conversion rate. 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 employee stock options, 4,153,642 related to the Company’s December 2018 Notes, 2,790,860 related to the Company’s September 2022 Notes and 5,581,720 related to the Company’s November 2022 Notes. As of December 31, 2016, the conversion prices for the December 2018 Notes, the September 2022 Notes and the November 2022 Notes were US$19.62 per ADS, US$7.166 per ADS and US$7.166 per ADS, respectively, as of December 31, 2016. There is no cash conversion rate. |
PARENT COMPANY ONLY CONDENSED F
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | 24. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION Condensed balance sheets As of December 31, 2017 2018 US$ US$ ASSETS Cash and cash equivalents 11,801 2,529 Prepayments and other current assets 1,485 98 Amounts due from subsidiaries 8,835 17,056 Total current assets 22,121 19,683 Non-current assets: Long-term investments 52,283 30,733 Investment in subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries 992,902 869,895 Restricted cash, non-current - 1,001 Total non-current assets 1,045,185 901,629 Total assets 1,067,306 921,312 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term loans - 26,808 Accrued expenses and other liabilities 3,850 Amounts due to subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries - 5,722 Convertible notes- current 5,700 - Total current liabilities 9,550 35,105 Non-current liabilities: Convertible senior notes 291,365 254,435 Long-term loans 26,808 37,266 Total non-current liabilities 318,173 291,701 Total liabilities 327,723 326,806 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, 71,425,120 and 72,069,645 9,204 9,286 Class B ordinary shares, par value HK$1.00 per share, 600,000,000 shares and 3,124 3,124 Additional paid-in capital 500,666 517,802 Accumulated other comprehensive income (loss) 137,630 (75,837 ) Retained earnings 225,574 276,746 Treasury stock (7,065,058 and 7,065,058 shares as of December 31, 2017 and 2018, respectively.) (136,615 ) (136,615 ) Total shareholders’ equity 739,583 594,506 Total liabilities and shareholders’ equity 1,067,306 921,312 Condensed statements of comprehensive income (loss) For the Years Ended December 31, 2016 2017 2018 US$ US$ US$ Revenues - - - Cost of revenues - - - Gross profit - - - General and administrative (expenses) income 3,610 (998 ) (9,348 ) Operating (loss) income 3,610 (998 ) (9,348 ) Equity in profits (losses) of subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries (167,967 ) 27,339 (85,190 ) Foreign exchange gain 832 211 7 Interest income 1,775 196 73 Interest expenses (17,807 ) (7,233 ) (7,700 ) Change in fair value of securities 10,583 2,736 (14,904 ) Investment income 1,571 2,221 2,151 Other-than-temporary impairment on available-for-sale securities (2,232 ) (2,768 ) - Income (loss) before income taxes (169,635 ) 21,704 (114,911 ) Income tax expenses - - - Net income (loss) (169,635 ) 21,704 (114,911 ) Other comprehensive income (loss), net of tax Foreign currency translation adjustments (60,732 ) 56,571 (46,648 ) Amounts reclassified from accumulated other comprehensive income (10,583 ) (2,736 ) (1,493 ) Unrealized gain on available-for-sale securities 7,326 14,575 1,493 Other comprehensive income recorded by subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries - 198,263 - Gain (loss) on intra- entity foreign transactions of long-term-investment nature (6,996 ) 1,872 (3,034 ) Other comprehensive income (loss), before tax (70,985 ) 268,545 (49,682 ) Income tax expense related to components of other comprehensive income - (49,566 ) - Other comprehensive income (loss), net of tax (70,985 ) 218,979 (49,682 ) Comprehensive income (loss) (240,620 ) 240,683 (164,593 ) Condensed statements of cash flows 2016 2017 2018 US$ US$ US$ Net cash provided by (used in) operating activities 117,398 (67,381 ) (3,302 ) Net cash provided by investing activities 11,575 13,931 8,272 Net cash used in financing activities (522,057 ) (31,179 ) (13,241 ) Net decrease in cash and cash equivalents (393,084 ) (22,271 ) (8,271 ) Cash and cash equivalents and restricted cash at beginning of year 427,156 34,072 11,801 Cash and cash equivalents and restricted cash at end of year 34,072 11,801 3,530 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 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 25. SUBSEQUENT EVENTS On January 21, 2019, the Company announced its intention to separate into two publicly traded companies: the spun-off business that will comprise certain portions of the Company’s listing and value-added services, and the retained business that will comprise the Company’s remaining operations, which will continue to be operated by Fang. The Company expects the spun-off be completed in the second quarter of 2019. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in the Company’s financial statements include, but are not limited to, estimated stand-alone selling prices of performance obligations, 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 and fair value of long term investments. Changes in facts and circumstances may result in revised estimates. Actual results could materially differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the financial statements of the Company, its non-PRC subsidiaries, WOFEs, the PRC Domestic Entities in which the Company, through its WOFEs, has a controlling financial interest, and the PRC Domestic Entities’ subsidiaries. The Company has determined that it has a controlling financial interest, even though it does not hold a majority of the voting equity interest in an entity, because the Company has the ability to control the PRC Domestic Entities through the WOFEs’ rights to all the residual benefits of the PRC Domestic Entities and the WOFEs’ obligation to fund losses of the PRC Domestic Entities. As a result, the PRC Domestic Entities are included in the consolidated financial statements. All significant intercompany balances and transactions between the Company, its subsidiaries, the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries have been eliminated in consolidation. |
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$”). The WOFEs, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries determine their functional currency to be the Chinese Renminbi (“RMB”) based on the criteria of ASC 830, Foreign Currency Matters Transactions denominated in foreign currencies are remeasured into the functional currency at the exchange rates prevailing on the transaction dates. Foreign currency denominated financial assets and liabilities are remeasured at the exchange rates prevailing at the balance sheet date. Exchange gains and losses are included in the consolidated statements of comprehensive income (loss). The assets and liabilities of the Company’s PRC subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries are translated into US$ 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 days or less at the date of purchase which are unrestricted as to withdrawal and use. In addition, all highly liquid investments with original stated maturity of 90 days or less are classified as cash equivalents. |
Restricted Cash | Restricted Cash Restricted cash represents cash pledged to financial institutions as collateral for the Company’s bank loans. The restricted cash is not available for withdrawal or the Company’s general use until after the corresponding bank loans are repaid The Accounting Standards Update (“ASU”) 2016 - 18, Statement of Cash Flows (Topic 230): Restricted Cash, required that restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. The guidance was effective as of January 1, 2018 and the Company applied it using a retrospective transition method to each period presented. The adoption of this guidance changed the presentation and classification of restricted cash in the Company’s consolidated statements of cash flows. For the years ended December 31, 2016 and 2017 , substantially all of the changes in restricted cash of US$107,905 and US$51,900, respectively, were previously reported as part of financing activities in the consolidated statements of cash flows. |
Investments | Investments Periods prior to January 1, 2018 All highly liquid investments with original maturities of greater than 90 days but less than 365 days are classified as short-term investments which are stated at their approximate fair value. The Company accounts for its investments in accordance with ASC 320, Investments-Debt and Equity Securities The securities that the Company has positive intent and ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost. For individual securities classified as held-to-maturity securities, the Company evaluates whether a decline in fair value below the amortized cost basis is other-than-temporary in accordance with the Company’s policy and ASC 320. If the Company concludes that it does not intend or is not required to sell an impaired debt security before the recovery of its amortized cost basis, the impairment is considered temporary and the held-to-maturity securities continue to be recognized at the amortized costs. When the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell prior to recovery of its amortized cost basis, an other-than-temporary impairment is deemed to have occurred. In these instances, the other-than-temporary impairment loss is recognized in the consolidated statements of comprehensive income (loss) equal to the entire excess of the debt security’s amortized cost basis over its fair value at the balance sheet date of the reporting period for which the assessment is made. The securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Unrealized holding gains and losses for trading securities are included in earnings. Investments not classified as trading or as held-to-maturity are classified as available-for-sale securities. Available-for-sale securities are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income (loss) in shareholders’ equity. Realized gains or losses are charged to earnings during the period in which the gain or loss is realized. An impairment loss on the available-for-sale securities are recognized in the consolidated statements of comprehensive income (loss) when the decline in value is determined to be other-than-temporary. No impairment loss was recognized for the year ended December 31, 2017. In accordance with ASC 325 Investments-Other impairment loss of US$2,232 and US$2,768 was recognized for the years ended December 31, 2016 and 2017, respectively. Period commencing January 1, 2018 The Company adopted ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Liabilities (1) Debt Securities The Company accounts for its debt investments in accordance with ASC 320, Investments-Debt Securities The debt securities that the Company has positive intent and ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost. For individual securities classified as held-to-maturity securities, the Company evaluates whether a decline in fair value below the amortized cost basis is other-than-temporary in accordance with the Company’s policy and ASC 320. If the Company concludes that it does not intend or is not required to sell an impaired debt security before the recovery of its amortized cost basis, the impairment is considered temporary and the held-to-maturity securities continue to be recognized at the amortized costs. When the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell prior to recovery of its amortized cost basis, an other-than-temporary impairment is deemed to have occurred. In these instances, the other-than-temporary impairment loss is recognized in the consolidated statements of comprehensive income (loss) equal to the entire excess of the debt security’s amortized cost basis over its fair value at the balance sheet date of the reporting period for which the assessment is made. The debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Unrealized holding gains and losses for trading securities are included in earnings. All highly liquid investments with original maturities of greater than 90 days but less than 365 days are classified as short-term investments which are stated at their approximate fair value. Investments not classified as trading or as held-to-maturity are classified as available-for-sale securities. Available-for-sale debt securities are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income (loss) in shareholders’ equity. Realized gains or losses are charged to earnings during the period in which the gain or loss is realized. An impairment loss on the available-for-sale securities are recognized in the consolidated statements of comprehensive income (loss) when the decline in value is determined to be other-than-temporary. No impairment loss was recognized for the year ended December 31, 2018. (2) Equity Securities All equity investments with readily determinable fair values, other than those accounted for under equity method of accounting or those that result in consolidation of the investee, are measured at fair value with changes in the fair value recognized through net income. Equity investments without readily determinable fair values which do not qualify for net asset value per share (or its equivalent) practical expedient and over which the Company does not have the ability to exercise significant influence through the investments in common stock, are accounted for under the measurement alternative. The carrying values of equity investments without readily determinable fair values are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. All gains and losses on these investments, realized and unrealized, are recognized in the consolidated statements of comprehensive income (loss). The Company makes assessment of whether an investment is impaired at each reporting date, and recognizes an impairment loss equal to the difference between the carrying value and fair value in earnings. No impairment loss was recognized for the year ended December 31, 2018. As a result of adoption of ASU 2016-01, the Company is not required to disclose the fair value for equity investments without readily determinable fair value. (3) Equity method investments In accordance with ASC 323 Investments-Equity Method and Joint Ventures The equity method investments are subject to periodic testing for other-than-temporary impairment, by considering factors including, but not limited to, stock prices of public companies in which the Company has an equity investment, current economic and market conditions, operating performance of the investees such as current earnings trends and undiscounted cash flows, and other company-specific information, such as recent financing rounds. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and the determination of whether any identified impairment is other-than-temporary. If any impairment is considered other-than-temporary, the Company will write down the asset to its fair value and take the corresponding charge to the consolidated statements of comprehensive income (loss). No impairment was recorded for equity method investments for the year ended December 31 2018. |
Funds Receivable | Funds Receivable Funds receivable represents cash collection through third-party payment service providers. The Company carefully considers and monitors the credit worthiness of the third-party payment service providers 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. |
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. 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. |
Loans receivable | Loans receivable Loans receivable consists primarily of secured loans in the form of mortgage loans and unsecured loans to borrowers that have passed the Company’s credit assessment. Such amounts are recorded at the principal amount less impairment as of the balance sheet date. The loan periods extended by the Company to the borrowers generally range from 1 to 36 months. An allowance for credit loss is recorded when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company assesses the allowance for credit loss related to loans receivable on a quarterly basis, either on an individual or collective basis. The Company considers various factors in evaluating loans receivable for possible impairment on an individual basis. These factors include the amount of the loan, historical experience, value of collateral, if any, credit quality and age of the receivables balances. Impairment is measured on an individual loan basis using either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is secured. The Company evaluates the remainder of its loans receivables portfolio for impairment on a collective basis in accordance with ASC 450-20, Loss Contingencies Loan principal and interest receivables are charged-off when the loan principal and interest receivables are deemed to be uncollectible. In general, loan principal and interest receivables are identified as uncollectible if any of the following conditions are met : 1) the borrower is dead, missing or incapacitate and there is no legal heir and presentee or the legal heir and presentee refuse to abide the contract; 2) identification of fraud, and the fraud is officially reported to and filed with relevant law enforcement departments; 3) outstanding amount following 180 days past due after all collection efforts based on management’s judgment. |
Property and Equipment, Net | Property and Equipment, Net Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated Useful Life Office equipment 3 5 Motor vehicles 5 10 Leasehold improvement shorter of lease term or economic lives Buildings 12 45 Land is stated at cost and is not depreciated. Construction in progress represents buildings and related premises under construction, which is stated at actual construction cost less any impairment loss. Construction in progress is transferred to the respective category of property and equipment when completed and ready for its intended use. Interest associated with major development and construction projects is capitalized and included in the cost of the project. The capitalization of interest cease when the project is substantially completed or the development activity is suspended for more than a brief period. The amount to be capitalized is determined by applying the capitalization rate to the average amount of accumulated qualifying capital expenditures for assets under construction during the year. Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts, respectively, with any resulting gain or loss reflected in the consolidated statements of comprehensive income (loss). Land Use Rights Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates its long-lived assets or asset group with finite lives for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset group may not be fully recoverable. When these events occur, the Company evaluates the impairment by comparing the carrying amount of the assets to future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Company recognizes an impairment loss based on the excess of the carrying amount of the asset group over its fair value, but not below the fair values of the individual long-lived assets within the asset group. No impairment charge was recognized for any of the years presented. Asset groups to be disposed of would be reported at the lower of the carrying amount or fair value less costs to sell, and no longer depreciated. The assets and liabilities of a disposal group classified as held for sale would be presented separately in the appropriate asset and liability sections of the consolidated balance sheets. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Financial instruments of the Company primarily include cash and cash equivalents, restricted cash, accounts receivable, commitment deposits, funds receivable, short-term and long-term investments, loans receivable, short-term and long-term loans, convertible senior notes (Note 15) and related derivative liabilities. As of December 31, 2017 and 2018 , the carrying values of these financial instruments, other than long-term investments, long-term loans, convertible senior notes and related derivative liabilities, approximate their fair values due to the short-term maturity of these instruments. The fair value method investments and trading securities were recorded at fair value based on the quoted price in active markets as of December 31, 2017 and 2018 . 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$301,036 and US$ 199 , 172 December 31, 2017 and 2018 , respectively, and represents a Level 3 valuation in accordance with ASC 820, Fair Value Measurements and Disclosures 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. Assets measured at fair value on a recurring basis as of December 31, 2017 and 2018 are summarized below. Fair Value Measurement as of December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Fair Value at December 31, 2017 US$ US$ US$ US$ Available-for-sale securities 52,283 318,065 - 370,348 Trading securities 15,833 - - 15,833 Fair Value Measurement as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Fair Value at December 31, 2018 US$ US$ US$ US$ Equity investments 181,483 - - 181,483 Trading securities 1,773 - - 1,773 |
Revenue Recognition | Revenue Recognition Revenues are derived from marketing services, listing services, E-commerce services, value-added services and financial services. Periods prior to January 1, 2018 Revenues for each type of service sales were recognized only when the following criteria are met: (a) persuasive evidence of an arrangement exists; (b) price is fixed or determinable; (c) delivery of services has occurred; and (d) collectability is reasonably assured. Listing Services Listing services revenues consist of revenues derived from both basic listing services and special listing services. The Company’s basic and special listing services are provided to agents, brokers, property developers, property owners, property managers and others seeking to sell or rent new or secondary residential and commercial properties. (1) Basic listing services Basic listing services entitle customers to post and make changes to information for properties, home furnishings and other related products and services in a particular area on the website and mobile apps for a specified period of time, which typically range from 1 to 36 months, in exchange for a fixed fee. Written contracts, containing all significant terms, signed by the Company and its customers provide persuasive evidence of the arrangement. The amount of fee to be paid is not subject to change once the contract has been signed. The contracts generally do not contain any specific performance target or refund guarantee. Delivery of services occurs by making access to the websites and mobile apps available for posting by the customers over the specified listing period. The Company performs credit assessments of its customers prior to signing the written contract to ensure collectability is reasonably assured. In accordance with ASC 605, revenues were recognized ratably over the duration of the service period as the basic listing services were being delivered. (2) Special listing services Special listing services consist of promotional activities associated with themed marketing campaigns, each generally over a one year duration and designed to recognize the leading companies within a specific real estate sector. For each special listing campaign, targeted leading companies participate in a collective marketing and promotional program for a specified fee, consisting of various online and offline promotional activities tied to the specialized theme of the campaign. Each revenue arrangement may include one or multiple special listing campaigns. The Company evaluated its special listing revenue arrangements in accordance with ASC 605-25, Revenue recognition–Multiple-element arrangements Written contracts, containing all significant terms, signed by the Company and its customers provide persuasive evidence of the arrangement. The amount of fee to be paid is not subject to change once the contract has been signed. The contracts do not contain any specific performance, cancellation, termination or refund provisions. The Company performs credit assessments of its customers prior to signing the written contract to ensure collectability is reasonably assured. In accordance with ASC 605, “Revenue Recognition,” revenues were recognized ratably over the duration of the campaign period as the special listing services were being delivered. Marketing Services The Company offers marketing services on the Company’s websites and mobile apps, primarily through banner advertisements, floating links, logos and other media insertions. These marketing services are offered to real estate developers and to a lesser extent provider of products and services for home decoration and improvement. Marketing services allow customers to place advertisements on particular areas of the Company’s websites and mobile apps, in particular formats and over particular periods of time. Written contracts, containing all significant terms, signed by the Company and its customers provide persuasive evidence of the arrangement. The contracts generally do not contain any specific performance target or refund guarantee. The service fee is negotiated between the customer and the Company but once a price is agreed to and the written contract is signed by both parties, the price is fixed and not subject to change. The service fee is due and payable in installments over the service period. The marketing services typically last from several days to one year. Delivery of the service occurs upon displaying the agreed forms of services on the Company’s websites and mobile apps over the specified service period. The Company performs credit assessments on its customers prior to signing the written contract to ensure collectability is reasonably assured. Revenues were recognized ratably over the contract period, as there was persuasive evidence of an arrangement, the fee is fixed or determinable and collection was reasonably assured, as prescribed by ASC 605. 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 years ended December 31, 2016 and 2017, the Company recognized marketing service revenue of US$9,730 and nil under such arrangement. Since 2016, the Company ceased entering into these arrangements with real estate developers and collected all the marketing service fees in the form of (i) cash, or (ii) a designated real estate property transferred to the Company, from real estate developers. 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 For certain arrangements, the Company provides marketing services that contain multiple deliverables, that is, different forms of services to be delivered over different periods of time. The Company accounted for each deliverable in the arrangement as separate unit of accounting. Revenues were allocated to each unit of accounting on a relative fair value basis based on a selling price hierarchy and was recognized ratably over the duration of the service period. The selling price for a deliverable was based on its vendor-specific objective evidence (“VSOE”) if available, third party evidence (“TPE”) if VSOE is not available, or BESP if neither VSOE nor TPE is available. The total arrangement consideration was allocated to each unit of accounting based on its relative selling price which is determined based on the Company’s BESP for that deliverable because neither VSOE nor TPE exist. In determining its BESP for each deliverable, the Company considered its overall pricing model and objectives, as well as market or competitive conditions that may impact the price at which the Company would transact if the deliverable were sold regularly on a standalone basis. The Company monitored the conditions that affect its determination of selling price for each deliverable and reassesses such estimates periodically E-commerce service E-commerce service revenues consist of revenues derived from: (1) Fang membership services The Company enters into arrangements with real-estate developers, pursuant to which the Company charges its customers RMB5,000 to RMB20,000 in order for them to purchase specified properties from the real estate developers at a discount significantly greater than the face value of the fees charged by the Company. The discount is either a fixed amount off or a fixed percentage to the price of the specified property. The fees paid by the customers to the Company are refundable before a purchase of the specified properties at a discount is made by the customers or if after the purchase, only if the customers can fulfil certain requirements under the refund policy. The Company chose to analogize to rights of return guidance in ASC 605-15 when accounting for refundable fees as reliable estimates of refunds can be made based on company-specific historical evidence. Revenues were recognized by the Company when cash consideration of the fees was received and the discount has been applied by the customers to pay for the purchase price of the specified properties, net of estimated refunds. Cash received in advance of the purchase of specified properties and provision for refunds were recorded as “customers’ refundable fees” (Note 14). The provision of refunds was insignificant for the years ended December 31, 2016 and 2017. Additionally, the Company, real-estate developers and marketing agencies entered into tri-party cooperation arrangements for certain Fang membership services. When customers use their Fang membership cards to purchase specified properties in selected advertisements published by the marketing agents, a portion of the proceeds from the Fang membership services is remitted to the marketing agents. The Company recognized revenues from this type of Fang membership services on a net basis, representing the portion of proceeds received from customers that is ultimately retained by the Company as it is an agent in the arrangement. Commencing in 2014, the Company also entered into cooperation arrangements directly with real-estate developers for Fang membership services. The Company either engages third-party real estate agents or places advertisements with marketing agents to promote the real-estate projects. The Company recognized revenues from this type of Fang membership services on a gross basis, representing the proceeds received from the real-estate developers, as the Company is the primary obligor in the arrangement. Payments to third-party real estate agents are recorded as cost of sales, while payments to marketing agents are recorded as selling expenses. The portion to be remitted to third-party real estate agents and marketing agents was recorded as amounts payable to sales and marketing agents in “accrued expenses and other liabilities” on the consolidated balance sheets (Note 13). (2) Direct sales services The Company promotes property developments of its developer clients primarily through its websites and mobile applications (“mobile apps”). Potential buyers can register with the Company free of charge if they are interested in any real estate properties covered by its direct sales services. After the registration, the Company provides the buyers with additional information about the properties and related services, such as tours to visit the property developments and other services to facilitate property purchases. By using the direct sales services, individual buyers can enjoy discounted prices for properties that the Company offers from its developer clients. The Company charges its developer clients a fee for each property it sold through its direct sales services at a predetermined percentage of the value of the individual transaction. Thereafter, the real estate developers can request for refund only if they can fulfil certain requirements under the refund policy. The Company chose to analogize to rights of return guidance in ASC 605-15 when accounting for refundable fees as reliable estimates of refunds can be made based on company-specific historical evidence. Revenues were recognized by the Company based on total of successful purchase transactions made, net of estimated refunds. The provision of refunds was insignificant for the years ended December 31, 2016 and 2017. (3) Sublease services Beginning in 2015, the Company began to provide sublease service through its websites. The Company identifies suitable properties and initially enters into lease agreements with the property owners. The lease agreements allow the Company to sublease the properties. Regardless whether the leased property is subsequently sub-leased by the Company, the lease agreement between the Company and the property owner remains in effect, including the Company’s obligation to make fixed rental payments over the non-cancellable lease term. The property owner is not a party to, and therefore not entitled to, any rights or obligations under the sublease agreement. Sublease rental income was recorded as revenue from subleasing services and recognized on a gross basis as the Company is the principal to the sublease arrangements. The sublease income was recognized on a straight-line basis over the lease term. Sublease rental income for the years ended December 31, 2016 and 2017 was US$31,929 and US$15,085, respectively. (4) Real estate online brokerage services Commencing in 2015, the Company provided brokerage services for sellers and buyers of secondary properties. Brokerage services may include property listing services, advisory services, transaction negotiation services and administration services. In addition to secondary property sales, the Company also assists property owners and potential tenants with leasing transactions. Commission revenues derived from brokerage services is recognized upon the execution, fulfillment of all performance obligations specified on the tri-party transaction agreement that is entered into between the seller, buyer and the Company in its capacity as broker, and cash receipt. (5) Online decoration services Beginning in 2015, the Company launched online decoration services, which includes interior design, remodeling, renovation, furnishing and other home improvement services. The Company generally charges the customers a fixed fee. The Company recognized revenues based on the percentage-of-completion method and measures progress using input measures, i.e., cost-to-cost, in accordance with ASC 605-35, Revenue Recognition Construction-Type and Production-Type Contracts. Financial Services Financial services are provided through the Company’s online financial platform www.fangtx.com Value-added Services The Company generates revenues from value-added services including subscription services for access to the Company’s information database and consulting services for customized and industry-related research reports and indices. Revenues derived from subscription services for access to the Company’s information database are recognized ratably over the subscription period. Revenues derived from consulting services for customized and industry-related research reports and indices were recognized when the relevant services were completed. The Company’s business was subject to VAT, surcharges or cultural construction fees levied on advertising-related sales in the PRC. In accordance with ASC 605-45, Revenue Recognition-Principal Agent Considerations US$68,007 and US$33,320, respectively. All service fees received in advance of the provision of services were initially recorded as deferred revenues and subsequently recognized as revenues when the related services were performed by the Company. Period commencing January 1, 2018 The Company adopted ASC 606, Revenue from Contracts with Customers (1) Before the adoption of ASC 606, the Company assessed whether collectability is reasonably assured at the outset of the arrangement, and subsequently reassessed if there was a substantive change in facts and circumstances. If the collectability of all or a portion of the fee is not reasonably assured, all revenue recognition were deferred until payment was received (assuming all of the other revenue recognition criteria have been met). Upon the adoption of ASC 606, if it is not probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer, consideration received from the customer is initially recorded as a liability. The Company will recognize nonrefundable consideration received as revenue only when one of the following events has occurred: · the Company has no remaining obligations to transfer goods or services to the customer and all, or substantially all of the consideration has been received; · the contract has been terminated; or · the Company have transferred control of the goods or services to which the consideration that has been received relates, and has stopped transferring (and has no obligation under the contract to transfer) additional goods or services to the customer, if applicable. As a result, the Company made an adjustment to decrease the opening balance of retained earnings as of January 1, 2018 by US$ 0.5 million. (2) The Company’s policy before the adoption of ASC 606 was to require written signed contracts by both the Company and its customers as persuasive evidence of its revenue arrangements. In certain cases where services are being delivered prior to the receipt of the written signed contracts by both parties, revenue had been deferred until such time the written signed contracts are collected. Under the new revenue standard, revenues may be recognized prior to the receipt of the written signed contracts by both parties (assuming all other revenue recognition criteria are satisfied), as long as the revenue arrangements between the Company and its customers are legally enforceable. As a result, the Company made an adjustment to increase the opening balance of retained earnings as of January 1, 2018 by USD 2.8 million. In addition, the Company’s revenues are presented net of value-added tax collected on behalf of governments starting from January 1 , 2018 . Prior to January 1 , 2018 , value-added tax collected on behalf of governments were presented as gross in both revenues and cost of revenues. The Company has elected to adopt the practical expedient for incremental costs to obtain a contract with a customer, i.e. sales commissions, with amortization periods of one year or less to be recorded in selling expenses when incurred. The Company has elected the practical expedient not to disclose the information about remaining performance obligations which are part of the contracts that have an original expected duration of one year or less. The disclosure of the impact of adoption on the consolidated balance sheets was as follows: As of December 31, 2018 Adjustments Amounts without adoption of ASC 606 USD’000 USD’000 USD’000 Accounts receivable 60,950 379 61,329 Deferred revenue (163,346 ) (11,633 ) (174,979 ) Accrued expenses and other liabilities (131,268 ) 9,701 (121,567 ) Other non-current liabilities (153,095 ) 555 (152,540 ) The impact for adoption of ASC 606 to the Company’s consolidated statement of comprehensive income (loss) for the year ended December 31, 2018 is as follows: Year ended Adjustments Amounts USD’000 USD’000 USD’000 E-commerce services 15,384 928 16,312 Marketing services 119,680 8,740 128,420 Listing services 113,534 5,717 119,251 Financial services 18,060 1,068 19,128 Value-added services 36,358 2,893 39,251 Total revenues 303,016 19,346 322,362 Cost of services (58,570 ) (18,117 ) (76,687 ) Operating income 39,803 1,229 41,032 Net loss (114,909 ) 1,229 (113,680 ) Loss per share for Class A and Class B ordinary shares Basic and Diluted (1.29 ) 0.01 (1.28 ) Since the adoption of ASC 606 starting from January 1, 2018, the Company recognizes revenues upon the satisfaction of its performance obligation (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services, excluding amounts collected on behalf of third parties (for example, value-added taxes). For each performance obligation satisfied over time, the Company recognizes revenue over time by measuring the progress toward complete satisfaction of that performance obligation. If the Company does not satisfy a performance obligation over time, the performance obligation is satisfied at a point in time. The Company’s contracts with customers often include promises to transfer multiple products and services. For these contracts, the Company accounts for individual performance obligations separately if they are capable of being distinct and distinct within the context of the contract. Determining whether products and services are considered distinct performance obligations may require significant judgment. Judgment is also required to determine the stand-alone selling price (“SSP”) for each distinct performance obligation. In instances where SSP is not directly observable, such as when the Company does not sell the product or service separately, the Company determines the SSP using information that may include market conditions and other observable inputs. Marketing Services The Company offers marketing services on the Company’s websites and mobile apps, primarily through banner advertisements, floating links, logos and other media insertions. These marketing services are offered to real estate developers and to a lesser extent provider of products and services for home decoration and improvement. Marketing services allow customers to place advertisements on particular areas of the Company’s websites and mobile apps, in particular formats and over particular periods of time. The marketing services typically last from several days to one year. The Company determines that the customer simultaneously receives and consumes benefits provided by the Company’s performance as the Company performs during the term of the contract. Revenues from marketing services are recognized ratably over the service period. Listing Services Listing services revenues consist of revenues derived from both basic listing services and special listing services. (1) Basic listing services Basic listing services entitle customers to post and make changes to information for properties, home furnishings and other related products and services in a particular area on the website and mobile apps for a specified period of time, which typically range from one to 12 months, in exchange for a fixed fee. Revenues are recognized on a straight line basis over the service period. The Company determines that its performance pattern to be straight line since the customer simultaneously receives and consumes the benefits provided by the Company as the Company performs during the term of the contract and the earning process is straight line. (2) Special listing services The Company offers special listing services, consisting of a number of online and offline themed events, including industry forums, periodic updates and online promotions to its customers to promote their brands. The special listing services contain a number of defined but not identical or similar activities to be performed over the period of one year. These activities are to fulfill the special listing service and are not separate promises in the contract. The Company determines that each day of the promotion service is distinct because the customer can benefit from each increment of service on its own (that is, it is capable of being distinct) and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the Company’s ability to fulfill another day of service or the benefit to the customer of another day of service. The Company determines that it is providing a series of distinct goods or services because the services provided each day are substantially the same, the customer simultaneously receives and consumes the benefits provided by the Company as the Company performs, and the same measure of progress would be used to measure the Company’s progress toward satisfying its promise to provide the promotion services. Revenues of special listing services are recognized on a straight-line basis over the period of one year. Value-added Services Value-added services consist of revenues derived from: (1) Data services The Company derives revenues by providing access and analytics tools, including appraisal and rating modules, and city maps, based on its proprietary database of commercial real estate information, typically through a fixed monthly fee for its data services. The Company determines that the customer simultaneously receives and consumes benefits provided by the Company’s performance as the Company performs during the term of the contract and the earning process is straight-line. Revenues from data services are recognized on a straight-line basis over the subscription period. (2) Analytics services The Company derives revenues by providing customized research reports to customers. There are no contractual customer acceptance provisions. Revenues from customized research reports are recognized when the Company delivers the reports to customers, which is when the control over the report has been transferred to customers. The Company provides data monitoring and survey services over a period of time, generally less than one year. Revenues are recognized on a straight-line basis over the term of the agreement since the customer simultaneously receives and consumes benefits provided by the Company’s performance as the Company performs during the term of the contract and the earning process is straight-line. Financial Services The Company provides secured loans in the form of mortgage loans and unsecured loans, primarily to borrowers that meet the Company’s credit assessment requirements. Revenues derived from loan interest income and annual service fees are recognized using the effective interest rate method. The Company does not accrue interest on loans receivable that are considered impaired or more than 90 days past due unless either the receivable has not been collected due to administrative reasons or the receivable is well secured and in the process of collection. Unsecured loans stop accruing interest when 60 days past due and are classified as impaired loan. E-Commerce Services E-commerce service revenues consist of revenues derived from: (1) Fang membership services For the year ended December 31, 2018, the Company enters into arrangements with real-estate developers, pursuant to which the Company charges individual buyers who are interested to purchase specified properties from the real estate developers at a discount significantly greater than the face value of the fees charged by the Company. The discount is either a fixed amount or a fixed percentage to the price of the specified property. The fees paid by the individual buyers to the Company are refundable before a purchase of the specified properties is consummated by the individual buyers. Upon the successful purchase of the specified properties by the individual buyers, a portion of the proceeds from the Fang membership services is remitted to the real-estate developers or its designated marketing agents. The Company determines real-estate developers as its customers and identifies one single performance obligation as the referral service. The Company determined the referral service to be satisfied at a point in time only when the purchase of the specified properties have been consummated by the individual buyers. Consideration payable to the real-estate developers or its designated marketing agents are accounted for as a reduction of the transaction price. (2) Direct sales services The Company promotes properties of its property developer customers primarily through its websites and mobile applications by providing the potential individual buyers with additional information about the properties and related services, such as tours to visit the properties and other services to facilitate property purchases. In return, the Company charges its property developer customers a fee for each property it sells at a predetermined percentage of the value of the individual transaction. The Company determines real-estate developers as its customers and identifies one single performance obligation as the referral service. The Company determined the referral service to be satisfied at a point in time only when the purchase of the specified properties have been consummated by the individual buyers. Revenues were recognized by the Company based on total of successful purchase transactions made. (3) Sublease services The Company identifies suitable properties and initially enters into lease agreements with the property owners. The lease agreements allow the Company to sublease the properties. Regardless whether the leased property is subsequently sub-leased by the Company, the lease agreement between the Company and the property owner remains in effect, including the Company’s obligation to make fixed rental payments over the non-cancellable lease term. The property owner is not a party to, and therefore not entitled to, any rights or obligations under the sublease agreement. Sublease rental income is recorded as revenue from subleasing services and recognized on a gross basis. The sublease income is recognized on a straight-line basis over the lease term. Sublease rental income for the year ended December 31, 2018 was US$6,402. Future minimum sublease rental incomes expected to be received under noncancellable sublease agreements as of December 31, 2018 are as follows: US$ 2019 1,125 2020 97 2021 and thereafter - 1,222 Contract Balances The timing of revenue recognition, billings and cash collections result in accounts receivable and contract liabilities (i.e. deferred revenue). Accounts receivable are recognized in the period when the Company has provided services to its customers and when its right to consideration is unconditional. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. 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. Amounts collected on accounts receivable are included in net cash provided by operating activities in the consolidated statements of cash flows. Deferred revenue (a contract liability) is recognized when the Company has an obligation to transfer goods or services to a customer for which the Company has received consideration from the customer, or for which an amount of consideration is due from the customer. The majority of the balance as of January 1, 2018 were recognized as revenue during the year ended December 31, 2018. |
Cost of Revenues | Cost of Revenues Cost of revenues consists of employee costs, tax surcharges, rental costs incurred in relation to sublease services, server and bandwidth leasing fees, payments to third-party real estate agents and other direct costs incurred in providing the related services. Prior to January 1, 2018, VAT was also included in cost of revenues. These costs are expensed when incurred. |
Advertising Expenditure | Advertising Expenses Advertising expenses are expensed when incurred and are included in selling expenses in the consolidated statements of comprehensive income (loss). For the years ended December 31, 2016, 2017 and 2018, the advertising expenses were US$61,762, US$16,869 and US$10,659, respectively. |
Leases | Leases Leases are classified at the inception date as either a capital lease or an operating lease. A lease is a capital lease if any of the following conditions exists: (a) ownership is transferred to the lessee by the end of the lease term, (b) there is a bargain purchase option, (c) the lease term is at least 75% of the property’s estimated remaining economic life or (d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. 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 The Company’s estimated liability for unrecognized tax benefits, which is included in “other non-current liabilities”, is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statutes of limitation. The outcome for a particular audit cannot be determined with certainty prior to the conclusion of the audit and, in some cases, appeal or litigation process. The actual benefits ultimately realized may differ from the Company’s estimates. As each audit is concluded, adjustments, if any, are recorded in the Company’s financial statements. Additionally, in future periods, changes in facts, circumstances, and new information may require the Company to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur. Interest and penalties arising from underpayment of income taxes are computed in accordance with the related PRC tax law. The amount of interest expense is computed by applying the applicable statutory rate of interest to the difference between the tax position recognized and the amount previously taken or expected to be taken in a tax return. Interest and penalties recognized in accordance with ASC 740 are classified in the consolidated statements of comprehensive income (loss) as income tax expense. |
Government Grants | Government Grants Government grants primarily consist of financial subsidies received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. For certain government grants, there are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. The government grants of non-operating nature with no further conditions to be met are recorded as non-operating income in “Other income, net” when received. The government grants with certain operating conditions are recorded as liabilities when received and will be recorded as operating income when the conditions are met. Government grants related to the acquisition of property and equipment and land use rights are recorded as other non-current liabilities on the consolidated balance sheets when the grants become receivable, and recognized as other income in the consolidated statements of comprehensive income (loss) on a straight-line basis over the estimated useful lives of those assets. For the years ended December 31, 2016, 2017 and 2018, US$6,469 and US$3,154, US$1,435 respectively, of government grants were recognized in the consolidated statements of comprehensive income (loss). |
Share-based Compensation | Share-based Compensation The Company’s employees and directors participate in the Company’s share-based award incentive plan which is more fully discussed in Note 18 . The Company applies ASC 718 , Compensation-Stock Compensation 718 ”), to account for its employee share-based payments. There were no share-based payments made to non-employees for any of the years presented. In accordance with ASC 718, the Company determines whether a share option should be classified and accounted for as a liability award or an equity award. All grants of share-based awards to employees classified as equity awards are recognized in the financial statements based on their grant date fair values which are calculated using an option pricing model. All grants of share-based awards to employees and directors classified as liabilities are remeasured at the end of each reporting period with an adjustment for fair value recorded to the current period expense in order to properly reflect the cumulative expense based on the current fair value of the vested rewards over the vesting periods. The Company has elected to recognize compensation expense using the straight-line method for all employee equity awards granted with graded vesting based on service conditions, which were not subject to performance vesting conditions. Meanwhile, the Company uses the accelerated attribution method for equity awards with performance conditions on a tranche-by-tranche basis based on the probable outcome of the performance conditions. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed. Cancellation of an award accompanied by the concurrent grant of a replacement award is accounted for as a modification of the terms of the cancelled award (“modified awards”). The compensation costs associated with the modified awards are recognized if the new vesting condition is achieved. Total recognized compensation cost for the awards is at least equal to the fair value of the awards at the grant date unless at the date of the modification the performance or service conditions of the original awards are not expected to be satisfied. The incremental compensation cost is measured as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. Therefore, in relation to the modified awards, the Company recognizes share-based compensation over the vesting periods of the replacement award, which comprises, (i) the amortization of the incremental portion of share-based compensation over the remaining vesting term and (ii) any unrecognized compensation cost of the original award over the original term. In March 2016, the Financial Accounting Standards Board (“FASB”) issued a new accounting standard update on simplifying the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new guidance also allows an entity to account for forfeitures when they occur. This guidance became effective for reporting periods beginning after December 15, 2016. The Company adopted this new guidance on January 1, 2017. In prior years, excess tax benefits were recognized in additional paid-in capital; tax deficiencies were recognized either as an offset to accumulated excess tax benefits, if any, or in the consolidated statement of comprehensive income (loss). Excess tax benefits were not recognized until the deduction reduces taxes payable. Upon adoption, all excess tax benefits and tax deficiencies are recognized as income tax expense or benefit in the consolidated statement of comprehensive income (loss). This change was adopted prospectively and did not have a material impact on the Company’s consolidated financial statements. The Company elected to account for forfeitures as they occur, rather than estimate expected forfeitures. These changes were adopted on a modified retrospective basis, and resulted in no material cumulative effect adjustment to retained earnings. |
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 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 |
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, and (ii) gains and losses on intra-entity foreign currency transactions that are of a long-term-investment nature (that is, settlement is not planned or anticipated in the foreseeable future) between consolidated entities. Comprehensive income (loss) also included changes in unrealized gains (losses) on available-for-sale equity securities for the years ended December 31, 2016 and 2017, before the adoption of ASU 2016-01. |
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 February 2016, the FASB established Topic 842, Leases, Land Easement Practical Expedient for Transition to Topic 842 Codification Improvements to Topic 842, Leases Targeted Improvements The new standard is effective for public business entities for annual periods beginning after December 15, 2018, and interim periods therein. For all other entities, the standard is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. The Company adopted the new standard on January 1, 2019 and used the effective date as the date of initial application. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The new standard provides a number of optional practical expedients in transition. The Company elected the ‘package of practical expedients’, which permits the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. Leases currently classified as operating leases in note 21 will be reported on the consolidated balance sheets upon adoption at their net present value, which will increase total assets and liabilities. The Company expects to recognize the right-of-use assets and lease liability in amount of approximately US$5.7 million respectively as of January 1, 2019. The Company used its estimated incremental borrowing rate based on information available at the date of adoption in calculating the present value of its existing lease payments. The adoption of ASC 842 is not expected to have a material impact to the Company’s consolidated statements of comprehensive income (loss) or net cash provided by operating activities. The adoption of ASC 842 is not expected to have a material impact to the accounting and disclosure of sublease services in which the Company is the lessor. 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. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measureme |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Details of Subsidiaries and PRC Domestic Entities | The Company is principally engaged in the provision of marketing services, listing services, financial services, E-commerce services and 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, 2018 were as follows: Company Date of Establishment Place of Establishment Principal Activities Beijing SouFun Internet Information Service Co., Ltd. ("Beijing Internet") December 17, 2003 PRC Provision of marketing services and listing services SouFun Media Technology (Beijing) Co., Ltd. ("SouFun Media") November 28, 2002 PRC Provision of technology and information consultancy services Beijing SouFun Network Technology Co., Ltd. ("SouFun Network") March 16, 2006 PRC Provision of technology and information consultancy services Beijing SouFun Science and Technology Development Co., Ltd. ("Beijing Technology") March 14, 2006 PRC Provision of marketing services and listing services Beijing Century Jia Tian Xia Technology Development Co., Ltd. ("Beijing JTX Technology") December 21, 2006 PRC Provision of marketing services and listing services Beijing Zhong Zhi Shi Zheng Information Technology Co. Ltd., ("Beijing Zhongzhi") June 5, 2007 PRC Provision of technology and information consultancy services Xinjiang Zhong Zhi Shu Ju Information Technology Co., Ltd. (“Xinjiang Zhong Zhi Shu Ju”) August 10, 2017 PRC Provision of technology and information consultancy services Beijing Hong An Tu Sheng Network Technology Co., Ltd. ("Beijing Hong An") November 15, 2010 PRC Provision of technology and information consultancy services Beijing Tuo Shi Huan Yu Network Technology Co., Ltd. ("Beijing TuoShi") November 19, 2010 PRC Provision of technology and information consultancy services Beijing Yi Ran Ju Ke Technology Development Co., Ltd. ("Beijing Yi Ran Ju Ke") July 8, 2011 PRC Provision of marketing services, rental services and real estate agency services Beijing Hua Ju Tian Xia Network Technology Co., Ltd. ("Beijing Hua Ju Tian Xia") July 25, 2012 PRC Provision of technology and information consultancy services Company Date of Establishment Place of Establishment Principal Activities Beijing Zhong Zhi Hong Yuan Data Information Technology Co., Ltd. (“Beijing Zhong Zhi Hong Yuan”) June 11, 2018 PRC Provision of technology and information consultancy services Beijing Li Man Wan Jia Network Technology Co., Ltd. ("Beijing Li Man Wan Jia") July 25, 2012 PRC 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 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 Provision of technology and information consultancy services Tianjin SouFun Network Technology Co., Ltd.("Tianjin SouFun Network") March 8, 2012 PRC Provision of technology and information consultancy services Tianjin Jia Tian Xia Network Technology Co., Ltd. (“Jia Tian Xia Network Technology”) April 15, 2014 PRC Provision of technology and information consultancy services Hangzhou SouFun Network Technology Co., Ltd., ("Hangzhou SouFun Network") August 27, 2013 PRC Provision of technology and information consultancy services Wuhan SouFun Yi Ran Ju Ke Real Estate Agents Co., Ltd. ("Wuhan Yi Ran Ju Ke") December 13, 2013 PRC Provision of real estate agency services and real estate information services Hangzhou Ji Ju Real Estate Agents Co., Ltd. ("Hanzhou Ji Ju") December 23, 2013 PRC Provision of real estate agency services and real estate information services Fang Tian Xia Financial Information Service (Beijing) Ltd. (previously known as Beijing Tianxia Dai Information service Co., Ltd.) April 9, 2014 PRC Provision of finance information services Shanghai SouFun Microfinance Co.,Ltd.("Shanghai SouFun Microfinance") January 19, 2015 PRC Provision of Microfinance services Beihai Tian Xia Dai Microfinance Co., Ltd.("Beihai Tian Xia Dai Microfinance") September 12, 2014 PRC Provision of microfinance services Shanghai BaoAn Enterprise Co., Ltd. (“Shanghai BaoAn Enterprise”) March 31, 2013 PRC Lease, resale and management of property Shanghai BaoAn Hotel Co., Ltd. (“Shanghai BaoAn Hotel”) March 31, 2013 PRC Operation and management of hotel, restaurant and other catering business Company Date of Establishment Place of Establishment Principal Activities Beijing Fang Tian Xia Hong An Network Technology Ltd. (previously known as Beijing Fang Tian Xia Decorative Engineering Co., Ltd.) October 15, 2014 PRC Provision of decorative engineering services Chongqing Tian Xia Dai Microfinance Co., Ltd ("Chongqing Tian Xia Dai Microfinance") December 11, 2014 PRC Provision of microfinance services Tianjin Jia Tian Xia Microfinance Co. ,Ltd. ("Tianjin Jia Tian Xia Microfinance") December 5, 2014 PRC Provision of microfinance services Beijing Fang Chao Real Estate Broking Co., Ltd. (“Beijing Fang Chao”) March 6, 2015 PRC Provision of real estate agency services Guangzhou Fang Tian Xia Real Estate Broking Co., Ltd. (“Guangzhou Fang Tian Xia”) March 9, 2015 PRC Provision of real estate agency services Beijing Cun Fang Real Estate Broking Co., Ltd. (“Beijing Cun Fang”) April 7, 2015 PRC Provision of real estate agency services Shenzhen Fang Tian Xia Real Estate Broking Co., Ltd. (“Shenzhen Fang Tian Xia”) April 13, 2015 PRC Provision of real estate agency services Tianjin Fang Tian Xia Real Estate Broking Co., Ltd. (“Tianjin Fang Tian Xia”) May 21, 2015 PRC Provision of real estate agency services Nanjing Cun Fang Real Estate Broking Co., Ltd. (“Nanjing Cun Fang”) April 30, 2015 PRC Provision of real estate agency services Company Date of Establishment Place of Establishment Principal Activities Nanchang Cun Fang Real Estate Broking Co., Ltd. (“Nanchang Cun Fang”) June 3, 2015 PRC Provision of real estate agency services Chongqing Fang Tian Xia Real Estate Broking Co., Ltd. (“Chongqing Fang Tian Xia”) May 27, 2015 PRC Provision of real estate agency services Shanghai SouFun Fang Tian Xia Broking Co., Ltd. (“Shanghai Fang Tian Xia”) April 16, 2015 PRC Provision of real estate agency services Beijing Li Tian Rong Ze Yi Jia Technology Development Co., Ltd. (“Beijing Li Tian Rong Ze”) September 4, 2015 PRC Provision of technology and information consultancy services Hong Kong Property Network Limited ("HK Property") May 19, 2011 Hong Kong Investment holding Best Fang Holdings LLC Aug 30, 2017 United States of America Investment holding Best Work Holdings (New York) LLC ("Best Work") March 14, 2011 United States of America Investment holding China Index Holdings Limited July 26, 2018 Cayman Investment holding |
Carrying Amount of Assets and Liabilities | The carrying amounts of the assets, liabilities, the results of operations and cash flows of the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries included in the Company’s consolidated balance sheets, consolidated statements of comprehensive income (loss) and consolidated statements of cash flows were as follows: As of December 31, 2017 2018 US$ US$ ASSETS Current assets: Cash and cash equivalents 50,948 34,004 Restricted cash, current 223,002 214,876 Short-term investments 19,838 5,586 Accounts receivable (net of allowance of US$ 13,691 12,913 22,119 25,910 Funds receivable 2,824 5,124 Prepayments and other current assets 16,856 25,384 Commitment deposits (net of allowance of US$ 206 5,876 191 Total current assets 341,463 311,075 Non-current assets: Property and equipment, net 275,601 358,432 Land use rights 34,951 32,428 Deferred tax assets, non-current 2 2 Deposits for non-current assets 41,428 95 Long-term investments 433,894 291,808 Other non-current assets 204 1,815 Total non-current assets 786,080 684,580 Total assets 1,127,543 995,655 As of December 31, 2017 2018 US$ US$ Current liabilities: Short-term loans 59,820 76,267 Deferred revenue 27,095 32,816 Accrued expenses and other liabilities 54,516 36,266 Customer’s refundable fees 10,986 3,274 Income tax payable 1,325 1,982 Intercompany payable to the non PRC Domestic Entities 431,770 445,556 Total current liabilities 585,512 596,161 Non-current liabilities: Long-term loans 55,958 44,891 Deferred tax liabilities 51,227 10,488 Other non-current liabilities 37,936 51,144 Total non-current liabilities 145,121 106,523 Total liabilities 730,633 702,684 Net assets 396,910 292,971 |
Result of Operations | For the Years Ended December 31, 2016 2017 2018 US$ US$ US$ Total revenues 287,475 91,087 89,111 Net loss (24,135 ) (6,484 ) (79,229 ) |
Summary of Cash Flow Activities | For the Years Ended December 31, 2016 2017 2018 US$ US$ US$ Net cash generated from (used in) operating activities (790 ) 122,327 26,241 Net cash used in investing activities (3,763 ) (99,946 ) (9,851 ) Net cash (used in) generated from financing activities 90,828 8,565 (25,220 ) |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Property and Equipment Estimated Useful Lives of Assets | Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated Useful Life Office equipment 3 5 Motor vehicles 5 10 Leasehold improvement shorter of lease term or economic lives Buildings 12 45 |
Assets Measeured Fair Value on a Recurring Basis | Assets measured at fair value on a recurring basis as of December 31, 2017 and 2018 are summarized below. Fair Value Measurement as of December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Fair Value at December 31, 2017 US$ US$ US$ US$ Available-for-sale securities 52,283 318,065 - 370,348 Trading securities 15,833 - - 15,833 Fair Value Measurement as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Fair Value at December 31, 2018 US$ US$ US$ US$ Equity investments 181,483 - - 181,483 Trading securities 1,773 - - 1,773 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The disclosure of the impact of adoption on the consolidated balance sheets was as follows: As of December 31, 2018 Adjustments Amounts without adoption of ASC 606 USD’000 USD’000 USD’000 Accounts receivable 60,950 379 61,329 Deferred revenue (163,346 ) (11,633 ) (174,979 ) Accrued expenses and other liabilities (131,268 ) 9,701 (121,567 ) Other non-current liabilities (153,095 ) 555 (152,540 ) The impact for adoption of ASC 606 to the Company’s consolidated statement of comprehensive income (loss) for the year ended December 31, 2018 is as follows: Year ended Adjustments Amounts USD’000 USD’000 USD’000 E-commerce services 15,384 928 16,312 Marketing services 119,680 8,740 128,420 Listing services 113,534 5,717 119,251 Financial services 18,060 1,068 19,128 Value-added services 36,358 2,893 39,251 Total revenues 303,016 19,346 322,362 Cost of services (58,570 ) (18,117 ) (76,687 ) Operating income 39,803 1,229 41,032 Net loss (114,909 ) 1,229 (113,680 ) Loss per share for Class A and Class B ordinary shares Basic and Diluted (1.29 ) 0.01 (1.28 ) |
Schedule of Future Minimum Lease Payments for Capital Leases | Sublease rental income for the year ended December 31, 2018 was US$6,402. Future minimum sublease rental incomes expected to be received under noncancellable sublease agreements as of December 31, 2018 are as follows: US$ 2019 1,125 2020 97 2021 and thereafter - 1,222 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents revenue disaggregated by nature of services: For the Year Ended December 31, 2018 E-commerce services - Fang membership services 2,752 - Direct sales services 5,294 - Sub lease services 6,402 - Other 936 Subtotal 15,384 Marketing services 119,680 Listing services - Basic listing services 84,482 - Special listing services 29,052 Subtotal 113,534 Financial services 18,060 Value-added services - Data services 18,905 - Analytics services 12,220 - Other 5,233 Subtotal 36,358 Total revenues 303,016 The following table presents revenue disaggregated by categories of customers: For the Year Ended December 31, 2018 E-commerce services - New home (a) 7,391 - Other 7,993 Subtotal 15,384 Marketing services - New home (a) 119,352 - Home furnishing and improvement 328 Subtotal 119,680 Listing services - Secondary and rental (b) 84,773 - Research (c) 28,748 - Other 13 Subtotal 113,534 Financial services 18,060 Value-added services 36,358 Total revenues 303,016 (a) New home business primarily consists of sales to residential property developers and their sales agents who are promoting newly developed properties for sale. (b) Secondary and rental business primarily consists of sales to real estate agents who are promoting secondary properties for sale or rental. (c) Research primarily consists of online and offline themed marketing campaigns provided to customers. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Short-Term Investment and Long-Term Investment | Short-term investments and long-term investments consisted of the following: As of December 31, 2017 2018 US$ US$ Short-term investments Trading securities 15,833 1,773 Fixed-rate time deposits 39,968 14,270 55,801 16,043 Long-term investments: Equity Investments with Readily Determinable Fair Values: - Color Life Service Company ("Color Life") 4,554 - - Hopefluent Company Holdings Limited ("Hopefluent") 47,729 30,733 - Shenzhen World Union Properties Consultancy Co., Ltd. ("World Union") 318,065 150,750 370,348 181,483 Equity Investments without Readily Determinable Fair Values: - Guilin Bank 38,817 47,664 - Xian Chuangdian Quancheng Real Estate Consultant Limited (“Chuangdian”) 3,498 3,330 - Tospur Real Estate Consulting Co., Ltd. ("Tospur") 58,301 55,507 -Foshan Nature Lvke Science - 729 100,616 107,230 Equity method investments - Chongqing Wanli New Energy Co., Ltd. (“Wanli”) - 84,520 470,964 373,233 |
Summary of Available-for-Sale Securities | The following is a summary of the available-for-sale securities as of December 31, 2017. Due to the adoption of ASU 2016-01, change in fair value of available-for-sale equity securities are recorded in change in fair value of securities in the consolidated financial statement of comprehensive income (loss). Original Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Net Carrying Amount) US$ US$ US$ US$ December 31, 2017 - Color Life 3,376 1,178 - 4,554 - Hopefluent 33,956 13,773 - 47,729 - World Union 121,393 196,672 - 318,065 158,725 211,623 - 370,348 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts receivable and the related allowance for doubtful accounts were summarized as follows: As of December 31, 2017 2018 US$ US$ Accounts receivable 98,011 94,226 Allowance for doubtful accounts (31,127 ) (33,276 ) Accounts receivable, net 66,884 60,950 |
Allowance for Doubtful Accounts | For the Years Ended December 31, 2016 2017 2018 US$ US$ US$ Movement in allowance for doubtful accounts: Balance at beginning of year 31,064 34,336 31,127 Additional provision charged to expenses 30,025 31,695 28,050 Write-offs (24,250 ) (38,351 ) (23,442 ) Foreign currency translation adjustments (2,473 ) 3,417 (2,459 ) Balance at end of year 34,366 31,127 33,276 |
PREPAYMENTS AND OTHER CURRENT_2
PREPAYMENTS AND OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAYMENTS AND OTHER CURRENT ASSETS | Prepayments and other current assets consisted of the following: As of December 31, 2017 2018 US$ US$ Prepaid expenses 5,845 5,999 Advance to employees 903 603 Receivable from a broker for exercise of employee stock options 808 65 Rental deposits and others 4,876 2,325 Interest receivable 2,902 3,801 Rent paid to original lessors for sublease services 5,590 346 Properties held for sale 5,429 9,906 Others 6,351 4,950 32,704 27,995 |
LOANS RECEIVABLE (Tables)
LOANS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Summary of loans receivable | A summary of the Company’s loans receivables is presented as follows: As of December 31, 2017 As of December 31, 2018 US$’000 US$’000 Personal loans 149,028 127,680 Total Loans receivable 149,028 127,680 Allowance for loan losses Individually assessed 574 546 Collectively assessed 4,342 3,283 Loans receivable, net 144,112 123,851 Current portion 129,438 117,602 Non-current portion 14,674 6,249 |
Financing Receivable Credit Quality Indicators | The following table summarizes the Company’s loan portfolio by credit quality indicator as of December 31, 2018 and 2017, respectively: Internal credit risk rating As of December 31, 2017 % As of December 31, 2018 % US$ US$ Pass 144,908 97.2 121,931 96.0 Special attention 763 0.5 1,383 1.0 Non-performing 3,357 2.3 4,366 3.0 Total 149,028 100 127,680 100 |
Past Due Financing Receivables | The following tables represent the aging of loans by portfolio segment as of December 31, 2017 and 2018, respectively: As of December 31,2018 90-179 days past due 180-365 days past due Over 1 year past due Total Current Total loans US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Personal loans 1,717 164 3,345 5,226 122,454 127,680 Total 1,717 164 3,345 5,226 122,454 127,680 As of December 31,2017 90-179 days past due 180-365 days past due Over 1 year past due Total Current Total loans US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Personal loans 245 180 3,445 3,870 145,158 149,028 Total 245 180 3,445 3,870 145,158 149,028 |
Allowance for Credit Losses on Financing Receivables | The following tables present the activity in the allowance for loan losses in loans receivable by loan portfolio as of and for the year ended December 31, 2017 and 2018, respectively: For the year ended December 31, 2018 Personal loans Beginning balance 4,916 Provision 2,776 Reversal (3,660 ) Foreign currency translation adjustments (203 ) Ending balance 3,829 Ending balance: individually evaluated for impairment 546 Ending balance: collectively evaluated for impairment 3,283 Loans Of which individually evaluated for impairment 546 Of which collectively evaluated for impairment 127,134 For the year ended December 31, 2017 Personal Beginning balance 3,736 Provision 1,180 Write offs - Ending balance 4,916 Ending balance: individually evaluated for impairment 574 Ending balance: collectively evaluated for impairment 4,342 Loans Of which individually evaluated for impairment 4,477 Of which collectively evaluated for impairment 144,551 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment | Property and equipment consisted of the following: As of December 31, 2017 2018 US$ US$ Buildings 576,467 701,413 Office equipment 24,892 21,358 Motor vehicles 1,408 1,427 Leasehold improvement 16,244 18,152 Land 50,731 50,731 Total 669,742 793,081 Less: Accumulated depreciation (78,187 ) (99,340 ) Construction in progress 30,590 34,571 622,145 728,312 |
Cost of construction in progress | The Company capitalized interest cost as a component of the cost of construction in progress as follows: As of December 31, 2017 2018 US$ US$ Interest cost capitalized 756 - Interest cost charged against income 16,153 21,174 Total interest cost incurred 16,909 21,174 |
DEPOSIT FOR NON-CURRENT ASSETS
DEPOSIT FOR NON-CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
DEPOSIT FOR NON-CURRENT ASSETS [Abstract] | |
Schedule of Deposit for Non-current Assets | Deposit for non-current assets consisted of the following: As of December 31, 2017 2018 US$ US$ Buildings 55,364 - Others 3,358 902 Total 58,722 902 |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, All Other Investments [Abstract] | |
Other Non-Current Assets | Other non-current assets consisted of the following: As of December 31, 2017 2018 US$ US$ Rental and other deposits 852 1,861 Rental deposits paid to lessors for sublease services 409 85 Others 765 2,612 2,026 4,558 |
SHORT-TERM AND LONG-TERM LOANS
SHORT-TERM AND LONG-TERM LOANS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Short-term and long-term loans consisted of the following: As of December 31, 2017 2018 US$ US$ Short-term loans 236,985 297,811 Long-term loans 114,109 123,215 |
ACCRUED EXPENSES AND OTHER LI_2
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consisted of the following: As of December 31, 2017 2018 US$ US$ Payroll and welfare benefit 19,152 14,265 Other taxes and surcharges payable (1 ) 38,669 40,676 Amounts payable to employees 2,794 2,269 Amounts payable to sales and marketing agents 46,529 38,304 Amounts due to foremen and suppliers of decoration services 3,693 2,562 Amounts due to Tianxiajin investors 357 860 Down payments collected on behalf of secondary home sellers 1,806 1,202 Cash incentives payable to home buyers (2 ) 12,018 5,893 Others 33,781 25,237 158,799 131,268 (1) Other taxes and surcharges payable consist of VAT, cultural construction fee (“CCF”), city construction tax (“CCT”) and withholding individual income tax (“IIT”). (2) Cash incentives payable to home buyers, are payable when home buyers successfully purchase new properties through the Company’s platform and successfully registers on the Company’s website. |
CUSTOMERS' REFUNDABLE FEES (Tab
CUSTOMERS' REFUNDABLE FEES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Roll-Forward of Customers' Refundable Fees | Roll-forward of customers’ refundable fees: As of December 31, 2017 2018 US$ US$ Balance at beginning of year 28,630 7,070 Cash received from customers during the year 69,148 20,512 Revenue recognized during the year (30,998 ) (13,563 ) Payments to sales and marketing agents during the year (36,836 ) (7,313 ) Refunds paid during the year (23,941 ) (2,128 ) Foreign currency translation adjustments 1,067 (602 ) Balance at end of year 7,070 3,976 |
CONVERTIBLE SENIOR NOTES (Table
CONVERTIBLE SENIOR NOTES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
CONVERTIBLE SENIOR NOTES [Abstract] | |
Schedule of debt conversions | The principal amount and unamortized discount and debt issuance costs as of December 31, 2017 and 2018 were as follows: As of December 31, 2017 2018 US$ US$ Principal amount 305,700 250,000 Unamortized (discount)/premium and debt issuance costs (8,635 ) 4,435 297,065 254,435 |
Schedule of aggregate future principal payments | As of December 31, 2018, aggregate future principal payments for long-term debt, including short-term and long-term US$ 2019 297,811 2020 14,363 2021 10,363 2022 260,363 2023 and thereafter 90,862 673,762 |
TAXATION (Tables)
TAXATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Before Income Taxes | Income (loss) before income taxes consisted of: For the Years Ended December 31, 2016 2017 2018 US$ US$ US$ PRC (136,773 ) 56,101 (89,670 ) Non-PRC (7,878 ) (12,995 ) (39,685 ) (144,651 ) 43,146 (129,355 ) |
Income Tax Expenses Benefits | Income tax expenses (benefits) comprised: For the Years Ended December 31, 2016 2017 2018 US$ US$ US$ Current tax expense 27,685 21,759 6,825 Deferred tax benefit (2,701 ) (317 ) (21,271 ) 24,984 21,442 (14,446 ) |
Reconciliation Between Income Tax Expense and Amount Computed by Applying Statutory Tax Rate | 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, 2016 2017 2018 US$ US$ US$ Income (loss) before income taxes (144,651 ) 43,146 (129,355 ) Income tax at applicable tax rate of 25% (36,163 ) 10,786 (32,339 ) Effect of international tax rate differences (598 ) 472 6,891 Non-deductible expenses 24,135 7,360 19,427 Non-taxable income - - (1,145 ) Effect of tax holidays or preferential tax rates (5,759 ) (12,001 ) (6,557 ) Effect of tax rate changes - (1,725 ) - Investment basis difference in the PRC Domestic Entities (2,757 ) 2,696 - Withholding tax - - 11,720 Research and development super-deduction - - (3,260 ) Changes in valuation allowance 30,856 8,849 (1,707 ) Expiration of loss carry forwards 101 Unrecognized tax benefits - (4,302 ) (8,881 ) Interest and penalties on unrecognized tax benefits 15,270 9,307 1,304 24,984 21,442 (14,446 ) |
Unrecognized Tax Benefits, Exclusive of Related Interest and Penalties | A roll-forward of unrecognized tax benefits, exclusive of related interest and penalties, was as follows: As of December 31, 2016 2017 2018 US$ US$ US$ Balance at beginning of year 70,296 78,933 79,436 Increase relating to prior year tax positions 5,070 4,192 577 Increase relating to current year tax positions 4,769 10,666 9,183 Decrease relating to reversal of prior years’ tax position - (14,102 ) (1,821 ) Decrease relating to expiration of applicable statute of limitations - (4,586 ) (9,220 ) Foreign currency translation adjustments (1,202 ) 4,333 (3,160 ) Balance at end of year 78,933 79,436 74,995 |
Aggregate Amount and Effect of Tax Holidays and Preferential Tax Rates | The aggregate amount and per share effect of tax holidays and preferential tax rates were as follows: For the Years Ended December 31, 2016 2017 2018 US$ US$ US$ The aggregate amount (5,759 ) (12,001 ) (6,557 ) The aggregate effect on basic and diluted earnings per share for Class A and Class B ordinary shares: -Basic 0.06 0.14 0.07 -Diluted 0.06 0.13 0.07 |
Components of Deferred Taxes | The components of deferred taxes were as follows: As of December 31, 2017 2018 US$ US$ Deferred tax assets Net operating losses 74,040 71,308 Impairment of loans receivable 274 933 Overcharged advertising and promotion fee 87 1,061 Fixed assets depreciation 49 208 Share based compensation 6,167 - Less: Valuation allowance (73,015 ) (71,308 ) Total deferred tax assets, net 7,602 2,202 Deferred tax liabilities Investment basis in the PRC entities (61,961 ) (72,088 ) BaoAn Acquisition – Property (13,309 ) (12,191 ) Investments (51,229 ) (13,160 ) Interest capitalization (142 ) (139 ) Deferred tax liabilities (126,641 ) (97,578 ) |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Equity Award Activity | A summary of the equity award activity under the 1999 Plan, 2010 Plan and 2015 Plan for the year ended December 31, 2018 was stated below: Options Granted to Employees and Directors Number of Shares Weighted- Average per Share Exercise Price Weighted- Average Grant-date Fair Value per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, December 31, 2017 7,241,667 11.93 5.51 5.01 US$ 136,242 Granted (new options) 518,175 4.77 5.33 - Granted (replacement options) 252,500 5.00 4.20 Forfeited (312,156 ) 21.17 8.55 - Expired (1,125,301 ) 11.27 5.22 - Exercised (288,331 ) 10.31 4.33 - Replaced (252,500 ) 5.00 3.75 Outstanding, December 31, 2018 6,034,054 10.92 4.57 4.50 US$ 5,919 Vested and expected to vest at December 31, 2018 6,034,054 10.92 4.57 4.50 US$ 5,919 Exercisable at December 31, 2018 5,160,774 9.55 3.97 3.98 US$ 5,919 |
Assumptions Used to Estimate Fair Value | The assumptions used to estimate the fair values of the share options granted were as follows: For the Years Ended December 31, 2018 Risk-free interest rate 2.19 2.54 % Dividend yield nil Expected volatility range 48.22% 49.24 % Weighted average expected life 0.01 5.50 Estimated forfeiture rate - Fair value of ordinary share US$ 6.00 27.90 |
Share - Based Compensation Expense | Total share-based compensation expense of share-based awards granted to employees and directors was as follows: For the Years Ended December 31, 2016 2017 2018 US$ US$ US$ Cost of revenues 443 364 506 Selling expenses 512 479 405 General and administrative expenses 5,597 6,375 13,171 6,552 7,218 14,082 |
Restricted Stock [Member] | |
Summary of Equity Award Activity | A summary of the restricted shares for the year ended December 31, 2018 was stated below: Restricted Shares Number of Weighted- Outstanding, December 31, 2017 1,604,768 17.55 Granted 19,500 25.05 Forfeited (201,439 ) 17.91 Vested (356,194 ) 17.55 Unvested, December 31, 2018 1,066,635 17.62 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | For the Years Ended December 31, 2016 2017 2018 US$ US$ US$ Office building leased from: -Vincent Tianquan Mo 154 159 162 Management fee incurred: -Beihai Silver Beach 421 501 523 Hotel service fee incurred: - Beihai Silver Beach 113 - - - Upsky San Francisco 17 - - - Upsky Long Island 81 - - Training fee incurred - New York Military Academy 111 - - |
Related Party Balances | As of December 31, 2017 2018 US$ US$ Amounts due from a related party: - Beihai Silver Beach 167 - As of December 31, 2017 2018 US$ US$ Amounts due to a related party: - Beihai Silver Beach - 19 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments under Non-Cancelable Operating Leases | As of December 31, 2018, the Company had future minimum lease payments under non-cancellable operating leases with initial terms in excess of one year as follows: US$ 2019 4,368 2020 2,198 2021 181 2022 18 2023 and thereafter 37 6,802 |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings 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, 2016 2017 2018 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 (125,531 ) (44,104 ) 15,736 5,971 (83,400 ) (31,511 ) Denominator: Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share 69,269,099 24,336,650 64,139,015 24,336,650 64,412,782 24,336,650 Denominator used for basic earnings (loss) per share 69,269,099 24,336,650 64,139,015 24,336,650 64,412,782 24,336,650 Earnings (loss) per share - basic (1.81 ) (1.81 ) 0.25 0.25 (1.29 ) (1.29 ) Earnings (loss) per share - diluted: Numerator: Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share (125,531 ) (44,104 ) 15,736 5,971 (83,400 ) (31,511 ) Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share-diluted after assumed conversion (125,531 ) (44,104 ) 15,736 5,971 (83,400 ) (31,511 ) Reallocation of net income (loss) attributable to ordinary shareholders as a result of conversion of Class B to Class A shares (44,104 ) - 5,971 - (31,511 ) - Net income (loss) attributable to ordinary shareholders (169,635 ) (44,104 ) 21,707 5,971 (114,911 ) (31,511 ) Denominator: Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share 69,269,099 24,336,650 64,139,015 24,336,650 64,412,782 24,336,650 Conversion of Class B to Class A ordinary shares 24,336,650 - 24,336,650 - 24,336,650 - Employee stock options - - 3,110,012 - - - Denominator used for diluted earnings (loss) per share 93,605,749 24,336,650 91,585,677 24,336,650 88,749,432 24,336,650 Earnings (loss) per share -diluted (1.81 ) (1.81 ) 0.24 0.24 (1.29 ) (1.29 ) |
PARENT COMPANY ONLY CONDENSED_2
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | As of December 31, 2017 2018 US$ US$ ASSETS Cash and cash equivalents 11,801 2,529 Prepayments and other current assets 1,485 98 Amounts due from subsidiaries 8,835 17,056 Total current assets 22,121 19,683 Non-current assets: Long-term investments 52,283 30,733 Investment in subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries 992,902 869,895 Restricted cash, non-current - 1,001 Total non-current assets 1,045,185 901,629 Total assets 1,067,306 921,312 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term loans - 26,808 Accrued expenses and other liabilities 3,850 Amounts due to subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries - 5,722 Convertible notes- current 5,700 - Total current liabilities 9,550 35,105 Non-current liabilities: Convertible senior notes 291,365 254,435 Long-term loans 26,808 37,266 Total non-current liabilities 318,173 291,701 Total liabilities 327,723 326,806 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, 71,425,120 and 72,069,645 9,204 9,286 Class B ordinary shares, par value HK$1.00 per share, 600,000,000 shares and 3,124 3,124 Additional paid-in capital 500,666 517,802 Accumulated other comprehensive income (loss) 137,630 (75,837 ) Retained earnings 225,574 276,746 Treasury stock (7,065,058 and 7,065,058 shares as of December 31, 2017 and 2018, respectively.) (136,615 ) (136,615 ) Total shareholders’ equity 739,583 594,506 Total liabilities and shareholders’ equity 1,067,306 921,312 |
Condensed Statements of Comprehensive Income | For the Years Ended December 31, 2016 2017 2018 US$ US$ US$ Revenues - - - Cost of revenues - - - Gross profit - - - General and administrative (expenses) income 3,610 (998 ) (9,348 ) Operating (loss) income 3,610 (998 ) (9,348 ) Equity in profits (losses) of subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries (167,967 ) 27,339 (85,190 ) Foreign exchange gain 832 211 7 Interest income 1,775 196 73 Interest expenses (17,807 ) (7,233 ) (7,700 ) Change in fair value of securities 10,583 2,736 (14,904 ) Investment income 1,571 2,221 2,151 Other-than-temporary impairment on available-for-sale securities (2,232 ) (2,768 ) - Income (loss) before income taxes (169,635 ) 21,704 (114,911 ) Income tax expenses - - - Net income (loss) (169,635 ) 21,704 (114,911 ) Other comprehensive income (loss), net of tax Foreign currency translation adjustments (60,732 ) 56,571 (46,648 ) Amounts reclassified from accumulated other comprehensive income (10,583 ) (2,736 ) (1,493 ) Unrealized gain on available-for-sale securities 7,326 14,575 1,493 Other comprehensive income recorded by subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries - 198,263 - Gain (loss) on intra- entity foreign transactions of long-term-investment nature (6,996 ) 1,872 (3,034 ) Other comprehensive income (loss), before tax (70,985 ) 268,545 (49,682 ) Income tax expense related to components of other comprehensive income - (49,566 ) - Other comprehensive income (loss), net of tax (70,985 ) 218,979 (49,682 ) Comprehensive income (loss) (240,620 ) 240,683 (164,593 ) |
Condensed Statements of Cash Flows | 2016 2017 2018 US$ US$ US$ Net cash provided by (used in) operating activities 117,398 (67,381 ) (3,302 ) Net cash provided by investing activities 11,575 13,931 8,272 Net cash used in financing activities (522,057 ) (31,179 ) (13,241 ) Net decrease in cash and cash equivalents (393,084 ) (22,271 ) (8,271 ) Cash and cash equivalents and restricted cash at beginning of year 427,156 34,072 11,801 Cash and cash equivalents and restricted cash at end of year 34,072 11,801 3,530 |
ORGANIZATION AND BASIS OF PRE_3
ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Details of Company's Subsidiaries, PRC Domestic Entities and PRC Domestic Entities' Subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Beijing SouFun Internet Information Service Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Dec. 17, 2003 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of marketing services and listing services |
SouFun Media Technology Beijing Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Nov. 28, 2002 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of technology and information consultancy services |
Beijing SouFun Network Technology Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Mar. 16, 2006 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of technology and information consultancy services |
Beijing SouFun Science and Technology Development Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Mar. 14, 2006 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of marketing services and listing services |
Beijing Century Jia Tian Xia Technology Development Co Ltd [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Dec. 21, 2006 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of marketing services and listing services |
Beijing Zhong Zhi Shi Zheng Information Technology Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Jun. 5, 2007 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of 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] | |
Operations Commenced Date | Nov. 15, 2010 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of 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] | |
Operations Commenced Date | Mar. 1, 2011 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of 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] | |
Operations Commenced Date | Sep. 10, 2011 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of 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] | |
Operations Commenced Date | Jul. 25, 2012 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of technology and information consultancy services |
Beijing Li Man Wan Jia Network Technology Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Jul. 25, 2012 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of technology and information consultancy services |
Shanghai Jia Biao Tang Real Estate Broking Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Jul. 7, 2005 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of real estate agency services, marketing services and listing services |
Beijing Zhong Zhi Xun Bo Information Technology Co. Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Jan. 6, 2012 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of technology and information consultancy services |
Tianjin Soufun Network Technology Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Mar. 8, 2012 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of technology and information consultancy services |
Hangzhou SouFun Network Technology Co., Ltd., [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Aug. 27, 2013 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of technology and information consultancy services |
Wuhan SouFun Yi Ran Ju Ke Real Estate Agents Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Dec. 13, 2013 |
Entity Incorporation, State Country Name | PRC |
Hangzhou Ji Ju Real Estate Agents Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Dec. 23, 2013 |
Entity Incorporation, State Country Name | PRC |
Fang Tian Xia Financial Information Service (Beijing) Ltd. (previously known as Beijing Tianxi a Dai Information service Co., Ltd.) [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Apr. 9, 2014 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of finance information services |
Chongqing Tian Xia Dai Microfinance Co Ltd [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Dec. 11, 2014 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of microfinance services |
Chongqing Fang Tian Xia Real Estate Broking Co., Ltd. ("Chongqing Fang Tian Xia") [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | May 27, 2015 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of real estate agency services |
Tianjin Fang Tian Xia Real Estate Broking Co., Ltd. ("Tianjin Fang Tian Xia") [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | May 21, 2015 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of real estate agency services |
Nanjing Cun Fang Real Estate Broking Co., Ltd. ("Nanjing Cun Fang") [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Apr. 30, 2015 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of real estate agency services |
Shenzhen Fang Tian Xia Real Estate Broking Co., Ltd. ("Shenzhen Fang Tian Xia") [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Apr. 13, 2015 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of real estate agency services |
Beijing Cun Fang Real Estate Broking Co., Ltd. ("Beijing Cun Fang") [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Apr. 7, 2015 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of real estate agency services |
Beijing Fang Chao Real Estate Broking Co., Ltd. ("Beijing Fang Chao") [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Mar. 6, 2015 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of real estate agency services |
Tianjin Jia Tian Xia Microfinance Co Ltd [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Dec. 5, 2014 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of microfinance services |
Beijing Fang Tian Xia HongAn Network Technology Ltd. (previously known as Beijing Fang Tian Xia Decorative Engineering Co., Ltd.) [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Oct. 15, 2014 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of decorative engineering services |
Beihai Tian Xia Dai Microfinance Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Sep. 12, 2014 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of microfinance services |
Shanghai Baoan Enterprise Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Mar. 31, 2013 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Lease, resale and management of property |
Shanghai BaoAn Hotel Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Mar. 31, 2013 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Operation and management of hotel, restaurant and other catering business |
Best Work Holdings New York LLC [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Mar. 14, 2011 |
Entity Incorporation, State Country Name | United States of America |
Equity Method Investment, Description of Principal Activities | Investment holding |
Shanghai SouFun Microfinance Co.,Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Jan. 19, 2015 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of Microfinance services |
Guangzhou Fang Tian Xia Real Estate Broking Co., Ltd. ("Guangzhou Fang Tian Xia") [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Mar. 9, 2015 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of real estate agency services |
Nanchang Cun Fang Real Estate Broking Co., Ltd. ("Nanchang Cun Fang") [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Jun. 3, 2015 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of real estate agency services |
Beijing Li Tian Rong Ze Yi Jia Technology Development Co., Ltd. ("Beijing Li Tian Rong Ze") [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Sep. 4, 2015 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of technology and information consultancy services |
Hong Kong Property Network Limited [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | May 19, 2011 |
Entity Incorporation, State Country Name | Hong Kong |
Equity Method Investment, Description of Principal Activities | Investment holding |
Shanghai SouFun Fang Tian Xia Broking Co., Ltd. ("Shanghai Fang Tian Xia") [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Apr. 16, 2015 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of real estate agency services |
Xinjiang Zhong Zhi Shu Ju Information Technology Co., Ltd. [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Aug. 10, 2017 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of technology and information consultancy services |
Best Fang Holdings LLC [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Aug. 30, 2017 |
Entity Incorporation, State Country Name | United States of America |
Equity Method Investment, Description of Principal Activities | Investment holding |
BBeijing Zhong Zhi Hong Yuan Data Information Technology Co Ltd Beijing Zhong Zhi Hong Yuan [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Jun. 11, 2018 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of technology and information consultancy services |
Tianjin Jia Tian Xia Network Technology Co Ltd Jia Tian Xia Network Technology [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Apr. 15, 2014 |
Entity Incorporation, State Country Name | PRC |
Equity Method Investment, Description of Principal Activities | Provision of technology and information consultancy services |
China Index Holdings Limited [Member] | |
Summary of Investment Holdings [Line Items] | |
Operations Commenced Date | Jul. 26, 2018 |
Entity Incorporation, State Country Name | Cayman |
Equity Method Investment, Description of Principal Activities | Investment holding |
ORGANIZATION AND BASIS OF PRE_4
ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Carrying Amounts of Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 195,108 | $ 228,276 |
Restricted cash, current | 245,474 | 223,002 |
Short-term investments | 16,043 | 55,801 |
Accounts receivable (net of allowance of US$13,691 and US$12,913 as of December 31, 2017 and 2018, respectively) | 60,950 | 66,884 |
Funds receivable | 5,474 | 6,264 |
Commitment deposits (net of allowance of US$206 and nil as of December 31, 2017 and 2018, respectively) | 191 | 5,876 |
Prepayments and other current assets | 27,995 | 32,704 |
Total current assets | 668,837 | 748,412 |
Assets, Noncurrent [Abstract] | ||
Property and equipment, net | 728,312 | 622,145 |
Land use rights | 33,153 | 35,728 |
Deferred tax assets, non-current | 2,202 | 7,602 |
Deposit for non-current assets | 902 | 58,722 |
Long-term investments | 373,233 | 470,964 |
Other non-current assets | 4,558 | 2,026 |
Total non-current assets | 1,155,599 | 1,251,843 |
Total assets | 1,824,436 | 2,000,255 |
Liabilities, Current [Abstract] | ||
Short-term loans | 297,811 | 236,985 |
Deferred revenue | 163,346 | 168,884 |
Accrued expenses and other liabilities | 131,268 | 158,799 |
Customer's refundable fees | 3,976 | 7,070 |
Income tax payable | 4,493 | 4,374 |
Total current liabilities | 600,913 | 581,812 |
Liabilities, Noncurrent [Abstract] | ||
Long-term loans | 673,762 | |
Other non-current liabilities | 153,095 | 146,053 |
Total non-current liabilities | 628,323 | 678,168 |
Total liabilities | 1,229,236 | 1,259,980 |
PRC Domestic Entities and the PRC Domestic Entities' subsidiaries [Member] | ||
Assets, Current [Abstract] | ||
Cash and cash equivalents | 34,004 | 50,948 |
Restricted cash, current | 214,876 | 223,002 |
Short-term investments | 5,586 | 19,838 |
Accounts receivable (net of allowance of US$13,691 and US$12,913 as of December 31, 2017 and 2018, respectively) | 25,910 | 22,119 |
Funds receivable | 5,124 | 2,824 |
Commitment deposits (net of allowance of US$206 and nil as of December 31, 2017 and 2018, respectively) | 191 | 5,876 |
Prepayments and other current assets | 25,384 | 16,856 |
Total current assets | 311,075 | 341,463 |
Assets, Noncurrent [Abstract] | ||
Property and equipment, net | 358,432 | 275,601 |
Land use rights | 32,428 | 34,951 |
Deferred tax assets, non-current | 2 | 2 |
Deposit for non-current assets | 95 | 41,428 |
Long-term investments | 291,808 | 433,894 |
Other non-current assets | 1,815 | 204 |
Total non-current assets | 684,580 | 786,080 |
Total assets | 995,655 | 1,127,543 |
Liabilities, Current [Abstract] | ||
Short-term loans | 76,267 | 59,820 |
Deferred revenue | 32,816 | 27,095 |
Accrued expenses and other liabilities | 36,266 | 54,516 |
Customer's refundable fees | 3,274 | 10,986 |
Income tax payable | 1,982 | 1,325 |
Intercompany payable to the non PRC Domestic Entities | 445,556 | 431,770 |
Total current liabilities | 596,161 | 585,512 |
Liabilities, Noncurrent [Abstract] | ||
Long-term loans | 44,891 | 55,958 |
Other non-current liabilities | 51,144 | 37,936 |
Deferred tax liabilities, non-current | 10,488 | 51,227 |
Total non-current liabilities | 106,523 | 145,121 |
Total liabilities | 702,684 | 730,633 |
Net Assets | $ 292,971 | $ 396,910 |
ORGANIZATION AND BASIS OF PRE_5
ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Carrying Amounts of Assets and Liabilities) (Details) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Allowance for Doubtful Accounts Receivable, Current | $ 33,276 | $ 31,127 | $ 34,336 | $ 31,064 |
Allowance for Doubtful Accounts Receivable | 0 | |||
PRC Domestic Entities and the PRC Domestic Entities' subsidiaries [Member] | ||||
Allowance for Doubtful Accounts Receivable, Current | $ 12,913 | 13,691 | ||
PRC Domestic Entities and the PRC Domestic Entities' subsidiaries [Member] | Commitment Deposits [Member] | ||||
Allowance for Doubtful Accounts Receivable | $ 206 |
ORGANIZATION AND BASIS OF PRE_6
ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Results of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||
Total revenues | $ 303,016 | $ 444,296 | $ 916,391 |
Net loss | (114,909) | 21,704 | (169,635) |
Domestic [Member] | |||
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||
Total revenues | 89,111 | 91,087 | 287,475 |
Net loss | $ (79,229) | $ (6,484) | $ (24,135) |
ORGANIZATION AND BASIS OF PRE_7
ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash generated from (used in) operating activities | $ 55,005 | $ 126,889 | $ 131,240 |
Net cash used in investing activities | (106,665) | (284,512) | (127,946) |
Net cash (used in) generated from financing activities | 34,700 | 71,969 | (347,334) |
Domestic [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash generated from (used in) operating activities | 26,241 | 122,327 | (790) |
Net cash used in investing activities | (9,851) | (99,946) | (3,763) |
Net cash (used in) generated from financing activities | $ (25,220) | $ 8,565 | $ 90,828 |
ORGANIZATION AND BASIS OF PRE_8
ORGANIZATION AND BASIS OF PRESENTATION (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Deposit Assets | $ 41,107 | |
Property, Plant and Equipment, Net | $ 728,312 | 622,145 |
Restricted Cash Equivalents, Current | 245,474 | 223,002 |
Accounts Receivable [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Loans Payable to Bank | 2,988 | |
Subsidiaries [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Deposit Assets | 214,876 | |
Property, Plant and Equipment, Net | 324,564 | |
Subsidiaries [Member] | Accounts Receivable [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Loans Payable to Bank | 2,988 | |
PRC Domestic Entities and the PRC Domestic Entities' subsidiaries [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Pledged Assets Separately Reported, Property Plant And Equiment Pledged as Collateral | 324,564 | |
Property, Plant and Equipment, Net | $ 358,432 | $ 275,601 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Estimated Useful Lives of Assets) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 3 years |
Office Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 5 years |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 5 years |
Vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 10 years |
Building [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 12 years |
Building [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 45 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | shorter of lease term or economic lives |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Assets Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Trading securities | $ 1,773 | $ 15,833 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Trading securities | 1,773 | 15,833 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 181,483 | 370,348 |
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 181,483 | 52,283 |
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 318,065 |
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Available-for-sale securities | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of New Accounting Pronouncements and Changes in Accounting Principles) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts receivable | $ 60,950 | $ 66,884 | |
Deferred revenue | (163,346) | ||
Accrued expenses and other liabilities | 131,268 | 158,799 | |
Other non-current liabilities | 153,095 | 146,053 | |
Revenue from Contract with Customer, Excluding Assessed Tax | 303,016 | ||
Cost of services | (58,570) | (174,599) | $ (687,184) |
Operating income | 39,803 | 42,192 | (151,446) |
Net loss | $ (114,909) | $ 21,704 | $ (169,635) |
Loss per share for Class A and Class B ordinary shares | |||
Basic and Diluted | $ (1,290) | ||
E-commerce services [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 15,384 | ||
Marketing services [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 119,680 | ||
Listing services [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 113,534 | ||
Financial services [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 18,060 | ||
Value-added services [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 36,358 | ||
Adjustments [Member] | |||
Accounts receivable | 379 | ||
Deferred revenue | (11,633) | ||
Accrued expenses and other liabilities | 9,701 | ||
Other non-current liabilities | 555 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 19,346 | ||
Cost of services | (18,117) | ||
Operating income | 1,229 | ||
Net loss | $ 1,229 | ||
Loss per share for Class A and Class B ordinary shares | |||
Basic and Diluted | $ 10 | ||
Adjustments [Member] | E-commerce services [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 928 | ||
Adjustments [Member] | Marketing services [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 8,740 | ||
Adjustments [Member] | Listing services [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,717 | ||
Adjustments [Member] | Financial services [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,068 | ||
Adjustments [Member] | Value-added services [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,893 | ||
Amounts without adoption of ASC 606 [Member] | |||
Accounts receivable | 61,329 | ||
Deferred revenue | (174,979) | ||
Accrued expenses and other liabilities | (121,567) | ||
Other non-current liabilities | (152,540) | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 322,362 | ||
Cost of services | (76,687) | ||
Operating income | 41,032 | ||
Net loss | $ (113,680) | ||
Loss per share for Class A and Class B ordinary shares | |||
Basic and Diluted | $ (1,280) | ||
Amounts without adoption of ASC 606 [Member] | E-commerce services [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 16,312 | ||
Amounts without adoption of ASC 606 [Member] | Marketing services [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 128,420 | ||
Amounts without adoption of ASC 606 [Member] | Listing services [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 119,251 | ||
Amounts without adoption of ASC 606 [Member] | Financial services [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 19,128 | ||
Amounts without adoption of ASC 606 [Member] | Value-added services [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 39,251 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Accounting Policies [Abstract] | |
2019 | $ 1,125 |
2020 | 97 |
2021 and thereafter | 0 |
Total | $ 1,222 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 12 Months Ended | |||||
Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2019USD ($) | Jan. 01, 2018USD ($) | |
Significant Accounting Policies [Line Items] | ||||||
Convertible Debt, Fair Value Disclosures | $ 199,172 | |||||
Business tax and surcharges | $ 33,320,000 | $ 68,007,000 | ||||
Advertising Expense | 7,110,000 | 16,869,000 | 61,762,000 | |||
Operating Leases, Rent Expense, Sublease Rentals | 6,402,000 | 15,085,000 | 31,929,000 | |||
Revenues | 303,016,000 | 444,296,000 | 916,391,000 | |||
Other than Temporary Impairment Losses, Investments | $ 0 | 2,768,000 | 2,232,000 | |||
Finite-Lived Intangible Assets, Amortization Method | straight-line basis | straight-line basis | ||||
Increase (Decrease) in Restricted Cash | 51,900,000 | 107,905,000 | ||||
Debt and Equity Securities, Unrealized Gain (Loss) | $ 163,785,000 | |||||
Impact of Restatement on Opening Retained Earnings, Net of Tax | $ 2,800,000 | |||||
Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Operating Lease, Right-of-Use Asset | $ 5,700,000 | |||||
Operating Lease, Liability | $ 5,700,000 | |||||
Grant [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,435,000 | 3,154,000 | 6,469,000 | |||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Impact of Restatement on Opening Retained Earnings, Net of Tax | 500,000 | |||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Impact of Restatement on Opening Retained Earnings, Net of Tax | $ 2,300,000 | |||||
Marketing Services [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Revenues | 1,361,000 | 728,000 | ||||
New Payment Arrangements One [Member] | Marketing Services [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Revenues | 0 | $ 9,730,000 | ||||
Valuation, Market Approach [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Convertible Debt, Fair Value Disclosures | $ 301,036,000 | |||||
Maximum [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Cash equivalents maturity period | 90 days | 90 days | ||||
Membership services fee | ¥ | ¥ 20,000 | |||||
Finite-Lived Intangible Asset, Useful Life | 50 years | 50 years | ||||
Maximum [Member] | Cash and Cash Equivalents [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Short term investments maturity period | 90 days | 90 days | ||||
Minimum [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Membership services fee | ¥ | ¥ 5,000 | |||||
Finite-Lived Intangible Asset, Useful Life | 40 years | 40 years |
CONCENTRATION OF RISKS (Narrati
CONCENTRATION OF RISKS (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Concentration Risk [Line Items] | ||
Cash and cash equivalents, restricted cash and short term investments | $ 463,615 | |
Equity Method Investment, Ownership Percentage | 9.96% | |
Internet Content Provision ("ICP") and Advertising Businesses [Member] | Maximum [Member] | ||
Concentration Risk [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Financial Institution [Member] | CHINA | ||
Concentration Risk [Line Items] | ||
Cash and cash equivalents, restricted cash and short term investment held percentage | 96.20% | |
Financial Institution [Member] | International [Member] | ||
Concentration Risk [Line Items] | ||
Cash and cash equivalents, restricted cash and short term investment held percentage | 3.80% |
REVENUE (Disaggregation of Reve
REVENUE (Disaggregation of Revenue) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 303,016 | |
E commerce services Fang membership services [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,752 | |
E commerce services Direct sales services [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,294 | |
E commerce services Sublease services [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,402 | |
E commerce services Other [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 936 | |
E Commerce [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 15,384 | |
Marketing Services [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 119,680 | |
Listing Services [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 113,534 | |
Listing services Basic listing services [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 84,482 | |
Listing services Special listing services [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 29,052 | |
Financial Services [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 18,060 | |
Value Added services Data services [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 18,905 | |
Value Added services Analytics services [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 12,220 | |
Value Added servicesOther [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,233 | |
Other value-added services [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 36,358 | |
E Commerce servicesNew home [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,391 | [1] |
Marketing services New home [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 119,352 | [1] |
Marketing servicesHome furnishing and improvement [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 328 | |
Listing servicesResearch [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 28,748 | [2] |
Listing servicesOther [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 13 | |
Listing servicesSecondary and rental [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 84,773 | [3] |
[1] | New home business primarily consists of sales to residential property developers and their sales agents who are promoting newly developed properties for sale. | |
[2] | Research primarily consists of online and offline themed marketing campaigns provided to customers. | |
[3] | Secondary and rental business primarily consists of sales to real estate agents who are promoting secondary properties for sale or rental. |
INVESTMENTS (Short-Term Investm
INVESTMENTS (Short-Term Investment and Long-Term Investment) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investment And Other Income [Line Items] | ||
Short-term investments | $ 16,043 | $ 55,801 |
Long-term investments | 373,233 | 470,964 |
Short-term Debt [Member] | ||
Investment And Other Income [Line Items] | ||
Short-term investments | 16,043 | 55,801 |
Fixed Rate Time Deposits [Member] | Short-term Debt [Member] | ||
Investment And Other Income [Line Items] | ||
Short-term investments | 14,270 | 39,968 |
Equity Securities [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 373,233 | 470,964 |
Trading Securities [Member] | Short-term Debt [Member] | ||
Investment And Other Income [Line Items] | ||
Short-term investments | 1,773 | 15,833 |
Fair Value Method Investments [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 181,483 | 370,348 |
Cost-method Investments [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 107,230 | 100,616 |
Tospur Real Estate Consulting Co Ltd [Member] | Cost-method Investments [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 55,507 | 58,301 |
Color Life Service Group [Member] | Fair Value Method Investments [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 0 | 4,554 |
Shenzhen World Union Properties Consultancy Co.,Ltd. [Member] | Fair Value Method Investments [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 150,750 | 318,065 |
Guilin Bank [Member] | Cost-method Investments [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 47,664 | 38,817 |
Xian Chuangdian Quancheng Real estate consultant limited [Member] | Cost-method Investments [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 3,330 | 3,498 |
Foshan Nature Lvke Science [Member] | Cost-method Investments [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 729 | 0 |
Hopefluent Company Holdings Limited [Member] | Fair Value Method Investments [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | 30,733 | 47,729 |
Chongqing Wanli New Energy Co Ltd [Member] | Equity Securities [Member] | ||
Investment And Other Income [Line Items] | ||
Long-term investments | $ 84,520 | $ 0 |
INVESTMENTS (Summary of Availab
INVESTMENTS (Summary of Available-for-Sale Securities) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Original Cost | $ 158,725 |
Gross Unrealized Gain | 211,623 |
Gross Unrealized losses | 0 |
Fair Value | 370,348 |
Color Life Service Group [Member] | Equity Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Original Cost | 3,376 |
Gross Unrealized Gain | 1,178 |
Gross Unrealized losses | 0 |
Fair Value | 4,554 |
Hopefluent Group Holdings Limited [Member] | Equity Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Original Cost | 33,956 |
Gross Unrealized Gain | 13,773 |
Gross Unrealized losses | 0 |
Fair Value | 47,729 |
World Union [Member] | Equity Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Original Cost | 121,393 |
Gross Unrealized Gain | 196,672 |
Gross Unrealized losses | 0 |
Fair Value | $ 318,065 |
INVESTMENTS (Narrative) (Detail
INVESTMENTS (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 12, 2016 | Jan. 21, 2016 | Dec. 10, 2014 | Jun. 27, 2014 | Jul. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2017 | Sep. 25, 2017 | Oct. 29, 2015 | May 29, 2015 | Nov. 30, 2014 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 10, 2018 | Apr. 08, 2016 |
Investment And Other Income [Line Items] | |||||||||||||||||
Interest income on fixed-rate time deposits and adjustable-rate investments | $ 10,302 | $ 11,322 | $ 11,367 | ||||||||||||||
Consideration for acquisition | $ 15,299 | ||||||||||||||||
Unrealized gain on available-for-sale security | 1,493 | 212,838 | 7,326 | ||||||||||||||
Investment Income, Net | 6,816 | 6,692 | 3,281 | ||||||||||||||
Total losses for securities with net losses in accumulated other comprehensive income (loss) | $ 0 | 0 | |||||||||||||||
Proceeds from Sale of Available-for-sale Securities | 595,363 | 13,931 | 13,074 | ||||||||||||||
Impairment loss | 0 | $ 2,768 | $ 2,232 | ||||||||||||||
Dividend received In Shares | 1,378,165 | 2,766,177 | |||||||||||||||
Other Comprehensive Income (Loss), Tax | 0 | $ 49,566 | $ 0 | ||||||||||||||
Equity Method Investment, Ownership Percentage | 9.96% | 9.96% | |||||||||||||||
Proceeds from Dividends Received | $ 113 | $ 96 | |||||||||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 60,980 | ||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 4.67% | 4.67% | |||||||||||||||
Wanli Prc Listed Company [Member] | |||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||
Consideration for acquisition | $ 11,667 | ||||||||||||||||
Percentage of ownership interest | 14.37% | 14.37% | |||||||||||||||
Gain Loss Equity Method Investee | $ 0.02 | ||||||||||||||||
Hopefluent Group Holdings Limited [Member] | |||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||
Proceeds from Dividends Received | $ 1,711 | 1,711 | |||||||||||||||
Shenzhen World Union Properties Consultancy Co.,Ltd. [Member] | |||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||
Dividend received In Shares | 7,343,006 | ||||||||||||||||
Investment Fair Value | $ 161,039 | 161,039 | |||||||||||||||
Proceeds from Dividends Received | $ 2,445 | $ 2,417 | |||||||||||||||
Shenzhen World Union Properties Consultancy Co.,Ltd. [Member] | Minimum [Member] | |||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||
Shares acquired during the period | 73,430,061 | ||||||||||||||||
Shenzhen World Union Properties Consultancy Co.,Ltd. [Member] | Maximum [Member] | |||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||
Shares acquired during the period | 80,773,067 | ||||||||||||||||
Sindeo, Inc. (the "Corporation") [Member] | |||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||
Consideration for acquisition | $ 5,000 | ||||||||||||||||
Percentage of ownership interest | 11.03% | ||||||||||||||||
Guilin Bank [Member] | |||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||
Shares acquired during the period | 30,595,859 | 42,834,202 | |||||||||||||||
Consideration for acquisition | $ 12,173 | $ 24,695 | |||||||||||||||
Percentage of ownership interest | 1.02% | 1.98% | 1.79% | 1.79% | 1.98% | ||||||||||||
Proceeds from Dividends Received | $ 1,402 | $ 1,308 | |||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 10,633 | ||||||||||||||||
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% | ||||||||||||||||
Proceeds from Dividends Received | 619 | 649 | |||||||||||||||
Chongqing Wanli New Energy Co Ltd [Member] | |||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||
Consideration for acquisition | $ 72,852 | ||||||||||||||||
Percentage of ownership interest | 10.00% | ||||||||||||||||
Equity Method Investments Acquired Compensated by Business Disposal | $ 29,141 | ||||||||||||||||
Equity Method Investments Consideration for Acquisition | $ 99,758 | ||||||||||||||||
Equity Securities [Member] | |||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||
Market price of acquired firm | 15,833 | ||||||||||||||||
Available-for-sale Securities, Gross Realized Gains | 518 | ||||||||||||||||
Proceeds from Sale of Available-for-sale Securities | $ 12,317 | 6,645 | |||||||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 2,110 | 2,091 | |||||||||||||||
Equity Securities [Member] | Color Life Service Group [Member] | |||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||
Unrealized loss | 16,996 | 3,735 | 3,097 | ||||||||||||||
Market price of acquired firm | 30,733 | 4,554 | 20,606 | ||||||||||||||
Total losses for securities with net losses in accumulated other comprehensive income (loss) | $ 0 | 0 | |||||||||||||||
Proceeds from Sale of Available-for-sale Securities | 11,705 | ||||||||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | $ 2,091 | ||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 20,705,000 | 6,846,733 | |||||||||||||||
Other Comprehensive Income (Loss), Tax | 2,110 | ||||||||||||||||
Equity Securities [Member] | Hopefluent Group Holdings Limited [Member] | |||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||
Unrealized gain on available-for-sale security | 18,309 | ||||||||||||||||
Market price of acquired firm | 47,729 | ||||||||||||||||
Total losses for securities with net losses in accumulated other comprehensive income (loss) | $ 0 | 0 | |||||||||||||||
Proceeds from Sale of Available-for-sale Securities | 1,614 | ||||||||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | $ 626 | ||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 3,164,000 | ||||||||||||||||
Other Comprehensive Income (Loss), Tax | 626 | ||||||||||||||||
Equity Securities [Member] | Shenzhen World Union Properties Consultancy Co.,Ltd. [Member] | |||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||
Total losses for securities with net losses in accumulated other comprehensive income (loss) | $ 0 | 0 | |||||||||||||||
Discount On Market Value Of Available Sale Of Securities | 198,264 | 198,264 | |||||||||||||||
Equity Securities [Member] | Shenzhen World Union Properties Consultancy Co.,Ltd. [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||
Assets, Fair Value Disclosure | 318,065 | $ 150,750 | $ 150,750 | 318,065 | |||||||||||||
Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||||||
Investment And Other Income [Line Items] | |||||||||||||||||
Assets, Fair Value Disclosure | $ 370,348 | $ 181,483 | $ 181,483 | $ 370,348 | |||||||||||||
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 | $ 306 | ||||||||||||||||
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 | $ 121,393 | ||||||||||||||||
Percentage of ownership interest | 10.06% |
ACCOUNTS RECEIVABLE (Schedule o
ACCOUNTS RECEIVABLE (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||||
Accounts receivable | $ 94,226 | $ 98,011 | ||
Allowance for doubtful accounts | (33,276) | (31,127) | $ (34,336) | $ (31,064) |
Accounts receivable, net | $ 60,950 | $ 66,884 |
ACCOUNTS RECEIVABLE (Schedule_2
ACCOUNTS RECEIVABLE (Schedule of Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Movement in allowance for doubtful accounts: | |||
Balance at beginning of year | $ 31,127 | $ 34,336 | $ 31,064 |
Additional provision charged to expenses | 28,050 | 31,695 | 30,025 |
Write-offs | (23,442) | (38,351) | (24,250) |
Foreign currency translation adjustments | (2,459) | 3,417 | (2,473) |
Balance at end of year | $ 33,276 | $ 31,127 | $ 34,336 |
ACCOUNTS RECEIVABLE (Narrative)
ACCOUNTS RECEIVABLE (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Allowance for Doubtful Accounts Receivable, Recoveries | $ 2,568 |
PREPAYMENTS AND OTHER CURRENT_3
PREPAYMENTS AND OTHER CURRENT ASSETS (Schedule of prepayments and other current assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 5,999 | $ 5,845 |
Advance to employees | 603 | 903 |
Receivable from a broker for exercise of employee stock options | 65 | 808 |
Rental deposits and others | 2,325 | 4,876 |
Interest Receivable | 3,801 | 2,902 |
Rent paid to original lessors for sublease services | 346 | 5,590 |
Properties held for sale | 9,906 | 5,429 |
Others | 4,950 | 6,351 |
Prepayments and other current assets | $ 27,995 | $ 32,704 |
LOANS RECEIVABLE (Summary of Gr
LOANS RECEIVABLE (Summary of Group's loans Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans receivable, net | $ 123,851 | $ 144,112 |
Current portion | 117,602 | 129,438 |
Non-current portion | 6,249 | 14,674 |
Consumer Portfolio Segment [Member] | ||
Total Loans receivable | 127,680 | 149,028 |
Individually assessed | 546 | 574 |
Collectively assessed | 3,283 | 4,342 |
Loans receivable, net | $ 127,680 | $ 149,028 |
LOANS RECEIVABLE (Loans Credit)
LOANS RECEIVABLE (Loans Credit) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | $ 123,851 | $ 144,112 |
Notes receivable, Percentage | 100.00% | 100.00% |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | $ 121,931 | $ 144,908 |
Notes receivable, Percentage | 96.00% | 97.20% |
Special attention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | $ 1,383 | $ 763 |
Notes receivable, Percentage | 1.00% | 0.50% |
Non-performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | $ 4,366 | $ 3,357 |
Notes receivable, Percentage | 3.00% | 2.30% |
LOANS RECEIVABLE (Loans Portfol
LOANS RECEIVABLE (Loans Portfolio Segment) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 5,226 | $ 3,870 |
Financing Receivable, Recorded Investment, Current | 122,454 | 145,158 |
Financing Receivable, Net | 123,851 | 144,112 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 5,226 | 3,870 |
Financing Receivable, Recorded Investment, Current | 122,454 | 145,158 |
Financing Receivable, Net | 127,680 | 149,028 |
Financing Receivables, 90 to 179 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,717 | 245 |
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 | 1,717 | 245 |
Financing Receivables, 180 to 365 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 164 | 180 |
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 | 164 | 180 |
Financing Receivables Equal To Over 1year Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 3,345 | 3,445 |
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 | $ 3,345 | $ 3,445 |
LOANS RECEIVABLE (Loans Receiva
LOANS RECEIVABLE (Loans Receivable Portfolio) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Foreign currency translation adjustments | $ (2,459) | $ 3,417 | $ (2,473) |
Personal [Member] | |||
Beginning balance | 4,916 | 3,736 | |
Provision | 2,776 | 1,180 | |
Reversal | (3,660) | ||
Foreign currency translation adjustments | (203) | ||
Write offs | 0 | ||
Ending balance | 3,829 | 4,916 | $ 3,736 |
Ending balance: individually evaluated for impairment | 546 | 574 | |
Ending balance: collectively evaluated for impairment | 3,283 | 4,342 | |
Loans Of which individually evaluated for impairment | 546 | 4,477 | |
Loans Of which collectively evaluated for impairment | $ 127,134 | $ 144,551 |
LOANS RECEIVABLE (Narrative) (D
LOANS RECEIVABLE (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | $ 0 | $ 5,749 | ||
Other Comprehensive Income (Loss) [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Loan and Lease Losses | 884 | 1,180 | $ 80 | |
Collateral Pledged [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 132,841 | $ 123,673 | ||
Uncollateralized [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | $ 16,187 | $ 4,007 | ||
Maximum [Member] | Collateral Pledged [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt Instrument, Term | 36 months | |||
Interest rate | 18.00% | 21.60% | ||
Maximum [Member] | Uncollateralized [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt Instrument, Term | 36 months | |||
Interest rate | 28.00% | 18.00% | ||
Minimum [Member] | Collateral Pledged [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt Instrument, Term | 3 months | |||
Interest rate | 7.80% | 6.00% | ||
Minimum [Member] | Uncollateralized [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt Instrument, Term | 1 month | |||
Interest rate | 1.00% | 5.40% |
PROPERTY AND EQUIPMENT, NET (Sc
PROPERTY AND EQUIPMENT, NET (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $ 793,081 | $ 669,742 |
Less: Accumulated depreciation | (99,340) | (78,187) |
Construction in progress | 34,571 | 30,590 |
Property plant and equipment Net | 728,312 | 622,145 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 701,413 | 576,467 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 21,358 | 24,892 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 1,427 | 1,408 |
Leasehold Improvement [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 18,152 | 16,244 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $ 50,731 | $ 50,731 |
PROPERTY AND EQUIPMENT, NET (_2
PROPERTY AND EQUIPMENT, NET (Schedule capitalized interest costs as a component of the cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Interest cost capitalized | $ 0 | $ 756 | |
Interest cost charged against income | 21,174 | 16,153 | $ 17,001 |
Total interest cost incurred | $ 21,174 | $ 16,909 |
PROPERTY AND EQUIPMENT, NET (Na
PROPERTY AND EQUIPMENT, NET (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expenses | $ 26,735 | $ 27,961 | $ 25,004 |
Debt Instrument, Collateral Amount | $ 18,403 | ||
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Collateral Amount | 406,738 | ||
Scenario One [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Buildings and Improvements, Gross | $ 14,796 |
DEPOSIT FOR NON-CURRENT ASSET_2
DEPOSIT FOR NON-CURRENT ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Non-refundable deposit | $ 902 | $ 58,722 |
Building [Member] | ||
Non-refundable deposit | 0 | 55,364 |
Others [Member] | ||
Non-refundable deposit | $ 902 | $ 3,358 |
DEPOSIT FOR NON-CURRENT ASSET_3
DEPOSIT FOR NON-CURRENT ASSETS (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deposit Assets | $ 41,107 | |
Debt Instrument, Collateral Amount | $ 18,403 | |
PRC in Changzhou, Jiangsu Province [Member] | ||
Interest free non-refundable deposits for buildings | $ 499 | |
PRC in wuhan [Member] | ||
Interest free non-refundable deposits for buildings | 41,107 | |
PRC in Prcin Chongqing Sichuan province [Member] | ||
Interest free non-refundable deposits for buildings | $ 13,758 |
OTHER NON-CURRENT ASSETS (Sched
OTHER NON-CURRENT ASSETS (Schedule of other non-current assets ) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investments, All Other Investments [Abstract] | ||
Rental and other deposits | $ 1,861 | $ 852 |
Rental deposits paid to lessors for sublease services | 85 | 409 |
Others | 2,612 | 765 |
Other non-current assets | $ 4,558 | $ 2,026 |
SHORT-TERM AND LONG-TERM LOAN_2
SHORT-TERM AND LONG-TERM LOANS (Schedule of Short-term and Long-term Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Short-term loans | $ 297,811 | $ 236,985 |
Long-term loans | $ 123,215 | $ 114,109 |
SHORT-TERM AND LONG-TERM LOAN_3
SHORT-TERM AND LONG-TERM LOANS (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Oct. 23, 2021 | Oct. 23, 2020 | Nov. 11, 2027 | Dec. 31, 2018 | May 21, 2027 | Sep. 22, 2026 | Dec. 31, 2017 | Nov. 04, 2015 | |
Debt Instrument [Line Items] | ||||||||
Bank deposit, serves as bank borrowing security, classified as current | $ 245,474,000 | $ 223,002,000 | ||||||
Long-term Debt | 673,762,000 | |||||||
Short-term Debt | $ 297,811,000 | 236,985,000 | ||||||
Debt Instrument, Collateral Amount | 18,403,000 | |||||||
Debt Instrument, Description of Variable Rate Basis | bear interest rates of three month LIBOR plus 2.8% | |||||||
Restricted Cash, Noncurrent | $ 6,990,000 | 39,982,000 | ||||||
Debt Instrument, Interest Rate, Basis for Effective Rate | bear interest rates of three month London Interbank Offered Rate (“LIBOR”) plus 1.25% (2017: 3-month LIBOR plus 1.25%). | |||||||
Debt Instrument, Face Amount | $ 40,000 | $ 1,000,000 | ||||||
Accounts Receivable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loans Payable to Bank | 2,988,000 | |||||||
Buildings and Land [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Collateral Amount | 43,230,000 | 237,055 | ||||||
Bank Borrowings One [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | 3,218,000 | 26,808,000 | ||||||
Repayments of Bank Debt | 31,353,000 | |||||||
Bank Borrowings One [Member] | Scenario, Forecast [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate Terms | bears interest rate of 4.1% for the first 3 years; thereafter the interest rate will be floating at Industrial and Commercial Bank of China (USA) NA Prime plus 1.0% | |||||||
Bank Borrowings Three [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loans Payable to Bank, Current | $ 70,640,000 | 83,771,000 | ||||||
Debt Instrument Interest Rate Stated Percentage | 4.90% | |||||||
Bank Borrowings Six [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Description of Variable Rate Basis | 2.35​​​​​​​% plus LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.35% | |||||||
Debt Instrument, Face Amount | $ 2,820 | |||||||
Denominated Bank Borrowing [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | 107,811,000 | 46,985,000 | ||||||
Short-term Debt | 190,000,000 | 190,000,000 | ||||||
Restricted Cash, Noncurrent | 5,989,000 | |||||||
CHINA | Buildings and Land [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Collateral Amount | 214,798,000 | |||||||
CHINA | Bank Borrowings Two [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loans Payable to Bank, Current | 26,808,000 | |||||||
Restricted Cash and Cash Equivalents, Noncurrent | 32,139,000 | |||||||
CHINA | Bank Borrowings Four [Member] | PRC in wuhan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loans Payable to Bank | 19,644,000 | |||||||
Debt Instrument Interest Rate Stated Percentage | 4.90% | |||||||
CHINA | Bank Borrowings Five [Member] | PRC in Chongqing [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Short-term Debt | 4,764,000 | |||||||
Loans Payable to Bank | $ 45,315,000 | |||||||
Debt Instrument Interest Rate Stated Percentage | 6.86% | |||||||
CHINA | Bank Borrowings Six [Member] | PRC in Chongqing [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loans Payable to Bank | $ 37,266,000 | |||||||
Mortgages [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loans Payable, Current | 11,429,000 | |||||||
Short-term Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Short-term Debt | $ 70,640,000 | $ 43,333,000 | ||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 3.64% | 2.32% | ||||||
Short-term Debt [Member] | CHINA | Bank Borrowings Four [Member] | PRC in wuhan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Short-term Debt | $ 2,381,000 | |||||||
Long-term Debt [Member] | Bank Borrowings Six [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loans Payable to Bank | 9,235,000 | |||||||
Long-term Debt [Member] | Bank Borrowings Six [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long Term Loan Repayable Percentage | 90.00% | 10.00% | ||||||
Long-term Debt [Member] | CHINA | Bank Borrowings Four [Member] | PRC in wuhan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loans Payable to Bank | 45,398,000 | |||||||
Long-term Debt [Member] | CHINA | Bank Borrowings Four [Member] | PRC in wuhan [Member] | Accounts Receivable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loans Payable to Bank | 2,988,000 | |||||||
Long-term Debt [Member] | CHINA | Bank Borrowings Five [Member] | PRC in Chongqing [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loans Payable to Bank | $ 94,077,000 | |||||||
Long-term Debt [Member] | Maturity on Demand [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loans Payable, Current | $ 31,904,000 |
ACCRUED EXPENSES AND OTHER LI_3
ACCRUED EXPENSES AND OTHER LIABILITIES (Schedule of Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |||
Payroll and welfare benefit | $ 14,265 | $ 19,152 | |
Other taxes and surcharges payable | [1] | 40,676 | 38,669 |
Amounts payable to employees | 2,269 | 2,794 | |
Amounts payable to sales and marketing agents | 38,304 | 46,529 | |
Amounts due to foremen and suppliers of decoration services | 2,562 | 3,693 | |
Amounts due to Tianxiajin investors | 860 | 357 | |
Down payments collected on behalf of secondary home sellers | 1,202 | 1,806 | |
Cash incentives payable to home buyers | [2] | 5,893 | 12,018 |
Others | 25,237 | 33,781 | |
Accrued expenses and other liabilities | $ 131,268 | $ 158,799 | |
[1] | Other taxes and surcharges payable consist of VAT, cultural construction fee (“CCF”), city construction tax (“CCT”) and withholding individual income tax (“IIT”). | ||
[2] | Cash incentives payable to home buyers, are payable when home buyers successfully purchase new properties through the Company’s platform and successfully registers on the Company’s website. |
CUSTOMERS' REFUNDABLE FEES (Sch
CUSTOMERS' REFUNDABLE FEES (Schedule of customers' refundable fees) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue Recognition [Abstract] | ||
Balance at beginning of year | $ 7,070 | $ 28,630 |
Cash received from customers during the year | 20,512 | 69,148 |
Revenue recognized during the year | (13,563) | (30,998) |
Payments to sales and marketing agents during the year | (7,313) | (36,836) |
Refunds paid during the year | (2,128) | (23,941) |
Foreign currency translation adjustments | (602) | 1,067 |
Balance at end of year | $ 3,976 | $ 7,070 |
CONVERTIBLE SENIOR NOTES (princ
CONVERTIBLE SENIOR NOTES (principal amount and unamortized discount and debt issuance costs) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
CONVERTIBLE SENIOR NOTES [Abstract] | ||
Principal amount | $ 250,000 | $ 305,700 |
Unamortized (discount)/premium and debt issuance costs | 4,435 | (8,635) |
Debt Issuance Costs, Net | $ 254,435 | $ 297,065 |
CONVERTIBLE SENIOR NOTES (Sched
CONVERTIBLE SENIOR NOTES (Schedule of future principal payments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Aggregate future principal payments for long-term debt, including short-term loans | |
2019 | $ 297,811 |
2020 | 14,363 |
2021 | 10,363 |
2022 | 260,363 |
2023 and thereafter | 90,862 |
Total | $ 673,762 |
CONVERTIBLE SENIOR NOTES (Narra
CONVERTIBLE SENIOR NOTES (Narrative) (Details) | Oct. 25, 2018USD ($) | Dec. 15, 2016USD ($) | Nov. 04, 2015USD ($)$ / sharesshares | Sep. 24, 2015USD ($)shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 24, 2016 | Dec. 31, 2018$ / shares | Dec. 31, 2017$ / shares | Dec. 04, 2013USD ($)$ / shares | Dec. 03, 2013$ / shares | Sep. 30, 2010$ / shares |
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | $ 1,000,000 | $ 40,000 | |||||||||||
Interest Expense, Debt | 21,174,000 | $ 16,153,000 | $ 17,001,000 | ||||||||||
Repayments of Convertible Debt | 44,560,000 | $ 0 | $ 394,300,000 | ||||||||||
Carlyle Group [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Minimum percentage of Company's total outstanding share capital to be owned by related party | 1.00% | ||||||||||||
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 | |||||||||||
Proceeds from Issuance of Common Stock | $ 246,770,000 | $ 100,000,000 | |||||||||||
Debt Instrument, Face Amount | $ 200,000,000 | $ 100,000,000 | |||||||||||
Debt Instrument, Maturity Date | Nov. 3, 2022 | Sep. 24, 2022 | |||||||||||
Total net proceeds from issuance of senior convertible notes | $ 446,059,000 | $ 199,645,000 | |||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 1 | $ 1 | $ 1 | ||||||||||
November 2022 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 35.83 | ||||||||||||
Repayments of Convertible Debt | $ 38,860,000 | ||||||||||||
November 2022 [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | 200,000,000 | ||||||||||||
November 2022 [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | 150,000,000 | ||||||||||||
2.00% Convertible Senior Notes due December 15, 2018 [Member] | Overallotment Option [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Proceeds from Issuance of Common Stock | 50,000,000 | ||||||||||||
2.00% Convertible Senior Notes due December 15, 2018 [Member] | Senior Notes Additional [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Proceeds from Issuance of Common Stock | $ 400,000,000 | ||||||||||||
December 2018 Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | $ 1,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | ||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 103.26 | $ 9.6839 | |||||||||||
Convertible senior notes, repurchase price percentage of principal amounts of notes | 98.60% | ||||||||||||
Total net proceeds from issuance of senior convertible notes | $ 390,455,000 | ||||||||||||
Repayments of Convertible Debt | $ 394,300,000 | ||||||||||||
Reclassification of convertible notes | $ 5,700,000 | ||||||||||||
September 2022 Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | $ 1,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 35.83 | ||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 27.9086 | 27.9086 | |||||||||||
Debt Related Commitment Fees and Debt Issuance Costs | $ 9,545,000 | ||||||||||||
November 2022 Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 35.83 | ||||||||||||
Beneficial conversion feature (BCF) recognized | $ 12,113,000 | ||||||||||||
Debt Instrument, Unamortized Discount | $ 12,113,000 | ||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 38 | ||||||||||||
Debt Related Commitment Fees and Debt Issuance Costs | $ 355,000 | ||||||||||||
November 2022 Notes [Member] | November 2022 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | $ 150,000,000 | ||||||||||||
New November 2022 Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ||||||||||||
Debt Related Commitment Fees and Debt Issuance Costs | $ 711,000 | ||||||||||||
December 2018 Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.86% | ||||||||||||
September 2022 Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.56% | ||||||||||||
November 2022 Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.46% | ||||||||||||
New November 2022 Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.69% |
SHAREHOLDERS' EQUITY (Narrative
SHAREHOLDERS' EQUITY (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Sep. 30, 2010$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2016shares | Dec. 31, 2018$ / shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2017$ / shares | |
Shareholders Equity [Line Items] | ||||||
Shares Authorized | 600,000,000 | |||||
Regulatory Restrictions on Payment of Dividends | 10 | |||||
Restricted net assets | $ | $ 885,152 | $ 983,333 | ||||
Treasury Stock, Value | $ | 136,615 | $ 136,615 | ||||
Treasury Stock [Member] | ||||||
Shareholders Equity [Line Items] | ||||||
Treasury Stock, Value | $ | $ 136,615 | |||||
Domestic [Member] | ||||||
Shareholders Equity [Line Items] | ||||||
Description of Other 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 | |||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 1 | $ 1 | $ 1 | |||
Common Stock, Shares, Outstanding | 65,004,587 | 64,360,062 | ||||
Common Class A [Member] | Common Stock [Member] | ||||||
Shareholders Equity [Line Items] | ||||||
Treasury Stock, Shares, Acquired | 7,065,058 | 7,065,058 | ||||
Common Class B [Member] | ||||||
Shareholders Equity [Line Items] | ||||||
Ordinary shares converted | 25,298,329 | |||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 1 | $ 1 | ||||
Ordinary shares, voting rights | 10 | |||||
Common Stock, Shares, Outstanding | 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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ (89,670) | $ 56,101 | $ (136,773) |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | (39,685) | (12,995) | (7,878) |
Income (loss) before income taxes and noncontrolling interests | $ (129,355) | $ 43,146 | $ (144,651) |
TAXATION (Schedule of Income Ta
TAXATION (Schedule of Income Tax Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Current tax expense | $ 6,825 | $ 21,759 | $ 27,685 |
Deferred tax benefit | (21,271) | (317) | (2,250) |
Income Tax Expense Benefit | $ (14,446) | $ 21,442 | $ 24,984 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Income (loss) before income taxes | $ (129,355) | $ 43,146 | $ (144,651) |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | (32,339) | 10,786 | (36,163) |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 6,891 | 472 | (598) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | 19,427 | 7,360 | 24,135 |
Non-taxable income | (1,145) | 0 | 0 |
Effect of tax holidays or preferential tax rates | (6,557) | (12,001) | (5,759) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 0 | (1,725) | 0 |
Investment basis difference in the PRC Domestic Entities | 0 | 2,696 | (2,757) |
Withholding tax | 11,720 | 0 | 0 |
Research and development super-deduction | (3,260) | 0 | 0 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (1,707) | 8,849 | 30,856 |
Expiration of loss carry forwards | 101 | ||
Unrecognized tax benefits | (8,881) | (4,302) | 0 |
Changes in interest and penalties on unrecognized tax benefits | 1,304 | 9,307 | 15,270 |
Effective Income Tax Reconciliation Adjustments Total, Total | $ (14,446) | $ 21,442 | $ 24,984 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $ 79,436 | $ 78,933 | $ 70,296 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 577 | 4,192 | 5,070 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 9,183 | 10,666 | 4,769 |
Decrease relating to reversal of prior years' tax position | (1,821) | (14,102) | 0 |
Decrease relating to expiration of applicable statute of limitations | (9,220) | (4,586) | 0 |
Foreign currency translation adjustments | (3,160) | 4,333 | (1,202) |
Balance at end of year | $ 74,995 | $ 79,436 | $ 78,933 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Holiday [Line Items] | |||
The aggregate amount | $ (6,557) | $ (12,001) | $ (5,759) |
Basic Earnings Per Share [Member] | |||
Income Tax Holiday [Line Items] | |||
Income Tax Holiday, Income Tax Benefits Per Share | $ 0.07 | $ 0.14 | $ 0.06 |
Diluted Earnings Per Share [Member] | |||
Income Tax Holiday [Line Items] | |||
Income Tax Holiday, Income Tax Benefits Per Share | $ 0.07 | $ 0.13 | $ 0.06 |
TAXATION (Schedule of Component
TAXATION (Schedule of Components of Deferred Taxes) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets | ||
Net operating losses | $ 71,308 | $ 74,040 |
Impairment of loans receivable | 933 | 274 |
Overcharged advertising and promotion fee | 1,061 | 87 |
Fixed assets depreciation | 208 | 49 |
Share based compensation | 0 | 6,167 |
Less: Valuation allowance | (71,308) | (73,015) |
Total deferred tax assets, net | 2,202 | 7,602 |
Deferred tax liabilities | ||
Investment basis in the PRC entities | (72,088) | (61,961) |
BaoAn Acquisition - Property | (12,191) | (13,309) |
Investments | (13,160) | (51,229) |
Interest capitalization | (139) | (142) |
Deferred tax liabilities | $ (97,578) | $ (126,641) |
TAXATION (Narrative) (Details)
TAXATION (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Apr. 30, 2009 | Apr. 14, 2008 | Dec. 31, 2018USD ($) | Dec. 31, 2018HKD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2012 | |
Income Tax [Line Items] | ||||||||
Unrecognized Tax benefits | $ 74,995,000 | $ 79,436,000 | $ 78,933,000 | $ 70,296,000 | ||||
Transitional enterprise income tax rate | 25.00% | 25.00% | ||||||
Preferential tax rate | 15.00% | 15.00% | 15.00% | |||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 72,608,000 | $ 77,561,000 | ||||||
Income Tax Examination, Penalties and Interest Expense | 1,304,000 | 9,593,000 | $ 15,270,000 | |||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 65,296,000 | 67,355,000 | ||||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 37,243,000 | |||||||
Deferred Tax Liabilities, Undistributed Foreign Earnings | 40,436,000 | 28,716,000 | ||||||
Deferred Tax Liabilities | 31,652,000 | $ 33,246,000 | ||||||
Temporary differences related to investment in subsidiaries | $ 72,088,000 | $ 61,961,000 | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 35.00% | |||||
Deferred Tax Assets, Net | $ 13,834,000 | |||||||
Deferred Tax Assets, Tax Credit Carryforwards | 238,577,000 | |||||||
Current Federal, State and Local, Tax Expense (Benefit) | $ 50 | $ 0 | ||||||
Applicable Enterprise Income Tax Rate | 12.50% | 12.50% | 12.50% | |||||
Accrued Expenses And Other Liabilities [Member] | ||||||||
Income Tax [Line Items] | ||||||||
Unrecognized Tax benefits | $ 137,904,000 | $ 144,915,000 | ||||||
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 | 319,483,000 | 338,695,000 | ||||||
Temporary differences related to investment in subsidiaries | $ 31,948,000 | $ 33,869,000 | ||||||
HONG KONG | ||||||||
Income Tax [Line Items] | ||||||||
Preferential tax rate | 16.50% | |||||||
CHINA | ||||||||
Income Tax [Line Items] | ||||||||
Preferential tax rate | 15.00% | |||||||
Inland Revenue, Hong Kong [Member] | ||||||||
Income Tax [Line Items] | ||||||||
Preferential tax rate | 8.25% | 8.25% | ||||||
Income Taxes Amount of Profits Subject to Half of Current Tax Rate | $ 2 | |||||||
Latest Tax Year [Member] | ||||||||
Income Tax [Line Items] | ||||||||
Operating loss carry forwards expiration date | 2023 | |||||||
Earliest Tax Year [Member] | ||||||||
Income Tax [Line Items] | ||||||||
Operating loss carry forwards expiration date | 2019 | |||||||
Enterprise Income Tax Law [Member] | ||||||||
Income Tax [Line Items] | ||||||||
Transitional enterprise income tax rate | 25.00% | 25.00% | ||||||
Statutory Tax Rate | 15.00% | |||||||
Reduced enterprise income tax rate | 15.00% | |||||||
SouFun Media ,Beijing Zhongzhi, SouFun Network, Beijing Technology and Beijing JTX Technology [Member] | ||||||||
Income Tax [Line Items] | ||||||||
Preferential tax rate | 15.00% |
SHARE-BASED PAYMENTS - (Summary
SHARE-BASED PAYMENTS - (Summary of Equity Award Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Aug. 29, 2017 | Dec. 31, 2018 | Dec. 30, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Granted (replacement options) | 252,500 | 252,500 | ||
Replaced | 1,377,730 | (252,500) | ||
Weighted Average Exercise Price | ||||
Outstanding, December 31, 2017 | $ 17.55 | $ 17.55 | ||
Granted (replacement option) | 5 | |||
Expired | 17.55 | |||
Replaced | 5 | |||
Outstanding, December 31, 2018 | 17.62 | $ 17.55 | ||
Weighted Average Grant Date Fair Value | ||||
Granted (replacement option) | 4.20 | |||
Replaced | $ 3.75 | |||
Employees and Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding, December 31, 2016 | 6,034,054 | 6,034,054 | 7,241,667 | |
Granted (new options) | 518,175 | |||
Forfeited | (312,156) | |||
Expired | (1,125,301) | |||
Exercised | (288,331) | |||
Vested and expected to vest at December 31, 2017 | 6,034,054 | |||
Exercisable at December 31, 2017 | 5,160,774 | |||
Weighted Average Exercise Price | ||||
Outstanding, December 31, 2017 | $ 10.92 | $ 10.92 | $ 11.93 | |
Granted (new option) | 4.77 | |||
Forfeited | 21.17 | |||
Expired | 11.27 | |||
Exercised | 10.31 | |||
Outstanding, December 31, 2018 | 10.92 | |||
Vested and expected to vest at December 31, 2017 | 10.92 | |||
Exercisable at December 31, 2016 | 9.55 | |||
Weighted Average Grant Date Fair Value | ||||
Outstanding, December 31, 2016 | 5.51 | $ 5.51 | ||
Granted (new option) | 5.33 | |||
Forfeited | 8.55 | |||
Expired | 5.22 | |||
Exercised | 4.33 | |||
Outstanding Ending Balance | 4.57 | $ 5.51 | ||
Vested and expected to vest at December 31, 2017 | 4.57 | |||
Exercisable at December 31, 2017 | $ 3.97 | |||
Weighted Average Remaining Contractual Term | ||||
Outstanding Beginning Balance | 5 years 3 days | |||
Outstanding Ending Balance | 4 years 6 months | |||
Vested and expected to vest at December 31, 2016 | 4 years 6 months | |||
Exercisable at December 31, 2016 | 3 years 11 months 23 days | |||
Aggregated Intrinsic Value | ||||
Outstanding Beginning Balance | $ 136,242 | $ 136,242 | ||
Outstanding Ending Balance | 5,919 | $ 136,242 | ||
Vested and expected to vest at December 31, 2016 | 5,919 | |||
Exercisable at December 31, 2016 | $ 5,919 |
SHARE-BASED PAYMENTS - (Summa_2
SHARE-BASED PAYMENTS - (Summary Of Restricted Shares Granted) (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Granted | 518,175 |
Outstanding, December 31, 2017 | $ / shares | $ 17.55 |
Granted | $ / shares | 25.05 |
Forfeited | $ / shares | 17.91 |
Expired | $ / shares | 17.55 |
Outstanding, December 31, 2018 | $ / shares | $ 17.62 |
Restricted Stock [Member] | |
Unvested, December 31, 2017 | 1,604,768 |
Granted | 19,500 |
Forfeited | (201,439) |
Expired | (356,194) |
Unvested, December 31, 2018 | 1,066,635 |
SHARE-BASED PAYMENTS - (Schedul
SHARE-BASED PAYMENTS - (Schedule of Assumptions Used to Estimate Fair Value) (Details) | 12 Months Ended |
Dec. 31, 2018$ / shares | |
Assumptions Used To Determine Fair Value Options [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 6 months |
Minimum [Member] | |
Assumptions Used To Determine Fair Value Options [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.19% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 48.22% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 days |
Fair value of ordinary share | $ 6 |
Maximum [Member] | |
Assumptions Used To Determine Fair Value Options [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.54% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 49.24% |
Fair value of ordinary share | $ 27.90 |
SHARE-BASED PAYMENTS - (Sched_2
SHARE-BASED PAYMENTS - (Schedule of Share - Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share-based Compensation Expense | $ 14,082 | $ 7,218 | $ 6,552 |
Cost of Sales [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share-based Compensation Expense | 506 | 364 | 443 |
Selling and Marketing Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share-based Compensation Expense | 405 | 479 | 512 |
General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share-based Compensation Expense | $ 13,171 | $ 6,375 | $ 5,597 |
SHARE-BASED PAYMENTS - (Narrati
SHARE-BASED PAYMENTS - (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 04, 2015 | Aug. 04, 2010 | Aug. 29, 2017 | Sep. 01, 1999 | Dec. 31, 2018 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 2 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 3,979 | $ 2,953 | $ 10,011 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months 10 days | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 4,447 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award,Options, Replaced in Period, Gross | 1,377,730 | (252,500) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award,Replacement Options, Grants in Period, Gross | 252,500 | 252,500 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award,Replacement Options, Grants in Period,Weighted Average Exercise Price | $ 5 | |||||||
Incremental Share Based Compensation | $ 12,537 | $ 2,764 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 518,175 | |||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 8 months 1 day | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 9,527 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award,Replacement Options, Grants in Period, Gross | 1,224,694 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 19,500 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 4,119 | |||||||
Employee Stock Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award,Replacement Options, Grants in Period, Gross | 153,036 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award,Replacement Options, Grants in Period,Weighted Average Exercise Price | $ 18.1 | |||||||
Employee Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||
Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of Shares Issuable to Director and Employees | 1.50% | |||||||
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% | |||||||
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 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award,Options, Replaced in Period, Gross | 252,500 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Dec. 31, 2018 | |||||||
Stock Plan 1999 [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 15 years | |||||||
Stock Plan 1999 [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||
Stock Related Award Incentive Plan Of 2015 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 7,447 | |||||||
Two Thousand Eighteen Replacement Awards [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Incremental Share Based Compensation | $ 619 |
RELATED PARTY TRANSACTIONS (Sum
RELATED PARTY TRANSACTIONS (Summary of Related Parties Transaction by Related Party) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Vincent Tianquan Mo [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Description of Transaction | Executive chairman of the board of directors and chief executive officer |
Richard Jiangong Dai [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Description of Transaction | Director of the board up until February 25, 2016 |
Wall Street Global Training Center [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Description of Transaction | A company under the control of Vincent Tianquan Mo and two other independent directors |
Beihai Silver Beach [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Description of Transaction | A company under the control of Vincent Tianquan Mo |
Che Tian Xia Company [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Description of Transaction | A company under the control of Vincent Tianquan Mo and Richard Jiangong Dai |
Guangxi Wharton [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Description of Transaction | A company under the control of Vincent Tianquan Mo |
Research Center [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Description of Transaction | A company under the control of Vincent Tianquan Mo |
Upsky Long Island [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Description of Transaction | A company under the control of Vincent Tianquan Mo |
Upsky San Francisco [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Description of Transaction | A company under the control of Vincent Tianquan Mo |
Upsky Lighthouse Hotel [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Description of Transaction | A company under the control of Vincent Tianquan Mo |
Nanning Xuyin Business [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Description of Transaction | A company under the control of Vincent Tianquan Mo |
New York Military Academy [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Description of Transaction | 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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Office Building Lease | $ 162 | $ 159 | $ 154 |
Training Fee [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 0 | |
Vincent Tianquan Mo [Member] | |||
Related Party Transaction [Line Items] | |||
Office Building Lease | 162 | 159 | 154 |
Beihai Silver Beach [Member] | Management Services [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 523 | 501 | 421 |
Beihai Silver Beach [Member] | Hotel Operating Costs [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 0 | 113 |
Upsky San Francisco [Member] | Hotel Operating Costs [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 0 | 17 |
Upsky Long Island [Member] | Hotel Operating Costs [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 0 | 81 |
New York Military Academy [Member] | Training Fee [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0 | $ 0 | $ 111 |
RELATED PARTY TRANSACTIONS (S_2
RELATED PARTY TRANSACTIONS (Schedule of Amounts Due to Related Party) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Amounts due to a related party | $ 19 | $ 0 |
Beihai Silver Beach [Member] | ||
Related Party Transaction [Line Items] | ||
Amounts due from a related party | 0 | 167 |
Amounts due to a related party | $ 19 | $ 0 |
RELATED PARTY TRANSACTIONS - (N
RELATED PARTY TRANSACTIONS - (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Mar. 01, 2012 | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015shares | Dec. 31, 2012ft² | |
Transactions With Third Party [Line Items] | ||||||
Free rental space | ft² | 220 | |||||
Office Building Lease | $ 162 | $ 159 | $ 154 | |||
Tianquan Vincent Mo [Member] | ||||||
Transactions With Third Party [Line Items] | ||||||
Lease period | 10 years | |||||
Beihai Silver Beach [Member] | Management Services [Member] | ||||||
Transactions With Third Party [Line Items] | ||||||
Related Party Transaction, Expenses from Transactions with Related Party | 523 | 501 | 421 | |||
Beihai Silver Beach [Member] | Hotel Operating Costs [Member] | ||||||
Transactions With Third Party [Line Items] | ||||||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 0 | 113 | |||
Upsky San Francisco [Member] | Hotel Operating Costs [Member] | ||||||
Transactions With Third Party [Line Items] | ||||||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 0 | 17 | |||
Upsky Long Island [Member] | Hotel Operating Costs [Member] | ||||||
Transactions With Third Party [Line Items] | ||||||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 0 | 81 | |||
Nanning Xuyin [Member] | ||||||
Transactions With Third Party [Line Items] | ||||||
Number Of Shares Transferred | shares | 30,595,859 | |||||
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 | |||||
Training service fee [Member] | ||||||
Transactions With Third Party [Line Items] | ||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0 | $ 0 | $ 111,000 |
EMPLOYEE DEFINED CONTRIBUTION_2
EMPLOYEE DEFINED CONTRIBUTION PLAN (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | |||
Defined Contribution Plan, Cost | $ 20,093 | $ 21,583 | $ 79,676 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Schedule of Future Minimum Lease Payments under Non Cancelable Operating Leases) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 | $ 4,368 |
2020 | 2,198 |
2021 | 181 |
2022 | 18 |
2023 and thereafter | 37 |
Operating Leases, Future Minimum Payments Due, Total | $ 6,802 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) $ in Thousands, ¥ in Millions | 1 Months Ended | 12 Months Ended | |||
May 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Operating Leases, Rent Expense, Net | $ 9,678 | $ 27,832 | $ 66,330 | ||
Unrecognized Tax benefits | 74,995 | $ 79,436 | $ 78,933 | $ 70,296 | |
Long-term Purchase Commitment, Amount | 10,665 | ||||
Litigation Case One [Member] | |||||
Loss Contingency, Damages Sought, Value | ¥ | ¥ 99.9 | ||||
Litigation Case Two [Member] | |||||
Loss Contingency, Damages Sought, Value | ¥ | 300 | ||||
Litigation Case Three [Member] | |||||
Loss Contingency, Damages Sought, Value | ¥ | ¥ 500 | ||||
Accrued Expenses And Other Liabilities [Member] | |||||
Unrecognized Tax benefits | $ 137,904 |
SEGMENT REPORTING (Narrative) (
SEGMENT REPORTING (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
United States [Member] | Land and Building [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-Lived Assets | $ 112,713 | $ 104,327 |
EARNINGS (LOSS) PER SHARE (Sche
EARNINGS (LOSS) PER SHARE (Schedule of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Denominator: | |||
Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share | 88,749,432 | 88,475,665 | 93,605,749 |
Earnings (loss) per share - basic | $ (1.29) | $ 0.25 | $ (1.81) |
Numerator: | |||
Net income (loss) attributable to ordinary shareholders | $ (114,909) | $ 21,704 | $ (169,635) |
Denominator: | |||
Denominator used for diluted earnings (loss) per share | 88,749,432 | 91,585,677 | 93,605,749 |
Earnings (loss) per share -diluted | $ (1.29) | $ 0.24 | $ (1.81) |
Common Class A [Member] | |||
Numerator: | |||
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share-basic | $ (83,400) | $ 15,736 | $ (125,531) |
Denominator: | |||
Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share | 64,412,782,000 | 64,139,015,000 | 69,269,099,000 |
Denominator used for basic earnings (loss) per share | 64,412,782,000 | 64,139,015,000 | 69,269,099,000 |
Earnings (loss) per share - basic | $ (1.29) | $ 0.25 | $ (1.81) |
Numerator: | |||
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share | $ (83,400) | $ 15,736 | $ (125,531) |
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share-diluted after assumed conversion | (83,400) | 15,736 | (125,531) |
Reallocation of net income (loss) attributable to ordinary shareholders as a result of conversion of Class B to Class A shares | (31,511) | 5,971 | (44,104) |
Net income (loss) attributable to ordinary shareholders | $ (114,911) | $ 21,707 | $ (169,635) |
Denominator: | |||
Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share | $ 64,412,782 | $ 64,139,015 | $ 69,269,099 |
Conversion of Class B to Class A ordinary shares | 24,336,650,000 | 24,336,650,000 | 24,336,650,000 |
Employee stock options | 0 | 3,110,012,000 | 0 |
Denominator used for diluted earnings (loss) per share | 88,749,432,000 | 91,585,677,000 | 93,605,749,000 |
Earnings (loss) per share -diluted | $ (1.29) | $ 0.24 | $ (1.81) |
Common Class B [Member] | |||
Numerator: | |||
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share-basic | $ (31,511) | $ 5,971 | $ (44,104) |
Denominator: | |||
Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share | 24,336,650,000 | 24,336,650,000 | 24,336,650,000 |
Denominator used for basic earnings (loss) per share | 24,336,650,000 | 24,336,650,000 | 24,336,650,000 |
Earnings (loss) per share - basic | $ (1.29) | $ 0.25 | $ (1.81) |
Numerator: | |||
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share | $ (31,511) | $ 5,971 | $ (44,104) |
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share-diluted after assumed conversion | (31,511) | 5,971 | (44,104) |
Reallocation of net income (loss) attributable to ordinary shareholders as a result of conversion of Class B to Class A shares | 0 | 0 | 0 |
Net income (loss) attributable to ordinary shareholders | $ (31,511) | $ 5,971 | $ (44,104) |
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 |
Conversion of Class B to Class A ordinary shares | 0 | 0 | 0 |
Employee stock options | 0 | 0 | 0 |
Denominator used for diluted earnings (loss) per share | 24,336,650,000 | 24,336,650,000 | 24,336,650,000 |
Earnings (loss) per share -diluted | $ (1.29) | $ 0.24 | $ (1.81) |
EARNINGS (LOSS) PER SHARE (Narr
EARNINGS (LOSS) PER SHARE (Narrative) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 17.62 | $ 17.55 | |
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,961,570 | 5,763,088 | |
December 2018 Notes One [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 290,534 | 4,153,642 | |
Debt Instrument, Convertible, Conversion Price | $ 19.62 | $ 19.62 | |
September 2022 Notes One [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,790,860 | 2,790,860 | 2,790,860 |
Debt Instrument, Convertible, Conversion Price | $ 7.166 | $ 7.166 | |
November 2022 Notes One [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,186,290 | 5,581,720 | 5,581,720 |
Debt Instrument, Convertible, Conversion Price | $ 7.166 | $ 7.166 | |
Stock Compensation Plan [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,034,054 | ||
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,066,635 | ||
Maximum [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 30 | ||
Minimum [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 1.95 |
PARENT COMPANY ONLY CONDENSED_3
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (CONDENSED BALANCE SHEETS) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 195,108 | $ 228,276 |
Prepayments and other current assets | 27,995 | 32,704 |
Total current assets | 668,837 | 748,412 |
Non-current assets: | ||
Long-term investments | 373,233 | 470,964 |
Restricted cash, non-current | 6,990 | 39,982 |
Total non-current assets | 1,155,599 | 1,251,843 |
Total assets | 1,824,436 | 2,000,255 |
Current liabilities: | ||
Convertible notes- current | 0 | 5,700 |
Short-term loans | 297,811 | 236,985 |
Accrued expenses and other liabilities | 131,268 | 158,799 |
Total current liabilities | 600,913 | 581,812 |
Non-current liabilities: | ||
Convertible senior notes | 254,435 | 291,365 |
Total non-current liabilities | 628,323 | 678,168 |
Total liabilities | 1,229,236 | 1,259,980 |
Commitments and contingencies | 0 | 0 |
Shareholders equity: | ||
Additional paid-in capital | 517,802 | 500,666 |
Accumulated other comprehensive income (loss) | (75,837) | 137,630 |
Retained earnings | 276,746 | 225,574 |
Treasury stock | (136,615) | (136,615) |
Total shareholders' equity | 594,506 | 739,583 |
Total liabilities and shareholders' equity | 1,824,436 | 2,000,255 |
Common Class A [Member] | ||
Shareholders equity: | ||
Ordinary Shares, Value | 9,286 | 9,204 |
Common Class B [Member] | ||
Shareholders equity: | ||
Ordinary Shares, Value | 3,124 | 3,124 |
Parent Company [Member] | ||
Current assets: | ||
Cash and cash equivalents | 2,529 | 11,801 |
Prepayments and other current assets | 98 | 1,485 |
Amounts due from subsidiaries | 17,056 | 8,835 |
Total current assets | 19,683 | 22,121 |
Non-current assets: | ||
Long-term investments | 52,283 | 30,733 |
Investment in subsidiaries, PRC Domestic Entities and PRC Domestic Entities' subsidiaries | 992,902 | 869,895 |
Restricted cash, non-current | 0 | 1,001 |
Total non-current assets | 901,629 | 1,045,185 |
Total assets | 921,312 | 1,067,306 |
Current liabilities: | ||
Convertible notes- current | 0 | 5,700 |
Short-term loans | 26,808 | 0 |
Accrued expenses and other liabilities | 2,575 | 3,850 |
Amounts due to subsidiaries, PRC Domestic Entities and PRC Domestic Entities' subsidiaries | 5,722 | 0 |
Total current liabilities | 35,105 | 9,550 |
Non-current liabilities: | ||
Convertible senior notes | 254,435 | 291,365 |
Long-term loans | 37,266 | 26,808 |
Total non-current liabilities | 291,701 | 318,173 |
Total liabilities | 326,806 | 327,723 |
Commitments and contingencies | 0 | 0 |
Shareholders equity: | ||
Additional paid-in capital | 517,802 | 500,666 |
Accumulated other comprehensive income (loss) | (75,837) | 137,630 |
Retained earnings | 276,746 | 225,574 |
Treasury stock | (136,615) | (136,615) |
Total shareholders' equity | 594,506 | 739,583 |
Total liabilities and shareholders' equity | 921,312 | 1,067,306 |
Parent Company [Member] | Common Class A [Member] | ||
Shareholders equity: | ||
Ordinary Shares, Value | 9,286 | 9,204 |
Parent Company [Member] | Common Class B [Member] | ||
Shareholders equity: | ||
Ordinary Shares, Value | $ 3,124 | $ 3,124 |
PARENT COMPANY ONLY CONDENSED_4
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (CONDENSED BALANCE SHEETS) (Details) (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2010 |
Treasury Stock, Shares | 7,065,058 | 7,065,058 | ||
Parent Company [Member] | ||||
Treasury Stock, Shares | 7,065,058 | (7,065,058) | ||
Common Class A [Member] | ||||
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 | $ 1 | |
Common Stock, Shares Authorized | 600,000,000 | 600,000,000 | ||
Ordinary Shares, Shares issued | 72,069,645 | 71,425,120 | ||
Common Stock, Shares, Outstanding | 65,004,587 | 64,360,062 | ||
Common Class A [Member] | Parent [Member] | ||||
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 | ||
Common Stock, Shares Authorized | 600,000,000 | 600,000,000 | ||
Ordinary Shares, Shares issued | 71,425,120 | 72,069,645 | ||
Common Stock, Shares, Outstanding | 64,360,062 | 65,004,587 | ||
Common Class B [Member] | ||||
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 | ||
Common Stock, Shares Authorized | 600,000,000 | 600,000,000 | ||
Ordinary Shares, Shares issued | 24,336,650 | 24,336,650 | ||
Common Stock, Shares, Outstanding | 24,336,650 | 24,336,650 | ||
Common Class B [Member] | Parent [Member] | ||||
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 | ||
Common Stock, Shares Authorized | 600,000,000 | 600,000,000 | ||
Ordinary Shares, Shares issued | 24,336,650 | 24,336,650 | ||
Common Stock, Shares, Outstanding | 24,336,650 | 24,336,650 |
PARENT COMPANY ONLY CONDENSED_5
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | $ 303,016 | $ 444,296 | $ 916,391 |
Gross profit | 244,446 | 269,697 | 229,207 |
General and administrative (expenses) income | (138,386) | (135,688) | (151,251) |
Operating (loss) income | 39,803 | 42,192 | (151,446) |
Foreign exchange gain | (598) | 15 | (1,882) |
Interest income | 10,302 | 11,322 | 11,367 |
Interest expenses | (21,174) | (16,153) | (20,791) |
Change in fair value of securities | 1,493 | 2,736 | 10,583 |
Investment income | 6,816 | 6,692 | 3,281 |
Income (loss) before income taxes | (129,355) | 43,146 | (144,651) |
Income tax expenses | 14,446 | (21,442) | (24,984) |
Net income (loss) | (114,909) | 21,704 | (169,635) |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | (46,648) | 56,571 | (60,732) |
Amounts reclassified from accumulated other comprehensive income | 1,493 | 2,736 | 10,583 |
Unrealized gain on available-for-sale securities | 1,493 | 163,272 | 7,326 |
Other comprehensive income recorded by subsidiaries, PRC Domestic Entities and PRC Domestic Entities' subsidiaries | 198,263 | 0 | |
Gain (loss) on intra- entity foreign transactions of long-term-investment nature | (3,034) | 1,872 | (6,996) |
Other Comprehensive Income (Loss), before Tax | (49,682) | 268,545 | (70,985) |
Income tax expense related to components of other comprehensive income | 0 | (49,566) | 0 |
Other comprehensive income (loss), net of tax | (49,682) | 218,979 | (70,985) |
Comprehensive income (loss) | (164,591) | 240,683 | (240,620) |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | 0 | 0 | 0 |
Cost of revenues | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 |
General and administrative (expenses) income | (9,348) | (998) | 3,610 |
Operating (loss) income | (9,348) | (998) | 3,610 |
Equity in profits (losses) of subsidiaries, PRC Domestic Entities and PRC Domestic Entities' subsidiaries | (85,190) | 27,339 | (167,967) |
Foreign exchange gain | 7 | 211 | 832 |
Interest income | 73 | 196 | 1,775 |
Interest expenses | (7,700) | (7,233) | (17,807) |
Change in fair value of securities | (14,904) | 2,736 | 10,583 |
Investment income | 2,151 | 2,221 | 1,571 |
Other-than-temporary impairment on available-for-sale securities | 0 | (2,768) | (2,232) |
Income (loss) before income taxes | (114,911) | 21,704 | (169,635) |
Income tax expenses | 0 | 0 | 0 |
Net income (loss) | (114,911) | 21,704 | (169,635) |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | (46,648) | 56,571 | (60,732) |
Amounts reclassified from accumulated other comprehensive income | (1,493) | (2,736) | (10,583) |
Unrealized gain on available-for-sale securities | 1,493 | 14,575 | 7,326 |
Other comprehensive income recorded by subsidiaries, PRC Domestic Entities and PRC Domestic Entities' subsidiaries | 0 | ||
Gain (loss) on intra- entity foreign transactions of long-term-investment nature | (3,034) | 1,872 | (6,996) |
Other Comprehensive Income (Loss), before Tax | (49,682) | 268,545 | (70,985) |
Income tax expense related to components of other comprehensive income | 0 | (49,566) | 0 |
Other comprehensive income (loss), net of tax | (49,682) | ||
Comprehensive income (loss) | $ (164,593) | $ 240,683 | $ (240,620) |
PARENT COMPANY ONLY CONDENSED_6
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (CONDENSED STATEMENTS OF CASH FLOWS) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | $ 55,005 | $ 126,889 | $ 131,240 |
Net cash provided by investing activities | (106,665) | (284,512) | (127,946) |
Net cash used in financing activities | 34,700 | 71,969 | (347,334) |
Cash, cash equivalents and restricted cash at beginning of year | 491,260 | 547,612 | 921,100 |
Cash, cash equivalents and restricted cash at end of year | 447,572 | 491,260 | 547,612 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | (3,302) | (67,381) | 117,398 |
Net cash provided by investing activities | 8,272 | 13,931 | 11,575 |
Net cash used in financing activities | (13,241) | (31,179) | (522,057) |
Net decrease in cash and cash equivalents | (8,271) | (22,271) | (393,084) |
Cash, cash equivalents and restricted cash at beginning of year | 11,801 | 34,072 | 427,156 |
Cash, cash equivalents and restricted cash at end of year | $ 3,530 | $ 11,801 | $ 34,072 |