Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document and Entity Information [Abstract] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Registrant Name | Xinyuan Real Estate Co., Ltd. |
Entity Common Stock, Shares Outstanding | 119,805,636 |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Interactive Data Current | No |
Entity Voluntary Filers | No |
Entity Central Index Key | 0001398453 |
Entity Current Reporting Status | Yes |
Amendment Flag | false |
Trading Symbol | XIN |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 662,606,063 | $ 674,141,554 |
Restricted cash | 326,980,363 | 511,874,925 |
Short-term investments | 5,595,625 | 8,442,063 |
Accounts receivable | 97,911,510 | 64,129,969 |
Other receivables | 287,300,176 | 166,632,745 |
Deposits for land use rights | 26,375,391 | 42,254,342 |
Other deposits and prepayments | 277,463,137 | 257,287,874 |
Advances to suppliers | 44,357,799 | 46,983,182 |
Real estate properties development completed | 458,204,518 | 632,359,691 |
Real estate properties under development (including real estate properties under development of the consolidated variable interest entities ("VIEs") to be used only to settle obligations of the VIEs of US$166,327,833 and nil as of December 31, 2018 and December 31, 2019, respectively | 3,254,387,749 | 4,068,716,308 |
Amounts due from related parties | 200,757,623 | 216,184,205 |
Amounts due from employees | 2,350,852 | 1,694,416 |
Other current assets | 772,303 | 520,391 |
Total current assets | 5,645,063,109 | 6,691,221,665 |
Restricted cash, non-current | 112,998,481 | 0 |
Real estate properties held for lease, net | 515,868,908 | 302,764,217 |
Deposits for land use rights and properties | 32,969,258 | 21,855,694 |
Property and equipment, net | 43,004,379 | 38,114,483 |
Long-term investment | 613,619,925 | 564,340,219 |
Deferred tax assets | 260,153,439 | 230,452,674 |
Amounts due from related parties | 82,687,026 | 26,122,186 |
Contract assets | 23,093,235 | 21,779,221 |
Operating lease right-of-use assets | 11,801,491 | 0 |
Other assets | 80,405,182 | 137,062,313 |
TOTAL ASSETS | 7,421,664,433 | 8,033,712,672 |
Current liabilities | ||
Accounts payable and notes payable (including accounts payable and notes payable of the VIEs without recourse to the primary beneficiary of US$2,489,669 and US$431,883 as of December 31, 2018 and December 31, 2019, respectively | 1,166,659,841 | 790,631,410 |
Short-term bank loans and other debt | 73,419,108 | 43,711,388 |
Customer deposits | 1,106,098,647 | 1,921,851,255 |
Income tax payable | 298,227,606 | 213,272,832 |
Other payables and accrued liabilities (including other payables and accrued liabilities of the VIEs without recourse to the primary beneficiary of US$3,767,049 and US$854,814 as of December 31, 2018 and December 31, 2019, respectively | 323,163,994 | 341,107,500 |
Payroll and welfare payable (including payroll and welfare payable of the VIEs without recourse to the primary beneficiary of US$2,263,756 and US$772,009 as of December 31, 2018 and December 31, 2019, respectively | 24,223,625 | 33,752,390 |
Current portion of long-term bank loans and other debt | 1,418,955,459 | 1,647,918,456 |
Lease liability, current portion | 11,283,724 | 6,562,425 |
Mandatorily redeemable non-controlling interests | 8,857,212 | 22,558,686 |
Amounts due to related parties | 53,682,296 | 48,502,441 |
Total current liabilities | 4,484,571,512 | 5,069,868,783 |
Long-term bank loans | 686,064,696 | 720,038,940 |
Deferred tax liabilities | 338,592,787 | 370,508,807 |
Unrecognized tax benefits | 73,605,084 | 45,939,234 |
Other long-term debt | 1,036,690,627 | 1,040,455,200 |
Lease liability | 10,187,705 | 10,014,791 |
Amounts due to related parties | 31,241,768 | |
Total liabilities | 6,629,712,411 | 7,288,067,523 |
Commitments and contingencies | ||
Shareholders' equity | ||
Authorized500,000,000 shares, issued and outstanding- 107,875,468 shares for 2019 (2018: 119,805,636 shares) | 16,410 | 16,399 |
Treasury shares | (113,719,964) | (87,639,088) |
Additional paid-in capital | 543,290,577 | 532,117,479 |
Statutory reserves | 175,008,459 | 166,495,744 |
Retained earnings | 135,873,163 | 99,502,126 |
Accumulated other comprehensive loss | (50,167,006) | (30,122,179) |
Total Xinyuan Real Estate Co., Ltd. shareholders' equity | 690,301,639 | 680,370,481 |
Non-controlling interest | 101,650,383 | 65,274,668 |
Total equity | 791,952,022 | 745,645,149 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 7,421,664,433 | $ 8,033,712,672 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Real estate properties under development | $ 3,254,387,749 | $ 4,068,716,308 |
Accounts payable and notes payable | 1,166,659,841 | 790,631,410 |
Other payables and accrued liabilities | 323,163,994 | 341,107,500 |
Payroll and welfare payables | $ 24,223,625 | $ 33,752,390 |
Common stock, par value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 107,875,468 | 119,805,636 |
Common stock, shares outstanding | 107,875,468 | 119,805,636 |
Consolidated VIEs without recourse to the primary beneficiary | ||
Accounts payable and notes payable | $ 431,883 | $ 2,489,669 |
Other payables and accrued liabilities | 854,814 | 3,767,049 |
Payroll and welfare payables | 772,009 | 2,263,756 |
VIEs and VIEs without recourse to the primary beneficiary | ||
Real estate properties under development | $ 0 | $ 166,327,833 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue: | |||
Revenue | $ 2,466,504,041 | $ 2,207,966,313 | |
Lease Income | 16,128,771 | 9,584,972 | $ 8,732,799 |
Total revenue | 2,482,632,812 | 2,217,551,285 | 1,976,907,231 |
Cost of revenue: | |||
Total cost of revenue | (1,922,323,191) | (1,602,072,983) | (1,517,279,018) |
Gross profit | 560,309,621 | 615,478,302 | 459,628,213 |
Selling and distribution expenses | (86,760,620) | (83,591,651) | (75,723,717) |
General and administrative expenses | (163,686,999) | (156,456,170) | (136,844,741) |
Operating income | 309,862,002 | 375,430,481 | 247,059,755 |
Interest income | 51,493,595 | 31,225,694 | 16,859,086 |
Interest expense | (113,775,360) | (99,245,696) | (66,153,440) |
Net loss on debt extinguishment | (8,580,510) | (21,443,949) | (15,879,702) |
Gain/ (loss) on short-term investments | 1,451,200 | (2,256,890) | 9,969,966 |
Share of loss in equity investee | (5,416,471) | (9,374,451) | (1,710,070) |
Exchange gains | (7,376,009) | (25,677,654) | 756,926 |
Other income | 5,848,727 | 1,741,732 | 2,326,010 |
Income/(loss) before income taxes | 233,507,174 | 250,399,267 | 193,228,531 |
Income taxes | (150,478,372) | (144,447,247) | (113,117,126) |
Net income | 83,028,802 | 105,952,020 | 80,111,405 |
Net income attributable to non-controlling interest | (14,684,275) | (32,917,471) | (16,483,854) |
Net income attributable to Xinyuan Real Estate Co., Ltd. shareholders | $ 68,344,527 | $ 73,034,549 | $ 63,627,551 |
Earnings per share: | |||
Basic | $ 0.60 | $ 0.57 | $ 0.49 |
Diluted | $ 0.60 | $ 0.57 | $ 0.48 |
Shares used in computation: | |||
Basic | 113,482,239 | 127,129,478 | 128,704,610 |
Diluted | 114,100,896 | 129,140,830 | 131,605,869 |
Other comprehensive income/(loss), net of tax of nil | |||
Foreign currency translation adjustments | $ (21,079,940) | $ (59,759,616) | $ 66,062,603 |
Comprehensive income | 61,948,862 | 46,192,404 | 146,174,008 |
Comprehensive income attributable to non-controlling interest | (13,649,162) | (32,505,770) | (18,637,833) |
Comprehensive income attributable to shareholders | 48,299,700 | 13,686,634 | 127,536,175 |
Real Estate Sales [Member] | |||
Revenue: | |||
Revenue | 2,387,031,568 | 2,139,370,792 | 1,924,560,806 |
Cost of revenue: | |||
Total cost of revenue | (1,851,819,293) | (1,543,974,061) | (1,474,067,213) |
Real estate management services income [Member] | |||
Revenue: | |||
Revenue | 67,488,169 | 63,447,420 | 41,738,319 |
Cost of revenue: | |||
Total cost of revenue | (40,889,231) | (44,619,783) | (31,646,448) |
Other revenue [Member] | |||
Revenue: | |||
Revenue | 11,984,304 | 5,148,101 | 1,875,307 |
Cost of revenue: | |||
Total cost of revenue | (16,857,416) | (4,130,523) | (559,235) |
Real estate lease income [Member] | |||
Revenue: | |||
Lease Income | 16,128,771 | 9,584,972 | 8,732,799 |
Cost of revenue: | |||
Total cost of revenue | $ (12,757,251) | $ (9,348,616) | $ (11,006,122) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 83,028,802 | $ 105,952,020 | $ 80,111,405 |
Adjustments to reconcile net income to net cash (used in)/provided by operating activities: | |||
Depreciation and amortization | 17,584,443 | 15,132,875 | 13,727,526 |
Stock-based compensation expenses | 5,621,588 | 3,382,628 | 4,894,478 |
Deferred tax benefit | (54,775,461) | (60,602,166) | (35,587,912) |
Amortization of deferred charges | 7,725,283 | 12,182,821 | 6,049,202 |
Share of loss of equity investees | 5,416,471 | 9,374,451 | 1,710,070 |
Exchange (gain)/loss | 7,376,009 | 25,677,654 | (756,926) |
Changes in unrecognized tax benefit | 27,665,850 | 14,707,858 | 10,737,387 |
Loss on extinguishment of debt (Note 12) | 8,580,510 | 21,443,949 | 15,879,702 |
(Gain)/loss on short-term investments | (1,451,200) | 2,256,890 | (9,969,966) |
Proceeds from disposal of short-term investments | 12,897,025 | 77,788,586 | 178,849,628 |
Purchase of short-term investments | (2,955,227) | (26,673,525) | (186,062,974) |
Gain from re-measurement of previously held interest upon acquisition (Note 9) | 0 | (4,384,563) | 0 |
Allowance for doubtful accounts | 982,936 | 3,016,234 | 7,067,288 |
Others | 1,661,626 | 1,985,331 | 1,327,529 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (37,591,293) | 36,940,910 | (63,691,438) |
Real estate properties development completed | (61,364,418) | 232,507,523 | (355,551,919) |
Real estate properties under development | 914,886,994 | (67,338,946) | 151,787,433 |
Contract assets | (1,684,741) | (6,420,339) | 0 |
Real estate properties held for lease | (151,516,852) | (47,051,796) | (111,952,749) |
Advances to suppliers | 1,455,322 | (8,205,641) | (7,335,343) |
Other receivables | (81,286,710) | (118,383,454) | (47,195,272) |
Deposits for land use rights | 3,400,084 | (452,147,524) | (180,359,751) |
Other deposits and prepayments | (23,464,588) | (13,203,444) | 275,227,746 |
Other current assets | (606,623) | 4,174,280 | (2,783,559) |
Amounts due from related parties | (118,854,682) | (104,487,109) | (128,319,422) |
Amounts due from employees | (318,601) | 389,697 | (1,465,840) |
Other assets | 3,414,909 | (94,969,524) | (16,415,381) |
Accounts payable | 392,316,329 | 127,227,761 | 131,546,280 |
Customer deposits | (747,887,702) | 264,194,597 | 269,509,197 |
Income tax payable | 89,454,632 | 88,808,505 | 40,872,077 |
Other payables and accrued liabilities | (18,090,325) | (73,276,156) | 91,455,504 |
Payroll and welfare payable | (9,363,632) | 7,097,694 | 6,408,972 |
Net cash (used in) /provided by operating activities | 272,256,758 | (22,901,923) | 139,712,972 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Disposal of properties held for lease and property and equipment | 1,111,556 | 330,773 | 425,850 |
Purchase of property and equipment | (5,510,126) | (9,132,946) | (5,565,513) |
Acquisition of subsidiaries, net of cash acquired (Note 9) | 827,011 | 11,761,992 | |
Acquisition of long-term investment | (50,546,390) | (127,031,797) | (822,029,106) |
Return of capital | 11,087,850 | 158,634,902 | |
Net cash (used in)/provided by investing activities | (43,030,099) | 34,562,924 | (827,168,769) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from exercise of stock options | 166,480 | 1,390,666 | 6,111,912 |
Repurchase of shares for Restricted Stock Unit ("RSU") plan | (2,920,216) | (7,768,139) | |
Purchase of treasury shares (Note 19) | (26,080,876) | (19,846,720) | (14,058,280) |
Dividends to shareholders | (19,647,356) | (25,739,147) | (26,090,734) |
Amounts due to related parties | (25,024,684) | (79,846,860) | 82,725,874 |
Repayments of short-term bank loans and current portion of long-term bank loans | (388,922,839) | (201,583,103) | (51,330,241) |
Proceeds from short-term bank loans and current portion of long-term bank loans | 84,837,579 | 310,137,935 | 256,681,062 |
Repayment of long-term bank loans | (9,156,553) | (65,519,223) | (14,780,892) |
Proceeds from long-term bank loans | 255,750,791 | 337,961,266 | 10,659,297 |
Repayment of other short-term debt | (1,216,629,289) | (943,033,901) | (516,320,358) |
Proceeds from other short-term debt | 125,131,566 | 407,755,830 | 884,488,867 |
Repayment of other long-term debt | (233,164,117) | (218,895,920) | (236,322,138) |
Proceeds from other long-term debt | 1,170,084,599 | 339,551,378 | 788,220,956 |
Payment of financing cost | (4,304,339) | (16,574,059) | (36,254,595) |
Payment of principal from finance lease | (6,135,547) | (7,521,441) | (4,196,345) |
Repayment of mandatorily redeemable non-controlling interests | (15,394,847) | (2,447,140) | (12,954,007) |
Proceeds from mandatorily redeemable non-controlling interests | 1,905,049 | 8,720,772 | 14,210,916 |
Contributions from (distributions to) non-controlling interests, net | 31,031,810 | (6,323,476) | 23,687,327 |
Net cash provided by/(used in) financing activities | (278,472,789) | (189,581,282) | 1,154,478,621 |
NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (49,246,130) | (177,920,281) | 467,022,824 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (34,185,442) | (97,290,417) | 87,460,916 |
Cash, cash equivalents and restricted cash, at beginning of year | 1,186,016,479 | 1,461,227,177 | 906,743,437 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF YEAR | 1,102,584,907 | 1,186,016,479 | 1,461,227,177 |
SUPPLEMENTARY INFORMATION ON CASH FLOWS | |||
Cash and cash equivalents | 662,606,063 | 674,141,554 | 894,551,480 |
Restricted cash | 439,978,844 | 511,874,925 | 566,675,697 |
Incomes taxes paid | 130,853,782 | 147,809,372 | 112,460,711 |
Interest paid | 293,543,976 | 284,624,926 | 223,541,763 |
NON-CASH ACTIVITIES | |||
Non-controlling interest arising from asset acquisitions | 5,193,097 | ||
Purchase consideration payables | 75,565,148 | $ 70,460,343 | |
Debt extinguishment costs included in other payables and accrued liabilities | 5,612,697 | $ 13,761,966 | |
Settlement of due from related parties as a result of business combination | 48,761,943 | ||
Initial recognition of leases | $ 11,278,234 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) | Parent [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Statutory Reserves [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income / (Loss) (Note 23) | Non-controlling Interest (Note 24) [Member] | Total |
Balance at Dec. 31, 2016 | $ 900,260,465 | $ 16,051 | $ (53,734,088) | $ 538,414,246 | $ 95,973,296 | $ 354,273,848 | $ (34,682,888) | $ 15,891,713 | $ 916,152,178 |
Balance, shares at Dec. 31, 2016 | 131,426,741 | ||||||||
Capital injection from non-controlling interests | 29,911,731 | 29,911,731 | |||||||
Exercise of share options | 4,255,920 | $ 263 | 0 | 4,255,657 | 0 | 0 | 0 | 0 | 4,255,920 |
Exercise of share options, shares | 2,631,928 | ||||||||
Treasury share repurchases | (14,058,280) | $ 0 | (14,058,280) | 0 | 0 | 0 | 0 | 0 | (14,058,280) |
Treasury share repurchases, shares | (5,481,846) | ||||||||
Shares repurchased under RSU plan, shares | 0 | ||||||||
Shares repurchased under RSU plan | (3,485,952) | $ 0 | 0 | (3,485,952) | 0 | 0 | 0 | 0 | (3,485,952) |
Foreign currency translation | 63,908,624 | 0 | 0 | 0 | 0 | 0 | 63,908,624 | 2,153,979 | 66,062,603 |
Stock-based compensation expenses | 4,154,255 | $ 0 | 0 | 4,154,255 | 0 | 0 | 0 | 0 | 4,154,255 |
Stock-based compensation expenses, Shares | 1,001,853 | ||||||||
Net income | 63,627,551 | $ 0 | 0 | 0 | 0 | 63,627,551 | 0 | 16,483,854 | 80,111,405 |
Appropriation to statutory reserves | 0 | 0 | 0 | 0 | 9,686,973 | (9,686,973) | 0 | 0 | 0 |
Dividends to shareholders | (26,090,734) | 0 | 0 | 0 | 0 | (26,090,734) | 0 | 0 | (26,090,734) |
Balance at Dec. 31, 2017 | 992,571,849 | $ 16,314 | (67,792,368) | 543,338,206 | 105,660,269 | 382,123,692 | 29,225,736 | 64,441,277 | 1,057,013,126 |
Balance, shares at Dec. 31, 2017 | 129,578,676 | ||||||||
Adjustment to opening balance of equity (2(h)) at Dec. 31, 2018 | (278,213,577) | (269,081,493) | (9,132,084) | (37,019,325) | (315,232,902) | ||||
Capital injection from non-controlling interests | 36,698,455 | 36,698,455 | |||||||
Acquisition of non-controlling interests | (12,056,879) | (12,056,879) | 4,169,504 | (7,887,375) | |||||
Exercise of share options | 1,390,666 | $ 85 | 0 | 1,390,581 | 0 | 0 | 0 | 0 | 1,390,666 |
Exercise of share options, shares | 846,588 | ||||||||
Treasury share repurchases | (19,846,720) | $ 0 | (19,846,720) | 0 | 0 | 0 | 0 | 0 | (19,846,720) |
Treasury share repurchases, shares | (8,984,626) | ||||||||
Shares repurchased under RSU plan, shares | (3,089,050) | ||||||||
Shares repurchased under RSU plan | (3,937,057) | $ 0 | 0 | (3,937,057) | 0 | 0 | 0 | 0 | (3,937,057) |
Foreign currency translation | (50,215,831) | 0 | 0 | 0 | 0 | 0 | (50,215,831) | (411,701) | (59,759,616) |
Stock-based compensation expenses | 3,382,628 | $ 0 | 0 | 3,382,628 | 0 | 0 | 0 | 0 | 3,382,628 |
Stock-based compensation expenses, Shares | 1,454,048 | ||||||||
Net income | 73,034,549 | $ 0 | 0 | 0 | 0 | 73,034,549 | 0 | 32,917,471 | 105,952,020 |
Appropriation to statutory reserves | 0 | 0 | 0 | 0 | 60,835,475 | (60,835,475) | 0 | 0 | 0 |
Dividends to shareholders | (25,739,147) | 0 | 0 | 0 | 0 | (25,739,147) | 0 | 0 | (25,739,147) |
Dividends to non-controlling interests | (35,521,013) | (35,521,013) | |||||||
Balance at Dec. 31, 2018 | 680,370,481 | $ 16,399 | (87,639,088) | 532,117,479 | 166,495,744 | 99,502,126 | (30,122,179) | 65,274,668 | 745,645,149 |
Balance, shares at Dec. 31, 2018 | 119,805,636 | ||||||||
Capital injection from non-controlling interests | 8,305,257 | 8,305,257 | 24,054,448 | 32,359,705 | |||||
Acquisition of non-controlling interests | (317,406) | (317,406) | |||||||
Exercise of share options | 166,480 | $ 11 | 0 | 166,469 | 0 | 0 | 0 | 0 | 166,480 |
Exercise of share options, shares | 108,000 | ||||||||
Treasury share repurchases | (26,080,876) | $ 0 | $ (26,080,876) | 0 | 0 | 0 | 0 | 0 | (26,080,876) |
Treasury share repurchases, shares | (11,715,338) | (11,715,338) | |||||||
Shares repurchased under RSU plan, shares | (1,438,076) | ||||||||
Shares repurchased under RSU plan | (2,920,216) | (2,920,216) | (2,920,216) | ||||||
Foreign currency translation | (20,044,827) | 0 | 0 | 0 | 0 | 0 | (20,044,827) | (1,035,113) | (21,079,940) |
Stock-based compensation expenses | 5,621,588 | $ 0 | 0 | 5,621,588 | 0 | 0 | 0 | 0 | 5,621,588 |
Stock-based compensation expenses, Shares | 1,115,246 | ||||||||
Net income | 68,344,527 | $ 0 | 0 | 0 | 0 | 68,344,527 | 0 | 14,684,275 | 83,028,802 |
Appropriation to statutory reserves | 0 | 0 | 0 | 0 | 8,512,715 | (8,512,715) | 0 | 0 | 0 |
Dividends to shareholders | (23,460,775) | 0 | 0 | 0 | 0 | (23,460,775) | 0 | 0 | (23,460,775) |
Dividends to non-controlling interests | (1,010,489) | (1,010,489) | |||||||
Balance at Dec. 31, 2019 | $ 690,301,639 | $ 16,410 | $ (113,719,964) | $ 543,290,577 | $ 175,008,459 | $ 135,873,163 | $ (50,167,006) | $ 101,650,383 | $ 791,952,022 |
Balance, shares at Dec. 31, 2019 | 107,875,468 |
Background information of busin
Background information of business and organization | 12 Months Ended |
Dec. 31, 2019 | |
Background information of business and organization | |
Background information of business and organization | 1. Background information of business and organization Xinyuan Real Estate Co., Ltd. (the “Company”) and its subsidiaries (collectively the “Group”) are principally engaged in residential real estate development and the provision of property management services. The Group’s operations are conducted mainly in the People’s Republic of China (“PRC”). In 2012, the Group expanded its business into the U.S. residential real estate market. As of December 31, 2019, principal subsidiaries of the Company and its consolidated variable interest entities included the following entities: Percentage of Registered Place Equity and Date of Registered Attributable Principal Company Name Incorporation Capital to the Group Activities Subsidiary companies: Xinyuan International Property Investment Co., Ltd. Cayman Islands October 6, 2011 US$ 500,000 100 % Investment holding company Xinyuan International (HK) Property Investment Co., Ltd. Hong Kong October 26, 2011 HK$ 3,000,000 100 % Investment holding company XIN Development Group International Inc. United States November 10, 2011 US$ — 100 % Investment holding company Xinyuan Real Estate, Ltd. Cayman Islands January 27, 2006 US$ 50,000,000 100 % Investment holding company XIN Development Management East, LLC United States August 28, 2012 US$ 1,000 100 % Property management services XIN NY Holding, LLC United States August 29, 2012 US$ 1,000 100 % Investment holding company 421 Kent Development, LLC United States August 29, 2012 US$ 1,000 100 % Real estate development Xinyuan Sailing Co., Ltd. Hong Kong June 21, 2013 HK$ 3,000,000 100 % Investment holding company AWAN Plasma Sdn Bhd Malaysia April 16, 2007 MYR 33,577,000 100 % Real estate development XIN Eco Marine Group Properties Sdn Bhd Malaysia July 9, 2014 MYR 33,217,000 100 % Investment holding company Zhengzhou Jiasheng Real Estate Co., Ltd. PRC December 2, 2013 US$ 60,000,000 100 % Real estate development Xinyuan (China) Real Estate, Ltd. (“Xinyuan China”) PRC April 10, 2006 US$ 307,000,000 100 % Investment holding company Henan Xinyuan Real Estate Co., Ltd. (“Henan Xinyuan”) PRC May 19, 1997 RMB 200,000,000 100 % Real estate development Qingdao Xinyuan Xiangrui Real Estate Co., Ltd. PRC February 9, 2006 RMB 10,000,000 100 % Real estate development Shandong Xinyuan Real Estate Co., Ltd. PRC June 2, 2006 RMB 300,000,000 100 % Real estate development Xinyuan Property Management Service(Cayman) Ltd. Cayman islands December 13, 2018 HKD 50,000 67.5 % Investment holding company Xinyuan Property Management Service (BVI) Ltd British Virgin Islands January 2, 2019 USD — 67.5 % Investment holding company Xinyuan Property Management Service (HK) Limited HK January 8, 2019 HKD 1 67.5 % Investment holding company Xinyuan Science and Technology Service Group Co., Ltd. PRC December 28, 1998 RMB 50,000,000 67.5 % Property management services Mingyuan Landscape Engineering Co., Ltd. PRC February 17, 2004 RMB 50,000,000 100 % Landscaping engineering and management Henan Xinyuan Wanzhuo Real Estate Co., Ltd. PRC December 29, 2011 RMB 20,000,000 100 % Real estate development Suzhou Xinyuan Real Estate Development Co., Ltd. PRC November 24, 2006 RMB 200,000,000 100 % Real estate development Anhui Xinyuan Real Estate Co., Ltd. PRC December 7, 2006 RMB 50,000,000 100 % Real estate development Kunshan Xinyuan Real Estate Co., Ltd. PRC January 31, 2008 RMB 200,000,000 100 % Real estate development Xinyuan Real Estate (Chengdu) Co., Ltd. PRC June 12, 2007 RMB 220,000,000 100 % Real estate development Xuzhou Xinyuan Real Estate Co., Ltd. PRC November 9, 2009 RMB 200,000,000 100 % Real estate development Henan Xinyuan Jiye Real Estate Co., Ltd. PRC November 15, 2009 RMB 50,000,000 100 % Real estate development Beijing Xinyuan Wanzhong Real Estate Co., Ltd. (“Beijing Wanzhong”) PRC March 4, 2008 RMB 900,000,000 100 % Real estate development Percentage of Registered Place Equity and Date of Registered Attributable Principal Company Name Incorporation Capital to the Group Activities Subsidiary companies: Xinyuan Renju (Beijing) Asset Management Co., Ltd. PRC January 16, 2009 RMB 30,000,000 100 % Management consulting service Beijing Xinyuan Priority Real Estate Consulting Co., Ltd. PRC March 8, 2012 RMB 30,000,000 100 % Real estate consulting services Henan Xinyuan Priority Commercial Management Co., Ltd. PRC August 10, 2012 RMB 2,000,000 100 % Leasing management services Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. (“Suzhou Wanzhuo”) (Note 18(a)) PRC September 20, 2012 RMB 200,000,000 20 % Real estate development Jiangsu Jiajing Real Estate Co., Ltd. PRC March 28, 2005 RMB 150,000,000 100 % Real estate development Xingyang Xinyuan Real Estate Co., Ltd. PRC July 25, 2013 RMB 200,000,000 100 % Real estate development Jinan Xinyuan Wanzhuo Real Estate Co., Ltd. PRC December 4, 2013 RMB 300,000,000 100 % Real estate development Sanya Beida Science and Technology Park Industrial Development Co., Ltd. PRC January 10, 2014 RMB 200,000,000 100 % Real estate development Chengdu Xinyuan Wanzhuo Real Estate Co., Ltd. PRC February 21, 2014 RMB 50,000,000 100 % Real estate development Tianjin Xinyuan Real Estate Co., Ltd. PRC September 17, 2014 RMB 100,000,000 100 % Real estate development Xi’an Yinghuai Square Commerce Management Co., Ltd. PRC November 25, 2014 RMB 3,000,000 100 % Retail store Changsha Xinyuan Wanzhuo Real Estate Co., Ltd. PRC April 3, 2014 RMB 100,000,000 100 % Real estate development Shanghai Junxin Real Estate Co., Ltd. PRC January 16, 2014 RMB 5,000,000 100 % Real estate development Beijing Yinghuai Commerce and Trade Co., Ltd. PRC January 5, 2015 RMB 30,000,000 100 % Retail store Beijing Xinhe Investment Development Co., Ltd. PRC May 5, 2015 RMB 5,000,000 100 % Investment holding company Henan Yinghuai Commerce and Trade Co., Ltd. PRC March 23, 2015 RMB 10,000,000 100 % Retail store Henan Xinyuan Guangsheng Real Estate Co., Ltd. PRC July 27, 2015 RMB 200,000,000 100 % Real estate development Shanghai Hexinli Property Management Center. (Limited partnership) PRC July 28, 2015 RMB 10,640,000 100 % Property management services Shandong Xinyuan Renju Real Estate Co., Ltd. PRC November 19, 2011 RMB 50,000,000 100 % Real estate development Shaanxi Zhongmao Economy Development Co., Ltd. PRC June 22, 1998 RMB 22,500,000 65.98 % Real estate development 421 Kent Holding Co, Ltd. United States May 2, 2014 US$ 1,000 100 % Investment holding company Hudson 888 Owner LLC United States October 22, 2015 US$ 1,000 100 % Real estate development XIN Manhattan Holding LLC United States December 9, 2015 US$ 1,000 100 % Investment holding company Hudson 888 Holding LLC United States December 9, 2015 US$ 1,000 100 % Investment holding company Shenzhen Xinchuang Investment Consulting Co., Ltd. PRC January 20, 2016 RMB 10,000,000 100 % Investment Percentage of Registered Place Equity and Date of Registered Attributable Principal Company Name Incorporation Capital to the Group Activities Subsidiary companies: Henan Xinyuan Quansheng Real Estate Co., Ltd. PRC January 14, 2015 RMB 40,000,000 100 % Real estate development Zhengzhou Shengdao Real Estate Co., Ltd. PRC October 14, 2013 RMB 20,000,000 100 % Real estate development Henan Xinyuan Shunsheng Real Estate Co., Ltd. PRC January 13, 2016 RMB 30,000,000 100 % Real estate development Hunan Erli Real Estate Co., Ltd. PRC January 4, 2008 RMB 50,000,000 100 % Real estate development XIN Queens Holding LLC United States July 6, 2016 US$ 1,000 100 % Investment holding company Queens Theatre Holdco LLC United States July 6, 2016 US$ 1,000 100 % Investment holding company Queens Theatre Owner LLC United States July 6, 2016 US$ 1,000 100 % Real estate development Zhengzhou Xinnan Real Estate Co., Ltd. PRC January 21, 2016 RMB 50,000,000 100 % Real estate development Xinyan Investment Management Co., Limited. PRC April 8, 2016 RMB 100,000,000 90 % Investment Hunan Xintian Real Estate Co., Ltd. PRC September 28, 2009 RMB 20,000,000 100 % Real estate development Zhengzhou Hangmei Technology Development Co., Ltd. PRC November 25, 2014 RMB 50,000,000 51 % Real estate development Zhengzhou Hangmei Zhengxing Technology Co., Ltd. (4) PRC March 28, 2016 RMB 50,000,000 30 % Real estate consulting services Xi’an Dingrun Real Estate Co., Ltd. PRC June 1, 2011 RMB 20,000,000 100 % Real estate development Zhengzhou Kangshengboda Real Estate Co., Ltd. PRC July 29, 2016 RMB 50,000,000 100 % Real estate development Xinjiang Xinyuan Renju Equity Investment., Ltd. PRC February 24, 2017 RMB 10,000,000 100 % Real estate consulting services Zhuhai Prince Real Estate Co., Ltd. PRC September 13, 1990 RMB 307,000,000 100 % Real estate development Henan Renxin Real Estate Co., Ltd. ("Henan Renxin") PRC July 11, 2008 RMB 200,000,000 51 % Real estate development Xinchuang Technology Co., Ltd. ("Xinchuang Technology ") PRC May 2, 2017 RMB 100,000,000 100 % Management consulting services Hangzhou Huiyuan Investment Management Partnership Enterprise. (Limited partnership) PRC May 23, 2017 RMB 5,000,000 100 % Investment holding company Guangdong Xinyuan Real Estate Co., Ltd. PRC October 18, 2017 RMB 100,000,000 100 % Real estate development Taicang Pengchi Real Estate Co., Limited. (“Taicang Pengchi”) (Note 18(a)) PRC June 16, 2017 RMB 200,000,000 17 % Real estate development Khorgos XinYan Enterprise Management Consulting Co., Ltd. PRC December 4, 2017 RMB 5,000,000 100 % Management consulting services Hunan Huaiwei Business Management Co., Ltd. (1) PRC September 13, 2017 RMB 2,000,000 51 % Retail store Jinan Xinyuan Quansheng Real Estate Co., Ltd. The PRC May 25, 2018 RMB 50,000,000 100 % Real estate development Percentage of Registered Place Equity and Date of Registered Attributable Principal Company Name Incorporation Capital to the Group Activities Subsidiary companies: Xi'an Jinbian Shunsheng Real Estate Co., Ltd. (2) The PRC December 6, 2017 RMB 20,000,000 70 % Real estate development Suzhou Yuxi Real Estate Co., Limited. The PRC March 5, 2018 RMB 100,000,000 20 % Real estate development Xinchuang Sailing (Dalian) Healthy Technology Industrial Investment Co., Ltd. The PRC June 5, 2018 RMB 600,000,000 100 % Real estate development Dalian Xinyi Renju Real Estate Co., Ltd. The PRC June 26, 2018 RMB 100,000,000 100 % Real estate development Jiangxi Xinkai Renju Management Consulting Service., Ltd. The PRC August 28, 2018 RMB 10,000,000 100 % Real estate consulting services Beijing Xinyuan Huicheng Technology Development Co., Ltd. The PRC January 26, 2018 RMB 100,000,000 100 % Technical services Suzhou Yefang Real Estate Co., Limited. (“Suzhou Yefang”) (Note 18(b)) The PRC April 14, 2017 RMB 100,000,000 20 % Real estate development Chengdu Xinyuan Renju Enterprise Management Co., Ltd. (“Chengdu Renju”) The PRC October 26, 2017 RMB 50,000,000 100 % Real estate development Chengdu Guohongteng Real Estate Co., Ltd. The PRC July 16, 2010 RMB 1,673,179,200 100 % Real estate development Qingdao Keda Real Estate Co., Ltd. (“Qingdao Keda”) The PRC September 20, 2010 RMB 50,000,000 100 % Real estate development Wuhan Yinghexin Real Estate Co., Ltd. (“Wuhan Yinghexin”) The PRC January 15, 2014 RMB 100,000,000 100 % Real estate development Henan Xinyuan Property Management Co., Ltd. The PRC December 1, 2016 RMB 10,000,000 100 % Property management services Wuhu Xinyansuifeng NO.1 Investment Center (Limited partnership) The PRC November 22, 2017 RMB 1,501,000,000 100 % Investment holding company Zhuhai Xinyuan Real Estate Co., Ltd. The PRC December 31, 2018 RMB 100,000,000 100 % Real estate development Jinan Renju Building Material Co., Ltd. The PRC January 2, 2019 RMB 50,000,000 100 % Sales of construction material Dalian Xinyi Yaju Real Estate Co., Ltd. The PRC January 16, 2019 RMB 100,000,000 100 % Real estate development Guangdong Xinchuang Kechuang Zhigu Development Co., Ltd. The PRC February 27,2019 RMB 100,000,000 100 % Real estate development Jiangxi Xinyuan Heju Enterprise Management Consulting Service Co., Ltd. The PRC Apirl 2,2019 RMB 10,000,000 100 % Management consulting services Beijing I-Journey Science and Technology Development Co., Ltd.("I-Journey") (3) The PRC October 20,2015 RMB 40,000,000 93 % Development and sales of robots Beijing Ruizhuo Xichuang Technology Development Co., Ltd.("Xichuang") (3) The PRC July 16,2015 RMB 30,000,000 93 % Real estate brokerage Beijing Ruizhuo Xitou Development Co., Ltd. (" Xitou") (3) The PRC July 16,2015 RMB 30,000,000 85 % Internet platform for real estate property financing Beijing Future Xinzhihui Technology Development Center (Limited Partnership) (" Xinzhihui") (3) The PRC December 16,2016 RMB 30,000,000 90.67 % Investment holding company Beijing Future Xinhujin Technology Development Center (Limited Partnership) ("Xinhujin") (3) The PRC December 30,2016 RMB 20,000,000 89.5 % Investment holding company Beijing Future Xinruifeng Technology Development Center (Limited Partnership) ("Xinruifeng ") (3) The PRC February 23,2017 RMB 20,000,000 77.5 % Investment holding company Beijing Ruihao Rongtong Real Estate Co., Ltd. ("Ruihao Rongtong") PRC June 15, 2006 RMB 250,000,000 100 % Real estate development VIE: Beijing Yuzhouyun Technology Development Center (Limited partnership)) and its subsidiary (“Yuzhouyun”) (Note 2(a) The PRC March 2, 2018 RMB 18,388,300 51 % Technical services (1) Liquidated on December 10, 2019. (2) Liquidated on June 10, 2019. (3) Acquired on November 30,2019. Controlled by Zhengzhou Hangmei Technology Development Co., Ltd. which is a 10 owned subsidiary of the Group |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 2. Summary of significant accounting policies (a) The Company and basis of presentation and consolidation The Group is principally engaged in residential real estate development and the provision of property management services. The Group’s operations are conducted mainly in the PRC. In 2012, the Group expanded its business into the U.S. residential real estate market. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs, and the subsidiaries of VIEs. All inter-company transactions and balances between the Company and its subsidiaries have been eliminated upon consolidation. Subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. Where there is a loss of control of a subsidiary, the consolidated financial statements include the results for the part of the reporting year during which the Group has control. Ruihao Rongtong Ruihao Rongtong, with registered capital of US$37.6 million (RMB250.0 million), was invested in by the Company on May 6, 2015, for the purpose of undertaking a residential property development project in Beijing. On March 1, 2016, June 28, 2016 and September 18, 2016, an unrelated trustee company, Ping An trust Co., Ltd. (“Ping An trust”) purchased 20%, 5% and 10% of the Company’s equity interest in Ruihao Rongtong, respectively, and loaned US$124.3 million (RMB862.5 million) in aggregate to the Group. On February 28, 2017, the Company repurchased the 35% equity interest of Ruihao Rongtong from Ping An trust. On May 23, 2017, Ping An trust subsequently repurchased back 35% of the Company’s equity interest in Ruihao Rongtong, and loaned US$246.8 million (RMB1.61 billion) in aggregate to the Group. As of December 31, 2018, Ruihao Rongtong had one project under construction. Pursuant to the share purchase agreement, the 35% of non-controlling equity interest of Ruihao Rongtong was to be repurchased by the Company in cash at the earlier of the second anniversary date, or the date the Company elected to repurchase the 35% equity interest of Ruihao Rongtong. Therefore, the non-controlling interest is mandatorily redeemable and is accounted for as liability in accordance with ASC 480, Distinguishing Liabilities from Equity . In addition, since the Company planned to repurchase the 35% equity interest of Ruihao Rongtong within the next 12 months, the liability is classified as current liability as of December 31, 2018. On June 21, 2019, the Company repurchased the 35% equity interest of Ruihao Rongtao from Ping An trust and Ruihao Rongtong ceased to be variable interest entity(“VIE”). In accordance with ASC 810, Consolidation , Ruihao Rongtong as of December 31, 2018 is a variable interest entity as it was not established with sufficient equity at risk to finance its activities without additional subordinated financial support. As of December 31, 2018, the Company is considered as the primary beneficiary of Ruihao Rongtong, as it has the power to direct the activities of Ruihao Rongtong that most significantly impact their economic performance and has the obligation to absorb the losses and the right to receive benefits from Ruihao Rongtong through its voting interest underlying its 65% equity interest in accordance with PRC Law and the articles of association of Ruihao Rongtong. Based on the above, Ruihao Rongtong was consolidated by the Company. The carrying amounts and classifications of the assets and liabilities of the VIE are as follows: December 31, 2018 US$ Current assets 174,366,164 Non-current assets 247,753 Total assets 174,613,917 Current liabilities 151,609,433 Non-current liabilities — Total liabilities 151,609,433 The financial performance and cash flows of the VIE are as follows: Year ended December 31, 2018 US$ Revenue — Cost of revenue — Net loss (4,786,363) Net cash used in operating activities (8,804,491) Net cash used in investing activities — Net cash provided by financing activities 8,949,715 As of December 31, 2018, the current liabilities of the Ruihao Rongtong included amounts due to subsidiaries of the Group amounting to US$145,728,000, which were eliminated upon consolidation by the Company. As of December 31, 2018, the land use rights included in real estate properties under development of Ruihao Rongtong of US$166,327,833 were pledged as collateral for bank loans and other debt and the creditors have no recourse to the general credit of the primary beneficiary. Nil revenue contributed by Ruihao Rongtong to the Company’s consolidated revenues for the years ended December 31, 2018. Yuzhouyun On March 2, 2018, the Group signed a partnership agreement with certain senior management members to form Yuzhouyun. According to the partnership agreement, the design and purpose of Yuzhouyun’s activities are to provide technical services to the Group. The Group acts as a limited partner and the senior management members are general partners. Substantially all significant activities require the approval from the senior management members. The Group and senior management members agreed to share profits at the proportion of 51% and 49%, respectively. The Group, as the limited partner, is the only party with the equity at risk to absorb losses of Yuzhouyun. Yuzhouyun’s principal activities are also to provide technical service to the Group, which indicates that Yuzhouyun’s activities are conducted on behalf of the Group. Therefore, under ASC 810, Consolidation, Yuzhouyun is a variable interest entity. In addition, as the senior management members are the Group’s employees, which represent a principal-agency relationship, therefore, the Group is concluded to be “most closely associated” with Yuzhouyun. Based on the above, the Group is the primary beneficiary because it has the power to direct the activities of Yuzhouyun that most significantly impact their economic performance and has the obligation to absorb the losses and the right to receive benefits from Yuzhouyun. The carrying amounts and classifications of the assets and liabilities of Yuzhouyun are as follows: December 31, December 31, 2018 2019 US$ US$ Current assets 5,775,479 2,214,155 Non-current assets 3,557,562 4,244,195 Total assets 9,333,041 6,458,350 Current liabilities 11,808,683 13,967,333 Non-current liabilities — — Total liabilities 11,808,683 13,967,333 The financial performance and cash flows of Yuzhouyun are as follows: Year ended Year ended December 31, December 31, 2018 2019 US$ US$ Revenue 7,991,038 12,555,974 Cost of revenue (1,559,129) (3,682,899) Net loss (1,929,266) (1,796,997) Net cash provided by operating activities 519,050 368,379 Net cash used in investing activities (255,509) (1,885) Net cash used in financing activities — (52,503) As of December 31, 2018 and December 31, 2019, the current liabilities of Yuzhouyun included amounts due to subsidiaries of the Group amounting to US$9,169,167 and US$10,867,898, which were eliminated upon consolidation by the Company. During the year ended December 31, 2018 and December 31, 2019, the revenue of Yuzhouyun included amounts that come from the Group amounting to US$7,399,000 and US$9,997,544, which were eliminated upon consolidation by the Company. Yuzhouyun contributed US$591,628 and US$2,558,430 of the Company’s consolidated revenues for the year ended December 31, 2018 and December 31, 2019, respectively. (b) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes, and disclosure of contingent liabilities at the date of the consolidated financial statements. Estimates are used for, but not limited to, the selection of the useful lives of property and equipment and finance lease, allowance for doubtful amount associated with accounts receivables, other receivables, contract assets and advances to suppliers, fair values of the purchase price allocation with respect to business combinations, progress towards the completion of the performance obligation, accounting for the share-based compensation, accounting for deferred income taxes, impairment of real estate properties under development, real estate properties held for lease and long-term investments, provision necessary for contingent liabilities and estimating the incremental borrowing rate for operating lease liabilities. Management analyzed the forecasted cash flows for the twelve months from April 29, 2020, which indicates that the Group will have sufficient liquidity from cash flows generated by operations and existing credit facilities and therefore, there will be sufficient financial resources to settle borrowings and payables that will be due through end of April 2021. Management believes that the estimates utilized in preparing its consolidated financial statements are reasonable and prudent. Actual results could differ from these estimates. (c) Fair value of financial instruments Financial instruments include cash and cash equivalents, restricted cash, short-term investments, accounts receivable, other deposits and prepayments, due from employees, due from related parties, other receivables, long-term investments, accounts payable, customer deposits, other payables and accrued liabilities, short-term bank borrowings, long-term borrowings and due to related parties. The carrying amounts of the aforementioned financial instruments, except for short-term investments that measurement alternative was elected and carrying value of short-term investments approximate their fair value due to the short term maturities of these instruments. The carrying amounts of the long-term borrowings approximate their fair values because the stated interest rates approximate rates currently offered by financial institutions for similar debt instruments of comparable credit risk and maturities. Long-term investment has no quoted market prices and it is not practicable to estimate their fair value without incurring excessive costs. The Group reviews the investments for impairment whenever events or changes in circumstances indicate that the carrying amount may no longer be recoverable. For long-term investments other than those accounted for under the equity method or those that result in consolidation of the investee, the Company measures equity investments at fair value and recognizes any changes in fair value in net income. However, for equity investments that do not have readily determinable fair values and do not qualify for the existing practical expedient in ASC 820 to estimate fair value using the net asset value per share (or its equivalent) of the investment, the Company chose to measure those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. At each reporting date, the Company is required to make a qualitative assessment as to whether equity investments without a readily determinable fair value for which the measurement alternative is elected is impaired. In the event that a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than the carrying value, the carrying value is written down to its fair value. A variety of factors are considered when determining if a decline in fair value is below carrying value, including, among others, the financial condition and prospects of the investee. Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: Level 1‑Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2‑Includes other inputs that are directly or indirectly observable in the market place Level 3‑Unobservable inputs which are supported by little or no market activity ASC 820 describes three main approaches for 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. In accordance with ASC 820, investment in marketable equity securities and investment in real estate investment trusts ("REITs") classified as is within Level 1 as the Company measures the fair value using quoted trading prices that are published on a regular basis , and investment in equity securities in unlisted companies categorized as Level 3 is measured at fair value using alternative method, less any impairment, plus or minus changes resulting from observable price in orderly transactions. (d) Foreign currency translation The Group’s financial information is presented in U.S. dollars. The functional currency of the Company is U.S. dollars. The functional currency of the Company’s subsidiaries in the PRC is Renminbi (“RMB”), the currency of the PRC. The functional currency of the Company’s subsidiaries in Malaysia is Malaysian Ringgit (“MYR”), the currency of Malaysia. The functional currency of the Company’s subsidiaries other than those in the PRC and Malaysia is U.S. dollars. Transactions by the Company’s subsidiaries in the PRC which are denominated in currencies other than RMB are remeasured into RMB at the exchange rate quoted by the People’s Bank of China (“PBOC”) prevailing at the dates of the transactions. Exchange gains and losses resulting from transactions denominated in a currency other than RMB are included in the consolidated statements of comprehensive income as exchange gains (losses). The consolidated financial statements of the Company’s subsidiaries have been translated into U.S. dollars in accordance with ASC 830, Foreign Currency Matters . The PRC subsidiaries’ financial information is first prepared in RMB and then is translated into U.S. dollars at period-end exchange rates as to assets and liabilities and average exchange rates as to revenue and expenses. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation. (e) Cash and cash equivalents The Group considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Group maintains bank accounts mainly in the PRC, Hong Kong and United States. The vast majority of the PRC bank balances are denominated in RMB. Hong Kong and United States bank balances are denominated in U.S. dollars. Cash includes cash on hand and demand deposits in accounts maintained with various state-owned and private banks within the PRC, Hong Kong and United States. Total cash in banks (excluding restricted cash) at December 31, 2019 amounted to US$662,606,063 (December 31, 2018: US$674,141,554), of which the vast majority of deposits are not covered by insurance. (f) Restricted cash The Group is required to maintain certain deposits with banks that provide mortgage loans to the Group’s customers in order to purchase residential units from the Group. These balances are subject to withdrawal restrictions and totaled US$32,420,073 as of December 31, 2019 (December 31, 2018: US$43,748,940). As of December 31, 2019, the Group held US$270,714,930 (December 31, 2018: US$338,633,911) in its restricted cash accounts, representing funds received from sales proceeds that are subject to withdrawal restrictions. The Group is also required to maintain certain deposits with banks and financial institutions that provide loans to the Group. As of December 31, 2019, the Group also held US$20,691,781 in its restricted cash accounts (December 31, 2018: nil) as security for its short-term loans (Note 10), held US$3,153,579 (December 31, 2018: US$129,492,074) in its restricted cash accounts as security for its current portion of long-term loans (Note 11). As of December 31, 2019, the Group held US$112,998,481 (December 31, 2018: nil) in its bank accounts with withdrawal restriction for its long-term loans (Note 11). (g) Real estate properties development completed and under development Real estate properties completed and under development consist of residential unit sites and commercial offices. The Group leases the land for the residential unit sites under land use right leases with various terms from the PRC government. Real estate properties development completed and under development are stated at the lower of carrying amounts or fair value less selling costs. Expenditures for land development, including cost of land use rights, deed tax, pre-development costs and engineering costs, are capitalized and allocated to development projects by the specific identification method. Costs are allocated to specific units within a project based on the ratio of the sales value of units to the estimated total sales value times the total project costs. Costs of amenities transferred to buyers are allocated as common costs of the project that are allocated to specific units as a component of total construction costs. For amenities retained by the Group, costs in excess of the related fair value of the amenities are also treated as common costs. Results of operations of amenities retained by the Group are included in the current operating results. In accordance with ASC 360, Property, Plant and Equipment (“ASC 360”), real estate property development completed and under development are subject to valuation adjustments when the carrying amount exceeds fair value. An impairment loss is recognized only if the carrying amount of the assets is not recoverable and exceeds fair value. The carrying amount is not recoverable if it exceeds the sum of the undiscounted cash flows expected to be generated by the assets. When the profitability of a current project deteriorates due to a slowdown in the sales pace, reduction of pricing or some other factor, this indicates that there may be a possible future loss on delivery and possible impairment in the recoverability of the assets. Accordingly, the assets of such project are subsequently reviewed for future losses and impairment by comparing the estimated future undiscounted cash flows for the project to the carrying value of such project. If the estimated future undiscounted cash flows are less than the asset’s carrying value, such deficit will be charged as a future loss and the asset will then be written down to its estimated fair value. The Group determines estimated fair value primarily by discounting the estimated future cash flows relating to the asset. In estimating the cash flows for a project, the Group uses various factors including (a) the expected pace at which the planned number of units will be sold, based on competitive market conditions, historical trends in sales pace and actual average selling prices of similar product offerings and any other long or short-term economic conditions which may impact the market in which the project is located; (b) the estimated net sales prices expected to be attained based on the current market conditions and historical price trends, as well as any estimated increases in future sales prices based upon the projected rate of unit sales, the estimated time gap between presale and expected delivery, the impact of government policies, the local and regional competitive environment, and certain external factors such as the opening of a subway line, school or factory; and (c) the expected costs to be incurred in the future by the Group, including, but not limited to, construction cost, construction overhead, sales and marketing, sales taxes and interest costs. The Group’s determination of fair value requires discounting the estimated cash flows at a rate commensurate with the inherent risk associated with the assets and related estimated cash flows. The discount rate used in determining each project’s fair value depends on the stage of development, location and other specific factors that increase or decrease the risk associated with the estimated cash flows. For the periods presented, the Group did not recognize any impairment for real estate properties completed and under development. (h) Revenue recognition Revenue is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group also elected to exclude sales taxes and other similar taxes from the measurement of the transaction price. Therefore, revenues are recognized net of business tax, value added taxes (“VAT”). Real estate sales Revenues arising from real estate sales are recognized when or as the control of the asset is transferred to the customer. Depending on the terms of the contract and the laws that apply to the contract, control of the asset may transfer over time or at a point in time. For real estate sales contracts for which the Group has an enforceable right to payment for performance completed to date, revenue is recognized over time by measuring the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains the physical possession, the legal title, or the significant risks and rewards of ownership of the assets and the Group has present right to payment and the collection of the consideration is probable. The progress towards complete satisfaction of the performance obligation is measured based on the Group's efforts or inputs to the satisfaction of the performance obligation, by reference to the contract costs incurred up to the end of reporting period as a percentage of total estimated costs for each contract. Generally, the Group receives short-term advances from its customers for real estate sales. Using the practical expedient, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised good or service to the customer and when the customer pays for that good or service will be one year or less. The Group also receives long-term advances from customers for real estate sales. The transaction price for such contracts is adjusted for the effects of a financing component, if long-term advances from customers is assessed as significant at the individual contract level. Real estate management services income Real estate management services income is recognized in the accounting period in which the services are rendered. The Group bills a fixed amount periodically for services provided and recognizes as revenue the amount to which the Group has a right to invoice that corresponds directly with the value of performance completed. Real estate management lease income Real estate lease income is generally recognized on a straight-line basis over the terms of the tenancy agreements. For real estate leases, these contracts are treated as leases for accounting purposes, rather than contracts with customers subject to ASC 606. Other revenue Other revenue includes services ancillary to the Group's real estate projects, including construction service revenue and software consulting service income. Construction service revenue and software consulting service income are recognized when services are provided as the customer simultaneously benefits from the services as they are performed. For the years ended December 31, 2018 and 2019, revenue is recognized and disaggregated by major source as below: 2018 2019 US$ US$ Real estate sales 2,139,370,792 2,387,031,568 Real estate management services income 63,447,420 67,488,169 Other revenue 5,148,101 11,984,304 Revenue from contracts with customers 2,207,966,313 2,466,504,041 Real estate lease income 9,584,972 16,128,771 Total revenue 2,217,551,285 2,482,632,812 Contract assets The Group pays sales commission to its real estate sales agencies for each real estate sales contract. The Group has elected to apply the optional practical expedient for costs to obtain a contract which allows the Group to immediately expense sales commissions (included under selling and distribution expenses) when the amortization period of the asset that the Group otherwise would have used is one year or less. For incremental costs of obtaining real estate sales contracts that extend beyond a one-year period, these incremental costs of obtaining real estate sales contracts are recognized as assets if the real estate sales are collectible and amortized as the Group transfers the control of the assets to customers. The Group recognized US$6.2 million and US$14.9 million of such costs in selling and distribution expense during the year ended December 31, 2018 and December 31, 2019. As of December 31, 2018 and 2019, there was no impairment losses on contract assets. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). The Group’s contract liabilities are comprised of customer deposits, which are recognized as revenue when the Group performs under the contract. The following table presents the Group's contract balances as of December 31, 2018 and 2019: December 31, 2018 December 31, 2019 Contract assets 21,779,221 23,093,235 Customer deposits (note 14) 1,921,851,255 1,106,098,647 The amount of revenue recognized during the year ended December 31, 2019 and included in the customer deposits as of December 31, 2018 is US$1,188,040,187. Impact of adoption of ASC 606 As of January 1, 2018, the Group adopted ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” as modified (ASC606), using the modified retrospective method, which the Group does not adjust prior periods. The Group applied the rules to all open contracts existing as of January 1, 2018, recording a decrease of US$315.2 million to total equity for the cumulative effect of the change, with an increase real estate properties development completed of US$35.1 million, real estate properties under development of US$1,176.1 million, contract asset of US$15.6 million and other non-current assets of US$68.2 million, other current asset reductions of US$61.2 million, increase customer deposits of US$1,602.0 million, other current liabilities reductions of US$17.7 million and non-current liabilities reductions of US$35.3 million. A significant portion of the Group’s revenue is derived from real estate sales of development properties in the PRC. Prior to the adoption of ASC 606, the Group recognizes revenue using the percentage-of-completion (“POC”) method. Under ASC 606, to recognize revenue over time similar to the POC method, contractual provisions need to provide the Group with an enforceable right to payment. Historically, the Group’s contracts did not include a specific term on enforceable right to payment. For all contracts executed starting from January 1, 2018, the Group modified certain terms to establish an enforceable right to payment for performance completed to date, including a reasonable profit. Under ASC 606, the Group recognizes revenue on an “over time” basis prospectively for these new contracts by using cost inputs to measure progress towards the completion of the performance obligation. For contracts that did not include enforceable right to payment terms, revenue is recognized at a point in time when title to the property is transferred to the customer upon the adoption of ASC 606. The following table summarizes the impact of adopting ASC 606 on consolidated statement of comprehensive income as of and for the year ended December 31, 2018. December 31, 2018 Amounts without Effects of adoption adoption Amounts of ASC606 of ASC606 as reported Consolidated statement of comprehensive income Revenue 1,896,940,997 320,610,288 2,217,551,285 Cost of revenue (1,499,457,049) (102,615,934) (1,602,072,983) Selling and distribution expenses (90,805,960) 7,214,309 (83,591,651) General and administrative expenses (155,805,869) (650,301) (156,456,170) Income taxes (93,887,973) (50,559,274) (144,447,247) Net income/(loss) (68,047,068) 173,999,088 105,952,020 (i) Accounts receivable Accounts receivable represents the Group’s right to an amount of consideration that is unconditional (i.e. only the passage of time is required before payment of the consideration is due). The Group’s account receivable consists of balances due from customers for the sale of residential units in the PRC and United States and real estate management service contracts. These balances are unsecured, bear no interest and are due within a year from the date of the sale. Accounts receivable are reviewed periodically as to whether their carrying value has become impaired. The Group considers the assets to be impaired if the collectability of the balances become doubtful. As of December 31, 2019, there was US$1,456,243 allowance for doubtful accounts (December 31, 2018: US$1,539,894). (j) Other receivables Other receivables consist of various cash advances to unrelated companies and individuals with which the Group has business relationships. Other receivables are reviewed periodically as to whether their carrying value has become impaired. The Group considers the assets to be impaired if the collectability of the balances becomes doubtful. As of December 31, 2019, there was US$8,313,052 allowance for doubtful accounts (December 31, 2018: US$10,594,423). (k) Deposits for land use rights Deposits for land use rights consist of upfront cash payments made to local land bureaus to secure land use rights under executed short-term or long-term land framework cooperation agreements or land use rights agreements. Deposits for land use rights are reviewed periodically as to whether their carrying value has become impaired. The Group considers the assets to be impaired if the collectability of the balances become doubtful. There were no impairment losses for any periods presented. (l) Other deposits and prepayments Other deposits and prepayments mainly consist of upfront cash payments made to third parties related to the direct negotiation model in acquiring land parcels and prepaid tax. Other deposits and prepayments are reviewed periodically as to whether their carrying value has become impaired. The Group considers the assets to be impaired if the collectability of the balances become doubtful. There were no impairment losses for any periods presented. (m) Advances to suppliers Advances to suppliers consist of balances paid to contractors and vendors for services and materials that have not been provided or received and generally relate to the development and construction of residential units in th |
Short-term investments
Short-term investments | 12 Months Ended |
Dec. 31, 2019 | |
Short-term investments | |
Short-term investments | 3. Short-term investments The short-term investments represent investments in REITs, which are publicly traded on the Hong Kong Stock Exchange, marketable equity securities, and investment in private equity fund, which are expected to be realized in cash during the next 12 months. The following summarizes the short-term investments measured at fair value at December 31, 2018 and 2019: December 31, 2018 US$ Fair Unrealized value Cost gain in profit Level 1 REITs 8,442,063 7,291,863 1,150,200 Total 8,442,063 7,291,863 1,150,200 December 31, 2019 US$ Fair Unrealized value Cost loss in profit Level 1 Equity securities with readily determinable fair value 2,076,443 3,700,257 (1,623,814) Level 3 Equity securities without readily determinable fair value 3,519,182 3,519,182 — Total 5,595,625 7,219,439 (1,623,814) During the year ended December 31, 2019, there was no change in the carrying amount of equity securities without readily determinable fair value measured under fair value alternative method using significant unobservable inputs (Level 3). During the year ended December 31, 2019, US$3,075,014 (2018: US$3,407,090 realized loss) net realized gain and US$1,623,814 (2018: US$1,150,200 unrealized gain) unrealized loss are included in earnings. |
Other receivables
Other receivables | 12 Months Ended |
Dec. 31, 2019 | |
Other receivables | |
Other receivables | 4. Other receivables As of December 31, 2019, other receivables consisted of the following: December 31, 2019 US$ Henan Derun Real Estate Co. Ltd (“Henan Derun”) 124,436,299 Zhengzhou Jiahe Real Estate Co. Ltd (“Zhengzhou Jiahe”) 67,429,462 Zhangjiakou Xingyuan City Construction Development Co. Ltd 19,696,568 Huzhou Xinhong Jingcheng Construction and Development Co. Ltd 16,369,944 Due from contractors 24,444,823 Others 34,923,080 Other receivables 287,300,176 Other non-current assets as of December 31, 2018 included a prepayment of US$95.6 million to Henan Derun for the purchase of 10% equity interest in Henan Derun. In December 2019, the Group and Henan Derun agreed to terminate the equity interest purchase. In addition, the Group agreed to provide Henan Derun financing using the prepayment and charge an interest of 18% per annum commencing from the date of prepayment made to Henan Derun. As of December 31, 2019, the prepayment is recorded as other receivable aggregating to US$124.4 million (December 31, 2018: US$13.5 million). In March 2020, the Group entered into an agreement with Henan Derun pursuant to which the above receivables shall be settled by Henan Derun’s transfer of certain parcels of land properties to a project company 80% owned by the Group and the Group will assume the bank loans of Henan Derun aggregating to US$77.1 million which were pledged by such land properties. The Group evaluated the potential impairment and concluded that no impairment allowance is required because the fair value of the relevant land properties attributed to the Group as appraised by an external valuer exceeded the total amount of the above receivables and bank loans assumed by the Group. Receivable from Zhengzhou Jiahe of US$67.4 million (December 31, 2018: US$60.7 million) bears an interest from 15% to 18% per annum with a due date of December 31, 2019. The balance is now overdue. The directors of the Company are of the view that no impairment provision is required for the balance because it was secured by the 100% equity interest in Zhengzhou Jiahe with a fair value appraised by an external valuer significantly higher than the balance. |
Real estate properties developm
Real estate properties development completed and under development | 12 Months Ended |
Dec. 31, 2019 | |
Real estate properties development completed and under development | |
Real estate properties development completed and under development | 5. Real estate properties development completed and under development The following summarizes the components of real estate properties development completed and under development at December 31, 2018 and 2019: December 31, December 31, 2018 2019 US$ US$ Development completed: Zhengzhou Century East A 4,000,881 3,913,910 Suzhou International City Garden 1,460,187 1,579,238 Jinan Xinyuan Splendid 4,952,551 5,175,618 Zhengzhou Xin City 14,946,209 11,094,087 Beijing Xindo Park 42,003,855 41,462,271 Suzhou Lake Royal Palace 4,880,245 4,966,527 Xingyang Splendid I 16,616,861 3,201,168 Zhengzhou Thriving Family 14,908,355 11,397,709 Shanghai Yipin Royal Palace 82,320,988 80,709,011 New York Oosten 127,749,947 1,201,783 Chengdu Thriving Family 88,492,260 64,327,235 Sanya Yazhou Bay No.1 31,716,745 6,627,299 Xi’an Metropolitan 48,352,943 43,103,208 Kunshan Royal Palace 8,279,289 5,742,133 Jinan Xin Central 41,158,302 29,175,427 Changsha Xinyuan Splendid 7,340,408 7,540,854 Zhengzhou Fancy City II (South) 151,224 1,263,824 Kunshan Xindo Park 23,673,323 8,251,834 Zhengzhou Xindo Park 13,794,988 8,301,650 Zhengzhou Fancy City I 19,329,493 17,254,407 Henan Xin Central I 36,230,637 14,913,267 Xuzhou Colorful City — 5,547,620 Henan Xin Central II — 9,884,003 Zhengzhou International New City I — 17,458,454 Zhengzhou International New City II — 17,044,177 Tianjin Spring Royal Palace I — 19,221,577 Xingyang Splendid Phase II — 15,283,105 Xingyang Splendid Phase III — 2,563,122 Real estate properties development completed 632,359,691 458,204,518 Under development: Current: Xuzhou Colorful City 49,972,999 — Xingyang Splendid II 44,074,338 — Xingyang Splendid III 62,771,683 — Xingyang Splendid IV 11,743,049 46,472,092 Jinan Royal Palace 328,737,914 223,967,341 Tianjin Spring Royal Palace I 101,091,391 — Henan Xin Central II 99,196,076 — Zhengzhou Fancy City II(North) 77,295,404 95,360,634 Zhengzhou International New City I 339,890,348 — Zhengzhou International New City II 171,711,098 — Tongzhou Xinyuan Royal Palace 214,011,166 234,987,743 Changsha Mulian Royal Palace 108,637,317 — XIN Eco Marine Group Properties Sdn Bhd 15,064,162 27,488,080 Hudson Garden Project 106,844,124 123,555,996 Flushing Project 92,821,714 107,304,741 Changsha Furong Thriving Family 39,054,048 15,540,229 Zhengzhou International New City III A 86,999,855 110,507,107 Zhuhai Xin World 102,997,747 153,864,698 Xinyuan Chang’an Royal Palace 144,771,923 157,044,224 Kunshan Xinyu Jiayuan 159,974,516 146,779,965 Zhengzhou International New City Pending Staging 238,835,232 376,230,958 Zhengzhou Hangmei International Wisdom City I 91,069,505 75,943,506 Xinyuan Golden Water View City 428,430,649 438,686,015 Suzhou Galaxy Bay 51,739,509 62,557,317 Xi’an Metropolitan II 5,609,532 5,903,626 Zhengzhou International New City III B 94,547,682 19,164,288 Zhengzhou International New City III C 99,240,244 88,758,649 Zhengzhou International New City III D 42,706,005 8,416,916 Tianjin Spring Royal Palace II 70,891,230 62,093,526 Zhengzhou Fancy City III 89,529,453 79,922,540 Jinan Royal Spring Bay 119,400,947 135,015,228 Suzhou Gusu Shade I (Suzhou New Project) 39,163,694 45,267,243 Wuhan Canglong Royal Palace (Wuhan New Project) 124,701,587 141,707,492 Dalian International Health Technology Town I 33,796,959 85,174,478 Qingdao Royal Dragon Bay 246,387,446 212,457,554 Chengdu Xinyuan City 688,987,085 723,555,656 Zhengzhou International New City IV 176,269,525 220,859,532 Xingyang Splendid V 45,984,974 31,136,007 Xingyang Splendid Building 46 4,836,734 7,997,771 Foshan Xinchuang AI International Science and Technology Innovation Valley — 225,362,486 5,049,788,864 4,489,083,638 Profit recognized 348,170,931 301,358,319 Less: progress billings (Note 14) (1,329,243,487) (1,536,054,208) Total real estate properties under development 4,068,716,308 3,254,387,749 Total real estate properties development completed and under development 4,701,075,999 3,712,592,267 As of December 31, 2019, land use rights included in the real estate properties under development totaled US$2,179,888,833 (December 31, 2018: US$2,733,197,585). As of December 31, 2019, land use rights with an aggregate net book value of US$798,910,332 (December 31, 2018: US$1,046,360,853) was pledged as collateral for certain bank loans and other debts. |
Real estate properties held for
Real estate properties held for lease, net | 12 Months Ended |
Dec. 31, 2019 | |
Real estate properties held for lease, net | |
Real estate properties held for lease, net | 6. Real estate properties held for lease, net The Group leases buildings to various third parties its owned properties including elementary schools, basement parking, kindergartens, parking facilities, clubhouses as well as shopping mall. These leases are non-cancelable operating leases with remaining lease periods that vary from 25 days to 20 years. The leases may include minimum base rents with escalated contingent rent clauses. December 31, December 31, 2018 2019 US$ US$ Elementary schools 3,107,711 3,057,371 Basement parking 9,633,568 14,694,085 Kindergartens 10,194,286 10,049,512 Parking facilities 55,941,369 100,036,672 Clubhouses 7,789,415 8,574,329 Shopping mall 243,346,989 290,610,416 Residential properties — 124,280,030 Others 2,972,811 2,924,658 Total costs 332,986,149 554,227,073 Accumulated depreciation (30,221,932) (38,358,165) Real estate properties held for lease, net 302,764,217 515,868,908 The Group has shopping mall equipment with gross amount of US$7,266,822 and US$7,149,114 acquired under finance lease as of December 31, 2018 and 2019, respectively. Depreciation expense for real estate properties held for lease for the year ended December 31, 2019 amounted to US$8,625,765(2017: US$7,280,421; 2018: US$7,963,627). As of December 31, 2019, US$206,516,986 of real estate properties held for lease were pledged as collateral for certain bank loans and other debts (2018: US$175,429,630). As of December 31, 2019, minimum future rental income on non-cancellable leases (none of which contains any contingent rental clauses), in the aggregate and for each of the five succeeding fiscal years and thereafter, is as follows: Year Amount US$ 2020 15,986,263 2021 15,587,876 2022 14,786,872 2023 13,728,432 2024 and thereafter 107,158,511 Total 167,247,954 |
Property and equipment, net
Property and equipment, net | 12 Months Ended |
Dec. 31, 2019 | |
Property and equipment, net | |
Property and equipment, net | 7 . Property and equipment, net Property and equipment consisted of the following: December 31, December 31, 2018 2019 US$ US$ Finance lease right-of-use asset -Corporate aircraft 37,494,502 36,887,168 Vehicles 5,109,037 5,069,515 Furniture and fixtures 12,580,384 10,523,537 Office buildings 10,994,284 21,842,187 Total 66,178,207 74,322,407 Accumulated depreciation (28,063,724) (31,318,028) Property and equipment, net 38,114,483 43,004,379 On October 23, 2012, the Group acquired a corporate aircraft under a finance lease. The lease has an eight-year term and expires on September 15, 2021 with 32 quarterly lease payments of US$1,426,000. A deposit in the amount of US$6.7 million may be used as full and final payment to Minsheng to purchase the corporate aircraft. Depreciation expense for property and equipment for the year ended December 31, 2019 amounted to US$5,904,454(2017: US$5,350,256; 2018: US$4,908,299) which includes amortization expense related to the corporate aircraft capital lease amounting to US$ 2,336,187 (2017: US$2,613,008; 2018: US$2,582,340). Accumulated depreciation expense for property and equipment as of December 31, 2019 amounted to US$31,318,028 (2017: US$23,994,047; 2018: US$28,063,724) which includes accumulated amortization expense related to the corporate aircraft capital lease amounting to US$14,601,171 (2017: US$11,375,747; 2018: US$13,238,949). |
Long-term investment
Long-term investment | 12 Months Ended |
Dec. 31, 2019 | |
Long-term investment | |
Long-term investment | 8. Long-term investment As of December 31, 2018 and 2019, the long-term investment consisted of the following: December 31, Initial Cost 2018 US$ US$ Nonmarketable equity securities Zhengzhou Lianhe Real Estate Co., Ltd. 241,648 291,409 Zhengzhou Taike Real Estate Co., Ltd. 738,073 728,523 Equity method investees Qingdao Huiju Zhihui City Industrial Development Co., Ltd. 505,162,873 478,778,879 Wuhu Penghong Investment Center (Limited Partnership) 30,608,185 23,613,358 Madison Developments Limited. 19,095,969 16,743,122 Others 59,289,036 44,184,928 Total 564,340,219 December 31, Initial Cost 2019 US$ US$ Nonmarketable equity securities Zhengzhou Lianhe Real Estate Co., Ltd. 241,648 286,689 Zhengzhou Taike Real Estate Co., Ltd. 738,073 716,723 Equity method investees Qingdao Huiju Zhihui City Industrial Development Co., Ltd. 523,459,957 488,227,667 Wuhu Penghong Investment Center (Limited Partnership) 30,608,185 18,333,122 Madison Developments Limited. 19,095,969 16,294,996 Suzhou Rongjingchen Real Estate Co., Ltd 42,041,464 41,452,466 Others 69,160,051 48,308,262 Total 613,619,925 Equity method investees On April 19, 2017, the Company signed an agreement to acquire up to 70% equity interest of Qingdao Huiju Zhihui City Industrial Development Co., Ltd. (“Qingdao Huiju”), which is developing a real estate project in Qingdao city from Beijing Huiju Technology Industry Development Co., Ltd. (“Beijing Huiju”), a non-affiliated company for a consideration of US$505.2 million. As of December 31, 2019, US$505.2 million had been paid and a 49% equity interest has been transferred to the Company. Based on the articles of association, the Company cannot exercise control of Qingdao Huiju until it acquires the entire 70% equity interest, but has the ability to exercise significant influence over Qingdao Huiju’s operating and financial decisions and accounted for it as an equity method investment. The Group initiated various legal actions against Beijing Huiju for, inter alia, (i) the transfer of the remaining 21% equity interest in Qingdao Huiju to the Group and appointment of directors into the board of Qingdao Huiju (ii) refund of unauthorized transfer of cash of US$98.7 million from Qingdao Huiju to Beijing Huiju and (iii) return of business license and official seals of Qingdao Huiju to Qingdao Huiju . In March 2019,the PRC local court held that Beijing Huiju shall refund the unauthorized cash transferred to Beijing Huiju to Qingdao Huiju and has frozen the cash of US$98.7 million in Beijing Huiju’s bank account. In January 2020, local PRC court held that Beijing Huiju shall return the business license and official seals of Qingdao Huiju to Qingdao Huiju. However, Beijing Huiju appealed to PRC Courts against the refund of cash and return of business and official seals to Qingdao Huiju. Currently the above lawsuits are in progress. Based on independent legal advice and after due and careful enquiry, the directors of the Company are of the view that Group is entitled to the receipt of the 21% equity interest in Qingdao Huiju and the appointment of directors into the board of Qingdao Huiju, and Qingdao Huiju is entitled to get back the cash, business license and seals from Beijing Huiju. Hence the above events shall have not any material adverse effect on the Group’s investment in and receivable from Qingdao Huiju. On September 4, 2017, the Company with two non-affiliated companies, established a limited partnership, Wuhu Penghong Investment Center (Limited Partnership) (“Wuhu Penghong”), in which the Company and the other two partners each invested US$30.6 million, US$91.8 million and US$3.1 million in cash, respectively, to invest in real estate project. The other two partners hold substantive participating rights whereas the Company only exercises significant influence, and therefore, accounted for its investment in Wuhu Penghong under the equity method. On March 21, 2018, the Company acquired 50% equity interest in Madison Developments Limited (“MDL”), which is developing a real estate project in London, England from ED Jersey Limited, a non-affiliated company for a consideration of US$19.1 million. Based on the articles of association, the Company cannot exercise control of MDL, but has the ability to exercise significant influence over MDL’s operating and financial decisions and accounts for it as an equity method investment. In July 2019, the Company acquired 24% equity interest in Suzhou Rongjingchen Real Estate Co., Ltd. ("Suzhou Rongjingchen"), which is developing a real estate project in Suzhou city from Suzhou Kaijingsheng Real Estate Co., Ltd., a non-affiliated company, for a consideration of US$42.0 million. Based on the articles of association, the Company cannot exercise control of Suzhou Rongjingchen, but has the ability to exercise significant influence over Suzhou Rongjingchen's operating and financial decisions and accounted for it as an equity method investment. As of December 31, 2019, the Group’s investment in the investees in the aggregate exceeded its proportionate share of the net assets of the equity method investee by nil (December 31, 2018: nil). This difference, if any, represents equity method goodwill and therefore, is not amortized. For the year ended December 31, 2019, the Group recognized its share of loss from its equity method investments of US$5,416,471 (2017: loss of US $1,710,070; 2018: loss of US US$9,374,451). As of December 31, 2018 and 2019, there was no material impairment related to these investments. Summarized combined financial information of the equity method investees is as follows: December 31, 2019 US$ (in thousands) Current assets 1,413,713 Noncurrent assets 411,764 Current liabilities 499,078 Non-current liabilities 460,617 Non-controlling interest 5,778 Gross revenue 68,353 Gross profit 14,976 Loss from continuing operations (5,928) Net loss (10,691) Net loss attributable to the Company (11,614) The above summarized financial information represents the operating performance and financial position of the investees since they became equity method investees of the Group. |
Acquisition of subsidiaries
Acquisition of subsidiaries | 12 Months Ended |
Dec. 31, 2019 | |
Acquisition of subsidiaries | |
Acquisition of subsidiaries | 9. Acquisition of subsidiaries 2018 Acquisition Activitiy On September 6, 2018, the Group’s equity method investee, Wuhu Penghua Tenth Investment Center (Limited Partnership) (“Wuhu Penghua”), repurchased all partnership interests from all its partners except the Group for a consideration of US$146.6 million. As a result, the Company was the sole partner remaining. Therefore,Wuhu Penghua and its subsidiaries Chengdu Renju and Chengdu Guohongteng Real Estate Co., Ltd. (collectively, the “Wuhu Group”) became wholly-owned by the Company. This acquisition was consistent with the Group’s strategy to develop residential real estate markets in fast growth cities in China, and was accounted for under the acquisition method of accounting with acquired assets and assumed liabilities recorded at their acquisition date fair values. A gain of US$4,384,563 was recognized as a result of the re-measurement of previously held equity interest in the Wuhu Group based on the acquisition-date fair value and is presented as a component of other income. The goodwill recognized at the acquisition date amounting to US$534,697 is primarily as a result of the ASC 740 requirement to recognize a deferred tax liability, calculated as the difference between the tax effect of the fair value of the acquired real estate property under development and its corresponding tax base. None of the goodwill recognized is tax deductible. The operational results of the Wuhu Group have been included in the Group’s consolidated financial statements since September 6, 2018 (“Acquisition Date”). The purchase price allocation for the acquisition is primarily based on a valuation determined by the Group with the assistance of an independent third party valuation firm. The following table summarizes the fair values of the assets acquired and liabilities assumed on Acquisition Date. US$ Carrying amount of previously held equity interests 202,354,932 Remeasurement gain 4,384,563 Fair value of previously held equity interests(i) 206,739,495 Less: Goodwill 534,697 206,204,798 Fair value of net identifiable assets acquired: Cash and cash equivalents 11,761,992 Real estate properties under development 538,393,230 Current assets 7,471,403 Current liabilities (57,705,079) Deferred tax liabilities (534,697) Long-term bank loan (293,182,051) Net assets acquired 206,204,798 (i) The business combination was achieved without the transfer of consideration. The difference between the fair value of previously held equity interest and the fair value of net identifiable assets acquired was recognized as goodwill. As the Wuhu Group were private companies, the fair value of the Group’s previously held equity interest is estimated based on asset-based approach using significant unobservable inputs that market participants would consider, which mainly include estimated revenue and estimated cost for the construction project. The amount of revenue and net income of the Wuhu Group included in the Group’s consolidated statement of comprehensive income for the period from the Acquisition Date to December 31, 2018 are US$30,248,316 and US$6,710,751, respectively. The pro forma results of operations for the acquisition has not been presented because the revenue and earnings generated before the acquisition is immaterial. 2019 Acquisition Activity In November 2019, the Group acquired Beijing Ruizhuo Xitou Development Co., Ltd. (“Xitou”), a related party, for a total consideration of US$16,486,299, represents extinguishment of pre-existing receivable (Note 18). Xitou is primarily engaged in provision of online platform services for real estate project financing purposes. In November 2019, the Group acquired Beijing Ruizhuo Xichuang Technology Development Co., Ltd. (“Xichuang”), a related party, for a total consideration of US$11,212,797, represents extinguishment of pre-existing receivable (Note 18). Xichuang is primarily engaged in the provision of online platform services for sourcing, sale and purchase of real estate properties. In November 2019, the Group acquired Beijing I-Journey Science and Technology Development Co,Ltd.("I-Journey"), a related party, for a total consideration of US$21,062,847, represents extinguishment of pre-existing receivable (Note 18). I-journey is primarily engaged in the sale of household robots and provision of community cloud services. The acquisitions of Xitou, Xichuang and I-journey were in line with the Group’s strategy to extend its business to provide real estate and property management related technology services. The above acquisitions were accounted for under the acquisition method of accounting with acquired assets and assumed liabilities recorded at their acquisition date fair values. The goodwill recognized upon the acquisitions amounting to US$6,624,594, US$5,159,916 and US$12,927,103 respectively is primarily as a result of the excess of the acquisition considerations over the respective fair value of net identifiable assets acquired. The goodwill recognized in other non-current assets is attributable primarily to expected synergies and the assembled workforce. The goodwill is not deductible for tax purposes. None of the goodwill recognized is tax deductible. The operational results of Xitou, Xichuang and I-journey have been included in the Group's consolidated financial statements since November 30, 2019 ("Date of Acquisition"). The pro forma results of operations for the acquisitions have not been presented because the revenue and earnings generated before the acquisitions is immaterial. The purchase price allocation for the acquisitions is primarily based on a valuation determined by the Group with the assistance of an independent third party valuation firm. The following table summarizes the fair values of the assets acquired and liabilities assumed on Date of Acquisition. Xinruifeng Xinhujin Xinzhihui subgroup subgroup subgroup Total US$ US$ US$ US$ Cash and cash equivalents 472,974 276,511 77,526 827,011 Intangible assets (1) Technology 9,446,403 5,877,125 6,249,820 21,573,348 Trade mark — — 2,623,205 2,623,205 Other current assets 262,373 164,373 691,872 1,118,618 Deferred tax assets 1,057,527 1,170,995 658,831 2,887,353 Other non-current assets 29,935 14,176 43,115 87,226 Goodwill 6,624,594 5,159,916 12,927,103 24,711,613 Current liabilities (269,349) (241,318) (1,499,623) (2,010,290) Deferred tax liabilities (1,057,527) (1,170,995) (658,831) (2,887,353) Non-controlling interest (80,631) (37,986) (50,171) (168,788) Total Consideration 16,486,299 11,212,797 21,062,847 48,761,943 (1) Intangible assets acquired in 2019 have estimated useful lives between six and ten years. (2) Xinruifeng,Xinhujin and Xinzhihui are parents of Xitou, Xichuang and I-journey. |
Short-term bank loans and other
Short-term bank loans and other debt | 12 Months Ended |
Dec. 31, 2019 | |
Short-term bank loans and other debt | |
Short-term bank loans and other debt | 10. Short-term bank loans and other debt Short-term bank loans and other debt represent amounts due to various banks and financial institutions that are due on the dates indicated below. Short-term bank loans and other debt at December 31, 2018 and 2019 consisted of the following: December 31, December 31, 2018 2019 US$ US$ Loan from The Bank of East Asia Due January 2, 2020, at 1.10% plus 1 month LIBOR — 19,900,000 Loan from Henan Zhongyuan Microfinance Co., Ltd. Due July 26, 2019, at 11.60% per annum 7,285,231 — Loan from Zhongyuan Aviation Finance Leasing Co.,Ltd. Due December 20 2020, at 10.00% per annum — 11,467,562 Loan from Hua Xia Bank Co., Ltd. Due May 30, 2020, at 6.5250% per annum — 8,600,671 Loan from Shandong Rongyue Finance Leasing Co., Ltd. Due December 24, 2020, at 5.00% per annum — 4,300,335 Loan from Kunlun Trust Co., Ltd. Due June 28, 2019, at 10.50% per annum 36,426,157 — Loan from Zhongyuan Commercial Factoring Co., Ltd. Due January 30, 2020, at 10.00% per annum — 28,668,902 Loan from Tianjin financial exchange center Co., Ltd. at 9.00% per annum 189,215 Loan from Tianjin financial exchange center Co., Ltd. at 8.50% per annum 51,604 Loan from Tianjin financial exchange center Co., Ltd. at 8.00% per annum — 240,819 Total short-term bank loans and other debt 43,711,388 73,419,108 As of December 31, 2019, except when otherwise indicated, the Group’s short-term bank loans and other debt were all denominated in RMB and were mainly secured by the Group’s real estate properties held for lease with net book value of US$14,899,171 (December 31, 2018: nil), the real estate properties development completed with net book value of US$10,168,195 (December 31, 2018: nil), and restricted cash of US$20,691,781 (December 31, 2018: nil). The weighted average interest rate on short-term bank loans and other debt as of December 31, 2019 was 8.33% (December 31, 2018: 10.68%). |
Long-term bank loans
Long-term bank loans | 12 Months Ended |
Dec. 31, 2019 | |
Long-term bank loans | |
Long-term bank loans | 11. Long-term bank loans Long-term bank loans as of December 31, 2018 and 2019 analyzed by final installment maturity dates consisted of the following: December 31, December 31, 2018 2019 US$ US$ Loan from ICBC Due December 26, 2021, at 6.175% per annum 116,560,788 66,890,284 Due December 22, 2021, at 6.175% per annum 58,284,765 33,448,009 Due December 30, 2021, at 6.60% per annum 53,619,303 30,770,333 Due December 22, 2021, at 9.80% per annum 58,281,851 33,448,009 Due July 23, 2022, at 4.75% per annum — 14,334,451 286,746,707 178,891,086 Loan from China Guangfa Bank Due July 17, 2021, at 6.175% per annum — 18,048,508 Due October 20, 2019, at 6.4125% per annum 10,490,733 — 10,490,733 18,048,508 Loan from Bank of China Due March 30, 2020, at 6.65% per annum 33,512,064 7,167,226 Due October 31, 2021 at 4.75% per annum 64,110,036 50,457,269 97,622,100 57,624,495 Loan from Bank of Beijing Due February 14, 2020 at 4.75% per annum 42,810,934 32,372,065 Loan from The Bank of East Asia Due June 1, 2019, at 1.10% plus 1 month LIBOR 9,675,654 — Due June 5, 2019, at 1.10% plus 1 month LIBOR 10,000,000 — Due August 15, 2019, at 1.10% plus 1 month LIBOR 20,000,000 — Due August 30, 2019,at 1.10% plus 1 month LIBOR 9,700,000 — Due September 19, 2019, at 1.10% plus 1 month LIBOR 2,220,000 — Due January 9, 2020, at 1.10% plus 1 month LIBOR 3,178,000 3,178,000 Due June 2, 2019, at 1.10% plus 1 month LIBOR 34,421,617 — Due September 27, 2019, at 1.10% plus 3 month LIBOR 24,294,636 — Due June 4, 2021, at 1.10% plus 1 month LIBOR — 22,500,000 Due June 6, 2021, at 1.10% plus 1 month LIBOR — 30,000,000 Due August 20, 2021, at 1.10% plus 1 month LIBOR — 19,170,000 Due September 27, 2021, at 1.10% plus 1 month LIBOR — 9,100,000 Due October 20, 2021, at 1.10% plus 1 month LIBOR — 2,100,000 Due October 27, 2021, at 1.10% plus 1 month LIBOR — 17,570,000 113,489,907 103,618,000 Loan from Ping An Bank Co., Ltd. Due May 31, 2021, at 6.8875% per annum 116,417,997 80,272,928 Due May 27, 2021, at 7.3625% per annum 14,570,463 9,890,771 Due March 27, 2022, at 6.9825% per annum — 39,405,407 130,988,460 129,569,106 Loan from China Construction Bank Due July 2, 2021, at 6.65% per annum 56,824,805 — Due August 1, 2021, at 4.35% per annum — 44,723,488 Due August 1, 2021, at 4.75% per annum — 11,180,872 Due August 1, 2021, at 4.75% per annum 17,484,555 17,201,343 Due April 4, 2021, at 6.175% per annum 36,424,700 — 110,734,060 73,105,703 Loan from Bank of Minsheng Due June 14, 2031, at 8.50% per annum 62,798,694 59,487,973 Due March 30, 2023 at 8.8825% per annum 291,394,685 286,402,339 354,193,379 345,890,312 Loan from Bank of Hengfeng Due September 20, 2021, at 8.0009% per annum 73,580,837 65,150,082 Loan from Zheshang Bank Co., Ltd Due September 21, 2021, at 7.60% per annum 29,286,630 17,344,686 Loan from Bank of Communications Co., Ltd Due March 18, 2022, at 7.600% per annum — 37,104,728 Loan from Bank of Zhengzhou Co., Ltd Due September 26, 2021, at 7.000075% per annum — 64,505,031 Loan from Bank of Huaxia Co., Ltd Due December 27, 2021, at 5.08% per annum — 11,610,908 Total 1,249,943,747 1,134,834,710 Less: current portion of long-term bank loans (529,904,807) (448,770,014) Total long-term bank loans 720,038,940 686,064,696 As of December 31, 2019, the contractual maturities of these loans are as follows: Year Amount US$ 2020 448,770,014 2021 599,627,953 2022 37,269,574 2023 4,156,992 2024 and thereafter 45,010,177 Less: current portion of long-term bank loans (448,770,014) Total: long-term bank loans 686,064,696 As of December 31, 2019, except when otherwise indicated, the Group’s long term bank loans were all denominated in RMB and were mainly secured by the Group’s real estate properties under development with net book value of US$78,726,065 (December 31, 2018: US$30,727,630), land use rights with net book value of US$382,772,544 (December 31, 2018: US$462,352,750), the Group’s real estate properties held for lease with net book value of US$144,272,409 (December 31, 2018: 123,781,349), the real estate properties development completed with net book value of US$457,032 (December 31, 2018: nil), and restricted cash of US$116,152,060 (December 31, 2018:nil). The interest rates of these bank loans are adjustable based on the range of 100% to 206% of the PBOC prime rate. The weighted average interest rate on long-term bank loans as of December 31, 2019 was 6.94% (December 31, 2018: 7.16%). |
Other long-term debt
Other long-term debt | 12 Months Ended |
Dec. 31, 2019 | |
Other long-term debt | |
Other long-term debt | 12. Other long-term debt As of December 31,2018 and 2019, other long-term debt analyzed by final installment maturity dates consisted of the following: December 31, December 31, Senior notes 2018 2019 US$ US$ November 2020 Senior Secured notes due on November 22, 2020 at 8.875% 295,673,796 296,897,742 August 2019 Senior Notes due on August 30, 2019 at 8.125% 286,741,749 — February 2021 Senior notes due on February 28, 2021 at 7.75% 270,624,821 261,941,119 March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% 197,226,325 123,055,415 October 2021 Senior Secured Notes due on October 16, 2021 at 14.20% — 295,968,740 Corporate bonds Due December 28, 2020 at 8.20% 58,275,179 1,962,386 Due January 27, 2021 at 7.47% 43,709,787 8,213,641 Due March 14, 2021 at 7.09% 72,849,705 7,551,597 Due August 15, 2019 at 8.20% 63,404,057 — Due April 7, 2020 at 8.20% 89,655,359 — Due September 21, 2020 at 8.50% 28,998,553 21,947,434 Due April 1, 2024 at 8.40% — 58,887,016 Due January 4, 2022 at 8.50% — 650,673 Loan from Ping An Trust Co., Ltd Due May 22, 2020 at 10.3192% 189,416,016 43,003,354 Due November 30, 2019 at 10.3192% 130,813,615 — Due May 23, 2019 at 10.3192% 189,780,277 — Due November 23, 2020 at 11.20% — 200,682,320 Due May 22, 2021 at 15.00% — 42,989,020 Due May 29, 2021 at 11.50% — 85,863,364 Due April 26, 2021 at 11.50% — 24,248,158 Loan from Guo Tou Tai Kang Trust Co., Ltd Due October 30, 2019 at 9.30% 2,360,415 — Due November 2, 2019 at 9.30% 26,780,511 — Kunlun Trust Co., Ltd Due March 17, 2020 at 7.62% 21,855,694 21,501,677 Loan from Wanxiang Trust Co., Ltd Due December 4, 2020 at 12.00% 1,427,905 — Due April 30, 2021 at 12.00% — 28,668,903 Due January 4, 2020 at 12.00% — 12,929,675 Due July 18, 2020 at 12.00% — 21,501,677 Loan from China Huarong Asset Management Co., Ltd Due November 27, 2020 at 11.50% 11,656,370 10,894,183 Due October 30, 2020 at 11.50% 40,951,099 28,095,525 Due November 8, 2021 at 12.00% — 30,145,351 Loan from China Resources Investment Trust Co., Ltd Due November 9, 2020 at 9.405% 50,996,620 42,286,632 Loan from Chang An International Trust Co., Ltd Due December 10, 2023 at 9.00% — 172,013,417 Loan from Henan Zhongyuan Microfinance Co., Ltd Due July 23, 2021 at 11.60% — 6,880,537 Loan from Kent EB-5 LLC Due January 23, 2020 at 5.95% 9,500,000 9,500,000 Due April 30, 2020 at 5.95% 5,000,000 5,000,000 Due June 25, 2020 at 5.95% 5,000,000 5,000,000 Due August 4, 2020 at 5.95% 5,000,000 5,000,000 Due August 20, 2020 at 5.95% 5,000,000 5,000,000 Due October 1, 2020 at 5.95% 10,000,000 10,000,000 Due November 23, 2020 at 5.95% 10,000,000 10,000,000 Due March 15, 2021 at 5.95% 9,500,000 9,500,000 Due September 12, 2021 at 5.95% 500,000 500,000 Loan from Bank of Ozark Due March 24, 2021 at 4.50% plus 1 month LIBOR 24,008,924 50,157,305 Loan from Bank Direct Capital Finance Due November 1, 2020 at 5.5% 1,762,072 822,506 Loan from CMGT Lender 35 LLC Due May 24, 2021 at 12.26% — 18,660,737 Loan from 135-35 NORTHERN BLVD 1&2 LLC Due May 1, 2021 at 8.5% — 28,955,968 Total principal of other long-term debt 2,158,468,849 2,006,876,072 Less: current portion of other long-term debt (1,118,013,649) (970,185,445) Total other long-term debt 1,040,455,200 1,036,690,627 The March 2020, November 2020, February 2021 and October 2021 Senior Secured Notes are senior secured pari passu obligations of the Company. As of December 31, 2019, the contractual maturities of these debts are as follows: Year Amount US$ 2020 970,185,445 2021 989,429,149 2022 34,402,683 2023 12,858,795 Less: current portion of other long term debt (970,185,445) Total: Other long-term debt 1,036,690,627 As of December 31, 2019, except when otherwise indicated and the Senior Secured Notes, the Group’s other long-term debt was all denominated in RMB and mainly secured by the Group’s real estate properties under development with net book value of US$1,445,969 (December 31, 2018: US$963,588 ), land use rights with net book value of US$416,137,788 (December 31, 2018: US$584,008,103), real estate properties held for lease with net book value of US$47,345,406 (December 31, 2018: US$51,648,281), and real estate properties development completed with net book value of US$50,301,375 (December 31, 2018: US$36,801,393). August 2019 Senior Secured Notes On August 30, 2016, the Company issued an aggregate principal amount of US$300,000,000 of the August 2019 Senior Secured Notes. The August 2019 Senior Secured Notes bear interest at 8.125% per annum payable semi-annually. Interest will be payable on February 28 and August 30 of each year, commencing February 28, 2017. The effective interest rate of August 2019 Senior Secured Notes is 9.06%. The August 2019 Senior Secured Notes were issued pursuant to an indenture, dated August 30, 2016, between the Company, the “Subsidiary Guarantors” identified below and Citicorp International Limited, as trustee and collateral agent (the “August 2019 Indenture”). The Company’s obligations under the August 2019 Indenture and the August 2019 Senior Secured Notes have been guaranteed by certain of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Ltd., South Glory International Ltd., Elite Quest Holdings Ltd. and Xinyuan International (HK) Property Investment Co., Limited (the “Subsidiary Guarantors”) and will be guaranteed by such other future subsidiaries of the Company as is set forth in and in accordance with the terms of the August 2019 Indenture. The Company’s obligations under the August 2019 Indenture and the August 2019 Senior Secured Notes are secured by a pledge of the capital stock of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Limited, South Glory International Limited and Elite Quest Holdings Ltd. At any time prior to August 30, 2019, the Company may at its option redeem the August 2019 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the August 2019 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. “Applicable Premium” means with respect to any August 2019 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such August 2019 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such August 2019 Senior Secured Note, plus all required remaining scheduled interest payments due on such August 2019 Senior Secured Note through the maturity date of the August 2019 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the August 2019 Indenture) plus 100 basis points, over (B) the principal amount of such August 2019 Senior Secured Note on such redemption date. At any time prior to August 30, 2019, the Company may redeem up to 35% of the aggregate principal amount of the August 2019 Senior Secured Notes with the net cash proceeds of one or more sales of our common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 108.125% of the principal amount of the August 2019 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the August 2019 Senior Secured Notes issued on August 30, 2016 remain outstanding after each such redemption. The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the August 2019 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the August 2019 Secured Senior Notes. The August 2019 Indenture, contains certain covenants that, among others, restrict the Company’s ability and the ability of the Company’s Restricted Subsidiaries (as defined in the August 2019 Indenture) to incur additional debt or to issue preferred stock, to make certain payments or investments, to pay dividends or purchase or redeem capital stock, to sell assets (including limitations on the use of proceeds of asset sales), to grant liens on the collateral securing the August 2019 Senior Secured Notes or other assets, to make certain other payments or to engage in transactions with affiliates and holders of more than 10% of the Company’s Common Shares, subject to certain qualifications and exceptions and satisfaction, in certain circumstances of specified conditions, such as a Fixed Charge Coverage Ratio (as defined in the August 2019 Indenture) of 2.50 to 1.0. From August 31, 2018 to December 31, 2018, the Company redeemed the August 2019 Senior Secured Notes for a total principal amount of US$11.9 million. The Company recognized gain on extinguishment of debt amounting to US$511,919, consisting of the gain from the difference between repurchase price and principal amount of the debt amounting to US$577,449 and the loss from unamortized deferred debt issuance costs amounting to US$65,530. From January 1, 2019 to December 31, 2019, the Company redeemed the August 2019 Senior Secured Notes for a total principal amount of US$288.1 million. The Company recognized loss on extinguishment of debt amounting to US$1,111,583 in 2019, consisting of the loss from the difference between repurchase price and principal amount of the debt amounting to US$125,165 and the loss from unamortized deferred debt issuance costs amounting to US$986,418. February 2021 Senior Secured Notes On February 28, 2017, The Company issued an aggregate principal amount of US$300,000,000 of the February 2021 Senior Secured Notes. The February 2021 Senior Secured Notes bear interest at 7.75% per annum payable semi-annually. Interest will be payable on February 28 and August 28 of each year, commencing August 28, 2017. The February 2021 Senior Secured Notes have a four year term maturing on February 28, 2021. The effective interest rate of February 2021 Senior Secured Notes is 8.68%. The February 2021 Senior Secured Notes were issued pursuant to an indenture, dated February 28, 2017, between the Company, the “Subsidiary Guarantors” identified below and Citicorp International Limited, as trustee and collateral agent (the “February 2021 Indenture”). The Company’s obligations under the February 2021 Indenture and the February 2021 Senior Secured Notes have been guaranteed by certain of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Ltd., South Glory International Ltd., Elite Quest Holdings Ltd. and Xinyuan International (HK) Property Investment Co., Limited (the “Subsidiary Guarantors”) and will be guaranteed by such other future subsidiaries of the Company as is set forth in and in accordance with the terms of the February 2021 Indenture. The Company’s obligations under the February 2021 Indenture and the February 2021 Senior Secured Notes are secured by a pledge of the capital stock of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Limited, South Glory International Limited and Elite Quest Holdings Ltd. At any time prior to February 28, 2021, the Company may at its option redeem the February 2021 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the February 2021 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. “Applicable Premium” means with respect to any February 2021 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such February 2021 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such February 2021 Senior Secured Note, plus all required remaining scheduled interest payments due on such February 2021 Senior Secured Note through the maturity date of the February 2021 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the February 2021 Indenture) plus 100 basis points, over (B) the principal amount of such February 2021 Senior Secured Note on such redemption date. At any time prior to February 28, 2021, the Company may redeem up to 35% of the aggregate principal amount of the February 2021 Senior Secured Notes with the net cash proceeds of one or more sales of our common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 107.75% of the principal amount of the February 2021 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the February 2021 Senior Secured Notes issued on February 28, 2017 remain outstanding after each such redemption. The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the February 2021 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the February 2021 Secured Senior Notes. The February 2021 Indenture, contains certain covenants that, among others, restrict the Company’s ability and the ability of the Company’s Restricted Subsidiaries (as defined in the February 2021 Indenture) to incur additional debt or to issue preferred stock, to make certain payments or investments, to pay dividends or purchase or redeem capital stock, to sell assets (including limitations on the use of proceeds of asset sales), to grant liens on the collateral securing the February 2021 Senior Secured Notes or other assets, to make certain other payments or to engage in transactions with affiliates and holders of more than 10% of the Company’s Common Shares, subject to certain qualifications and exceptions and satisfaction, in certain circumstances of specified conditions, such as a Fixed Charge Coverage Ratio (as defined in the February 2021 Indenture) of 2.0 to 1.0. From August 31, 2018 to December 31, 2018, the Company redeemed the February 2021 Senior Secured Notes for a total principal amount of US$25.4 million. The Company recognized gain on extinguishment of debt amounting to US$2,642,710, consisting of the gain from the difference between repurchase price and principal amount of the debt amounting to US$3,043,135 and the loss from unamortized deferred debt issuance costs amounting to US$400,425. From January 1, 2019 to December 31, 2019, the Company redeemed the February 2021 Senior Secured Notes for a total principal amount of US$10.6 million. The Company recognized gain on extinguishment of debt amounting to US$1,126,617, consisting of the gain from the difference between repurchase price and principal amount of the debt amounting to US$1,246,256 and the loss from unamortized deferred debt issuance costs amounting to US$119,639. November 2020 Senior Secured Notes On November 22, 2017 and December 1, 2017, the Company issued an aggregate principal amount of US$200,000,000 and US$100,000,000 of the November 2020 Senior Secured Notes, respectively. The November 2020 Senior Secured Notes bear interest at 8.875% per annum payable semi-annually. Interest will be payable on May 22 and November 22 of each year, commencing May 22, 2018. The November 2020 Senior Secured Notes have a three year term maturing on November 22, 2020. The effective interest rate of November 2020 Senior Secured Notes is 9.95%. The November 2020 Senior Secured Notes were issued pursuant to an indenture, dated November 22, 2017, between the Company, the “Subsidiary Guarantors” identified below and Citicorp International Limited, as trustee and collateral agent (the “November 2020 Indenture”). The Company’s obligations under the November 2020 Indenture and the November 2020 Senior Secured Notes have been guaranteed by certain of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Ltd., South Glory International Ltd., Elite Quest Holdings Ltd. and Xinyuan International (HK) Property Investment Co., Limited (the “Subsidiary Guarantors”) and will be guaranteed by such other future subsidiaries of the Company as is set forth in and in accordance with the terms of the November 2020 Indenture. The Company’s obligations under the November 2020 Indenture and the November 2020 Senior Secured Notes are secured by a pledge of the capital stock of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Limited, South Glory International Limited and Elite Quest Holdings Ltd. At any time prior to November 22, 2020, the Company may at its option redeem the November 2020 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the November 2020 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. “Applicable Premium” means with respect to any November 2020 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such November 2020 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such November 2020 Senior Secured Note, plus all required remaining scheduled interest payments due on such November 2020 Senior Secured Note through the maturity date of the November 2020 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the November 2020 Indenture) plus 100 basis points, over (B) the principal amount of such November 2020 Senior Secured Note on such redemption date. At any time prior to November 22, 2020, the Company may redeem up to 35% of the aggregate principal amount of the November 2020 Senior Secured Notes with the net cash proceeds of one or more sales of our common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 108.875% of the principal amount of the November 2020 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the November 2020 Senior Secured Notes issued on November 22, 2017 remain outstanding after each such redemption. The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the November 2020 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the November 2020 Secured Senior Notes. The November 2020 Indenture, contains certain covenants that, among others, restrict the Company’s ability and the ability of the Company’s Restricted Subsidiaries (as defined in the November 2020 Indenture) to incur additional debt or to issue preferred stock, to make certain payments or investments, to pay dividends or purchase or redeem capital stock, to sell assets (including limitations on the use of proceeds of asset sales), to grant liens on the collateral securing the November 2020 Senior Secured Notes or other assets, to make certain other payments or to engage in transactions with affiliates and holders of more than 10% of the Company’s Common Shares, subject to certain qualifications and exceptions and satisfaction, in certain circumstances of specified conditions, such as a Fixed Charge Coverage Ratio (as defined in the November 2020 Indenture) of 2.0 to 1.0. From January 1, 2019 to December 31, 2019, the Company redeemed the November 2020 Senior Secured Notes for a total principal amount of US$0.9 million. The Company recognized gain on extinguishment of debt amounting to US$38,136, consisting of the gain from the difference between repurchase price and principal amount of the debt amounting to US$47,200 and the loss from unamortized deferred debt issuance costs amounting to US$9,064. March 2020 Senior Secured Notes On March 19, 2018, the Company issued an aggregate principal amount of US$200,000,000 of the March 2020 Senior Secured Notes. The March 2020 Senior Secured Notes bear interest at 9.875% per annum payable semi-annually. Interest will be payable on March 19 and September 19 of each year, commencing September 19, 2018. The March 2020 Senior Secured Notes have a two year term maturing on March 19, 2020. The effective interest rate of March 2020 Senior Secured Notes is 11.34%. The March 2020 Senior Secured Notes were issued pursuant to an indenture, dated March 19, 2017, between the Company, the “Subsidiary Guarantors” identified below and Citicorp International Limited, as trustee and collateral agent (the “March 2020 Indenture”). The Company’s obligations under the March 2020 Indenture and the March 2020 Senior Secured Notes have been guaranteed by certain of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Ltd., South Glory International Ltd., Elite Quest Holdings Ltd. and Xinyuan International (HK) Property Investment Co., Limited (the “Subsidiary Guarantors”) and will be guaranteed by such other future subsidiaries of the Company as is set forth in and in accordance with the terms of the March 2020 Indenture. The Company’s obligations under the March 2020 Indenture and the March 2020 Senior Secured Notes are secured by a pledge of the capital stock of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Limited, South Glory International Limited and Elite Quest Holdings Ltd. At any time prior to March 19, 2020, the Company may at its option redeem the March 2020 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the March 2020 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. “Applicable Premium” means with respect to any March 2020 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such March 2020 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such March 2020 Senior Secured Note, plus all required remaining scheduled interest payments due on such March 2020 Senior Secured Note through the maturity date of the March 2020 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the March 2020 Indenture) plus 100 basis points, over (B) the principal amount of such March 2020 Senior Secured Note on such redemption date. At any time prior to March 19, 2020, the Company may redeem up to 35% of the aggregate principal amount of the March 2020 Senior Secured Notes with the net cash proceeds of one or more sales of our common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 109.875% of the principal amount of the March 2020 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the March 2020 Senior Secured Notes issued on March 19, 2018 remain outstanding after each such redemption. The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the March 2020 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the March 2020 Senior Secured Notes. The March 2020 Indenture, contains certain covenants that, among others, restrict the Company’s ability and the ability of the Company’s Restricted Subsidiaries (as defined in the March 2020 Indenture) to incur additional debt or to issue preferred stock, to make certain payments or investments, to pay dividends or purchase or redeem capital stock, to sell assets (including limitations on the use of proceeds of asset sales), to grant liens on the collateral securing the March 2020 Senior Secured Notes or other assets, to make certain other payments or to engage in transactions with affiliates and holders of more than 10% of the Company’s Common Shares, subject to certain qualifications and exceptions and satisfaction, in certain circumstances of specified conditions, such as a Fixed Charge Coverage Ratio (as defined in the March 2020 Indenture) of 2.0 to 1.0. From January 1, 2019 to December 31, 2019, the Company redeemed the March 2020 Senior Secured Notes for a total principal amount of US$75.7 million. The Company recognized loss on extinguishment of debt amounting to US$563,941, mainly consisting of the loss from unamortized deferred debt issuance costs amounting to US$563,941. October 2021 Senior Secured Notes On April 15, 2019 and April 26, 2019, the Company issued Senior Notes with an aggregate principal amount of US$300,000,000 due on October 15, 2021 (the "October 2021 Notes"). The October 2021 Notes bear interest at 14.2% per annum, payable semi-annually. Interest will be payable on April 15 and October 15 of each year, commencing October 15, 2019. The October 2021 Notes have a two and a half year (thirty month) term maturing on October 15, 2021. The October 2021 Notes were issued pursuant to an indenture, dated as of April 15, 2019, between the Company, the Subsidiary Guarantors (as defined below) and Citicorp International Limited, as trustee and shared security agent (the "October 2021 Indenture"). The Company's obligations under the October 2021 Indenture and the October 2021 Notes are guaranteed initially by certain of the Company's wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Limited, South Glory International Limited, Elite Quest Holdings Limited and Xinyuan International (HK) Property Investment Co., Limited (the "Subsidiary Guarantors") and will be guaranteed by such other future subsidiaries of the Company as is set forth in and in accordance with the terms of the October 2021 Indenture. The Company's obligations under the October 2021 Indenture and the October 2021 Notes are secured by a pledge of the capital stock of the Company's wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Limited, South Glory International Limited and Elite Quest Holdings Limited. At any time prior to October 15, 2021, the Company may at its option redeem the October 2021 Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the October 2021 Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. "Applicable Premium" means with respect to any October 2021 Note at any redemption date, the greater of (i) 1.00% of the principal amount of such Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such Note, plus all required remaining scheduled interest payments due on such Note through the maturity date of the October 2021 Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the Indenture) plus 100 basis points, over (B) the principal amount of such Note on such redemption date. At any time prior to October 15, 2021, the Company may redeem up to 35% of the aggregate principal amount of the October 2021 Notes with the net cash proceeds of one or more sales of the Company's common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 114.2% the principal amount of the October 2021 Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the October 2021 Notes issued on April 15, 2019 remain outstanding after each such redemption and any such redemption takes place within 60 days after the closing of the related equity offering. Following a Change of Control (as defined in the October 2021 Indenture), the Company must make an offer to purchase all outstanding October 2021 Notes at a purchase price equal to 101.0% of the principal amount thereof plus accrued and unpaid interest, if any, to (but not including) the offer to purchase payment date. The October 2021 Indenture contains certain covenants that, among others, restrict the Company's ability and the ability of the Company's Restricted Subsidiaries (as defined in the October 2021 Indenture) to incur additional debt or to issue preferred stock, to make certain payments or investments, to pay dividends or purchase or redeem capital stock, sell assets, or make certain other payment, subject to certain qualifications and exceptions and satisfaction, in certain circumstances of specified conditions, such as a Fixed Charge Coverage Ratio (as defined in the October 2021 Indenture) of 2.0 to 1.0. From January 1, 2019 to December 31, 2019, the Company redeemed the October 2021 Senior Secured Notes for a total principal amount of US$2.5 million. The Company recognized loss on extinguishment of debt amounting to US$25,240, consisting of the gain from the difference between repurchase price and principal amount of the debt amounting to US$52,500 and the loss from unamortized deferred debt issuance costs amounting to US$77,740. Onshore Corporate Bonds On December 28, 2015, Xinyuan China issued the first tranche of the onshore corporate bonds with an aggregate principal amount of RMB 1 billion (US$154 million) due on December 28, 2020 (the “First Tranche Bonds”) at a coupon rate of 7.5% per annum payable annually. Interest is payable on December 28 of each year, commencing December 28, 2016. From November 19, 2018 to November 30, 2018, the Company redeemed the First Tranche Bonds for a total principal amount of RMB 0.6 billion (US$87 million). The Company recognized loss on extinguishment of debt amounting to US$6,518,487, consisting of both the debt redemption price amounting to US$6,509,574 and unamortized deferred debt issuance costs amounting to US$8,913. From August 14, 2019 to November 12, 2019, the Company redeemed the First Tranche Bonds for a total principal amount of RMB 0.4 billion (US$57 million). The Company recognized loss on extinguishment of debt amounting to US$1,484, consisting of both the debt redemption price amounting to US$175 and unamortized deferred debt issuance costs amounting to US$1,659. On January 27, 2016, Xinyuan China issued the second tranche of the onshore corporate bonds with an aggregate principal amount of RMB 0.7 billion( US$107 million) due on January 27, 2021 (the “Second Tranche Bonds”) at a coupon rate of 7.47% per annum payable annually. Interest is payable on January 27 of each year, commencing January 27, 2017. From December 14, 2018 to December 21, 2018, the Company redeemed the Second Tranche Bonds for a total principal amount of RMB 0.4 billion (US$58 million). The Company recognized loss on extinguishment of debt amounting to US$4,775,500, consisting of both the debt redemption price amounting to US$4,773,284 and unamortized deferred debt issuance costs amounting to US$2, |
Lease
Lease | 12 Months Ended |
Dec. 31, 2019 | |
Lease | |
Lease | 13. Lease Lessee The Group has operating and finance leases, which primarily consist of corporate aircraft, office space and equipment. The Group’s leases include options to extend the lease term. The Group’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Group has operating leases for office and dormitory in the United States and China. The leases have remaining lease terms of up to 2 years. Lease recorded on the consolidated balance sheets are summarized as follows: December 31, 2019 US$ Lease Assets Finance lease ROU assets Property and equipment, net 22,285,997 Real estate properties held for lease, net 7,020,033 Total 29,306,030 Operating lease ROU assets 11,801,491 Lease Liabilities Current Current portion of finance lease 6,409,827 Current portion of operating lease 4,873,897 Total 11,283,724 Non-current Finance lease, net of current portion 3,839,456 Operating lease, net of current portion 6,348,249 Total 10,187,705 The components of lease expenses recognized as follows: Year ended December 31, 2019 US$ Operating lease cost: Operating lease cost 6,480,093 Short-term lease cost 2,612,901 Finance lease cost: Amortization of ROU assets 2,465,268 Interest on the lease liabilities 1,019,758 Total lease cost 12,578,020 For the years ended December 31, 2017 and 2018, the Group recorded operating lease expenses of US$US$5,132,393 and US$9,614,639, respectively. Supplemental cash flow information related to leases was as follows: Year ended December 31, 2019 US$ Operating cash flows for operating leases 6,275,565 Operating cash flows for finance leases 1,393,198 Financing cash flows for finance leases Maturities of lease liabilities are as follows: December 31, 2019 Finance Leases Operating Leases US$ US$ Year ending December 31, 2020 7,511,008 6,470,913 Year ending December 31, 2021 4,059,224 4,443,336 Year ending December 31, 2022 — 1,007,535 Year ending December 31, 2023 — 294,239 Total lease payments 11,570,232 12,216,023 Less: imputed interest 1,320,949 993,877 Present value of lease liabilities 10,249,283 11,222,146 Other supplemental information related to lease term and discount rate is summarized below: December 31, 2019 Weighted-average remaining lease term (years) Operating leases 2.32 Finance leases 1.63 Weighted-average discount rate Operating leases 4.35 % Finance leases 8.05 % |
Customer deposits
Customer deposits | 12 Months Ended |
Dec. 31, 2019 | |
Customer deposits | |
Customer deposits | 14. Customer deposits Advances for real estate properties comprise of sales proceeds received from customers for the pre-sale of residential units in the PRC. Advances for real estate properties are typically funded up to 40% - 80% by mortgage loans made by banks to the customers. The Group holds certain cash balances in restricted cash accounts at the relevant banks (Note 2 (f)). The Group, in return, has a right to withhold transfer of title to the customer until outstanding amounts are fully settled. December 31, December 31, 2018 2019 US$ US$ Advances for real estate properties 3,218,686,349 2,616,487,072 Add: increase in revenue recognized in excess of amounts received from customers 32,408,393 25,665,783 Less: recognized as progress billings (Note 5) (1,329,243,487) (1,536,054,208) Customer deposits (Note 2(h)) 1,921,851,255 1,106,098,647 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income taxes | |
Income taxes | 15. Income taxes (a) Corporate income tax (“CIT”) Under the current law of the Cayman Islands, the Company is not subject to income tax and withholding tax. The Company’s PRC subsidiaries are subject to income tax at the statutory rate of 25% in accordance to the PRC corporate income tax laws and regulations. Further, under the same tax laws and regulations, dividends paid by PRC enterprises out of profits earned post‑2007 to non-PRC tax resident investors are subject to PRC dividend withholding tax of 10%. A lower withholding tax rate may be applied based on applicable tax treaty with certain jurisdictions. The Company’s HK subsidiaries are subject to income tax at the statutory rate of 16.5% in accordance to the HK profits tax laws and regulations. The Company did not make any provisions for Hong Kong Profits Tax as there were no assessable profits arising in or derived from Hong Kong for any of the periods presented. Under the Hong Kong tax law, the Company’s HK subsidiaries are exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. The Company’s US subsidiaries are subject to income tax at the effective rate of approximately 33% in accordance with US corporate income tax laws and regulations, dividends and interests paid by US enterprises to non-US tax resident enterprises are subject to US withholding tax of 30%. Income before income tax expenses consists of: Year ended December 31, 2017 2018 2019 US$ US$ US$ PRC 275,898,007 355,674,888 355,606,696 Non PRC (82,669,476) (105,275,621) (122,099,522) Total 193,228,531 250,399,267 233,507,174 Income tax expenses for the years ended December 31, 2017, 2018 and 2019 are summarized as follows: Year ended December 31, 2017 2018 2019 US$ US$ US$ Current: CIT tax expense 103,302,037 141,399,866 133,862,272 Land Appreciation Tax (“LAT”) expense 40,203,748 62,996,403 68,631,338 Deferred tax benefit (30,388,659) (59,949,022) (52,015,238) Income tax expense 113,117,126 144,447,247 150,478,372 The Group’s income tax expense differs from the tax expense computed by applying the PRC statutory CIT rate of 25% for the years ended December 31, 2017, 2018 and 2019, are as follows: Year ended December 31, 2017 2018 2019 US$ US$ US$ CIT at rate of 25% 48,307,133 62,599,817 58,376,794 Tax effect of non-deductible expenses 3,641,665 5,799,761 8,867,037 LAT expense 40,203,748 62,996,403 68,631,338 CIT benefit of LAT (10,050,937) (15,749,101) (17,157,834) Changes in valuation allowance 3,180,741 (491,075) 23,073,210 International rate differences 10,149,331 18,224,012 17,351,758 Dividend and interest withholding taxes 18,877,500 15,403,663 (3,816,800) Adjustment of estimated income tax accruals (954,552) (3,952,396) (4,285,329) Others (237,503) (383,837) (561,802) Income tax expense 113,117,126 144,447,247 150,478,372 (b) Unrecognized tax benefit The following table summarizes the activities related to the Group’s unrecognized tax benefits: 2017 2018 2019 US$ US$ US$ Balance at January 1 20,491,988 31,231,376 45,939,234 Additions for tax positions of current year 10,813,497 15,500,052 14,547,590 Reclassification from prior year tax payable — — 13,118,260 Movement in current year due to foreign exchange rate fluctuation 2,001 — — Reductions for tax positions of prior years (76,110) — — Reduction due to company liquidation — (792,194) — Balance at December 31 31,231,376 45,939,234 73,605,084 The movement in the liability for unrecognized tax benefits of US$10,813,497 in 2017 was due to deemed interest income from subsidiaries of the Company during the year. The movement in the liability for unrecognized tax losses of US$2,001 was due to the fluctuation of US$/RMB exchange rate, and therefore was recorded as other comprehensive income arising from the foreign currency translation. The remaining change of US$76,110 was recognized due to the availability for taxation deductions in 2017. The movement in the liability for unrecognized tax benefits of US$15,500,052 in 2018 was due to deemed interest income from subsidiaries of the Company during the year. The change of US$792,194 was recognized mainly due to the liquidation of a company. The movement in the liability for unrecognized tax benefits in 2019 included an amount of US$12,713,235 and related late payment interests of US$1,834,355 which was due to deemed interest income from subsidiaries of the Company during the year. Reclassification from prior year tax payable included an amount of US$12,793,498 and related late payment interests of US$324,762, which was due to uncertain tax position in respect of investment loss deduction claimed in the 2018 tax return filed in 2019. As of December 31, 2018 and 2019, unrecognized tax benefits of nil and US$12,793,498, respectively, if ultimately recognized, will impact the effective tax rate. The Group anticipates new unrecognized tax benefits, related to tax positions similar to those giving rise to its existing unrecognized tax benefits, to originate after December 31, 2019. It is possible that the amount of uncertain tax positions will change in the next twelve months, however, an estimate of the range of the possible outcomes cannot be made at this time. The Group’s income tax returns for fiscal year 2009 through fiscal year 2019 remain open to potential examination. In addition, local tax authorities may exercise broad discretion in applying the tax law, thus potentially exposing the subsidiaries to audits of tax years outside the general statute of limitations. (c) LAT LAT is applicable at progressive tax rates ranging from 30% to 60% on the appreciation of land values, with an exemption provided for the sales of ordinary residential properties if the appreciation values do not exceed certain thresholds specified in the relevant tax laws. For all periods presented, the Group has made provision for LAT with respect to properties sold up to the respective reporting date in accordance with the requirements set forth in the relevant PRC tax laws and regulations. (d) Deferred tax The tax effects of temporary differences that give rise to the Group’s deferred tax assets and liabilities as of December 31, 2018 and 2019 are as follows: December 31, December 31, 2018 2019 US$ US$ Deferred tax assets: Tax loss carried forward 42,185,810 50,163,293 Accruals and provisions 48,850,991 62,936,343 Capitalized expenses 26,796,716 50,288,336 Revenue recognition at a point in time less tax paid under deemed profit method 130,498,661 127,927,710 Revenue recognition of real estate lease income on a straight-line basis 14,269,520 17,164,019 Deemed interest expense 43,266,604 55,979,839 Valuation allowance (5,941,941) (28,022,499) Operating lease liability — 2,805,537 Others — 418,310 Total deferred tax assets 299,926,361 339,660,888 Deferred tax liabilities: Revenue recognition over time (77,968,759) (84,241,946) Real estate properties accelerated cost deduction (1,212,993) (1,193,345) Taxable temporary differences arising from asset acquisitions (307,747,731) (280,540,093) Dividend and interest withholding taxes (52,991,279) (49,174,479) Operating lease right-of-use assets — (2,950,373) Others (61,732) — Total deferred tax liabilities (439,982,494) (418,100,236) Certain of the Company’s PRC subsidiaries have PRC tax net operating loss carry forwards of US$173.4 million (2018: US$159.9 million) which will expire in one to ten years, if unutilized. Losses incurred in the U.S. amounting to US$10.3 million (2018: US$1.5 million) can be carried forward for 20 years. During 2018 and 2019, the Company has considered its operational funding needs, future development initiatives and its dividend distribution plan and is permanently reinvesting all but US$374.4 million and US$491.7 million of its PRC subsidiaries earnings as at December 31, 2018 and 2019 respectively. Accordingly, the Company accrued deferred income tax liabilities of US$37.4 million and US$49.2 million for the withholding tax liability associated with the distribution of retained earnings that are not permanently reinvested as at December 31, 2018 and 2019, respectively. As of December 31, 2018 and 2019, the total amount of undistributed earnings from the Company’s PRC subsidiaries that are considered to be permanently reinvested were US$227.2 million and US$283.7 million, and the related unrecognized deferred tax liabilities were approximately US$22.7 million and US$28.4 million, respectively. The Company’s remaining subsidiaries do not have retained earnings for all the periods presented. In assessing the ability to realize the deferred tax assets, the Group has considered whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Accordingly, the Group recorded valuation allowances amounting US$5,941,941 and US$28,022,499 as of December 31, 2018 and 2019, respectively. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based compensation | |
Share-based compensation | 16. Share-based compensation As of December 31, 2019, the Company primarily has three share-based compensation plans under which awards may be granted to both employees and non-employees, namely, the 2007 Long Term Incentive Plan (the “2007 Plan”), 2015 Long Term Incentive Plan (the “2015 Plan”), and 2014 Restricted Stock Unit Plan (the “2014 RSU Plan”). On 31 January 2019, Cayman Property Management Service (Cayman) Ltd., a subsidiary of the Company, operates a restricted share award scheme (the “Scheme”). On September 28, 2019, the Company approved the employee stock option plan of Xinchuang Technology Co. Ltd. (“Xinchuang Technology”). Compensation cost of US$5,621,588 (2017: US$4,894,478, 2018: US$3,382,628) was recorded in general and administrative expenses with a corresponding credit to additional paid-in capital in the year ended December 31, 2019. The compensation cost is primarily regarded as a permanent difference for income tax purposes as relevant equity awards were mainly granted by the Company and a subsidiary, which are registered in the Cayman Islands, a tax-free jurisdiction. Hence, no tax benefit was recognized upon the recognition of compensation cost. The Company has a policy of using authorized shares in the existing pool to satisfy any future exercise of share options and shares repurchased held by a third party trustee to satisfy the RSUs granted under the 2014 RSU Plan. 2007 Plan In November 2007, the Company adopted the 2007 Plan which provides for the grant of options, restricted shares, restricted stock units, stock appreciation rights and other stock-based awards to purchase its common shares. The maximum aggregate number of common shares which may be issued pursuant to all awards, including options, is 10 million common shares, subject to adjustment to account for changes in the capitalization of the Company. Under the 2007 Plan, the Company granted share options with service conditions to purchase common shares to employees, at an exercise price ranging from US$1.085 to US$1.81 per option. These options have a weighted average grant date fair value of US$0.36 ~ US$0.61 per option and the total expected compensation cost has considered the expected forfeitures. These options generally have vesting periods based on length of service of 36 months and will expire no later than 2025. 2015 Plan In June 2015, the Company approved the 2015 Plan to provide grant of options to purchase shares of company stock with maximum aggregate number of 20 million common shares, subject to adjustment to account for changes in the capitalization of the Company. On July 1, 2015, under the 2015 Plan, the Company granted share options with service conditions to purchase up to 6,574,600 common shares to twenty-two employees, at an exercise price of US$1.71 per share. These options have a weighted average grant date fair value of US$0.48 per option and a total expected compensation cost, net of expected forfeitures, of US$3,165,867. These options have vesting periods based on length of service of 34 months and will expire no later than July 1, 2025. On July 29, 2015, under the 2015 Plan, the Company granted share options with service conditions to purchase up to 81,600 common shares to one employee, at an exercise price of US$1.71 per share. These options have a weighted average grant date fair value of US$0.42 per option and a total expected compensation cost, net of expected forfeitures, of US$34,294. These options have vesting periods based on length of service of 33 months and will expire no later than July 29, 2025. No options were granted during the years ended December 31, 2018 and 2019, for 2007 Plan and 2015 Plan. Assumptions The fair value of each option is estimated on the date of grant using the Dividend Adjusted Black-Scholes option-pricing model that uses the assumptions noted below. Options Options Granted in Granted in 2015 2015 Under the Under the 2007 Plan 2015 Plan Average risk-free rate of return 1.82‑1.92 % 1.57‑1.92 % Expected term 6 Years 6 Years Volatility rate 46.3‑55.2 % 55.0‑55.9 % Dividend yield 5 % 5 % The risk-free rate for periods within the expected life of the option is based on the implied yield rates of U.S treasury yield curve in effect at the time of grant. The expected life of options represents the period of time the granted options are expected to be outstanding. The Company had limited historical exercise data. Therefore, the expected life was estimated as the average of the contractual term and the vesting period. The dividend yield was based on the Company’s dividend distribution plan. The expected volatility was based on the historical daily stock price of the Company, annualized. Share Option Activity As of January 1, 2019, all options granted under 2007 plan were fully vested. The following table is a summary of the Company’s share option activity under the 2007 Plan (in US$, except options): Weighted Weighted Average Remaining Number of Exercise Contractual Aggregate Options Under the 2007 Plan Options Price Life (Years) Intrinsic Value Outstanding, January 1, 2019 1.21 (exercise price) 12,738 1.21 1.95 32,991 1.085 (exercise price) 100,000 1.085 2.50 271,500 1.64 (exercise price) 100,000 1.64 3.87 216,000 1.21 (exercise price) 39,400 1.21 5.50 102,046 1.81(exercise price) 68,000 1.81 6.85 135,320 Granted — — — — Exercised 1.085 (exercise price) 40,000 1.085 — 38,893 1.81 (exercise price) 68,000 1.81 — 32,116 Forfeited — — — — Outstanding and Exercisable, December 31, 2019 1.21 (exercise price) 12,738 1.21 8,662 1.085 (exercise price) 60,000 1.085 48,300 1.64 (exercise price) 100,000 1.64 25,000 1.21 (exercise price) 39,400 1.21 26,792 The aggregate intrinsic value in the table above represents the total intrinsic value (the aggregate difference between the Company’s closing stock price of US$1.89 per common share as of December 31, 2019 and the exercise price for in-the-money options) that would have been received by the option holders if all in-the-money options had been exercised on December 31, 2019. As of December 31, 2019, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted to employees, under the 2007 Plan. Total fair value of options vested during the year ended December 31, 2017, 2018 and 2019 was US$40,703, US$33,919 and nil, respectively. As of January 1, 2019, all options granted under 2015 plan were fully vested, with no option exercised or forfeited during 2019. And there was no new grant during the year ended December 31, 2019. The following table is a summary of the Company's share option activity under the 2015 Plan (in US$, except options): Weighted Weighted Average Remaining Number of Exercise Contractual Aggregate Options Under the 2015 Plan Options Price Life (Years) Intrinsic Value Outstanding, January 1, 2019 1.71(exercise price) 2,796,734 1.71 6.50 5,845,173 Outstanding and Exercisable, December 31, 2019 1.71(exercise price) 2,796,734 1.71 5.50 5,789,239 The aggregate intrinsic value in the table above represents the total intrinsic value (the aggregate difference between the Company’s closing stock price of US$1.89 per common share as of December 31, 2019 and the exercise price for in-the-money options) that would have been received by the option holders if all in-the-money options had been exercised on December 31, 2019. As of December 31, 2019, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted to employees, under the 2015 Plan. Total fair value of options vested during the year ended December 31, 2017, 2018 and 2019 was US$769,798, US$228,534 and nil, respectively. 2014 RSU Plan On May 23, 2014, the Board of Directors approved the 2014 RSU Plan, which is administered by the Compensation Committee of the Board of Directors. The 2014 RSU Plan provides for discretionary grants of restricted stock units, or RSUs, to or for the benefit of participating employees. The maximum number of common shares that may be delivered to 2014 RSU Plan participants in connection with RSUs granted under the 2014 RSU Plan is 10,000,000, subject to adjustment if the Company’s outstanding common shares are increased, decreased, changed into or exchanged for a different number or kind of shares or securities of the Company through a reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar transaction. On May 23, 2014, the Company established a trust that is governed by a third party trustee and deposited US$7,042,725 into the trust. The trustee used the funds to acquire 4,234,884 common shares in the open market. Repurchased shares were granted to certain employees and awards vest ratably over a three year service vesting period. The aggregate fair value of the restricted shares granted at the grant date shall be recognized as compensation expense using the straight-line method. On April 10, 2015, under the 2014 RSU Plan, the Company deposited US$3,259,998 into the trust. The trustee used the funds to acquire 2,076,964 common shares from the open market. The awards vest ratably over a three year service vesting period. The aggregate fair value of the restricted shares granted at the grant date shall be recognized as compensation expense using the straight-line method. On April 18, 2016, under the 2014 RSU Plan, the Company deposited US$4,003,999 into the trust. The trustee used the funds to acquire 1,614,220 common shares from the open market. The awards vest ratably over a three year service vesting period. The aggregate fair value of the restricted shares granted at the grant date shall be recognized as compensation expense using the straight-line method. On July 27, 2017, under the 2014 RSU Plan, the Company deposited US$3,485,952 into the trust. The trustee has not used the funds to acquire any common shares from the open market as of December 31, 2017. The awards vest ratably over a three year service vesting period. The aggregate fair value of the restricted shares granted at the grant date shall be recognized as compensation expense using the straight-line method. The trustee has used the funds to acquire 1,356,584 common shares from the open market as of December 31, 2018. On July 30, 2018, under the 2014 RSU Plan, the Company deposited US$3,976,660 into the trust. The trustee has used the funds to acquire 1,732,466 common shares from the open market as of December 31, 2018. The awards vest ratably over a three-year service vesting period. The aggregate fair value of the restricted shares granted at the grant date shall be recognized as compensation expense using the straight-line method. On August 30, 2019, under the 2014 RSU Plan, the Company deposited US$2,912,539 into the trust. The trustee has used the funds to acquire 1,438,076 common shares from the open market as of December 31, 2019. The awards vest ratably over a three-year service vesting period. The aggregate fair value of the restricted shares granted at the grant date shall be recognized as compensation expense using the straight-line method. The weighted average grant-date fair value of restricted shares granted during the years ended December 31, 2017, 2018 and 2019 was US$2.68, US$2.21 and US$2.12, respectively, which was derived from the fair value of the underlying ordinary shares. Other awards On September 28, 2019, the Board of Directors of the Company approved the employee stock option plan of Xinchuang Technology Co., Ltd. (“Xinchuang Technology”), a subsidiary of the Company. Under the plan, the Company reserved 150 million shares, representing 30% of Xinchuang Technology's issued capital for purpose of providing share option awards to the Company’s senior management and employees. In November 2019, the Company granted a total 100 million share options to certain employees of the Group with an exercise price of US$0.14 (RMB 1).The options become vested in 5 tranches subject to achievement of certain performance conditions as follows: (i) 5% on the grant date with no performance condition; (ii) 5% for each of the first, second, third anniversary of the grant date, respectively; and (iii) the remaining 80% shall vest upon the completion of the initial public offering of Xinchuang. The total fair value of the share options granted in October 2019 is US$3.5 million, which shall be recognized as compensation expense using the accelerated method. The fair value is determined by an external valuer using the discounted cash flow method to determine the underlying equity fair value of Xinchuang Technology. Key assumptions, such as the discount rate, cash flow projections and the discount for lack of marketability, are determined by the Group with best estimates. As of December 31, 2019, there were no shares expired and the Group recognized expense relating to the options is immaterial (2018: nil, 2017: nil) in profit or loss during the period. Xinyuan Property Management Service (Cayman) Ltd., a subsidiary of the Company, operates a restricted share award scheme (the “Scheme”) for the purpose of providing incentives and rewards to eligible participants (the “Participants”) who contribute to the success of its operations. The Participants of the Scheme include its directors and senior executives. The Scheme was adopted by its board on 31 January 2019 (the “Adoption Date”). Pursuant to the Scheme, an award of 56,250 restricted shares (subdivided into 56,250,000 restricted shares in August 2019), representing 15% of its share capital, was granted to the Participants with a total exercise price at an aggregate consideration of US$1,204,094 (RMB8,400,000). The considerations were fully settled in cash upon the issuance of restricted shares. And the restricted shares vest in three tranches of 2%, 18% and 80% on 1 January 2020, 1 January 2021 and 1 January 2022, respectively, in accordance with certain vesting conditions , that is, performance condition based on the completion of IPO which requires recognition on an accelerated basis. On June 14, 2019, Mr. Zhang Lizhou (one of the participants) resigned as an executive director. Upon the resignation of Mr. Zhang Lizhou, the Company repurchased the 18,750 shares granted to him at a consideration of US$401,365 (RMB2,800,000) which was equal to the amount paid by Mr. Zhang Lizhou to the Company at the issuance date. The remaining settled aggregate consideration of US$802,729 (RMB5,600,000) according to the Scheme was recognized as liability because the restricted shares will be repurchased by the Company at the original amount paid by participants upon the termination of employment. The aggregate fair value of the restricted shares granted at the grant date amounting to US$4,931,051 (RMB34,400,000) are recognized as compensation expense using the accelerated method. The fair value is determined by an external valuer using the discounted cash flow method to determine the underlying equity fair value of Xinyuan Property Management Service (Cayman) Ltd. Key assumptions, such as the discount rate, cash flow projections and the discount for lack of marketability, are determined by the Group with best estimates. As of December 31, 2019, there were no shares vested, expired and the Group recognized expense relating to the Scheme of US$1,762,927 (RMB12,298,534) (2018: nil, 2017: nil) in profit or loss during the period. |
Other payables and accrued liab
Other payables and accrued liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Other payables and accrued liabilities | |
Other payables and accrued liabilities | 17. Other payables and accrued liabilities The components of other payables and accrued liabilities are as follows: December 31, December 31, 2018 2019 US$ US$ Contract deposit 107,480,079 98,280,724 Accrued expenses 51,306,223 47,003,084 Debt extinguishment costs 13,761,966 11,665,069 Deed tax and maintenance fund withheld for customers 9,998,534 8,272,296 Bidding deposit 3,723,584 4,213,479 Welfare payable 1,893,635 1,480,963 Other tax payable 14,786,612 26,734,901 Accrued aircraft operating expense 1,415,369 1,654,945 Accrued interest expense 47,214,392 38,893,375 Purchase consideration payable for asset acquisitions and business combinations 75,565,148 66,868,333 Others 13,961,958 18,096,825 Total 341,107,500 323,163,994 |
Related party and employee tran
Related party and employee transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related party and employee transactions | |
Related party and employee transactions | 18. Related party and employee transactions (a) December 31, December 31, 2018 2019 US$ US$ Current: Starry Sky 8,052,075 — I-journey 16,366,841 — Xitou 14,494,710 — Xichuang 7,539,604 — Qingdao Huiju 61,392,033 84,455,456 Henan Hongguang Olympic Real Estate Co., Ltd. 51,340,375 84,031,006 Madison Development Limited 22,988,260 — Suzhou Wanzhuo’s non-controlling interest holders 27,201,258 — Taicang Pengchi’s non-controlling interest holders 5,630,819 — Xinzheng Meihang Network Technology Co., Ltd. — 22,578,925 Others 1,178,230 9,692,236 Total current amounts due from related party 216,184,205 200,757,623 Non current: Xinzheng Meihang Network Technology Co., Ltd. 26,122,186 — Madison Development Limited — 27,739,567 Suzhou Wanzhuo's non-controlling interest holders — 18,856,638 Taicang Pengchi's non-controlling interest holders — 24,624,693 Suzhou Yefang's non-controlling interest holders — 11,466,128 Total non-current amounts due from related party 26,122,186 82,687,026 Total 242,306,391 283,444,649 As of December 31, 2018, the Company advanced US$7,903,416 of working capital funds to Starry Sky. Of the amount advanced, US$1,100,070 was in the form of unsecured interest bearing loans, which has no fixed payment terms and bears interest at 10%. Accrued interest amounted to US$148,659 as of December 31, 2018. The remaining advances are unsecured and bear no interest. As of December 31, 2019, the Company reclassified advances to long-term investment. On June 6, 2019 the Group and Nanjing Starry Sky (the other shareholder of Starry Sky) agreed to convert the advance into capital contribution. As of December 31, 2018, the Group advanced US$36,699,899 of working capital funds to I-journey, Xitou and Xichuang, without any fixed payments terms. As of December 31, 2018, US$18,410,797 was in the form of unsecured interest bearing loans, which bears interest from 10% to 12%. Accrued interest amounted to US$1,701,256. The remaining advances are unsecured and bear no interest. During 2019, the Group completed its acquisitions of I-journey, Xitou and Xichuang for a total consideration of US$48,761,943, which is settled by the outstanding advances as of the acquisition date (Note 9). Certain senior management members became non-controlling shareholders of I-journey, Xitou and Xichang upon the completion of the acquisition by a total cash contribution of US$168,430. As of December 31, 2018 and December 31, 2019, the balances due from Qingdao Huiju , the Company's equity method investee, are related to advances for operational needs without any fixed payment terms. This balance is unsecured, bears no interest, and is expected to be repaid in one year. Henan Hongguang Olympic Real Estate Co., Ltd. (“Henan Hongguang”) is the non-controlling shareholder of Henan Renxin (Note1), one of the Company’s subsidiaries. As of December 31, 2019, the balance due from Henan Hongguang is related to advances for operational needs without any fixed payment terms. This balance is unsecured, bears no interest, and is expected to be repaid in one year. Xinzheng Meihang Network Technology Co., Ltd. ("Meihang") is the non-controlling shareholder of Zhengzhou Hangmei Technology Development Co., Ltd. ("Zhengzhou Hangmei"), one of the Company's subsidiaries. As of December 31, 2018, and December 31, 2019, the balances due from Meihang are US$22,944,780 and US$22,578,925, respectively, which have a three year payment terms, and bear interest at 11.5%. In 2019, the Company received interest amounted to US$5,716,045. Accrued interest amounted to US$3,177,406 and nil as of December 31, 2018 and December 31, 2019, respectively. As of December 31, 2019, the balance due from Madison Development Limited, an equity method investee, amounting to US$21,055,073 is related to advances for operational needs. This balance is unsecured, bears interest at 15%, and has no fixed repayment term. Accrued interest amounted to US$6,684,494 as of December 31, 2019. This balance is expected to be repaid over one year. On September 12, 2017, the Company sold 80% of its equity interest in Suzhou Wanzhuo to four non-affiliated passive investors for an aggregate cash consideration of US$23,687,327. Pursuant to the updated articles of association, the Company still exercises control over the relevant principal activities of Suzhou Wanzhuo and therefore, continues to consolidate it in its financial statements. As of December 31, 2019, the balances due from the non-controlling interest holders amounting to US$18,856,638 are related to advances for working capital funds. The balances are in the form of an unsecured interest bearing loan, which has no fixed payment terms, and bears interest at 4.75%. Accrued interest is immaterial as of December 31, 2019. This balance is expected to be repaid over one year. On December 1, 2017, the Company together with seven other non-affiliated companies acquired 100% of Taicang Pengchi for an aggregate cash consideration of US$28,836,311. The Company accounted for the acquisition of Taicang Pengchi as an asset acquisition because the only asset of Taicang Pengchi is the land. Pursuant to the articles of association, the Company exercises control over the relevant significant activities of Taicang Pengchi and therefore, consolidates it in its financial statements. As of December 31, 2019, the balance of due from the non-controlling interest holders amounting to US$24,624,693 are related to advances for working capital funds. This balance is unsecured, bears no interest, and is expected to be repaid over one year. As of December 31, 2019, the balance due from Suzhou Yefang amounting to US$11,466,128 is related to advances for working capital funds. This balance is unsecured, bears no interest, and is expected to be repaid over one year. In evaluating the collectability of the amounts due from related parties balance, the Group considers many factors, including the related parties’ repayment history and their credit-worthiness. An allowance for doubtful accounts is made when collection of the full amount is no longer probable. For the periods presented, based on management’s evaluation, no allowance was deemed necessary. (b) Amounts due to related party December 31, December 31, 2018 2019 US$ US$ Current: Suzhou Wanzhuo’s non-controlling interest shareholders 23,447,245 15,997,603 Suzhou Yefang’s non-controlling interest holders 11,902,028 1,496,762 Xinzheng Meihang Network Technology Co., Ltd. — 27,133,055 Others 13,153,168 9,054,876 Total current amounts due to related party 48,502,441 53,682,296 Non current: Xinzheng Meihang Network Technology Co., Ltd. 31,241,768 — Total 79,744,209 53,682,296 As of December 31, 2018 and December 31, 2019, Suzhou Wanzhuo’s non-controlling interest holders advanced US$18,929,073 and US$11,397,546 of working capital funds in aggregate to Suzhou Wanzhuo in the form of an unsecured interest-bearing loan, which has no fixed payment terms, and bears annual interest from 4.25% to 4.75%, respectively. Accrued interest amounted to US$3,913,866 and US$3,131,821 as of December 31, 2018 and December 31, 2019, respectively. The remaining advance amounting to US$1,468,236 for shareholder service is unsecured, bears no interest, and is expected to be paid in one year. On June 6, 2018, the Company together with 4 other non-affiliated companies acquired 100% of Suzhou Yefang for an aggregate cash consideration of US$15,615,240. The Company accounted for the acquisition of Suzhou Yefang as an asset acquisition because the only asset of Suzhou Yefang is the land. Pursuant to the articles of association, the Company exercises control over the relevant significant activities of Suzhou Yefang and therefore, consolidates it in its financial statements. As of December 31, 2019, the Company repaid the entire payable to its non-controlling shareholders except for accrued interest amounted to US$1,496,762. Meihang is the non-controlling shareholder of Zhengzhou Hangmei, one of the Company’s subsidiaries. As of December 31, 2018, and December 31, 2019, Meihang advanced US$27,579,790 and US$27,133,055 of working capital funds to Zhengzhou Hangmei in the form of an unsecured interest (10%) bearing loan with a three year payment term. In 2019, the Company repaid interest amounted to US$6,315,967. Accrued interest amounted to US$3,661,978 and nil as of December 31, 2018 and December 31, 2019, respectively. (c) Amounts due from employees December 31, December 31, 2018 2019 US$ US$ Advances to employees 1,694,416 2,350,852 The balance represents cash advances to employees for traveling expenses and other expenses. The balances are unsecured, bear no interest and have no fixed payment terms. (d) Others In 2018, the Company sold a small percentage of the equity interests (ranging from 0.50% to 5.54%) in eight real estate project companies to senior management and employees for a total consideration of US$8,720,772. In 2019, the Company sold additional percentage of the equity interests in the eight real estate project companies to senior management and employees for a total consideration of US$604,914 and the total sold equity interests ranges from 0.57% to 5.59% as of December 31, 2019. According to the equity transfer agreement, the Company is obligated to repurchase the equity interest back from management. Therefore, the non-controlling interest is mandatorily redeemable and is accounted for as a liability. In 2019, the Company sold 6.03% of the equity interests in one real estate project company to senior management and employees for a total consideration of US$1,300,135. According to the equity transfer agreement, the Company is obligated to repurchase the equity interest back from management. Therefore, the non-controlling interest is mandatorily redeemable and is accounted for as a liability. On June 24, 2017, Beijing Wanzhong, one of the Company’s subsidiaries, invested US$2,142,573 in the Xin Future No.1 Private Equity Fund. The fund is operated by Beijing Xinyuan Future Investment Management Limited, an investment company controlled by the Company’s senior management. Management accounted for this investment at fair value using the net asset value practical expedient. The Company can redeem its investment on the last trading day of each quarter by providing written notice in advance. On September 26, 2018, the Company redeemed its investment resulting in US$59,970 gain recorded in net realized gain on short-term investments during the year ended December 31, 2018. For the year ended December 31, 2019, total directors’ remuneration amounted to US$7,036,954 (2017: US$10,634,720; 2018: US$7,056,388). |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity | |
Equity | 19. Equity (i) As at December 31, 2019, the Company’s authorized share capital was 500 million common shares, par value US$0.0001 per share (December 31, 2018: 500 million common shares). (ii) During the year ended December 31, 2019, 11,715,338 common shares were repurchased at a total cost of US$26,080,876. (iii) During the year ended December 31, 2019, the Company distributed quarterly dividends of US$0.05 per common share to common shareholders amounting to a total of US$23,460,775. All other equity transactions have been disclosed in consolidated statement of changes in shareholders' equity. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings per share | |
Earnings per share | 20. Earnings per share Basic and diluted net earnings per share for each period presented are calculated as follows: December 31, 2017 2018 2019 US$ US$ US$ Numerator: Net income attributable to Xinyuan Real Estate Co., Ltd. Shareholders - basic and diluted 63,627,551 73,034,549 68,344,527 Denominator: Weighted average number of shares outstanding-basic* 128,704,610 127,129,478 113,482,239 Stock options 1,877,785 1,728,058 618,657 Restricted stock units 1,023,474 283,294 - Weighted average number of shares outstanding-diluted 131,605,869 129,140,830 114,100,896 Basic earnings per share 0.49 0.57 0.60 Diluted earnings per share 0.48 0.57 0.60 * The restricted shares repurchased by the trustee that are unvested are excluded from the number of shares outstanding for purposes of computing basic earnings per share in accordance with ASC 260. However, these unvested restricted shares are factored into the computation of diluted earnings per share using the treasury stock method. During the year ended December 31, 2019, nil (2017: 180,000; 2018: nil) stock options, and 876,400 (2017: nil; 2018: 1,019,128) RSUs, were excluded from the calculation of earnings per share, respectively, because their effect would be anti-dilutive. |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2019 | |
Segment reporting | |
Segment reporting | 21. Segment reporting The Group’s long-lived assets and revenue are mainly located in and derived from the PRC. Starting in 2012, a relatively smaller portion of the Group’s long-lived assets and revenue are located in and derived from the United States. The Group considers that each of its individual property developments is a discrete operating segment. The Group has aggregated its segments on a geographical basis as property development projects undertaken within a region have similar expected economic characteristics, type of properties offered, customers and market and regulatory environment. The Group’s reportable operating segments are comprised of Henan Region, Shandong Region, Shanghai Region (including Shanghai and Jiangsu Province), Sichuan Region, Beijing Region (including Beijing and Tianjin), Hainan Region, Hunan Region, Shaanxi Region, Guangdong Region, Hubei Region, and Liaoning Region in the PRC; and the United States. Each geographic operating segment is principally engaged in the construction and development of residential real estate units. The "property management" category relates to property management services. The “other” category relates to investment holdings, landscaping, engineering and management, real estate sale, purchase and lease activities. The accounting policies of the various segments are the same as those described in Note 2, “Summary of Significant Accounting Policies”. The Group’s chief operating decision maker relies upon net sales, gross profit and net income when making decisions about allocating resources and assessing performance of the Group. Net sales for geographic segments are generally based on the location of the project development. Net income for each segment includes net sales to third parties, related cost of sales and operating expenses directly attributable to the segment. Capital expenditures for each segment includes cost for acquisition of subsidiaries, vehicles, and fixtures and furniture. No single customer accounted for more than 10% of net sales for the years ended December 31, 2017, 2018 and 2019. Summary information by operating segment is as follows: December 31, 2017 Henan Shandong Jiangsu Sichuan Beijing Hainan Hunan Shanghai Tianjin Shaanxi United States Guangdong Others Consolidated US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ Net real estate sales 886,207,602 252,186,589 284,388,321 79,054,170 540,766 87,304,257 133,499,073 973,450 38,646,991 63,283,292 98,476,295 — - 1,924,560,806 Real estate lease income 3,567,372 183,530 - - - - 6,071 209,186 - 3,832,764 - 19,659 914,217 8,732,799 Real estate management services income 1,505,932 - - - - - - - - 356,429 - — 39,875,958 41,738,319 Other revenue 508,891 52,893 21,184 87,307 - 11,396 118,391 5,046 74 - 307,793 — 762,332 1,875,307 Total revenue 891,789,797 252,423,012 284,409,505 79,141,477 540,766 87,315,653 133,623,535 1,187,682 38,647,065 67,472,485 98,784,088 19,659 41,552,507 1,976,907,231 Cost of real estate sales (607,656,121) (204,691,234) (247,765,242) (71,332,282) (363,305) (55,291,475) (107,834,718) (664,093) (23,602,129) (46,516,108) (108,350,506) — - (1,474,067,213) Cost of real estate lease income (2,170,672) (348,420) (3,353,579) (158,879) - - (174,601) (332,094) - (4,420,100) - — (47,777) (11,006,122) Cost of real estate management services (935,942) - - - - - - - - - - — (30,710,506) (31,646,448) Other costs (227,081) (10,706) (127,375) - (51,424) (3,846) (95,235) - - - - (10,342) (33,226) (559,235) Total cost of revenue (610,989,816) (205,050,360) (251,246,196) (71,491,161) (414,729) (55,295,321) (108,104,554) (996,187) (23,602,129) (50,936,208) (108,350,506) (10,342) (30,791,509) (1,517,279,018) Gross profit 280,799,981 47,372,652 33,163,309 7,650,316 126,037 32,020,332 25,518,981 191,495 15,044,936 16,536,277 (9,566,418) 9,317 10,760,998 459,628,213 Operating expenses (64,061,347) (10,497,498) (16,659,076) (3,772,416) (44,507,378) (7,726,269) (10,099,854) (747,409) (6,001,987) (9,123,653) (10,597,926) (680,754) (28,092,891) (212,568,458) Operating income/(loss) 216,738,634 36,875,154 16,504,233 3,877,900 (44,381,341) 24,294,063 15,419,127 (555,914) 9,042,949 7,412,624 (20,164,344) (671,437) (17,331,893) 247,059,755 Interest income 11,355,876 338,069 218,937 100,988 516,950 26,443 320,666 268,325 271,527 69,336 - 264 3,371,705 16,859,086 Interest expense (18,393,523) (362,759) (1,829,665) - (5,056,962) - - (2,100,301) (1,214,368) - (3,570,310) — (33,625,552) (66,153,440) Net realized gain on short-term investments 3,110,564 - 7,395 - 9,077 - - - - - - — 4,746,951 7,873,987 Share of (loss)/gain in an equity investee (1,062,499) (974,405) (2,818) - - - - - - - - — 329,652 (1,710,070) Loss on extinguishment of debt - - - - - - - - - - - — (15,879,702) (15,879,702) Exchange gains (362,736) - - - - - - - - - - — 1,119,662 756,926 Unrealized income on short-term investments 151,003 - - - - - - - - - - — 1,944,976 2,095,979 Other income 2,326,004 - - - - - - - - - 6 — - 2,326,010 - Income/(loss) before income taxes 213,863,323 35,876,059 14,898,082 3,978,888 (48,912,276) 24,320,506 15,739,793 (2,387,890) 8,100,108 7,481,960 (23,734,648) (671,173) (55,324,201) 193,228,531 Income tax benefit/(expense) (77,985,230) (11,359,619) (6,913,466) (812,628) 4,065,308 (10,189,683) (2,560,610) 686,619 (1,713,343) (840,827) 8,694,642 145,513 (14,333,802) (113,117,126) Net income/(loss) 135,878,093 24,516,440 7,984,616 3,166,260 (44,846,968) 14,130,823 13,179,183 (1,701,271) 6,386,765 6,641,133 (15,040,006) (525,660) (69,658,003) 80,111,405 Depreciation and amortization 5,597,930 416,607 3,445,463 218,043 767,841 148,453 185,123 68,648 9,836 1,766,074 232,618 38 870,852 13,727,526 Capital expenditure 5,756,237 11,636 13,725 22,550 2,960,195 1,361 21,262 - 20,322 9,571 257,643 392,779 294,575 9,761,856 Real estate properties development completed 49,708,034 82,128,992 13,625,012 146,791,480 52,675,024 97,350,745 49,346,740 90,003,702 — 127,107,105 131,656,359 — — 840,393,193 Real estate properties under development 937,340,899 78,988,478 217,051,399 — 200,296,958 — 109,107,637 — 40,379,791 140,257,927 168,236,598 93,205,573 11,135,393 1,996,000,653 Real estate properties held for lease 53,783,548 5,633,936 38,824,172 23,503,438 — — 50,422,065 4,578,302 — 100,574,370 — — 613,482 277,933,313 Total long-lived assets 207,599,517 420,656,893 50,598,511 391,437,638 16,714,738 609,466 51,791,292 4,639,263 1,706,170 125,298,084 19,666,135 125,896 23,378,186 1,314,221,789 Total assets 2,715,305,431 693,368,606 459,080,321 584,350,518 296,118,475 108,984,575 266,196,168 103,055,884 98,249,020 440,219,180 354,473,170 93,723,704 171,309,218 6,384,434,270 December 31, 2018 Henan Shandong Jiangsu Sichuan Beijing Hainan Hunan Shanghai Tianjin Shaanxi United States Guangdong Hubei Liaoning Others Consolidated US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ Net real estate sales 1,002,960,937 291,763,807 330,352,688 80,701,160 12,314,328 169,606,837 97,162,300 — 86,165,279 58,795,214 8,815,926 — — 427,072 305,244 2,139,370,792 Real estate lease income 4,463,583 497,354 917,227 86,593 — — 111,408 641,119 — 2,064,129 — — — — 803,559 9,584,972 Real estate management services income 3,061,093 — — — — — — — — 2,464,039 — — — — 57,922,288 63,447,420 Other revenue 297,202 4,506 473,667 318,863 2,176,071 476,184 482,597 — 30 — 570,646 — — — 348,335 5,148,101 Total revenue 1,010,782,815 292,265,667 331,743,582 81,106,616 14,490,399 170,083,021 97,756,305 641,119 86,165,309 63,323,382 9,386,572 — — 427,072 59,379,426 2,217,551,285 Cost of real estate sales (701,238,639) (228,347,098) (214,621,791) (75,842,475) (9,355,460) (87,710,266) (100,986,641) (57,369) (56,487,052) (59,670,857) (9,357,970) — — (298,443) — (1,543,974,061) Cost of real estate lease income (2,245,710) (470,614) (2,336,287) (554,861) — — (1,475,782) (238,406) — (1,978,147) — — — — (48,809) (9,348,616) Real estate management services cost (2,733,062) — — — — — — — — (2,870,604) — — — — (39,016,117) (44,619,783) Other costs (388,790) (1,224,399) (94,807) (435,324) — (4,551) (517,028) — — — — — — — (1,465,624) (4,130,523) Total cost of revenue (706,606,201) (230,042,111) (217,052,885) (76,832,660) (9,355,460) (87,714,817) (102,979,451) (295,775) (56,487,052) (64,519,608) (9,357,970) — — (298,443) (40,530,550) (1,602,072,983) Gross profit 304,176,614 62,223,556 114,690,697 4,273,956 5,134,939 82,368,204 (5,223,146) 345,344 29,678,257 (1,196,226) 28,602 — — 128,629 18,848,876 615,478,302 Operating expenses (62,812,091) (12,610,671) (15,284,915) (4,275,577) (64,432,460) (12,088,762) (11,008,482) (163,680) (5,904,656) (5,834,584) (4,654,552) (1,185,184) (1,949,565) (1,485,827) (36,356,815) (240,047,821) Operating income/(loss) 241,364,523 49,612,885 99,405,782 (1,621) (59,297,521) 70,279,442 (16,231,628) 181,664 23,773,601 (7,030,810) (4,625,950) (1,185,184) (1,949,565) (1,357,198) (17,507,939) 375,430,481 Interest income 23,934,452 478,524 568,283 104,895 1,388,846 22,667 194,297 62,536 230,432 78,014 3,311 5,506 — 5,966 4,147,965 31,225,694 Interest expense (15,091,954) — (1,009,438) (2,259,789) (2,137,378) — — (1,689,514) — (915,585) (3,501,863) — — — (72,640,175) (99,245,696) Net realized loss on short-term investments 183,450 — — — — — — — — — — — — — (3,590,540) (3,407,090) Share of loss in an equity investee (1,342,875) (1,067,320) (949,748) (3,719,920) — — — — — — — (1,295,899) — — (998,689) (9,374,451) (Loss)/gain on extinguishment of debt (24,665,987) — — — — — — — — — — — — — 3,222,038 (21,443,949) Exchange (loss)/gain (13,029,174) — — — (1,544) — — — — — — — — 335,310 (12,982,246) (25,677,654) Unrealized income on short-term investments — — — — — — — — — — — — — — 1,150,200 1,150,200 Other income (3,773,556) (162,149) 391,338 4,585,338 (521,424) 32,867 27,078 (1,822) (948,161) (120,442) 2,093,750 — 1,180 — 137,735 1,741,732 Income/(loss) before income taxes 207,578,879 48,861,940 98,406,217 (1,291,097) (60,569,021) 70,334,976 (16,010,253) (1,447,136) 23,055,872 (7,988,823) (6,030,752) (2,475,577) (1,948,385) (1,015,922) (99,061,651) 250,399,267 Income tax benefit/(expense) (66,585,136) (24,338,485) (33,672,476) (1,312,549) 5,810,925 (33,888,754) 14,764,618 1,503,472 (8,088,479) 1,735,041 3,037,875 (392,906) (152,722) 689,435 (3,557,106) (144,447,247) Net income/(loss) 140,993,743 24,523,455 64,733,741 (2,603,646) (54,758,096) 36,446,222 (1,245,635) 56,336 14,967,393 (6,253,782) (2,992,877) (2,868,483) (2,101,107) (326,487) (102,618,757) 105,952,020 Depreciation and amortization 5,881,359 664,325 2,398,697 553,823 1,506,886 44,773 1,395,291 277,113 150,980 1,888,104 (95,404) 137,262 15,028 8,235 306,403 15,132,875 Capital expenditure 8,700,583 4,689,576 6,226 10,229 2,279,441 — 278 — 290,791 13,183 89,510 — 197,756 58,259 318,555 16,654,387 Real estate property development completed 119,978,648 46,110,853 38,293,044 88,492,260 42,003,855 31,716,745 7,340,408 82,320,988 — 48,352,943 127,749,947 — — — — 632,359,691 Real estate property under development 1,630,532,021 520,017,386 240,985,540 620,344,540 214,011,166 — 113,205,249 — 106,218,839 150,381,455 199,665,838 102,997,747 124,701,587 30,590,778 15,064,162 4,068,716,308 Real estate properties held for lease, net 72,389,385 7,929,336 39,824,983 36,086,237 — — 47,347,197 4,037,272 — 94,612,752 — — — — 537,055 302,764,217 Total long-lived assets 370,303,455 500,658,792 95,890,366 37,986,138 42,680,909 5,953,273 48,805,523 4,056,266 6,535,427 125,890,353 25,781,516 23,600,985 176,034 337,113 53,834,857 1,342,491,007 Total assets 3,326,001,406 902,384,756 740,208,056 839,829,759 340,188,589 39,269,241 274,708,013 95,034,595 185,400,019 330,029,859 384,883,423 134,196,645 127,532,829 34,993,328 279,052,154 8,033,712,672 December 31, 2019 Henan Shandong Shanghai Sichuan Beijing Hainan Hunan Shaanxi United States Guangdong Hubei Liaoning Property Management Others Consolidated US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ Net real estate sales 1,382,533,759 275,120,959 279,731,401 85,189,227 126,540,125 43,820,016 157,938,663 6,917,948 750,000 9,738,197 — 18,621,886 — 129,387 2,387,031,568 Real estate lease income 6,630,994 321,819 2,920,280 728,016 657,451 — 135,279 3,301,027 893,982 — — — 483,944 55,979 16,128,771 Real estate management services income 7,578,862 — — — — — — 2,783,091 — — — — 57,126,216 — 67,488,169 Other revenue 151,102 700,044 823,150 1,063,557 3,269,965 — 583,737 — 296,091 — — — 1,187,948 3,908,710 11,984,304 Total revenue 1,396,894,717 276,142,822 283,474,831 86,980,800 130,467,541 43,820,016 158,657,679 13,002,066 1,940,073 9,738,197 — 18,621,886 58,798,108 4,094,076 2,482,632,812 Cost of real estate sales (1,082,472,232) (220,925,677) (201,704,497) (81,765,082) (92,849,397) (31,764,435) (110,346,111) (6,510,485) (1,444,563) (6,821,557) (23,397) (13,440,458) — (1,751,402) (1,851,819,293) Cost of real estate lease income (2,348,963) (561,264) (2,565,142) (799,359) — (1,693,085) (2,913,152) (1,348,218) — — — — (46,792) (12,757,251) Cost of real estate management services (4,716,112) — — — — — — (561,329) — — — — (35,611,790) — (40,889,231) Other costs (2,449,683) (1,267,950) — (3,672) (4,794,719) (2,192) (362,009) — — — — — (1,124,118) (6,853,073) (16,857,416) — Total cost of revenue (1,091,986,990) (222,754,891) (204,269,639) (82,568,113) (98,125,392) (31,766,627) (112,401,205) (2,792,781) (6,821,557) (23,397) (13,440,458) (36,735,908) (8,651,267) (1,922,323,191) Gross profit 304,907,727 53,387,931 79,205,192 4,412,687 32,342,149 12,053,389 46,256,474 3,017,100 (852,708) 2,916,640 (23,397) 5,181,428 22,062,200 (4,557,191) 560,309,621 Operating expenses (70,839,873) (14,770,303) (18,080,374) (8,011,273) (73,333,124) (2,514,263) (3,991,323) (9,414,601) (1,966,796) (3,429,583) (2,801,220) (7,076,960) (28,409,288) (250,447,619) — Operating income/(loss) 234,067,854 38,617,628 61,124,818 (3,598,586) (40,990,975) 9,539,126 42,265,151 949,844 (3,452,980) 2,380,208 14,985,240 (32,966,479) 309,862,002 Interest income 42,379,712 436,165 306,228 493,469 2,241,516 3,208 182,529 12,795 48,285 13,533 1,695 13,240 681,464 4,679,756 51,493,595 Interest expense (14,805,529) (3,061,587) (1,066,270) — (7,385,692) (11,507) — (138,107) (3,472,559) — — — — (83,834,109) (113,775,360)) Net realized gain on short-term investments 183,450 — — — — — — — — — — — — 2,891,564 3,075,014 Share of (loss)/gain in an equity investee (1,370,440) (922,281) (613,155) — — — — — — (2,903,841) — — (630,775) 1,024,021 (5,416,471) Loss on extinguishment of debt (8,044,499) — — — — — — — — — — — - (536,011) (8,580,510) Exchange gains/(loss) 12,524,863 — — — — — — — — — — — (236,736) (19,664,136) (7,376,009) Unrealized loss on short-term investments — — — — — — — — — — — — - (1,623,814) (1,623,814) Other income/(loss) 4,536,260 866 47,762 246,927 909,298 156,235 (17,844) (199,670) — (289,485) — 64,155 124,295 269,928 5,848,727 Income/(loss) before income taxes 269,471,671 35,070,791 59,799,383 (2,858,190) (45,225,853) 9,687,062 42,429,836 (3,116,520) (13,691,583) (2,229,949) (3,451,285) 2,457,603 14,923,488 (129,759,280) 233,507,174 Income tax (expense)/benefit (69,803,421) (23,020,472) (28,043,624) (2,864,732) (9,456,395) (4,643,587) (16,123,072) 2,210,548 2,921,151 (1,017,315) 704,284 (717,299) (241,601) (382,837) (150,478,372) Net income/(loss) 199,668,250 12,050,319 31,755,759 (5,722,922) (54,682,248) 5,043,475 26,306,764 (905,972) (2,747,001) 1,740,304 14,681,887 (130,142,117) 83,028,802 Depreciation and amortization 5,553,392 433,948 2,622,483 635,494 2,732,083 29,414 1,668,279 1,873,910 1,665,384 41,616 46,012 16,987 189,503 75,938 17,584,443 Capital expenditure 6,263,956 64,816 2,579 26,254 1,142,809 3,712 44,058 16,761 3,579,071 — 4,821 25,188 352,073 119,575 11,645,673 Real estate properties development completed 133,572,883 34,351,045 106,796,363 64,327,235 60,683,848 6,627,299 7,540,854 43,103,208 1,201,783 — — — — — 458,204,518 Real estate properties under development 886,160,682 359,079,121 123,381,923 619,020,458 266,984,229 — 6,433,260 162,947,850 230,860,737 372,170,620 141,707,492 58,153,297 — 27,488,080 3,254,387,749 Real estate properties held for lease 109,809,942 6,954,550 40,675,960 34,515,933 7,520,601 888,150 60,967,850 91,474,049 162,599,274 — — — — 462,599 515,868,908 Total long-lived assets 524,367,010 509,819,916 183,400,846 44,244,900 61,281,191 6,664,536 62,686,470 100,419,560 176,115,157 18,237,255 934,102 1,084,510 8,335,524 79,010,347 1,776,601,324 Total assets 2,882,024,764 573,869,426 752,136,052 897,210,854 470,434,500 27,393,755 107,134,983 338,107,052 439,770,834 414,319,137 148,165,478 73,223,300 106,315,123 191,559,175 7,421,664,433 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and contingencies | |
Commitments and contingencies | 22. Commitments and contingencies Other commitments As of December 31, 2019, the Group had outstanding commitments with respect to non-cancellable construction contracts for real estate development and land use rights purchases as follows: Amount US$ 2020 559,280,163 2021 662,777,841 2022 116,494,755 2023 28,682,333 2024 and thereafter 4,829,879 Total 1,372,064,971 Contingencies As of December 31, 2019, the Group provided guarantees of US$2,617,194,854 (2018: US$1,988,632,540), in favor of its customers in respect of mortgage loans granted by banks to such customers for their purchases of the Group’s properties where the underlying real estate ownership certificates can only be provided to the banks on a time delay manner due to administrative procedures in the PRC. Pursuant to the terms of the guarantees, upon default in mortgage payments by these purchasers, the Group is responsible to repay the outstanding mortgage principal together with the accrued interest and penalty owed by the defaulted purchasers to the bank and the Group is entitled to take over the legal titles and possession of the related properties. The Group’s guarantee period starts from the date of grant of the relevant mortgage loan and ends upon issuance of real estate ownership certificate which will generally be available within six to twelve months after the purchaser takes possession of the relevant property. The Group paid US$788,644, US$1,659,652, and US$1,782,038 to satisfy guarantee obligations related to customer defaults for the years ended December 2017, 2018 and 2019, respectively. The fair value of the guarantees is not significantly different than the net realizable value of the properties and management considers that in case of default in payments, the net realizable value of the related properties can cover the repayment of the outstanding mortgage principal together with the accrued interest and penalty and therefore no provision has been made for the guarantees. At December 31, 2019, the Group provided financial guarantees for bank loans of two of its equity method investees. The Group could incur losses in the event of defaults under or foreclosure of these loans and its maximum exposure to credit losses is US$202,115,765 (2018: US$280,189,999). The fair value of the guarantees is not significant and the Group considers that in case of default in payments, the net realizable value of the related properties can cover the repayment of the outstanding bank loans together with the accrued interest and penalty and therefore, no provision has been made for the guarantees in the consolidated financial statements. In May 2019, an authorized entity of local government (the “Government Entity”) sued Beijing Huiju, the original controlling and existing shareholder of one of the Group’s equity method investee, Qingdao Huiju, for disputes in construction contract entered into between the Government Entity and Beijing Huiju. The Government Entity also claimed that Qingdao Huiju is jointly liable for the aforementioned construction contract and a commitment letter issued by Beijing Huiju, and sued both Beijing Huiju and Qingdao Huiju to be jointly and severally liable to a liquidated damage of US$230.9 million stipulated in the commitment letter. Qingdao Huiju received the local court verdict of the first instance in April 2020 which held that Qingdao Huiju shall be jointly and severally liable to the liquidated damages of US$ 230.9 million, and court cost of US$1,167,369. Qingdao Huiju appealed to the verdict in April, 2020. Management believes that the Government Entity’s claims against Qingdao Huiju are without merit and intends to contest vigorously against such claims because the commitment letter was unilaterally issued by Beijing Huiju without any signature or confirmation by Qingdao Huiju. At this stage of the appeal proceedings, Qingdao Huiju cannot predict the outcome of this lawsuit or a judgment against Qingdao Huiju, whether in whole or in part, may result in a loss, if any. An estimate for the reasonably possible loss or a range of reasonably possible losses cannot be made at this time. In December 2016, 421 Kent Development LLC (“421 Kent”), the property company for the Group’s Oosten project, terminated its contract with its general contractor. The general contractor and various subcontractors have filed lawsuits against 421 Kent and the Company for approximately US$22.0 million, in aggregate, plus punitive damages. In addition, the general contractor filed mechanic’s liens against 421 Kent and the Company for approximately US$8.0 million. 421 Kent has answered the claims and believes the contractors’ claims and liens are without merit and intends to contest vigorously such claims. At this stage of the proceedings, 421 Kent cannot predict the outcome of this lawsuit or a judgment against 421 Kent, whether in whole or in part, may result in a loss, if any. An estimate for the reasonably possible loss or a range of reasonably possible losses cannot be made at this time. In May 2015, XIN Development Management East, LLC ("XDME") filed an arbitration claim for not less than US$10.0 million which was subsequently reduced for the purpose of a prior mediation to US$8 million against Wanks Adams Slavin Associates LLP ("WASA"), the design company for the Group's Oosten project. WASA has asserted a total of approximately US$2.0 million in counterclaims. XDME believes WASA's counterclaims are without merit and intends to contest vigorously such claims. On November 26, 2018, XDME reconciled with the design company WASA and settled the claim. |
Concentration of risk
Concentration of risk | 12 Months Ended |
Dec. 31, 2019 | |
Concentration of risk | |
Concentration of risk | 23. Concentration of risk The Group’s operations are conducted mainly in the PRC. Starting in 2012, a relatively smaller portion of the Group’s operations is conducted in the United States. Accordingly, the Group’s business, financial condition and results of operations is primarily influenced by the political, economic and legal environments in the PRC and by the general state of the PRC economy. The Group’s operations in the PRC are subject to special considerations and significant risks. These include risks associated with, among others, the political, economic and legal environments and foreign currency exchange. The Group’s results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. The Group transacts most of its business in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. On July 21, 2005, the PRC government changed its decade-old policy of pegging the value of the RMB to the US$. Under the new policy, the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. This change in policy has resulted in a 15.7% appreciation of the RMB against the US$ from July 21, 2005 to December 31, 2019. To the extent that the Company needs to convert US$ into RMB for capital expenditures and working capital and other business purposes, appreciation of RMB against US$ would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if the Company decides to convert RMB into US$ for the purpose of making payments for dividends on ordinary shares, strategic acquisitions or investments or other business purposes, appreciation of US$ against RMB would have a negative effect on the US$ amount available to the Company. In addition, a significant depreciation of the RMB against the US$ may significantly reduce the US$ equivalent of the Company’s earnings or losses. The Group offers certain homebuyers seller-financing arrangements. All the homebuyers that entered into such arrangements were subject to credit verification procedures. In addition, accounts receivable balances are unsecured, but monitored on an ongoing basis via the Group’s management reporting procedures. The Group provides longer payment terms to particular home buyers after applying strict credit requirements based on the Group’s credit policy. As of December 31, 2018 and 2019, there is no concentration of credit risk with respect to receivables and the Group does not have a significant exposure to any individual debtor. In 2013, PRC banks tightened the conditions on which mortgage loans are extended to homebuyers. Therefore, mortgage loans for homebuyers have been subject to longer processing periods or even denied by the banks. The Group monitors its homebuyers’ outstanding mortgage loans on an ongoing basis via the Group’s management reporting procedures and took the position that contracts with underlying mortgage loans with processing periods exceeding one year shall not be considered when recognizing revenue on an over time basis (Note 2(h) for further detail). As a result, sales contracts of 280 apartments were excluded when determining revenue to be recognized in 2019. In addition, no single customer or supplier accounted for more than 10% of revenue or project expenditures for the years ended December 31, 2017, 2018 and 2019. |
Non-controlling interests
Non-controlling interests | 12 Months Ended |
Dec. 31, 2019 | |
Non-controlling interests | |
Non-controlling interests | 24. Non-controlling interests As of December 31, 2018, the non-controlling interests consisted of the following: December 31, Ownership 2018 US$ Shaanxi Zhongmao Economy Development Co., Ltd. 34.02 % 3,264,319 Taicang Pengchi Real Estate Co., Limited. (Note 18(a)) 83.00 % (25,096,542) Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. (Note 18(a.b)) 80.00 % (27,912,339) Henan Renxin Real Estate Co., Ltd. 49.00 % — Suzhou Yefang Real Estate Co., Limited. (Note 18(a.b)) 79.99 % (11,652,185) Others (3,877,921) Total (65,274,668) As of December 31, 2019, the non-controlling interests consisted of the following: December 31, Ownership 2019 US$ Shaanxi Zhongmao Economy Development Co., Ltd. 34.02 % 6,285,895 Xinyuan Property Management Service (Cayman) Ltd. 32.50 % (28,398,921) Taicang Pengchi Real Estate Co., Limited. (Note 18(a)) 83.00 % (31,228,046) Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. (Note 18(a.b)) 80.00 % (34,280,307) Henan Renxin Real Estate Co., Ltd. 49.00 % — Suzhou Yefang Real Estate Co., Limited. (Note 18(a.b)) 79.99 % (11,463,297) Others (2,565,707) Total (101,650,383) |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent events | |
Subsequent events | 25. Subsequent events Since January 2020, the coronavirus pandemic ("the COVID-19") has spread across China and other countries, governments have implemented a series of measures including travel restrictions and quarantines to contain COVID-19, which adversely affected the real estate industry where the Group operates. We currently believe our first quarter results of operations will be negatively impacted by these developments. The development and evolution of the COVID-19 in China and globally still has great uncertainty in the duration and severity, which may further amplify and delay the impact on the recovery of the real estate industry. Given the uncertainty about the situation, the Group currently cannot estimate the impact to the 2020 financial performance and cash flows. |
Condensed financial information
Condensed financial information of the Company | 12 Months Ended |
Dec. 31, 2019 | |
Condensed financial information of the Company | |
Condensed financial information of the Company | 26. Condensed financial information of the Company The condensed financial statements of Xinyuan Real Estate Co., Ltd. have been prepared in accordance with U.S. GAAP. Under the PRC laws and regulations, the Company’s PRC subsidiaries are restricted in their ability to transfer certain of their net assets to the Company in the form of dividend payments, loans or advances. The amounts restricted include paid-in capital and statutory reserves, as determined pursuant to PRC generally accepted accounting principles, totaling US$879,070,803 as of December 31, 2019 (2018: US$777,376,696). Condensed Balance Sheets Year ended December 31 2018 2019 US$ US$ ASSETS Current assets Cash and cash equivalents 93,606,791 28,591,381 Other receivables 665,428 10,928 Other current assets 250,569 77,649 Due from subsidiaries 667,811,964 455,222,231 Due from related parties 348,076 — Total current assets 762,682,828 483,902,189 Investments in subsidiaries 1,142,335,163 1,338,730,125 TOTAL ASSETS 1,905,017,991 1,822,632,314 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Short-term bank loan — 19,900,000 PRC income tax payable 13,388 13,388 PRC other tax payable 902,190 902,190 Other payable and accrued liabilities 24,090,605 27,612,109 Current portion of long-term bank loan and other debt 397,039,358 423,131,157 Payroll and welfare payables 2,817,136 2,220,113 Total current liabilities 424,862,677 473,778,957 Long term bank loan 3,178,000 100,440,000 Other long-term debt 796,606,833 558,111,718 Total liabilities 1,224,647,510 1,132,330,675 Shareholders’ equity Common shares, $0.0001 par value: Authorized‑500,000,000 shares, issued and outstanding- 107,875,468 shares for 2019 (2018: 119,805,636 shares) 16,399 16,410 Treasury shares (87,639,088) (113,719,964) Additional paid-in capital 532,117,479 543,290,577 Retained earnings 235,875,691 260,714,616 Total shareholders’ equity 680,370,481 690,301,639 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 1,905,017,991 1,822,632,314 Condensed Statements of Comprehensive Income Year ended December 31 2017 2018 2019 US$ US$ US$ General and administrative expenses (13,781,596) (9,877,059) (9,509,893) Operating loss (13,781,596) (9,877,059) (9,509,893) Interest expense (65,387,198) (105,990,420) (107,382,764) Interest income 3,200,520 1,221,465 1,682,189 Net (loss)/gain on debt extinguishment (15,879,702) 3,267,457 536,011 Gain on short-term investments — — 27,099 Other expenses/(income) 1,114,517 (11,135,488) (20,106,250) Equity in profit of subsidiaries, net 154,361,010 195,548,594 203,098,135 Income from operations before income taxes 63,627,551 73,034,549 68,344,527 Income taxes — — — Net income attributable to common shareholders 63,627,551 73,034,549 68,344,527 Other comprehensive income/(loss), net of tax of nil Foreign currency translation adjustments 63,908,624 (59,347,915) (20,044,827) Comprehensive income attributable to shareholders 127,536,175 13,686,634 48,299,700 Condensed Statements of Cash Flows Year ended December 31 2017 2018 2019 US$ US$ US$ Cash flows from operating activities: Net income 63,627,551 73,034,549 68,344,527 Adjustment to reconcile net income to net cash used in operating activities: Equity in profit of subsidiaries, net (154,361,010) (195,548,594) (203,098,135) Stock based compensation expense 4,266,373 3,152,908 3,782,307 Amortization of deferred charges 4,036,412 7,415,821 7,445,276 Loss on extinguishment of debt 15,879,702 (3,267,457) (536,011) Other receivables — (665,428) 654,500 Other current assets (2,214) (203,789) 172,920 Other payable and accrued liabilities 4,874,134 7,342,974 (291,915) Payroll and welfare payables 2,893,230 (590,356) (597,023) Amount due from related parties (561,872) 213,796 348,076 Net cash used in operating activities (59,347,694) (109,115,576) (123,775,478) Cash flows from financing activities: Changes in due from subsidiaries (326,904,897) 53,143,354 212,589,733 Proceeds from short-term bank loans 24,294,636 — 19,900,000 Repayments of long-term bank loans — (13,250,000) (110,311,908) Proceeds from long-term bank loans — 3,178,000 100,440,000 Proceeds from other long-term debts 603,179,617 200,000,000 300,000,000 Repayment of other long-term debts (201,002,731) — (413,300,000) Purchase of treasury shares (14,058,280) (19,846,720) (26,080,876) Dividends to shareholders (26,090,734) (25,739,147) (19,647,356) Payment of financing cost (26,952,084) (4,082,815) (2,075,789) Purchase of shares under RSU plan — (7,797,949) (2,920,216) Proceeds from exercise of stock options 6,111,912 1,390,666 166,480 Net cash provided by financing activities 38,577,439 186,995,389 58,760,068 Net (decrease)/increase in cash and cash equivalents (20,770,255) 77,879,813 (65,015,410) Cash and cash equivalents, at the beginning of the year 36,497,233 15,726,978 93,606,791 Cash and cash equivalents, at end of the period 15,726,978 93,606,791 28,591,381 (a) Basis of presentation In the company-only financial statements, the Company’s investment in subsidiaries is stated at cost plus its equity interest in undistributed earnings of subsidiaries since inception. The company-only financial statements should be read in conjunction with the Company’s consolidated financial statements. The Company records its investment in its subsidiaries under the equity method of accounting as prescribed in ASC 323, Investment-Equity Method and Joint Ventures. Such investment is presented on the balance sheet as “Investments in subsidiaries” and share of the subsidiaries’ profit or loss as “Equity in profit of subsidiaries, net” on the condensed statements of comprehensive income. The subsidiaries did not pay any dividends to the Company for the periods presented. (b) Related party transactions As of December 31, 2018 and 2019, the Company had US$551,155,875 and US$338,566,142 due from its wholly-owned subsidiaries. These amounts mainly reflect intercompany loans from the Company to Xinyuan Real Estate, Ltd. While intercompany loans have no fixed payments terms, the Company has a legal enforceable right to demand payment at any time, and Xinyuan Real Estate, Ltd. has the ability to repay the outstanding balance on demand. In 2013, the Company also entered into a separate loan facility agreement with XIN Development Group International Inc. Pursuant to the agreement, the Company will provide a loan facility to XIN Development for the period from July 1, 2013 to January 18, 2018 amounting to US$50,000,000 at 17.5% per annum. As of December 31, 2019, the Company has US$116,656,089 (2018: US$116,656,089) including accrued interest of US$67,554,210 (2018: US$67,554,210), due from XIN Development under this loan facility. (c) Commitments Except for those disclosed in the Company’s condensed financial information, the Company does not have significant commitments or long-term obligations as of the period end presented. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of significant accounting policies | |
The Company and basis of presentation and consolidation | (a) The Company and basis of presentation and consolidation The Group is principally engaged in residential real estate development and the provision of property management services. The Group’s operations are conducted mainly in the PRC. In 2012, the Group expanded its business into the U.S. residential real estate market. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs, and the subsidiaries of VIEs. All inter-company transactions and balances between the Company and its subsidiaries have been eliminated upon consolidation. Subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. Where there is a loss of control of a subsidiary, the consolidated financial statements include the results for the part of the reporting year during which the Group has control. Ruihao Rongtong Ruihao Rongtong, with registered capital of US$37.6 million (RMB250.0 million), was invested in by the Company on May 6, 2015, for the purpose of undertaking a residential property development project in Beijing. On March 1, 2016, June 28, 2016 and September 18, 2016, an unrelated trustee company, Ping An trust Co., Ltd. (“Ping An trust”) purchased 20%, 5% and 10% of the Company’s equity interest in Ruihao Rongtong, respectively, and loaned US$124.3 million (RMB862.5 million) in aggregate to the Group. On February 28, 2017, the Company repurchased the 35% equity interest of Ruihao Rongtong from Ping An trust. On May 23, 2017, Ping An trust subsequently repurchased back 35% of the Company’s equity interest in Ruihao Rongtong, and loaned US$246.8 million (RMB1.61 billion) in aggregate to the Group. As of December 31, 2018, Ruihao Rongtong had one project under construction. Pursuant to the share purchase agreement, the 35% of non-controlling equity interest of Ruihao Rongtong was to be repurchased by the Company in cash at the earlier of the second anniversary date, or the date the Company elected to repurchase the 35% equity interest of Ruihao Rongtong. Therefore, the non-controlling interest is mandatorily redeemable and is accounted for as liability in accordance with ASC 480, Distinguishing Liabilities from Equity . In addition, since the Company planned to repurchase the 35% equity interest of Ruihao Rongtong within the next 12 months, the liability is classified as current liability as of December 31, 2018. On June 21, 2019, the Company repurchased the 35% equity interest of Ruihao Rongtao from Ping An trust and Ruihao Rongtong ceased to be variable interest entity(“VIE”). In accordance with ASC 810, Consolidation , Ruihao Rongtong as of December 31, 2018 is a variable interest entity as it was not established with sufficient equity at risk to finance its activities without additional subordinated financial support. As of December 31, 2018, the Company is considered as the primary beneficiary of Ruihao Rongtong, as it has the power to direct the activities of Ruihao Rongtong that most significantly impact their economic performance and has the obligation to absorb the losses and the right to receive benefits from Ruihao Rongtong through its voting interest underlying its 65% equity interest in accordance with PRC Law and the articles of association of Ruihao Rongtong. Based on the above, Ruihao Rongtong was consolidated by the Company. The carrying amounts and classifications of the assets and liabilities of the VIE are as follows: December 31, 2018 US$ Current assets 174,366,164 Non-current assets 247,753 Total assets 174,613,917 Current liabilities 151,609,433 Non-current liabilities — Total liabilities 151,609,433 The financial performance and cash flows of the VIE are as follows: Year ended December 31, 2018 US$ Revenue — Cost of revenue — Net loss (4,786,363) Net cash used in operating activities (8,804,491) Net cash used in investing activities — Net cash provided by financing activities 8,949,715 As of December 31, 2018, the current liabilities of the Ruihao Rongtong included amounts due to subsidiaries of the Group amounting to US$145,728,000, which were eliminated upon consolidation by the Company. As of December 31, 2018, the land use rights included in real estate properties under development of Ruihao Rongtong of US$166,327,833 were pledged as collateral for bank loans and other debt and the creditors have no recourse to the general credit of the primary beneficiary. Nil revenue contributed by Ruihao Rongtong to the Company’s consolidated revenues for the years ended December 31, 2018. Yuzhouyun On March 2, 2018, the Group signed a partnership agreement with certain senior management members to form Yuzhouyun. According to the partnership agreement, the design and purpose of Yuzhouyun’s activities are to provide technical services to the Group. The Group acts as a limited partner and the senior management members are general partners. Substantially all significant activities require the approval from the senior management members. The Group and senior management members agreed to share profits at the proportion of 51% and 49%, respectively. The Group, as the limited partner, is the only party with the equity at risk to absorb losses of Yuzhouyun. Yuzhouyun’s principal activities are also to provide technical service to the Group, which indicates that Yuzhouyun’s activities are conducted on behalf of the Group. Therefore, under ASC 810, Consolidation, Yuzhouyun is a variable interest entity. In addition, as the senior management members are the Group’s employees, which represent a principal-agency relationship, therefore, the Group is concluded to be “most closely associated” with Yuzhouyun. Based on the above, the Group is the primary beneficiary because it has the power to direct the activities of Yuzhouyun that most significantly impact their economic performance and has the obligation to absorb the losses and the right to receive benefits from Yuzhouyun. The carrying amounts and classifications of the assets and liabilities of Yuzhouyun are as follows: December 31, December 31, 2018 2019 US$ US$ Current assets 5,775,479 2,214,155 Non-current assets 3,557,562 4,244,195 Total assets 9,333,041 6,458,350 Current liabilities 11,808,683 13,967,333 Non-current liabilities — — Total liabilities 11,808,683 13,967,333 The financial performance and cash flows of Yuzhouyun are as follows: Year ended Year ended December 31, December 31, 2018 2019 US$ US$ Revenue 7,991,038 12,555,974 Cost of revenue (1,559,129) (3,682,899) Net loss (1,929,266) (1,796,997) Net cash provided by operating activities 519,050 368,379 Net cash used in investing activities (255,509) (1,885) Net cash used in financing activities — (52,503) As of December 31, 2018 and December 31, 2019, the current liabilities of Yuzhouyun included amounts due to subsidiaries of the Group amounting to US$9,169,167 and US$10,867,898, which were eliminated upon consolidation by the Company. During the year ended December 31, 2018 and December 31, 2019, the revenue of Yuzhouyun included amounts that come from the Group amounting to US$7,399,000 and US$9,997,544, which were eliminated upon consolidation by the Company. Yuzhouyun contributed US$591,628 and US$2,558,430 of the Company’s consolidated revenues for the year ended December 31, 2018 and December 31, 2019, respectively. |
Use of Estimates | (b) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes, and disclosure of contingent liabilities at the date of the consolidated financial statements. Estimates are used for, but not limited to, the selection of the useful lives of property and equipment and finance lease, allowance for doubtful amount associated with accounts receivables, other receivables, contract assets and advances to suppliers, fair values of the purchase price allocation with respect to business combinations, progress towards the completion of the performance obligation, accounting for the share-based compensation, accounting for deferred income taxes, impairment of real estate properties under development, real estate properties held for lease and long-term investments, provision necessary for contingent liabilities and estimating the incremental borrowing rate for operating lease liabilities. Management analyzed the forecasted cash flows for the twelve months from April 29, 2020, which indicates that the Group will have sufficient liquidity from cash flows generated by operations and existing credit facilities and therefore, there will be sufficient financial resources to settle borrowings and payables that will be due through end of April 2021. Management believes that the estimates utilized in preparing its consolidated financial statements are reasonable and prudent. Actual results could differ from these estimates. |
Fair value of financial instruments | (c) Fair value of financial instruments Financial instruments include cash and cash equivalents, restricted cash, short-term investments, accounts receivable, other deposits and prepayments, due from employees, due from related parties, other receivables, long-term investments, accounts payable, customer deposits, other payables and accrued liabilities, short-term bank borrowings, long-term borrowings and due to related parties. The carrying amounts of the aforementioned financial instruments, except for short-term investments that measurement alternative was elected and carrying value of short-term investments approximate their fair value due to the short term maturities of these instruments. The carrying amounts of the long-term borrowings approximate their fair values because the stated interest rates approximate rates currently offered by financial institutions for similar debt instruments of comparable credit risk and maturities. Long-term investment has no quoted market prices and it is not practicable to estimate their fair value without incurring excessive costs. The Group reviews the investments for impairment whenever events or changes in circumstances indicate that the carrying amount may no longer be recoverable. For long-term investments other than those accounted for under the equity method or those that result in consolidation of the investee, the Company measures equity investments at fair value and recognizes any changes in fair value in net income. However, for equity investments that do not have readily determinable fair values and do not qualify for the existing practical expedient in ASC 820 to estimate fair value using the net asset value per share (or its equivalent) of the investment, the Company chose to measure those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. At each reporting date, the Company is required to make a qualitative assessment as to whether equity investments without a readily determinable fair value for which the measurement alternative is elected is impaired. In the event that a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than the carrying value, the carrying value is written down to its fair value. A variety of factors are considered when determining if a decline in fair value is below carrying value, including, among others, the financial condition and prospects of the investee. Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: Level 1‑Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2‑Includes other inputs that are directly or indirectly observable in the market place Level 3‑Unobservable inputs which are supported by little or no market activity ASC 820 describes three main approaches for 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. In accordance with ASC 820, investment in marketable equity securities and investment in real estate investment trusts ("REITs") classified as is within Level 1 as the Company measures the fair value using quoted trading prices that are published on a regular basis , and investment in equity securities in unlisted companies categorized as Level 3 is measured at fair value using alternative method, less any impairment, plus or minus changes resulting from observable price in orderly transactions. |
Foreign currency translation | (d) Foreign currency translation The Group’s financial information is presented in U.S. dollars. The functional currency of the Company is U.S. dollars. The functional currency of the Company’s subsidiaries in the PRC is Renminbi (“RMB”), the currency of the PRC. The functional currency of the Company’s subsidiaries in Malaysia is Malaysian Ringgit (“MYR”), the currency of Malaysia. The functional currency of the Company’s subsidiaries other than those in the PRC and Malaysia is U.S. dollars. Transactions by the Company’s subsidiaries in the PRC which are denominated in currencies other than RMB are remeasured into RMB at the exchange rate quoted by the People’s Bank of China (“PBOC”) prevailing at the dates of the transactions. Exchange gains and losses resulting from transactions denominated in a currency other than RMB are included in the consolidated statements of comprehensive income as exchange gains (losses). The consolidated financial statements of the Company’s subsidiaries have been translated into U.S. dollars in accordance with ASC 830, Foreign Currency Matters . The PRC subsidiaries’ financial information is first prepared in RMB and then is translated into U.S. dollars at period-end exchange rates as to assets and liabilities and average exchange rates as to revenue and expenses. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation. |
Cash and cash equivalents | (e) Cash and cash equivalents The Group considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Group maintains bank accounts mainly in the PRC, Hong Kong and United States. The vast majority of the PRC bank balances are denominated in RMB. Hong Kong and United States bank balances are denominated in U.S. dollars. Cash includes cash on hand and demand deposits in accounts maintained with various state-owned and private banks within the PRC, Hong Kong and United States. Total cash in banks (excluding restricted cash) at December 31, 2019 amounted to US$662,606,063 (December 31, 2018: US$674,141,554), of which the vast majority of deposits are not covered by insurance. |
Restricted cash | (f) Restricted cash The Group is required to maintain certain deposits with banks that provide mortgage loans to the Group’s customers in order to purchase residential units from the Group. These balances are subject to withdrawal restrictions and totaled US$32,420,073 as of December 31, 2019 (December 31, 2018: US$43,748,940). As of December 31, 2019, the Group held US$270,714,930 (December 31, 2018: US$338,633,911) in its restricted cash accounts, representing funds received from sales proceeds that are subject to withdrawal restrictions. The Group is also required to maintain certain deposits with banks and financial institutions that provide loans to the Group. As of December 31, 2019, the Group also held US$20,691,781 in its restricted cash accounts (December 31, 2018: nil) as security for its short-term loans (Note 10), held US$3,153,579 (December 31, 2018: US$129,492,074) in its restricted cash accounts as security for its current portion of long-term loans (Note 11). As of December 31, 2019, the Group held US$112,998,481 (December 31, 2018: nil) in its bank accounts with withdrawal restriction for its long-term loans (Note 11). |
Real estate properties development completed and under development | (g) Real estate properties development completed and under development Real estate properties completed and under development consist of residential unit sites and commercial offices. The Group leases the land for the residential unit sites under land use right leases with various terms from the PRC government. Real estate properties development completed and under development are stated at the lower of carrying amounts or fair value less selling costs. Expenditures for land development, including cost of land use rights, deed tax, pre-development costs and engineering costs, are capitalized and allocated to development projects by the specific identification method. Costs are allocated to specific units within a project based on the ratio of the sales value of units to the estimated total sales value times the total project costs. Costs of amenities transferred to buyers are allocated as common costs of the project that are allocated to specific units as a component of total construction costs. For amenities retained by the Group, costs in excess of the related fair value of the amenities are also treated as common costs. Results of operations of amenities retained by the Group are included in the current operating results. In accordance with ASC 360, Property, Plant and Equipment (“ASC 360”), real estate property development completed and under development are subject to valuation adjustments when the carrying amount exceeds fair value. An impairment loss is recognized only if the carrying amount of the assets is not recoverable and exceeds fair value. The carrying amount is not recoverable if it exceeds the sum of the undiscounted cash flows expected to be generated by the assets. When the profitability of a current project deteriorates due to a slowdown in the sales pace, reduction of pricing or some other factor, this indicates that there may be a possible future loss on delivery and possible impairment in the recoverability of the assets. Accordingly, the assets of such project are subsequently reviewed for future losses and impairment by comparing the estimated future undiscounted cash flows for the project to the carrying value of such project. If the estimated future undiscounted cash flows are less than the asset’s carrying value, such deficit will be charged as a future loss and the asset will then be written down to its estimated fair value. The Group determines estimated fair value primarily by discounting the estimated future cash flows relating to the asset. In estimating the cash flows for a project, the Group uses various factors including (a) the expected pace at which the planned number of units will be sold, based on competitive market conditions, historical trends in sales pace and actual average selling prices of similar product offerings and any other long or short-term economic conditions which may impact the market in which the project is located; (b) the estimated net sales prices expected to be attained based on the current market conditions and historical price trends, as well as any estimated increases in future sales prices based upon the projected rate of unit sales, the estimated time gap between presale and expected delivery, the impact of government policies, the local and regional competitive environment, and certain external factors such as the opening of a subway line, school or factory; and (c) the expected costs to be incurred in the future by the Group, including, but not limited to, construction cost, construction overhead, sales and marketing, sales taxes and interest costs. The Group’s determination of fair value requires discounting the estimated cash flows at a rate commensurate with the inherent risk associated with the assets and related estimated cash flows. The discount rate used in determining each project’s fair value depends on the stage of development, location and other specific factors that increase or decrease the risk associated with the estimated cash flows. For the periods presented, the Group did not recognize any impairment for real estate properties completed and under development. |
Revenue recognition | (h) Revenue recognition Revenue is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group also elected to exclude sales taxes and other similar taxes from the measurement of the transaction price. Therefore, revenues are recognized net of business tax, value added taxes (“VAT”). Real estate sales Revenues arising from real estate sales are recognized when or as the control of the asset is transferred to the customer. Depending on the terms of the contract and the laws that apply to the contract, control of the asset may transfer over time or at a point in time. For real estate sales contracts for which the Group has an enforceable right to payment for performance completed to date, revenue is recognized over time by measuring the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains the physical possession, the legal title, or the significant risks and rewards of ownership of the assets and the Group has present right to payment and the collection of the consideration is probable. The progress towards complete satisfaction of the performance obligation is measured based on the Group's efforts or inputs to the satisfaction of the performance obligation, by reference to the contract costs incurred up to the end of reporting period as a percentage of total estimated costs for each contract. Generally, the Group receives short-term advances from its customers for real estate sales. Using the practical expedient, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised good or service to the customer and when the customer pays for that good or service will be one year or less. The Group also receives long-term advances from customers for real estate sales. The transaction price for such contracts is adjusted for the effects of a financing component, if long-term advances from customers is assessed as significant at the individual contract level. Real estate management services income Real estate management services income is recognized in the accounting period in which the services are rendered. The Group bills a fixed amount periodically for services provided and recognizes as revenue the amount to which the Group has a right to invoice that corresponds directly with the value of performance completed. Real estate management lease income Real estate lease income is generally recognized on a straight-line basis over the terms of the tenancy agreements. For real estate leases, these contracts are treated as leases for accounting purposes, rather than contracts with customers subject to ASC 606. Other revenue Other revenue includes services ancillary to the Group's real estate projects, including construction service revenue and software consulting service income. Construction service revenue and software consulting service income are recognized when services are provided as the customer simultaneously benefits from the services as they are performed. For the years ended December 31, 2018 and 2019, revenue is recognized and disaggregated by major source as below: 2018 2019 US$ US$ Real estate sales 2,139,370,792 2,387,031,568 Real estate management services income 63,447,420 67,488,169 Other revenue 5,148,101 11,984,304 Revenue from contracts with customers 2,207,966,313 2,466,504,041 Real estate lease income 9,584,972 16,128,771 Total revenue 2,217,551,285 2,482,632,812 Contract assets The Group pays sales commission to its real estate sales agencies for each real estate sales contract. The Group has elected to apply the optional practical expedient for costs to obtain a contract which allows the Group to immediately expense sales commissions (included under selling and distribution expenses) when the amortization period of the asset that the Group otherwise would have used is one year or less. For incremental costs of obtaining real estate sales contracts that extend beyond a one-year period, these incremental costs of obtaining real estate sales contracts are recognized as assets if the real estate sales are collectible and amortized as the Group transfers the control of the assets to customers. The Group recognized US$6.2 million and US$14.9 million of such costs in selling and distribution expense during the year ended December 31, 2018 and December 31, 2019. As of December 31, 2018 and 2019, there was no impairment losses on contract assets. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). The Group’s contract liabilities are comprised of customer deposits, which are recognized as revenue when the Group performs under the contract. The following table presents the Group's contract balances as of December 31, 2018 and 2019: December 31, 2018 December 31, 2019 Contract assets 21,779,221 23,093,235 Customer deposits (note 14) 1,921,851,255 1,106,098,647 The amount of revenue recognized during the year ended December 31, 2019 and included in the customer deposits as of December 31, 2018 is US$1,188,040,187. Impact of adoption of ASC 606 As of January 1, 2018, the Group adopted ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” as modified (ASC606), using the modified retrospective method, which the Group does not adjust prior periods. The Group applied the rules to all open contracts existing as of January 1, 2018, recording a decrease of US$315.2 million to total equity for the cumulative effect of the change, with an increase real estate properties development completed of US$35.1 million, real estate properties under development of US$1,176.1 million, contract asset of US$15.6 million and other non-current assets of US$68.2 million, other current asset reductions of US$61.2 million, increase customer deposits of US$1,602.0 million, other current liabilities reductions of US$17.7 million and non-current liabilities reductions of US$35.3 million. A significant portion of the Group’s revenue is derived from real estate sales of development properties in the PRC. Prior to the adoption of ASC 606, the Group recognizes revenue using the percentage-of-completion (“POC”) method. Under ASC 606, to recognize revenue over time similar to the POC method, contractual provisions need to provide the Group with an enforceable right to payment. Historically, the Group’s contracts did not include a specific term on enforceable right to payment. For all contracts executed starting from January 1, 2018, the Group modified certain terms to establish an enforceable right to payment for performance completed to date, including a reasonable profit. Under ASC 606, the Group recognizes revenue on an “over time” basis prospectively for these new contracts by using cost inputs to measure progress towards the completion of the performance obligation. For contracts that did not include enforceable right to payment terms, revenue is recognized at a point in time when title to the property is transferred to the customer upon the adoption of ASC 606. The following table summarizes the impact of adopting ASC 606 on consolidated statement of comprehensive income as of and for the year ended December 31, 2018. December 31, 2018 Amounts without Effects of adoption adoption Amounts of ASC606 of ASC606 as reported Consolidated statement of comprehensive income Revenue 1,896,940,997 320,610,288 2,217,551,285 Cost of revenue (1,499,457,049) (102,615,934) (1,602,072,983) Selling and distribution expenses (90,805,960) 7,214,309 (83,591,651) General and administrative expenses (155,805,869) (650,301) (156,456,170) Income taxes (93,887,973) (50,559,274) (144,447,247) Net income/(loss) (68,047,068) 173,999,088 105,952,020 |
Accounts receivable | (i) Accounts receivable Accounts receivable represents the Group’s right to an amount of consideration that is unconditional (i.e. only the passage of time is required before payment of the consideration is due). The Group’s account receivable consists of balances due from customers for the sale of residential units in the PRC and United States and real estate management service contracts. These balances are unsecured, bear no interest and are due within a year from the date of the sale. Accounts receivable are reviewed periodically as to whether their carrying value has become impaired. The Group considers the assets to be impaired if the collectability of the balances become doubtful. As of December 31, 2019, there was US$1,456,243 allowance for doubtful accounts (December 31, 2018: US$1,539,894). |
Other receivables | (j) Other receivables Other receivables consist of various cash advances to unrelated companies and individuals with which the Group has business relationships. Other receivables are reviewed periodically as to whether their carrying value has become impaired. The Group considers the assets to be impaired if the collectability of the balances becomes doubtful. As of December 31, 2019, there was US$8,313,052 allowance for doubtful accounts (December 31, 2018: US$10,594,423). |
Deposits for land use rights | (k) Deposits for land use rights Deposits for land use rights consist of upfront cash payments made to local land bureaus to secure land use rights under executed short-term or long-term land framework cooperation agreements or land use rights agreements. Deposits for land use rights are reviewed periodically as to whether their carrying value has become impaired. The Group considers the assets to be impaired if the collectability of the balances become doubtful. There were no impairment losses for any periods presented. |
Other deposits and prepayments | (l) Other deposits and prepayments Other deposits and prepayments mainly consist of upfront cash payments made to third parties related to the direct negotiation model in acquiring land parcels and prepaid tax. Other deposits and prepayments are reviewed periodically as to whether their carrying value has become impaired. The Group considers the assets to be impaired if the collectability of the balances become doubtful. There were no impairment losses for any periods presented. |
Advances to suppliers | (m) Advances to suppliers Advances to suppliers consist of balances paid to contractors and vendors for services and materials that have not been provided or received and generally relate to the development and construction of residential units in the PRC. Advances to suppliers are reviewed periodically to determine whether their carrying value has become impaired. The Group considers the assets to be impaired if it is doubtful that the services and materials can be provided. As of December 31, 2018 and 2019, there was no allowance provided. |
Customer deposits | (n) Customer deposits Customer deposits consist of sales proceeds received from customers from the sale of residential units in the PRC. In the PRC, customers will generally obtain financing for the purchase of their residential unit prior to the completion of the project. The lending institution will provide the funding to the Group upon the completion of the financing rather than the completion of the project. The Group receives these funds and recognizes them as a customer deposit current liability until the revenue can be recognized. |
Notes payable and other payables | (o) Notes payable and other payables Notes payable represents short-term bank acceptance notes issued by financial institutions that entitle the holder to receive the stated amount from the financial institutions at the maturity date of the notes. The Group has utilized notes payable to settle amounts owed to suppliers and contractors. The notes payable is non-interest bearing and is normally settled within six months. Notes payable was US$49,652,091 and US$271,096,538 as of December 31, 2018 and 2019, respectively. Other payables consist of balances for non-construction costs with unrelated companies and individuals with which the Group has business relationships. |
Real estate properties held for lease, net | (p) Real estate properties held for lease, net Real estate properties held for lease are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Estimated useful lives of the real estate properties held for lease are 20-60 years. Maintenance, repairs and minor renewals are charged directly to expenses as incurred. Major additions and improvements to the real estate properties held for lease are capitalized. In accordance with ASC 360, Property, Plant and Equipment , real estate properties held for lease is subject to valuation adjustments when the carrying amount exceeds fair value. An impairment loss is recognized only if the carrying amount of the assets is not recoverable and exceeds fair value. The carrying amount is not recoverable if it exceeds the sum of the undiscounted cash flows expected to be generated by the assets. For the periods presented, the Group did not recognize any impairment for real estate properties held for lease. |
Property and equipment, net | (q) Property and equipment, net Property and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Estimated useful lives of the assets are as follows: Corporate aircraft 15 years Vehicles 5 years Furniture and fixtures 5 years Office buildings 20‑60 years Maintenance, repairs and minor renewals are charged directly to expense as incurred unless such expenditures extend the useful life or represent a betterment, in which case they are capitalized. |
Long-term investments | (r) Long-term Investments The Group’s long-term investments consist of equity method investments and equity investments without readily determinable fair value. Equity method Investments Where the Group has significant influence over the investee, the Group applies the equity method of accounting in accordance with ASC subtopic 323‑10‑20, Investments-Equity Method and Joint Ventures (“ASC 323‑10‑20”). The reporting dates and accounting policies of the equity investee are the same as the Group. The investment in the equity investee is stated at cost, including the Group’s share of the equity investee’s net gain or loss, less any impairment in value. The Group recognizes in its consolidated statement of comprehensive income its share of the net income (loss) of the equity investees. The Company periodically evaluate whether declines in fair values of our investments indicate impairment and whether declines in fair value of our investments below their book value are other-than-temporary. Nonmarketable equity securities Nonmarketable equity securities are investments in privately held companies without readily determinable market values. On January 1, 2018, the Group adopted ASU 2016‑01, pursuant to which, for equity investments without readily determinable fair value, the Group elected to use the measurement alternative to measure those investments 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, if any. All gains and losses on nonmarketable equity securities, realized and unrealized, are recognized in earnings. The Group performs a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the entity has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the entity recognizes an impairment loss in net income equal to the difference between the carrying value and fair value. |
Capitalized interest | (s) Capitalized interest The Group capitalizes interest as a component of building construction costs in accordance with ASC 835, Interest (“ASC 835”). As a result of the total interest costs capitalized during the period, the interest expense for the years ended December 31, 2017, 2018 and 2019, was as follows: 2017 2018 2019 US$ US$ US$ Amortization of issuance cost related to long-term debt 4,384,801 8,624,334 8,132,103 Interest expense of finance leases 1,705,739 1,385,292 973,842 Interest on borrowings 197,410,532 271,831,465 308,747,957 Total interest costs 203,501,072 281,841,091 317,853,902 Total interest costs capitalized (137,347,632) (182,595,395) (204,078,542) Interest expense, net 66,153,440 99,245,696 113,775,360 |
Retirement benefits | (t) Retirement benefits Regulations in the PRC require the Group to contribute to a defined contribution retirement plan for all permanent employees. Pursuant to the mandatory requirement from the local authority in the PRC, the retirement pension insurance, unemployment insurance, health insurance and housing fund were established for the employees during the term they are employed. For the years ended December 31, 2017, 2018 and 2019, the Group is obligated to contribute for each employee an amount equal to 45%, 45% and 40%, respectively, of last year average salary determined by the Social Welfare Bureau. For the year ended December 31, 2019, the Group recorded expense in the amount of US$20,420,474 (2017: US$17,101,606; 2018: US$18,422,330). |
Distribution of earnings and reserve fund | (u) Distribution of earnings and reserve fund The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions from its subsidiaries. The earnings 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 subsidiaries. In accordance with the PRC Company Law, the PRC subsidiaries are required to transfer 10% of their profit after tax, as determined in accordance with PRC accounting standards and regulations, to the statutory surplus reserve (the “SSR”) until such reserve reaches 50% of the registered capital of the subsidiaries. Subject to certain restrictions set out in the PRC Company Law, the SSR may be distributed to stockholders in the form of share bonus issued to increase share capital, provided that the remaining balance after the capitalization is not less than 25% of the registered capital before capital increase. |
Income taxes | (v) Income taxes The Group accounts for income tax using the balance sheet method. Deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as unutilized net operating losses. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Group is able to realize their benefits, or that future utilization is uncertain. The Group assesses its need for valuation allowances by tax reporting unit by jurisdiction. Late payment interests and penalties arising from underpayment of income taxes is recognized according to the relevant tax law. The amount of interest expense to be recognized 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 recognized in accordance with ASC 740‑10, Income Tax (“ASC 740‑10”) is classified in the consolidated financial statements as interest expense, while penalties recognized in accordance with this interpretation are classified in the consolidated financial statements as other expenses. In accordance with the provisions of ASC 740‑10, the Group recognizes in its consolidated financial statements the impact of a tax position if a tax return’s position or future tax position is “more likely than not” to prevail (defined as a likelihood of more than fifty percent of being sustained upon audit, based on the technical merits of the tax position). Tax positions that meet the “more likely than not” threshold are measured (using a probability weighted approach) at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Group’s estimated liability for unrecognized tax benefits is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, certain changes and/or developments with respect to audits, and expiration of the statute of limitations. 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 Group’s estimates. As each audit is concluded, adjustments, if any, are appropriately recorded in the Group’s consolidated financial statements. Additionally, in future periods, changes in facts, circumstances, and new information may require the Group to adjust the recognition and measurement estimates with regards to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur. |
Land Appreciation Tax ("LAT") | (w) Land Appreciation Tax (“LAT”) In accordance with the relevant taxation laws for real estate companies of the provinces in which the subsidiaries operate in the PRC, the local tax authorities levy LAT based on progressive rates ranging from 30% to 60% on the appreciation of land value, being the proceeds of sales of properties less deductible expenditures, generally including borrowing costs and relevant property development expenditures. LAT is generally prepaid based on a fixed percentage (varying by local tax jurisdiction) of customer deposits and is expensed when the related revenue is recognized. |
Comprehensive income | (x) Comprehensive income Comprehensive income is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income , requires that all items that are required to be recognized under current accounting standards as components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. For each of the periods presented, the Group’s comprehensive income includes net income and foreign currency translation adjustments and is presented in the consolidated statements of comprehensive income. |
Advertising and promotion expenses | (y) Advertising and promotion expenses Advertising and promotion costs are expensed as incurred, or the first time the activity takes place, in accordance with ASC 720‑35, Advertising Costs . For the year ended December 31, 2019, the Group recorded advertising and promotion expenses of US$62,341,805 (2017: US$53,932,462; 2018: US$56,575,316). |
Leases | (z) Leases The Company adopted ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”) from January 1, 2019 by using the modified retrospective method and did not restate the comparable periods. The Company has elected the package of practical expedients, which allows the Company to carry forward our original assessment of whether contracts contained lease, lease classification, and the initial direct cost. Lastly, the Company elected the short-term lease exemption for all contracts with lease terms of 12 months or less. The Group determines if an arrangement is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Lessee The Group categorizes leases with contractual terms longer than twelve months as either operating or finance. Finance leases are generally those leases that transfer ownership to the Group or allow the Group to purchase assets at a nominal amount by the end of the lease term. Assets acquired under finance leases are recorded in property and equipment, net and real estate properties held for lease, net. All other leases are recorded as operating lease right-of-use (“ROU”) assets. Lease liability is recorded based the present value of the lease payments over the lease term using a discount rate at commencement date. As the implicit rate in the Group’s leases is not typically readily available, the Group uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This incremental borrowing rate reflects the fixed rate at which the Group could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Leased assets are recognized based on the initial present value of the lease payments, reduced by lease incentives. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. The expected lease terms are based on the non-cancelable term of the lease and may contain options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option.Finance lease assets are amortized in a manner consistent with the Group’s normal depreciation policy for owned assets. Variable lease payments not dependent on an index or rate are excluded from the ROU assets and lease liability calculations and are recognized in expense in the period which the obligation for those payments is incurred. |
Property warranty | Upon adoption, the Company recognized ROU assets of US$15.0 million and total lease liability (including current and non-current) of US$14.4 million for operating leases as of January 1, 2019. The impact of adopting ASU 2016-02 on the Company’s opening retained earnings and current year net income was insignificant. As of December 31, 2019, the Company recognized operating lease ROU assets of US$11.8 million and total lease liability US$11.2 million, including current portion of US$4.9 million for operating lease. Lessor As a lessor, the Company's leases are classified as operating leases under ASC 842, and thus the pattern of recognition of real estate lease income remains unchanged from previous lease accounting guidance. Leases, in which the Group is the lessor, are substantially all accounted for as operating leases and the lease components and non-lease components are accounted for separately. (aa) Property warranty The Company and its subsidiaries provide customers with assurance-type warranties which cover major defects of building structure and certain fittings and facilities of properties sold as stipulated in the relevant sales contracts. The warranty period varies from two months to three years, depending on different property components the warranty covers. The Group regularly estimates potential costs for materials and labor with regards to warranty-type claims expected to be incurred subsequent to the delivery of a property. The Group regularly monitors the warranty reserve and makes adjustments to its pre-existing warranties, if any, in order to reflect changes in trends and historical data as information becomes available. The Group may seek recourse against its contractors or any related third parties if it can be demonstrated they are at fault. In addition, the Group withholds up to 5% of the contract cost from sub-contractors for periods of two to five years. These amounts are included in current liabilities, and are only paid to the extent that there has been no warranty claim against the Group relating to the work performed or materials supplied by the subcontractors. For the periods presented, the Group had not recognized any warranty liability nor incurred any warranty costs in excess of the amount retained from subcontractors. |
Earnings per share | (ab) Earnings per share Earnings per share are calculated in accordance with ASC 260, Earnings per Share . Basic earnings per share is computed by dividing net income attributable to holders of common shares by the weighted average number of common shares outstanding during the period. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Common share equivalents consists of common shares issuable upon the exercise of the share options and vesting of restricted shares units using treasury stock method. Common equivalents shares are excluded from the computation of diluted earnings per share if their effects would be anti-dilutive. The non-vested options granted with performance conditions are excluded in the computation of diluted EPS unless the options are dilutive and unless their conditions (a) have been satisfied at the reporting date or (b) would have been satisfied if the reporting date was the end of the contingency period. |
Treasury Shares | (ac) Treasury Shares The Company accounted for shares repurchased as treasury shares at cost in accordance to ASC Subtopic 505‑30, Treasury Shares . When the Company decides to retire the treasury shares, the difference between the original issuance price and the repurchase price may be allocated between additional paid-in capital and retained earnings. On July 12, 2013, the Board of Directors unanimously authorized management to repurchase up to US$60 million of the Company’s shares from the approval date to July 5, 2015. On December 28, 2015, the Board of Directors unanimously authorized management to repurchase up to US$40 million of the Company’s shares from the approval date to the end of 2017. The Board of Directors review the Company’s share repurchase program periodically and to adjust the amount authorized for repurchase as necessary. On March 21, 2017, the Board of Directors unanimously authorized management to repurchase up to US$40 million of the Company’s shares from the approval date to the end of 2019. On August 14, 2018, the Board of Directors unanimously authorized management to repurchase up to US$50 million of the Company’s shares from the approval date to the end of 2019. On May 20, 2019, the Board of Directors unanimously authorized management to repurchase up to US$50 million of the Company's shares from the approval date to the end of 2021. As of December 31, 2019, the Company had a balance of 52,850,536 (2018: 41,135,198) treasury shares amounting to US$113,719,964 (2018: US$87,639,088). |
Senior Secured Notes | (ad) Senior Secured Notes On August 30, 2016, the Company issued notes with an aggregate principal amount of US$300,000,000 due on August 30, 2019 (the “August 2019 Senior Secured Notes”) at a coupon rate of 8.125% per annum payable semi-annually. Interest is payable on February 28 and August 30 of each year, commencing February 28, 2017. The August 2019 Senior Secured Notes have a three year term maturing on August 30, 2019. Given that the August 2019 Senior Secured Notes is debt in its legal form and is not a derivative in its entirety, it has been classified as other long-term debt. The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the August 2019 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the August 2019 Senior Secured Notes. The August 2019 Senior Secured Notes were issued at par. On February 28, 2017, the Company issued notes with an aggregate principal amount of US$300,000,000 due on February 28, 2021 (the “February 2021 Senior Secured Notes”) at a coupon rate of 7.75% per annum payable semi-annually. Interest is payable on February 28 and August 28 of each year, commencing August 28, 2017. The February 2021 Senior Secured Notes have a four year term maturing on February 28, 2021. Given that the February 2021 Senior Secured Notes is debt in its legal form and is not a derivative in its entirety, it has been classified as other long-term debt. The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the February 2021 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the February 2021 Senior Secured Notes. The February 2021 Senior Secured Notes were issued at a discount. On November 22, 2017 and December 1, 2017, the Company issued notes with an aggregate principal amount of US$200,000,000 and US$100,000,000 due on November 22, 2020 (the “November 2020 Senior Secured Notes”) at a coupon rate of 8.875% per annum payable semi-annually. Interest will be payable on November 22 and May 22 of each year, commencing May 22, 2018. The November 2020 Senior Secured Notes have a three year term maturing on November 22, 2020. Given that the November 2020 Senior Secured Notes is debt in its legal form and is not a derivative in its entirety, it has been classified as other long-term debt. The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the November 2020 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the November 2020 Senior Secured Notes. The November 2020 Senior Secured Notes were issued at a discount. On March 19, 2018, the Company issued notes with an aggregate principal amount of US$200,000,000 due on March 19, 2020 (the “March 2020 Senior Secured Notes”) at a coupon rate of 9.875% per annum payable semi-annually. Interest is payable on March 19 and September 19 of each year, commencing September 19, 2018. The March 2020 Senior Secured Notes have a two year term maturing on March 19, 2020. Given that the March 2020 Senior Secured Notes is debt in its legal form and is not a derivative in its entirety, it has been classified as other long-term debt. The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the March 2020 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the March 2020 Senior Secured Notes. The March 2020 Senior Secured Notes were issued at a discount. On April 15, 2019 and April 26, 2019, the Company issued notes with an aggregate principal amount of US$200,000,000 and US$100,000,000 due on October 15, 2021 (the “October 2021 Senior Secured Notes”) at a coupon rate of 14.20% per annum payable semi-annually. Interest is payable on April 15 and October 15 of each year, commencing October 15, 2019. The October 2021 Senior Secured Notes have a two and a half years term maturing on October 15, 2021. Given that the October 2021 Senior Secured Notes is debt in its legal form and is not a derivative in its entirety, it has been classified as other long-term debt. The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the October 2021 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the October 2021 Senior Secured Notes. The October 2021 Senior Secured Notes were issued at a premium. Onshore corporate bonds During the periods presented, Xinyuan China issued a series of onshore corporate bonds. Given that each onshore corporate bond individually is debt in its legal form and is not a derivative in its entirety, it has been classified as other long-term debt. The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from these onshore corporate bonds under the requirements of ASC 815. The onshore corporate bonds were issued at par. |
Short-term investments | (ae) Short-term investments All highly liquid investments with original maturities of greater than three months, but less than 12 months, are classified as short-term investments. Investments that are expected to be realized in cash during the next 12 months are also included in short-term investments. Equity investments that have readily determinable fair values are measured at fair value with changes recognized in gain(loss) on short-term investments in consolidated statements of comprehensive income. Equity investments without readily determinable fair values and for which we do not have the ability to exercise significant influence are accounted for at cost with adjustments for observable changes in prices or impairments. |
Assets acquisition and business combinations | (af) Assets acquisition and business combinations Pursuant to ASC 805, Business Combinations (“ASC 805”), the Company determines whether a transaction or other event is a business combination by applying the definition below, which requires that the assets acquired and liabilities assumed constitute a business. The guidance requires an entity to first evaluate whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If that threshold is met, the set of assets and activities is not a business. If it is not met, the entity evaluates whether the set meets the definition of a business. ASC 805 defines a business as consisting of inputs and processes applied to those inputs that have the ability to contribute to the creation of outputs. Inputs are defined as economic resources, while processes are defined as protocols, systems or standards. Inputs and processes create, or have the ability to contribute to the creation of, outputs. Outputs are often present in businesses but are not required to meet the definition of a business. To be considered a business under ASC 805, the acquisition of net assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. If the assets acquired are not a business, the reporting entity shall account for the transaction or other event as an assets acquisition. The Company accounted for its acquisitions of Suzhou Yefang, Wuhan Yinghexin and Qingdao Keda as asset acquisitions either because the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets or the acquired entities had no processes in place to apply to inputs to have the ability to create outputs. |
Non-controlling interests | (ag) Non-controlling interests A non-controlling interest is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Group. Consolidated net income on the consolidated statements of comprehensive income includes the net loss/(income) attributable to non-controlling interests. The cumulative results of operations attributable to non-controlling interests are recorded as non-controlling interests in the Group’s consolidated balance sheets. Losses attributable to the Group and the non-controlling interest in a subsidiary may exceed their interests in the subsidiary’s equity. The excess, and any further losses attributable to the Group and the non-controlling interest, shall continue to be attributed to those interests. |
Effect of change in estimate | (ah) Effect of change in estimate Revisions in estimated gross profit margins related to estimated costs and revenues are made in the period in which circumstances requiring the revisions become known. During the year ended December 31, 2019, real estate development projects (Zhengzhou International New City IV, Zhengzhou Hangmei International Wisdom City I, Henan Xin Central I, Jinan Royal Palace, Chengdu Xinyuan City and Sanya Yazhou Bay No.1), which recognized gross profit in 2018, had changes in their estimated gross profit margins. As these projects moved closer to completion during 2019, the Company adjusted its prior estimates related to selling prices and development costs. As a result of the changes in estimate above, gross profit, net income and basic and diluted earnings per share decreased by US$59.1 million (2017: decreased US$11.1 million, 2018: increased US$34.5 million), US$44.3 million(2017: decreased US$8.3 million, 2018: increased US$25.9 million ), US$0.39 per share (2017: decreased US$0.06 per share, 2018: increased US$0.20 per share), and US$0.39 per share (2017: decreased US$0.06 per share, 2018: increased US$0.20 per share), respectively, for the year ended December 31, 2019. |
Share-based compensation | (ai) Share-based compensation The Group has adopted ASC 718, Compensation-Stock Compensation , which requires that share-based payment transactions with employees, such as restricted shares or stock options, be measured based on the grant-date fair value of the equity instrument issued, and the Company has elected to recognize compensation expense using the straight-line method for all restricted shares and stock options granted with service conditions that have a graded vesting schedule. In addition, the Company recognizes share-based compensation expense net of an estimated forfeiture rate and therefore, only recognizes compensation cost for those shares expected to vest over the service period of the award. The estimation of the forfeiture rate is primarily based on historical experience of employee turnover. To the extent the Company revises this estimate in the future, the share-based payments could be materially impacted in the year of revision, as well as in the following years. The Company also has a policy of using authorized shares in the existing pool to satisfy any future exercise of share options and shares repurchased held by a third party trustee to satisfy the RSUs granted under the Company’s 2014 Restricted Stock Unit plan. For options granted with performance conditions, share-based compensation expense is recognized based on the probable outcome of the performance condition using the accelerated method over the requisite service period. A performance condition is not taken into consideration in determining fair value of the non-vested shares granted. The fair value of liabilities incurred in share-based payment transactions with employees are remeasured at the end of each reporting period through settlement. Changes in the fair value of a liability incurred under a share-based payment arrangement that occur during the requisite service period are recognized as compensation costs over that period. |
Segment Reporting | (aj) Segment Reporting In accordance with ASC 280, Segment Reporting , segment reporting is determined based on how the Group’s chief operating decision maker reviews operating results to make decisions about allocating resources and assessing performance for the Group. According to the management approach, the Group operates in geographical segments. Therefore, each of its individual property developments is a discrete operating segment. The Group has aggregated its segments on a geographical basis as property development projects undertaken within a region have similar expected economic characteristics, type of properties offering, customers and market and regulatory environment (Note 21). |
Comparative information | (ak) Comparative information Certain of the prior year comparative figures have been reclassified to conform to the current year’s presentation. |
Recent Accounting Pronouncements | (al) Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016‑13, Financial Instruments—Credit Losses ("ASU 2016‑13"). The amendments in ASU 2016‑13 update guidance on reporting credit losses for financial assets. This ASU requires entities to measure credit losses for financial assets measured at amortized cost based on expected losses rather than incurred losses. For available-for-sale debt securities with unrealized losses, entities will be required to recognize credit losses through an allowance for credit losses. These amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. For public business entities that are U.S. SEC filers, ASU 2016‑13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Group is currently evaluating the impact on its consolidated financial statements of adopting this guidance. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which simplifies the accounting for goodwill impairment by eliminating Step two from the goodwill impairment test. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, versus determining an implied fair value in Step two to measure the impairment loss. The guidance is effective for annual and interim impairment tests performed in periods beginning after December 15, 2019. Early adoption is permitted for all entities for annual and interim goodwill impairment testing dates on or after January 1, 2017. The guidance should be applied on a prospective basis. The Group does not believe the adoption of ASU 2017-04 will have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework- Changes to the Disclosure Requirements for Fair Value Measurement . The update eliminates, modifies, and adds certain disclosure requirements for fair value measurements. This update is effective in fiscal years, including interim periods, beginning after December 15, 2019, and early adoption is permitted. The added disclosure requirements and the modified disclosure on the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented. All other changes to disclosure requirements in this update should be applied retrospectively to all periods presented upon their effective date. The Group does not believe the adoption of ASU 2018-13 will have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This update requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to defer and recognize as an asset. This update is effective in fiscal years, including interim periods, beginning after December 15, 2019, and early adoption is permitted. This guidance should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Group does not believe the adoption of ASU 2018-15 will have a material impact on its consolidated financial statements. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. This update clarifies that certain transactions between participants in a collaborative arrangement should be accounted for under ASC 606 when the counterparty is a customer and precludes an entity from presenting consideration from a transaction in a collaborative arrangement as revenue from contracts with customers if the counterparty is not a customer for that transaction. The update is effective in fiscal years beginning after December 15, 2019, and interim periods therein, and early adoption is permitted for entities that have adopted ASC 606. This guidance should be applied retrospectively to the date of initial application of Topic 606. The Group does not believe the adoption of ASU 2018-18 will have a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This update simplifies the accounting for income taxes as part of the FASB's overall initiative to reduce complexity in accounting standards. The amendments include removal of certain exceptions to the general principles of ASC 740, Income taxes, and simplification in several other areas such as accounting for a franchise tax (or similar tax) that is partially based on income. The update is effective in fiscal years beginning after December 15, 2020, and interim periods therein, and early adoption is permitted. Certain amendments in this update should be applied retrospectively or modified retrospectively, all other amendments should be applied prospectively. The Group is currently evaluating the impact on its financial statements of adopting this guidance. |
Background information of bus_2
Background information of business and organization (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Background information of business and organization | |
Schedule of Subsidiaries and its Consolidated Variable Interest Entities | As of December 31, 2019, principal subsidiaries of the Company and its consolidated variable interest entities included the following entities: Percentage of Registered Place Equity and Date of Registered Attributable Principal Company Name Incorporation Capital to the Group Activities Subsidiary companies: Xinyuan International Property Investment Co., Ltd. Cayman Islands October 6, 2011 US$ 500,000 100 % Investment holding company Xinyuan International (HK) Property Investment Co., Ltd. Hong Kong October 26, 2011 HK$ 3,000,000 100 % Investment holding company XIN Development Group International Inc. United States November 10, 2011 US$ — 100 % Investment holding company Xinyuan Real Estate, Ltd. Cayman Islands January 27, 2006 US$ 50,000,000 100 % Investment holding company XIN Development Management East, LLC United States August 28, 2012 US$ 1,000 100 % Property management services XIN NY Holding, LLC United States August 29, 2012 US$ 1,000 100 % Investment holding company 421 Kent Development, LLC United States August 29, 2012 US$ 1,000 100 % Real estate development Xinyuan Sailing Co., Ltd. Hong Kong June 21, 2013 HK$ 3,000,000 100 % Investment holding company AWAN Plasma Sdn Bhd Malaysia April 16, 2007 MYR 33,577,000 100 % Real estate development XIN Eco Marine Group Properties Sdn Bhd Malaysia July 9, 2014 MYR 33,217,000 100 % Investment holding company Zhengzhou Jiasheng Real Estate Co., Ltd. PRC December 2, 2013 US$ 60,000,000 100 % Real estate development Xinyuan (China) Real Estate, Ltd. (“Xinyuan China”) PRC April 10, 2006 US$ 307,000,000 100 % Investment holding company Henan Xinyuan Real Estate Co., Ltd. (“Henan Xinyuan”) PRC May 19, 1997 RMB 200,000,000 100 % Real estate development Qingdao Xinyuan Xiangrui Real Estate Co., Ltd. PRC February 9, 2006 RMB 10,000,000 100 % Real estate development Shandong Xinyuan Real Estate Co., Ltd. PRC June 2, 2006 RMB 300,000,000 100 % Real estate development Xinyuan Property Management Service(Cayman) Ltd. Cayman islands December 13, 2018 HKD 50,000 67.5 % Investment holding company Xinyuan Property Management Service (BVI) Ltd British Virgin Islands January 2, 2019 USD — 67.5 % Investment holding company Xinyuan Property Management Service (HK) Limited HK January 8, 2019 HKD 1 67.5 % Investment holding company Xinyuan Science and Technology Service Group Co., Ltd. PRC December 28, 1998 RMB 50,000,000 67.5 % Property management services Mingyuan Landscape Engineering Co., Ltd. PRC February 17, 2004 RMB 50,000,000 100 % Landscaping engineering and management Henan Xinyuan Wanzhuo Real Estate Co., Ltd. PRC December 29, 2011 RMB 20,000,000 100 % Real estate development Suzhou Xinyuan Real Estate Development Co., Ltd. PRC November 24, 2006 RMB 200,000,000 100 % Real estate development Anhui Xinyuan Real Estate Co., Ltd. PRC December 7, 2006 RMB 50,000,000 100 % Real estate development Kunshan Xinyuan Real Estate Co., Ltd. PRC January 31, 2008 RMB 200,000,000 100 % Real estate development Xinyuan Real Estate (Chengdu) Co., Ltd. PRC June 12, 2007 RMB 220,000,000 100 % Real estate development Xuzhou Xinyuan Real Estate Co., Ltd. PRC November 9, 2009 RMB 200,000,000 100 % Real estate development Henan Xinyuan Jiye Real Estate Co., Ltd. PRC November 15, 2009 RMB 50,000,000 100 % Real estate development Beijing Xinyuan Wanzhong Real Estate Co., Ltd. (“Beijing Wanzhong”) PRC March 4, 2008 RMB 900,000,000 100 % Real estate development Percentage of Registered Place Equity and Date of Registered Attributable Principal Company Name Incorporation Capital to the Group Activities Subsidiary companies: Xinyuan Renju (Beijing) Asset Management Co., Ltd. PRC January 16, 2009 RMB 30,000,000 100 % Management consulting service Beijing Xinyuan Priority Real Estate Consulting Co., Ltd. PRC March 8, 2012 RMB 30,000,000 100 % Real estate consulting services Henan Xinyuan Priority Commercial Management Co., Ltd. PRC August 10, 2012 RMB 2,000,000 100 % Leasing management services Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. (“Suzhou Wanzhuo”) (Note 18(a)) PRC September 20, 2012 RMB 200,000,000 20 % Real estate development Jiangsu Jiajing Real Estate Co., Ltd. PRC March 28, 2005 RMB 150,000,000 100 % Real estate development Xingyang Xinyuan Real Estate Co., Ltd. PRC July 25, 2013 RMB 200,000,000 100 % Real estate development Jinan Xinyuan Wanzhuo Real Estate Co., Ltd. PRC December 4, 2013 RMB 300,000,000 100 % Real estate development Sanya Beida Science and Technology Park Industrial Development Co., Ltd. PRC January 10, 2014 RMB 200,000,000 100 % Real estate development Chengdu Xinyuan Wanzhuo Real Estate Co., Ltd. PRC February 21, 2014 RMB 50,000,000 100 % Real estate development Tianjin Xinyuan Real Estate Co., Ltd. PRC September 17, 2014 RMB 100,000,000 100 % Real estate development Xi’an Yinghuai Square Commerce Management Co., Ltd. PRC November 25, 2014 RMB 3,000,000 100 % Retail store Changsha Xinyuan Wanzhuo Real Estate Co., Ltd. PRC April 3, 2014 RMB 100,000,000 100 % Real estate development Shanghai Junxin Real Estate Co., Ltd. PRC January 16, 2014 RMB 5,000,000 100 % Real estate development Beijing Yinghuai Commerce and Trade Co., Ltd. PRC January 5, 2015 RMB 30,000,000 100 % Retail store Beijing Xinhe Investment Development Co., Ltd. PRC May 5, 2015 RMB 5,000,000 100 % Investment holding company Henan Yinghuai Commerce and Trade Co., Ltd. PRC March 23, 2015 RMB 10,000,000 100 % Retail store Henan Xinyuan Guangsheng Real Estate Co., Ltd. PRC July 27, 2015 RMB 200,000,000 100 % Real estate development Shanghai Hexinli Property Management Center. (Limited partnership) PRC July 28, 2015 RMB 10,640,000 100 % Property management services Shandong Xinyuan Renju Real Estate Co., Ltd. PRC November 19, 2011 RMB 50,000,000 100 % Real estate development Shaanxi Zhongmao Economy Development Co., Ltd. PRC June 22, 1998 RMB 22,500,000 65.98 % Real estate development 421 Kent Holding Co, Ltd. United States May 2, 2014 US$ 1,000 100 % Investment holding company Hudson 888 Owner LLC United States October 22, 2015 US$ 1,000 100 % Real estate development XIN Manhattan Holding LLC United States December 9, 2015 US$ 1,000 100 % Investment holding company Hudson 888 Holding LLC United States December 9, 2015 US$ 1,000 100 % Investment holding company Shenzhen Xinchuang Investment Consulting Co., Ltd. PRC January 20, 2016 RMB 10,000,000 100 % Investment Percentage of Registered Place Equity and Date of Registered Attributable Principal Company Name Incorporation Capital to the Group Activities Subsidiary companies: Henan Xinyuan Quansheng Real Estate Co., Ltd. PRC January 14, 2015 RMB 40,000,000 100 % Real estate development Zhengzhou Shengdao Real Estate Co., Ltd. PRC October 14, 2013 RMB 20,000,000 100 % Real estate development Henan Xinyuan Shunsheng Real Estate Co., Ltd. PRC January 13, 2016 RMB 30,000,000 100 % Real estate development Hunan Erli Real Estate Co., Ltd. PRC January 4, 2008 RMB 50,000,000 100 % Real estate development XIN Queens Holding LLC United States July 6, 2016 US$ 1,000 100 % Investment holding company Queens Theatre Holdco LLC United States July 6, 2016 US$ 1,000 100 % Investment holding company Queens Theatre Owner LLC United States July 6, 2016 US$ 1,000 100 % Real estate development Zhengzhou Xinnan Real Estate Co., Ltd. PRC January 21, 2016 RMB 50,000,000 100 % Real estate development Xinyan Investment Management Co., Limited. PRC April 8, 2016 RMB 100,000,000 90 % Investment Hunan Xintian Real Estate Co., Ltd. PRC September 28, 2009 RMB 20,000,000 100 % Real estate development Zhengzhou Hangmei Technology Development Co., Ltd. PRC November 25, 2014 RMB 50,000,000 51 % Real estate development Zhengzhou Hangmei Zhengxing Technology Co., Ltd. (4) PRC March 28, 2016 RMB 50,000,000 30 % Real estate consulting services Xi’an Dingrun Real Estate Co., Ltd. PRC June 1, 2011 RMB 20,000,000 100 % Real estate development Zhengzhou Kangshengboda Real Estate Co., Ltd. PRC July 29, 2016 RMB 50,000,000 100 % Real estate development Xinjiang Xinyuan Renju Equity Investment., Ltd. PRC February 24, 2017 RMB 10,000,000 100 % Real estate consulting services Zhuhai Prince Real Estate Co., Ltd. PRC September 13, 1990 RMB 307,000,000 100 % Real estate development Henan Renxin Real Estate Co., Ltd. ("Henan Renxin") PRC July 11, 2008 RMB 200,000,000 51 % Real estate development Xinchuang Technology Co., Ltd. ("Xinchuang Technology ") PRC May 2, 2017 RMB 100,000,000 100 % Management consulting services Hangzhou Huiyuan Investment Management Partnership Enterprise. (Limited partnership) PRC May 23, 2017 RMB 5,000,000 100 % Investment holding company Guangdong Xinyuan Real Estate Co., Ltd. PRC October 18, 2017 RMB 100,000,000 100 % Real estate development Taicang Pengchi Real Estate Co., Limited. (“Taicang Pengchi”) (Note 18(a)) PRC June 16, 2017 RMB 200,000,000 17 % Real estate development Khorgos XinYan Enterprise Management Consulting Co., Ltd. PRC December 4, 2017 RMB 5,000,000 100 % Management consulting services Hunan Huaiwei Business Management Co., Ltd. (1) PRC September 13, 2017 RMB 2,000,000 51 % Retail store Jinan Xinyuan Quansheng Real Estate Co., Ltd. The PRC May 25, 2018 RMB 50,000,000 100 % Real estate development Percentage of Registered Place Equity and Date of Registered Attributable Principal Company Name Incorporation Capital to the Group Activities Subsidiary companies: Xi'an Jinbian Shunsheng Real Estate Co., Ltd. (2) The PRC December 6, 2017 RMB 20,000,000 70 % Real estate development Suzhou Yuxi Real Estate Co., Limited. The PRC March 5, 2018 RMB 100,000,000 20 % Real estate development Xinchuang Sailing (Dalian) Healthy Technology Industrial Investment Co., Ltd. The PRC June 5, 2018 RMB 600,000,000 100 % Real estate development Dalian Xinyi Renju Real Estate Co., Ltd. The PRC June 26, 2018 RMB 100,000,000 100 % Real estate development Jiangxi Xinkai Renju Management Consulting Service., Ltd. The PRC August 28, 2018 RMB 10,000,000 100 % Real estate consulting services Beijing Xinyuan Huicheng Technology Development Co., Ltd. The PRC January 26, 2018 RMB 100,000,000 100 % Technical services Suzhou Yefang Real Estate Co., Limited. (“Suzhou Yefang”) (Note 18(b)) The PRC April 14, 2017 RMB 100,000,000 20 % Real estate development Chengdu Xinyuan Renju Enterprise Management Co., Ltd. (“Chengdu Renju”) The PRC October 26, 2017 RMB 50,000,000 100 % Real estate development Chengdu Guohongteng Real Estate Co., Ltd. The PRC July 16, 2010 RMB 1,673,179,200 100 % Real estate development Qingdao Keda Real Estate Co., Ltd. (“Qingdao Keda”) The PRC September 20, 2010 RMB 50,000,000 100 % Real estate development Wuhan Yinghexin Real Estate Co., Ltd. (“Wuhan Yinghexin”) The PRC January 15, 2014 RMB 100,000,000 100 % Real estate development Henan Xinyuan Property Management Co., Ltd. The PRC December 1, 2016 RMB 10,000,000 100 % Property management services Wuhu Xinyansuifeng NO.1 Investment Center (Limited partnership) The PRC November 22, 2017 RMB 1,501,000,000 100 % Investment holding company Zhuhai Xinyuan Real Estate Co., Ltd. The PRC December 31, 2018 RMB 100,000,000 100 % Real estate development Jinan Renju Building Material Co., Ltd. The PRC January 2, 2019 RMB 50,000,000 100 % Sales of construction material Dalian Xinyi Yaju Real Estate Co., Ltd. The PRC January 16, 2019 RMB 100,000,000 100 % Real estate development Guangdong Xinchuang Kechuang Zhigu Development Co., Ltd. The PRC February 27,2019 RMB 100,000,000 100 % Real estate development Jiangxi Xinyuan Heju Enterprise Management Consulting Service Co., Ltd. The PRC Apirl 2,2019 RMB 10,000,000 100 % Management consulting services Beijing I-Journey Science and Technology Development Co., Ltd.("I-Journey") (3) The PRC October 20,2015 RMB 40,000,000 93 % Development and sales of robots Beijing Ruizhuo Xichuang Technology Development Co., Ltd.("Xichuang") (3) The PRC July 16,2015 RMB 30,000,000 93 % Real estate brokerage Beijing Ruizhuo Xitou Development Co., Ltd. (" Xitou") (3) The PRC July 16,2015 RMB 30,000,000 85 % Internet platform for real estate property financing Beijing Future Xinzhihui Technology Development Center (Limited Partnership) (" Xinzhihui") (3) The PRC December 16,2016 RMB 30,000,000 90.67 % Investment holding company Beijing Future Xinhujin Technology Development Center (Limited Partnership) ("Xinhujin") (3) The PRC December 30,2016 RMB 20,000,000 89.5 % Investment holding company Beijing Future Xinruifeng Technology Development Center (Limited Partnership) ("Xinruifeng ") (3) The PRC February 23,2017 RMB 20,000,000 77.5 % Investment holding company Beijing Ruihao Rongtong Real Estate Co., Ltd. ("Ruihao Rongtong") PRC June 15, 2006 RMB 250,000,000 100 % Real estate development VIE: Beijing Yuzhouyun Technology Development Center (Limited partnership)) and its subsidiary (“Yuzhouyun”) (Note 2(a) The PRC March 2, 2018 RMB 18,388,300 51 % Technical services (1) Liquidated on December 10, 2019. (2) Liquidated on June 10, 2019. (3) Acquired on November 30,2019. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Information Related to VIE's | The carrying amounts and classifications of the assets and liabilities of the VIE are as follows: December 31, 2018 US$ Current assets 174,366,164 Non-current assets 247,753 Total assets 174,613,917 Current liabilities 151,609,433 Non-current liabilities — Total liabilities 151,609,433 The financial performance and cash flows of the VIE are as follows: Year ended December 31, 2018 US$ Revenue — Cost of revenue — Net loss (4,786,363) Net cash used in operating activities (8,804,491) Net cash used in investing activities — Net cash provided by financing activities 8,949,715 |
Disaggregation of Revenue | Other revenue includes services ancillary to the Group's real estate projects, including construction service revenue and software consulting service income. Construction service revenue and software consulting service income are recognized when services are provided as the customer simultaneously benefits from the services as they are performed. For the years ended December 31, 2018 and 2019, revenue is recognized and disaggregated by major source as below: 2018 2019 US$ US$ Real estate sales 2,139,370,792 2,387,031,568 Real estate management services income 63,447,420 67,488,169 Other revenue 5,148,101 11,984,304 Revenue from contracts with customers 2,207,966,313 2,466,504,041 Real estate lease income 9,584,972 16,128,771 Total revenue 2,217,551,285 2,482,632,812 |
Contract with Customer, Asset and Liability | The following table presents the Group's contract balances as of December 31, 2018 and 2019: December 31, 2018 December 31, 2019 Contract assets 21,779,221 23,093,235 Customer deposits (note 14) 1,921,851,255 1,106,098,647 |
Schedule of impact of adopting ASC 606 on consolidated statement of comprehensive income | December 31, 2018 Amounts without Effects of adoption adoption Amounts of ASC606 of ASC606 as reported Consolidated statement of comprehensive income Revenue 1,896,940,997 320,610,288 2,217,551,285 Cost of revenue (1,499,457,049) (102,615,934) (1,602,072,983) Selling and distribution expenses (90,805,960) 7,214,309 (83,591,651) General and administrative expenses (155,805,869) (650,301) (156,456,170) Income taxes (93,887,973) (50,559,274) (144,447,247) Net income/(loss) (68,047,068) 173,999,088 105,952,020 |
Schedule Of Useful Lives | Estimated useful lives of the assets are as follows: Corporate aircraft 15 years Vehicles 5 years Furniture and fixtures 5 years Office buildings 20‑60 years |
Schedule Of Interest Expense | As a result of the total interest costs capitalized during the period, the interest expense for the years ended December 31, 2017, 2018 and 2019, was as follows: 2017 2018 2019 US$ US$ US$ Amortization of issuance cost related to long-term debt 4,384,801 8,624,334 8,132,103 Interest expense of finance leases 1,705,739 1,385,292 973,842 Interest on borrowings 197,410,532 271,831,465 308,747,957 Total interest costs 203,501,072 281,841,091 317,853,902 Total interest costs capitalized (137,347,632) (182,595,395) (204,078,542) Interest expense, net 66,153,440 99,245,696 113,775,360 |
Beijing Yuzhouyun Technology Development Center [Member] | |
Schedule of Information Related to VIE's | The carrying amounts and classifications of the assets and liabilities of Yuzhouyun are as follows: December 31, December 31, 2018 2019 US$ US$ Current assets 5,775,479 2,214,155 Non-current assets 3,557,562 4,244,195 Total assets 9,333,041 6,458,350 Current liabilities 11,808,683 13,967,333 Non-current liabilities — — Total liabilities 11,808,683 13,967,333 The financial performance and cash flows of Yuzhouyun are as follows: Year ended Year ended December 31, December 31, 2018 2019 US$ US$ Revenue 7,991,038 12,555,974 Cost of revenue (1,559,129) (3,682,899) Net loss (1,929,266) (1,796,997) Net cash provided by operating activities 519,050 368,379 Net cash used in investing activities (255,509) (1,885) Net cash used in financing activities — (52,503) |
Short-term investments (Tables)
Short-term investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Short-term investments | |
Schedule of Short-term Investments | December 31, 2018 US$ Fair Unrealized value Cost gain in profit Level 1 REITs 8,442,063 7,291,863 1,150,200 Total 8,442,063 7,291,863 1,150,200 December 31, 2019 US$ Fair Unrealized value Cost loss in profit Level 1 Equity securities with readily determinable fair value 2,076,443 3,700,257 (1,623,814) Level 3 Equity securities without readily determinable fair value 3,519,182 3,519,182 — Total 5,595,625 7,219,439 (1,623,814) |
Other receivables (Tables)
Other receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other receivables | |
Schedule of Other Receivables | December 31, 2019 US$ Henan Derun Real Estate Co. Ltd (“Henan Derun”) 124,436,299 Zhengzhou Jiahe Real Estate Co. Ltd (“Zhengzhou Jiahe”) 67,429,462 Zhangjiakou Xingyuan City Construction Development Co. Ltd 19,696,568 Huzhou Xinhong Jingcheng Construction and Development Co. Ltd 16,369,944 Due from contractors 24,444,823 Others 34,923,080 Other receivables 287,300,176 |
Real estate properties develo_2
Real estate properties development completed and under development (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real estate properties development completed and under development | |
Schedule of components of real estate properties development completed and under development | The following summarizes the components of real estate properties development completed and under development at December 31, 2018 and 2019: December 31, December 31, 2018 2019 US$ US$ Development completed: Zhengzhou Century East A 4,000,881 3,913,910 Suzhou International City Garden 1,460,187 1,579,238 Jinan Xinyuan Splendid 4,952,551 5,175,618 Zhengzhou Xin City 14,946,209 11,094,087 Beijing Xindo Park 42,003,855 41,462,271 Suzhou Lake Royal Palace 4,880,245 4,966,527 Xingyang Splendid I 16,616,861 3,201,168 Zhengzhou Thriving Family 14,908,355 11,397,709 Shanghai Yipin Royal Palace 82,320,988 80,709,011 New York Oosten 127,749,947 1,201,783 Chengdu Thriving Family 88,492,260 64,327,235 Sanya Yazhou Bay No.1 31,716,745 6,627,299 Xi’an Metropolitan 48,352,943 43,103,208 Kunshan Royal Palace 8,279,289 5,742,133 Jinan Xin Central 41,158,302 29,175,427 Changsha Xinyuan Splendid 7,340,408 7,540,854 Zhengzhou Fancy City II (South) 151,224 1,263,824 Kunshan Xindo Park 23,673,323 8,251,834 Zhengzhou Xindo Park 13,794,988 8,301,650 Zhengzhou Fancy City I 19,329,493 17,254,407 Henan Xin Central I 36,230,637 14,913,267 Xuzhou Colorful City — 5,547,620 Henan Xin Central II — 9,884,003 Zhengzhou International New City I — 17,458,454 Zhengzhou International New City II — 17,044,177 Tianjin Spring Royal Palace I — 19,221,577 Xingyang Splendid Phase II — 15,283,105 Xingyang Splendid Phase III — 2,563,122 Real estate properties development completed 632,359,691 458,204,518 Under development: Current: Xuzhou Colorful City 49,972,999 — Xingyang Splendid II 44,074,338 — Xingyang Splendid III 62,771,683 — Xingyang Splendid IV 11,743,049 46,472,092 Jinan Royal Palace 328,737,914 223,967,341 Tianjin Spring Royal Palace I 101,091,391 — Henan Xin Central II 99,196,076 — Zhengzhou Fancy City II(North) 77,295,404 95,360,634 Zhengzhou International New City I 339,890,348 — Zhengzhou International New City II 171,711,098 — Tongzhou Xinyuan Royal Palace 214,011,166 234,987,743 Changsha Mulian Royal Palace 108,637,317 — XIN Eco Marine Group Properties Sdn Bhd 15,064,162 27,488,080 Hudson Garden Project 106,844,124 123,555,996 Flushing Project 92,821,714 107,304,741 Changsha Furong Thriving Family 39,054,048 15,540,229 Zhengzhou International New City III A 86,999,855 110,507,107 Zhuhai Xin World 102,997,747 153,864,698 Xinyuan Chang’an Royal Palace 144,771,923 157,044,224 Kunshan Xinyu Jiayuan 159,974,516 146,779,965 Zhengzhou International New City Pending Staging 238,835,232 376,230,958 Zhengzhou Hangmei International Wisdom City I 91,069,505 75,943,506 Xinyuan Golden Water View City 428,430,649 438,686,015 Suzhou Galaxy Bay 51,739,509 62,557,317 Xi’an Metropolitan II 5,609,532 5,903,626 Zhengzhou International New City III B 94,547,682 19,164,288 Zhengzhou International New City III C 99,240,244 88,758,649 Zhengzhou International New City III D 42,706,005 8,416,916 Tianjin Spring Royal Palace II 70,891,230 62,093,526 Zhengzhou Fancy City III 89,529,453 79,922,540 Jinan Royal Spring Bay 119,400,947 135,015,228 Suzhou Gusu Shade I (Suzhou New Project) 39,163,694 45,267,243 Wuhan Canglong Royal Palace (Wuhan New Project) 124,701,587 141,707,492 Dalian International Health Technology Town I 33,796,959 85,174,478 Qingdao Royal Dragon Bay 246,387,446 212,457,554 Chengdu Xinyuan City 688,987,085 723,555,656 Zhengzhou International New City IV 176,269,525 220,859,532 Xingyang Splendid V 45,984,974 31,136,007 Xingyang Splendid Building 46 4,836,734 7,997,771 Foshan Xinchuang AI International Science and Technology Innovation Valley — 225,362,486 5,049,788,864 4,489,083,638 Profit recognized 348,170,931 301,358,319 Less: progress billings (Note 14) (1,329,243,487) (1,536,054,208) Total real estate properties under development 4,068,716,308 3,254,387,749 Total real estate properties development completed and under development 4,701,075,999 3,712,592,267 |
Real estate properties held f_2
Real estate properties held for lease, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real estate properties held for lease, net | |
Schedule of real estate properties held for lease, net | December 31, December 31, 2018 2019 US$ US$ Elementary schools 3,107,711 3,057,371 Basement parking 9,633,568 14,694,085 Kindergartens 10,194,286 10,049,512 Parking facilities 55,941,369 100,036,672 Clubhouses 7,789,415 8,574,329 Shopping mall 243,346,989 290,610,416 Residential properties — 124,280,030 Others 2,972,811 2,924,658 Total costs 332,986,149 554,227,073 Accumulated depreciation (30,221,932) (38,358,165) Real estate properties held for lease, net 302,764,217 515,868,908 |
Schedule of minimum future rental income on non-cancellable leases | Year Amount US$ 2020 15,986,263 2021 15,587,876 2022 14,786,872 2023 13,728,432 2024 and thereafter 107,158,511 Total 167,247,954 |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property and equipment, net | |
Schedule of Property and equipment, net | December 31, December 31, 2018 2019 US$ US$ Finance lease right-of-use asset -Corporate aircraft 37,494,502 36,887,168 Vehicles 5,109,037 5,069,515 Furniture and fixtures 12,580,384 10,523,537 Office buildings 10,994,284 21,842,187 Total 66,178,207 74,322,407 Accumulated depreciation (28,063,724) (31,318,028) Property and equipment, net 38,114,483 43,004,379 |
Long-term investment (Tables)
Long-term investment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Long-term investment | |
Schedule of Long-term Investment | As of December 31, 2018 and 2019, the long-term investment consisted of the following: December 31, Initial Cost 2018 US$ US$ Nonmarketable equity securities Zhengzhou Lianhe Real Estate Co., Ltd. 241,648 291,409 Zhengzhou Taike Real Estate Co., Ltd. 738,073 728,523 Equity method investees Qingdao Huiju Zhihui City Industrial Development Co., Ltd. 505,162,873 478,778,879 Wuhu Penghong Investment Center (Limited Partnership) 30,608,185 23,613,358 Madison Developments Limited. 19,095,969 16,743,122 Others 59,289,036 44,184,928 Total 564,340,219 December 31, Initial Cost 2019 US$ US$ Nonmarketable equity securities Zhengzhou Lianhe Real Estate Co., Ltd. 241,648 286,689 Zhengzhou Taike Real Estate Co., Ltd. 738,073 716,723 Equity method investees Qingdao Huiju Zhihui City Industrial Development Co., Ltd. 523,459,957 488,227,667 Wuhu Penghong Investment Center (Limited Partnership) 30,608,185 18,333,122 Madison Developments Limited. 19,095,969 16,294,996 Suzhou Rongjingchen Real Estate Co., Ltd 42,041,464 41,452,466 Others 69,160,051 48,308,262 Total 613,619,925 |
Schedule of equity method investees | December 31, 2019 US$ (in thousands) Current assets 1,413,713 Noncurrent assets 411,764 Current liabilities 499,078 Non-current liabilities 460,617 Non-controlling interest 5,778 Gross revenue 68,353 Gross profit 14,976 Loss from continuing operations (5,928) Net loss (10,691) Net loss attributable to the Company (11,614) |
Acquisition of subsidiaries (Ta
Acquisition of subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
2018 Acquisitions Activity [Member] | |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | US$ Carrying amount of previously held equity interests 202,354,932 Remeasurement gain 4,384,563 Fair value of previously held equity interests(i) 206,739,495 Less: Goodwill 534,697 206,204,798 Fair value of net identifiable assets acquired: Cash and cash equivalents 11,761,992 Real estate properties under development 538,393,230 Current assets 7,471,403 Current liabilities (57,705,079) Deferred tax liabilities (534,697) Long-term bank loan (293,182,051) Net assets acquired 206,204,798 (i) The business combination was achieved without the transfer of consideration. The difference between the fair value of previously held equity interest and the fair value of net identifiable assets acquired was recognized as goodwill. As the Wuhu Group were private companies, the fair value of the Group’s previously held equity interest is estimated based on asset-based approach using significant unobservable inputs that market participants would consider, which mainly include estimated revenue and estimated cost for the construction project. |
2019 Acquisitions Activity [Member] | |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | Xinruifeng Xinhujin Xinzhihui subgroup subgroup subgroup Total US$ US$ US$ US$ Cash and cash equivalents 472,974 276,511 77,526 827,011 Intangible assets (1) Technology 9,446,403 5,877,125 6,249,820 21,573,348 Trade mark — — 2,623,205 2,623,205 Other current assets 262,373 164,373 691,872 1,118,618 Deferred tax assets 1,057,527 1,170,995 658,831 2,887,353 Other non-current assets 29,935 14,176 43,115 87,226 Goodwill 6,624,594 5,159,916 12,927,103 24,711,613 Current liabilities (269,349) (241,318) (1,499,623) (2,010,290) Deferred tax liabilities (1,057,527) (1,170,995) (658,831) (2,887,353) Non-controlling interest (80,631) (37,986) (50,171) (168,788) Total Consideration 16,486,299 11,212,797 21,062,847 48,761,943 (1) Intangible assets acquired in 2019 have estimated useful lives between six and ten years. Xinruifeng,Xinhujin and Xinzhihui are parents of Xitou, Xichuang and I-journey. |
Short-term bank loans and oth_2
Short-term bank loans and other debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Short-term bank loans and other debt | |
Schedule of short-term bank loans and other debt | December 31, December 31, 2018 2019 US$ US$ Loan from The Bank of East Asia Due January 2, 2020, at 1.10% plus 1 month LIBOR — 19,900,000 Loan from Henan Zhongyuan Microfinance Co., Ltd. Due July 26, 2019, at 11.60% per annum 7,285,231 — Loan from Zhongyuan Aviation Finance Leasing Co.,Ltd. Due December 20 2020, at 10.00% per annum — 11,467,562 Loan from Hua Xia Bank Co., Ltd. Due May 30, 2020, at 6.5250% per annum — 8,600,671 Loan from Shandong Rongyue Finance Leasing Co., Ltd. Due December 24, 2020, at 5.00% per annum — 4,300,335 Loan from Kunlun Trust Co., Ltd. Due June 28, 2019, at 10.50% per annum 36,426,157 — Loan from Zhongyuan Commercial Factoring Co., Ltd. Due January 30, 2020, at 10.00% per annum — 28,668,902 Loan from Tianjin financial exchange center Co., Ltd. at 9.00% per annum 189,215 Loan from Tianjin financial exchange center Co., Ltd. at 8.50% per annum 51,604 Loan from Tianjin financial exchange center Co., Ltd. at 8.00% per annum — 240,819 Total short-term bank loans and other debt 43,711,388 73,419,108 |
Long-term bank loans (Tables)
Long-term bank loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Instrument [Line Items] | |
Schedule of Long-Term Bank Loans | December 31, December 31, 2018 2019 US$ US$ Loan from ICBC Due December 26, 2021, at 6.175% per annum 116,560,788 66,890,284 Due December 22, 2021, at 6.175% per annum 58,284,765 33,448,009 Due December 30, 2021, at 6.60% per annum 53,619,303 30,770,333 Due December 22, 2021, at 9.80% per annum 58,281,851 33,448,009 Due July 23, 2022, at 4.75% per annum — 14,334,451 286,746,707 178,891,086 Loan from China Guangfa Bank Due July 17, 2021, at 6.175% per annum — 18,048,508 Due October 20, 2019, at 6.4125% per annum 10,490,733 — 10,490,733 18,048,508 Loan from Bank of China Due March 30, 2020, at 6.65% per annum 33,512,064 7,167,226 Due October 31, 2021 at 4.75% per annum 64,110,036 50,457,269 97,622,100 57,624,495 Loan from Bank of Beijing Due February 14, 2020 at 4.75% per annum 42,810,934 32,372,065 Loan from The Bank of East Asia Due June 1, 2019, at 1.10% plus 1 month LIBOR 9,675,654 — Due June 5, 2019, at 1.10% plus 1 month LIBOR 10,000,000 — Due August 15, 2019, at 1.10% plus 1 month LIBOR 20,000,000 — Due August 30, 2019,at 1.10% plus 1 month LIBOR 9,700,000 — Due September 19, 2019, at 1.10% plus 1 month LIBOR 2,220,000 — Due January 9, 2020, at 1.10% plus 1 month LIBOR 3,178,000 3,178,000 Due June 2, 2019, at 1.10% plus 1 month LIBOR 34,421,617 — Due September 27, 2019, at 1.10% plus 3 month LIBOR 24,294,636 — Due June 4, 2021, at 1.10% plus 1 month LIBOR — 22,500,000 Due June 6, 2021, at 1.10% plus 1 month LIBOR — 30,000,000 Due August 20, 2021, at 1.10% plus 1 month LIBOR — 19,170,000 Due September 27, 2021, at 1.10% plus 1 month LIBOR — 9,100,000 Due October 20, 2021, at 1.10% plus 1 month LIBOR — 2,100,000 Due October 27, 2021, at 1.10% plus 1 month LIBOR — 17,570,000 113,489,907 103,618,000 Loan from Ping An Bank Co., Ltd. Due May 31, 2021, at 6.8875% per annum 116,417,997 80,272,928 Due May 27, 2021, at 7.3625% per annum 14,570,463 9,890,771 Due March 27, 2022, at 6.9825% per annum — 39,405,407 130,988,460 129,569,106 Loan from China Construction Bank Due July 2, 2021, at 6.65% per annum 56,824,805 — Due August 1, 2021, at 4.35% per annum — 44,723,488 Due August 1, 2021, at 4.75% per annum — 11,180,872 Due August 1, 2021, at 4.75% per annum 17,484,555 17,201,343 Due April 4, 2021, at 6.175% per annum 36,424,700 — 110,734,060 73,105,703 Loan from Bank of Minsheng Due June 14, 2031, at 8.50% per annum 62,798,694 59,487,973 Due March 30, 2023 at 8.8825% per annum 291,394,685 286,402,339 354,193,379 345,890,312 Loan from Bank of Hengfeng Due September 20, 2021, at 8.0009% per annum 73,580,837 65,150,082 Loan from Zheshang Bank Co., Ltd Due September 21, 2021, at 7.60% per annum 29,286,630 17,344,686 Loan from Bank of Communications Co., Ltd Due March 18, 2022, at 7.600% per annum — 37,104,728 Loan from Bank of Zhengzhou Co., Ltd Due September 26, 2021, at 7.000075% per annum — 64,505,031 Loan from Bank of Huaxia Co., Ltd Due December 27, 2021, at 5.08% per annum — 11,610,908 Total 1,249,943,747 1,134,834,710 Less: current portion of long-term bank loans (529,904,807) (448,770,014) Total long-term bank loans 720,038,940 686,064,696 |
Long-term Debt [Member] | |
Debt Instrument [Line Items] | |
Schedule of Maturities | As of December 31, 2019, the contractual maturities of these loans are as follows: Year Amount US$ 2020 448,770,014 2021 599,627,953 2022 37,269,574 2023 4,156,992 2024 and thereafter 45,010,177 Less: current portion of long-term bank loans (448,770,014) Total: long-term bank loans 686,064,696 |
Other long-term debt (Tables)
Other long-term debt (Tables) - Other Long-Term Debt [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Debt Instrument [Line Items] | |
Schedule of Other Long-term Debt | December 31, December 31, Senior notes 2018 2019 US$ US$ November 2020 Senior Secured notes due on November 22, 2020 at 8.875% 295,673,796 296,897,742 August 2019 Senior Notes due on August 30, 2019 at 8.125% 286,741,749 — February 2021 Senior notes due on February 28, 2021 at 7.75% 270,624,821 261,941,119 March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% 197,226,325 123,055,415 October 2021 Senior Secured Notes due on October 16, 2021 at 14.20% — 295,968,740 Corporate bonds Due December 28, 2020 at 8.20% 58,275,179 1,962,386 Due January 27, 2021 at 7.47% 43,709,787 8,213,641 Due March 14, 2021 at 7.09% 72,849,705 7,551,597 Due August 15, 2019 at 8.20% 63,404,057 — Due April 7, 2020 at 8.20% 89,655,359 — Due September 21, 2020 at 8.50% 28,998,553 21,947,434 Due April 1, 2024 at 8.40% — 58,887,016 Due January 4, 2022 at 8.50% — 650,673 Loan from Ping An Trust Co., Ltd Due May 22, 2020 at 10.3192% 189,416,016 43,003,354 Due November 30, 2019 at 10.3192% 130,813,615 — Due May 23, 2019 at 10.3192% 189,780,277 — Due November 23, 2020 at 11.20% — 200,682,320 Due May 22, 2021 at 15.00% — 42,989,020 Due May 29, 2021 at 11.50% — 85,863,364 Due April 26, 2021 at 11.50% — 24,248,158 Loan from Guo Tou Tai Kang Trust Co., Ltd Due October 30, 2019 at 9.30% 2,360,415 — Due November 2, 2019 at 9.30% 26,780,511 — Kunlun Trust Co., Ltd Due March 17, 2020 at 7.62% 21,855,694 21,501,677 Loan from Wanxiang Trust Co., Ltd Due December 4, 2020 at 12.00% 1,427,905 — Due April 30, 2021 at 12.00% — 28,668,903 Due January 4, 2020 at 12.00% — 12,929,675 Due July 18, 2020 at 12.00% — 21,501,677 Loan from China Huarong Asset Management Co., Ltd Due November 27, 2020 at 11.50% 11,656,370 10,894,183 Due October 30, 2020 at 11.50% 40,951,099 28,095,525 Due November 8, 2021 at 12.00% — 30,145,351 Loan from China Resources Investment Trust Co., Ltd Due November 9, 2020 at 9.405% 50,996,620 42,286,632 Loan from Chang An International Trust Co., Ltd Due December 10, 2023 at 9.00% — 172,013,417 Loan from Henan Zhongyuan Microfinance Co., Ltd Due July 23, 2021 at 11.60% — 6,880,537 Loan from Kent EB-5 LLC Due January 23, 2020 at 5.95% 9,500,000 9,500,000 Due April 30, 2020 at 5.95% 5,000,000 5,000,000 Due June 25, 2020 at 5.95% 5,000,000 5,000,000 Due August 4, 2020 at 5.95% 5,000,000 5,000,000 Due August 20, 2020 at 5.95% 5,000,000 5,000,000 Due October 1, 2020 at 5.95% 10,000,000 10,000,000 Due November 23, 2020 at 5.95% 10,000,000 10,000,000 Due March 15, 2021 at 5.95% 9,500,000 9,500,000 Due September 12, 2021 at 5.95% 500,000 500,000 Loan from Bank of Ozark Due March 24, 2021 at 4.50% plus 1 month LIBOR 24,008,924 50,157,305 Loan from Bank Direct Capital Finance Due November 1, 2020 at 5.5% 1,762,072 822,506 Loan from CMGT Lender 35 LLC Due May 24, 2021 at 12.26% — 18,660,737 Loan from 135-35 NORTHERN BLVD 1&2 LLC Due May 1, 2021 at 8.5% — 28,955,968 Total principal of other long-term debt 2,158,468,849 2,006,876,072 Less: current portion of other long-term debt (1,118,013,649) (970,185,445) Total other long-term debt 1,040,455,200 1,036,690,627 |
Schedule of Maturities | As of December 31, 2019, the contractual maturities of these debts are as follows: Year Amount US$ 2020 970,185,445 2021 989,429,149 2022 34,402,683 2023 12,858,795 Less: current portion of other long term debt (970,185,445) Total: Other long-term debt 1,036,690,627 |
Lease (Tables)
Lease (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lease | |
Schedule of lease recorded on the consolidated balance sheets | December 31, 2019 US$ Lease Assets Finance lease ROU assets Property and equipment, net 22,285,997 Real estate properties held for lease, net 7,020,033 Total 29,306,030 Operating lease ROU assets 11,801,491 Lease Liabilities Current Current portion of finance lease 6,409,827 Current portion of operating lease 4,873,897 Total 11,283,724 Non-current Finance lease, net of current portion 3,839,456 Operating lease, net of current portion 6,348,249 Total 10,187,705 |
Schedule of components of lease expense | Year ended December 31, 2019 US$ Operating lease cost: Operating lease cost 6,480,093 Short-term lease cost 2,612,901 Finance lease cost: Amortization of ROU assets 2,465,268 Interest on the lease liabilities 1,019,758 Total lease cost 12,578,020 |
Schedule of supplemental cash flow information | Year ended December 31, 2019 US$ Operating cash flows for operating leases 6,275,565 Operating cash flows for finance leases 1,393,198 Financing cash flows for finance leases |
Schedule of maturities of lease liabilities | December 31, 2019 Finance Leases Operating Leases US$ US$ Year ending December 31, 2020 7,511,008 6,470,913 Year ending December 31, 2021 4,059,224 4,443,336 Year ending December 31, 2022 — 1,007,535 Year ending December 31, 2023 — 294,239 Total lease payments 11,570,232 12,216,023 Less: imputed interest 1,320,949 993,877 Present value of lease liabilities 10,249,283 11,222,146 |
Schedule of weighted average remaining lease term and discount rate information | December 31, 2019 Weighted-average remaining lease term (years) Operating leases 2.32 Finance leases 1.63 Weighted-average discount rate Operating leases 4.35 % Finance leases 8.05 % |
Customer deposits (Tables)
Customer deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Customer deposits | |
Schedule of Customer deposits | December 31, December 31, 2018 2019 US$ US$ Advances for real estate properties 3,218,686,349 2,616,487,072 Add: increase in revenue recognized in excess of amounts received from customers 32,408,393 25,665,783 Less: recognized as progress billings (Note 5) (1,329,243,487) (1,536,054,208) Customer deposits (Note 2(h)) 1,921,851,255 1,106,098,647 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income taxes | |
Schedule of income/(loss) before income tax expenses | Income before income tax expenses consists of: Year ended December 31, 2017 2018 2019 US$ US$ US$ PRC 275,898,007 355,674,888 355,606,696 Non PRC (82,669,476) (105,275,621) (122,099,522) Total 193,228,531 250,399,267 233,507,174 |
Schedule of income tax expenses | Income tax expenses for the years ended December 31, 2017, 2018 and 2019 are summarized as follows: Year ended December 31, 2017 2018 2019 US$ US$ US$ Current: CIT tax expense 103,302,037 141,399,866 133,862,272 Land Appreciation Tax (“LAT”) expense 40,203,748 62,996,403 68,631,338 Deferred tax benefit (30,388,659) (59,949,022) (52,015,238) Income tax expense 113,117,126 144,447,247 150,478,372 |
Schedule of Effective Income Tax Rate Reconciliation | The Group’s income tax expense differs from the tax expense computed by applying the PRC statutory CIT rate of 25% for the years ended December 31, 2017, 2018 and 2019, are as follows: Year ended December 31, 2017 2018 2019 US$ US$ US$ CIT at rate of 25% 48,307,133 62,599,817 58,376,794 Tax effect of non-deductible expenses 3,641,665 5,799,761 8,867,037 LAT expense 40,203,748 62,996,403 68,631,338 CIT benefit of LAT (10,050,937) (15,749,101) (17,157,834) Changes in valuation allowance 3,180,741 (491,075) 23,073,210 International rate differences 10,149,331 18,224,012 17,351,758 Dividend and interest withholding taxes 18,877,500 15,403,663 (3,816,800) Adjustment of estimated income tax accruals (954,552) (3,952,396) (4,285,329) Others (237,503) (383,837) (561,802) Income tax expense 113,117,126 144,447,247 150,478,372 |
Schedule of Reconciliation of Unrecognized Tax Benefits | The following table summarizes the activities related to the Group’s unrecognized tax benefits: 2017 2018 2019 US$ US$ US$ Balance at January 1 20,491,988 31,231,376 45,939,234 Additions for tax positions of current year 10,813,497 15,500,052 14,547,590 Reclassification from prior year tax payable — — 13,118,260 Movement in current year due to foreign exchange rate fluctuation 2,001 — — Reductions for tax positions of prior years (76,110) — — Reduction due to company liquidation — (792,194) — Balance at December 31 31,231,376 45,939,234 73,605,084 |
Schedule of deferred tax assets and liabilities | The tax effects of temporary differences that give rise to the Group’s deferred tax assets and liabilities as of December 31, 2018 and 2019 are as follows: December 31, December 31, 2018 2019 US$ US$ Deferred tax assets: Tax loss carried forward 42,185,810 50,163,293 Accruals and provisions 48,850,991 62,936,343 Capitalized expenses 26,796,716 50,288,336 Revenue recognition at a point in time less tax paid under deemed profit method 130,498,661 127,927,710 Revenue recognition of real estate lease income on a straight-line basis 14,269,520 17,164,019 Deemed interest expense 43,266,604 55,979,839 Valuation allowance (5,941,941) (28,022,499) Operating lease liability — 2,805,537 Others — 418,310 Total deferred tax assets 299,926,361 339,660,888 Deferred tax liabilities: Revenue recognition over time (77,968,759) (84,241,946) Real estate properties accelerated cost deduction (1,212,993) (1,193,345) Taxable temporary differences arising from asset acquisitions (307,747,731) (280,540,093) Dividend and interest withholding taxes (52,991,279) (49,174,479) Operating lease right-of-use assets — (2,950,373) Others (61,732) — Total deferred tax liabilities (439,982,494) (418,100,236) |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Assumptions Used to Estimate Fair Value of Stock Option Award Using Black-Scholes Valuation Model | Options Options Granted in Granted in 2015 2015 Under the Under the 2007 Plan 2015 Plan Average risk-free rate of return 1.82‑1.92 % 1.57‑1.92 % Expected term 6 Years 6 Years Volatility rate 46.3‑55.2 % 55.0‑55.9 % Dividend yield 5 % 5 % |
2007 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Stock Option Activity Under Stock Option and Incentive Plans | As of January 1, 2019, all options granted under 2007 plan were fully vested. The following table is a summary of the Company’s share option activity under the 2007 Plan (in US$, except options): Weighted Weighted Average Remaining Number of Exercise Contractual Aggregate Options Under the 2007 Plan Options Price Life (Years) Intrinsic Value Outstanding, January 1, 2019 1.21 (exercise price) 12,738 1.21 1.95 32,991 1.085 (exercise price) 100,000 1.085 2.50 271,500 1.64 (exercise price) 100,000 1.64 3.87 216,000 1.21 (exercise price) 39,400 1.21 5.50 102,046 1.81(exercise price) 68,000 1.81 6.85 135,320 Granted — — — — Exercised 1.085 (exercise price) 40,000 1.085 — 38,893 1.81 (exercise price) 68,000 1.81 — 32,116 Forfeited — — — — Outstanding and Exercisable, December 31, 2019 1.21 (exercise price) 12,738 1.21 8,662 1.085 (exercise price) 60,000 1.085 48,300 1.64 (exercise price) 100,000 1.64 25,000 1.21 (exercise price) 39,400 1.21 26,792 |
2015 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Stock Option Activity Under Stock Option and Incentive Plans | As of January 1, 2019, all options granted under 2015 plan were fully vested, with no option exercised or forfeited during 2019. And there was no new grant during the year ended December 31, 2019. The following table is a summary of the Company's share option activity under the 2015 Plan (in US$, except options): Weighted Weighted Average Remaining Number of Exercise Contractual Aggregate Options Under the 2015 Plan Options Price Life (Years) Intrinsic Value Outstanding, January 1, 2019 1.71(exercise price) 2,796,734 1.71 6.50 5,845,173 Outstanding and Exercisable, December 31, 2019 1.71(exercise price) 2,796,734 1.71 5.50 5,789,239 |
Other payables and accrued li_2
Other payables and accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other payables and accrued liabilities | |
Schedule of Other payables and accrued liabilities | December 31, December 31, 2018 2019 US$ US$ Contract deposit 107,480,079 98,280,724 Accrued expenses 51,306,223 47,003,084 Debt extinguishment costs 13,761,966 11,665,069 Deed tax and maintenance fund withheld for customers 9,998,534 8,272,296 Bidding deposit 3,723,584 4,213,479 Welfare payable 1,893,635 1,480,963 Other tax payable 14,786,612 26,734,901 Accrued aircraft operating expense 1,415,369 1,654,945 Accrued interest expense 47,214,392 38,893,375 Purchase consideration payable for asset acquisitions and business combinations 75,565,148 66,868,333 Others 13,961,958 18,096,825 Total 341,107,500 323,163,994 |
Related party and employee tr_2
Related party and employee transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related party and employee transactions | |
Schedule of Related Party Transactions | (a) December 31, December 31, 2018 2019 US$ US$ Current: Starry Sky 8,052,075 — I-journey 16,366,841 — Xitou 14,494,710 — Xichuang 7,539,604 — Qingdao Huiju 61,392,033 84,455,456 Henan Hongguang Olympic Real Estate Co., Ltd. 51,340,375 84,031,006 Madison Development Limited 22,988,260 — Suzhou Wanzhuo’s non-controlling interest holders 27,201,258 — Taicang Pengchi’s non-controlling interest holders 5,630,819 — Xinzheng Meihang Network Technology Co., Ltd. — 22,578,925 Others 1,178,230 9,692,236 Total current amounts due from related party 216,184,205 200,757,623 Non current: Xinzheng Meihang Network Technology Co., Ltd. 26,122,186 — Madison Development Limited — 27,739,567 Suzhou Wanzhuo's non-controlling interest holders — 18,856,638 Taicang Pengchi's non-controlling interest holders — 24,624,693 Suzhou Yefang's non-controlling interest holders — 11,466,128 Total non-current amounts due from related party 26,122,186 82,687,026 Total 242,306,391 283,444,649 (b) Amounts due to related party December 31, December 31, 2018 2019 US$ US$ Current: Suzhou Wanzhuo’s non-controlling interest shareholders 23,447,245 15,997,603 Suzhou Yefang’s non-controlling interest holders 11,902,028 1,496,762 Xinzheng Meihang Network Technology Co., Ltd. — 27,133,055 Others 13,153,168 9,054,876 Total current amounts due to related party 48,502,441 53,682,296 Non current: Xinzheng Meihang Network Technology Co., Ltd. 31,241,768 — Total 79,744,209 53,682,296 (c) Amounts due from employees December 31, December 31, 2018 2019 US$ US$ Advances to employees 1,694,416 2,350,852 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings per share | |
Schedule of Basic and diluted net earning per share | Basic and diluted net earnings per share for each period presented are calculated as follows: December 31, 2017 2018 2019 US$ US$ US$ Numerator: Net income attributable to Xinyuan Real Estate Co., Ltd. Shareholders - basic and diluted 63,627,551 73,034,549 68,344,527 Denominator: Weighted average number of shares outstanding-basic* 128,704,610 127,129,478 113,482,239 Stock options 1,877,785 1,728,058 618,657 Restricted stock units 1,023,474 283,294 - Weighted average number of shares outstanding-diluted 131,605,869 129,140,830 114,100,896 Basic earnings per share 0.49 0.57 0.60 Diluted earnings per share 0.48 0.57 0.60 * The restricted shares repurchased by the trustee that are unvested are excluded from the number of shares outstanding for purposes of computing basic earnings per share in accordance with ASC 260. However, these unvested restricted shares are factored into the computation of diluted earnings per share using the treasury stock method. |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment reporting | |
Schedule of operating segment | Summary information by operating segment is as follows: December 31, 2017 Henan Shandong Jiangsu Sichuan Beijing Hainan Hunan Shanghai Tianjin Shaanxi United States Guangdong Others Consolidated US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ Net real estate sales 886,207,602 252,186,589 284,388,321 79,054,170 540,766 87,304,257 133,499,073 973,450 38,646,991 63,283,292 98,476,295 — - 1,924,560,806 Real estate lease income 3,567,372 183,530 - - - - 6,071 209,186 - 3,832,764 - 19,659 914,217 8,732,799 Real estate management services income 1,505,932 - - - - - - - - 356,429 - — 39,875,958 41,738,319 Other revenue 508,891 52,893 21,184 87,307 - 11,396 118,391 5,046 74 - 307,793 — 762,332 1,875,307 Total revenue 891,789,797 252,423,012 284,409,505 79,141,477 540,766 87,315,653 133,623,535 1,187,682 38,647,065 67,472,485 98,784,088 19,659 41,552,507 1,976,907,231 Cost of real estate sales (607,656,121) (204,691,234) (247,765,242) (71,332,282) (363,305) (55,291,475) (107,834,718) (664,093) (23,602,129) (46,516,108) (108,350,506) — - (1,474,067,213) Cost of real estate lease income (2,170,672) (348,420) (3,353,579) (158,879) - - (174,601) (332,094) - (4,420,100) - — (47,777) (11,006,122) Cost of real estate management services (935,942) - - - - - - - - - - — (30,710,506) (31,646,448) Other costs (227,081) (10,706) (127,375) - (51,424) (3,846) (95,235) - - - - (10,342) (33,226) (559,235) Total cost of revenue (610,989,816) (205,050,360) (251,246,196) (71,491,161) (414,729) (55,295,321) (108,104,554) (996,187) (23,602,129) (50,936,208) (108,350,506) (10,342) (30,791,509) (1,517,279,018) Gross profit 280,799,981 47,372,652 33,163,309 7,650,316 126,037 32,020,332 25,518,981 191,495 15,044,936 16,536,277 (9,566,418) 9,317 10,760,998 459,628,213 Operating expenses (64,061,347) (10,497,498) (16,659,076) (3,772,416) (44,507,378) (7,726,269) (10,099,854) (747,409) (6,001,987) (9,123,653) (10,597,926) (680,754) (28,092,891) (212,568,458) Operating income/(loss) 216,738,634 36,875,154 16,504,233 3,877,900 (44,381,341) 24,294,063 15,419,127 (555,914) 9,042,949 7,412,624 (20,164,344) (671,437) (17,331,893) 247,059,755 Interest income 11,355,876 338,069 218,937 100,988 516,950 26,443 320,666 268,325 271,527 69,336 - 264 3,371,705 16,859,086 Interest expense (18,393,523) (362,759) (1,829,665) - (5,056,962) - - (2,100,301) (1,214,368) - (3,570,310) — (33,625,552) (66,153,440) Net realized gain on short-term investments 3,110,564 - 7,395 - 9,077 - - - - - - — 4,746,951 7,873,987 Share of (loss)/gain in an equity investee (1,062,499) (974,405) (2,818) - - - - - - - - — 329,652 (1,710,070) Loss on extinguishment of debt - - - - - - - - - - - — (15,879,702) (15,879,702) Exchange gains (362,736) - - - - - - - - - - — 1,119,662 756,926 Unrealized income on short-term investments 151,003 - - - - - - - - - - — 1,944,976 2,095,979 Other income 2,326,004 - - - - - - - - - 6 — - 2,326,010 - Income/(loss) before income taxes 213,863,323 35,876,059 14,898,082 3,978,888 (48,912,276) 24,320,506 15,739,793 (2,387,890) 8,100,108 7,481,960 (23,734,648) (671,173) (55,324,201) 193,228,531 Income tax benefit/(expense) (77,985,230) (11,359,619) (6,913,466) (812,628) 4,065,308 (10,189,683) (2,560,610) 686,619 (1,713,343) (840,827) 8,694,642 145,513 (14,333,802) (113,117,126) Net income/(loss) 135,878,093 24,516,440 7,984,616 3,166,260 (44,846,968) 14,130,823 13,179,183 (1,701,271) 6,386,765 6,641,133 (15,040,006) (525,660) (69,658,003) 80,111,405 Depreciation and amortization 5,597,930 416,607 3,445,463 218,043 767,841 148,453 185,123 68,648 9,836 1,766,074 232,618 38 870,852 13,727,526 Capital expenditure 5,756,237 11,636 13,725 22,550 2,960,195 1,361 21,262 - 20,322 9,571 257,643 392,779 294,575 9,761,856 Real estate properties development completed 49,708,034 82,128,992 13,625,012 146,791,480 52,675,024 97,350,745 49,346,740 90,003,702 — 127,107,105 131,656,359 — — 840,393,193 Real estate properties under development 937,340,899 78,988,478 217,051,399 — 200,296,958 — 109,107,637 — 40,379,791 140,257,927 168,236,598 93,205,573 11,135,393 1,996,000,653 Real estate properties held for lease 53,783,548 5,633,936 38,824,172 23,503,438 — — 50,422,065 4,578,302 — 100,574,370 — — 613,482 277,933,313 Total long-lived assets 207,599,517 420,656,893 50,598,511 391,437,638 16,714,738 609,466 51,791,292 4,639,263 1,706,170 125,298,084 19,666,135 125,896 23,378,186 1,314,221,789 Total assets 2,715,305,431 693,368,606 459,080,321 584,350,518 296,118,475 108,984,575 266,196,168 103,055,884 98,249,020 440,219,180 354,473,170 93,723,704 171,309,218 6,384,434,270 December 31, 2018 Henan Shandong Jiangsu Sichuan Beijing Hainan Hunan Shanghai Tianjin Shaanxi United States Guangdong Hubei Liaoning Others Consolidated US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ Net real estate sales 1,002,960,937 291,763,807 330,352,688 80,701,160 12,314,328 169,606,837 97,162,300 — 86,165,279 58,795,214 8,815,926 — — 427,072 305,244 2,139,370,792 Real estate lease income 4,463,583 497,354 917,227 86,593 — — 111,408 641,119 — 2,064,129 — — — — 803,559 9,584,972 Real estate management services income 3,061,093 — — — — — — — — 2,464,039 — — — — 57,922,288 63,447,420 Other revenue 297,202 4,506 473,667 318,863 2,176,071 476,184 482,597 — 30 — 570,646 — — — 348,335 5,148,101 Total revenue 1,010,782,815 292,265,667 331,743,582 81,106,616 14,490,399 170,083,021 97,756,305 641,119 86,165,309 63,323,382 9,386,572 — — 427,072 59,379,426 2,217,551,285 Cost of real estate sales (701,238,639) (228,347,098) (214,621,791) (75,842,475) (9,355,460) (87,710,266) (100,986,641) (57,369) (56,487,052) (59,670,857) (9,357,970) — — (298,443) — (1,543,974,061) Cost of real estate lease income (2,245,710) (470,614) (2,336,287) (554,861) — — (1,475,782) (238,406) — (1,978,147) — — — — (48,809) (9,348,616) Real estate management services cost (2,733,062) — — — — — — — — (2,870,604) — — — — (39,016,117) (44,619,783) Other costs (388,790) (1,224,399) (94,807) (435,324) — (4,551) (517,028) — — — — — — — (1,465,624) (4,130,523) Total cost of revenue (706,606,201) (230,042,111) (217,052,885) (76,832,660) (9,355,460) (87,714,817) (102,979,451) (295,775) (56,487,052) (64,519,608) (9,357,970) — — (298,443) (40,530,550) (1,602,072,983) Gross profit 304,176,614 62,223,556 114,690,697 4,273,956 5,134,939 82,368,204 (5,223,146) 345,344 29,678,257 (1,196,226) 28,602 — — 128,629 18,848,876 615,478,302 Operating expenses (62,812,091) (12,610,671) (15,284,915) (4,275,577) (64,432,460) (12,088,762) (11,008,482) (163,680) (5,904,656) (5,834,584) (4,654,552) (1,185,184) (1,949,565) (1,485,827) (36,356,815) (240,047,821) Operating income/(loss) 241,364,523 49,612,885 99,405,782 (1,621) (59,297,521) 70,279,442 (16,231,628) 181,664 23,773,601 (7,030,810) (4,625,950) (1,185,184) (1,949,565) (1,357,198) (17,507,939) 375,430,481 Interest income 23,934,452 478,524 568,283 104,895 1,388,846 22,667 194,297 62,536 230,432 78,014 3,311 5,506 — 5,966 4,147,965 31,225,694 Interest expense (15,091,954) — (1,009,438) (2,259,789) (2,137,378) — — (1,689,514) — (915,585) (3,501,863) — — — (72,640,175) (99,245,696) Net realized loss on short-term investments 183,450 — — — — — — — — — — — — — (3,590,540) (3,407,090) Share of loss in an equity investee (1,342,875) (1,067,320) (949,748) (3,719,920) — — — — — — — (1,295,899) — — (998,689) (9,374,451) (Loss)/gain on extinguishment of debt (24,665,987) — — — — — — — — — — — — — 3,222,038 (21,443,949) Exchange (loss)/gain (13,029,174) — — — (1,544) — — — — — — — — 335,310 (12,982,246) (25,677,654) Unrealized income on short-term investments — — — — — — — — — — — — — — 1,150,200 1,150,200 Other income (3,773,556) (162,149) 391,338 4,585,338 (521,424) 32,867 27,078 (1,822) (948,161) (120,442) 2,093,750 — 1,180 — 137,735 1,741,732 Income/(loss) before income taxes 207,578,879 48,861,940 98,406,217 (1,291,097) (60,569,021) 70,334,976 (16,010,253) (1,447,136) 23,055,872 (7,988,823) (6,030,752) (2,475,577) (1,948,385) (1,015,922) (99,061,651) 250,399,267 Income tax benefit/(expense) (66,585,136) (24,338,485) (33,672,476) (1,312,549) 5,810,925 (33,888,754) 14,764,618 1,503,472 (8,088,479) 1,735,041 3,037,875 (392,906) (152,722) 689,435 (3,557,106) (144,447,247) Net income/(loss) 140,993,743 24,523,455 64,733,741 (2,603,646) (54,758,096) 36,446,222 (1,245,635) 56,336 14,967,393 (6,253,782) (2,992,877) (2,868,483) (2,101,107) (326,487) (102,618,757) 105,952,020 Depreciation and amortization 5,881,359 664,325 2,398,697 553,823 1,506,886 44,773 1,395,291 277,113 150,980 1,888,104 (95,404) 137,262 15,028 8,235 306,403 15,132,875 Capital expenditure 8,700,583 4,689,576 6,226 10,229 2,279,441 — 278 — 290,791 13,183 89,510 — 197,756 58,259 318,555 16,654,387 Real estate property development completed 119,978,648 46,110,853 38,293,044 88,492,260 42,003,855 31,716,745 7,340,408 82,320,988 — 48,352,943 127,749,947 — — — — 632,359,691 Real estate property under development 1,630,532,021 520,017,386 240,985,540 620,344,540 214,011,166 — 113,205,249 — 106,218,839 150,381,455 199,665,838 102,997,747 124,701,587 30,590,778 15,064,162 4,068,716,308 Real estate properties held for lease, net 72,389,385 7,929,336 39,824,983 36,086,237 — — 47,347,197 4,037,272 — 94,612,752 — — — — 537,055 302,764,217 Total long-lived assets 370,303,455 500,658,792 95,890,366 37,986,138 42,680,909 5,953,273 48,805,523 4,056,266 6,535,427 125,890,353 25,781,516 23,600,985 176,034 337,113 53,834,857 1,342,491,007 Total assets 3,326,001,406 902,384,756 740,208,056 839,829,759 340,188,589 39,269,241 274,708,013 95,034,595 185,400,019 330,029,859 384,883,423 134,196,645 127,532,829 34,993,328 279,052,154 8,033,712,672 December 31, 2019 Henan Shandong Shanghai Sichuan Beijing Hainan Hunan Shaanxi United States Guangdong Hubei Liaoning Property Management Others Consolidated US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ Net real estate sales 1,382,533,759 275,120,959 279,731,401 85,189,227 126,540,125 43,820,016 157,938,663 6,917,948 750,000 9,738,197 — 18,621,886 — 129,387 2,387,031,568 Real estate lease income 6,630,994 321,819 2,920,280 728,016 657,451 — 135,279 3,301,027 893,982 — — — 483,944 55,979 16,128,771 Real estate management services income 7,578,862 — — — — — — 2,783,091 — — — — 57,126,216 — 67,488,169 Other revenue 151,102 700,044 823,150 1,063,557 3,269,965 — 583,737 — 296,091 — — — 1,187,948 3,908,710 11,984,304 Total revenue 1,396,894,717 276,142,822 283,474,831 86,980,800 130,467,541 43,820,016 158,657,679 13,002,066 1,940,073 9,738,197 — 18,621,886 58,798,108 4,094,076 2,482,632,812 Cost of real estate sales (1,082,472,232) (220,925,677) (201,704,497) (81,765,082) (92,849,397) (31,764,435) (110,346,111) (6,510,485) (1,444,563) (6,821,557) (23,397) (13,440,458) — (1,751,402) (1,851,819,293) Cost of real estate lease income (2,348,963) (561,264) (2,565,142) (799,359) — (1,693,085) (2,913,152) (1,348,218) — — — — (46,792) (12,757,251) Cost of real estate management services (4,716,112) — — — — — — (561,329) — — — — (35,611,790) — (40,889,231) Other costs (2,449,683) (1,267,950) — (3,672) (4,794,719) (2,192) (362,009) — — — — — (1,124,118) (6,853,073) (16,857,416) — Total cost of revenue (1,091,986,990) (222,754,891) (204,269,639) (82,568,113) (98,125,392) (31,766,627) (112,401,205) (2,792,781) (6,821,557) (23,397) (13,440,458) (36,735,908) (8,651,267) (1,922,323,191) Gross profit 304,907,727 53,387,931 79,205,192 4,412,687 32,342,149 12,053,389 46,256,474 3,017,100 (852,708) 2,916,640 (23,397) 5,181,428 22,062,200 (4,557,191) 560,309,621 Operating expenses (70,839,873) (14,770,303) (18,080,374) (8,011,273) (73,333,124) (2,514,263) (3,991,323) (9,414,601) (1,966,796) (3,429,583) (2,801,220) (7,076,960) (28,409,288) (250,447,619) — Operating income/(loss) 234,067,854 38,617,628 61,124,818 (3,598,586) (40,990,975) 9,539,126 42,265,151 949,844 (3,452,980) 2,380,208 14,985,240 (32,966,479) 309,862,002 Interest income 42,379,712 436,165 306,228 493,469 2,241,516 3,208 182,529 12,795 48,285 13,533 1,695 13,240 681,464 4,679,756 51,493,595 Interest expense (14,805,529) (3,061,587) (1,066,270) — (7,385,692) (11,507) — (138,107) (3,472,559) — — — — (83,834,109) (113,775,360)) Net realized gain on short-term investments 183,450 — — — — — — — — — — — — 2,891,564 3,075,014 Share of (loss)/gain in an equity investee (1,370,440) (922,281) (613,155) — — — — — — (2,903,841) — — (630,775) 1,024,021 (5,416,471) Loss on extinguishment of debt (8,044,499) — — — — — — — — — — — - (536,011) (8,580,510) Exchange gains/(loss) 12,524,863 — — — — — — — — — — — (236,736) (19,664,136) (7,376,009) Unrealized loss on short-term investments — — — — — — — — — — — — - (1,623,814) (1,623,814) Other income/(loss) 4,536,260 866 47,762 246,927 909,298 156,235 (17,844) (199,670) — (289,485) — 64,155 124,295 269,928 5,848,727 Income/(loss) before income taxes 269,471,671 35,070,791 59,799,383 (2,858,190) (45,225,853) 9,687,062 42,429,836 (3,116,520) (13,691,583) (2,229,949) (3,451,285) 2,457,603 14,923,488 (129,759,280) 233,507,174 Income tax (expense)/benefit (69,803,421) (23,020,472) (28,043,624) (2,864,732) (9,456,395) (4,643,587) (16,123,072) 2,210,548 2,921,151 (1,017,315) 704,284 (717,299) (241,601) (382,837) (150,478,372) Net income/(loss) 199,668,250 12,050,319 31,755,759 (5,722,922) (54,682,248) 5,043,475 26,306,764 (905,972) (2,747,001) 1,740,304 14,681,887 (130,142,117) 83,028,802 Depreciation and amortization 5,553,392 433,948 2,622,483 635,494 2,732,083 29,414 1,668,279 1,873,910 1,665,384 41,616 46,012 16,987 189,503 75,938 17,584,443 Capital expenditure 6,263,956 64,816 2,579 26,254 1,142,809 3,712 44,058 16,761 3,579,071 — 4,821 25,188 352,073 119,575 11,645,673 Real estate properties development completed 133,572,883 34,351,045 106,796,363 64,327,235 60,683,848 6,627,299 7,540,854 43,103,208 1,201,783 — — — — — 458,204,518 Real estate properties under development 886,160,682 359,079,121 123,381,923 619,020,458 266,984,229 — 6,433,260 162,947,850 230,860,737 372,170,620 141,707,492 58,153,297 — 27,488,080 3,254,387,749 Real estate properties held for lease 109,809,942 6,954,550 40,675,960 34,515,933 7,520,601 888,150 60,967,850 91,474,049 162,599,274 — — — — 462,599 515,868,908 Total long-lived assets 524,367,010 509,819,916 183,400,846 44,244,900 61,281,191 6,664,536 62,686,470 100,419,560 176,115,157 18,237,255 934,102 1,084,510 8,335,524 79,010,347 1,776,601,324 Total assets 2,882,024,764 573,869,426 752,136,052 897,210,854 470,434,500 27,393,755 107,134,983 338,107,052 439,770,834 414,319,137 148,165,478 73,223,300 106,315,123 191,559,175 7,421,664,433 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and contingencies | |
Schedule of non-cancellable construction contracts for real estate development and land use rights purchases | As of December 31, 2019, the Group had outstanding commitments with respect to non-cancellable construction contracts for real estate development and land use rights purchases as follows: Amount US$ 2020 559,280,163 2021 662,777,841 2022 116,494,755 2023 28,682,333 2024 and thereafter 4,829,879 Total 1,372,064,971 |
Non-controlling interests (Tabl
Non-controlling interests (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Non-controlling interests | |
Schedule of non-controlling interests | As of December 31, 2018, the non-controlling interests consisted of the following: December 31, Ownership 2018 US$ Shaanxi Zhongmao Economy Development Co., Ltd. 34.02 % 3,264,319 Taicang Pengchi Real Estate Co., Limited. (Note 18(a)) 83.00 % (25,096,542) Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. (Note 18(a.b)) 80.00 % (27,912,339) Henan Renxin Real Estate Co., Ltd. 49.00 % — Suzhou Yefang Real Estate Co., Limited. (Note 18(a.b)) 79.99 % (11,652,185) Others (3,877,921) Total (65,274,668) As of December 31, 2019, the non-controlling interests consisted of the following: December 31, Ownership 2019 US$ Shaanxi Zhongmao Economy Development Co., Ltd. 34.02 % 6,285,895 Xinyuan Property Management Service (Cayman) Ltd. 32.50 % (28,398,921) Taicang Pengchi Real Estate Co., Limited. (Note 18(a)) 83.00 % (31,228,046) Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. (Note 18(a.b)) 80.00 % (34,280,307) Henan Renxin Real Estate Co., Ltd. 49.00 % — Suzhou Yefang Real Estate Co., Limited. (Note 18(a.b)) 79.99 % (11,463,297) Others (2,565,707) Total (101,650,383) |
Condensed financial informati_2
Condensed financial information of the Company (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed financial information of the Company | |
Schedule of Condensed Balance Sheet | Condensed Balance Sheets Year ended December 31 2018 2019 US$ US$ ASSETS Current assets Cash and cash equivalents 93,606,791 28,591,381 Other receivables 665,428 10,928 Other current assets 250,569 77,649 Due from subsidiaries 667,811,964 455,222,231 Due from related parties 348,076 — Total current assets 762,682,828 483,902,189 Investments in subsidiaries 1,142,335,163 1,338,730,125 TOTAL ASSETS 1,905,017,991 1,822,632,314 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Short-term bank loan — 19,900,000 PRC income tax payable 13,388 13,388 PRC other tax payable 902,190 902,190 Other payable and accrued liabilities 24,090,605 27,612,109 Current portion of long-term bank loan and other debt 397,039,358 423,131,157 Payroll and welfare payables 2,817,136 2,220,113 Total current liabilities 424,862,677 473,778,957 Long term bank loan 3,178,000 100,440,000 Other long-term debt 796,606,833 558,111,718 Total liabilities 1,224,647,510 1,132,330,675 Shareholders’ equity Common shares, $0.0001 par value: Authorized‑500,000,000 shares, issued and outstanding- 107,875,468 shares for 2019 (2018: 119,805,636 shares) 16,399 16,410 Treasury shares (87,639,088) (113,719,964) Additional paid-in capital 532,117,479 543,290,577 Retained earnings 235,875,691 260,714,616 Total shareholders’ equity 680,370,481 690,301,639 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 1,905,017,991 1,822,632,314 |
Schedule of Condensed Statement of Comprehensive Income | Condensed Statements of Comprehensive Income Year ended December 31 2017 2018 2019 US$ US$ US$ General and administrative expenses (13,781,596) (9,877,059) (9,509,893) Operating loss (13,781,596) (9,877,059) (9,509,893) Interest expense (65,387,198) (105,990,420) (107,382,764) Interest income 3,200,520 1,221,465 1,682,189 Net (loss)/gain on debt extinguishment (15,879,702) 3,267,457 536,011 Gain on short-term investments — — 27,099 Other expenses/(income) 1,114,517 (11,135,488) (20,106,250) Equity in profit of subsidiaries, net 154,361,010 195,548,594 203,098,135 Income from operations before income taxes 63,627,551 73,034,549 68,344,527 Income taxes — — — Net income attributable to common shareholders 63,627,551 73,034,549 68,344,527 Other comprehensive income/(loss), net of tax of nil Foreign currency translation adjustments 63,908,624 (59,347,915) (20,044,827) Comprehensive income attributable to shareholders 127,536,175 13,686,634 48,299,700 |
Schedule of Condensed Statement of Cash Flows | Condensed Statements of Cash Flows Year ended December 31 2017 2018 2019 US$ US$ US$ Cash flows from operating activities: Net income 63,627,551 73,034,549 68,344,527 Adjustment to reconcile net income to net cash used in operating activities: Equity in profit of subsidiaries, net (154,361,010) (195,548,594) (203,098,135) Stock based compensation expense 4,266,373 3,152,908 3,782,307 Amortization of deferred charges 4,036,412 7,415,821 7,445,276 Loss on extinguishment of debt 15,879,702 (3,267,457) (536,011) Other receivables — (665,428) 654,500 Other current assets (2,214) (203,789) 172,920 Other payable and accrued liabilities 4,874,134 7,342,974 (291,915) Payroll and welfare payables 2,893,230 (590,356) (597,023) Amount due from related parties (561,872) 213,796 348,076 Net cash used in operating activities (59,347,694) (109,115,576) (123,775,478) Cash flows from financing activities: Changes in due from subsidiaries (326,904,897) 53,143,354 212,589,733 Proceeds from short-term bank loans 24,294,636 — 19,900,000 Repayments of long-term bank loans — (13,250,000) (110,311,908) Proceeds from long-term bank loans — 3,178,000 100,440,000 Proceeds from other long-term debts 603,179,617 200,000,000 300,000,000 Repayment of other long-term debts (201,002,731) — (413,300,000) Purchase of treasury shares (14,058,280) (19,846,720) (26,080,876) Dividends to shareholders (26,090,734) (25,739,147) (19,647,356) Payment of financing cost (26,952,084) (4,082,815) (2,075,789) Purchase of shares under RSU plan — (7,797,949) (2,920,216) Proceeds from exercise of stock options 6,111,912 1,390,666 166,480 Net cash provided by financing activities 38,577,439 186,995,389 58,760,068 Net (decrease)/increase in cash and cash equivalents (20,770,255) 77,879,813 (65,015,410) Cash and cash equivalents, at the beginning of the year 36,497,233 15,726,978 93,606,791 Cash and cash equivalents, at end of the period 15,726,978 93,606,791 28,591,381 |
Background information of bus_3
Background information of business and organization (Details) | 12 Months Ended | |||||||
Dec. 31, 2019HKD ($) | Dec. 31, 2019MYR (RM) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | |||||
Xinyuan International Property Investment Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Oct. 6, 2011 | |||||||
Registered Capital | $ | $ 500,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xinyuan International (HK) Property Investment Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Oct. 26, 2011 | |||||||
Registered Capital | $ | $ 3,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
XIN Development Group International Inc [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Nov. 10, 2011 | |||||||
Registered Capital | $ | $ 0 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xinyuan Real Estate, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jan. 27, 2006 | |||||||
Registered Capital | $ | $ 50,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
XIN Development Management East, LLC [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Aug. 28, 2012 | |||||||
Registered Capital | $ | $ 1,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
XIN NY Holding, LLC [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Aug. 29, 2012 | |||||||
Registered Capital | $ | $ 1,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
421 Kent Development, LLC [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Aug. 29, 2012 | |||||||
Registered Capital | $ | $ 1,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xinyuan Sailing Co., Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jun. 21, 2013 | |||||||
Registered Capital | $ | $ 3,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
AWAN Plasma Sdn Bhd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Apr. 16, 2007 | |||||||
Registered Capital | RM | RM 33,577,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
XIN Eco Marine Group Properties Sdn Bhd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jul. 9, 2014 | |||||||
Registered Capital | RM | RM 33,217,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Zhengzhou Jiasheng Real Estate Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Dec. 2, 2013 | |||||||
Registered Capital | $ | $ 60,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xinyuan (China) Real Estate, Ltd ("Xinyuan China") [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Apr. 10, 2006 | |||||||
Registered Capital | $ | $ 307,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Henan Xinyuan Real Estate Co, Ltd ("Henan Xinyuan") [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | May 19, 1997 | |||||||
Registered Capital | ¥ 200,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Qingdao Xinyuan Xiangrui Real Estate Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Feb. 9, 2006 | |||||||
Registered Capital | ¥ 10,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Shandong Xinyuan Real Estate Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jun. 2, 2006 | |||||||
Registered Capital | ¥ 300,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xinyuan Property Management Service(Cayman) Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Dec. 13, 2018 | |||||||
Registered Capital | $ | $ 50,000 | |||||||
Percentage of Equity Attributable to the Group | 67.50% | 67.50% | 67.50% | 67.50% | ||||
Xinyuan Property Management Service(BVI) Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jan. 2, 2019 | |||||||
Registered Capital | $ | $ 0 | |||||||
Percentage of Equity Attributable to the Group | 67.50% | 67.50% | 67.50% | 67.50% | ||||
Xinyuan Property Management Service (HK) Limited [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jan. 8, 2019 | |||||||
Registered Capital | $ | $ 1 | |||||||
Percentage of Equity Attributable to the Group | 67.50% | 67.50% | 67.50% | 67.50% | ||||
Xinyuan Science and Technology Service Group Co,Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Dec. 28, 1998 | |||||||
Registered Capital | ¥ 50,000,000 | |||||||
Percentage of Equity Attributable to the Group | 67.50% | 67.50% | 67.50% | 67.50% | ||||
Mingyuan Landscape Engineering Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Feb. 17, 2004 | |||||||
Registered Capital | ¥ 50,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Henan Xinyuan Wanzhuo Real Estate Co,Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Dec. 29, 2011 | |||||||
Registered Capital | ¥ 20,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Suzhou Xinyuan Real Estate Development Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Nov. 24, 2006 | |||||||
Registered Capital | ¥ 200,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Anhui Xinyuan Real Estate Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Dec. 7, 2006 | |||||||
Registered Capital | ¥ 50,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Kunshan Xinyuan Real Estate Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jan. 31, 2008 | |||||||
Registered Capital | ¥ 200,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xinyuan Real Estate (Chengdu) Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jun. 12, 2007 | |||||||
Registered Capital | ¥ 220,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xuzhou Xinyuan Real Estate Co Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Nov. 9, 2009 | |||||||
Registered Capital | ¥ 200,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Henan Xinyuan Jiye Real Estate Co Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Nov. 15, 2009 | |||||||
Registered Capital | ¥ 50,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Beijing Xinyuan Wanzhong Real Estate Co, Ltd ("Beijing Wanzhong") [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Mar. 4, 2008 | |||||||
Registered Capital | ¥ 900,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xinyuan Renju (Beijing) Asset Management Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jan. 16, 2009 | |||||||
Registered Capital | ¥ 30,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Beijing Xinyuan Priority Real Estate Consulting Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Mar. 8, 2012 | |||||||
Registered Capital | ¥ 30,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Henan Xinyuan Priority Commercial Management Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Aug. 10, 2012 | |||||||
Registered Capital | ¥ 2,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. ("Suzhou Wanzhuo") [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Sep. 20, 2012 | |||||||
Registered Capital | ¥ 200,000,000 | |||||||
Percentage of Equity Attributable to the Group | 20.00% | 20.00% | 20.00% | 20.00% | ||||
Jiangsu Jiajing Real Estate Co,, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Mar. 28, 2005 | |||||||
Registered Capital | ¥ 150,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xingyang Xinyuan Real Estate Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jul. 25, 2013 | |||||||
Registered Capital | ¥ 200,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Zhengzhou Xinnan Real Estate Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jan. 21, 2016 | |||||||
Registered Capital | ¥ 50,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Jinan Xinyuan Wanzhuo Real Estate Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Dec. 4, 2013 | |||||||
Registered Capital | ¥ 300,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Sanya Beida Science and Technology Park Industrial Development Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jan. 10, 2014 | |||||||
Registered Capital | ¥ 200,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Chengdu Xinyuan Wanzhuo Real Estate Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Feb. 21, 2014 | |||||||
Registered Capital | ¥ 50,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Tianjin Xinyuan Real Estate Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Sep. 17, 2014 | |||||||
Registered Capital | ¥ 100,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xi'an Yinghuai Square Commerce Management Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Nov. 25, 2014 | |||||||
Registered Capital | ¥ 3,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Changsha Xinyuan Wanzhuo Real Estate Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Apr. 3, 2014 | |||||||
Registered Capital | ¥ 100,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Shanghai Junxin Real Estate Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jan. 16, 2014 | |||||||
Registered Capital | ¥ 5,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Beijing Yinghuai Commerce And Trade Co Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jan. 5, 2015 | |||||||
Registered Capital | ¥ 30,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Beijing Xinhe Investment Development Co Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | May 5, 2015 | |||||||
Registered Capital | ¥ 5,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Henan Yinghuai Commerce and Trade Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Mar. 23, 2015 | |||||||
Registered Capital | ¥ 10,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Henan Xinyuan Guangsheng Real Estate Co Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jul. 27, 2015 | |||||||
Registered Capital | ¥ 200,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Shanghai Hexinli Property Management Center. (Limited partnership) [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jul. 28, 2015 | |||||||
Registered Capital | ¥ 10,640,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Shandong Xinyuan Renju Real Estate Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Nov. 19, 2011 | |||||||
Registered Capital | ¥ 50,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Shaanxi Zhongmao Economy Development Co Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jun. 22, 1998 | |||||||
Registered Capital | ¥ 22,500,000 | |||||||
Percentage of Equity Attributable to the Group | 65.98% | 65.98% | 65.98% | 65.98% | ||||
421 Kent Holding Co Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | May 2, 2014 | |||||||
Registered Capital | $ | $ 1,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Hudson 888 Owner LLC [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Oct. 22, 2015 | |||||||
Registered Capital | $ | $ 1,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
XIN Manhattan Holding LLC [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Dec. 9, 2015 | |||||||
Registered Capital | $ | $ 1,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Hudson 888 Holding LLC [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Dec. 9, 2015 | |||||||
Registered Capital | $ | $ 1,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Shenzhen Xinchuang Investment Consulting Co Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jan. 20, 2016 | |||||||
Registered Capital | ¥ 10,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Henan Xinyuan Quansheng Real Estate Co Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jan. 14, 2015 | |||||||
Registered Capital | ¥ 40,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Zhengzhou Shengdao Real Estate Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Oct. 14, 2013 | |||||||
Registered Capital | ¥ 20,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Henan Xinyuan Shunsheng Real Estate Co, Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jan. 13, 2016 | |||||||
Registered Capital | ¥ 30,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Hunan Erli Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jan. 4, 2008 | |||||||
Registered Capital | ¥ 50,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
XIN Queens Holding LLC [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jul. 6, 2016 | |||||||
Registered Capital | $ | $ 1,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Queens Theatre Holdco LLC [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jul. 6, 2016 | |||||||
Registered Capital | $ | $ 1,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Queens Theatre Owner LLC [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jul. 6, 2016 | |||||||
Registered Capital | $ | $ 1,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Zhuhai Xinyuan Real Estate Co Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Dec. 31, 2018 | |||||||
Registered Capital | ¥ 100,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xinyan Investment Management Co., Limited. [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Apr. 8, 2016 | |||||||
Registered Capital | ¥ 100,000,000 | |||||||
Percentage of Equity Attributable to the Group | 90.00% | 90.00% | 90.00% | 90.00% | ||||
Hunan Xintian Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Sep. 28, 2009 | |||||||
Registered Capital | ¥ 20,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Zhengzhou Hangmei Technology Development Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Nov. 25, 2014 | |||||||
Registered Capital | ¥ 50,000,000 | |||||||
Percentage of Equity Attributable to the Group | 51.00% | 51.00% | 51.00% | 51.00% | ||||
Zhengzhou Hangmei Zhengxing Technology Co., Ltd. Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Mar. 28, 2016 | |||||||
Registered Capital | ¥ 50,000,000 | |||||||
Percentage of Equity Attributable to the Group | 30.00% | 30.00% | 30.00% | 30.00% | ||||
Xi'an Dingrun Real Estate Co., Ltd. ("Xi'an Dingrun") [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jun. 1, 2011 | |||||||
Registered Capital | ¥ 20,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Zhengzhou Kangshengboda Real Estate Co Ltd [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jul. 29, 2016 | |||||||
Registered Capital | ¥ 50,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xinjiang Xinyuan Renju Equity Investment., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Feb. 24, 2017 | |||||||
Registered Capital | ¥ 10,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Henan Renxin Real Estate Co., Ltd. ("Henan Renxin") [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jul. 11, 2008 | |||||||
Registered Capital | ¥ 200,000,000 | |||||||
Percentage of Equity Attributable to the Group | 51.00% | 51.00% | 51.00% | 51.00% | ||||
Xinchuang Technology Co., Ltd. ("Xinchuang Technology ") [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | May 2, 2017 | |||||||
Registered Capital | ¥ 100,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Hangzhou Huiyuan Investment Management Partnership Enterprise (Limited partnership) [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | May 23, 2017 | |||||||
Registered Capital | ¥ 5,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Guangdong Xinyuan Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Oct. 18, 2017 | |||||||
Registered Capital | ¥ 100,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Taicang Pengchi Real Estate Co., Limited. ("Taicang Pengchi") [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jun. 16, 2017 | |||||||
Registered Capital | ¥ 200,000,000 | |||||||
Percentage of Equity Attributable to the Group | 17.00% | 17.00% | 17.00% | 17.00% | ||||
Khorgos XinYan Enterprise Management Consulting Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Dec. 4, 2017 | |||||||
Registered Capital | ¥ 5,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Hunan Huaiwei Business Management Co., Ltd.(1) [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Sep. 13, 2017 | |||||||
Registered Capital | ¥ 2,000,000 | |||||||
Percentage of Equity Attributable to the Group | 51.00% | 51.00% | 51.00% | 51.00% | ||||
Jinan Xinyuan Quansheng Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | May 25, 2018 | |||||||
Registered Capital | ¥ 50,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xi'an Jinbian Shunsheng Real Estate Co., Ltd. (2) [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Dec. 6, 2017 | |||||||
Registered Capital | ¥ 20,000,000 | |||||||
Percentage of Equity Attributable to the Group | 70.00% | 70.00% | 70.00% | 70.00% | ||||
Suzhou Yuxi Real Estate Co., Limited. ("Suzhou Yuxi") (2) [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Mar. 5, 2018 | |||||||
Registered Capital | ¥ 100,000,000 | |||||||
Percentage of Equity Attributable to the Group | 20.00% | 20.00% | 20.00% | 20.00% | ||||
Xinchuang Sailing (Dalian) Healthy Technology Industrial Investment Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jun. 5, 2018 | |||||||
Registered Capital | ¥ 600,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Dalian Xinyi Renju Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jun. 26, 2018 | |||||||
Registered Capital | ¥ 100,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Jiangxi Xinkai Renju Management Consulting Service., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Aug. 28, 2018 | |||||||
Registered Capital | ¥ 10,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Beijing Xinyuan Huicheng Technology Development Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jan. 26, 2018 | |||||||
Registered Capital | ¥ 100,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Suzhou Yefang Real Estate Co., Limited. ("Suzhou Yefang") [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Apr. 14, 2017 | [1] | ||||||
Registered Capital | ¥ 100,000,000 | [1] | ||||||
Percentage of Equity Attributable to the Group | 20.00% | [1] | 20.00% | [1] | 20.00% | [1] | 20.00% | [1] |
Chengdu Xinyuan Renju Enterprise Management Co., Ltd. ("Chengdu Renju") [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Oct. 26, 2017 | |||||||
Registered Capital | ¥ 50,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Chengdu Guohongteng Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jul. 16, 2010 | |||||||
Registered Capital | ¥ 1,673,179,200 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Qingdao Keda Real Estate Co., Ltd. ("Qingdao Keda") [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Sep. 20, 2010 | [2] | ||||||
Registered Capital | ¥ 50,000,000 | [2] | ||||||
Percentage of Equity Attributable to the Group | 100.00% | [2] | 100.00% | [2] | 100.00% | [2] | 100.00% | [2] |
Wuhan Yinghexin Real Estate Co., Ltd. ("Wuhan Yinghexin") [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jan. 15, 2014 | |||||||
Registered Capital | ¥ 100,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Henan Xinyuan Property Management Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Dec. 1, 2016 | |||||||
Registered Capital | ¥ 10,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Wuhu Xinyansuifeng NO.1 Investment Center (Limited partnership) [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Nov. 22, 2017 | |||||||
Registered Capital | ¥ 1,501,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Zhuhai Prince Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Sep. 13, 1990 | |||||||
Registered Capital | ¥ 307,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Jinan Renju Building Material Co., Ltd. | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jan. 2, 2019 | |||||||
Registered Capital | ¥ 50,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Dalian Xinyi Yaju Real Estate Co., Ltd. | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jan. 16, 2019 | |||||||
Registered Capital | ¥ 100,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Guangdong Xinchuang Kechuang Zhigu Development Co., Ltd. | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Capital | ¥ 100,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Jiangxi Xinyuan Heju Enterprise Management Consulting Service Co., Ltd. | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Apr. 2, 2019 | |||||||
Registered Capital | ¥ 10,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Beijing I-Journey Science and Technology Development Co., Ltd. (I-Journey) (3) [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Oct. 20, 2015 | |||||||
Registered Capital | ¥ 40,000,000 | |||||||
Percentage of Equity Attributable to the Group | 93.00% | 93.00% | 93.00% | 93.00% | ||||
BeijingRuizhuo Xichuang Technology Development Co., Ltd.("Xichuang") (3) [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jul. 16, 2015 | |||||||
Registered Capital | ¥ 30,000,000 | |||||||
Percentage of Equity Attributable to the Group | 93.00% | 93.00% | 93.00% | 93.00% | ||||
Beijing Ruizhuo Xitou Development Co., Ltd. ("Xitou")(3) | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jul. 16, 2015 | |||||||
Registered Capital | ¥ 30,000,000 | |||||||
Percentage of Equity Attributable to the Group | 85.00% | 85.00% | 85.00% | 85.00% | ||||
Beijing Future Xinzhihui Technology Development Center (Limited Partnership) ("Xinzhihui")(3) [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Dec. 16, 2016 | |||||||
Registered Capital | ¥ 30,000,000 | |||||||
Percentage of Equity Attributable to the Group | 90.67% | 90.67% | 90.67% | 90.67% | ||||
Beijing Future Xinhujin Technology Development Center (Limited Partnership) ("Xinhujin") (3) [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Dec. 30, 2016 | |||||||
Registered Capital | ¥ 20,000,000 | |||||||
Percentage of Equity Attributable to the Group | 89.50% | 89.50% | 89.50% | 89.50% | ||||
Beijing Future Xinruifeng Technology Development Center (Limited Partnership) (Xinruifeng) (3) [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Feb. 23, 2017 | |||||||
Registered Capital | ¥ 20,000,000 | |||||||
Percentage of Equity Attributable to the Group | 77.50% | 77.50% | 77.50% | 77.50% | ||||
Beijing Ruihao Rongtong Real Estate Co., Ltd. ("Ruihao Rongtong") [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Jun. 15, 2006 | |||||||
Registered Capital | ¥ 250,000,000 | |||||||
Percentage of Equity Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Beijing Yuzhouyun Technology Development Center (Limited partnership) ("Yuzhouyun") (Note 2(a)) [Member] | ||||||||
Schedule of Equity Method Investments | ||||||||
Registered Place and Date of Incorporation | Mar. 2, 2018 | |||||||
Registered Capital | ¥ 18,388,300 | |||||||
Percentage of Equity Attributable to the Group | 51.00% | 51.00% | 51.00% | 51.00% | ||||
[1] | Liquidated on June 10, 2019. | |||||||
[2] | Acquired on |
Summary of significant accoun_4
Summary of significant accounting policies - Additional Information (Details) ¥ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||
May 23, 2017CNY (¥) | May 23, 2017USD ($) | Sep. 18, 2016CNY (¥) | Sep. 18, 2016USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | Jun. 21, 2019 | Mar. 02, 2018 | Feb. 28, 2017 | Jun. 28, 2016 | Mar. 01, 2016 | May 06, 2015CNY (¥) | May 06, 2015USD ($) | |
Summary of significant accounting policies | ||||||||||||||
Current assets | $ 5,645,063,109 | $ 6,691,221,665 | ||||||||||||
TOTAL ASSETS | 7,421,664,433 | 8,033,712,672 | $ 6,384,434,270 | |||||||||||
Current liabilities | 4,484,571,512 | 5,069,868,783 | ||||||||||||
Total liabilities | 6,629,712,411 | 7,288,067,523 | ||||||||||||
Revenue | 2,482,632,812 | 2,217,551,285 | 1,976,907,231 | |||||||||||
costs of revenue | (1,922,323,191) | (1,602,072,983) | (1,517,279,018) | |||||||||||
Net loss | 68,344,527 | 73,034,549 | 63,627,551 | |||||||||||
Net cash (used in) /provided by operating activities | 272,256,758 | (22,901,923) | 139,712,972 | |||||||||||
Net cash used in investing activities | (43,030,099) | 34,562,924 | (827,168,769) | |||||||||||
Net cash provided by/(used in) financing activities | (278,472,789) | (189,581,282) | $ 1,154,478,621 | |||||||||||
Amounts due to subsidiaries of the Group | 53,682,296 | 48,502,441 | ||||||||||||
Senior Management Members [Member] | ||||||||||||||
Summary of significant accounting policies | ||||||||||||||
Percentage of Share of Profit or Loss | 49.00% | |||||||||||||
Xinyuan Real Estate Co., Ltd. and Subsidiaries [Member] | ||||||||||||||
Summary of significant accounting policies | ||||||||||||||
Percentage of Share of Profit or Loss | 51.00% | |||||||||||||
Beijing Yuzhouyun Technology Development Center [Member] | ||||||||||||||
Summary of significant accounting policies | ||||||||||||||
Current assets | 2,214,155 | 5,775,479 | ||||||||||||
Non-current assets | 4,244,195 | 3,557,562 | ||||||||||||
TOTAL ASSETS | 6,458,350 | 9,333,041 | ||||||||||||
Current liabilities | 13,967,333 | 11,808,683 | ||||||||||||
Non-current liabilities | 0 | 0 | ||||||||||||
Total liabilities | 13,967,333 | 11,808,683 | ||||||||||||
Revenue | 2,558,430 | 591,628 | ||||||||||||
Revenue | 12,555,974 | 7,991,038 | ||||||||||||
costs of revenue | (3,682,899) | (1,559,129) | ||||||||||||
Net loss | (1,796,997) | (1,929,266) | ||||||||||||
Net cash (used in) /provided by operating activities | 368,379 | 519,050 | ||||||||||||
Net cash used in investing activities | (1,885) | (255,509) | ||||||||||||
Net cash provided by/(used in) financing activities | (52,503) | 0 | ||||||||||||
Collateral Pledged [Member] | ||||||||||||||
Summary of significant accounting policies | ||||||||||||||
Land use right securing long-term debt | 798,910,332 | 1,046,360,853 | ||||||||||||
Consolidation, Eliminations [Member] | ||||||||||||||
Summary of significant accounting policies | ||||||||||||||
Amounts due to subsidiaries of the Group | 145,728,000 | |||||||||||||
Consolidation, Eliminations [Member] | Xinyuan Real Estate Co., Ltd. and Subsidiaries [Member] | ||||||||||||||
Summary of significant accounting policies | ||||||||||||||
Revenue | 9,997,544 | 7,399,000 | ||||||||||||
Consolidation, Eliminations [Member] | Beijing Yuzhouyun Technology Development Center [Member] | ||||||||||||||
Summary of significant accounting policies | ||||||||||||||
Amounts due to subsidiaries of the Group | $ 10,867,898 | 9,169,167 | ||||||||||||
VIEs and VIEs without recourse to the primary beneficiary | ||||||||||||||
Summary of significant accounting policies | ||||||||||||||
Current assets | 174,366,164 | |||||||||||||
Non-current assets | 247,753 | |||||||||||||
TOTAL ASSETS | 174,613,917 | |||||||||||||
Current liabilities | 151,609,433 | |||||||||||||
Non-current liabilities | 0 | |||||||||||||
Total liabilities | 151,609,433 | |||||||||||||
Revenue | 0 | |||||||||||||
costs of revenue | 0 | |||||||||||||
Net loss | (4,786,363) | |||||||||||||
Net cash (used in) /provided by operating activities | (8,804,491) | |||||||||||||
Net cash used in investing activities | 0 | |||||||||||||
Net cash provided by/(used in) financing activities | $ 8,949,715 | |||||||||||||
Beijing Ruihao Rongtong Real Estate Co., Ltd. ("Ruihao Rongtong") [Member] | ||||||||||||||
Summary of significant accounting policies | ||||||||||||||
Paid-up Capital | ¥ 250 | $ 37,600,000 | ||||||||||||
Percentage of Equity Directly Attributable to the Group | 65.00% | 65.00% | ||||||||||||
Number of projects under construction | item | 1 | |||||||||||||
Percentage of non-controlling equity interest that will be repurchased by the entity | 35.00% | |||||||||||||
Revenue | $ 0 | |||||||||||||
Beijing Ruihao Rongtong Real Estate Co., Ltd. ("Ruihao Rongtong") [Member] | Ping An trust Co., Ltd. ("Ping'an trust") [Member] | ||||||||||||||
Summary of significant accounting policies | ||||||||||||||
Noncontrolling owners interest (percentage) | 35.00% | 35.00% | 10.00% | 10.00% | 35.00% | 35.00% | 35.00% | 5.00% | 20.00% | |||||
Amount of loan in aggregate to the Group | ¥ 1,610 | $ 246,800,000 | ¥ 862.5 | $ 124,300,000 | ||||||||||
Beijing Ruihao Rongtong Real Estate Co., Ltd. ("Ruihao Rongtong") [Member] | Collateral Pledged [Member] | ||||||||||||||
Summary of significant accounting policies | ||||||||||||||
Land use right securing long-term debt | $ 166,327,833 |
Summary of significant accoun_5
Summary of significant accounting policies (Details) - USD ($) | Apr. 26, 2019 | Apr. 16, 2019 | Apr. 15, 2019 | Mar. 19, 2018 | Dec. 01, 2017 | Nov. 22, 2017 | Aug. 30, 2016 | Nov. 22, 2017 | Feb. 28, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 20, 2019 | Jan. 01, 2019 | Aug. 14, 2018 | Mar. 21, 2017 | Dec. 28, 2015 | Jul. 12, 2013 |
Cash and cash equivalents: | ||||||||||||||||||
Cash and cash equivalents | $ 662,606,063 | $ 674,141,554 | $ 894,551,480 | |||||||||||||||
Restricted cash | 270,714,930 | 338,633,911 | ||||||||||||||||
Restricted Cash and Cash Equivalents, Noncurrent | 112,998,481 | 0 | ||||||||||||||||
Asset Impairment Charges | 0 | 0 | $ 0 | |||||||||||||||
Amounts included in the customer deposits balance at the beginning of the year | 1,188,040,187 | |||||||||||||||||
Allowance for Doubtful Accounts Receivable | 1,456,243 | 1,539,894 | ||||||||||||||||
Allowance for doubtful other receivable | 8,313,052 | 10,594,423 | ||||||||||||||||
Allowance for suppliers | $ 0 | $ 0 | ||||||||||||||||
Notes payable and other payables | ||||||||||||||||||
Estimated useful lives of the real estate properties held for lease | 20-60 years | |||||||||||||||||
Retirement benefits | ||||||||||||||||||
Employer match of eligible compensation of employees, percent of average salary | 40.00% | 45.00% | 45.00% | |||||||||||||||
Retirement benefits expense | $ 20,420,474 | $ 18,422,330 | $ 17,101,606 | |||||||||||||||
Required repatriation | 10.00% | |||||||||||||||||
Minimum percentage of Statutory Surplus Reserve | 50.00% | |||||||||||||||||
Advertising and promotion expenses | $ 62,341,805 | 56,575,316 | $ 53,932,462 | |||||||||||||||
Recognized ROU assets | 11,801,491 | $ 0 | ||||||||||||||||
Total lease liabilities (including current and non-current) for operating lease | $ 11,222,146 | |||||||||||||||||
Share Repurchase Program | ||||||||||||||||||
Treasury shares, shares | 52,850,536 | 41,135,198 | ||||||||||||||||
Treasury stock, value | $ 113,719,964 | $ 87,639,088 | ||||||||||||||||
Selling and Marketing Expense [Member] | ||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||
Capitalized Contract Cost, Amortization | $ 14,900,000 | 6,200,000 | ||||||||||||||||
Minimum [Member] | ||||||||||||||||||
Retirement benefits | ||||||||||||||||||
Required percentage of Statutory Reserve prior to distributions | 25.00% | |||||||||||||||||
LAT Progressive Rate | 30.00% | |||||||||||||||||
Warranty term | 2 months | |||||||||||||||||
Contract cost withholding term | 2 years | |||||||||||||||||
Maximum [Member] | ||||||||||||||||||
Retirement benefits | ||||||||||||||||||
LAT Progressive Rate | 60.00% | |||||||||||||||||
Warranty term | 3 years | |||||||||||||||||
Percentage of contract cost withheld | 5.00% | |||||||||||||||||
Contract cost withholding term | 5 years | |||||||||||||||||
Share Repurchase Program | ||||||||||||||||||
Stock repurchase program authorized amount | $ 50,000,000 | $ 50,000,000 | $ 40,000,000 | $ 40,000,000 | $ 60,000,000 | |||||||||||||
ASU 2016-02 | ||||||||||||||||||
Retirement benefits | ||||||||||||||||||
Recognized ROU assets | $ 11,800,000 | $ 15,000,000 | ||||||||||||||||
Total lease liabilities (including current and non-current) for operating lease | 11,200,000 | $ 14,400,000 | ||||||||||||||||
Operating Lease, Liability, Current | $ 4,900,000 | |||||||||||||||||
August 2019 Senior Notes due on August 30, 2019 at 8.125% [Member] | ||||||||||||||||||
Senior Secured Notes | ||||||||||||||||||
Debt issuance date | Aug. 30, 2016 | Aug. 30, 2016 | ||||||||||||||||
Debt instrument, aggregate principal amount | $ 300,000,000 | |||||||||||||||||
Maturity date | Aug. 30, 2019 | |||||||||||||||||
Bears interest | 8.125% | 8.125% | ||||||||||||||||
February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] | ||||||||||||||||||
Notes payable and other payables | ||||||||||||||||||
Debt term | 4 years | |||||||||||||||||
Senior Secured Notes | ||||||||||||||||||
Debt issuance date | Feb. 28, 2017 | Feb. 28, 2017 | ||||||||||||||||
Debt instrument, aggregate principal amount | $ 300,000,000 | |||||||||||||||||
Maturity date | Feb. 28, 2021 | |||||||||||||||||
Bears interest | 7.75% | 7.75% | ||||||||||||||||
November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member] | ||||||||||||||||||
Notes payable and other payables | ||||||||||||||||||
Debt term | 3 years | |||||||||||||||||
Senior Secured Notes | ||||||||||||||||||
Debt issuance date | Dec. 1, 2017 | Nov. 22, 2017 | Nov. 22, 2017 | Dec. 1, 2017 | ||||||||||||||
Debt instrument, aggregate principal amount | $ 100,000,000 | $ 200,000,000 | $ 200,000,000 | |||||||||||||||
Maturity date | Nov. 22, 2020 | Nov. 22, 2020 | ||||||||||||||||
Bears interest | 8.875% | 8.875% | ||||||||||||||||
March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% [Member] | ||||||||||||||||||
Notes payable and other payables | ||||||||||||||||||
Debt term | 2 years | |||||||||||||||||
Senior Secured Notes | ||||||||||||||||||
Debt issuance date | Mar. 19, 2018 | |||||||||||||||||
Debt instrument, aggregate principal amount | $ 200,000,000 | |||||||||||||||||
Maturity date | Mar. 19, 2018 | Mar. 19, 2020 | ||||||||||||||||
Bears interest | 9.875% | 9.875% | ||||||||||||||||
October 2021 Senior Secured Notes due on October 15, 2021 at 1420 [Member] | ||||||||||||||||||
Notes payable and other payables | ||||||||||||||||||
Debt term | 2 years 6 months | 2 years 6 months | ||||||||||||||||
Senior Secured Notes | ||||||||||||||||||
Debt issuance date | Apr. 26, 2019 | Apr. 15, 2019 | ||||||||||||||||
Debt instrument, aggregate principal amount | $ 100,000,000 | $ 200,000,000 | ||||||||||||||||
Maturity date | Oct. 15, 2021 | Oct. 15, 2021 | Oct. 15, 2021 | Oct. 16, 2021 | ||||||||||||||
Bears interest | 14.20% | |||||||||||||||||
Short-term bank acceptance notes [Member] | ||||||||||||||||||
Notes payable and other payables | ||||||||||||||||||
Notes payable | $ 271,096,538 | 49,652,091 | ||||||||||||||||
Short-term bank acceptance notes [Member] | Maximum [Member] | ||||||||||||||||||
Notes payable and other payables | ||||||||||||||||||
Debt term | 6 months | |||||||||||||||||
Withdrawal Restrictions [Member] | ||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||
Restricted cash | $ 32,420,073 | 43,748,940 | ||||||||||||||||
Restricted Cash and Cash Equivalents, Noncurrent | 112,998,481 | 0 | ||||||||||||||||
Restricted Cash Related to Short Term Loans [Member] | ||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||
Restricted cash | 20,691,781 | 0 | ||||||||||||||||
Restricted Cash Related to Long Term Loans [Member] | ||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||
Restricted cash | $ 3,153,579 | $ 129,492,074 |
Summary of significant accoun_6
Summary of significant accounting policies - Revenue is recognized and disaggregated (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of significant accounting policies | |||
Revenue from Contract with Customer | $ 2,466,504,041 | $ 2,207,966,313 | |
Lease Income | 16,128,771 | 9,584,972 | $ 8,732,799 |
Total revenue | 2,482,632,812 | 2,217,551,285 | 1,976,907,231 |
Real Estate Sales [Member] | |||
Summary of significant accounting policies | |||
Revenue from Contract with Customer | 2,387,031,568 | 2,139,370,792 | 1,924,560,806 |
Real estate management services income [Member] | |||
Summary of significant accounting policies | |||
Revenue from Contract with Customer | 67,488,169 | 63,447,420 | 41,738,319 |
Other revenue [Member] | |||
Summary of significant accounting policies | |||
Revenue from Contract with Customer | 11,984,304 | 5,148,101 | 1,875,307 |
Real estate lease income [Member] | |||
Summary of significant accounting policies | |||
Lease Income | $ 16,128,771 | $ 9,584,972 | $ 8,732,799 |
Summary of significant accoun_7
Summary of significant accounting policies - Contract balance (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Summary of significant accounting policies | ||
Contract assets | $ 23,093,235 | $ 21,779,221 |
Customer deposits (note 14) | $ 1,106,098,647 | $ 1,921,851,255 |
Summary of significant accoun_8
Summary of significant accounting policies - Impact of adoption of ASC 606 (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2016 | |
Real estate properties development completed | $ 458,204,518 | $ 632,359,691 | $ 840,393,193 | ||
Real estate properties under development | 3,254,387,749 | 4,068,716,308 | 1,996,000,653 | ||
Other current assets | 772,303 | 520,391 | |||
Other non-current assets | 80,405,182 | 137,062,313 | |||
Total equity | 791,952,022 | 745,645,149 | 1,057,013,126 | $ 916,152,178 | |
Consolidated statement of comprehensive income | |||||
Revenue | 2,466,504,041 | 2,207,966,313 | |||
costs of revenue | (1,922,323,191) | (1,602,072,983) | (1,517,279,018) | ||
Selling and distribution expenses | (86,760,620) | (83,591,651) | (75,723,717) | ||
General and administrative expenses | (163,686,999) | (156,456,170) | (136,844,741) | ||
Income taxes | 150,478,372 | 144,447,247 | 113,117,126 | ||
Net income/(loss) | $ 83,028,802 | 105,952,020 | $ 80,111,405 | ||
Accounting Standards Update 2014-09 [Member] | |||||
Real estate properties development completed | $ 35,100,000 | ||||
Real estate properties under development | 1,176,100,000 | ||||
Other current assets | 61,200,000 | ||||
Contract assets | 15,600,000 | ||||
Other non-current assets | 68,200,000 | ||||
Customer deposits | 1,602,000,000 | ||||
Other current liabilities | 17,700,000 | ||||
Total non-current liabilities | 35,300,000 | ||||
Total equity | $ 315,200,000 | ||||
Consolidated statement of comprehensive income | |||||
Revenue | 320,610,288 | ||||
costs of revenue | (102,615,934) | ||||
Selling and distribution expenses | 7,214,309 | ||||
General and administrative expenses | (650,301) | ||||
Income taxes | (50,559,274) | ||||
Net income/(loss) | 173,999,088 | ||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||
Consolidated statement of comprehensive income | |||||
Revenue | 1,896,940,997 | ||||
costs of revenue | (1,499,457,049) | ||||
Selling and distribution expenses | (90,805,960) | ||||
General and administrative expenses | (155,805,869) | ||||
Income taxes | (93,887,973) | ||||
Net income/(loss) | (68,047,068) | ||||
Calculated Under Revenue Guidance In Effect After Topic 606 [Member] | |||||
Consolidated statement of comprehensive income | |||||
Revenue | 2,217,551,285 | ||||
costs of revenue | (1,602,072,983) | ||||
Selling and distribution expenses | (83,591,651) | ||||
General and administrative expenses | (156,456,170) | ||||
Income taxes | (144,447,247) | ||||
Net income/(loss) | $ 105,952,020 |
Summary of significant accoun_9
Summary of significant accounting policies - Estimated Useful Life (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Corporate aircraft [Member] | |
Summary of significant accounting policies | |
Property, Plant and Equipment, Useful Life | 15 years |
Vehicles [Member] | |
Summary of significant accounting policies | |
Property, Plant and Equipment, Useful Life | 5 years |
Furniture and Fixtures [Member] | |
Summary of significant accounting policies | |
Property, Plant and Equipment, Useful Life | 5 years |
Office buildings [Member] | Minimum [Member] | |
Summary of significant accounting policies | |
Property, Plant and Equipment, Useful Life | 20 years |
Office buildings [Member] | Maximum [Member] | |
Summary of significant accounting policies | |
Property, Plant and Equipment, Useful Life | 60 years |
Summary of significant accou_10
Summary of significant accounting policies - Interest Expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of significant accounting policies | |||
Amortization of issuance cost related to long-term debt | $ 8,132,103 | $ 8,624,334 | $ 4,384,801 |
Interest expense of finance leases | 973,842 | 1,385,292 | 1,705,739 |
Interest on borrowings | 308,747,957 | 271,831,465 | 197,410,532 |
Total interest costs | 317,853,902 | 281,841,091 | 203,501,072 |
Total interest costs capitalized | (204,078,542) | (182,595,395) | (137,347,632) |
Interest expense, net | $ 113,775,360 | $ 99,245,696 | $ 66,153,440 |
Summary of significant accou_11
Summary of significant accounting policies - Effect of change in estimate (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of significant accounting policies | |||
Gross profit | $ 560,309,621 | $ 615,478,302 | $ 459,628,213 |
Net income | $ 68,344,527 | $ 73,034,549 | $ 63,627,551 |
Basic | $ 0.60 | $ 0.57 | $ 0.49 |
Diluted | $ 0.60 | $ 0.57 | $ 0.48 |
Contracts Accounted for under Percentage of Completion [Member] | Certain Real Estate Development Projects [Member] | |||
Summary of significant accounting policies | |||
Gross profit | $ (59,100,000) | $ 34,500,000 | $ (11,100,000) |
Net income | $ (44,300,000) | $ 25,900,000 | $ (8,300,000) |
Basic | $ (0.39) | $ 0.20 | $ (0.06) |
Diluted | $ (0.39) | $ 0.20 | $ (0.06) |
Short-term investments (Details
Short-term investments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Trading securities: | |||
Fair Value | $ 5,595,625 | $ 8,442,063 | |
Cost | 7,219,439 | 7,291,863 | |
Unrealized gain (loss) in profit | (1,623,814) | 1,150,200 | |
Net realized gain on short-term investments | 3,075,014 | (3,407,090) | $ 7,873,987 |
Level 3 | |||
Trading securities: | |||
Fair Value, Equity securities without readily determinable fair value | 3,519,182 | ||
Cost, Equity securities without readily determinable fair value | 3,519,182 | ||
Equity Securities without Readily Determinable Fair Value, Carrying Value | 0 | ||
REITs [Member] | Level 1 | |||
Trading securities: | |||
Fair Value | 8,442,063 | ||
Cost | 7,291,863 | ||
Unrealized gain (loss) in profit | $ 1,150,200 | ||
Equity securities [Member] | Level 1 | |||
Trading securities: | |||
Fair Value | 2,076,443 | ||
Cost | 3,700,257 | ||
Unrealized gain (loss) in profit | $ (1,623,814) |
Other receivables (Details)
Other receivables (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Other receivables | ||
Other receivables | $ 287,300,176 | $ 166,632,745 |
Real estate properties held for lease, net | ||
Other receivables | ||
Other receivables | 287,300,176 | |
Henan Derun Real Estate Co Ltd [Member] | ||
Other receivables | ||
Other receivables | 124,436,299 | 13,500,000 |
Zhengzhou Jiahe Real Estate Co., Ltd [Member] | ||
Other receivables | ||
Other receivables | 67,429,462 | $ 60,700,000 |
Zhangjiakou Xingyuan City Construction Development Co. Ltd | ||
Other receivables | ||
Other receivables | 19,696,568 | |
Huzhou Xinhong Jingcheng Construction And Development Co Ltd [Member] | ||
Other receivables | ||
Other receivables | 16,369,944 | |
Due from contractors | ||
Other receivables | ||
Other receivables | 24,444,823 | |
Others | ||
Other receivables | ||
Other receivables | $ 34,923,080 |
Other receivables - Additional
Other receivables - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other receivables | |||
Other receivables | $ 287,300,176 | $ 166,632,745 | |
Real estate properties held for lease, net | |||
Other receivables | |||
Other receivables | $ 287,300,176 | ||
Henan Derun Real Estate Co Ltd [Member] | |||
Other receivables | |||
Prepayment amount included in other non-current assets | $ 95,600,000 | ||
Business Acquisition, Percentage of Voting Interests Acquired | 10.00% | ||
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 18.00% | ||
Other receivables | $ 124,436,299 | $ 13,500,000 | |
Percentage of Ownership Interest Used to Settle Receivables Through Transfer of Certain Parcels of Land Properties | 80.00% | ||
Settlement of Bank Loans to Release the Land Pledged in Bank | $ 77,100,000 | ||
Zhengzhou Jiahe Real Estate Co., Ltd [Member] | |||
Other receivables | |||
Other receivables | $ 67,429,462 | $ 60,700,000 | |
Percentage of Equity Interest Secured for Use of Land Properties to Settle the Balance Due to Group | 100.00% | ||
Zhengzhou Jiahe Real Estate Co., Ltd [Member] | Minimum [Member] | |||
Other receivables | |||
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 15.00% | ||
Zhengzhou Jiahe Real Estate Co., Ltd [Member] | Maximum [Member] | |||
Other receivables | |||
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 18.00% |
Real estate properties develo_3
Real estate properties development completed and under development (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate Properties [Line Items] | |||
Real estate properties development completed | $ 458,204,518 | $ 632,359,691 | $ 840,393,193 |
Under development | 4,489,083,638 | 5,049,788,864 | |
Profit recognized | 301,358,319 | 348,170,931 | |
Less: progress billings (Note 13) | (1,536,054,208) | (1,329,243,487) | |
Total real estate properties under development | 3,254,387,749 | 4,068,716,308 | $ 1,996,000,653 |
Total real estate properties development completed and under development | 3,712,592,267 | 4,701,075,999 | |
Collateral Pledged [Member] | |||
Real Estate Properties [Line Items] | |||
Land use rights net | 798,910,332 | 1,046,360,853 | |
Land use rights [Member] | |||
Real Estate Properties [Line Items] | |||
Total real estate properties development completed and under development | 2,179,888,833 | 2,733,197,585 | |
Zhengzhou Century East A [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 3,913,910 | 4,000,881 | |
Suzhou International City Garden [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 1,579,238 | 1,460,187 | |
Jinan Xinyuan Splendid [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 5,175,618 | 4,952,551 | |
Zhengzhou Xin City [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 11,094,087 | 14,946,209 | |
Beijing Xindo Park [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 41,462,271 | 42,003,855 | |
Suzhou Lake Royal Palace [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 4,966,527 | 4,880,245 | |
Xingyang Splendid I [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 3,201,168 | 16,616,861 | |
Zhengzhou Thriving Family [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 11,397,709 | 14,908,355 | |
Shanghai Yipin Royal Palace [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 80,709,011 | 82,320,988 | |
New York Oosten [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 1,201,783 | 127,749,947 | |
Chengdu Thriving Family [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 64,327,235 | 88,492,260 | |
Sanya Yazhou Bay No.1 [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 6,627,299 | 31,716,745 | |
Xi'an Metropolitan [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 43,103,208 | 48,352,943 | |
Kunshan Royal Palace [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 5,742,133 | 8,279,289 | |
Jinan Xin Central [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 29,175,427 | 41,158,302 | |
Changsha Xinyuan Splendid [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 7,540,854 | 7,340,408 | |
Zhengzhou Fancy City II (South) [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 1,263,824 | 151,224 | |
Kunshan Xindo Park [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 8,251,834 | 23,673,323 | |
Zhengzhou Xindo Park [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 8,301,650 | 13,794,988 | |
Zhengzhou Fancy City I [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 17,254,407 | 19,329,493 | |
Henan Xin Central I [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 14,913,267 | 36,230,637 | |
Xuzhou Colorful City | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 5,547,620 | 0 | |
Under development | 49,972,999 | ||
Henan Xin Central II [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 9,884,003 | 0 | |
Under development | 99,196,076 | ||
Xingyang Splendid Phase II | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 15,283,105 | 0 | |
Xingyang Splendid Phase III | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 2,563,122 | 0 | |
Xingyang Splendid II [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 44,074,338 | ||
Xingyang Splendid III [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 62,771,683 | ||
Xingyang Splendid IV [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 46,472,092 | 11,743,049 | |
Jinan Royal Palace [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 223,967,341 | 328,737,914 | |
Tianjin Spring Royal Palace I [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 19,221,577 | 0 | |
Under development | 101,091,391 | ||
Zhengzhou Fancy City II(North) [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 95,360,634 | 77,295,404 | |
Zhengzhou International New City I [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 17,458,454 | 0 | |
Under development | 339,890,348 | ||
Zhengzhou International New City II [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 17,044,177 | 0 | |
Under development | 171,711,098 | ||
Tongzhou Xinyuan Royal Palace [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 234,987,743 | 214,011,166 | |
Changsha Mulian Royal Palace [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 108,637,317 | ||
XIN Eco Marine Group Properties Sdn Bhd [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 27,488,080 | 15,064,162 | |
Hudson Garden project [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 123,555,996 | 106,844,124 | |
Flushing Project [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 107,304,741 | 92,821,714 | |
Changsha Furong Thriving Family [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 15,540,229 | 39,054,048 | |
Zhengzhou International New City III A [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 110,507,107 | 86,999,855 | |
Zhuhai Xin World [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 153,864,698 | 102,997,747 | |
Xinyuan Chang'an Royal Palace [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 157,044,224 | 144,771,923 | |
Kunshan Xinyu Jiayuan [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 146,779,965 | 159,974,516 | |
Zhengzhou International New City Pending Staging [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 376,230,958 | 238,835,232 | |
Zhengzhou Hangmei International Wisdom City I [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 75,943,506 | 91,069,505 | |
Xinyuan Golden Water View City [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 438,686,015 | 428,430,649 | |
Suzhou Galaxy Bay [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 62,557,317 | 51,739,509 | |
Xi'an Metropolitan II [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 5,903,626 | 5,609,532 | |
Zhengzhou International New City III B [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 19,164,288 | 94,547,682 | |
Zhengzhou International New City III C [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 88,758,649 | 99,240,244 | |
Zhengzhou International New City III D [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 8,416,916 | 42,706,005 | |
Tianjin Spring Royal Palace II [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 62,093,526 | 70,891,230 | |
Zhengzhou Fancy City III [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 79,922,540 | 89,529,453 | |
Jinan Royal Spring Bay [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 135,015,228 | 119,400,947 | |
Suzhou Gusu Shade I (Suzhou New Project) [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 45,267,243 | 39,163,694 | |
Wuhan Canglong Royal Palace (Wuhan New Project) [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 141,707,492 | 124,701,587 | |
Dalian International Health Technology Town I [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 85,174,478 | 33,796,959 | |
Qingdao Royal Dragon Bay [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 212,457,554 | 246,387,446 | |
Chengdu Xinyuan City [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 723,555,656 | 688,987,085 | |
Zhengzhou International New City IV [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 220,859,532 | 176,269,525 | |
Xingyang Splendid V [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 31,136,007 | 45,984,974 | |
Xingyang Splendid Building 46 [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 7,997,771 | 4,836,734 | |
Foshan Xinchuang AI International Science and Technology Innovation Valley [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | $ 225,362,486 | $ 0 |
Real estate properties held f_3
Real estate properties held for lease, net - Properties Held for Lease (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Total costs | $ 554,227,073 | $ 332,986,149 | |
Accumulated depreciation | (38,358,165) | (30,221,932) | |
Real estate properties held for lease, net | 515,868,908 | 302,764,217 | $ 277,933,313 |
Property, Plant and Equipment, Gross | 74,322,407 | 66,178,207 | |
Depreciation expense | $ 8,625,765 | 7,963,627 | $ 7,280,421 |
Minimum [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Remaining lease periods | 25 days | ||
Maximum [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Remaining lease periods | 20 years | ||
Collateral Pledged [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Real estate properties held for lease, net | $ 206,516,986 | 175,429,630 | |
Equipment Leased to Other Party [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property, Plant and Equipment, Gross | 7,149,114 | 7,266,822 | |
Elementary schools [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Total costs | 3,057,371 | 3,107,711 | |
Basement parking [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Total costs | 14,694,085 | 9,633,568 | |
Kindergartens [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Total costs | 10,049,512 | 10,194,286 | |
Parking facilities [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Total costs | 100,036,672 | 55,941,369 | |
Clubhouses [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Total costs | 8,574,329 | 7,789,415 | |
Shopping mall [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Total costs | 290,610,416 | 243,346,989 | |
Residential Properties [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Total costs | 124,280,030 | ||
Other [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Total costs | $ 2,924,658 | $ 2,972,811 |
Real estate properties held f_4
Real estate properties held for lease, net - Minimum Future Rental Income (Details) | Dec. 31, 2019USD ($) |
Real estate properties held for lease, net | |
2020 | $ 15,986,263 |
2021 | 15,587,876 |
2022 | 14,786,872 |
2023 | 13,728,432 |
2024 and thereafter | 107,158,511 |
Total | $ 167,247,954 |
Property and equipment, net (De
Property and equipment, net (Details) | Sep. 15, 2021payment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2021USD ($) | Oct. 23, 2012 |
Property and equipment, net | ||||||
Total | $ 74,322,407 | $ 66,178,207 | ||||
Accumulated depreciation | (31,318,028) | (28,063,724) | $ (23,994,047) | |||
Property and equipment, net | 43,004,379 | 38,114,483 | ||||
Depreciation expense | 5,904,454 | 4,908,299 | 5,350,256 | |||
Corporate aircraft [Member] | ||||||
Property and equipment, net | ||||||
Amortization expense related to the corporate aircraft capital lease | 2,336,187 | 2,582,340 | 2,613,008 | |||
Accumulated amortization expense related to the corporate aircraft capital lease | 14,601,171 | 13,238,949 | $ 11,375,747 | |||
Finance lease right-of-use asset -Corporate aircraft | ||||||
Property and equipment, net | ||||||
Total | 36,887,168 | 37,494,502 | ||||
Vehicles [Member] | ||||||
Property and equipment, net | ||||||
Total | 5,069,515 | 5,109,037 | ||||
Furniture and Fixtures [Member] | ||||||
Property and equipment, net | ||||||
Total | 10,523,537 | 12,580,384 | ||||
Office buildings [Member] | ||||||
Property and equipment, net | ||||||
Total | 21,842,187 | 10,994,284 | ||||
Equipment Leased to Other Party [Member] | ||||||
Property and equipment, net | ||||||
Total | 7,149,114 | $ 7,266,822 | ||||
Assets Held under Capital Leases [Member] | ||||||
Property and equipment, net | ||||||
Lessee, Finance Lease, Term of Contract | 8 years | |||||
Number of quarterly lease payments | payment | 32 | |||||
Quarterly lease payments, amount | $ 1,426,000 | |||||
Deposit used as full and final payment | $ 6,700,000 |
Long-term investment (Details)
Long-term investment (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 31, 2019 | Mar. 21, 2018 | Sep. 04, 2017 | Apr. 19, 2017 | |
Long Term Investment [Line Items] | |||||||
Total | $ 613,619,925 | $ 564,340,219 | |||||
Share of loss of equity investees | 5,416,471 | 9,374,451 | $ 1,710,070 | ||||
Equity Method Investment Difference Between Aggregate Investment And Proportionate Share Of Net Assets | 0 | 0 | |||||
Wuhu Penghong Investment Center (Limited Partnership) [Member] | |||||||
Long Term Investment [Line Items] | |||||||
Equity method investees, Initial Cost | 30,608,185 | 30,608,185 | $ 30,600,000 | ||||
Equity method investees | 18,333,122 | 23,613,358 | |||||
Partner One [Member] | Wuhu Penghong Investment Center (Limited Partnership) [Member] | |||||||
Long Term Investment [Line Items] | |||||||
Equity method investees, Initial Cost | 91,800,000 | ||||||
Partner Two [Member] | Wuhu Penghong Investment Center (Limited Partnership) [Member] | |||||||
Long Term Investment [Line Items] | |||||||
Equity method investees, Initial Cost | $ 3,100,000 | ||||||
Beijing Huiju [Member] | |||||||
Long Term Investment [Line Items] | |||||||
Cash frozen | 98,700,000 | ||||||
Zhengzhou Lianhe Real Estate Co., Ltd. [Member] | |||||||
Long Term Investment [Line Items] | |||||||
Nonmarketable equity securities, Initial Cost | 241,648 | 241,648 | |||||
Nonmarketable equity securities | 286,689 | 291,409 | |||||
Zhengzhou Taike Real Estate Co., Ltd. [Member] | |||||||
Long Term Investment [Line Items] | |||||||
Nonmarketable equity securities, Initial Cost | 738,073 | 738,073 | |||||
Nonmarketable equity securities | 716,723 | 728,523 | |||||
Madison Development Limited | |||||||
Long Term Investment [Line Items] | |||||||
Equity method investees, Initial Cost | 19,095,969 | 19,095,969 | $ 19,100,000 | ||||
Equity method investees | 16,294,996 | 16,743,122 | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||
Qingdao Huiju Zhihui City Industrial Development Co., Ltd. | |||||||
Long Term Investment [Line Items] | |||||||
Equity method investees, Initial Cost | 523,459,957 | 505,162,873 | $ 505,200,000 | ||||
Equity method investees | $ 488,227,667 | $ 478,778,879 | |||||
Equity Method Investment, Ownership Percentage | 49.00% | ||||||
Qingdao Huiju Zhihui City Industrial Development Co., Ltd. | Maximum [Member] | |||||||
Long Term Investment [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 70.00% | ||||||
Qingdao Huiju Zhihui City Industrial Development Co., Ltd. | Beijing Huiju [Member] | |||||||
Long Term Investment [Line Items] | |||||||
Transfer of remaining ownership percentage, as required by the legal action (as a percent) | 21.00% | ||||||
Refund of unauthorized transfer of cash, as required by the legal action | $ 98,700,000 | ||||||
Suzhou Rongjingchen Real Estate Co., Ltd | |||||||
Long Term Investment [Line Items] | |||||||
Equity method investees, Initial Cost | 42,041,464 | $ 42,000,000 | |||||
Equity method investees | 41,452,466 | ||||||
Equity Method Investment, Ownership Percentage | 24.00% | ||||||
Other [Member] | |||||||
Long Term Investment [Line Items] | |||||||
Equity method investees, Initial Cost | 69,160,051 | $ 59,289,036 | |||||
Equity method investees | $ 48,308,262 | $ 44,184,928 |
Long-term investment - Major eq
Long-term investment - Major equity method investees (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Equity Method Investment, Summarized Financial Information [Abstract] | |
Current assets | $ 1,413,713 |
Noncurrent assets | 411,764 |
Current liabilities | 499,078 |
Non-current liabilities | 460,617 |
Non-controlling interest | 5,778 |
Gross revenue | 68,353 |
Gross profit | 14,976 |
Loss from continuing operations | (5,928) |
Net loss | (10,691) |
Net loss attributable to the Company | $ (11,614) |
Acquisition of subsidiaries - F
Acquisition of subsidiaries - Fair values of the assets acquired and liabilities assumed on Acquisition Date (Details) - USD ($) | Nov. 30, 2019 | Sep. 06, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total consideration: | ||||||
Remeasurement Gain | $ 0 | $ 4,384,563 | $ 0 | |||
Total Consideration | $ 48,761,943 | |||||
Fair value of net identifiable assets acquired: | ||||||
Cash and cash equivalents | 827,011 | |||||
Real estate properties under development | $ 3,254,387,749 | $ 4,068,716,308 | $ 1,996,000,653 | |||
Current liabilities | $ (2,010,290) | |||||
Wuhu Penghua Tenth Investment Center (Limited Partnership) [Member] | ||||||
Total consideration: | ||||||
Carrying amount of previously held equity interests | $ 202,354,932 | |||||
Remeasurement Gain | 4,384,563 | |||||
Fair value of previously held equity interests | [1] | 206,739,495 | ||||
Less: Goodwill | 534,697 | |||||
Total Consideration | 206,204,798 | |||||
Fair value of net identifiable assets acquired: | ||||||
Cash and cash equivalents | 11,761,992 | |||||
Real estate properties under development | 538,393,230 | |||||
Current assets | 7,471,403 | |||||
Current liabilities | (57,705,079) | |||||
Deferred tax liabilities | (534,697) | |||||
Long-term bank loan | (293,182,051) | |||||
Net assets acquired | $ 206,204,798 | |||||
[1] | The business combination was achieved without the transfer of consideration. The difference between the fair value of previously held equity interest and the fair value of net identifiable assets acquired was recognized as goodwill. As the Wuhu Group were private companies, the fair value of the Group’s previously held equity interest is estimated based on asset-based approach using significant unobservable inputs that market participants would consider, which mainly include estimated revenue and estimated cost for the construction project. |
Acquisition of subsidiaries - 2
Acquisition of subsidiaries - 2019 Acquisition Activity (Details) - USD ($) | Nov. 30, 2019 | Nov. 30, 2019 | Dec. 31, 2019 |
Business Combination, Consideration Transferred | $ 48,761,943 | ||
Goodwill | 24,711,613 | $ 24,711,613 | |
Xitou [Member] | |||
Business Combination, Consideration Transferred | 16,486,299 | ||
Goodwill | 6,624,594 | 6,624,594 | |
Goodwill, tax deductible amount | $ 0 | ||
Xichuang | |||
Business Combination, Consideration Transferred | 11,212,797 | ||
Goodwill | 5,159,916 | 5,159,916 | |
Goodwill, tax deductible amount | 0 | ||
I-Journey [Member] | |||
Business Combination, Consideration Transferred | 21,062,847 | ||
Goodwill | $ 12,927,103 | $ 12,927,103 | |
Goodwill, tax deductible amount | $ 0 |
Acquisition of subsidiaries -_2
Acquisition of subsidiaries - Fair value of assets and liabiliities (Details) | Nov. 30, 2019USD ($) |
Cash and cash equivalents acquired | $ 827,011 |
Other current assets | 1,118,618 |
Deferred tax assets | 2,887,353 |
Other non-current assets | 87,226 |
Goodwill | 24,711,613 |
Current liabilities | (2,010,290) |
Deferred tax liabilities | (2,887,353) |
Non-controlling interest | (168,788) |
Total Consideration | 48,761,943 |
Technology [Member] | |
Intangible assets | 21,573,348 |
Trademarks [Member] | |
Intangible assets | $ 2,623,205 |
Minimum [Member] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years |
Maximum [Member] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Xinruifeng subgroup | |
Cash and cash equivalents acquired | $ 472,974 |
Other current assets | 262,373 |
Deferred tax assets | 1,057,527 |
Other non-current assets | 29,935 |
Goodwill | 6,624,594 |
Current liabilities | (269,349) |
Deferred tax liabilities | (1,057,527) |
Non-controlling interest | (80,631) |
Total Consideration | 16,486,299 |
Xinruifeng subgroup | Technology [Member] | |
Intangible assets | 9,446,403 |
Xinhujin subgroup | |
Cash and cash equivalents acquired | 276,511 |
Other current assets | 164,373 |
Deferred tax assets | 1,170,995 |
Other non-current assets | 14,176 |
Goodwill | 5,159,916 |
Current liabilities | (241,318) |
Deferred tax liabilities | (1,170,995) |
Non-controlling interest | (37,986) |
Total Consideration | 11,212,797 |
Xinhujin subgroup | Technology [Member] | |
Intangible assets | 5,877,125 |
Xinzhihui subgroup | |
Cash and cash equivalents acquired | 77,526 |
Other current assets | 691,872 |
Deferred tax assets | 658,831 |
Other non-current assets | 43,115 |
Goodwill | 12,927,103 |
Current liabilities | (1,499,623) |
Deferred tax liabilities | (658,831) |
Non-controlling interest | (50,171) |
Total Consideration | 21,062,847 |
Xinzhihui subgroup | Technology [Member] | |
Intangible assets | 6,249,820 |
Xinzhihui subgroup | Trademarks [Member] | |
Intangible assets | $ 2,623,205 |
Acquisition of subsidiaries - A
Acquisition of subsidiaries - Additional Information (Details) - USD ($) | Sep. 06, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2019 |
Remeasurement Gain | $ 0 | $ 4,384,563 | $ 0 | |||
Goodwill | $ 24,711,613 | |||||
Revenue | 2,466,504,041 | 2,207,966,313 | ||||
Net income | 68,344,527 | $ 73,034,549 | $ 63,627,551 | |||
Wuhu Penghua Tenth Investment Center (Limited Partnership) [Member] | ||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 146,600,000 | |||||
Remeasurement Gain | 4,384,563 | |||||
Goodwill | $ 534,697 | |||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 0 | |||||
Wuhu Penghua and Chengdu Renju and Chengdu Guohongteng [Member] | ||||||
Revenue | $ 30,248,316 | |||||
Net income | $ 6,710,751 |
Short-term bank loans and oth_3
Short-term bank loans and other debt - Short-term bank loans and other debt (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | $ 73,419,108 | $ 43,711,388 |
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia, Due January 2, 2020, at 1.10% plus 1 month LIBOR [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | $ 19,900,000 | 0 |
Maturity date | Jan. 2, 2020 | |
Stated spread over variable rate | 1.10% | |
Debt Instrument, Description of Variable Rate Basis | 1 month LIBOR | |
Loan from Henan Zhongyuan Microfinance Co., Ltd. [Member] | Loan from Henan Zhongyuan Microfinance Co., Ltd., Due July 26, 2019, at 11.60% per annum [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | 7,285,231 | |
Maturity date | Jul. 26, 2019 | |
Stated rate | 11.60% | |
Loan from Zhongyuan Aviation Leasing Co.,Ltd. [Member] | Loan from Zhongyuan Aviation Leasing Co.,Ltd., Due December 20, 2020, at 10.00% per annum [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | $ 11,467,562 | 0 |
Maturity date | Dec. 20, 2020 | |
Stated rate | 10.00% | |
Loan from Hua Xia Bank Co., Ltd. | Loan from Hua Xia Bank Co., Ltd. Due May 30, 2020, at 6.5250% per annum | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | $ 8,600,671 | 0 |
Maturity date | May 30, 2020 | |
Stated rate | 6.525% | |
Loan from Zhongyuan Commercial Factoring [Member] | Loan from Zhongyuan Commercial Factoring Co., Ltd.Due January 30, 2020, at 10.00% per annum [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | $ 28,668,902 | |
Maturity date | Jan. 30, 2020 | |
Stated rate | 10.00% | |
Loan from Shandong Rongyue Finance Leasing Co., Ltd. | Loan from Shandong Rongyue Finance Leasing Co., Ltd. Due December 24, 2020, at 5.00% per annum | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | $ 4,300,335 | 0 |
Maturity date | Dec. 24, 2020 | |
Stated rate | 5.00% | |
Loan from Kunlun Trust Co., Ltd. [Member] | Loan from Kunlun Trust Co., Ltd., Due June 28, 2019, at 10.50% per annum [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | $ 36,426,157 | |
Maturity date | Jun. 28, 2019 | |
Stated rate | 10.50% | |
Loan From Tianjin Finance Exchange Centre.[Member] | Loan From Tianjin Finance Exchange Centre at 9.00% [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | $ 189,215 | |
Stated rate | 9.00% | |
Loan From Tianjin Finance Exchange Centre.[Member] | Loan From Tianjin Finance Exchange Centre at 8.50% [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | $ 51,604 | |
Stated rate | 8.50% | |
Loan From Tianjin Finance Exchange Centre.[Member] | Loan From Tianjin Finance Exchange Centre at 8.00% [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | $ 240,819 | |
Stated rate | 8.00% |
Short-term bank loans and oth_4
Short-term bank loans and other debt - Additional Information (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Short-term bank loans and other debt | |||
Real estate properties development completed | $ 458,204,518 | $ 632,359,691 | $ 840,393,193 |
Real estate properties held for lease | 515,868,908 | 302,764,217 | $ 277,933,313 |
Restricted cash | $ 270,714,930 | $ 338,633,911 | |
Weighted average interest rate on short-term bank loans and other debts | 8.33% | 10.68% | |
Collateral Pledged [Member] | |||
Short-term bank loans and other debt | |||
Real estate properties held for lease | $ 206,516,986 | $ 175,429,630 | |
Short-term Debt [Member] | Collateral Pledged [Member] | |||
Short-term bank loans and other debt | |||
Real estate properties development completed | 10,168,195 | 0 | |
Real estate properties held for lease | 14,899,171 | 0 | |
Restricted cash | $ 20,691,781 | $ 0 |
Long-term bank loans (Details)
Long-term bank loans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Total | $ 1,134,834,710 | $ 1,249,943,747 | |
Less: current portion of long-term bank loans | (448,770,014) | (529,904,807) | |
Total long-term bank loans | 686,064,696 | 720,038,940 | |
Restricted cash | 270,714,930 | 338,633,911 | |
Real estate properties held for lease | 515,868,908 | 302,764,217 | $ 277,933,313 |
Real estate properties under development | 3,254,387,749 | 4,068,716,308 | 1,996,000,653 |
Real estate properties development completed | 458,204,518 | 632,359,691 | $ 840,393,193 |
Collateral Pledged [Member] | |||
Debt Instrument [Line Items] | |||
Land use rights | 798,910,332 | 1,046,360,853 | |
Real estate properties held for lease | $ 206,516,986 | $ 175,429,630 | |
Long Term Bank Loan [Member] | |||
Debt Instrument [Line Items] | |||
Loans payable, weighted average interest rate | 6.94% | 7.16% | |
Long Term Bank Loan [Member] | Collateral Pledged [Member] | |||
Debt Instrument [Line Items] | |||
Land use rights | $ 382,772,544 | $ 462,352,750 | |
Restricted cash | 116,152,060 | 0 | |
Real estate properties held for lease | 144,272,409 | 123,781,349 | |
Real estate properties under development | 78,726,065 | 30,727,630 | |
Real estate properties development completed | $ 457,032 | 0 | |
Minimum [Member] | Long Term Bank Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Prime Rate Range | 100.00% | ||
Maximum [Member] | Long Term Bank Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Prime Rate Range | 206.00% | ||
Loan from ICBC [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 178,891,086 | 286,746,707 | |
Loan from ICBC [Member] | Loan from ICBC, Due December 26, 2021, at 6.175 per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 66,890,284 | 116,560,788 | |
Maturity date | Dec. 26, 2021 | ||
Stated rate | 6.175% | ||
Loan from ICBC [Member] | Loan from ICBC, Due December 22, 2021, at 6.175% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 33,448,009 | 58,284,765 | |
Maturity date | Dec. 22, 2021 | ||
Stated rate | 6.175% | ||
Loan from ICBC [Member] | Loan from ICBC, Due December 30, 2021, at 6.60% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 30,770,333 | 53,619,303 | |
Maturity date | Dec. 30, 2021 | ||
Stated rate | 6.60% | ||
Loan from ICBC [Member] | Loan from ICBC, Due December 22, 2021, at 9.80% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 33,448,009 | 58,281,851 | |
Maturity date | Dec. 22, 2021 | ||
Stated rate | 9.80% | ||
Loan from ICBC [Member] | Loan from ICBC, Due July 23, 2022, at 4.75% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 14,334,451 | 0 | |
Maturity date | Jul. 23, 2022 | ||
Stated rate | 4.75% | ||
Loan from China Guangfa Bank [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 18,048,508 | 10,490,733 | |
Loan from China Guangfa Bank [Member] | Loan from China Guangfa Bank, Due July 17, 2021, at 6.175% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 18,048,508 | 0 | |
Maturity date | Jul. 17, 2021 | ||
Stated rate | 6.175% | ||
Loan from China Guangfa Bank [Member] | Loan from China Guangfa Bank, Due October 20, 2019, at 6.4125% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | 10,490,733 | ||
Maturity date | Oct. 20, 2019 | ||
Stated rate | 6.4125% | ||
Loan from Bank of China [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 57,624,495 | 97,622,100 | |
Loan from Bank of China [Member] | Loan from Bank of China, Due March 30, 2020, at 6.65% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 7,167,226 | 33,512,064 | |
Maturity date | Mar. 30, 2020 | ||
Stated rate | 6.65% | ||
Loan from Bank of China [Member] | Loan from Bank of China, Due October 31, 2021 at 4.75% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 50,457,269 | 64,110,036 | |
Maturity date | Oct. 31, 2021 | ||
Stated rate | 4.75% | ||
Loan from Bank of Beijing [Member] | Loan from Bank of Beijing, Due February 14, 2020 at 4.75% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 32,372,065 | 42,810,934 | |
Maturity date | Feb. 14, 2020 | ||
Stated rate | 4.75% | ||
Loan from The Bank of East Asia [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 103,618,000 | 113,489,907 | |
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia, Due September 27, 2019, at 1.10% plus 3 month LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Total | 24,294,636 | ||
Maturity date | Sep. 27, 2019 | ||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ||
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia, Due June 1, 2019, at 1.10% plus 1 month LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Total | 9,675,654 | ||
Maturity date | Jun. 1, 2019 | ||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ||
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia, Due September 19, 2019, at 1.10% plus 1 month LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Total | 2,220,000 | ||
Maturity date | Sep. 19, 2019 | ||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ||
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia, Due January 09, 2020, at 1.10% plus 1 month LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 3,178,000 | 3,178,000 | |
Maturity date | Jan. 9, 2020 | ||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ||
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia, Due June 02, 2019, at 1.10% plus 1 month LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Total | 34,421,617 | ||
Maturity date | Jun. 2, 2019 | ||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ||
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia, Due August 15, 2019, at 1.10% plus 1 month LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Total | 20,000,000 | ||
Maturity date | Aug. 15, 2019 | ||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ||
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia, Due August 30, 2019, at 1.10% plus 1 month LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Total | 9,700,000 | ||
Maturity date | Aug. 30, 2019 | ||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ||
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia, Due June 5, 2019, at 1.10% plus 1 month LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Total | 10,000,000 | ||
Maturity date | Jun. 5, 2019 | ||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ||
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia Due June 4, 2021, at 1.10% plus 1 month LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 22,500,000 | 0 | |
Maturity date | Jun. 4, 2021 | ||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ||
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia Due June 6, 2021, at 1.10% plus 1 month LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 30,000,000 | 0 | |
Maturity date | Jun. 6, 2021 | ||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ||
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia, Due August 20, 2021, at 1.10% plus 1 month LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 19,170,000 | 0 | |
Maturity date | Aug. 20, 2021 | ||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ||
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia, Due September 27, 2021, at 1.10% plus 1 month LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 9,100,000 | 0 | |
Maturity date | Sep. 27, 2021 | ||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ||
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia, Due October 20, 2021, at 1.10% plus 1 month LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 2,100,000 | 0 | |
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ||
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia, Due October 27, 2021, at 1.10% plus 1 month LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 17,570,000 | 0 | |
Maturity date | Oct. 27, 2021 | ||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ||
Loan from Ping An Bank Co., Ltd [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 129,569,106 | 130,988,460 | |
Loan from Ping An Bank Co., Ltd [Member] | Loan from Ping An Bank Co., Ltd Due May 31, 2021, at 6.8875% Per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 80,272,928 | 116,417,997 | |
Maturity date | May 31, 2021 | ||
Stated rate | 6.8875% | ||
Loan from Ping An Bank Co., Ltd [Member] | Loan from Ping An Bank Co., Ltd Due May 27, 2021, at 7.3625% Per Annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 9,890,771 | 14,570,463 | |
Maturity date | May 27, 2021 | ||
Stated rate | 7.3625% | ||
Loan from Ping An Bank Co., Ltd [Member] | Loan from Ping An Bank Co., Ltd, Due March 27, 2022, at 6.9825% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 39,405,407 | 0 | |
Maturity date | Mar. 27, 2022 | ||
Stated rate | 6.9825% | ||
Loan from China Construction Bank [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 73,105,703 | 110,734,060 | |
Loan from China Construction Bank [Member] | Loan from China Construction Bank, Due July 02, 2021, at 6.65% Per Annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | 56,824,805 | ||
Maturity date | Jul. 2, 2021 | ||
Stated rate | 6.65% | ||
Loan from China Construction Bank [Member] | Loan from China Construction Bank, Due April 04, 2021, at 6.175% Per Annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | 36,424,700 | ||
Maturity date | Apr. 4, 2021 | ||
Stated rate | 6.175% | ||
Loan from China Construction Bank [Member] | Loan from China Construction Bank, Due August 1, 2021, at 4.35% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 44,723,488 | 0 | |
Maturity date | Aug. 1, 2021 | ||
Stated rate | 4.35% | ||
Loan from China Construction Bank [Member] | Loan from China Construction Bank, Due August 1, 2021, at 4.75% per annum, One [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 11,180,872 | 0 | |
Maturity date | Aug. 1, 2021 | ||
Stated rate | 4.75% | ||
Loan from China Construction Bank [Member] | Loan from China Construction Bank, Due August 1, 2021, at 4.75% per annum Two [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 17,201,343 | 17,484,555 | |
Maturity date | Aug. 1, 2021 | ||
Stated rate | 4.75% | ||
Loan from Bank of Minsheng [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 345,890,312 | 354,193,379 | |
Loan from Bank of Minsheng [Member] | Loan from Bank of Minsheng, Due March 30, 2023, at 8.8825% Per Annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 286,402,339 | 291,394,685 | |
Maturity date | Mar. 30, 2023 | ||
Stated rate | 8.8825% | ||
Loan from Bank of Minsheng [Member] | Loan from Bank of Minsheng, Due June 14, 2031, at 8.50% Per Annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 59,487,973 | 62,798,694 | |
Maturity date | Jun. 14, 2031 | ||
Stated rate | 8.50% | ||
Loan from Bank of Hengfeng [Member] | Loan from Bank of Hengfeng, Due September 20, 2021, at 8.0009% Per Annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 65,150,082 | 73,580,837 | |
Maturity date | Sep. 20, 2021 | ||
Stated rate | 8.0009% | ||
Loan From Zheshang Bank Co., Ltd [Member] | Loan from Zheshang Bank Co., Ltd, Due September 21, 2021, at 7.60% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 17,344,686 | 29,286,630 | |
Maturity date | Sep. 21, 2021 | ||
Stated rate | 7.60% | ||
Loan from Bank of Communications Co., Ltd [Member] | Loan from Bank of Communications Co., Ltd, Due March 18, 2022, at 7.600% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 37,104,728 | 0 | |
Maturity date | Mar. 18, 2022 | ||
Stated rate | 7.60% | ||
Loan from Bank of Zhengzhou Co., Ltd [Member] | Loan from Bank of Zhengzhou Co., Ltd, Due September 26, 2021, at 7.000075% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 64,505,031 | 0 | |
Maturity date | Sep. 26, 2021 | ||
Stated rate | 7.00008% | ||
Loan from Bank of Huaxia Co., Ltd [Member] | Loan from Bank of Huaxia Co., Ltd, Due December 27, 2021, at 5.08% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 11,610,908 | $ 0 | |
Maturity date | Dec. 27, 2021 | ||
Stated rate | 5.08% |
Long-term bank loans - Maturiti
Long-term bank loans - Maturities of Long-term Debt (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Less: current portion of long-term bank loans | $ (448,770,014) | $ (529,904,807) |
Total long-term bank loans | 686,064,696 | $ 720,038,940 |
Long Term Bank Loan [Member] | ||
Debt Instrument [Line Items] | ||
2020 | 448,770,014 | |
2021 | 599,627,953 | |
2022 | 37,269,574 | |
2023 | 4,156,992 | |
2024 and thereafter | $ 45,010,177 |
Other long-term debt - Other Lo
Other long-term debt - Other Long Term Debt (Details) - USD ($) | Apr. 26, 2019 | Apr. 16, 2019 | Apr. 15, 2019 | Mar. 19, 2018 | Dec. 01, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 28, 2017 | Aug. 30, 2016 |
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 2,006,876,072 | $ 2,158,468,849 | ||||||||
Less: current portion of other long term debt | (970,185,445) | (1,118,013,649) | ||||||||
Total other long-term debt | 1,036,690,627 | 1,040,455,200 | ||||||||
Real estate properties under development | 3,254,387,749 | 4,068,716,308 | $ 1,996,000,653 | |||||||
Real estate properties held for lease | 515,868,908 | 302,764,217 | 277,933,313 | |||||||
Real estate properties development completed | 458,204,518 | 632,359,691 | $ 840,393,193 | |||||||
Collateral Pledged [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Land use rights | 798,910,332 | 1,046,360,853 | ||||||||
Real estate properties held for lease | 206,516,986 | 175,429,630 | ||||||||
Other Long-Term Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Less: current portion of other long term debt | (970,185,445) | |||||||||
Total other long-term debt | 1,036,690,627 | |||||||||
Other Long-Term Debt [Member] | Collateral Pledged [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Land use rights | 416,137,788 | 584,008,103 | ||||||||
Real estate properties under development | 1,445,969 | 963,588 | ||||||||
Real estate properties held for lease | 47,345,406 | 51,648,281 | ||||||||
Real estate properties development completed | 50,301,375 | 36,801,393 | ||||||||
November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 296,897,742 | 295,673,796 | ||||||||
Maturity date | Nov. 22, 2020 | Nov. 22, 2020 | ||||||||
Stated rate | 8.875% | 8.875% | ||||||||
August 2019 Senior Notes due on August 30, 2019 at 8.125% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | 286,741,749 | |||||||||
Maturity date | Aug. 30, 2019 | |||||||||
Stated rate | 8.125% | 8.125% | ||||||||
February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 261,941,119 | 270,624,821 | ||||||||
Maturity date | Feb. 28, 2021 | |||||||||
Stated rate | 7.75% | 7.75% | ||||||||
March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 123,055,415 | 197,226,325 | ||||||||
Maturity date | Mar. 19, 2018 | Mar. 19, 2020 | ||||||||
Stated rate | 9.875% | 9.875% | ||||||||
October 2021 Senior Secured Notes due on October 15, 2021 at 1420 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 295,968,740 | |||||||||
Maturity date | Oct. 15, 2021 | Oct. 15, 2021 | Oct. 15, 2021 | Oct. 16, 2021 | ||||||
Stated rate | 14.20% | |||||||||
Corporate Bonds Due On December 28, 2020 at 8.20% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 1,962,386 | 58,275,179 | ||||||||
Maturity date | Dec. 28, 2020 | |||||||||
Stated rate | 8.20% | |||||||||
Corporate bonds due on January 27, 2021 at 7.47% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 8,213,641 | 43,709,787 | ||||||||
Maturity date | Jan. 27, 2021 | |||||||||
Stated rate | 7.47% | |||||||||
Corporate bonds due on March 14, 2021 at 7.09% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 7,551,597 | 72,849,705 | ||||||||
Maturity date | Mar. 14, 2021 | |||||||||
Stated rate | 7.09% | |||||||||
Corporate bonds due on August 15, 2019 at 8.20% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | 63,404,057 | |||||||||
Maturity date | Aug. 15, 2019 | |||||||||
Stated rate | 8.20% | |||||||||
Corporate bonds due on April 7, 2020 at 8.20% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | 89,655,359 | |||||||||
Maturity date | Apr. 7, 2020 | |||||||||
Stated rate | 8.20% | |||||||||
Corporate bonds due on September 21, 2020 at 8.50% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 21,947,434 | 28,998,553 | ||||||||
Maturity date | Sep. 21, 2020 | |||||||||
Stated rate | 8.50% | |||||||||
Corporate bonds due on April 1, 2024 at 8.40% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 58,887,016 | |||||||||
Maturity date | Apr. 1, 2024 | |||||||||
Stated rate | 8.40% | |||||||||
Corporate bonds due on January 4, 2022 at 8.50% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 650,673 | |||||||||
Maturity date | Jan. 4, 2022 | |||||||||
Stated rate | 8.50% | |||||||||
Collateralized loan due on May 22, 2020 at 10.3192% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 43,003,354 | 189,416,016 | ||||||||
Maturity date | May 22, 2020 | |||||||||
Stated rate | 10.3192% | |||||||||
Loan From Ping An Trust Co., Ltd, Due November 30, 2019 At 10.3192% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | 130,813,615 | |||||||||
Maturity date | Nov. 30, 2019 | |||||||||
Stated rate | 10.3192% | |||||||||
Loan from Ping An Trust Co., Ltd, Due May 23, 2019 At 10.3192% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | 189,780,277 | |||||||||
Maturity date | May 23, 2019 | |||||||||
Stated rate | 10.3192% | |||||||||
Loan from Ping An Trust Co., Ltd, Due November 23, 2020 At 11.20% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 200,682,320 | |||||||||
Maturity date | Nov. 23, 2020 | |||||||||
Stated rate | 11.20% | |||||||||
Loan from Ping An Trust Co., Ltd, Due May 22, 2021 At 15.00% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 42,989,020 | |||||||||
Maturity date | May 22, 2021 | |||||||||
Stated rate | 15.00% | |||||||||
Loan from Ping An Trust Co., Ltd, Due May 29, 2021 At 11.50% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 85,863,364 | |||||||||
Maturity date | May 29, 2021 | |||||||||
Stated rate | 11.50% | |||||||||
Loan from Ping An Trust Co., Ltd, Due April 26, 2021 At 11.50% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 24,248,158 | |||||||||
Maturity date | Apr. 26, 2021 | |||||||||
Stated rate | 11.50% | |||||||||
Loan from Wanxiang Trust Co., Ltd, Due April 30, 2021 at 12.00% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 28,668,903 | |||||||||
Maturity date | Apr. 30, 2021 | |||||||||
Stated rate | 12.00% | |||||||||
Loan from Wanxiang Trust Co., Ltd, Due January 4, 2020 at 12.00% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 12,929,675 | |||||||||
Maturity date | Jan. 4, 2020 | |||||||||
Stated rate | 12.00% | |||||||||
Loan from Wanxiang Trust Co., Ltd, Due July 18, 2020 at 12.00% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 21,501,677 | |||||||||
Maturity date | Jul. 18, 2020 | |||||||||
Stated rate | 12.00% | |||||||||
Loan from China huarong asset management Co., Ltd, Due November 27, 2020 at 11.50% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 10,894,183 | 11,656,370 | ||||||||
Maturity date | Nov. 27, 2020 | |||||||||
Stated rate | 11.50% | |||||||||
Loan from China huarong asset management Co., Ltd, Due October 30, 2020 at 11.50% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 28,095,525 | 40,951,099 | ||||||||
Maturity date | Oct. 30, 2020 | |||||||||
Stated rate | 11.50% | |||||||||
Loan from China huarong asset management Co., Ltd, Due November 8, 2021 at 12.00% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 30,145,351 | |||||||||
Maturity date | Nov. 8, 2021 | |||||||||
Stated rate | 12.00% | |||||||||
Collateralized loan due on October 30, 2019 at 9.30% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | 2,360,415 | |||||||||
Maturity date | Oct. 30, 2019 | |||||||||
Stated rate | 9.30% | |||||||||
Collateralized loan due on November 2, 2019 at 9.30% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | 26,780,511 | |||||||||
Maturity date | Nov. 2, 2019 | |||||||||
Stated rate | 9.30% | |||||||||
Collateralized loan due on March 17, 2020 at 7.62% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 21,501,677 | 21,855,694 | ||||||||
Maturity date | Mar. 17, 2020 | |||||||||
Stated rate | 7.62% | |||||||||
Collateralized loan due on December 4, 2020 at 12.00% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | 1,427,905 | |||||||||
Maturity date | Dec. 4, 2020 | |||||||||
Stated rate | 12.00% | |||||||||
Collateralized loan due on November 9, 2020 at 9.405% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 42,286,632 | 50,996,620 | ||||||||
Maturity date | Nov. 9, 2020 | |||||||||
Stated rate | 9.405% | |||||||||
Loan from Chang 'an international trust Co., Ltd, Due December 10, 2023 at 9.00% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 172,013,417 | |||||||||
Maturity date | Dec. 10, 2023 | |||||||||
Stated rate | 9.00% | |||||||||
Loan from Henan zhongyuan small loan Co., Ltd, Due July 23, 2021 at 11.60% {Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 6,880,537 | |||||||||
Maturity date | Jul. 23, 2021 | |||||||||
Stated rate | 11.60% | |||||||||
Kent EB-5 LLC loan due on January 23, 2020 at 5.95% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 9,500,000 | 9,500,000 | ||||||||
Maturity date | Jan. 23, 2020 | |||||||||
Stated rate | 5.95% | |||||||||
Kent EB-5 LLC loan due on April 30, 2020 at 5.95% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 5,000,000 | 5,000,000 | ||||||||
Maturity date | Apr. 30, 2020 | |||||||||
Stated rate | 5.95% | |||||||||
Kent EB-5 LLC loan due on June 25, 2020 at 5.95% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 5,000,000 | 5,000,000 | ||||||||
Maturity date | Jun. 25, 2020 | |||||||||
Stated rate | 5.95% | |||||||||
Kent EB-5 LLC loan due on August 4, 2020 at 5.95% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 5,000,000 | 5,000,000 | ||||||||
Maturity date | Aug. 4, 2020 | |||||||||
Stated rate | 5.95% | |||||||||
Kent EB-5 LLC loan due on August 20, 2020 at 5.95% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 5,000,000 | 5,000,000 | ||||||||
Maturity date | Aug. 20, 2020 | |||||||||
Stated rate | 5.95% | |||||||||
Kent EB-5 LLC loan due on October 1, 2020 at 5.95% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 10,000,000 | 10,000,000 | ||||||||
Maturity date | Oct. 1, 2020 | |||||||||
Stated rate | 5.95% | |||||||||
Kent EB-5 LLC loan due on November 23, 2020 at 5.95% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 10,000,000 | 10,000,000 | ||||||||
Maturity date | Nov. 23, 2020 | |||||||||
Stated rate | 5.95% | |||||||||
Kent EB-5 LLC loan due on March 15, 2021 at 5.95% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 9,500,000 | 9,500,000 | ||||||||
Maturity date | Mar. 15, 2021 | |||||||||
Stated rate | 5.95% | |||||||||
Kent EB-5 LLC loan due on September 12, 2021 at 5.95% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 500,000 | 500,000 | ||||||||
Maturity date | Sep. 12, 2021 | |||||||||
Stated rate | 5.95% | |||||||||
Ozarks loan due on March 24, 2021 at 4.50% plus 1 month LIBOR [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 50,157,305 | 24,008,924 | ||||||||
Maturity date | Mar. 24, 2021 | |||||||||
Debt Instrument, Description of Variable Rate Basis | 1 month LIBOR | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||||||||
Loan from Bank Direct Capital Finance, Due November 1, 2020 at 5.5% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 822,506 | $ 1,762,072 | ||||||||
Maturity date | Nov. 1, 2020 | |||||||||
Stated rate | 5.50% | |||||||||
Loan from CMGT Lender 35 LLC, Due May 24, 2021 at 12.26% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 18,660,737 | |||||||||
Maturity date | May 24, 2021 | |||||||||
Stated rate | 12.26% | |||||||||
Loan from 135-35 NORTHERN BLVD 1&2 LLC, Due May 1, 2021 at 8.5% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal of other long-term debt | $ 28,955,968 | |||||||||
Maturity date | May 1, 2021 | |||||||||
Stated rate | 8.50% |
Other long-term debt - Maturiti
Other long-term debt - Maturities of Long-term Debt (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Less: current portion of other long term debt | $ (970,185,445) | $ (1,118,013,649) |
Total other long-term debt | 1,036,690,627 | $ 1,040,455,200 |
Other Long-Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
2020 | 970,185,445 | |
2021 | 989,429,149 | |
2022 | 34,402,683 | |
2023 | 12,858,795 | |
Less: current portion of other long term debt | (970,185,445) | |
Total other long-term debt | $ 1,036,690,627 |
Other long-term debt - Addition
Other long-term debt - Additional Informations (Details) ¥ in Millions | Sep. 23, 2019USD ($) | Jun. 21, 2019USD ($) | Apr. 26, 2019USD ($) | Apr. 16, 2019 | Apr. 15, 2019USD ($) | Apr. 07, 2019USD ($) | Apr. 01, 2019CNY (¥) | Mar. 14, 2019USD ($) | Jan. 04, 2019CNY (¥) | Dec. 21, 2018USD ($) | Nov. 30, 2018USD ($) | Sep. 21, 2018USD ($) | Sep. 20, 2018CNY (¥) | Aug. 20, 2018USD ($) | Aug. 03, 2018USD ($) | Mar. 19, 2018USD ($) | Dec. 01, 2017USD ($) | Nov. 22, 2017USD ($) | Apr. 07, 2017CNY (¥) | Aug. 30, 2016USD ($) | Aug. 15, 2016CNY (¥) | Mar. 14, 2016CNY (¥) | Jan. 27, 2016CNY (¥) | Dec. 28, 2015CNY (¥) | Nov. 22, 2017USD ($) | Feb. 28, 2017USD ($) | Nov. 12, 2019USD ($) | Jun. 21, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 21, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Nov. 12, 2019CNY (¥) | Nov. 12, 2019USD ($) | Sep. 23, 2019CNY (¥) | Sep. 23, 2019USD ($) | Aug. 15, 2019CNY (¥) | Aug. 15, 2019USD ($) | Aug. 14, 2019CNY (¥) | Aug. 14, 2019USD ($) | Aug. 12, 2019CNY (¥) | Aug. 12, 2019USD ($) | Jun. 21, 2019CNY (¥) | Jun. 21, 2019USD ($) | Apr. 07, 2019CNY (¥) | Apr. 07, 2019USD ($) | Apr. 01, 2019USD ($) | Mar. 26, 2019 | Jan. 04, 2019USD ($) | Jan. 01, 2019USD ($) | Dec. 28, 2018 | Dec. 21, 2018CNY (¥) | Dec. 21, 2018USD ($) | Nov. 30, 2018CNY (¥) | Nov. 30, 2018USD ($) | Sep. 21, 2018CNY (¥) | Sep. 21, 2018USD ($) | Sep. 20, 2018USD ($) | Aug. 20, 2018CNY (¥) | Aug. 20, 2018USD ($) | Aug. 03, 2018CNY (¥) | Aug. 03, 2018USD ($) | Aug. 15, 2017 | Apr. 07, 2017USD ($) | Aug. 15, 2016USD ($) | Mar. 14, 2016USD ($) | Jan. 27, 2016USD ($) | Dec. 28, 2015USD ($) |
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | $ (8,580,510) | $ (21,443,949) | $ (15,879,702) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Tranche Bonds [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 8.20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Redemption Price | $ 175 | $ 6,509,574 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | $ 6,518,487 | $ 1,484 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Redemption Amount | ¥ 400 | 57,000,000 | ¥ 600 | 87,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized Debt Issuance Expense | $ 1,659 | $ 8,913 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Tranche Bonds [Member] | Previously Reported [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 7.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second Tranche Bonds [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Redemption Price | $ 128,426 | $ 4,773,284 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | $ 127,864 | $ 4,775,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Redemption Amount | ¥ 90 | 13,000,000 | ¥ 400 | 58,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized Debt Issuance Expense | $ 562 | $ 2,216 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Tranche Bonds [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Redemption Price | $ 740,934 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | $ 743,034 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Redemption Amount | ¥ 497.9 | 71,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized Debt Issuance Expense | $ 2,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Tranche [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 8.20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Redemption Price | $ 5,710,866 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | $ (5,989,710) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Redemption Amount | ¥ 450 | $ 64,000,000 | ¥ 1,050 | 153,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized Debt Issuance Expense | $ 278,844 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Two thousand seventeenTranche [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Redemption Price | $ 1,535,132 | $ 3,494,557 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | $ (1,535,132) | $ (3,782,353) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Redemption Amount | ¥ 630 | $ 90,000,000 | ¥ 500 | 73,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized Debt Issuance Expense | $ 287,796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Two Thousand Eighteen Tranche [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Redemption Price | $ 3,291,086 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | $ 20,958 | $ (3,599,937) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Redemption Amount | ¥ 76 | $ 11,000,000 | ¥ 400 | 58,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized Debt Issuance Expense | $ 20,958 | $ 308,851 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 Tranche [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Redemption Price | $ 1,428,945 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | $ (1,894,262) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Redemption Amount | ¥ 591 | 85,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized Debt Issuance Expense | 465,317 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Two Thousand Nineteen First Tranche | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Redemption Price | 3,494,668 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | $ (3,977,493) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Redemption Amount | ¥ 637 | 91,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized Debt Issuance Expense | $ 482,825 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Dec. 1, 2017 | Nov. 22, 2017 | Nov. 22, 2017 | Dec. 1, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 100,000,000 | $ 200,000,000 | $ 200,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Nov. 22, 2020 | Nov. 22, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 8.875% | 8.875% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 3 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective interest rate | 9.95% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | $ 38,136 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum Percentage of Common Shares Owned By Subject To Certain Qualifications And Exceptions And Satisfaction | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Redemption Amount | $ 900,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized Debt Issuance Expense | 9,064 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instruments redemption difference between repurchase price and principal amount | $ 47,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member] | Debt Instrument, Redemption, Period One [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption terms | At any time prior to November 22, 2020, the Company may at its option redeem the November 2020 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the November 2020 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. "Applicable Premium" means with respect to any November 2020 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such November 2020 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such November 2020 Senior Secured Note, plus all required remaining scheduled interest payments due on such November 2020 Senior Secured Note through the maturity date of the November 2020 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the November 2020 Indenture) plus 100 basis points, over (B) the principal amount of such November 2020 Senior Secured Note on such redemption date. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | the Adjusted Treasury Rate (as defined in the November 2020 Indenture) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 108.875% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption terms | At any time prior to November 22, 2020, the Company may redeem up to 35% of the aggregate principal amount of the November 2020 Senior Secured Notes with the net cash proceeds of one or more sales of our common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 108.875% of the principal amount of the November 2020 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the November 2020 Senior Secured Notes issued on November 22, 2017 remain outstanding after each such redemption. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member] | Debt Instrument, Redemption, Period Two [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of principal redeemable | 35.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member] | Debt Instrument, Redemption, Period Two [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Carrying Amount Percentage | 65.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Bonds Due On December 28, 2020 at 8.20% [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Dec. 28, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 8.20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Bonds Due On December 28, 2020 at 8.20% [Member] | First Tranche Bonds [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Dec. 28, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | ¥ 1,000 | $ 154,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Dec. 28, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 7.50% | 7.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds due on January 27, 2021 at 7.47% [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Jan. 27, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 7.47% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds due on January 27, 2021 at 7.47% [Member] | Second Tranche Bonds [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Jan. 27, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | ¥ 700 | $ 107,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Jan. 27, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 7.47% | 7.47% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Bonds Due on August 15 2019 at 7.5% [Member] | New Tranche [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Aug. 15, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | ¥ 1,500 | $ 216,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Aug. 15, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 7.50% | 7.50% | 7.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Feb. 28, 2017 | Feb. 28, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 300,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Feb. 28, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 7.75% | 7.75% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 4 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective interest rate | 8.68% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | $ 2,642,710 | $ 1,126,617 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum Percentage of Common Shares Owned By Subject To Certain Qualifications And Exceptions And Satisfaction | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Redemption Amount | 25,400,000 | $ 10,600,000 | 25,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized Debt Issuance Expense | 400,425 | 119,639 | 400,425 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instruments redemption difference between repurchase price and principal amount | 3,043,135 | $ 1,246,256 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] | Debt Instrument, Redemption, Period One [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 1.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of principal redeemable | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption terms | At any time prior to February 28, 2021, the Company may at its option redeem the February 2021 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the February 2021 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. "Applicable Premium" means with respect to any February 2021 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such February 2021 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such February 2021 Senior Secured Note, plus all required remaining scheduled interest payments due on such February 2021 Senior Secured Note through the maturity date of the February 2021 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the February 2021 Indenture) plus 100 basis points, over (B) the principal amount of such February 2021 Senior Secured Note on such redemption date. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] | Debt Instrument, Redemption, Period One [Member] | Applicable Premium [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 1.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption terms | At any time prior to February 28, 2021, the Company may redeem up to 35% of the aggregate principal amount of the February 2021 Senior Secured Notes with the net cash proceeds of one or more sales of our common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 107.75% of the principal amount of the February 2021 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the February 2021 Senior Secured Notes issued on February 28, 2017 remain outstanding after each such redemption. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] | Debt Instrument, Redemption, Period Two [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of principal redeemable | 35.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] | Debt Instrument, Redemption, Period Two [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 107.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Carrying Amount Percentage | 65.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
August 2019 Senior Notes due on August 30, 2019 at 8.125% [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Aug. 30, 2016 | Aug. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 300,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Aug. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 8.125% | 8.125% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective interest rate | 9.06% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | 511,919 | $ (1,111,583) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum Percentage of Common Shares Owned By Subject To Certain Qualifications And Exceptions And Satisfaction | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Redemption Amount | 11,900,000 | 11,900,000 | $ 288,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized Debt Issuance Expense | 65,530 | $ 986,418 | $ 65,530 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instruments redemption difference between repurchase price and principal amount | $ 577,449 | $ 125,165 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
August 2019 Senior Notes due on August 30, 2019 at 8.125% [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 2.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
August 2019 Senior Notes due on August 30, 2019 at 8.125% [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
August 2019 Senior Notes due on August 30, 2019 at 8.125% [Member] | Debt Instrument, Redemption, Period One [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption terms | At any time prior to August 30, 2019, the Company may at its option redeem the August 2019 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the August 2019 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. "Applicable Premium" means with respect to any August 2019 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such August 2019 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such August 2019 Senior Secured Note, plus all required remaining scheduled interest payments due on such August 2019 Senior Secured Note through the maturity date of the August 2019 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the August 2019 Indenture) plus 100 basis points, over (B) the principal amount of such August 2019 Senior Secured Note on such redemption date. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | the Adjusted Treasury Rate (as defined in the August 2019 Indenture) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
August 2019 Senior Notes due on August 30, 2019 at 8.125% [Member] | Debt Instrument, Redemption, Period One [Member] | Applicable Premium [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 1.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
August 2019 Senior Notes due on August 30, 2019 at 8.125% [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 108.125% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption terms | At any time prior to August 30, 2019, the Company may redeem up to 35% of the aggregate principal amount of the August 2019 Senior Secured Notes with the net cash proceeds of one or more sales of our common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 108.125% of the principal amount of the August 2019 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the August 2019 Senior Secured Notes issued on August 30, 2016 remain outstanding after each such redemption. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
August 2019 Senior Notes due on August 30, 2019 at 8.125% [Member] | Debt Instrument, Redemption, Period Two [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of principal redeemable | 35.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
August 2019 Senior Notes due on August 30, 2019 at 8.125% [Member] | Debt Instrument, Redemption, Period Two [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Carrying Amount Percentage | 65.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds due on March 14, 2021 at 7.09% [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Mar. 14, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 7.09% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds due on March 14, 2021 at 7.09% [Member] | Third Tranche Bonds [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Mar. 14, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | ¥ 500 | $ 77,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Mar. 14, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 7.09% | 7.09% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds due on September 21, 2020 at 8.50% [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Sep. 21, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 8.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds due on September 21, 2020 at 8.50% [Member] | Two Thousand Eighteen Tranche [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Sep. 20, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | ¥ 600 | $ 87,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Sep. 21, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 8.50% | 8.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Bonds Due in April 7, 2020 at 8.2% [Member] | Two thousand seventeenTranche [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Apr. 7, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | ¥ 1,130 | $ 173,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Apr. 7, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 8.20% | 8.20% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Mar. 19, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 200,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Mar. 19, 2018 | Mar. 19, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 9.875% | 9.875% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 2 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective interest rate | 11.34% | 11.34% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | $ (563,941) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum Percentage of Common Shares Owned By Subject To Certain Qualifications And Exceptions And Satisfaction | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Redemption Amount | $ 75,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized Debt Issuance Expense | $ 563,941 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% [Member] | Debt Instrument, Redemption, Period One [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption terms | At any time prior to March 19, 2020, the Company may at its option redeem the March 2020 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the March 2020 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. "Applicable Premium" means with respect to any March 2020 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such March 2020 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such March 2020 Senior Secured Note, plus all required remaining scheduled interest payments due on such March 2020 Senior Secured Note through the maturity date of the March 2020 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the March 2020 Indenture) plus 100 basis points, over (B) the principal amount of such March 2020 Senior Secured Note on such redemption date. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | the Adjusted Treasury Rate (as defined in the March 2020 Indenture) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% [Member] | Debt Instrument, Redemption, Period One [Member] | Applicable Premium [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 1.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 109.875% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption terms | At any time prior to March 19, 2020, the Company may redeem up to 35% of the aggregate principal amount of the March 2020 Senior Secured Notes with the net cash proceeds of one or more sales of our common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 109.875% of the principal amount of the March 2020 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the March 2020 Senior Secured Notes issued on March 19, 2018 remain outstanding after each such redemption | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% [Member] | Debt Instrument, Redemption, Period Two [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of principal redeemable | 35.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% [Member] | Debt Instrument, Redemption, Period Two [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Carrying Amount Percentage | 65.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 2021 Senior Secured Notes due on October 15, 2021 at 1420 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Apr. 26, 2019 | Apr. 15, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 100,000,000 | $ 200,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Oct. 15, 2021 | Oct. 15, 2021 | Oct. 15, 2021 | Oct. 16, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 14.20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 2 years 6 months | 2 years 6 months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 101.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | $ (25,240) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | semi-annually | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Redemption Amount | 2,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized Debt Issuance Expense | 77,740 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instruments redemption difference between repurchase price and principal amount | $ 52,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 2021 Senior Secured Notes due on October 15, 2021 at 1420 [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 2021 Senior Secured Notes due on October 15, 2021 at 1420 [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 2021 Senior Secured Notes due on October 15, 2021 at 1420 [Member] | Debt Instrument, Redemption, Period One [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption terms | At any time prior to October 15, 2021, the Company may at its option redeem the October 2021 Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the October 2021 Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. "Applicable Premium" means with respect to any October 2021 Note at any redemption date, the greater of (i) 1.00% of the principal amount of such Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such Note, plus all required remaining scheduled interest payments due on such Note through the maturity date of the October 2021 Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the Indenture) plus 100 basis points, over (B) the principal amount of such Note on such redemption date. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | the Adjusted Treasury Rate (as defined in the Indenture) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 2021 Senior Secured Notes due on October 15, 2021 at 1420 [Member] | Debt Instrument, Redemption, Period One [Member] | Applicable Premium [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 1.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 2021 Senior Secured Notes due on October 15, 2021 at 1420 [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 114.20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption terms | At any time prior to October 15, 2021, the Company may redeem up to 35% of the aggregate principal amount of the October 2021 Notes with the net cash proceeds of one or more sales of the Company's common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 114.2% the principal amount of the October 2021 Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the October 2021 Notes issued on April 15, 2019 remain outstanding after each such redemption and any such redemption takes place within 60 days after the closing of the related equity offering. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 2021 Senior Secured Notes due on October 15, 2021 at 1420 [Member] | Debt Instrument, Redemption, Period Two [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of principal redeemable | 35.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 2021 Senior Secured Notes due on October 15, 2021 at 1420 [Member] | Debt Instrument, Redemption, Period Two [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Carrying Amount Percentage | 65.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 2021 Notes [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 300,000,000 | $ 300,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 14.20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Bonds Due in January 4, 2022 at 8.5% | 2019 Tranche [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Jan. 4, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | ¥ 600 | $ 87,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Jan. 4, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 8.50% | 8.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Bonds Due in April 1, 2024 at 8.4% | Two Thousand Nineteen First Tranche | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Apr. 1, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | ¥ 980 | $ 146,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Apr. 1, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 8.40% | 8.40% |
Lease (Details)
Lease (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Lease Assets | ||
Finance lease ROU assets | $ 29,306,030 | |
Operating lease ROU assets | 11,801,491 | $ 0 |
Current | ||
Total | 11,283,724 | 6,562,425 |
Non-current | ||
Total | 10,187,705 | $ 10,014,791 |
Finance lease and operating lease, current | ||
Current | ||
Current portion of finance lease | 6,409,827 | |
Current portion of operating lease | 4,873,897 | |
Total | 11,283,724 | |
Finance lease and operating lease, non-current | ||
Non-current | ||
Finance lease, net of current portion | 3,839,456 | |
Operatng lease, net of current portion | 6,348,249 | |
Total | 10,187,705 | |
Property and equipment, net | ||
Lease Assets | ||
Finance lease ROU assets | 22,285,997 | |
Real estate properties held for lease, net | ||
Lease Assets | ||
Finance lease ROU assets | $ 7,020,033 |
Lease - lease expense (Details)
Lease - lease expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating lease cost: | |||
Operating lease cost | $ 6,480,093 | ||
Short-term lease cost | 2,612,901 | ||
Finance lease cost: | |||
Amortization of ROU assets | 2,465,268 | ||
Interest on the lease liabilities | 1,019,758 | ||
Total lease cost | 12,578,020 | ||
Operating lease expenses | $ 9,614,639 | $ 5,132,393 | |
Supplemental cash flow information related to leases | |||
Operating cash flows for operating leases | 6,275,565 | ||
Operating cash flows for finance leases | 1,393,198 | ||
Financing cash flows for finance leases | $ 6,135,547 | $ 7,521,441 | $ 4,196,345 |
Lease - Maturities of lease lia
Lease - Maturities of lease liabilities (Details) | Dec. 31, 2019USD ($) |
Finance lease | |
Year ending December 31, 2020 | $ 7,511,008 |
Year ending December 31, 2021 | 4,059,224 |
Year ending December 31, 2022 | 0 |
Year ending December 31, 2023 | 0 |
Total lease payments | 11,570,232 |
Less imputed interest | 1,320,949 |
Present value of lease liabilities | 10,249,283 |
Operating leases | |
Year ending December 31, 2020 | 6,470,913 |
Year ending December 31, 2021 | 4,443,336 |
Year ending December 31, 2022 | 1,007,535 |
Year ending December 31, 2023 | 294,239 |
Total lease payments | 12,216,023 |
Less imputed interest | 993,877 |
Present value of lease liabilities | $ 11,222,146 |
Lease - Weighted-average remain
Lease - Weighted-average remaining lease term (Details) | Dec. 31, 2019 |
Lease | |
Operating leases, weighted-average remaining lease term (Years) | 2 years 3 months 26 days |
Finance leases, weighted-average remaining lease term (Years) | 1 year 7 months 17 days |
Operating leases, weighted-average discount rate | 4.35% |
Finance leases, weighted-average discount rate | 8.05% |
Lease - Additional information
Lease - Additional information (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Maximum [Member] | |
Lease | |
Remaining lease terms | 2 years |
Customer deposits (Details)
Customer deposits (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Customer Deposits [Line Items] | ||
Advances for real estate properties | $ 2,616,487,072 | $ 3,218,686,349 |
Add: increase in revenue recognized in excess of amounts received from customers | 25,665,783 | 32,408,393 |
Less: recognized as progress billings (Note 5) | (1,536,054,208) | (1,329,243,487) |
Customer deposits (Note 2(h)) | $ 1,106,098,647 | $ 1,921,851,255 |
Minimum [Member] | ||
Customer Deposits [Line Items] | ||
Customer deposits backed by mortgage loans, percentage | 40.00% | |
Maximum [Member] | ||
Customer Deposits [Line Items] | ||
Customer deposits backed by mortgage loans, percentage | 80.00% |
Income taxes - Income Before Ta
Income taxes - Income Before Taxes (Details) - USD ($) | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Income taxes [Line Items] | ||||
CIT tax rate | 25.00% | 25.00% | ||
PRC | $ 355,606,696 | $ 355,674,888 | $ 275,898,007 | |
Non PRC | (122,099,522) | (105,275,621) | (82,669,476) | |
Income/(loss) before income taxes | $ 233,507,174 | 250,399,267 | 193,228,531 | |
PRC subsidiaries [Member] | ||||
Income taxes [Line Items] | ||||
Withholding tax rate on dividend distributed by domestic enterprise to foreign tax resident investors (as a percent) | 10.00% | |||
HK subsidiaries [Member] | ||||
Income taxes [Line Items] | ||||
CIT tax rate | 16.50% | |||
US subsidiaries [Member] | ||||
Income taxes [Line Items] | ||||
CIT tax rate | 33.00% | |||
Withholding tax rate on dividend distributed by domestic enterprise to foreign tax resident investors (as a percent) | 30.00% | |||
Income/(loss) before income taxes | $ (13,691,583) | $ (6,030,752) | $ (23,734,648) |
Income taxes - Income Tax Expen
Income taxes - Income Tax Expense (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
CIT tax expense | $ 133,862,272 | $ 141,399,866 | $ 103,302,037 |
Land Appreciation Tax ("LAT") expense | 68,631,338 | 62,996,403 | 40,203,748 |
Deferred tax benefit | (52,015,238) | (59,949,022) | (30,388,659) |
Income tax expense | $ 150,478,372 | $ 144,447,247 | $ 113,117,126 |
Income taxes - CIT Reconciliati
Income taxes - CIT Reconciliation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income taxes | |||
CIT at rate of 25% | $ 58,376,794 | $ 62,599,817 | $ 48,307,133 |
Tax effect of non-deductible expenses | 8,867,037 | 5,799,761 | 3,641,665 |
LAT expense | 68,631,338 | 62,996,403 | 40,203,748 |
CIT benefit of LAT | (17,157,834) | (15,749,101) | (10,050,937) |
Changes in valuation allowance | 23,073,210 | (491,075) | 3,180,741 |
International rate differences | 17,351,758 | 18,224,012 | 10,149,331 |
Dividend and interest withholding taxes | (3,816,800) | 15,403,663 | 18,877,500 |
Adjustment of estimated income tax accruals | (4,285,329) | (3,952,396) | (954,552) |
Others | (561,802) | (383,837) | (237,503) |
Income tax expense | $ 150,478,372 | $ 144,447,247 | $ 113,117,126 |
Income taxes - Unrecognized tax
Income taxes - Unrecognized tax benefit and LAT (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unrecognized tax benefit | |||
Balance at January 1 | $ 45,939,234 | $ 31,231,376 | $ 20,491,988 |
Additions for tax positions of current year | 14,547,590 | 15,500,052 | 10,813,497 |
Reclassification from prior year tax payable | 13,118,260 | 0 | 0 |
Movement in current year due to foreign exchange rate fluctuation | 0 | 2,001 | |
Reductions for tax positions of prior years | 0 | (76,110) | |
Reduction due to company liquidation | (792,194) | 0 | |
Balance at December 31 | 73,605,084 | 45,939,234 | 31,231,376 |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 12,713,235 | ||
Unrecognized tax benefits, Late payment interests | 1,834,355 | ||
Unrecognized tax benefits, investment loss deduction claim | 12,793,498 | ||
Unrecognized tax benefits, Late payment interests from prior period | $ 324,762 | ||
Unrecognized tax benefits | $ 12,793,498 | $ 0 | |
Minimum [Member] | |||
Unrecognized tax benefit | |||
LAT Progressive Rate | 30.00% | ||
Maximum [Member] | |||
Unrecognized tax benefit | |||
LAT Progressive Rate | 60.00% |
Income taxes - Deferred Tax Ass
Income taxes - Deferred Tax Assets And Liabilities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred tax assets: | ||
Tax loss carried forward | $ 50,163,293 | $ 42,185,810 |
Accruals and provisions | 62,936,343 | 48,850,991 |
Capitalized expenses | 50,288,336 | 26,796,716 |
Revenue recognition at a point in time less tax paid under deemed profit method | 127,927,710 | 130,498,661 |
Revenue recognition of real estate lease income on a straight-line basis | 17,164,019 | 14,269,520 |
Deemed interest expense | 55,979,839 | 43,266,604 |
Valuation allowance | (28,022,499) | (5,941,941) |
Operating lease liability | 2,805,537 | 0 |
Others | 418,310 | 0 |
Total deferred tax assets | 339,660,888 | 299,926,361 |
Deferred tax liabilities: | ||
Revenue recognition over time | (84,241,946) | (77,968,759) |
Real estate properties accelerated cost deduction | (1,193,345) | (1,212,993) |
Taxable temporary differences arising from asset acquisitions | (280,540,093) | (307,747,731) |
Dividend and interest withholding taxes | (49,174,479) | (52,991,279) |
Operating lease right-of-use assets | (2,950,373) | 0 |
Others | (61,732) | |
Total deferred tax liabilities | (418,100,236) | (439,982,494) |
Undistributed earnings from subsidiaries | 491,700,000 | 374,400,000 |
Accrued deferred income tax liabilities | 49,200,000 | 37,400,000 |
Remaining undistributed earnings | 283,700,000 | 227,200,000 |
Unrecognized deferred tax liabilities | 28,400,000 | 22,700,000 |
Consolidation, Eliminations [Member] | U.S. [Member] | ||
Deferred tax liabilities: | ||
Net operating loss carry forwards | 10,300,000 | 1,500,000 |
Consolidation, Eliminations [Member] | PRC [Member] | ||
Deferred tax liabilities: | ||
Net operating loss carry forwards | $ 173,400,000 | $ 159,900,000 |
Operating loss carryforwards expiration period | 20 years | |
Consolidation, Eliminations [Member] | PRC [Member] | Maximum [Member] | ||
Deferred tax liabilities: | ||
Operating loss carryforwards expiration period | 10 years | |
Consolidation, Eliminations [Member] | PRC [Member] | Minimum [Member] | ||
Deferred tax liabilities: | ||
Operating loss carryforwards expiration period | 1 year |
Share-based compensation (Detai
Share-based compensation (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Share-based compensation | |||
Number of share based compensation plans | item | 3 | ||
Compensation cost | $ 5,621,588 | $ 3,382,628 | $ 4,894,478 |
Tax benefit recognized upon the recognition of compensation cost | $ 0 |
Share-based compensation - Equi
Share-based compensation - Equity Incentive Plan, 2007 Long Term Incentive Plan, 2015 Long Term Incentive Plan and 2014 Restricted Stock Unit Plan (Details) | Aug. 30, 2019USD ($)shares | Jul. 29, 2015USD ($)employee$ / sharesshares | Jul. 01, 2015USD ($)employee$ / sharesshares | Apr. 10, 2015USD ($)shares | May 23, 2014USD ($)shares | Jul. 30, 2018USD ($)shares | Jul. 27, 2017USD ($)shares | Apr. 18, 2016USD ($)shares | Nov. 30, 2007$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / shares | Jun. 30, 2015shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Value of shares repurchased | $ | $ 2,920,216 | $ 3,937,057 | $ 3,485,952 | ||||||||||
2007 Plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Options granted | shares | 0 | 0 | |||||||||||
2007 Plan [Member] | Service Condition Shares [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Vesting period for plan | 36 months | ||||||||||||
2007 Plan [Member] | Minimum [Member] | Service Condition Shares [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Exercise price of options granted | $ / shares | $ 1.085 | ||||||||||||
Weighted-average fair value of options granted | $ / shares | $ 0.36 | ||||||||||||
2007 Plan [Member] | Maximum [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Total number of shares authorized | shares | 10,000,000 | ||||||||||||
2007 Plan [Member] | Maximum [Member] | Service Condition Shares [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Exercise price of options granted | $ / shares | $ 1.81 | ||||||||||||
Weighted-average fair value of options granted | $ / shares | $ 0.61 | ||||||||||||
2014 RSU Plan [member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Value of shares repurchased | $ | $ 2,912,539 | $ 3,259,998 | $ 7,042,725 | $ 3,976,660 | $ 3,485,952 | $ 4,003,999 | |||||||
Shares repurchased | shares | 1,438,076 | 2,076,964 | 4,234,884 | 1,732,466 | 0 | 1,614,220 | 1,356,584 | ||||||
Vesting period for plan | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | |||||||
Weighted average grant-date fair value of restricted shares granted | $ / shares | $ 2.12 | $ 2.21 | $ 2.68 | ||||||||||
2014 RSU Plan [member] | Maximum [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Total number of shares authorized | shares | 10,000,000 | ||||||||||||
2015 Plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Options granted | shares | 0 | 0 | |||||||||||
2015 Plan [Member] | Service Condition Shares [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Options granted | shares | 81,600 | 6,574,600 | |||||||||||
Option granted, number of employees | employee | 1 | 22 | |||||||||||
Exercise price of options granted | $ / shares | $ 1.71 | $ 1.71 | |||||||||||
Weighted-average fair value of options granted | $ / shares | $ 0.42 | $ 0.48 | |||||||||||
Total expected compensation cost, net of expected forfeitures | $ | $ 34,294 | $ 3,165,867 | |||||||||||
Vesting period for plan | 33 months | 34 months | |||||||||||
Stock options granted, expiration date | Jul. 29, 2025 | Jul. 1, 2025 | |||||||||||
2015 Plan [Member] | Maximum [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Total number of shares authorized | shares | 20,000,000 |
Share-based compensation - Assu
Share-based compensation - Assumptions (Details) | 12 Months Ended |
Dec. 31, 2015 | |
2007 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected term | 6 years |
Dividend yield | 5.00% |
2007 Plan [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Average risk-free rate of return | 1.82% |
Volatility rate | 46.30% |
2007 Plan [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Average risk-free rate of return | 1.92% |
Volatility rate | 55.20% |
2015 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected term | 6 years |
Dividend yield | 5.00% |
2015 Plan [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Average risk-free rate of return | 1.57% |
Volatility rate | 55.00% |
2015 Plan [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Average risk-free rate of return | 1.92% |
Volatility rate | 55.90% |
Share-based compensation - Shar
Share-based compensation - Share Option Activity 2007 Plan and 2015 Long Term Incentive Plan (Details) | 12 Months Ended | |||
Dec. 31, 2019CNY (¥)shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | |
Aggregate Intrinsic Value | ||||
Recognized share-based compensation expense | ¥ 12,298,534 | $ 1,762,927 | $ 0 | $ 0 |
2007 Plan [Member] | ||||
Number of Options | ||||
Granted | shares | 0 | 0 | 0 | |
Forfeited | shares | 0 | 0 | ||
Weighted Average Exercise Price | ||||
Granted | $ / shares | $ 0 | |||
Forfeited | $ / shares | $ 0 | |||
Weighted Remaining Contractual Life (Years) | ||||
Granted | 0 years | 0 years | ||
Forfeited | 0 years | 0 years | ||
Aggregate Intrinsic Value | ||||
Granted | $ 0 | |||
Forfeited | 0 | |||
Total fair value of options vested | $ 0 | $ 33,919 | 40,703 | |
Common stock, closing share price | $ / shares | $ 1.89 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 0 | |||
2007 Plan [Member] | 1.21 (exercise price) [Member] | ||||
Number of Options | ||||
Outstanding | shares | 12,738 | |||
Outstanding and Exercisable, December 31, 2019 | shares | 12,738 | |||
Weighted Average Exercise Price | ||||
Outstanding | $ / shares | $ 1.21 | |||
Outstanding and Exercisable, December 31, 2019 | $ / shares | $ 1.21 | |||
Weighted Remaining Contractual Life (Years) | ||||
Outstanding | 1 year 11 months 12 days | 1 year 11 months 12 days | ||
Outstanding and Exercisable, December 31, 2019 | 11 months 12 days | 11 months 12 days | ||
Aggregate Intrinsic Value | ||||
Outstanding | $ 32,991 | |||
Outstanding and Exercisable, December 31, 2019 | $ 8,662 | |||
2007 Plan [Member] | 1.085 (exercise price) [Member] | ||||
Number of Options | ||||
Outstanding | shares | 100,000 | |||
Exercised | shares | 40,000 | 40,000 | ||
Outstanding and Exercisable, December 31, 2019 | shares | 60,000 | |||
Weighted Average Exercise Price | ||||
Outstanding | $ / shares | $ 1.085 | |||
Exercised | $ / shares | 1.085 | |||
Outstanding and Exercisable, December 31, 2019 | $ / shares | $ 1.085 | |||
Weighted Remaining Contractual Life (Years) | ||||
Outstanding | 2 years 6 months | 2 years 6 months | ||
Exercised | 0 years | 0 years | ||
Outstanding and Exercisable, December 31, 2019 | 1 year 6 months | 1 year 6 months | ||
Aggregate Intrinsic Value | ||||
Outstanding | $ 271,500 | |||
Exercised | 38,893 | |||
Outstanding and Exercisable, December 31, 2019 | $ 48,300 | |||
2007 Plan [Member] | 1.64 (exercise price) [Member] | ||||
Number of Options | ||||
Outstanding | shares | 100,000 | |||
Outstanding and Exercisable, December 31, 2019 | shares | 100,000 | |||
Weighted Average Exercise Price | ||||
Outstanding | $ / shares | $ 1.64 | |||
Outstanding and Exercisable, December 31, 2019 | $ / shares | $ 1.64 | |||
Weighted Remaining Contractual Life (Years) | ||||
Outstanding | 3 years 10 months 13 days | 3 years 10 months 13 days | ||
Outstanding and Exercisable, December 31, 2019 | 2 years 10 months 13 days | 2 years 10 months 13 days | ||
Aggregate Intrinsic Value | ||||
Outstanding | $ 216,000 | |||
Outstanding and Exercisable, December 31, 2019 | $ 25,000 | |||
2007 Plan [Member] | 1.21 (exercise price) [Member] | ||||
Number of Options | ||||
Outstanding | shares | 39,400 | |||
Outstanding and Exercisable, December 31, 2019 | shares | 39,400 | |||
Weighted Average Exercise Price | ||||
Outstanding | $ / shares | $ 1.21 | |||
Outstanding and Exercisable, December 31, 2019 | $ / shares | $ 1.21 | |||
Weighted Remaining Contractual Life (Years) | ||||
Outstanding | 5 years 6 months | 5 years 6 months | ||
Outstanding and Exercisable, December 31, 2019 | 4 years 6 months | 4 years 6 months | ||
Aggregate Intrinsic Value | ||||
Outstanding | $ 102,046 | |||
Outstanding and Exercisable, December 31, 2019 | $ 26,792 | |||
2007 Plan [Member] | 1.81 (exercise price) [Member] | ||||
Number of Options | ||||
Outstanding | shares | 68,000 | |||
Exercised | shares | 68,000 | 68,000 | ||
Weighted Average Exercise Price | ||||
Outstanding | $ / shares | $ 1.81 | |||
Exercised | $ / shares | $ 1.81 | |||
Weighted Remaining Contractual Life (Years) | ||||
Outstanding | 6 years 10 months 6 days | 6 years 10 months 6 days | ||
Exercised | 0 years | 0 years | ||
Aggregate Intrinsic Value | ||||
Outstanding | $ 135,320 | |||
Exercised | $ 32,116 | |||
2015 Plan [Member] | ||||
Number of Options | ||||
Granted | shares | 0 | 0 | 0 | |
Exercised | shares | 0 | 0 | ||
Forfeited | shares | 0 | 0 | ||
Aggregate Intrinsic Value | ||||
Total fair value of options vested | $ 0 | $ 228,534 | $ 769,798 | |
Common stock, closing share price | $ / shares | $ 1.89 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 0 | |||
2015 Plan [Member] | 1.71 (exercise price) [Member] | ||||
Number of Options | ||||
Outstanding | shares | 2,796,734 | |||
Outstanding and Exercisable, December 31, 2019 | shares | 2,796,734 | |||
Weighted Average Exercise Price | ||||
Outstanding | $ / shares | $ 1.71 | |||
Outstanding and Exercisable, December 31, 2019 | $ / shares | $ 1.71 | |||
Weighted Remaining Contractual Life (Years) | ||||
Outstanding | 6 years 6 months | 6 years 6 months | ||
Outstanding and Exercisable, December 31, 2019 | 5 years 6 months | 5 years 6 months | ||
Aggregate Intrinsic Value | ||||
Outstanding | $ 5,845,173 | |||
Outstanding and Exercisable, December 31, 2019 | $ 5,789,239 |
Share-based compensation - Othe
Share-based compensation - Other awards (Details) | Sep. 28, 2019shares | Jun. 14, 2019CNY (¥)shares | Jun. 14, 2019USD ($)shares | Jan. 31, 2019CNY (¥)shares | Jan. 31, 2019USD ($)shares | Nov. 30, 2019item¥ / sharesshares | Nov. 30, 2019item$ / sharesshares | Oct. 31, 2019shares | Aug. 31, 2019shares | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Jun. 14, 2019USD ($) |
Mr. Zhang Lizhou [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Consideration recognized as liability | ¥ 5,600,000 | $ 802,729 | ||||||||||
Restricted Stock [Member] | Mr. Zhang Lizhou [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Awards transferred back (in shares) | 18,750 | 18,750 | ||||||||||
Consideration refunded for shares transferred back | ¥ 2,800,000 | $ 401,365 | ||||||||||
Percentage of share capital granted as restricted shares transferred to group (as a percent) | 5.00% | 5.00% | ||||||||||
Xinchuang Technology Co., Ltd. ("Xinchuang Technology ") [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares reserved for issuance under employee stock option plan (in shares) | 150,000,000 | |||||||||||
Shares reserved for issuance under the employee stock option plan (as a percent) | 30.00% | |||||||||||
Options granted | 100,000,000 | 100,000,000 | 3,500,000 | |||||||||
Exercise price of share options granted (in dollars per share) | (per share) | ¥ 1 | $ 0.14 | ||||||||||
Number of tranches | item | 5 | 5 | ||||||||||
Xinchuang Technology Co., Ltd. ("Xinchuang Technology ") [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting percentage (as a percent) | 5.00% | 5.00% | ||||||||||
Xinchuang Technology Co., Ltd. ("Xinchuang Technology ") [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting percentage (as a percent) | 5.00% | 5.00% | ||||||||||
Xinchuang Technology Co., Ltd. ("Xinchuang Technology ") [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting percentage (as a percent) | 5.00% | 5.00% | ||||||||||
Xinchuang Technology Co., Ltd. ("Xinchuang Technology ") [Member] | Share-based Payment Arrangement, Tranche Five [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting percentage (as a percent) | 80.00% | 80.00% | ||||||||||
Xinyuan Property Management Service(Cayman) Ltd [Member] | Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Total awards granted | 56,250 | 56,250 | ||||||||||
Restricted shares granted (in shares) | 56,250,000 | |||||||||||
Percentage of share capital granted as restricted shares (as a percent) | 15.00% | 15.00% | ||||||||||
Aggregate consideration | ¥ 8,400,000 | $ 1,204,094 | ||||||||||
Aggregate fair value of the restricted shares granted at the grant date | ¥ 34,400,000 | $ 4,931,051 | ||||||||||
Xinyuan Property Management Service(Cayman) Ltd [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting percentage (as a percent) | 2.00% | 2.00% | ||||||||||
Xinyuan Property Management Service(Cayman) Ltd [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting percentage (as a percent) | 80.00% | 80.00% | ||||||||||
Xinyuan Property Management Service(Cayman) Ltd [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting percentage (as a percent) | 18.00% | 18.00% |
Other payables and accrued li_3
Other payables and accrued liabilities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Other payables and accrued liabilities | ||
Contract deposit | $ 98,280,724 | $ 107,480,079 |
Accrued expenses | 47,003,084 | 51,306,223 |
Debt extinguishment costs | 11,665,069 | 13,761,966 |
Deed tax and maintenance fund withheld for customers | 8,272,296 | 9,998,534 |
Bidding deposit | 4,213,479 | 3,723,584 |
Welfare payable | 1,480,963 | 1,893,635 |
Other tax payable | 26,734,901 | 14,786,612 |
Accrued aircraft operating expense | 1,654,945 | 1,415,369 |
Accrued interest expense | 38,893,375 | 47,214,392 |
Purchase consideration payable for asset acquisitions and business combinations | 66,868,333 | 75,565,148 |
Others | 18,096,825 | 13,961,958 |
Total | $ 323,163,994 | $ 341,107,500 |
Related party and employee tr_3
Related party and employee transactions (Details) - USD ($) | Jun. 06, 2018 | Dec. 01, 2017 | Sep. 12, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 21, 2018 | Jun. 24, 2017 | Apr. 19, 2017 |
Related Party Transaction [Line Items] | |||||||||
Due to Related Parties, Current | $ 53,682,296 | $ 48,502,441 | |||||||
Due to Related Parties, Noncurrent | 31,241,768 | ||||||||
Due to Related Parties | 53,682,296 | 79,744,209 | |||||||
Amounts due from related parties | 200,757,623 | 216,184,205 | |||||||
Due from Related Parties | 283,444,649 | 242,306,391 | |||||||
Interest Payable, Current | 38,893,375 | 47,214,392 | |||||||
Due from Related Parties, Noncurrent | 82,687,026 | 26,122,186 | |||||||
Advances to employees | 2,350,852 | 1,694,416 | |||||||
Gain (Loss) on Investments | 59,970 | ||||||||
Payments to Acquire Businesses, Gross | 604,914 | 8,720,772 | |||||||
Director [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Director's remuneration amount | $ 7,036,954 | 7,056,388 | $ 10,634,720 | ||||||
Maximum [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percentage Of Ownership Sold | 5.54% | ||||||||
Starry Sky | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amounts due from related parties | $ 8,052,075 | ||||||||
Loans receivable interest rate | 0.00% | ||||||||
Working Capital Funds Advanced To Related Parties Current | $ 7,903,416 | ||||||||
Starry Sky | Loans Receivable [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Accrued interest, current | $ 148,659 | ||||||||
Loans receivable interest rate | 10.00% | ||||||||
Working Capital Funds Advanced To Related Parties Current | $ 1,100,070 | ||||||||
I-journey | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amounts due from related parties | 16,366,841 | ||||||||
Xitou | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amounts due from related parties | 14,494,710 | ||||||||
Loans receivable interest rate | 0.00% | ||||||||
Xichuang | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amounts due from related parties | 7,539,604 | ||||||||
Qingdao Huiju Zhihui City Industrial Development Co., Ltd. | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amounts due from related parties | $ 84,455,456 | $ 61,392,033 | |||||||
Equity Method Investment, Ownership Percentage | 49.00% | ||||||||
Qingdao Huiju Zhihui City Industrial Development Co., Ltd. | Maximum [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 70.00% | ||||||||
Henan Hongguang Olympic Real Estate Co Ltd [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amounts due from related parties | 84,031,006 | $ 51,340,375 | |||||||
Madison Development Limited | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amounts due from related parties | 22,988,260 | ||||||||
Due from Related Parties, Noncurrent | 27,739,567 | 0 | |||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||
Advance for Operational Needs Related Parties | 21,055,073 | ||||||||
Madison Development Limited | Loans Receivable [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Accrued interest, current | $ 6,684,494 | ||||||||
Loans receivable interest rate | 15.00% | ||||||||
Suzhou Wanzhuo's non-controlling interest holders | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due to Related Parties, Current | $ 15,997,603 | 23,447,245 | |||||||
Amounts due from related parties | 27,201,258 | ||||||||
Due from Related Parties, Noncurrent | 18,856,638 | 0 | |||||||
Taicang Pengchi's non-controlling interest holders | |||||||||
Related Party Transaction [Line Items] | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 28,836,311 | ||||||||
Xinzheng Meihang Network Technology Co., Ltd. [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due to Related Parties, Current | 27,133,055 | 0 | |||||||
Due to Related Parties, Noncurrent | 31,241,768 | ||||||||
Amounts due from related parties | $ 22,578,925 | 0 | |||||||
Due from Related Parties, Noncurrent | 26,122,186 | ||||||||
Xinzheng Meihang Network Technology Co., Ltd. [Member] | Unsecured Debt [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Debt term | 3 years | ||||||||
Xinzheng Meihang Network Technology Co., Ltd. [Member] | Loans Receivable [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due from Related Parties | $ 22,578,925 | 22,944,780 | |||||||
Loans receivable interest rate | 11.50% | ||||||||
Suzhou Yefangs noncontrolling interest holders [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due to Related Parties, Current | $ 1,496,762 | 11,902,028 | |||||||
Due from Related Parties, Noncurrent | $ 11,466,128 | 0 | |||||||
Beijing Aijieli Technology Development Co Ltd Beijing Ruizhuo Xitou Technology Development Co Ltd And Beijing Ruizhuo Xichuang Technology Development Co Ltd [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Working Capital Funds Advanced To Related Parties Current | 36,699,899 | ||||||||
Beijing Aijieli Technology Development Co Ltd Beijing Ruizhuo Xitou Technology Development Co Ltd And Beijing Ruizhuo Xichuang Technology Development Co Ltd [Member] | Loans Receivable [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Accrued interest, current | 1,701,256 | ||||||||
Working Capital Funds Advanced To Related Parties Current | $ 18,410,797 | ||||||||
Beijing Aijieli Technology Development Co Ltd Beijing Ruizhuo Xitou Technology Development Co Ltd And Beijing Ruizhuo Xichuang Technology Development Co Ltd [Member] | Loans Receivable [Member] | Minimum [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Loans receivable interest rate | 10.00% | ||||||||
Beijing Aijieli Technology Development Co Ltd Beijing Ruizhuo Xitou Technology Development Co Ltd And Beijing Ruizhuo Xichuang Technology Development Co Ltd [Member] | Loans Receivable [Member] | Maximum [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Loans receivable interest rate | 12.00% | ||||||||
Zhengzhou Hangmei Technology Development Co., Ltd. [Member] | Unsecured Debt [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Bears interest | 10.00% | 10.00% | |||||||
Payable face amount | $ 27,133,055 | $ 27,579,790 | |||||||
Interest Payable | 0 | 3,661,978 | |||||||
Taicang Pengchis noncontrolling interest holders [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amounts due from related parties | 5,630,819 | ||||||||
Due from Related Parties, Noncurrent | 24,624,693 | 0 | |||||||
Xin Future Yihao Private Equity Funds [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Other Long-term Investments | $ 2,142,573 | ||||||||
Suzhou Yefang [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||
Payments to Acquire Businesses, Gross | $ 15,615,240 | ||||||||
Suzhou Yefang [Member] | Loans Payable [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Interest Payable, Current | 1,496,762 | ||||||||
Suzhou Wanzhuos [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percentage Of Ownership Sold | 80.00% | ||||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 23,687,327 | ||||||||
Suzhou Wanzhuos [Member] | Loans Payable [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Working capital funds, noncurrent | 18,929,073 | ||||||||
Working Capital Funds Advanced To Related Parties Current | 11,397,546 | ||||||||
Interest Payable, Current | 3,131,821 | $ 3,913,866 | |||||||
Suzhou Wanzhuos [Member] | Loans Payable [Member] | Shareholder Service [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Working Capital Funds Advanced To Related Parties Current | $ 1,468,236 | ||||||||
Suzhou Wanzhuos [Member] | Minimum [Member] | Loans Payable [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Bears interest | 4.25% | 4.25% | |||||||
Suzhou Wanzhuos [Member] | Maximum [Member] | Loans Payable [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Bears interest | 4.75% | 4.75% | |||||||
Suzhou Wanzhuos [Member] | Loans Receivable [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Loans receivable interest rate | 4.75% | ||||||||
Others [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due to Related Parties, Current | $ 9,054,876 | $ 13,153,168 | |||||||
Amounts due from related parties | $ 9,692,236 | $ 1,178,230 |
Related party and employee tr_4
Related party and employee transactions - Additional Informations (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($)item | |
Related Party Transaction [Line Items] | ||
Due from related parties | $ 283,444,649 | $ 242,306,391 |
Maximum [Member] | ||
Related Party Transaction [Line Items] | ||
Percentage Of Ownership Transferred | 5.54% | |
Xinzheng Meihang Network Technology Co., Ltd. [Member] | Loans Receivable [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related parties | $ 22,578,925 | 22,944,780 |
Related party debt term | 3 years | |
Interest received | $ 5,716,045 | |
Accrued interest | 0 | $ 3,177,406 |
Zhengzhou Hangmei Technology Development Co., Ltd. [Member] | ||
Related Party Transaction [Line Items] | ||
Interest repaid | 6,315,967 | |
Beijing Aijieli Technology Development Co Ltd Beijing Ruizhuo Xitou Technology Development Co Ltd And Beijing Ruizhuo Xichuang Technology Development Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Extinguishment of pre-existing receivable | 48,761,943 | |
Suzhou Yefang [Member] | ||
Related Party Transaction [Line Items] | ||
Working Capital Funds Advanced From Related Parties Noncurrent | 11,466,128 | |
Suzhou Wanzhuo's non-controlling interest holders | Loans Receivable [Member] | ||
Related Party Transaction [Line Items] | ||
Working Capital Funds Advanced From Related Parties Noncurrent | $ 18,856,638 | |
Key Management Personnel [Member] | Eight real estate project companies sold | ||
Related Party Transaction [Line Items] | ||
Number of real estate project companies sold | item | 8 | 8 |
Key Management Personnel [Member] | Eight real estate project companies sold | Maximum [Member] | ||
Related Party Transaction [Line Items] | ||
Percentage Of Ownership Transferred | 5.59% | 5.54% |
Key Management Personnel [Member] | Eight real estate project companies sold | Minimum [Member] | ||
Related Party Transaction [Line Items] | ||
Percentage Of Ownership Transferred | 0.57% | 0.50% |
Key Management Personnel [Member] | One real estate project companies sold | ||
Related Party Transaction [Line Items] | ||
Total consideration | $ 1,300,135 | |
Percentage Of Ownership Transferred | 6.03% | |
Non-Controlling Shareholders [Member] | Beijing Aijieli Technology Development Co Ltd Beijing Ruizhuo Xitou Technology Development Co Ltd And Beijing Ruizhuo Xichuang Technology Development Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Extinguishment of pre-existing receivable | $ 168,430 |
Equity (Details)
Equity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | |||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |
Common stock, par value per share | $ 0.0001 | $ 0.0001 | |
Treasury share repurchases | $ 26,080,876 | $ 19,846,720 | $ 14,058,280 |
Dividends per share | $ 0.05 | ||
Distribution of dividends to common shareholders | $ 23,460,775 | ||
Treasury Stock [Member] | |||
Class of Stock [Line Items] | |||
Treasury share repurchases, shares | 11,715,338 | ||
Treasury share repurchases | $ 26,080,876 | $ 19,846,720 | $ 14,058,280 |
Earnings per share (Details)
Earnings per share (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||
Net income attributable to Xinyuan Real Estate Co., Ltd. Shareholders - basic and diluted | $ 68,344,527 | $ 73,034,549 | $ 63,627,551 |
Denominator: | |||
Weighted average number of shares outstanding, basic | 113,482,239 | 127,129,478 | 128,704,610 |
Weighted average number of shares outstanding-diluted | 114,100,896 | 129,140,830 | 131,605,869 |
Basic earnings per share | $ 0.60 | $ 0.57 | $ 0.49 |
Diluted earnings per share | $ 0.60 | $ 0.57 | $ 0.48 |
Employee Stock Option [Member] | |||
Denominator: | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 618,657 | 1,728,058 | 1,877,785 |
Anti-dilutive shares | 0 | 0 | 180,000 |
Restricted Stock [Member] | |||
Denominator: | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 283,294 | 1,023,474 | |
Anti-dilutive shares | 876,400 | 1,019,128 | 0 |
Segment reporting (Details)
Segment reporting (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information | |||
Revenue | $ 2,466,504,041 | $ 2,207,966,313 | |
Lease Income | 16,128,771 | 9,584,972 | $ 8,732,799 |
Total revenue | 2,482,632,812 | 2,217,551,285 | 1,976,907,231 |
Total cost of revenue | (1,922,323,191) | (1,602,072,983) | (1,517,279,018) |
Gross profit | 560,309,621 | 615,478,302 | 459,628,213 |
Operating expenses | (250,447,619) | (240,047,821) | (212,568,458) |
Operating income | 309,862,002 | 375,430,481 | 247,059,755 |
Interest income | 51,493,595 | 31,225,694 | 16,859,086 |
Interest expense | (113,775,360) | (99,245,696) | (66,153,440) |
Net realized gain on short-term investments | 3,075,014 | (3,407,090) | 7,873,987 |
Share of loss in equity investee | (5,416,471) | (9,374,451) | (1,710,070) |
Loss on extinguishment of debt | (8,580,510) | (21,443,949) | (15,879,702) |
Exchange gains | (7,376,009) | (25,677,654) | 756,926 |
Unrealized income on short-term investments | (1,623,814) | 1,150,200 | 2,095,979 |
Other income | 5,848,727 | 1,741,732 | 2,326,010 |
Income/(loss) before income taxes | 233,507,174 | 250,399,267 | 193,228,531 |
Income tax benefit/(expense) | (150,478,372) | (144,447,247) | (113,117,126) |
Net income | 83,028,802 | 105,952,020 | 80,111,405 |
Depreciation and amortization | 17,584,443 | 15,132,875 | 13,727,526 |
Capital expenditure | 11,645,673 | 16,654,387 | 9,761,856 |
Real estate properties development completed | 458,204,518 | 632,359,691 | 840,393,193 |
Real estate properties under development | 3,254,387,749 | 4,068,716,308 | 1,996,000,653 |
Real estate properties held for lease | 515,868,908 | 302,764,217 | 277,933,313 |
Total long-lived assets | 1,776,601,324 | 1,342,491,007 | 1,314,221,789 |
Total assets | 7,421,664,433 | 8,033,712,672 | 6,384,434,270 |
Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 2,387,031,568 | 2,139,370,792 | 1,924,560,806 |
Total cost of revenue | (1,851,819,293) | (1,543,974,061) | (1,474,067,213) |
Real estate lease income [Member] | |||
Segment Reporting Information | |||
Lease Income | 16,128,771 | 9,584,972 | 8,732,799 |
Total cost of revenue | (12,757,251) | (9,348,616) | (11,006,122) |
Real estate management services income [Member] | |||
Segment Reporting Information | |||
Revenue | 67,488,169 | 63,447,420 | 41,738,319 |
Total cost of revenue | (40,889,231) | (44,619,783) | (31,646,448) |
Other revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 11,984,304 | 5,148,101 | 1,875,307 |
Total cost of revenue | (16,857,416) | (4,130,523) | (559,235) |
Henan [Member] | |||
Segment Reporting Information | |||
Lease Income | 6,630,994 | 4,463,583 | 3,567,372 |
Total revenue | 1,396,894,717 | 1,010,782,815 | 891,789,797 |
Total cost of revenue | (1,091,986,990) | (706,606,201) | (610,989,816) |
Gross profit | 304,907,727 | 304,176,614 | 280,799,981 |
Operating expenses | (70,839,873) | (62,812,091) | (64,061,347) |
Operating income | 234,067,854 | 241,364,523 | 216,738,634 |
Interest income | 42,379,712 | 23,934,452 | 11,355,876 |
Interest expense | (14,805,529) | (15,091,954) | (18,393,523) |
Net realized gain on short-term investments | 183,450 | 183,450 | 3,110,564 |
Share of loss in equity investee | (1,370,440) | (1,342,875) | (1,062,499) |
Loss on extinguishment of debt | (8,044,499) | (24,665,987) | 0 |
Exchange gains | 12,524,863 | (13,029,174) | (362,736) |
Unrealized income on short-term investments | 0 | 151,003 | |
Other income | 4,536,260 | (3,773,556) | 2,326,004 |
Income/(loss) before income taxes | 269,471,671 | 207,578,879 | 213,863,323 |
Income tax benefit/(expense) | (69,803,421) | (66,585,136) | (77,985,230) |
Net income | 199,668,250 | 140,993,743 | 135,878,093 |
Depreciation and amortization | 5,553,392 | 5,881,359 | 5,597,930 |
Capital expenditure | 6,263,956 | 8,700,583 | 5,756,237 |
Real estate properties development completed | 133,572,883 | 119,978,648 | 49,708,034 |
Real estate properties under development | 886,160,682 | 1,630,532,021 | 937,340,899 |
Real estate properties held for lease | 109,809,942 | 72,389,385 | 53,783,548 |
Total long-lived assets | 524,367,010 | 370,303,455 | 207,599,517 |
Total assets | 2,882,024,764 | 3,326,001,406 | 2,715,305,431 |
Henan [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 1,382,533,759 | 1,002,960,937 | 886,207,602 |
Total cost of revenue | (1,082,472,232) | (701,238,639) | (607,656,121) |
Henan [Member] | Real estate lease income [Member] | |||
Segment Reporting Information | |||
Total cost of revenue | (2,348,963) | (2,245,710) | (2,170,672) |
Henan [Member] | Real estate management services income [Member] | |||
Segment Reporting Information | |||
Revenue | 7,578,862 | 3,061,093 | 1,505,932 |
Total cost of revenue | (4,716,112) | (2,733,062) | (935,942) |
Henan [Member] | Other revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 151,102 | 297,202 | 508,891 |
Total cost of revenue | (2,449,683) | (388,790) | (227,081) |
Shandong [Member] | |||
Segment Reporting Information | |||
Lease Income | 321,819 | 497,354 | 183,530 |
Total revenue | 276,142,822 | 292,265,667 | 252,423,012 |
Total cost of revenue | (222,754,891) | (230,042,111) | (205,050,360) |
Gross profit | 53,387,931 | 62,223,556 | 47,372,652 |
Operating expenses | (14,770,303) | (12,610,671) | (10,497,498) |
Operating income | 38,617,628 | 49,612,885 | 36,875,154 |
Interest income | 436,165 | 478,524 | 338,069 |
Interest expense | (3,061,587) | 0 | (362,759) |
Net realized gain on short-term investments | 0 | 0 | |
Share of loss in equity investee | (922,281) | (1,067,320) | (974,405) |
Loss on extinguishment of debt | 0 | 0 | |
Exchange gains | 0 | 0 | |
Unrealized income on short-term investments | 0 | 0 | |
Other income | 866 | (162,149) | 0 |
Income/(loss) before income taxes | 35,070,791 | 48,861,940 | 35,876,059 |
Income tax benefit/(expense) | (23,020,472) | (24,338,485) | (11,359,619) |
Net income | 12,050,319 | 24,523,455 | 24,516,440 |
Depreciation and amortization | 433,948 | 664,325 | 416,607 |
Capital expenditure | 64,816 | 4,689,576 | 11,636 |
Real estate properties development completed | 34,351,045 | 46,110,853 | 82,128,992 |
Real estate properties under development | 359,079,121 | 520,017,386 | 78,988,478 |
Real estate properties held for lease | 6,954,550 | 7,929,336 | 5,633,936 |
Total long-lived assets | 509,819,916 | 500,658,792 | 420,656,893 |
Total assets | 573,869,426 | 902,384,756 | 693,368,606 |
Shandong [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 275,120,959 | 291,763,807 | 252,186,589 |
Total cost of revenue | (220,925,677) | (228,347,098) | (204,691,234) |
Shandong [Member] | Real estate lease income [Member] | |||
Segment Reporting Information | |||
Total cost of revenue | (561,264) | (470,614) | (348,420) |
Shandong [Member] | Real estate management services income [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 0 | |
Total cost of revenue | 0 | 0 | |
Shandong [Member] | Other revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 700,044 | 4,506 | 52,893 |
Total cost of revenue | (1,267,950) | (1,224,399) | (10,706) |
Jiangsu [Member] | |||
Segment Reporting Information | |||
Lease Income | 917,227 | 0 | |
Total revenue | 331,743,582 | 284,409,505 | |
Total cost of revenue | (217,052,885) | (251,246,196) | |
Gross profit | 114,690,697 | 33,163,309 | |
Operating expenses | (15,284,915) | (16,659,076) | |
Operating income | 99,405,782 | 16,504,233 | |
Interest income | 568,283 | 218,937 | |
Interest expense | (1,009,438) | (1,829,665) | |
Net realized gain on short-term investments | 0 | 7,395 | |
Share of loss in equity investee | (949,748) | (2,818) | |
Loss on extinguishment of debt | 0 | 0 | |
Exchange gains | 0 | 0 | |
Unrealized income on short-term investments | 0 | 0 | |
Other income | 391,338 | 0 | |
Income/(loss) before income taxes | 98,406,217 | 14,898,082 | |
Income tax benefit/(expense) | (33,672,476) | (6,913,466) | |
Net income | 64,733,741 | 7,984,616 | |
Depreciation and amortization | 2,398,697 | 3,445,463 | |
Capital expenditure | 6,226 | 13,725 | |
Real estate properties development completed | 38,293,044 | 13,625,012 | |
Real estate properties under development | 240,985,540 | 217,051,399 | |
Real estate properties held for lease | 39,824,983 | 38,824,172 | |
Total long-lived assets | 95,890,366 | 50,598,511 | |
Total assets | 740,208,056 | 459,080,321 | |
Jiangsu [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 330,352,688 | 284,388,321 | |
Total cost of revenue | (214,621,791) | (247,765,242) | |
Jiangsu [Member] | Real estate lease income [Member] | |||
Segment Reporting Information | |||
Total cost of revenue | (2,336,287) | (3,353,579) | |
Jiangsu [Member] | Real estate management services income [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 0 | |
Total cost of revenue | 0 | 0 | |
Jiangsu [Member] | Other revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 473,667 | 21,184 | |
Total cost of revenue | (94,807) | (127,375) | |
Sichuan [Member] | |||
Segment Reporting Information | |||
Lease Income | 728,016 | 86,593 | 0 |
Total revenue | 86,980,800 | 81,106,616 | 79,141,477 |
Total cost of revenue | (82,568,113) | (76,832,660) | (71,491,161) |
Gross profit | 4,412,687 | 4,273,956 | 7,650,316 |
Operating expenses | (8,011,273) | (4,275,577) | (3,772,416) |
Operating income | (3,598,586) | (1,621) | 3,877,900 |
Interest income | 493,469 | 104,895 | 100,988 |
Interest expense | (2,259,789) | 0 | |
Net realized gain on short-term investments | 0 | 0 | |
Share of loss in equity investee | (3,719,920) | 0 | |
Loss on extinguishment of debt | 0 | 0 | |
Exchange gains | 0 | 0 | |
Unrealized income on short-term investments | 0 | 0 | |
Other income | 246,927 | 4,585,338 | 0 |
Income/(loss) before income taxes | (2,858,190) | (1,291,097) | 3,978,888 |
Income tax benefit/(expense) | (2,864,732) | (1,312,549) | (812,628) |
Net income | (5,722,922) | (2,603,646) | 3,166,260 |
Depreciation and amortization | 635,494 | 553,823 | 218,043 |
Capital expenditure | 26,254 | 10,229 | 22,550 |
Real estate properties development completed | 64,327,235 | 88,492,260 | 146,791,480 |
Real estate properties under development | 619,020,458 | 620,344,540 | 0 |
Real estate properties held for lease | 34,515,933 | 36,086,237 | 23,503,438 |
Total long-lived assets | 44,244,900 | 37,986,138 | 391,437,638 |
Total assets | 897,210,854 | 839,829,759 | 584,350,518 |
Sichuan [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 85,189,227 | 80,701,160 | 79,054,170 |
Total cost of revenue | (81,765,082) | (75,842,475) | (71,332,282) |
Sichuan [Member] | Real estate lease income [Member] | |||
Segment Reporting Information | |||
Total cost of revenue | (799,359) | (554,861) | (158,879) |
Sichuan [Member] | Real estate management services income [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 0 | |
Total cost of revenue | 0 | 0 | |
Sichuan [Member] | Other revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 1,063,557 | 318,863 | 87,307 |
Total cost of revenue | (3,672) | (435,324) | 0 |
Beijing [Member] | |||
Segment Reporting Information | |||
Lease Income | 657,451 | 0 | 0 |
Total revenue | 130,467,541 | 14,490,399 | 540,766 |
Total cost of revenue | (98,125,392) | (9,355,460) | (414,729) |
Gross profit | 32,342,149 | 5,134,939 | 126,037 |
Operating expenses | (73,333,124) | (64,432,460) | (44,507,378) |
Operating income | (40,990,975) | (59,297,521) | (44,381,341) |
Interest income | 2,241,516 | 1,388,846 | 516,950 |
Interest expense | (7,385,692) | (2,137,378) | (5,056,962) |
Net realized gain on short-term investments | 0 | 9,077 | |
Share of loss in equity investee | 0 | 0 | |
Loss on extinguishment of debt | 0 | 0 | |
Exchange gains | (1,544) | 0 | |
Unrealized income on short-term investments | 0 | 0 | |
Other income | 909,298 | (521,424) | 0 |
Income/(loss) before income taxes | (45,225,853) | (60,569,021) | (48,912,276) |
Income tax benefit/(expense) | (9,456,395) | 5,810,925 | 4,065,308 |
Net income | (54,682,248) | (54,758,096) | (44,846,968) |
Depreciation and amortization | 2,732,083 | 1,506,886 | 767,841 |
Capital expenditure | 1,142,809 | 2,279,441 | 2,960,195 |
Real estate properties development completed | 60,683,848 | 42,003,855 | 52,675,024 |
Real estate properties under development | 266,984,229 | 214,011,166 | 200,296,958 |
Real estate properties held for lease | 7,520,601 | 0 | 0 |
Total long-lived assets | 61,281,191 | 42,680,909 | 16,714,738 |
Total assets | 470,434,500 | 340,188,589 | 296,118,475 |
Beijing [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 126,540,125 | 12,314,328 | 540,766 |
Total cost of revenue | (92,849,397) | (9,355,460) | (363,305) |
Beijing [Member] | Real estate lease income [Member] | |||
Segment Reporting Information | |||
Total cost of revenue | (481,276) | 0 | 0 |
Beijing [Member] | Real estate management services income [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 0 | |
Total cost of revenue | 0 | 0 | |
Beijing [Member] | Other revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 3,269,965 | 2,176,071 | 0 |
Total cost of revenue | (4,794,719) | 0 | (51,424) |
Hainan [Member] | |||
Segment Reporting Information | |||
Lease Income | 0 | 0 | |
Total revenue | 43,820,016 | 170,083,021 | 87,315,653 |
Total cost of revenue | (31,766,627) | (87,714,817) | (55,295,321) |
Gross profit | 12,053,389 | 82,368,204 | 32,020,332 |
Operating expenses | (2,514,263) | (12,088,762) | (7,726,269) |
Operating income | 9,539,126 | 70,279,442 | 24,294,063 |
Interest income | 3,208 | 22,667 | 26,443 |
Interest expense | (11,507) | 0 | 0 |
Net realized gain on short-term investments | 0 | 0 | |
Share of loss in equity investee | 0 | 0 | |
Loss on extinguishment of debt | 0 | 0 | |
Exchange gains | 0 | 0 | |
Unrealized income on short-term investments | 0 | 0 | |
Other income | 156,235 | 32,867 | 0 |
Income/(loss) before income taxes | 9,687,062 | 70,334,976 | 24,320,506 |
Income tax benefit/(expense) | (4,643,587) | (33,888,754) | (10,189,683) |
Net income | 5,043,475 | 36,446,222 | 14,130,823 |
Depreciation and amortization | 29,414 | 44,773 | 148,453 |
Capital expenditure | 3,712 | 0 | 1,361 |
Real estate properties development completed | 6,627,299 | 31,716,745 | 97,350,745 |
Real estate properties under development | 0 | 0 | |
Real estate properties held for lease | 888,150 | 0 | 0 |
Total long-lived assets | 6,664,536 | 5,953,273 | 609,466 |
Total assets | 27,393,755 | 39,269,241 | 108,984,575 |
Hainan [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 43,820,016 | 169,606,837 | 87,304,257 |
Total cost of revenue | (31,764,435) | (87,710,266) | (55,291,475) |
Hainan [Member] | Real estate lease income [Member] | |||
Segment Reporting Information | |||
Total cost of revenue | 0 | 0 | |
Hainan [Member] | Real estate management services income [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 0 | |
Total cost of revenue | 0 | 0 | |
Hainan [Member] | Other revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 476,184 | 11,396 | |
Total cost of revenue | (2,192) | (4,551) | (3,846) |
Hunan [Member] | |||
Segment Reporting Information | |||
Lease Income | 135,279 | 111,408 | 6,071 |
Total revenue | 158,657,679 | 97,756,305 | 133,623,535 |
Total cost of revenue | (112,401,205) | (102,979,451) | (108,104,554) |
Gross profit | 46,256,474 | (5,223,146) | 25,518,981 |
Operating expenses | (3,991,323) | (11,008,482) | (10,099,854) |
Operating income | 42,265,151 | (16,231,628) | 15,419,127 |
Interest income | 182,529 | 194,297 | 320,666 |
Interest expense | 0 | 0 | |
Net realized gain on short-term investments | 0 | 0 | |
Share of loss in equity investee | 0 | 0 | |
Loss on extinguishment of debt | 0 | 0 | |
Exchange gains | 0 | 0 | |
Unrealized income on short-term investments | 0 | 0 | |
Other income | (17,844) | 27,078 | 0 |
Income/(loss) before income taxes | 42,429,836 | (16,010,253) | 15,739,793 |
Income tax benefit/(expense) | (16,123,072) | 14,764,618 | (2,560,610) |
Net income | 26,306,764 | (1,245,635) | 13,179,183 |
Depreciation and amortization | 1,668,279 | 1,395,291 | 185,123 |
Capital expenditure | 44,058 | 278 | 21,262 |
Real estate properties development completed | 7,540,854 | 7,340,408 | 49,346,740 |
Real estate properties under development | 6,433,260 | 113,205,249 | 109,107,637 |
Real estate properties held for lease | 60,967,850 | 47,347,197 | 50,422,065 |
Total long-lived assets | 62,686,470 | 48,805,523 | 51,791,292 |
Total assets | 107,134,983 | 274,708,013 | 266,196,168 |
Hunan [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 157,938,663 | 97,162,300 | 133,499,073 |
Total cost of revenue | (110,346,111) | (100,986,641) | (107,834,718) |
Hunan [Member] | Real estate lease income [Member] | |||
Segment Reporting Information | |||
Total cost of revenue | (1,693,085) | (1,475,782) | (174,601) |
Hunan [Member] | Real estate management services income [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 0 | |
Total cost of revenue | 0 | 0 | |
Hunan [Member] | Other revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 583,737 | 482,597 | 118,391 |
Total cost of revenue | (362,009) | (517,028) | (95,235) |
Shanghai [Member] | |||
Segment Reporting Information | |||
Lease Income | 2,920,280 | 641,119 | 209,186 |
Total revenue | 283,474,831 | 641,119 | 1,187,682 |
Total cost of revenue | (204,269,639) | (295,775) | (996,187) |
Gross profit | 79,205,192 | 345,344 | 191,495 |
Operating expenses | (18,080,374) | (163,680) | (747,409) |
Operating income | 61,124,818 | 181,664 | (555,914) |
Interest income | 306,228 | 62,536 | 268,325 |
Interest expense | (1,066,270) | (1,689,514) | (2,100,301) |
Net realized gain on short-term investments | 0 | 0 | |
Share of loss in equity investee | (613,155) | 0 | 0 |
Loss on extinguishment of debt | 0 | 0 | |
Exchange gains | 0 | 0 | |
Unrealized income on short-term investments | 0 | 0 | |
Other income | 47,762 | (1,822) | 0 |
Income/(loss) before income taxes | 59,799,383 | (1,447,136) | (2,387,890) |
Income tax benefit/(expense) | (28,043,624) | 1,503,472 | 686,619 |
Net income | 31,755,759 | 56,336 | (1,701,271) |
Depreciation and amortization | 2,622,483 | 277,113 | 68,648 |
Capital expenditure | 2,579 | 0 | 0 |
Real estate properties development completed | 106,796,363 | 82,320,988 | 90,003,702 |
Real estate properties under development | 123,381,923 | 0 | 0 |
Real estate properties held for lease | 40,675,960 | 4,037,272 | 4,578,302 |
Total long-lived assets | 183,400,846 | 4,056,266 | 4,639,263 |
Total assets | 752,136,052 | 95,034,595 | 103,055,884 |
Shanghai [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 279,731,401 | 0 | 973,450 |
Total cost of revenue | (201,704,497) | (57,369) | (664,093) |
Shanghai [Member] | Real estate lease income [Member] | |||
Segment Reporting Information | |||
Total cost of revenue | (2,565,142) | (238,406) | (332,094) |
Shanghai [Member] | Real estate management services income [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 0 | |
Total cost of revenue | 0 | 0 | |
Shanghai [Member] | Other revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 823,150 | 0 | 5,046 |
Total cost of revenue | 0 | 0 | |
Tianjin [Member] | |||
Segment Reporting Information | |||
Lease Income | 0 | 0 | |
Total revenue | 86,165,309 | 38,647,065 | |
Total cost of revenue | (56,487,052) | (23,602,129) | |
Gross profit | 29,678,257 | 15,044,936 | |
Operating expenses | (5,904,656) | (6,001,987) | |
Operating income | 23,773,601 | 9,042,949 | |
Interest income | 230,432 | 271,527 | |
Interest expense | 0 | (1,214,368) | |
Net realized gain on short-term investments | 0 | 0 | |
Share of loss in equity investee | 0 | 0 | |
Loss on extinguishment of debt | 0 | 0 | |
Exchange gains | 0 | 0 | |
Unrealized income on short-term investments | 0 | 0 | |
Other income | (948,161) | 0 | |
Income/(loss) before income taxes | 23,055,872 | 8,100,108 | |
Income tax benefit/(expense) | (8,088,479) | (1,713,343) | |
Net income | 14,967,393 | 6,386,765 | |
Depreciation and amortization | 150,980 | 9,836 | |
Capital expenditure | 290,791 | 20,322 | |
Real estate properties development completed | 0 | 0 | |
Real estate properties under development | 106,218,839 | 40,379,791 | |
Real estate properties held for lease | 0 | 0 | |
Total long-lived assets | 6,535,427 | 1,706,170 | |
Total assets | 185,400,019 | 98,249,020 | |
Tianjin [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 86,165,279 | 38,646,991 | |
Total cost of revenue | (56,487,052) | (23,602,129) | |
Tianjin [Member] | Real estate lease income [Member] | |||
Segment Reporting Information | |||
Total cost of revenue | 0 | 0 | |
Tianjin [Member] | Real estate management services income [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 0 | |
Total cost of revenue | 0 | 0 | |
Tianjin [Member] | Other revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 30 | 74 | |
Total cost of revenue | 0 | 0 | |
Shaanxi [Member] | |||
Segment Reporting Information | |||
Lease Income | 3,301,027 | 2,064,129 | 3,832,764 |
Total revenue | 13,002,066 | 63,323,382 | 67,472,485 |
Total cost of revenue | (9,984,966) | (64,519,608) | (50,936,208) |
Gross profit | 3,017,100 | (1,196,226) | 16,536,277 |
Operating expenses | (5,808,638) | (5,834,584) | (9,123,653) |
Operating income | (2,791,538) | (7,030,810) | 7,412,624 |
Interest income | 12,795 | 78,014 | 69,336 |
Interest expense | (138,107) | (915,585) | 0 |
Net realized gain on short-term investments | 0 | 0 | |
Share of loss in equity investee | 0 | 0 | |
Loss on extinguishment of debt | 0 | 0 | |
Exchange gains | 0 | 0 | |
Unrealized income on short-term investments | 0 | 0 | |
Other income | (199,670) | (120,442) | 0 |
Income/(loss) before income taxes | (3,116,520) | (7,988,823) | 7,481,960 |
Income tax benefit/(expense) | 2,210,548 | 1,735,041 | (840,827) |
Net income | (905,972) | (6,253,782) | 6,641,133 |
Depreciation and amortization | 1,873,910 | 1,888,104 | 1,766,074 |
Capital expenditure | 16,761 | 13,183 | 9,571 |
Real estate properties development completed | 43,103,208 | 48,352,943 | 127,107,105 |
Real estate properties under development | 162,947,850 | 150,381,455 | 140,257,927 |
Real estate properties held for lease | 91,474,049 | 94,612,752 | 100,574,370 |
Total long-lived assets | 100,419,560 | 125,890,353 | 125,298,084 |
Total assets | 338,107,052 | 330,029,859 | 440,219,180 |
Shaanxi [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 6,917,948 | 58,795,214 | 63,283,292 |
Total cost of revenue | (6,510,485) | (59,670,857) | (46,516,108) |
Shaanxi [Member] | Real estate lease income [Member] | |||
Segment Reporting Information | |||
Total cost of revenue | (2,913,152) | (1,978,147) | (4,420,100) |
Shaanxi [Member] | Real estate management services income [Member] | |||
Segment Reporting Information | |||
Revenue | 2,783,091 | 2,464,039 | 356,429 |
Total cost of revenue | (561,329) | (2,870,604) | 0 |
Shaanxi [Member] | Other revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 0 | |
Total cost of revenue | 0 | 0 | |
US subsidiaries [Member] | |||
Segment Reporting Information | |||
Lease Income | 893,982 | 0 | 0 |
Total revenue | 1,940,073 | 9,386,572 | 98,784,088 |
Total cost of revenue | (2,792,781) | (9,357,970) | (108,350,506) |
Gross profit | (852,708) | 28,602 | (9,566,418) |
Operating expenses | (9,414,601) | (4,654,552) | (10,597,926) |
Operating income | (10,267,309) | (4,625,950) | (20,164,344) |
Interest income | 48,285 | 3,311 | 0 |
Interest expense | (3,472,559) | (3,501,863) | (3,570,310) |
Net realized gain on short-term investments | 0 | 0 | |
Share of loss in equity investee | 0 | 0 | |
Loss on extinguishment of debt | 0 | 0 | |
Exchange gains | 0 | 0 | |
Unrealized income on short-term investments | 0 | 0 | |
Other income | 2,093,750 | 6 | |
Income/(loss) before income taxes | (13,691,583) | (6,030,752) | (23,734,648) |
Income tax benefit/(expense) | 2,921,151 | 3,037,875 | 8,694,642 |
Net income | (10,770,432) | (2,992,877) | (15,040,006) |
Depreciation and amortization | 1,665,384 | 232,618 | |
Depreciation and amortization | (95,404) | ||
Capital expenditure | 3,579,071 | 89,510 | 257,643 |
Real estate properties development completed | 1,201,783 | 127,749,947 | 131,656,359 |
Real estate properties under development | 230,860,737 | 199,665,838 | 168,236,598 |
Real estate properties held for lease | 162,599,274 | 0 | 0 |
Total long-lived assets | 176,115,157 | 25,781,516 | 19,666,135 |
Total assets | 439,770,834 | 384,883,423 | 354,473,170 |
US subsidiaries [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 750,000 | 8,815,926 | 98,476,295 |
Total cost of revenue | (1,444,563) | (9,357,970) | (108,350,506) |
US subsidiaries [Member] | Real estate lease income [Member] | |||
Segment Reporting Information | |||
Total cost of revenue | (1,348,218) | 0 | 0 |
US subsidiaries [Member] | Real estate management services income [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 0 | |
Total cost of revenue | 0 | 0 | |
US subsidiaries [Member] | Other revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 296,091 | 570,646 | 307,793 |
Total cost of revenue | 0 | 0 | |
Guangdong [Member] | |||
Segment Reporting Information | |||
Lease Income | 0 | 19,659 | |
Total revenue | 9,738,197 | 0 | 19,659 |
Total cost of revenue | (6,821,557) | 0 | (10,342) |
Gross profit | 2,916,640 | 0 | 9,317 |
Operating expenses | (1,966,796) | (1,185,184) | (680,754) |
Operating income | 949,844 | (1,185,184) | (671,437) |
Interest income | 13,533 | 5,506 | 264 |
Interest expense | 0 | ||
Net realized gain on short-term investments | 0 | ||
Share of loss in equity investee | (2,903,841) | (1,295,899) | |
Loss on extinguishment of debt | 0 | ||
Exchange gains | 0 | ||
Unrealized income on short-term investments | 0 | ||
Other income | (289,485) | 0 | |
Income/(loss) before income taxes | (2,229,949) | (2,475,577) | (671,173) |
Income tax benefit/(expense) | (1,017,315) | (392,906) | 145,513 |
Net income | (3,247,264) | (2,868,483) | (525,660) |
Depreciation and amortization | 41,616 | 137,262 | 38 |
Capital expenditure | 0 | 392,779 | |
Real estate properties development completed | 0 | ||
Real estate properties under development | 372,170,620 | 102,997,747 | 93,205,573 |
Real estate properties held for lease | 0 | ||
Total long-lived assets | 18,237,255 | 23,600,985 | 125,896 |
Total assets | 414,319,137 | 134,196,645 | 93,723,704 |
Guangdong [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 9,738,197 | 0 | |
Total cost of revenue | (6,821,557) | 0 | |
Guangdong [Member] | Real estate lease income [Member] | |||
Segment Reporting Information | |||
Total cost of revenue | 0 | ||
Guangdong [Member] | Real estate management services income [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | ||
Total cost of revenue | 0 | ||
Guangdong [Member] | Other revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | ||
Total cost of revenue | 0 | (10,342) | |
Hubei [Member] | |||
Segment Reporting Information | |||
Total cost of revenue | (23,397) | ||
Gross profit | (23,397) | ||
Operating expenses | (3,429,583) | (1,949,565) | |
Operating income | (3,452,980) | (1,949,565) | |
Interest income | 1,695 | ||
Other income | 1,180 | ||
Income/(loss) before income taxes | (3,451,285) | (1,948,385) | |
Income tax benefit/(expense) | 704,284 | (152,722) | |
Net income | (2,747,001) | (2,101,107) | |
Depreciation and amortization | 46,012 | 15,028 | |
Capital expenditure | 4,821 | 197,756 | |
Real estate properties under development | 141,707,492 | 124,701,587 | |
Total long-lived assets | 934,102 | 176,034 | |
Total assets | 148,165,478 | 127,532,829 | |
Hubei [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Total cost of revenue | (23,397) | ||
Liaoning [Member] | |||
Segment Reporting Information | |||
Total revenue | 18,621,886 | 427,072 | |
Total cost of revenue | (13,440,458) | (298,443) | |
Gross profit | 5,181,428 | 128,629 | |
Operating expenses | (2,801,220) | (1,485,827) | |
Operating income | 2,380,208 | (1,357,198) | |
Interest income | 13,240 | 5,966 | |
Exchange gains | 335,310 | ||
Other income | 64,155 | ||
Income/(loss) before income taxes | 2,457,603 | (1,015,922) | |
Income tax benefit/(expense) | (717,299) | 689,435 | |
Net income | 1,740,304 | (326,487) | |
Depreciation and amortization | 16,987 | 8,235 | |
Capital expenditure | 25,188 | 58,259 | |
Real estate properties under development | 58,153,297 | 30,590,778 | |
Total long-lived assets | 1,084,510 | 337,113 | |
Total assets | 73,223,300 | 34,993,328 | |
Liaoning [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 18,621,886 | 427,072 | |
Total cost of revenue | (13,440,458) | (298,443) | |
Property Management [Member] | |||
Segment Reporting Information | |||
Lease Income | 483,944 | ||
Total revenue | 58,798,108 | ||
Total cost of revenue | (36,735,908) | ||
Gross profit | 22,062,200 | ||
Operating expenses | (7,076,960) | ||
Operating income | 14,985,240 | ||
Interest income | 681,464 | ||
Share of loss in equity investee | (630,775) | ||
Exchange gains | (236,736) | ||
Other income | 124,295 | ||
Income/(loss) before income taxes | 14,923,488 | ||
Income tax benefit/(expense) | (241,601) | ||
Net income | 14,681,887 | ||
Depreciation and amortization | 189,503 | ||
Capital expenditure | 352,073 | ||
Total long-lived assets | 8,335,524 | ||
Total assets | 106,315,123 | ||
Property Management [Member] | Real estate management services income [Member] | |||
Segment Reporting Information | |||
Revenue | 57,126,216 | ||
Total cost of revenue | (35,611,790) | ||
Property Management [Member] | Other revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 1,187,948 | ||
Total cost of revenue | (1,124,118) | ||
Others [Member] | |||
Segment Reporting Information | |||
Lease Income | 55,979 | 803,559 | 914,217 |
Total revenue | 4,094,076 | 59,379,426 | 41,552,507 |
Total cost of revenue | (8,651,267) | (40,530,550) | (30,791,509) |
Gross profit | (4,557,191) | 18,848,876 | 10,760,998 |
Operating expenses | (28,409,288) | (36,356,815) | (28,092,891) |
Operating income | (32,966,479) | (17,507,939) | (17,331,893) |
Interest income | 4,679,756 | 4,147,965 | 3,371,705 |
Interest expense | (83,834,109) | (72,640,175) | (33,625,552) |
Net realized gain on short-term investments | 2,891,564 | (3,590,540) | 4,746,951 |
Share of loss in equity investee | 1,024,021 | (998,689) | 329,652 |
Loss on extinguishment of debt | (536,011) | 3,222,038 | (15,879,702) |
Exchange gains | (19,664,136) | (12,982,246) | 1,119,662 |
Unrealized income on short-term investments | (1,623,814) | 1,150,200 | 1,944,976 |
Other income | 269,928 | 137,735 | 0 |
Income/(loss) before income taxes | (129,759,280) | (99,061,651) | (55,324,201) |
Income tax benefit/(expense) | (382,837) | (3,557,106) | (14,333,802) |
Net income | (130,142,117) | (102,618,757) | (69,658,003) |
Depreciation and amortization | 75,938 | 306,403 | 870,852 |
Capital expenditure | 119,575 | 318,555 | 294,575 |
Real estate properties development completed | 0 | 0 | |
Real estate properties under development | 27,488,080 | 15,064,162 | 11,135,393 |
Real estate properties held for lease | 462,599 | 537,055 | 613,482 |
Total long-lived assets | 79,010,347 | 53,834,857 | 23,378,186 |
Total assets | 191,559,175 | 279,052,154 | 171,309,218 |
Others [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 129,387 | 305,244 | 0 |
Total cost of revenue | (1,751,402) | 0 | 0 |
Others [Member] | Real estate lease income [Member] | |||
Segment Reporting Information | |||
Total cost of revenue | (46,792) | (48,809) | (47,777) |
Others [Member] | Real estate management services income [Member] | |||
Segment Reporting Information | |||
Revenue | 57,922,288 | 39,875,958 | |
Total cost of revenue | (39,016,117) | (30,710,506) | |
Others [Member] | Other revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 3,908,710 | 348,335 | 762,332 |
Total cost of revenue | $ (6,853,073) | $ (1,465,624) | $ (33,226) |
Segment reporting - Additional
Segment reporting - Additional Information (Details) - customer | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment reporting | |||
Number of customer accounts | 0 | 0 | 0 |
Commitments and contingencies_2
Commitments and contingencies (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
May 31, 2019 | Dec. 31, 2016 | May 31, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other commitments | ||||||
2020 | $ 559,280,163 | |||||
2021 | 662,777,841 | |||||
2022 | 116,494,755 | |||||
2023 | 28,682,333 | |||||
2024 and thereafter | 4,829,879 | |||||
Total | 1,372,064,971 | |||||
Mechanic's Liens [Member] | ||||||
Other commitments | ||||||
Loss Contingency, Damages Sought, Value | $ 8,000,000 | |||||
421 Kent Development, LLC [Member] | ||||||
Other commitments | ||||||
Loss Contingency, Damages Sought, Value | $ 22,000,000 | |||||
Financial Guarantee [Member] | ||||||
Other commitments | ||||||
Aggregate amount of guarantee | $ 2,617,194,854 | $ 1,988,632,540 | ||||
Real Estate Ownership Period | six to twelve months | |||||
Payments to satisfy guarantee obligations | $ 1,782,038 | 1,659,652 | $ 788,644 | |||
Provisions for Guarantee | 0 | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 202,115,765 | $ 280,189,999 | ||||
Beijing Huiju and Qingdao Huiju's joint and several liability | ||||||
Other commitments | ||||||
Loss Contingency, Damages Sought, Value | $ 230,900,000 | |||||
Legal Fees | $ 1,167,369 | |||||
XIN Development Management East, LLC [Member] | Wanks Adams Slavin Associates LLP [Member] | ||||||
Other commitments | ||||||
Gain Contingency, Unrecorded Amount | $ 8,000,000 | |||||
Loss Contingency, Damages Sought, Value | 2,000,000 | |||||
XIN Development Management East, LLC [Member] | Wanks Adams Slavin Associates LLP [Member] | Minimum [Member] | ||||||
Other commitments | ||||||
Gain Contingency, Unrecorded Amount | $ 10,000,000 |
Concentration of risk (Details)
Concentration of risk (Details) | 12 Months Ended | 173 Months Ended | ||
Dec. 31, 2019USD ($)contract | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($) | |
Concentration of risk | ||||
Exchange rate appreciation | 15.70% | |||
Credit Concentration Risk Receivables | $ 0 | $ 0 | $ 0 | |
Number of Sales Contracts of Apartments | contract | 280 | |||
Number Of Customer Or Supplier Accounted For More Than 10 Percentage Of Revenue Or Project Expenditures | 0 | 0 | 0 |
Non-controlling interests (Deta
Non-controlling interests (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Noncontrolling Interest [Line Items] | ||
Non-controlling interests | $ (101,650,383) | $ (65,274,668) |
Shaanxi Zhongmao Economy Development Co Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 34.02% | 34.02% |
Non-controlling interests | $ 6,285,895 | $ 3,264,319 |
Xinyuan Property Management Service Ltd Member | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 32.50% | |
Non-controlling interests | $ (28,398,921) | |
Taicang Pengchi Real Estate Co., Limited. [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 83.00% | 83.00% |
Non-controlling interests | $ (31,228,046) | $ (25,096,542) |
Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 80.00% | 80.00% |
Non-controlling interests | $ (34,280,307) | $ (27,912,339) |
Henan Renxin Real Estate Co., Ltd. ("Henan Renxin") [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 49.00% | 49.00% |
Suzhou Yefang Real Estate Co., Limited. ("Suzhou Yefang") [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 79.99% | 79.99% |
Non-controlling interests | $ (11,463,297) | $ (11,652,185) |
Other Companies [Member] | ||
Noncontrolling Interest [Line Items] | ||
Non-controlling interests | $ (2,565,707) | $ (3,877,921) |
Condensed financial informati_3
Condensed financial information of the Company - Condensed Balance Sheet (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||||
Cash and cash equivalents | $ 662,606,063 | $ 674,141,554 | $ 894,551,480 | |
Other receivables | 287,300,176 | 166,632,745 | ||
Other current assets | 772,303 | 520,391 | ||
Due from related parties | 200,757,623 | 216,184,205 | ||
Total current assets | 5,645,063,109 | 6,691,221,665 | ||
TOTAL ASSETS | 7,421,664,433 | 8,033,712,672 | 6,384,434,270 | |
Current liabilities | ||||
Short-term bank loan | 73,419,108 | 43,711,388 | ||
PRC other tax payable | 26,734,901 | 14,786,612 | ||
Other payable and accrued liabilities | 323,163,994 | 341,107,500 | ||
Current portion of long-term bank loans and other debt | 1,418,955,459 | 1,647,918,456 | ||
Payroll and welfare payables | 24,223,625 | 33,752,390 | ||
Total current liabilities | 4,484,571,512 | 5,069,868,783 | ||
Long term bank loan | 686,064,696 | 720,038,940 | ||
Other long-term debt | 1,036,690,627 | 1,040,455,200 | ||
Total liabilities | 6,629,712,411 | 7,288,067,523 | ||
Shareholders' equity | ||||
Authorized500,000,000 shares, issued and outstanding- 107,875,468 shares for 2019 (2018: 119,805,636 shares) | 16,410 | 16,399 | ||
Treasury shares | (113,719,964) | (87,639,088) | ||
Additional paid-in capital | 543,290,577 | 532,117,479 | ||
Retained earnings | 135,873,163 | 99,502,126 | ||
Total Xinyuan Real Estate Co., Ltd. shareholders' equity | 690,301,639 | 680,370,481 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 7,421,664,433 | $ 8,033,712,672 | ||
Common Stock: | ||||
Common stock, par value per share | $ 0.0001 | $ 0.0001 | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||
Common stock, shares issued | 107,875,468 | 119,805,636 | ||
Common stock, shares outstanding | 107,875,468 | 119,805,636 | ||
Parent Company [Member] | ||||
Current assets | ||||
Cash and cash equivalents | $ 28,591,381 | $ 93,606,791 | $ 15,726,978 | $ 36,497,233 |
Other receivables | 10,928 | 665,428 | ||
Other current assets | 77,649 | 250,569 | ||
Due from subsidiaries | 455,222,231 | 667,811,964 | ||
Due from related parties | 348,076 | |||
Total current assets | 483,902,189 | 762,682,828 | ||
Investments in subsidiaries | 1,338,730,125 | 1,142,335,163 | ||
TOTAL ASSETS | 1,822,632,314 | 1,905,017,991 | ||
Current liabilities | ||||
Short-term bank loan | 19,900,000 | 0 | ||
PRC income tax payable | 13,388 | 13,388 | ||
PRC other tax payable | 902,190 | 902,190 | ||
Other payable and accrued liabilities | 27,612,109 | 24,090,605 | ||
Current portion of long-term bank loans and other debt | 423,131,157 | 397,039,358 | ||
Payroll and welfare payables | 2,220,113 | 2,817,136 | ||
Total current liabilities | 473,778,957 | 424,862,677 | ||
Long term bank loan | 100,440,000 | 3,178,000 | ||
Other long-term debt | 558,111,718 | 796,606,833 | ||
Total liabilities | 1,132,330,675 | 1,224,647,510 | ||
Shareholders' equity | ||||
Authorized500,000,000 shares, issued and outstanding- 107,875,468 shares for 2019 (2018: 119,805,636 shares) | 16,410 | 16,399 | ||
Treasury shares | (113,719,964) | (87,639,088) | ||
Additional paid-in capital | 543,290,577 | 532,117,479 | ||
Retained earnings | 260,714,616 | 235,875,691 | ||
Total Xinyuan Real Estate Co., Ltd. shareholders' equity | 690,301,639 | 680,370,481 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,822,632,314 | $ 1,905,017,991 | ||
Common Stock: | ||||
Common stock, par value per share | $ 0.0001 | $ 0.0001 |
Condensed financial informati_4
Condensed financial information of the Company - Condensed Statements of Comprehensive Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||
General and administrative expenses | $ (163,686,999) | $ (156,456,170) | $ (136,844,741) |
Operating loss | 309,862,002 | 375,430,481 | 247,059,755 |
Interest expense | (113,775,360) | (99,245,696) | (66,153,440) |
Interest income | 51,493,595 | 31,225,694 | 16,859,086 |
Net (loss)/gain on debt extinguishment | (8,580,510) | (21,443,949) | (15,879,702) |
Gain on short-term investments | 1,451,200 | (2,256,890) | 9,969,966 |
Other expenses/(income) | 5,848,727 | 1,741,732 | 2,326,010 |
Income/(loss) before income taxes | 233,507,174 | 250,399,267 | 193,228,531 |
Income taxes | (150,478,372) | (144,447,247) | (113,117,126) |
Net income attributable to Xinyuan Real Estate Co., Ltd. shareholders | 68,344,527 | 73,034,549 | 63,627,551 |
Other comprehensive income/(loss), net of tax of nil | |||
Comprehensive income attributable to shareholders | 48,299,700 | 13,686,634 | 127,536,175 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
General and administrative expenses | (9,509,893) | (9,877,059) | (13,781,596) |
Operating loss | (9,509,893) | (9,877,059) | (13,781,596) |
Interest expense | (107,382,764) | (105,990,420) | (65,387,198) |
Interest income | 1,682,189 | 1,221,465 | 3,200,520 |
Net (loss)/gain on debt extinguishment | 536,011 | 3,267,457 | (15,879,702) |
Gain on short-term investments | 27,099 | ||
Other expenses/(income) | (20,106,250) | (11,135,488) | 1,114,517 |
Equity in profit of subsidiaries, net | 203,098,135 | 195,548,594 | 154,361,010 |
Income/(loss) before income taxes | 68,344,527 | 73,034,549 | 63,627,551 |
Income taxes | 0 | 0 | 0 |
Net income attributable to Xinyuan Real Estate Co., Ltd. shareholders | 68,344,527 | 73,034,549 | 63,627,551 |
Other comprehensive income/(loss), net of tax of nil | |||
Foreign currency translation adjustments | (20,044,827) | (59,347,915) | 63,908,624 |
Comprehensive income attributable to shareholders | $ 48,299,700 | $ 13,686,634 | $ 127,536,175 |
Condensed financial informati_5
Condensed financial information of the Company - Condensed Statements of Cash Flows (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 83,028,802 | $ 105,952,020 | $ 80,111,405 |
Adjustment to reconcile net income to net cash used in operating activities: | |||
Stock based compensation expense | 5,621,588 | 3,382,628 | 4,894,478 |
Amortization of deferred charges | 7,725,283 | 12,182,821 | 6,049,202 |
Loss on extinguishment of debt | 8,580,510 | 21,443,949 | 15,879,702 |
Other receivables | (81,286,710) | (118,383,454) | (47,195,272) |
Other current assets | (606,623) | 4,174,280 | (2,783,559) |
Other payable and accrued liabilities | (18,090,325) | (73,276,156) | 91,455,504 |
Payroll and welfare payables | (9,363,632) | 7,097,694 | 6,408,972 |
Net cash (used in) /provided by operating activities | 272,256,758 | (22,901,923) | 139,712,972 |
Cash flows from financing activities: | |||
Changes in due from subsidiaries | (25,024,684) | (79,846,860) | 82,725,874 |
Proceeds from short-term bank loans | 84,837,579 | 310,137,935 | 256,681,062 |
Repayment of long-term bank loans | (9,156,553) | (65,519,223) | (14,780,892) |
Proceeds from long-term bank loans | 255,750,791 | 337,961,266 | 10,659,297 |
Proceeds from other long-term debts | 1,170,084,599 | 339,551,378 | 788,220,956 |
Repayment of other long-term debts | (233,164,117) | (218,895,920) | (236,322,138) |
Purchase of treasury shares | (26,080,876) | (19,846,720) | (14,058,280) |
Dividends to shareholders | (19,647,356) | (25,739,147) | (26,090,734) |
Payment of financing cost | (4,304,339) | (16,574,059) | (36,254,595) |
Proceeds from exercise of stock options | 166,480 | 1,390,666 | 6,111,912 |
Net cash provided by/(used in) financing activities | (278,472,789) | (189,581,282) | 1,154,478,621 |
Cash and cash equivalents, at the beginning of the year | 674,141,554 | 894,551,480 | |
Cash and cash equivalents, at end of the period | 662,606,063 | 674,141,554 | 894,551,480 |
Parent Company [Member] | |||
Cash flows from operating activities: | |||
Net income | 68,344,527 | 73,034,549 | 63,627,551 |
Adjustment to reconcile net income to net cash used in operating activities: | |||
Equity in profit of subsidiaries, net | (203,098,135) | (195,548,594) | (154,361,010) |
Stock based compensation expense | 3,782,307 | 3,152,908 | 4,266,373 |
Amortization of deferred charges | 7,445,276 | 7,415,821 | 4,036,412 |
Loss on extinguishment of debt | (536,011) | (3,267,457) | 15,879,702 |
Other receivables | 654,500 | (665,428) | 0 |
Other current assets | 172,920 | (203,789) | (2,214) |
Other payable and accrued liabilities | (291,915) | 7,342,974 | 4,874,134 |
Payroll and welfare payables | (597,023) | (590,356) | 2,893,230 |
Amount due from related parties | 348,076 | 213,796 | (561,872) |
Net cash (used in) /provided by operating activities | (123,775,478) | (109,115,576) | (59,347,694) |
Cash flows from financing activities: | |||
Changes in due from subsidiaries | 212,589,733 | 53,143,354 | (326,904,897) |
Proceeds from short-term bank loans | 19,900,000 | 24,294,636 | |
Repayment of long-term bank loans | (110,311,908) | (13,250,000) | |
Proceeds from long-term bank loans | 100,440,000 | 3,178,000 | |
Proceeds from other long-term debts | 300,000,000 | 200,000,000 | 603,179,617 |
Repayment of other long-term debts | (413,300,000) | (201,002,731) | |
Purchase of treasury shares | (26,080,876) | (19,846,720) | (14,058,280) |
Dividends to shareholders | (19,647,356) | (25,739,147) | (26,090,734) |
Payment of financing cost | (2,075,789) | (4,082,815) | (26,952,084) |
Purchase of shares under RSU plan | (2,920,216) | (7,797,949) | |
Proceeds from exercise of stock options | 166,480 | 1,390,666 | 6,111,912 |
Net cash provided by/(used in) financing activities | 58,760,068 | 186,995,389 | 38,577,439 |
Net (decrease)/increase in cash and cash equivalents | (65,015,410) | 77,879,813 | (20,770,255) |
Cash and cash equivalents, at the beginning of the year | 93,606,791 | 15,726,978 | 36,497,233 |
Cash and cash equivalents, at end of the period | $ 28,591,381 | $ 93,606,791 | $ 15,726,978 |
Condensed financial informati_6
Condensed financial information of the Company - Additional Information (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Financial Statements, Captions [Line Items] | ||
Due from subsidiary | $ 338,566,142 | $ 551,155,875 |
Parent Company [Member] | XIN Development Group International Inc [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Due from subsidiary | 116,656,089 | 116,656,089 |
Loan facility, maximum borrowing amount | $ 50,000,000 | |
Stated spread over variable rate | 17.50% | |
Accrued interest | $ 67,554,210 | 67,554,210 |
Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Amounts restricted including paid-in capital and statutory reserves | $ 879,070,803 | $ 777,376,696 |