Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Document Type | 20-F | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Document Period End Date | Dec. 31, 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-33863 | |
Entity Registrant Name | XINYUAN REAL ESTATE CO., LTD. | |
Entity Incorporation, State or Country Code | E9 | |
Entity Address, Address Line One | 27/F, China Central Place, Tower II | |
Entity Address, Address Line Two | 79 Jianguo Road | |
Entity Address, City or Town | Chaoyang District | |
Entity Address, Postal Zip Code | Beijing 100025 | |
Entity Address, Country | CN | |
Title of 12(b) Security | American Depositary Shares, each representing twenty common shares, par value US$0.0001 per share | |
Trading Symbol | XIN | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 108,029,257 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Document Accounting Standard | U.S. GAAP | |
ICFR Auditor Attestation Flag | true | |
Entity Shell Company | false | |
Entity Central Index Key | 0001398453 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Auditor Name | Assentsure PAC | Union Power HK CPA Limited |
Auditor Firm ID | 6783 | 3004 |
Auditor Location | Singapore | Hong Kong |
Business Contact | ||
Entity Address, Address Line One | Xinyuan Real Estate Co., Ltd | |
Entity Address, Address Line Two | 27F, China Central Place, Tower II | |
Entity Address, Address Line Three | 79 Jianguo Road | |
Entity Address, City or Town | Chaoyang District | |
Entity Address, Postal Zip Code | Beijing 100025 | |
Entity Address, Country | CN | |
Contact Personnel Name | Yu (Brian) Chen | |
City Area Code | 86-10 | |
Local Phone Number | 8588-9255 | |
Contact Personnel Email Address | irteam@xyre.com |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 283,131,542 | $ 426,399,881 |
Restricted cash | 277,596,767 | 246,888,754 |
Short-term investments | 11,992,929 | 85,211,338 |
Accounts receivable, net | 32,587,827 | 59,509,152 |
Other receivables | 383,513,125 | 298,190,097 |
Deposits for land use rights | 33,857,554 | 35,738,821 |
Other deposits and prepayments | 322,170,208 | 365,505,313 |
Advances to suppliers | 54,229,135 | 124,152,551 |
Real estate properties development completed and under development | 3,277,056,653 | 2,869,622,702 |
Amounts due from related parties | 203,719,058 | 271,567,484 |
Amounts due from employees | 1,466,055 | 1,550,469 |
Other current assets | 7,886,273 | 1,482,786 |
Total current assets | 4,889,207,126 | 4,785,819,348 |
Non-current assets | ||
Restricted cash, non-current | 46,583,120 | |
Real estate properties held for lease, net | 373,467,867 | 440,300,371 |
Deposits for land use rights and properties | 33,024,171 | 36,074,492 |
Property and equipment, net | 28,831,111 | 35,525,933 |
Long-term Investments | 92,473,329 | 667,227,852 |
Deferred tax assets | 304,515,733 | 302,971,920 |
Amounts due from related parties | 15,056,284 | 15,283,028 |
Contract assets | 52,515,766 | 35,104,329 |
Operating lease right-of-use assets | 5,707,986 | 3,147,381 |
Other assets | 55,478,954 | 78,241,516 |
Total non-current assets | 961,071,201 | 1,660,459,942 |
TOTAL ASSETS | 5,850,278,327 | 6,446,279,290 |
Current liabilities | ||
Accounts payable and notes payable (including accounts payable and notes payable of the VIEs without recourse to the primary beneficiary of US$14,681 and US$13,439 as of December 31, 2021 and December 31, 2022, respectively) | 950,184,053 | 1,134,432,195 |
Short-term bank loans and other debt | 81,598,369 | 99,468,777 |
Customer deposits | 1,280,517,005 | 1,162,430,468 |
Income tax payable | 241,221,356 | 249,107,386 |
Other payables and accrued liabilities (including other payables and accrued liabilities of the VIEs without recourse to the primary beneficiary of US$2,998,625 and US$3,235,911 as of December 31, 2021 and December 31, 2022, respectively) | 489,622,793 | 555,176,693 |
Payroll and welfare payable (including payroll and welfare payable of the VIEs without recourse to the primary beneficiary of US$2,641,285 and US$1,132,120 as of December 31, 2021 and December 31, 2022, respectively) | 16,431,804 | 15,391,685 |
Current portion of long-term bank loans and other debt | 1,653,119,929 | 1,466,820,657 |
Lease liability, current portion | 3,780,853 | 7,619,323 |
Mandatorily redeemable non-controlling interests | 9,864,014 | 10,273,637 |
Amounts due to related parties | 66,619,920 | 77,062,355 |
Total current liabilities | 4,792,960,096 | 4,777,783,176 |
Non-current liabilities | ||
Long-term bank loans | 146,603,073 | 494,076,875 |
Deferred tax liabilities | 429,974,728 | 343,263,457 |
Unrecognized Tax Benefits | 135,562,075 | 130,560,908 |
Other long-term debt | 259,081,410 | 275,100,201 |
Lease liabilities | 3,310,116 | 1,286,250 |
Amounts due to related parties | 10,979,186 | |
Total non-current liabilities | 974,531,402 | 1,255,266,877 |
Total liabilities | 5,767,491,498 | 6,033,050,053 |
Commitments and contingencies | ||
Shareholders' equity | ||
Common shares, US$0.0001 par value: Authorized500,000,000 shares; shares issued and outstanding- 108,029,257 shares as of December 31, 2022 (2021: 107,757,721 shares) | 16,415 | 16,415 |
Additional paid-in capital | 544,954,556 | 544,386,509 |
Statutory reserves | 179,457,097 | 178,497,890 |
Accumulated deficits | (656,638,114) | (387,664,005) |
Accumulated other comprehensive income/(loss) | (21,615,478) | 34,923,279 |
Treasury shares | (116,061,577) | (116,061,577) |
Total Xinyuan Real Estate Co., Ltd. shareholders' equity | (69,887,101) | 254,098,511 |
Non-controlling interest | 152,673,930 | 159,130,726 |
Total equity | 82,786,829 | 413,229,237 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 5,850,278,327 | $ 6,446,279,290 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts payable and notes payable | $ 950,184,053 | $ 1,134,432,195 |
Other payables and accrued liabilities | 489,622,793 | 555,176,693 |
Payroll and welfare payables | $ 16,431,804 | $ 15,391,685 |
Common stock, par value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 108,029,257 | 107,757,721 |
Common stock, shares outstanding | 108,029,257 | 107,757,721 |
Consolidated VIEs without recourse to the primary beneficiary | ||
Accounts payable and notes payable | $ 13,439 | $ 14,681 |
Other payables and accrued liabilities | 3,235,911 | 2,998,625 |
Payroll and welfare payables | $ 1,132,120 | $ 2,641,285 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue: | |||
Total revenue | $ 950,012,173 | $ 1,536,017,781 | $ 1,745,763,191 |
Costs of revenue: | |||
Cost of real estate lease income | (20,287,953) | (22,438,180) | (36,122,097) |
Total costs of revenue | (878,056,065) | (1,468,080,865) | (1,453,296,443) |
Gross profit | 71,956,108 | 67,936,916 | 292,466,748 |
Selling and distribution expenses | (29,458,486) | (90,569,390) | (66,886,148) |
General and administrative expenses | (96,106,518) | (163,410,021) | (154,176,673) |
Gain on disposal of property held for lease | 5,687,312 | 82,805,785 | |
Impairment loss on goodwill | (1,481,006) | (4,355,469) | (6,400,262) |
Impairment loss on intangible assets | (14,295,790) | ||
Operating income /(loss) | (49,402,590) | (204,693,754) | 147,809,450 |
Interest income | 8,207,327 | 28,296,824 | 33,405,610 |
Interest expense | (158,008,411) | (183,398,772) | (129,487,405) |
Net gain/ (loss) on debt extinguishment | 9,620,914 | (1,843,306) | |
Gain /(loss) on short-term investments | (71,675,454) | (30,203,357) | 5,052,944 |
Share of (loss)/income of equity investees | (26,166,538) | (23,345,765) | 17,028,301 |
Exchange gains/ (loss) | 39,952,338 | (9,707,463) | (3,093,907) |
Other income/ (loss) | (1,968,849) | 2,509,645 | (1,296,377) |
Income /(loss) from operations before income taxes | (249,441,263) | (420,542,642) | 67,575,310 |
Income taxes benefit/ (expenses) | (9,241,462) | 7,280,528 | (135,059,190) |
Net loss | (258,682,725) | (413,262,114) | (67,483,880) |
Net loss attributable to non-controlling interest | (4,670,836) | (4,045,264) | (13,557,028) |
Net loss attributable to Xinyuan Real Estate Co., Ltd. shareholders | $ (263,353,561) | $ (417,307,378) | $ (81,040,908) |
Loss per share: | |||
Basic | $ (2.44) | $ (3.89) | $ (0.75) |
Diluted | $ (2.44) | $ (3.89) | $ (0.75) |
Shares used in computation: | |||
Basic | 107,849,225 | 107,283,420 | 107,558,506 |
Diluted | 107,849,225 | 107,283,420 | 107,569,181 |
Foreign currency translation adjustments | $ (67,014,536) | $ 20,861,635 | $ 94,386,918 |
Comprehensive income/(loss) | (325,697,261) | (392,400,479) | 26,903,038 |
Comprehensive income/(loss) attributable to non-controlling interest | 5,804,943 | (7,088,744) | (40,671,816) |
Comprehensive loss attributable to Xinyuan Real Estate Co., Ltd. shareholders | (319,892,318) | (399,489,223) | (13,768,778) |
Real estate sales | |||
Revenue: | |||
Revenue | 809,412,923 | 1,392,240,005 | 1,604,891,939 |
Costs of revenue: | |||
Cost of revenue | (768,356,253) | (1,359,344,416) | (1,351,980,826) |
Real estate management services income | |||
Revenue: | |||
Revenue | 105,460,071 | 109,822,206 | 91,208,307 |
Costs of revenue: | |||
Cost of revenue | (79,609,736) | (73,978,205) | (55,437,978) |
Real estate lease income [Member] | |||
Revenue: | |||
Real estate lease income | 20,782,612 | 19,781,344 | 34,792,485 |
Other revenue | |||
Revenue: | |||
Revenue | 14,356,567 | 14,174,226 | 14,870,460 |
Costs of revenue: | |||
Cost of revenue | $ (9,802,123) | $ (12,320,064) | $ (9,755,542) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) | Total Xinyuan Real Estate Co., Ltd. shareholders' | Common Shares | Treasury Shares | Additional Paid-in Capital | Statutory Reserves | Retained Earnings / (Accumulated Deficits) | Accumulated Other Comprehensive Income / (Loss) | Non-controlling Interest | Total |
Balance at Dec. 31, 2019 | $ 690,301,639 | $ 16,410 | $ 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 | ||||||||
Treasury Shares, beginning balance at Dec. 31, 2019 | $ (113,719,964) | ||||||||
Capital injection from non-controlling interests | 4,420,800 | 4,420,800 | 218,453,981 | 222,874,781 | |||||
Acquisition of non-controlling interests | (317,406) | (317,406) | |||||||
Exercise of share options | 134,790 | $ 5 | 134,785 | 134,790 | |||||
Exercise of share options, shares | 52,647 | ||||||||
Treasury share repurchases | (2,483,896) | (2,341,613) | (142,283) | (2,483,896) | |||||
Treasury share repurchases, shares | (2,127,050) | ||||||||
Foreign currency translation | 67,272,130 | 67,272,130 | 27,114,788 | 94,386,918 | |||||
Stock-based compensation expenses | 4,511,192 | 4,511,192 | 4,511,192 | ||||||
Stock-based compensation expenses, Shares | 1,130,952 | ||||||||
Net loss | (81,040,908) | (81,040,908) | 13,557,028 | (67,483,880) | |||||
Appropriation to statutory reserves | 2,687,578 | (2,687,578) | |||||||
Dividends to shareholders | (11,123,395) | (11,123,395) | (11,123,395) | ||||||
Dividends to non-controlling interests | (27,572) | (27,572) | |||||||
Balance at Dec. 31, 2020 | 665,471,960 | $ 16,415 | 552,215,071 | 177,696,037 | 34,500,890 | 17,105,124 | 360,431,202 | 1,025,903,162 | |
Balance, shares at Dec. 31, 2020 | 106,932,017 | ||||||||
Treasury Shares, ending balance at Dec. 31, 2020 | (116,061,577) | ||||||||
Adjustment to opening balance of equity | (6,520,392) | (6,520,392) | (6,520,392) | ||||||
Capital injection from non-controlling interests | (11,242,172) | (11,242,172) | 16,901,589 | 5,659,417 | |||||
Acquisition of non-controlling interests | (225,290,809) | (225,290,809) | |||||||
Foreign currency translation | 17,818,155 | 17,818,155 | 3,043,480 | 20,861,635 | |||||
Stock-based compensation expenses | 3,413,610 | 3,413,610 | 3,413,610 | ||||||
Stock-based compensation expenses, Shares | 825,704 | ||||||||
Net loss | (417,307,378) | (417,307,378) | 4,045,264 | (413,262,114) | |||||
Appropriation to statutory reserves | 801,853 | (801,853) | |||||||
Dividends to shareholders | (4,055,664) | (4,055,664) | (4,055,664) | ||||||
Balance at Dec. 31, 2021 | 254,098,511 | $ 16,415 | 544,386,509 | 178,497,890 | (387,664,005) | 34,923,279 | 159,130,726 | 413,229,237 | |
Balance, shares at Dec. 31, 2021 | 107,757,721 | ||||||||
Treasury Shares, ending balance at Dec. 31, 2021 | (116,061,577) | (116,061,577) | |||||||
Acquisition of non-controlling interests | (651,853) | $ (651,853) | |||||||
Treasury share repurchases, shares | 0 | ||||||||
Foreign currency translation | (56,538,757) | (56,538,757) | (10,475,779) | $ (67,014,536) | |||||
Stock-based compensation expenses | 568,047 | 568,047 | 568,047 | ||||||
Stock-based compensation expenses, Shares | 271,536 | ||||||||
Net loss | (263,353,561) | (263,353,561) | 4,670,836 | (258,682,725) | |||||
Appropriation to statutory reserves | 959,207 | (959,207) | |||||||
Dividends to shareholders | (4,661,341) | (4,661,341) | (4,661,341) | ||||||
Balance at Dec. 31, 2022 | $ (69,887,101) | $ 16,415 | $ 544,954,556 | $ 179,457,097 | $ (656,638,114) | $ (21,615,478) | $ 152,673,930 | 82,786,829 | |
Balance, shares at Dec. 31, 2022 | 108,029,257 | ||||||||
Treasury Shares, ending balance at Dec. 31, 2022 | $ (116,061,577) | $ (116,061,577) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) | Dec. 31, 2022 |
Henan Yanchuang Management and Consulting Co., Ltd | Kaisa Group [Member] | |
Equity Method Investees, Ownership | 49% |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income /(loss) | $ (258,682,725) | $ (413,262,114) | $ (67,483,880) |
Adjustments to reconcile net loss to net cash provided by/(used in) operating activities: | |||
Depreciation and amortization | 13,168,207 | 18,267,515 | 17,503,373 |
Stock-based compensation expenses | 568,047 | 3,413,610 | 4,511,190 |
Deferred tax (benefit)/expense | 92,635,419 | (81,124,977) | 65,623,218 |
Amortization of deferred charges | 5,728,866 | 3,242,398 | 2,828,337 |
Share of loss/(gain) of equity investees | 26,166,538 | 23,345,765 | (17,028,301) |
Exchange loss/(gain) | (39,952,338) | 9,707,463 | 3,093,907 |
Changes in unrecognized tax benefit | 6,298,039 | 29,025,853 | 10,932,057 |
Loss on extinguishment of debt | (9,620,914) | 1,843,306 | |
(Gain)/loss on short-term investments | 71,675,454 | 30,203,357 | (5,052,944) |
Gain on disposal of property held for lease | (5,687,312) | (82,805,785) | |
Proceeds from disposal of short-term investments | 359,025 | 5,825,136 | |
Purchase of trading securities | (109,303,567) | ||
Allowance for doubtful accounts | 2,119,346 | 2,781,268 | 6,453,654 |
Impairment loss on goodwill | 1,481,006 | 4,355,469 | 6,400,262 |
Impairment loss on intangible assets | 14,295,790 | ||
Impairment on interests in equity investee | 1,216,730 | ||
Others | (64,687) | 3,834,826 | 1,023,693 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 22,272,540 | 37,981,853 | 3,807,913 |
Real estate properties development completed and under development | (506,304,362) | 647,900,818 | 440,486,384 |
Contract assets | (18,682,950) | (5,940,218) | (4,091,608) |
Real estate properties held for lease | (51,502,401) | 26,897,517 | (2,576,802) |
Advances to suppliers | 61,413,770 | (76,248,232) | 1,581,351 |
Other receivables | (103,913,042) | 83,761,147 | (88,480,519) |
Deposits for land use rights | (1,182,046) | 43,725,198 | (46,870,478) |
Other deposits and prepayments | 15,076,597 | (34,882,024) | 59,693,294 |
Other current assets | (6,456,006) | 2,359,210 | (2,610,160) |
Amounts due from related parties | 47,297,291 | (33,014,545) | 47,907,083 |
Amounts due from employees | (47,565) | (997,298) | 1,876,639 |
Other assets | 14,383,358 | (20,542,642) | (1,779,120) |
Accounts payable | (94,511,442) | (128,043,926) | 124,021 |
Customer deposits | 210,848,409 | 143,204,992 | (233,463,779) |
Income tax payable | 13,392,278 | (35,014,314) | (38,358,479) |
Other payables and accrued liabilities | (29,962,164) | (51,513,133) | 241,107,544 |
Payroll and welfare payable | 2,392,037 | (3,059,265) | (7,198,828) |
Amounts due to related parties | (10,979,186) | 251,053 | 10,728,133 |
Net cash provided by operating activities | (530,272,913) | 135,608,847 | 336,766,542 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Disposal of properties held for lease and property and equipment | 3,264,138 | 7,052,259 | 93,001,129 |
Purchase of property and equipment | (28,681) | (2,058,162) | (1,294,014) |
Acquisition of subsidiaries, net of cash acquired | 510,108,525 | (938,733) | |
Acquisition of long-term investments | (27,768,648) | (219,220,373) | |
Return of capital | 24,296,031 | ||
Loan to employees | 554,309 | ||
Net cash used in investing activities | 513,898,291 | (22,774,551) | (104,155,960) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from exercise of stock options | 134,790 | ||
Purchase of treasury shares | (2,483,896) | ||
Dividends to shareholders | (4,661,341) | (4,055,664) | (14,284,148) |
Amounts due to related parties | (4,068,750) | 44,288,546 | (24,477,542) |
Repayments of short-term bank loans and current portion of long-term bank loans | (205,502,651) | (790,322,990) | (819,432,106) |
Proceeds from short-term bank loans and current portion of long-term bank loans | 5,825,838 | 193,848,327 | 105,007,105 |
Repayment of long-term bank loans | (38,472,000) | (183,056,732) | (199,845,816) |
Proceeds from long-term bank loans | 83,335,835 | 339,581,996 | 433,177,672 |
Repayment of other short-term debt | (4,059,023) | (11,572,583) | (60,033,909) |
Proceeds from other short-term debt | 85,768,101 | 17,689,487 | 18,917,551 |
Repayment of other long-term debt | (98,522,299) | (891,457,400) | (882,010,043) |
Proceeds from other long-term debt | 124,661,778 | 610,114,087 | 1,047,849,099 |
Payment of financing cost | (6,947,448) | (6,361,147) | |
Payment of principal from finance lease | (5,207,694) | (1,916,297) | (8,476,338) |
Repayment of mandatorily redeemable non-controlling interests | (462,754) | ||
Proceeds from mandatorily redeemable non-controlling interests | 475,728 | 1,070,310 | |
Contributions from non-controlling interests, net | 5,659,417 | 222,712,481 | |
Net cash used in financing activities | (60,426,478) | (677,076,944) | (190,069,001) |
NET(DECREASE)/INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (76,801,100) | (564,242,648) | 42,541,581 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (82,342,346) | 24,132,269 | 114,855,646 |
Cash, cash equivalents and restricted cash, at beginning of year | 719,871,755 | 1,259,982,134 | 1,102,584,907 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF YEAR | 560,728,309 | 719,871,755 | 1,259,982,134 |
SUPPLEMENTARY INFORMATION ON CASH FLOWS | |||
Cash and cash equivalents | 283,131,542 | 426,399,881 | 926,809,581 |
Restricted cash | 277,596,767 | 293,471,874 | 333,172,553 |
Incomes taxes paid | 99,120,026 | 99,120,026 | 100,712,739 |
Interest paid | $ 112,037,414 | $ 261,746,433 | 149,271,138 |
NON-CASH ACTIVITIES | |||
Debt extinguishment costs included in other payables and accrued liabilities | $ 3,652,705 |
Background information of busin
Background information of business and organization | 12 Months Ended |
Dec. 31, 2022 | |
Background information of business and organization | |
Background information of business and organization | 1. Background information of business and organization Organization and Description of Business 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, 2022, 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 52.86 % Investment holding company Xinyuan Property Management Service (BVI) Ltd British Virgin Islands January 2, 2019 USD — 52.86 % Investment holding company Xinyuan Property Management Service (HK) Limited HK January 8, 2019 HKD 1 52.86 % Investment holding company Xinyuan Science and Technology Service Group Co., Ltd. PRC December 28, 1998 RMB 50,000,000 52.86 % 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 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 Subsidiary companies: 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. (1) PRC November 25, 2014 RMB 50,000,000 100 % Real estate development Zhengzhou Hangmei Zhengxing Technology Co., Ltd. (1) PRC March 28, 2016 RMB 50,000,000 100 % 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 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 Jinan Xinyuan Quansheng Real Estate Co., Ltd. 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: Suzhou Yuxi Real Estate Co., Limited. PRC March 5, 2018 RMB 100,000,000 20 % Real estate development Xinchuang Sailing (Dalian) Healthy Technology Industrial Investment Co., Ltd. PRC June 5, 2018 RMB 600,000,000 100 % Real estate development Dalian Xinyi Renju Real Estate Co., Ltd. PRC June 26, 2018 RMB 100,000,000 100 % Real estate development Jiangxi Xinkai Renju Management Consulting Service., Ltd. PRC August 28, 2018 RMB 10,000,000 100 % Real estate consulting services Beijing Xinyuan Huicheng Technology Development Co., Ltd. PRC January 26, 2018 RMB 100,000,000 100 % Technical services Suzhou Yefang Real Estate Co., Limited. ("Suzhou Yefang") (Note 18(b)) PRC April 14, 2017 RMB 100,000,000 20 % Real estate development Chengdu Xinyuan Renju Enterprise Management Co., Ltd. ("Chengdu Renju") PRC October 26, 2017 RMB 50,000,000 100 % Real estate development Chengdu Guohongteng Real Estate Co., Ltd. PRC July 16, 2010 RMB 1,673,179,200 100 % Real estate development Qingdao Keda Real Estate Co., Ltd. ("Qingdao Keda") PRC September 20, 2010 RMB 50,000,000 100 % Real estate development Wuhan Yinghexin Real Estate Co., Ltd. ("Wuhan Yinghexin") PRC January 15, 2014 RMB 100,000,000 100 % Real estate development Henan Xinyuan Property Management Co., Ltd. PRC December 1, 2016 RMB 10,000,000 100 % Property management services Subsidiary companies: Wuhu Xinyansuifeng NO.1 Investment Center (Limited partnership) PRC November 22, 2017 RMB 1,501,000,000 100 % Investment holding company Zhuhai Xinyuan Real Estate Co., Ltd. PRC December 31, 2018 RMB 100,000,000 100 % Real estate development Jinan Renju Building Material Co., Ltd. PRC January 2, 2019 RMB 50,000,000 100 % Sales of construction material Dalian Xinyi Yaju Real Estate Co., Ltd. PRC January 16, 2019 RMB 100,000,000 100 % Real estate development Guangdong Xinchuang Kechuang Zhigu Development Co., Ltd. PRC February 27,2019 RMB 100,000,000 100 % Real estate development Jiangxi Xinyuan Heju Enterprise Management Consulting Service Co., Ltd. PRC April 2,2019 RMB 10,000,000 100 % Management consulting services Beijing I-Journey Science and Technology Development Co., Ltd.("I-Journey") PRC October 20,2015 RMB 40,000,000 93 % Development and sales of robots Beijing Ruizhuo Xichuang Technology Development Co., Ltd.("Xichuang") PRC July 16,2015 RMB 30,000,000 93 % Real estate brokerage Beijing Ruizhuo Xitou Development Co., Ltd. (" Xitou") 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") (Note 9(2)) PRC December 16,2016 RMB 30,000,000 90.67 % Investment holding company Beijing Future Xinhujin Technology Development Center (Limited Partnership) ("Xinhujin") (Note 9(2)) PRC December 30,2016 RMB 20,000,000 89.5 % Investment holding company Beijing Future Xinruifeng Technology Development Center (Limited Partnership) ("Xinruifeng") (Note 9(2)) 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 Henan Xintuo Real Estate Co. Ltd. PRC December 8,2020 RMB 20,000,000 100 % Real estate development Zhengzhou Xinhe Real Estate Co., Ltd PRC January 8,2020 RMB 50,000,000 80 % Real estate development Zhengzhou Xinying Real Estate Co., Ltd. PRC May 19,2020 RMB 30,000,000 100 % Real estate development Zhengzhou Xinyuan Xinsheng Business Management Co. Ltd. PRC November 2,2020 RMB 1,000,000 100 % Real estate development Dalian Xinsheng Industrial Co., Ltd. PRC December 16,2020 RMB 20,000,000 100 % Leasing management services Guoxin Chuangxiang (Tianjin) Enterprise Management Consulting Partnership (Limited Partnership) PRC January 2,2020 RMB 15,000,000 95.22 % Management consulting service Guoxin Chuangzhi (Tianjin) Enterprise Management Consulting Partnership (Limited Partnership) PRC June 23,2020 RMB 135,000,000 94.41 % Management consulting service Chongqing Heavy Duty Vehicle Group Hong Property LLC Wulong Branch PRC September 26, 2021 RMB — 100 % Property management services Henan Rongyao Catering Service Co., Ltd. PRC September 23, 2021 RMB 1,000,000 51 % Catering services Henan Xinzhixiang Electronic Technology Co., Ltd. PRC May 20, 2020 RMB 5,000,000 100 % Electronic commerce Zhengzhou Branch of Xinyuan Technology Service Group Co., Ltd. PRC March 4, 2016 RMB — — Property management services Henan Xinyuan Property Service Co., Ltd.. Xincai Branch PRC November 19, 2021 RMB — — Property management services Zhengzhou Shengxin Landscape Engineering Co., Ltd. PRC November 10, 2021 RMB 10,000,000 51 % Property management services Henan Xinyuan Property Service Co., Ltd.. Runan Branch PRC March 18, 2021 RMB — — Property management services Dalian Branch of Xinyuan Technology Service Group Co., Ltd. PRC August 3, 2018 RMB — — Property management services Guangzhou Yuesheng Commercial Service Co., Ltd.. Zhengzhou Branch PRC March 30, 2021 RMB — — Management consulting services Henan Kai Dao real Estate Brokerage Co., Ltd. PRC September 30, 2021 RMB 10,000,000 100 % Property management services Shanghai Xinqiao Trading Co., Ltd. PRC March 17, 2021 RMB 30,000,000 100 % Property management services Hainan Xinyuan Heju Enterprise Management Consulting Service Co., Ltd. PRC September 27, 2020 RMB 10,000,000 100 % Management consulting services Jinan Xinyuan Commercial Management Co., Ltd. PRC December 4, 2015 RMB 3,000,000 100 % Retail store Guangzhou Xinyuan Commercial Management Co., Ltd. PRC March 30, 2021 RMB 1,000,000 100 % Retail store Henan Xinyuan Hongsheng Commercial Management Co., Ltd. PRC May 6, 2021 RMB 1,000,000 100 % Retail store Qingdao Huiju Zhihui City Industrial Development Co., Ltd. (2) PRC June 7, 2016 RMB 2,000,000,000 100 % Real estate development VIE: Beijing Yuzhouyun Technology Development Center (Limited partnership)) and its subsidiary (“Yuzhouyun”) (Note 2(a)) PRC March 2, 2018 RMB 18,388,300 51 % Technical services Beijing Ruizhuo Xihui Technology Development Centre Co., Ltd (Note 2(a)) PRC January 22,2017 RMB 10,000,000 1 % Technical services (1) In 2022, the Company acquired the remaining equity interest of Zhengzhou Hangmei Technology Development Co., Ltd. and Zhengzhou Hangmei Zhengxing Technology Co., Ltd.. (2) Qingdao Huiju Zhihui City Industrial Development Co., Ltd. has been consolidated in the Group’s financial statements since the year of 2022. COVID-19 Beginning in December 2019, a novel strain of coronavirus, or COVID-19, resulted in prolonged mandatory quarantines, lockdown, closures of businesses and facilities and travel restrictions imposed by the Chinese government and many other countries around the world. The Chinese economy has been recovering steadily from the impact of COVID-19 since the second half of 2020, however, during 2021 and 2022, there were a considerable amount of new COVID-19 cases, including primarily the COVID-19 Omicron variant cases, in various cities in China. The Chinese local authorities had reinstated certain measures to keep COVID-19 in check, including travel restrictions and stay-at-home orders. Although China began to modify its COVID-19 control policy at the end of 2022, and most of the travel restrictions and quarantine requirements were lifted in December 2022, there remains substantial uncertainty about the future dynamic of the COVID-19 pandemic, which may have potential continuing impacts on subsequent periods, if the global pandemic and the resulting disruption were to extend over a prolonged period. The recurrence of COVID-19 in the China and continuance of the outbreak in other parts of the world, could adversely impact our company’s business operations or the business operations of our company’s customers and partners thus in turn having an adverse impact on our business, results of operations and financial condition. There remains substantial uncertainties about the dynamic of the COVID-19 pandemic, including, but not limited to, with respect to the logistics of distribution and the efficacy of any vaccine program or with respect to new strains or variants of the virus, which may have potential continuing impacts on subsequent periods if the pandemic and the resulting disruption were to extend over a prolonged period. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
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 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 (“ASC 480”). 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 (“ASC 810”), Before June 21 2019, Ruihao Rongtong was a variable interest entity as it was not established with sufficient equity at risk to finance its activities without additional subordinated financial support. 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. 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, 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, 2021 2022 US$ US$ Current assets 346,637 174,470 Non-current assets 3,177,609 2,873,855 Total assets 3,524,246 3,048,325 Current liabilities 14,499,043 17,699,203 Non-current liabilities 13,645,560 10,337,995 Total liabilities 28,144,603 28,037,198 The financial performance and cash flows of Yuzhouyun are as follows: Year ended Year ended December 31, December 31, 2021 2022 US$ US$ Revenue 1,703,972 244,130 Cost of revenue (3,755,276) (2,534,745) Net loss (8,794,606) (2,539,202) Net cash (used in)/provided by operating activities (13,884,957) 2,671,405 Net cash used in investing activities (14,799) — Net cash provided by/(used in) financing activities 13,108,128 (2,700,960) As of December 31, 2021 and December 31, 2022, the current liabilities of Yuzhouyun included amounts due to subsidiaries of the Group amounting to US$10,473,436 and US$14,851,499, which were eliminated upon consolidation by the Company. During the year ended December 31, 2021 and December 31, 2022, the revenue of Yuzhouyun included amounts that come from the Group amounting to US$779,795 and US$nil, which were eliminated upon consolidation by the Company. Yuzhouyun contributed US$924,177 and US$244,130 of the Company’s consolidated revenues for the year ended December 31, 2021 and December 31, 2022, respectively. Ruizhuo Xihui In 2020, Ruizhuo Xichuang, a subsidiary of the Group, together with Ruizhuo Xihui and its registered shareholders, entered a new set of Contractual Arrangements, including the powers of attorney, the exclusive business cooperation agreement, the exclusive share purchase agreement, the equity pledge agreement, the confirmations from such Registered Shareholders and the spouse undertakings (collectively known as the “Ruizhuo Xihui VIE Agreements”). The terms of the Ruizhuo Xihui VIE Agreements indicate that the Group is the only party at risk to absorb losses of Ruizhuo Xihui. Ruizhuo Xihui’s principal activities are also to provide technical service to the Group, which indicates that Ruizhuo Xihui’s activities are conducted on behalf of the Group. In accordance with ASC 810, Ruizhuo Xihui is a variable interest entity. Based on the above, the Group is the primary beneficiary because it has the power to direct the activities of Ruizhuo Xihui that most significantly impact its economic performance and has the obligation to absorb the losses and the right to receive benefits from Ruizhuo Xihui. The carrying amounts and classifications of the assets and liabilities of Ruizhuo Xihui are as follows: December 31, December 31, 2021 2022 US$ US$ Current assets 2,748,904 2,621,527 Non-current assets — (10,806) Total assets 2,748,904 2,610,721 Current liabilities 2,791,771 2,619,769 Total liabilities 2,791,771 2,619,769 The financial performance and cash flows of Ruizhuo Xihui are as follows: Year ended Year ended December 31, December 31, 2021 2022 US$ US$ Revenue 451,176 235,890 Cost of revenue (26,605) (64,034) Net income 367,929 31,287 Net cash provided by/(used in) operating activities 39,366 (13,900) Net cash used in investing activities — — Net cash used in financing activities — — As of December 31, 2021 and December 31, 2022, the current liabilities of Ruizhuo Xihui included amounts due to subsidiaries of the Group amounting to US$nil and US$nil, respectively, the current assets of Ruizhuo Xihui included amounts due from subsidiaries of the Group of US$2,692,162 and US$2,511,562 which were eliminated upon consolidation by the Company. Ruizhuo Xihui contributed US$451,176 and US$235,890 of the Company’s consolidated revenues for the year ended December 31, 2021 and December 31, 2022, respectively. (b) Going concern As of December 31, 2022, the Group’s short-term bank loans and other debt, and current portion of long-term bank loans and other debt amounted to US$1,734.7 million. As announced in the Form 6-K press release dated July 19, 2022, the Company has not made payments in full for its senior notes of RMB545.3 million (“defaulted senior notes”) issued on July 3 and August 6, 2020 with a maturity date on June 29, 2022. The Default also triggered cross-default of other senior notes issued by the Group with carrying amount of US$641.7 million. The Group also breached certain covenants relating to bank and other borrowings of US$624.9 million as at 31 December 2022. Other than that, up to the date of approval of these consolidated financial statements, the Group continues to be in breach of certain covenants and other lenders have not demanded for immediate repayment of other bank and other borrowings. In addition, the Group is involved in other various litigation and arbitration cases for various reasons and the contingent compensation is subject to the court verdict. The Company anticipates that the market conditions in the real estate sector remain under pressure in 2023, and therefore, in the absence of a sharp recovery in the market and the availability of various financing options, the Company remains cautious about its liquidity in the near term. The above events or conditions indicate the existence of material uncertainty which cast substantial doubt on the Group’s ability to continue as a going concern. In view of such circumstances, the Directors consider that the Group has taken various measures and will have adequate funds available to enable it to operate as a going concern, taking into account the past operating performance of the Group and the following: (a) The Group has been in negotiation with the noteholder to reach agreement on a debt restructuring plan. (b) In May 2023, the Group reached an agreement with corporate bondholders of RMB corporate bonds with carrying amount of RMB900 million as at 31 December 2022. Pursuant to the agreement, the repayment date of the corporate bond was extended to 30 July 2025; (c) (d) The Group is actively in discussions with the other existing lenders to renew the Group’s certain borrowings and/or not to demand immediate repayment until the Group has successfully completed the property construction projects and generated sufficient cash flows therefrom. These discussions have been constructive and focused on possible actions in light of current circumstances but do require time to formulate or implement due to ongoing changes in market conditions. (e) The Group will continue to implement measures to accelerate the pre-sales and sales of its properties under development and completed properties, and to speed up the collection of outstanding sales proceeds and other receivables. Recent relaxation of policies with regards to the property market in the PRC have been encouraging to increase buyer interests and stimulate demand. Subject to the improvement of the market sentiment, the Group will actively adjust sales and pre-sale activities to better respond to changing markets to achieve the latest budgeted sales and pre-sales volumes and amounts; (f) The Group will continue to control administrative costs and contain unnecessary capital expenditures to preserve liquidity. The Group will also continue to actively assess additional measures to further reduce discretionary spending; (g) The Group has been proactive in seeking ways to settle the outstanding litigations of the Group. The Group will seek to reach an amicable solution on the charges and payment terms to the claims and litigations which have not yet reached a definite outcome; In the event forecast cash flow is not achieved or the renewal of borrowings and public senior notes do not undergo as planned, the directors of the Company have also evaluated other plans that could be undertaken to improve their liquidity position as follow: 1) The Group could adjust their original sale plan for some residential properties and commercial buildings to an earlier stage in order to generate additional funds; 2) Notwithstanding the above, uncertainty exists as to whether the renewal of borrowings and public senior notes can be renewed and as to all other alternative operating and financing plans as the Group is still negotiating with its external financiers on the financing to the Group and the sales of properties depend on market conditions. Should the Group be unable to operate as a going concern, adjustments would have to be made to reduce the carrying values of the Group’s assets to their recoverable amounts, to provide for financial liabilities which might arise, and to reclassify non-current assets and non-current liabilities as current assets and current liabilities respectively, if applicable. The effects of these adjustments have not been reflected in the consolidated financial statements. (c) 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 estimating the allowance for credit losses associated with accounts receivables, other receivables, contract assets, short-term investments 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 goodwill, 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 May 30, 2023, 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 May 2024. Management believes that the estimates utilized in preparing its consolidated financial statements are reasonable and prudent. Actual results could differ from these estimates. (d) 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 for which the measurement alternative was elected, long term investments and long term borrowings, 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 investments have 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, Fair Value Measurement (“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”) are classified as 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 is categorized as Level 3 measured at fair value using alternative method, less any impairment, plus or minus changes resulting from observable price in orderly transactions. (e) 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 PRC is Renminbi (“RMB”), the currency of 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 PRC and Malaysia is U.S. dollars. Transactions by the Company’s subsidiaries in 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 (“ASC 830”). 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. (f) 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 PRC, Hong Kong and United States. The vast majority of 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 PRC, Hong Kong and United States. Total cash in banks (excluding restricted cash) at December 31, 2022 amounted to US$283,131,542 (December 31, 2021: US$426,399,881), of which the vast majority of deposits are not covered by insurance. (g) 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$8,311,763 as of December 31, 2022 (December 31, 2021: US$26,370,690). As of December 31, 2022, the Group held US$269,285,004 (December 31, 2021: US$220,596,486) in its restricted cash accounts, representing funds received from sales proceeds that are subject to withdrawal restrictions. The Group is also required to maintain certain deposits with banks and financial institutions that provide loans to the Group. As of December 31, 2022, the Group also held US$nil in its restricted cash accounts (December 31, 2021: US$4,626,943) as security for its short-term loans (Note 10). As of December 31, 2022, the Group held US$nil (December 31, 2021: US$41,877,755) in its bank accounts with withdrawal restriction for its long-term loans (Note 11). (h) 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 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 year ended December 31, 2022, the Group recognized impairment loss of US$2,932,743 for real estate properties completed and under development (2020: US$9,641,537; 2021: US$1,347,050). (i) Revenue recognition Revenue is recognized when control of the goods or services is 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 and 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 a present right to a 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 are 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 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, Revenue from Contracts with Customers. 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. 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, the Group has no current contract assets as not expected to realise within one year, 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$46.5 million and US$9.8 million of such costs in selling and distribution expense during the year ended December 31, 2021 and December 31, 2022. As of December 31, 2021 and 2022, there was no impairment losses on contract assets. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). The Group’s contract liabilities are comprised of customer deposits, which are recognized as revenue when the Group perform |
Short-term investments
Short-term investments | 12 Months Ended |
Dec. 31, 2022 | |
Short-term investments | |
Short-term investments | 3. Short-term investments The short-term investments represent investments in REITs, which are publicly traded on the Hong Kong Stock Exchange, marketable equity securities, and investment in private equity funds, which are expected to be realized in cash during the next 12 months. The following summarizes the short-term investments measured at fair value at December 31, 2021 and 2022: December 31, 2021 US$ Fair Unrealized value Cost loss in profit and loss Level 1 Equity securities with readily determinable fair value 85,211,338 114,816,065 (29,604,727) Total 85,211,338 114,816,065 (29,604,727) December 31, 2022 US$ Fair Unrealized value Cost loss in profit and loss Level 1 Equity securities with readily determinable fair value 11,049,675 13,793,189 (2,743,514) Investment product with readily determinable fair value 943,254 3,099,771 (2,156,517) Total 11,992,929 16,892,960 (4,900,031) During the year ended December 31, 2022, US$66,775,423 (2021: US$598,630) net realized loss and US$4,900,031 (2021: US$29,604,727) unrealized loss are included in earnings. |
Other receivables
Other receivables | 12 Months Ended |
Dec. 31, 2022 | |
Other receivables | |
Other receivables | 4. Other receivables As of December 31, 2021 and 2022, other receivables consisted of the followings: December 31, December 31, 2021 2022 US$ US$ Henan Derun Real Estate Co. Ltd (“Henan Derun”) 154,038,237 142,448,841 Zhengzhou Yongzhi Jianxin Meiyu Private Equity Fund (“Zhengzhou Yongzhi”) 25,095,284 22,973,322 Due from contractors 20,298,040 17,253,823 Due from Zijin Royal Palace 44,750,333 45,163,449 Others 54,008,203 155,673,690 Total 298,190,097 383,513,125 In December 2019, the Group agreed to provide Henan Derun financing using the prepayment and charge interest of 18% per annum commencing from the date of prepayment made to Henan Derun. 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 estimated future undiscounted cash flow of the relevant land properties attributed to the Group exceeded the total amount of the above receivables and bank loans assumed by the Group. As of December 31, 2022, the prepayment is recorded as other receivables aggregating to US$142.4 million (2021: US$154.0 million). In July 2020, the Company transferred Zhengzhou Modern City Shopping Mall originally held by the Company to a new subsidiary (“the Project Company”). The shopping mall was accounted for as property held for lease. In September 2020, the Company entered into a share purchase agreement with Zhengzhou Yongzhi to transfer its 98% equity interest in the Project Company for a consideration of US$122,607,243. As of December 31, 2021, Zhengzhou Yongzhi has paid US$98,085,794 to the Company and the change of business registration of the Project Company has been completed. According to the agreement, the remaining consideration of US$25,095,284 should be paid before September 27, 2021. The balance is now overdue. The directors of the Company are of the view that no credit loss is required for the balance because the underground property right has not been transferred to the new Project Company, and the fair value of the underground property as appraised by an external valuer exceeded the outstanding balance receivable from Zhengzhou Yonzhi. |
Real estate properties developm
Real estate properties development completed and under development | 12 Months Ended |
Dec. 31, 2022 | |
Real estate properties development completed and under development | |
Real estate properties development completed and under development | 5. Real estate properties development completed and under development The following summarizes the components of real estate properties development completed and under development at December 31, 2021 and 2022: December 31, December 31, 2021 2022 US$ US$ Real estate properties development completed 500,875,235 830,840,167 Real estate properties under development 2,368,747,467 2,446,216,486 Total real estate properties development completed and under development 2,869,622,702 3,277,056,653 As of December 31, 2022, land use rights included in the real estate properties under development totaled US$1,729,523,333 (2021: US$1,544,418,492). As of December 31, 2022, land use rights with an aggregate net book value of US$424,482,379 (2021: US$333,926,609) was pledged as collateral for certain bank loans and other debts. |
Real estate properties held for
Real estate properties held for lease, net | 12 Months Ended |
Dec. 31, 2022 | |
Real estate properties held for lease, net | |
Real estate properties held for lease, net | 6. Real estate properties held for lease, net The Group leases its owned buildings to various third parties including elementary schools, basement parking, kindergartens, parking facilities, clubhouses as well as a shopping mall. These leases are non-cancelable operating leases with remaining lease periods that vary from 25 days to 20 years. The leases may include minimum base rents with escalated contingent rent clauses. December 31, December 31, 2021 2022 US$ US$ Elementary schools 3,345,332 3,062,464 Basement parking 9,122,951 6,899,693 Kindergartens 9,326,258 4,174,550 Parking facilities 95,414,729 74,803,844 Clubhouses 8,410,108 7,698,981 Shopping mall 282,353,261 258,828,780 Residential properties 88,786,540 73,295,345 Total costs 496,759,179 428,763,657 Accumulated depreciation (56,458,807) (55,295,790) Real estate properties held for lease, net 440,300,371 373,467,867 The Group has shopping mall equipment with gross amounts of US$7,822,133 and US$nil acquired under finance lease as of December 31, 2021 and 2022, respectively. Depreciation expense for real estate properties held for lease for the year ended December 31, 2022 amounted to US$7,709,696 (2021: US$8,237,055). As of December 31, 2022, US$137,103,470 of real estate properties held for lease was pledged as collateral for certain bank loans and other debts (2021: US$174,811,201). As of December 31, 2022, minimum future rental income on non-cancellable leases (none of which contains any contingent rental clauses), in the aggregate and for each of the five succeeding fiscal years and thereafter, is as follows: Year Amount US$ 2023 18,534,367 2024 18,968,284 2025 17,469,596 2026 16,761,194 2027 and thereafter 104,164,174 Total 175,897,614 |
Property and equipment, net
Property and equipment, net | 12 Months Ended |
Dec. 31, 2022 | |
Property and equipment, net | |
Property and equipment, net | 7. Property and equipment, net Property and equipment consisted of the following: December 31, December 31, 2021 2022 US$ US$ Corporate aircraft 40,361,413 36,948,606 Vehicles 4,795,223 4,235,388 Furniture and fixtures 10,879,140 8,958,370 Office buildings 19,343,707 17,708,077 Total 75,379,483 67,850,441 Accumulated depreciation (39,853,550) (39,019,330) Property and equipment, net 35,525,933 28,831,111 On October 23, 2012, the Group acquired a corporate aircraft owned by Minsheng Financial Leasing Co. Ltd. (“Minsheng”) 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. On June 15, 2020, the Group terminated the previous agreement and signed a new leaseback agreement with Minsheng. The leaseback has a three-year term and expires on July 14, 2023 with 12 quarterly lease payment of US$1,105,274. Depreciation expense for property and equipment for the year ended December 31, 2022 amounted to US$3,787,564 (2020: US$4,696,140; 2021: US$4,839,442). Accumulated depreciation for property and equipment as of December 31, 2022 amounted to US$39,019,330 (2020: US$37,125,590; 2021: US$39,853,550). |
Long-term investments
Long-term investments | 12 Months Ended |
Dec. 31, 2022 | |
Long-term investments | |
Long-term investments | 8. Long-term investments As of December 31, 2021 and 2022, the long-term investments consisted of the following: December 31, Initial Cost Ownership 2021 US$ US$ Nonmarketable equity securities Zhengzhou Lianhe Real Estate Co., Ltd. 241,648 1.85 % 313,691 Zhengzhou Taike Real Estate Co., Ltd. 738,073 3.75 % 784,228 Equity method investees Qingdao Huiju Zhihui City Industrial Development Co., Ltd. 523,459,957 49 % 539,866,587 Madison Developments Limited. 19,095,969 50 % — Wuhu Penghong Investment Center (Limited Partnership) 61,998,960 n/a 46,617,348 Suzhou Rongjingchen Real Estate Co., Ltd 42,041,464 24 % 16,646,705 Others 68,076,387 n/a 62,999,293 Total 667,227,852 December 31, Initial Cost Ownership 2022 US$ US$ Nonmarketable equity securities Zhengzhou Lianhe Real Estate Co., Ltd. 241,648 1.85 % 287,167 Zhengzhou Taike Real Estate Co., Ltd. 738,073 3.75 % — Equity method investees Qingdao Huiju Zhihui City Industrial Development Co., Ltd. 523,459,957 49 % — Madison Developments Limited. 19,095,969 50 % — Wuhu Penghong Investment Center (Limited Partnership) 61,998,960 n/a 26,784,584 Suzhou Rongjingchen Real Estate Co., Ltd 42,041,464 24 % 19,078,393 Others 68,076,387 n/a 46,323,185 Total 92,473,329 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, 2020, 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, 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. On June 15, 2021, the PRC local court issued a final verdict that Beijing Huiju shall refund the unauthorized cash of US$98.7 million. In January 2022, the China International Economic and Trade Arbitration Commission, or CIETAC, ruled that Beijing Huiju shall transfer the remaining 21% equity interest in Qingdao Huiju to the Group, that Beijing Huiju shall coordinate in completing the equity transfer registration formalities and confirmed that the Group has the right to appoint three directors onto the board of Qingdao Huiju. Based on independent legal advice and after due and careful enquiry, the directors of the Company are of the view that the above events shall have not any material adverse effect on the Group’s investment in and receivables from Qingdao Huiju. In 2022, the enforcement status of the above award/judgements is that, (i) the change of equity registration formalities to has been completed by Beijing Huiju within the prescribed period provided by the CIETAC; (ii) Qingdao Huiju has received the refund of US$98.7 million transferred by Beijing Huiju; and (3) Qingdao Huiju has collected the returned business license and official seals of Qingdao Huiju. Therefore, Qingdao Huiju has been consolidated in the Group’s financial statements since the year of 2022. 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 a 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. In 2021, the Company further invested US$31.4 million to Wuhu Penghong. On March 21, 2018, the Company acquired a 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 a 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, 2022, the Group’s investment in the investees in the aggregate exceeded its proportionate share of the net assets of the equity method investees by nil (2021: nil). This difference, if any, represents equity method goodwill and therefore, is not amortized. For the year ended December 31, 2022, the Group recognized its share of loss from its equity method investments of US $26,167,050 Summarized combined financial information of the equity method investees is as follows: December 31, 2022 US$ (in thousands) Current assets 948,517 Non-current assets 66,394 Current liabilities 529,077 Non-current liabilities 327,947 Non-controlling interest 1,379 Gross revenue 390,785 Gross profit 52,508 Loss from continuing operations (12,922) Net loss (25,665) Net loss attributable to the Company (26,167) 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, 2022 | |
Acquisition of subsidiaries | |
Acquisition of subsidiaries | 9. Acquisition of subsidiaries 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, which was satisfied by the extinguishment of a 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, which was satisfied by the extinguishment of a 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, which was satisfied by the extinguishment of a 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$12,927,103 respectively is primarily as a result of the excess of the acquisition considerations over the respective fair value of net identifiable assets acquired. The goodwill recognized in other non-current assets is attributable primarily to expected synergies and the assembled workforce. The goodwill is not for The operational results of Xitou, Xichuang and I-journey have been included in the Group’s consolidated financial statements since November 30, 2019 (“Date of Acquisition”). The pro forma results of operations for the acquisitions have not been presented because the revenue and earnings generated before the acquisitions are immaterial. The purchase price allocation for the acquisitions is primarily based on a valuation determined by the Group with the assistance of an independent third party valuation firm. The following table summarizes the fair values of the assets acquired and liabilities assumed on Date of Acquisition. Xinruifeng Xinhujin Xinzhihui subgroup subgroup subgroup Total US$ 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 (2) Xinruifeng, Xinhujin and Xinzhihui are parents of Xitou, Xichuang and I-journey, respectively. There were no significant acquisitions of subsidiaries for the year ended December 31, 2021 and 2022. |
Short-term bank loans and other
Short-term bank loans and other debt | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021 and 2022 consisted of the following: December 31, December 31, 2021 2022 US$ US$ Loan from Hua Xia Bank Co., Ltd. Due July 10, 2022 at 7.00% per annum 4,391,675 4,020,331 Due June 11, 2022 at 7.00% per annum 12,547,642 11,486,661 Due March 30, 2022 at 8.00% per annum 6,273,821 5,743,331 Loan from Shenzhen Zhong’an Finance Leasing Co.,Ltd. at 5.89% per annum 1,568,455 — Loan from Everbright Bank Due October 19, 2022 at 8.00% per annum 4,705,366 4,278,781 Loan from Henan Zhongyuan Microfinance Co., Ltd Due July 29, 2022 , at 11.00% per annum 4,705,366 4,235,706 Loan from Beijing Zhongjin Chengkai Microfinance Co., Ltd Due April 29, 2022 , at 15.60% per annum 1,239,080 — Loan from Huaxia Pawnshop Co., Ltd Due June 9, 2022 at 30.00% per annum 326,239 — Loan fromTianjin Guotou Rongshun Microfinance Co., Ltd Due September 26, 2022 at 9.60% per annum 964,600 — Loan from Beijing Dingcheng Pawnshop Co., Ltd Due March 9, 2022 at 19.20% per annum 1,882,146 1,579,416 Loan from Bohai Bank Xi'an Branch Due September 2, 2022 at 7.80% per annum 1,568,455 — Loan from Luso International Banking Ltd Due January 19, 2022 , at 3.90% per annum 2,130,000 — Due February 5, 2022 , at 3.90% per annum 2,270,000 — Loan from Bank of Zhengzhou Due March 28, 2022 , at 6.50% per annum 54,895,932 50,254,143 Total short-term bank loans and other debt 99,468,777 81,598,369 As of December 31, 2022, US$81,598,369 of the Group’s short-term bank loans and other debt was denominated in RMB and were mainly secured by the Group’s real estate properties development completed with net book value of US$74,341,513 (2021: US$87,535,195), land use right of US$17,643,325 (2021: US$19,272,974), real estate properties held for lease with net book value of US$17,517,158 (2021: US$19,135,154), and property and equipment with net book value of US$8,612,681 (2021: US$9,408,203). As of December 31, 2022, no short-term bank loans and other debt was demoninated in U.S. dollar. As of December 31, 2021, US$4,400,000 of the Group’s short-term bank loans and other debt was denominated in U.S. dollar and secured by restricted cash of US$4,626,943. The weighted average interest rate on short-term bank loans and other debt as of December 31, 2022 was 7.26 % (2021: 7.32%). |
Long-term bank loans
Long-term bank loans | 12 Months Ended |
Dec. 31, 2022 | |
Long-term bank loans | |
Long-term bank loans | 11. Long-term bank loans Long-term bank loans as of December 31, 2021 and 2022 analyzed by final installment maturity dates consisted of the following: December 31, December 31, 2021 2022 US$ US$ Loan from ICBC Due July 23, 2022 , at 4.75% per annum 260,364 — Due April 13, 2022 , at 9.80% per annum 13,068,369 — Due April 13, 2022 , at 9.80% per annum 6,507,393 — Due April 13, 2022 , at 9.80% per annum 6,535,753 — Due December 22, 2023 , at 4.75% per annum — 11,927,462 Due December 22, 2023 , at 4.75% per annum — 5,921,257 Due December 22, 2023 , at 4.75% per annum — 5,911,323 26,371,879 23,760,042 Loan from Bank of China Due March 19, 2022 at 5.225% per annum 16,782,471 14,358,326 Due October 31, 2022 at 4.75% per annum 7,826,592 6,446,889 24,609,063 20,805,215 Loan from Ping An Bank Co., Ltd. Due March 18, 2022 , at 6.5075% per annum 20,766,347 18,522,241 20,766,347 18,522,241 Loan from Bank of Minsheng Due May 30, 2031 , at 8.5% per annum 57,954,421 49,249,060 Due March 16, 2023 at 7.6% per annum 204,165,817 186,902,335 Due January 14, 2024 at 6.65% per annum 59,601,299 31,763,490 321,721,537 267,914,884 Loan from Bank of Hengfeng Due August 23, 2023 at 8.25% per annum 93,009,396 — Loan from Bank of Zhengzhou Co., Ltd Due March 26, 2022 , at 7.000075% per annum 56,307,543 51,546,392 Due August 11, 2023 at 6.5% per annum 117,634,142 107,687,448 173,941,685 159,233,840 Loan from Xiamen International Bank Co., Ltd Due February 20, 2023 , at 10.00% per annum 9,410,731 7,179,163 Due April 30, 2023 , at 6.80% per annum 4,234,829 3,158,832 13,645,560 10,337,995 Loan from Bank of Guangzhou Co., Ltd Due September 3, 2024 , at 7.30% per annum 106,759,164 89,999,679 Loan from Luso International Banking Ltd Due March 12, 2023 , at 3.50% per annum 19,236,000 — Due March 29, 2023 , at 3.50% per annum 1,859,480 — Due April 12, 2023 , at 3.50% per annum 17,376,520 — 38,472,000 — Total 819,296,631 590,573,895 Less: current portion of long-term bank loans (325,219,756) (443,970,822) Total long-term bank loans 494,076,875 146,603,073 As of December 31, 2022, the contractual maturities of these loans are as follows: Year Amount US$ 2023 443,970,822 2024 106,112,592 2025 4,953,623 2026 5,384,372 2027 and thereafter 30,152,486 Less: current portion of long-term bank loans (443,970,822) Total: long-term bank loans 146,603,073 As of December 31, 2022, US$590,573,895 of the Group’s long term bank loans was denominated in RMB and were mainly secured by the Group’s real estate properties under development with net book value of US$176,282,157 (2021: US$283,626,547), land use rights with net book value of US$243,629,315 (2021: US$270,020,262), the Group’s real estate properties held for lease with net book value of US$119,586,312 (2021: US$135,459,260), and the property and equipment with net book value of US$9,148,641 (2021: US$9,993,667). As of December 31, 2022, no long term bank loans was denominated in U.S. dollar. As of December 31, 2021, US$38,472,000 of the Group’s long term bank loans was denominated in U.S. dollar and secured by restricted cash of US$41,877,755. The interest rates of these bank loans are adjustable based on the range of 100% to 211% of the PBOC prime rate. The weighted average interest rate on long-term bank loans as of December 31, 2022 was 7.46% (2021: 7.24%). |
Other long-term debt
Other long-term debt | 12 Months Ended |
Dec. 31, 2022 | |
Other long-term debt. | |
Other long-term debt | 12. Other long-term debt As of December 31, 2021 and 2022, other long-term debt analyzed by final installment maturity dates consisted of the following: December 31, December 31, 2021 2022 US$ US$ Senior notes June 2022 Senior notes due on June 29, 2022 at 12.00% per annum 78,997,031 79,646,560 September 2023 Senior notes due on September 17, 2023 at 14.50% per annum 253,096,367 249,723,695 October 2023 notes due on October 15, 2023 at 14.20% per annum 132,576,797 131,475,779 January 2024 notes due on January 25, 2024 at 14.00% per annum 262,064,363 260,540,750 Corporate bonds Due November 13, 2025 at 8.35% per annum 27,747,400 25,257,603 Due Januray 4, 2026 at 8.35% per annum 15,347,334 14,049,622 Loan from Ping An Trust Co., Ltd Due May 31 . 2022 at 12.80% per annum 35,603,934 20,898,544 Loan from China Huarong Asset Management Co., Ltd Due April 20, 2022 at 12.00% per annum 42,348,291 32,880,567 Due November 27, 2022 at 12.00% per annum 20,857,318 19,093,702 Loan from Chang An International Trust Co., Ltd Due December 10, 2023 at 9.00% per annum 169,393,164 155,069,925 Loan from Min Sheng Finance Lease Co., Ltd Due July 15, 2023 at 5.85% per annum 6,452,550 4,842,975 Loan from Daye Trust Co., Ltd Due August 31, 2022 at 11.50% per annum 94,107,314 86,149,958 Due October 16, 2022 at 14.50% per annum 34,506,015 28,716,653 Loan from Hubei Tian Qian Asset Management Co., Ltd Due July 14, 2022 at 13.00% per annum 35,989,774 22,973,322 Loan from China Minsheng Trust Co., Ltd Due January 22, 2023 at 10.00% per annum 15,684,552 — Loan from Qingdao Xifa Commercial Factoring Co., Ltd Due June 20,2023 at 9.00% per annum — 43,074,979 Loan from Qingdao Haifa Finance Leasing Co., Ltd Due January 24,2024 at 9.00% per annum — 1,952,732 Loan from Qingdao West Coast Small Loan Co., Ltd Due January 24,2024 at 9.00% per annum — 4,307,498 Loan from Qingdao Rongfu Huijin Asset Management Co., Ltd Due May 20,2024 at 9.00% per annum — 35,895,816 Loan from Zhengzhou Jinshui Construction Comprehensive Development General Company Due August 30,2025 at 2.80% to 3.00% per annum — 7,753,496 Loan from China Development Bank Henan Branch Due August 30,2025 at 2.80% to 7.00% per annum — 85,575,625 Loan from Dalian Lvshunkou District State-owned Capital Investment and Operation Group Co., Ltd Due August 30,2025 at 2.80% to 3.20% per annum — 143,583 Loan from Kent EB-5 LLC Due January 23, 2022 at 5.95% per annum 41,928,898 — Loan from 135-35 NORTHERN BLVD 1&2 LLC Due May 1, 2021 at 8.5% per annum 30,000,000 — Loan from Ares Management Due January 12, 2024 at 10.05% per annum 120,000,000 82,144,392 Loan from Kriss Capital LLC Due April 4, 2023 at 7.50% per annum — 36,137,739 Loan from Mezzanine Loan Due October 4, 2023 at 10.30% per annum — 5,500,000 Loan from Mezzanine Loan Due October 4, 2023 at 10.30% per annum — 34,425,000 Total principal of other long-term debt 1,416,701,102 1,468,230,517 Less: current portion of other long-term debt (1,141,600,901) (1,209,149,107) Total other long-term debt 275,100,201 259,081,410 The June 2022, September 2023, October 2023 and January 2024 Senior Secured Notes are senior secured pari passu obligations of the Company. As of December 31, 2022, the contractual maturities of these debts are as follows: Year Amount US$ 2023 1,209,149,107 2024 203,088,187 2025 55,993,223 2026 — 2027 and thereafter — Less: current portion of other long term debt (1,209,149,107) Total: Other long-term debt 259,081,410 The Company did not made payments in full for June 2022 Senior Secured Notes of RMB545.3 million at maturity on June 29, 2022. The default in repayment triggered the default term of other senior notes. As a result, other long-term debt of US$260,540,750 (2021: US$394,641,160) was reclassified from non-current liability to current liability as of December 31, 2022. As of December 31, 2022, US$588,636,603 of the Group’s other long-term debt was denominated in RMB and mainly secured by the Group’s real estate properties under development with net book value of US$336,107,945 (2021: US$129,857,246), land use rights with net book value of US$145,339,253 (2021: US$44,633,373), real estate properties held for lease with net book value of US$107,905,636 (2021: US$20,216,787), real estate properties development completed with net book value of US$54,777,898 (2021: US$2,890,943), and property and equipment with net book value of US$14,060,566 (2021: US$18,050,265). As of December 31, 2022, US$879,593,915 of the Group’s other long-term debt, mainly consisted of the Senior Secured Notes, was denominated in U.S. dollar. 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 remains 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. From January 1, 2020 to December 31, 2020, the Company redeemed the February 2021 Senior Secured Notes for a total principal amount of US$19 million. The Company recognized loss on extinguishment of debt amounting to US$588,507, consisting of the loss from the difference between repurchase price and principal amount of the debt amounting to US$348,581 and the loss from unamortized deferred debt issuance costs amounting to US$239,926. On September 17, 2020, eligible holders of the February 2021 Senior Secured Notes in the aggregate principal amount of US$20.0 million exchanged their notes for the September 2023 Senior Secured Notes. From January 1, 2021 to February 28, 2021, the Company redeemed the February 2021 Senior Secured Notes for a total principal amount of US$20.0 million. On February 28, 2021, the Company paid in full the principal amount plus accrued and unpaid interest. 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 remains 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. From January 1, 2020 to November 22, 2020, the Company redeemed the November 2020 Senior Secured Notes for a total principal amount of US$45.8 million. The Company recognized loss on extinguishment of debt amounting to US$216,290, consisting of the loss from the difference between repurchase price and principal amount of the debt amounting to US$42,214 and the loss from unamortized deferred debt issuance costs amounting to US$174,076. On November 22, 2020, the Company paid in full the principal amount plus accrued and unpaid interest. 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 remains 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, consisting of the loss from unamortized deferred debt issuance costs amounting to US$563,941. From January 1, 2020 to March 19, 2020, the Company redeemed the March 2020 Senior Secured Notes for a total principal amount of US$11.7 million. On March 19, 2020, the Company paid in full the principal amount plus accrued and unpaid interest. 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 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 remains 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. From January 1, 2020 to December 31, 2020, the Company redeemed the October 2021 Senior Secured Notes for a total principal amount of US$5.5 million. The Company recognized loss on extinguishment of debt amounting to US$176,209, consisting of the loss from the difference between repurchase price and principal amount of the debt amounting to US$176,209. On September 17, 2020, eligible holders of the October 2021 Senior Secured Notes in the aggregate principal amount of US$38.0 million exchanged their notes for the September 2023 Senior Secured Notes. On January 25, 2021, eligible holders of the October 2021 Senior Secured Notes in the aggregate principal amount of US$25.0 million exchanged their notes for the January 2024 Senior Secured Notes. On October 15, 2021, eligible holders of the October 2021 Notes in the aggregate principal amount of US$207,680,000 exchanged their notes and the Company delivered the October 2023 Senior Secured Notes in the aggregate principal amount of US$205,401,000 due on October 15, 2023 and US$19,101,080 in cash consideration in full satisfaction of the exchange consideration to those eligible holders. At the same time, all the remaining October 2021 Senior Secured Notes that have not been validly tendered and accepted for exchange were redeemed at maturity in full. June 2022 Senior Secured Notes On July 3, 2020 and August 6, 2020, the Company issued an aggregate principal amount of RMB514.5 million (US$75 million) of the June 2022 Senior Secured Notes. The June 2022 Senior Secured Notes bear interest at 12.00% per annum payable semi-annually. Interest will be payable on December 29 and June 29 of each year, commencing December 29, 2020. The June 2022 Senior Secured Notes have a two years term maturing on June 29, 2022. The effective interest rate of June 2022 Senior Secured Notes is 15.69%. The June 2022 Senior Secured Notes were issued pursuant to an indenture, dated June 29, 2020, between the Company, the “Subsidiary Guarantors” identified below and Citicorp International Limited, as trustee and collateral agent (the “June 2022 Indenture”). The Company’s obligations under the June 2022 Indenture and the June 2022 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 June 2022 Indenture. The Company’s obligations under the June 2022 Indenture and the June 2022 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 June 29, 2022, the Company may at its option redeem the June 2022 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the June 2022 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 June 2022 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such June 2022 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such June 2022 Senior Secured Note, plus all required remaining scheduled interest payments due on such June 2022 Senior Secured Note through the maturity date of the June 2022 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 June 2022 Indenture) plus 100 basis points, over (B) the principal amount of such June 2022 Senior Secured Note on such redemption date. At any time prior to June 29, 2022, the Company may redeem up to 35% of the aggregate principal amount of the June 2022 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 112% of the principal amount of the June 2022 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 June 2022 Senior Secured Notes issued on June 29, 2020 remains outstanding after each such redemption. The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the June 2022 Senior Secured Notes under the requiremen |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Leases | 13. Leases Lessee The Group has operating and finance leases, which primarily consist of 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 dormitories in the United States and China. The leases have remaining lease terms of up to 2 years. Leases recorded on the consolidated balance sheets are summarized as follows: December 31, December 31, 2021 2022 US$ US$ Lease Assets Finance lease assets Property and equipment, net 18,050,265 — Real estate properties held for lease, net 7,542,875 — Total 25,593,140 — Operating lease ROU assets 3,147,381 5,707,986 Lease Liabilities Current Current portion of finance lease 5,557,782 — Current portion of operating lease 2,061,541 3,780,853 Total 7,619,323 3,780,853 Non-current Finance lease, net of current portion — — Operating lease, net of current portion 1,286,250 3,310,116 Total 1,286,250 3,310,116 The components of lease expenses recognized are as follows: Year ended Year ended December 31, December 31, 2021 2022 US$ US$ Operating lease cost: Operating lease cost 5,384,851 3,497,729 Short-term lease cost 2,612,901 710,161 Finance lease cost: Amortization of finance lease assets 2,690,976 — Interest on the lease liabilities 501,037 69,672 Total lease cost 11,189,765 4,277,562 Supplemental cash flow information related to leases was as follows: Year ended Year ended December 31, December 31, 2021 2022 US$ US$ Operating cash flows for operating leases 4,485,361 3,996,599 Operating cash flows for finance leases 16,222 — Financing cash flows for finance leases 1,369,861 — Maturities of lease liabilities are as follows: December 31, 2022 Finance Leases Operating Leases US$ US$ Year ending December 31, 2023 — 3,776,934 Year ending December 31, 2024 — 3,555,049 Year ending December 31, 2025 — 296,254 Year ending December 31, 2026 — — Total lease payments — 7,628,236 Less: imputed interest — (537,267) Present value of lease liabilities — 7,090,969 Other supplemental information related to lease terms and discount rates are summarized below: December 31, December 31, 2021 2022 Weighted-average remaining lease term (years) Operating leases 1.69 2.03 Finance leases 0.72 — Weighted-average discount rate Operating leases 6.61 % 7.42 % Finance leases 6.95 % — |
Customer deposits
Customer deposits | 12 Months Ended |
Dec. 31, 2022 | |
Customer deposits | |
Customer deposits | 14. Customer deposits Advances for real estate properties comprise sales proceeds received from customers for the pre-sale of residential units in 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, 2021 2022 US$ US$ Advances for real estate properties 2,372,468,138 1,866,575,083 Add: increase in revenue recognized in excess of amounts received from customers 26,302,454 — Less: recognized as progress billings (1,236,340,124) (586,058,078) Customer deposits (Note 2(i)) 1,162,430,468 1,280,517,005 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2022 | |
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 with 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 treaties with certain jurisdictions. The Company’s HK subsidiaries are subject to income tax at the statutory rate of 16.5% in accordance with 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 statutory rate of 21% 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 expense consist of: Year ended December 31, 2020 2021 2022 US$ US$ US$ PRC 162,967,377 (274,761,993) (33,822,942) Non-PRC (95,392,067) (145,780,649) (215,618,321) Total 67,575,310 (420,542,642) (249,441,263) Income tax expense for the years ended December 31, 2020, 2021 and 2022 is summarized as follows: Year ended December 31, 2020 2021 2022 US$ US$ US$ Current: CIT tax (benefit)/expense (21,471,662) 15,227,110 42,948,974 Land Appreciation Tax (“LAT”) expense 90,907,634 39,101,310 26,862,350 Deferred tax expense/(benefit) 65,623,218 (61,608,948) (60,569,862) Income tax expense/(benefit) 135,059,190 (7,280,528) 9,241,462 The Group’s income tax expense differs from the tax expense computed by applying PRC statutory CIT rate of 25% for the years ended December 31, 2020, 2021 and 2022 as follows: Year ended December 31, 2020 2021 2022 US$ US$ US$ CIT at rate of 25% 16,893,828 (105,135,661) (62,360,316) Tax effect of non-taxable income — (3,729,808) (20,815,682) Tax effect of non-deductible expenses 18,115,751 55,981,806 8,849,339 LAT expense 90,907,634 39,101,310 26,862,350 CIT benefit of LAT (22,726,908) (9,775,327) (6,715,587) Changes in valuation allowance 5,463,801 13,925,825 31,860,999 International rate differences 15,736,526 14,983,887 42,918,080 Dividend and interest withholding taxes 13,132,901 (17,148,376) 889,259 Adjustment of estimated income tax accruals (2,850,373) 3,085,497 (8,220,977) Others 386,030 1,430,320 (4,026,003) Income tax expense/(benefit) 135,059,190 (7,280,528) 9,241,462 (b) Unrecognized tax benefit The following table summarizes the activities related to the Group’s unrecognized tax benefits: 2020 2021 2022 US$ US$ US$ Balance at January 1 73,605,084 101,198,970 130,560,908 Additions for tax positions of current year 26,350,344 29,025,853 6,295,454 Reclassification from prior year tax payable 14,361,802 — — Reductions for tax positions of prior years (13,118,260) — — Movement in current year due to foreign exchange rate fluctuation — 336,085 (1,294,287) Balance at December 31 101,198,970 130,560,908 135,562,075 The movement in the liability for unrecognized tax benefits in 2021 included an amount of US$25,287,932 and related late payment interest of US$3,128,988 which were due to deemed interest income from subsidiaries of the Company during the year, related late payment interests of US$608,933, which were due to an uncertain tax position in respect of an investment loss deduction claimed in the 2018 tax return filed in 2019. The movement in the liability for unrecognized tax benefits in 2022 included an amount of US$10,042,468 and write off related late payment interest of US$4,304,458, which were due to deemed interest income from subsidiaries of the Company during the year, related late payment interests of US$557,444, which were due to an uncertain tax position in respect of an investment loss deduction claimed in the 2018 tax return filed in 2019. As of December 31, 2021 and 2022, unrecognized tax benefits of US$13,678,371 and US$13,279,620, respectively, if ultimately recognized, will impact the effective tax rate. The Group anticipates new unrecognized tax benefits, related to tax positions similar to those giving rise to its existing unrecognized tax benefits, to originate after December 31, 2022. It is possible that the amount of uncertain tax positions will change in the next twelve months, however, an estimate of the range of the possible outcomes cannot be made at this time. The Group’s income tax returns for fiscal year 2009 through fiscal year 2022 remain open to potential examination. In addition, local tax authorities may exercise broad discretion in applying the tax law, thus potentially exposing the subsidiaries to audits of tax years outside the general statute of limitations. (c) LAT LAT is applicable at progressive tax rates ranging from 30% to 60% on the appreciation of land values, with an exemption provided for the sales of ordinary residential properties if the appreciation values do not exceed certain thresholds specified in the relevant tax laws. For all periods presented, the Group has made provision for LAT with respect to properties sold up to the respective reporting date in accordance with the requirements set forth in the relevant PRC tax laws and regulations. (d) Deferred tax The tax effects of temporary differences that give rise to the Group’s deferred tax assets and liabilities as of December 31, 2021 and 2022 are as follows: December 31, December 31, 2021 2022 US$ US$ Deferred tax assets: Tax loss carried forward 84,046,761 94,579,348 Accruals and provisions 122,633,112 122,380,636 Capitalized expenses 77,494,494 78,506,854 Revenue recognition at a point in time less tax paid under deemed profit method 27,312,910 (28,086,617) Revenue recognition of real estate lease income on a straight-line basis 7,144,670 322,923 Deemed interest expense 105,354,177 115,181,923 Operating lease liability 836,948 1,772,742 Less: Valuation allowance (24,633,671) (18,168,615) Total deferred tax assets, net of valuation allowance 400,189,401 366,489,194 Deferred tax liabilities: Revenue recognition over time (192,007,773) (149,855,853) Taxable temporary differences arising from asset acquisitions (202,527,316) (294,617,076) Dividend and interest withholding taxes (45,159,004) (46,048,264) Operating lease right-of-use assets (786,845) (1,426,996) Total deferred tax liabilities (440,480,938) (491,948,189) Certain of the Company’s PRC subsidiaries have PRC tax net operating loss carry forwards of US$361.6 million (2021: US$314.3 million) which will expire in one During 2021 and 2022, the Company has considered its operational funding needs, future development initiatives and its dividend distribution plan and is permanently reinvesting all but US$451.6 million and US$459.5 million of its PRC subsidiaries earnings as at December 31, 2021 and 2022 respectively. Accordingly, the Company accrued deferred income tax liabilities of US$45.2 million and US$45.9 million for the withholding tax liability associated with the distribution of retained earnings that are not permanently reinvested as at December 31, 2021 and 2022, respectively. As of December 31, 2021 and 2022, the total amount of undistributed earnings from the Company’s PRC subsidiaries that are considered to be permanently reinvested were nil, and the related unrecognized deferred tax liabilities were approximately nil. 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$24,633,671 and US$18,168,615 as of December 31, 2021 and 2022, respectively. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-based compensation | |
Share-based compensation | 16. Share-based compensation As of December 31, 2022, the Company primarily has four 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”), 2014 Restricted Stock Unit Plan (the “2014 RSU Plan”) and 2020 Restricted Stock Unit Plan (the “2020 RSU Plan”). On January 31, 2019, Xinyuan Property Management Service (Cayman) Ltd., a subsidiary of the Company, approved 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$568,047 (2020: US$4,511,190; 2021: US$3,413,610) was recorded in general and administrative expenses with a corresponding credit to additional paid-in capital in the year ended December 31, 2022. 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 and 2020 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$34,294. These options have vesting periods based on length of service of 33 months and will expire no later than July 29, 2025. No options were granted during the years ended December 31, 2021 and 2022, for 2007 Plan and 2015 Plan. Assumptions The fair value of each option is estimated on the date of grant using the Dividend Adjusted Black-Scholes option-pricing model that uses the assumptions noted below. Options Options Granted in Granted in 2015 2015 Under the Under the 2007 Plan 2015 Plan Average risk-free rate of return 1.82‑1.92 % 1.57‑1.92 % Expected term 6 Years 6 Years Volatility rate 46.3‑55.2 % 55.0‑55.9 % Dividend yield 5 % 5 % The risk-free rate for periods within the expected life of the option is based on the implied yield rates of U.S treasury yield curve in effect at the time of grant. The expected life of options represents the period of time the granted options are expected to be outstanding. The Company had limited historical exercise data. Therefore, the expected life was estimated as the average of the contractual term and the vesting period. The dividend yield was based on the Company’s dividend distribution plan. The expected volatility was based on the historical daily stock price of the Company, annualized. Share Option Activity As of January 1, 2021, all options granted under 2007 Plan were fully vested. The following table is a summary of the Company’s share option activity under the 2007 Plan (in US$, 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, 2022 1.64 (exercise price) 100,000 1.64 0.87 — 1.21 (exercise price) 39,400 1.21 2.50 — Granted — — — — Exercised — — — — Forfeited — — — — Expired 100,000 1.64 — — Outstanding and Exercisable, December 31, 2022 1.21 (exercise price) 39,400 1.21 1.50 — 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$0.20 per common share as of December 31, 2022 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, 2022. As of December 31, 2022, 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 was nil during the year ended December 31, 2020, 2021 and 2022, respectively. As of January 1, 2021, all options granted under 2015 Plan were fully vested, with no option exercised Weighted Weighted Average Remaining Number of Exercise Contractual Aggregate Options Under the 2015 Plan Options Price Life (Years) Intrinsic Value Outstanding, January 1, 2022 1.71(exercise price) 2,796,734 1.71 3.50 — Outstanding and Exercisable, December 31, 2022 1.71(exercise price) 2,796,734 1.71 2.50 — 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$0.20 per common share as of December 31, 2022 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, 2022. As of December 31, 2022, 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 was nil during the year ended December 31, 2020, 2021 and 2022, 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 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. No restricted shares were granted during the years ended December 31, 2020, 2021 and 2022 under the 2014 RSU plan. 2020 RSU Plan On June 30, 2020, the Board of Directors approved the 2020 RSU Plan, which is administered by the Compensation Committee of the Board of Directors. The 2020 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 2020 RSU Plan participants in connection with RSUs granted under the 2020 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. 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 of 100 million share options to certain employees of the Group with an exercise price of US$0.14 (RMB1). 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 As of December 31, 2022, there were no shares expired and the expense recognized is immaterial (2020: nil, 2021: nil). 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 January 31, 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 consideration was fully settled in cash upon the issuance of restricted shares. The restricted shares vest in three tranches of 2%, 18% and 80% on January 1, 2020, January 1, 2021 and January 1, 2022, respectively, in accordance with certain vesting conditions, that is, a performance condition based on the completion of an IPO. The compensation cost was recognized using accelerated method. 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 The aggregate fair value of the restricted shares granted at the grant date amounting to US$4,931,051 (RMB34,400,000) is recognized as compensation expense using the accelerated method. The fair value is determined by an external valuer using the discounted cash flow method to determine the underlying equity fair value of Xinyuan Property Management Service (Cayman) Ltd. Key assumptions, such as the discount rate, cash flow projections and the discount for lack of marketability, are determined by the Group using its best estimates. As of December 31, 2022, there were no shares vested or expired and the Group recognized expense relating to the Scheme of US$nil (2020: US$2,031,330; 2021: US$1,788,297) in the Consolidated Statements of Comprehensive Income during the period. |
Other payables and accrued liab
Other payables and accrued liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Other payables and accrued liabilities | |
Other payables and accrued liabilities | 17. Other payables and accrued liabilities The components of other payables and accrued liabilities are as follows: December 31, December 31, 2021 2022 US$ US$ Contract deposit 324,844,088 172,775,614 Accrued expenses 94,297,276 72,958,539 Deed tax and maintenance fund withheld for customers 28,848,564 14,739,762 Bidding deposit 3,947,876 3,665,749 Welfare payable 1,620,508 1,483,484 Other tax payable 18,620,109 24,924,141 Accrued aircraft operating expense 332,339 1,381,785 Accrued interest expense 32,363,632 153,330,358 Purchase consideration payable for asset acquisitions and business combinations 39,169,122 31,108,067 Others 11,133,179 13,255,294 Total 555,176,693 489,622,793 |
Related party and employee tran
Related party and employee transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related party and employee transactions | |
Related party and employee transactions | (a) Amounts due from related parties December 31, December 31, 2021 2022 US$ US$ Current: Henan Hongguang Olympic Real Estate Co., Ltd. 95,078,214 87,047,162 Qingdao Huiju 10,035,794 — Guangzhou Huanglong Information Technology Co., Ltd. 47,953,453 29,937,746 Xinzheng Meihang Network Technology Co., Ltd. 2,854,538 — Madison Development Limited 33,768,281 8,539,686 Suzhou Wanzhuo's non-controlling interest holders 32,032,079 29,323,571 Taicang Pengchi's non-controlling interest holders 22,194,420 23,892,970 Suzhou Rongjingchen Real Estate Co., Ltd. 22,141,569 20,269,362 Others 5,509,136 4,708,561 Total current amounts due from related parties 271,567,484 203,719,058 Non current: Xinzheng Meihang Network Technology Co., Ltd. — 1,065,531 Suzhou Yefang’s non-controlling interest holders 12,546,073 11,485,225 Others 2,736,955 2,505,528 Total non-current amounts due from related parties 15,283,028 15,056,284 Total 286,850,512 218,775,342 As of December 31, 2021, the balances due from Qingdao Huiju, the Company’s equity method investee in 2021, 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. Qingdao Huiju has been consolidated in the Group’s financial statements since the year of 2022. As of December 31, 2022, the balances due from Guangzhou Huanglong Information Technology Co., Ltd., a wholly-owned subsidiary of 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 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, 2022, 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, 2021, the balance due from Meihang was US$2,854,538, which have a three year payment term, and bear interest at 11.5%. In 2020, Meihang together with Zhengzhou Hangmei entered into an agreement with the Company in which all parties had agreed that the interest relating to the payable balance to be ceased from accrual thereafter. The Company settled the remaining balance in 2022. As of December 31, 2022, the balance due from Madison Development Limited, an equity method investee, amounting to US$8,539,686 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$624,125 as of December 31, 2022. 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, 2022, the balances due from the non-controlling interest holders amounting to US$29,323,571 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, 2022. 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, 2022, the balance due from the non-controlling interest holders amounting to US$23,892,970 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 no interest. As of December 31, 2022, the balance due from Suzhou Yefang amounting to US$11,485,225 is related to advances for working capital funds. This balance is unsecured, bears no interest, and is expected to be repaid over one year. In evaluating the collectability of the amounts due from related parties balance, the Group considers many factors, including the related parties’ repayment history and their credit-worthiness. An allowance for doubtful accounts is made when collection of the full amount is no longer probable. For the periods presented, based on management’s evaluation, no allowance of credit loss was provided. (b) Amounts due to related parties December 31, December 31, 2021 2022 US$ US$ Current: Suzhou Yefang’s non-controlling interest holders 1,771,522 1,538,601 Suzhou Wanzhuo's non-controlling interest shareholders 2,961,668 2,711,240 Xinzheng Meihang Network Technology Co., Ltd. 2,694,286 — Henan Qingning Apartment Management Co., Ltd. 12,045,693 9,984,106 Suzhou Kairongchen Real Estate Co., Ltd. 44,995,530 41,190,880 Others 12,593,656 11,195,093 Total current amounts due to related parties 77,062,355 66,619,920 Non current: Henan Qingning Apartment Management Co., Ltd. 10,979,186 — Total 88,041,541 66,619,920 As of December 31, 2021 and 2022, the remaining advance to Suzhou Wanzhuo’s non-controlling interest shareholders amounting to US$2,961,668 and US$2,711,240, respectively, are for shareholder service. 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, 2022, the Company repaid the entire payable to its non-controlling shareholders except for accrued interest amounted to US$1,538,601. Meihang is the non-controlling shareholder of Zhengzhou Hangmei, one of the Company’s subsidiaries. As of December 31, 2021, Meihang advanced US$2,694,286 of working capital funds to Zhengzhou Hangmei in the form of an unsecured interest 10% bearing loan with a three year payment term. In 2020, Meihang together with Zhengzhou Hangmei and entered into an agreement with the Company in which all parties had agreed that the interest relating to the payable balance to be ceased from accrual thereafter. The Company settled the remaining balance in 2022. (c) Amounts due from employees December 31, December 31, 2021 2022 US$ US$ Advances to employees 1,550,469 1,466,055 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 an 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. For the year ended December 31, 2022, total directors’ remuneration amounted to US$4,012,619 (2020: US$6,447,214; 2021: US$6,245,522). |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity | |
Equity | 19. Equity (i) As at December 31, 2022, the Company’s authorized share capital was 500 million common shares, par value US $0.0001 per share (December 31, 2021: 500 million common shares). (ii) During the year ended December 31, 2022, no common shares were repurchased. (iii) During the year ended December 31, 2022, no dividend was distributed. (iv) During the y ear ended December 31, 2022, treasury shares remain unchanged. All other equity transactions have been disclosed in consolidated statement of changes in shareholders’ equity. |
Loss per share
Loss per share | 12 Months Ended |
Dec. 31, 2022 | |
Loss per share | |
Loss per share | 20. Loss per share Basic and diluted net loss per share for each period presented are calculated as follows: December 31, 2020 2021 2022 US$ US$ US$ Numerator: Net loss attributable to Xinyuan Real Estate Co., Ltd. Shareholders - basic and diluted (81,040,908) (417,307,378) (263,353,561) Denominator: Weighted average number of shares outstanding-basic* 107,558,506 107,283,420 107,849,225 Stock options 10,674 — — Restricted stock units — — — Weighted average number of shares outstanding-diluted 107,569,181 107,283,420 107,849,225 Basic loss per share (0.75) (3.89) (2.44) Diluted loss per share (0.75) (3.89) (2.44) * 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, 2022, nil (2020: nil; 2021: nil) stock options, and nil (2020: 803,427; 2021: 81,035) 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, 2022 | |
Segment reporting | |
Segment reporting | 21. Segment reporting The Group’s long-lived assets and revenue are mainly located in and derived from 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 having 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 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, 2020, 2021 and 2022. Summary information by operating segment is as follows: December 31, 2020 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 766,314,384 285,706,736 120,260,357 222,959,432 62,401,289 10,084,944 27,721,542 10,991,930 927,700 47,787,761 — 49,168,045 567,819 — 1,604,891,939 Real estate lease income 26,054,475 (965,131) 772,402 379,175 695,548 — 741,527 2,353,682 4,723,438 — — — — 37,369 34,792,485 Real estate management services income 7,606,378 — — — — — — 2,358,631 — — — — 81,243,298 — 91,208,307 Other revenue (1,004,342) 127,190 3,068,486 511,576 2,144,591 7,288 526,852 (116,072) 605,337 — — — 7,236,334 1,763,220 14,870,460 Total revenue 798,970,895 284,868,795 124,101,245 223,850,183 65,241,428 10,092,232 28,989,921 15,588,171 6,256,475 47,787,761 — 49,168,045 89,047,451 1,800,589 1,745,763,191 Cost of real estate sales (639,601,377) (260,651,654) (93,074,146) (214,523,020) (45,575,813) (5,503,574) (4,404,236) (14,731,175) (778,663) (34,034,932) (23,616) (38,572,816) (505,804) — (1,351,980,826) Cost of real estate lease income (27,204,779) (292,726) (736,537) (606,323) (805,353) (44,900) (1,046,888) (1,623,994) (3,740,076) — (19,723) — — (798) (36,122,097) Cost of real estate management services (6,675,680) — — (13,189) — — (4,957) (1,707,785) — — — — (47,036,367) — (55,437,978) Other costs (1,145,928) (39,105) (123,291) (111,879) (711,424) (226) (272,479) — — (2,152) — — (6,885,687) (463,371) (9,755,542) Total cost of revenue (674,627,764) (260,983,485) (93,933,974) (215,254,411) (47,092,590) (5,548,700) (5,728,560) (18,062,954) (4,518,739) (34,037,084) (43,339) (38,572,816) (54,427,858) (464,169) (1,453,296,443) Gross profit 124,343,131 23,885,310 30,167,271 8,595,772 18,148,838 4,543,532 23,261,361 (2,474,783) 1,737,736 13,750,677 (43,339) 10,595,229 34,619,593 1,336,420 292,466,748 Operating expenses (59,958,497) (15,211,169) (10,679,950) (7,677,029) (73,902,008) (1,355,382) (1,608,076) (4,061,452) (6,198,996) (3,423,234) (1,391,277) (4,897,483) (9,390,896) (27,707,634) (227,463,083) Gain on disposal of property held for lease 82,805,785 — — — — — — — — — — — — — 82,805,785 Operating income/(loss) 147,190,419 8,674,141 19,487,321 918,743 (55,753,170) 3,188,150 21,653,285 (6,536,235) (4,461,260) 10,327,443 (1,434,616) 5,697,746 25,228,697 (26,371,214) 147,809,450 Interest income 23,921,003 1,919,529 2,068,141 1,288,256 103,788 4,817 38,096 8,130 41,143 44,417 885 31,849 755,677 3,179,879 33,405,610 Interest expense (14,568,255) (3,043,955) (987,612) (18,381,805) (3,659,832) — — — (5,316,337) — — — (5,708) (83,523,901) (129,487,405) Net realized gain on short-term investments 183,450 — — — — — — — — — — — — 4,869,494 5,052,944 Share of (loss)/gain in an equity investee (3,539,268) 11,483,448 7,795,833 — — — — 67,698 — (1,602,617) — — (152,121) 2,975,328 17,028,301 Loss on extinguishment of debt — — — — — — — — — — — — — (1,843,306) (1,843,306) Exchange gains/(loss) 1,987,139 — — — — — — — — — — — 100,523 (5,181,569) (3,093,907) Other income/(loss) (4,041,056) 90,325 (415,481) (8,773) 684,530 43,136 43,576 289,746 — 52,058 12,620 7,341 934,711 1,010,890 (1,296,377) Income/(loss) before income taxes 151,133,432 19,123,488 27,948,202 (16,183,579) (58,624,684) 3,236,103 21,734,957 (6,170,661) (9,736,454) 8,821,301 (1,421,111) 5,736,936 26,861,779 (104,884,399) 67,575,310 Income tax (expense)/benefit (36,907,073) (12,299,796) (39,723,025) 2,875,576 (8,431,043) (4,482,485) (14,391,424) 589,659 — (9,482,301) (2,458,177) (2,591,042) (8,191,925) 433,866 (135,059,190) Net income/(loss) 114,226,359 6,823,692 (11,774,823) (13,308,003) (67,055,727) (1,246,382) 7,343,533 (5,581,002) (9,736,454) (661,000) (3,879,288) 3,145,894 18,669,854 (104,450,533) (67,483,880) Depreciation and amortization 5,814,086 887,005 2,556,696 631,421 5,832,130 56,888 174,291 20,375 46,680 17,042 1,234,539 232,220 — — 17,503,373 Capital expenditure 8,655,565 — 15,874 5,106 716,935 — — — — — — 376,871 1 — 9,770,352 Real estate properties completed and under development 897,218,594 240,527,766 215,890,331 547,932,945 378,408,484 2,162,115 12,433,669 224,821,947 283,124,970 395,376,646 165,423,590 52,622,159 — 33,885,876 3,449,829,092 Real estate properties held for lease 74,613,257 7,126,028 35,512,059 36,262,110 8,438,206 — 66,684,905 96,083,662 157,975,249 — — — — 412,731 483,108,207 Total long-lived assets 526,045,585 553,491,246 133,733,839 46,741,993 50,734,107 5,863,831 75,248,369 105,461,495 171,374,723 23,549,642 566,337 930,819 9,062,110 365,609,346 2,068,413,442 Total assets 2,838,641,480 602,982,670 751,266,943 734,426,656 473,659,055 23,560,573 92,009,978 362,198,503 474,896,649 478,343,726 175,174,331 73,164,781 160,332,607 428,665,624 7,669,323,576 December 31, 2021 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 338,195,148 174,353,777 135,072,403 128,609,911 313,960,495 — 8,271,910 166,007,116 23,325,750 68,681,906 118,952 35,642,637 — — 1,392,240,005 Real estate lease income 9,344,804 665,170 1,339,557 532,240 371,919 — 1,223,472 3,251,637 2,980,504 — 13,482 — — 58,559 19,781,344 Real estate management services income 6,746,892 — — — — — — 2,793,044 — — — — 100,282,270 — 109,822,206 Other revenue 2,851,496 16,356 2,030,340 121,935 2,851,344 413 838,306 — 3,107,481 507,500 — 52,439 1,796,616 — 14,174,226 Total revenue 357,138,340 175,035,303 138,442,300 129,264,086 317,183,758 413 10,333,688 172,051,797 29,413,735 69,189,406 132,434 35,695,076 102,078,886 58,559 1,536,017,781 Cost of real estate sales (369,888,568) (176,289,676) (125,086,848) (163,249,870) (250,046,777) — (9,214,046) (142,797,184) (32,460,834) (58,588,051) (25,726) (31,696,836) — (1,359,344,416) Cost of real estate lease income (15,658,378) (611,378) (193,442) (404,647) (542,152) — (1,206,177) (62,840) (3,740,076) — — — — (19,090) (22,438,180) Cost of real estate management services (3,708,523) — — — — — — (4,321,229) — — — — (65,948,453) — (73,978,205) Other costs (1,320,332) (16,170) (111,927) (1,354,318) (5,762,646) — (742,247) — — (2,172,592) — (61,703) (778,129) — (12,320,064) Total cost of revenue (390,575,801) (176,917,224) (125,392,217) (165,008,835) (256,351,575) — (11,162,470) (147,181,253) (36,200,910) (60,760,643) (25,726) (31,758,539) (66,726,582) (19,090) (1,468,080,865) Gross profit (33,437,461) (1,881,921) 13,050,083 (35,744,749) 60,832,183 413 (828,782) 24,870,544 (6,787,175) 8,428,763 106,708 3,936,537 35,352,304 39,469 67,936,916 Operating expenses (67,226,888) (10,880,365) (19,136,811) (8,500,877) (80,605,508) (310,883) (1,059,651) (9,182,945) (7,223,166) (10,540,700) (1,273,031) (4,700,371) (8,869,355) (24,468,860) (253,979,411) Impairment losses on goodwill and intangible assets — — — — — — — — — — — — — (18,651,259) (18,651,259) Operating (loss) /income (100,664,349) (12,762,286) (6,086,728) (44,245,626) (19,773,325) (310,470) (1,888,433) 15,687,599 (14,010,341) (2,111,937) (1,166,323) (763,834) 26,482,949 (43,080,650) (204,693,754) Interest income 18,709,958 (126,051) 348,282 728,264 249,117 25,957 7,576 254,323 1,610 33,242 202 23,321 2,421,863 5,619,160 28,296,824 Interest expense (12,070,505) (5,794,489) (910,853) (26,416,301) (2,078,190) — — (8,046,152) (15,736,448) (358,532) — — (64,549) (111,922,753) (183,398,772) Net realized loss on short-term investments — — — — — — — — — — — — — (30,203,357) (30,203,357) Share of (loss)/gain in an equity investee 1,090,507 (1,873,472) 1,052,997 — — — — — — (4,010,602) — — (1,004,547) (18,600,648) (23,345,765) Exchange (loss) /gains (20,163,471) — (21) — — — — — — — — — (203,338) 10,659,367 (9,707,463) Other (loss) /income (2,110,256) 3,336,726 144,617 138,413 (644,101) (36,650) 205,877 381,157 17,770 (1,434,297) 1,789 (46,098) 942,072 1,612,626 2,509,645 (Loss) /income before income taxes (115,208,116) (17,219,572) (5,451,706) (69,795,250) (22,246,499) (321,163) (1,674,980) 8,276,927 (29,727,409) (7,882,126) (1,164,332) (786,611) 28,574,450 (185,916,255) (420,542,642) Income tax benefit/ (expense) 43,657,150 (3,885,809) (4,274,715) 12,936,548 (21,349,169) 1,431,319 (3,023,380) (9,366,699) (144,962) (1,674,207) (1,926,116) (1,471,006) (4,832,629) 1,204,203 7,280,528 Net income/(loss) (71,550,966) (21,105,381) (9,726,421) (56,858,702) (43,595,668) 1,110,156 (4,698,360) (1,089,772) (29,872,371) (9,556,333) (3,090,448) (2,257,617) 23,741,821 (184,712,052) (413,262,114) Depreciation and amortization 6,842,628 914,765 198,149 1,130,049 3,942,986 — — 1,934,681 1,037,064 12,193 48,721 19,401 526,727 1,660,151 18,267,515 Capital expenditure 1,965,626 — — 5,261 1,076,187 — — 576 241,312 — — 17,091 668,407 (3,869,649) 104,811 Real estate properties completed and under development 909,477,150 116,698,109 105,042,744 527,858,832 173,273,166 — 3,312,065 45,339,962 307,041,456 398,158,018 190,450,736 59,279,630 — 33,690,834 2,869,622,702 Real estate properties held for lease 72,022,044 4,133,570 36,147,355 36,470,962 8,510,518 59,903,607 96,574,698 126,157,420 — — — — 380,197 440,300,371 Total long-lived assets 431,132,864 517,720,952 138,953,401 49,540,764 46,722,553 5,813,925 75,895,086 107,098,269 139,099,651 53,982,579 920,192 773,073 15,628,394 77,178,239 1,660,459,942 Total assets 2,279,523,193 416,680,530 600,814,871 710,687,239 313,031,361 11,747,496 82,923,478 289,048,826 468,517,290 568,073,393 196,509,533 69,505,369 176,825,788 262,390,923 6,446,279,290 December 31, 2022 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 133,906,983 152,896,390 3,056,829 93,804,069 142,331,456 — (1,058,911) 191,013,871 58,007,780 34,659,102 564,076 231,278 — — 809,412,923 Real estate lease income 7,268,773 1,530,316 2,080,042 416,589 177,246 — 1,162,618 2,349,797 4,041,509 1,727,356 — — — 28,366 20,782,612 Real estate management services income 4,448,994 — — — — — — 1,833,511 — — — — 99,177,566 — 105,460,071 Other revenue 7,894,262 8,316 552,228 (35,831) 1,727,882 — 904,831 446 — 805,323 — 149,812 2,349,298 — 14,356,567 Total revenue 153,519,012 154,435,022 5,689,099 94,184,827 144,236,584 — 1,008,538 195,197,625 62,049,289 37,191,781 564,076 381,090 101,526,864 28,366 950,012,173 Cost of real estate sales (134,259,620) (171,319,778) (7,306,487) (87,599,735) (110,230,204) — 943,112 (156,675,331) (75,759,072) (25,841,656) (21,408) (286,074) — — (768,356,253) Cost of real estate lease income (9,680,982) (852,927) (778,313) (219,502) (365,600) — (363,485) 128,004 (2,081,799) (6,023,790) — — — (49,559) (20,287,953) Cost of real estate management services (5,631,437) — 3,188,299 — — — — (3,694,930) — — — — (73,471,668) — (79,609,736) Other costs (1,031,030) — 617,889 (924,057) (5,578,881) — (710,529) — — (882,999) — (19,164) (1,273,352) — (9,802,123) Total cost of revenue (150,603,069) (172,172,705) (4,278,612) (88,743,294) (116,174,685) — (130,902) (160,242,257) (77,840,871) (32,748,445) (21,408) (305,238) (74,745,020) (49,559) (878,056,065) Gross profit 2,915,943 (17,737,683) 1,410,487 5,441,533 28,061,899 — 877,636 34,955,368 (15,791,582) 4,443,336 542,668 75,852 26,781,844 (21,193) 71,956,108 Operating expenses (11,698,488) (13,408,341) (3,366,711) (3,728,249) (42,774,682) (47,094) (1,242,859) (5,165,593) (17,406,597) (3,297,920) (1,331,279) (2,089,948) (9,376,483) (12,111,766) (127,046,010) Gain on disposal of property held for lease 2,650,215 397,708 2,150,988 — — — — — — — — — — 488,401 5,687,312 Operating income/(loss) (6,132,330) (30,748,316) 194,764 1,713,284 (14,712,783) (47,094) (365,223) 29,789,775 (33,198,179) 1,145,416 (788,611) (2,014,096) 17,405,361 (11,644,558) (49,402,590) Interest income 1,602,637 280,967 656,403 250,397 1,093,214 145 3,073 667,222 701 31,785 78 1,283 1,449,210 2,170,212 8,207,327 Interest expense (13,389,344) (1,818,414) (99,438) (24,130,024) (962,042) — — (4,726,423) (15,815,618) — — — (69,672) (96,997,436) (158,008,411) Net realized gain on short-term investments — — — — 463 — — — — — — — — (71,675,917) (71,675,454) Share of (loss) /gain in an equity investee (3,718,820) — 3,784,015 — — — — — — (15,920,880) — — (810,983) (9,499,870) (26,166,538) Gain on extinguishment of debt — — — — — — — — — — — — — 9,620,914 9,620,914 Exchange gains 45,800,405 — — — — — — — — — — — (699,044) (5,149,023) 39,952,338 Other income/(expense) (1,587,295) 17,236 (19,220) 277,819 420,916 325 187,576 49,144 (36,029) 99,781 (8,098) (1,452,134) 881,696 (800,566) (1,968,849) Income/(loss) before income taxes 22,575,253 (32,268,527) 4,516,524 (21,888,524) (14,160,232) (46,624) (174,574) 25,779,718 (49,049,125) (14,643,898) (796,631) (3,464,947) 18,156,568 (183,976,244) (249,441,263) Income tax benefit/(expense) (12,780,775) 22,127,223 (3,927,044) (2,443,468) (4,379,784) 463 174,167 (2,378,418) 1,206,732 (2,377,772) (1,359,448) (485,277) (1,482,371) (1,135,690) (9,241,462) Net income/(loss) 9,794,478 (10,141,304) 589,480 (24,331,992) (18,540,016) (46,161) (407) 23,401,300 (47,842,393) (17,021,670) (2,156,079) (3,950,224) 16,674,197 (185,111,934) (258,682,725) Depreciation and amortization 5,516,725 874,640 647,400 1,095,409 1,162,790 — — 1,832,811 612,887 — 23,806 13,918 533,861 853,960 13,168,207 Capital expenditure 5,221,417 803 — — 1,577 — — — (63) — 4,186 — 8,455 — 5,236,375 Real estate properties completed and under development 1,159,231,389 412,162,579 100,867,987 577,969,652 45,945,861 — 4,995,367 35,489,672 266,654,891 395,241,531 191,185,397 53,684,534 — 33,627,793 3,277,056,653 Real estate properties held for lease 48,958,513 2,434,604 32,354,424 32,786,449 7,676,329 — 54,293,887 86,799,863 107,905,636 — — — — 258,162 373,467,867 Total long-lived assets 386,224,257 13,434,007 133,703,563 49,512,464 24,828,219 5,774,972 68,720,346 96,615,555 118,812,943 34,008,878 769,742 857,181 7,209,649 20,599,425 961,071,201 Total assets 2,270,506,759 259,228,051 540,587,961 709,048,905 240,590,331 11,212,039 78,448,652 323,750,877 404,653,727 499,695,879 197,190,024 61,041,098 147,478,659 106,845,365 5,850,278,327 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and contingencies. | |
Commitments and contingencies | 22. Commitments and contingencies Other commitments As of December 31, 2022, 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$ 2023 532,677,457 2024 319,991,685 2025 174,200,852 2026 105,771,513 2027 and thereafter 39,234,387 Total 1,171,875,894 Contingencies As of December 31, 2022, the Group provided guarantees of US$2,110,456,012 (2020: US$2,306,911,350; 2021: US$2,156,348,238), 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 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$4,557,522, US$3,723,398 and US$4,068,840 to satisfy guarantee obligations related to customer defaults for the years ended December 2020, 2021 and 2022, 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, 2022, the Group provided financial guarantees for bank loans of four 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$226,755,305 (2021: US$284,329,564). 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. |
Concentration of risk
Concentration of risk | 12 Months Ended |
Dec. 31, 2022 | |
Concentration of risk | |
Concentration of risk | 23. Concentration of risk The Group’s financial instruments potentially subject to significant concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash, other receivables and amounts due from related parties. As of December 31, 2021 and 2022, substantially all of the Group’s cash and cash equivalents and restricted cash were held in major financial institutions located in China, Hong Kong SAR and the United States, which management consider being of high credit quality. In the event of bankruptcy of one of these financial institutions, the Group may not be able to claim its cash and demand deposits back in full. The Group continues to monitor the financial strength of the financial institutions. The Group does not have requiement for collateral for the balance of other receivables and amounts due from related parties while considers various factors in establishing, monitoring the financial instruments, including the aging of receivables and aging trends, customer creditworthiness. repayment history and credit-worthiness. The Group’s operations are conducted mainly in 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 PRC and by the general state of PRC economy. The Group’s operations in 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 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, 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 15.9% appreciation of the RMB against the US$ from July 21, 2005 to December 31, 2022. 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 provides guarantees to mortgage lending banks in respect of the mortgage loans provided to the purchasers of its properties in the PRC up until completion of the registration of the mortgage with the relevant authorities, which generally occurs within six to 12 months after the purchaser takes possession of the relevant properties. If a purchaser defaults under the loan while our guarantee is in effect and the Group repays all debt owed by the purchaser to the mortgagee bank under the loan, the mortgagee bank must assign its rights under the loan and the mortgage to the Group and, after the registration of the mortgage, the Group will have full recourse to the property. In line with industry practice, the Group does not conduct independent credit checks on its customers but relies on the credit checks conducted by the mortgagee banks. As of December 31, 2022, the Group had outstanding guarantees of mortgages in the principal amount of US$2,110.5 million. If a purchaser defaults on the payment of its mortgage during the term of the guarantee, the mortgage lending bank may require the Group to repay the outstanding amount under the loan plus any accrued interest. In this event, although the Group is able to retain the customer’s deposit and sell the property to recover any amounts paid by it to the bank, there can be no assurance that the property could be sold at a price equal to or greater than the amount paid on the defaulting purchaser’s outstanding loan amount and any accrued interest thereon. The Group paid US$4.1 million to satisfy guarantee obligations related to customer defaults for the year ended December 31, 2022. The Group offers certain homebuyers seller-financing arrangements. All the homebuyers that entered into such arrangements were subject to credit verification procedures. In addition, accounts receivable balances are unsecured, but monitored on an ongoing basis via the Group’s management reporting procedures. The Group provides longer payment terms to particular home buyers after applying strict credit requirements based on the Group’s credit policy. As of December 31, 2021 and 2022, there is no concentration of credit risk with respect to receivables and the Group does not have a significant exposure to any individual debtor. In 2013, PRC banks tightened the conditions on which mortgage loans are extended to homebuyers. Therefore, mortgage loans for homebuyers have been subject to longer processing periods or even denied by the banks. The Group monitors its homebuyers’ outstanding mortgage loans on an ongoing basis via the Group’s management reporting procedures and took the position that contracts with underlying mortgage loans with processing periods exceeding one year shall not be considered when recognizing revenue on an over time basis (Note 2(i) for further detail). As a result, sales contracts of 570 apartments were excluded when determining revenue to be recognized in 2022. In addition, no single customer or supplier accounted for more than 10% of revenue or project expenditures for the years ended December 31, 2020, 2021 and 2022. |
Non-controlling interests
Non-controlling interests | 12 Months Ended |
Dec. 31, 2022 | |
Non-controlling interests | |
Non-controlling interests | 24. Non-controlling interests As of December 31, 2021, the non-controlling interests consisted of the following: December 31, Ownership 2021 US$ Shaanxi Zhongmao Economy Development Co., Ltd. 34.02 % — Xinyuan Property Management Service (Cayman) Ltd. 47.14 % (72,201,420) Taicang Pengchi Real Estate Co., Limited. (Note 18 (a)) 83.00 % (36,937,776) Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. (Note 18 (a.b)) 80.00 % (40,429,789) Henan Renxin Real Estate Co., Ltd. 49.00 % — Suzhou Yefang Real Estate Co., Limited. (Note 18(a.b)) 79.99 % (12,542,785) Zhengzhou Xinhe Real Estate Co., Ltd 20.00 % 756,256 Others 2,224,788 Total (159,130,726) As of December 31, 2022, the non-controlling interests consisted of the following: December 31, Ownership 2022 US$ Shaanxi Zhongmao Economy Development Co., Ltd. 34.02 % — Xinyuan Property Management Service (Cayman) Ltd. 40.53 % (78,177,157) Taicang Pengchi Real Estate Co., Limited. (Note 18 (a)) 83.00 % (33,861,921) Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. (Note 18 (a.b)) 80.00 % (36,302,338) Henan Renxin Real Estate Co., Ltd. 49.00 % — Suzhou Yefang Real Estate Co., Limited. (Note 18(a.b)) 79.99 % (11,482,112) Zhengzhou Xinhe Real Estate Co., Ltd 20.00 % 1,650,839 Others 5,498,759 Total (152,673,930) |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent events | |
Subsequent events | 25. Subsequent events The Group has evaluated subsequent events through the date the consolidated financial statements are issued, and concluded that no subsequent events have occurred that would require recognition or disclosure in the consolidated financial statements. |
Condensed financial information
Condensed financial information of the Company | 12 Months Ended |
Dec. 31, 2022 | |
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$856,960,327 as of December 31, 2022 (2021: US$962,881,800). Condensed Balance Sheets December 31 2021 2022 US$ US$ ASSETS Current assets Cash and cash equivalents 160,209 2,794,414 Short-term investments 70,875,668 946,076 Other receivables 21,248 1,037,835 Due from subsidiaries 49,101,879 49,101,879 Total current assets 120,159,004 53,880,204 Investments in subsidiaries 1,163,420,854 1,008,221,487 TOTAL ASSETS 1,283,579,858 1,062,101,691 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities PRC income tax payable 13,388 13,388 PRC other tax payable 902,190 902,190 Other payable and accrued liabilities 35,216,403 88,642,571 Current portion of long-term bank loan and other debt 726,734,558 721,386,784 Due to subsidiaries 266,089,765 320,978,971 Payroll and welfare payables 525,043 64,888 Total current liabilities 1,029,481,347 1,131,988,792 Other long-term debt — — Total liabilities 1,029,481,347 1,131,988,792 Shareholders’ equity Common shares, $0.0001 par value: Authorized‑500,000,000 shares, issued 16,415 16,415 Treasury shares (116,061,577) (116,061,577) Additional paid-in capital 544,386,509 544,954,556 Retained earnings (174,242,836) (498,796,495) Total shareholders’ equity 254,098,511 (69,887,101) TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 1,283,579,858 1,062,101,691 Condensed Statements of Comprehensive Loss Year ended December 31, 2020 2021 2022 US$ US$ US$ General and administrative expenses (7,441,398) (4,965,230) (4,993,180) Operating loss (7,441,398) (4,965,230) (4,993,180) Interest expense (112,975,103) (121,289,406) (107,459,673) Interest income 599,544 545,599 1,139 Net gain on debt extinguishment — — 9,620,914 Gain/(loss) on short-term investments (27,077) (1,627,139) (68,931,940) Other expenses/(income) (4,277,443) (878,154) 1,395,668 Equity in profit/(loss) of subsidiaries, net 43,080,569 (289,093,048) (92,986,489) Loss from operations before income taxes (81,040,908) (417,307,378) (263,353,561) Income taxes — — — Net loss attributable to common shareholders (81,040,908) (417,307,378) (263,353,561) Other comprehensive income/(loss), net of tax of nil Foreign currency translation adjustments 67,283,263 17,818,154 (56,538,757) Comprehensive loss attributable to shareholders (13,757,645) (399,489,224) (319,892,318) Condensed Statements of Cash Flows Year ended December 31, 2020 2021 2022 US$ US$ US$ Cash flows from operating activities: Net loss (81,040,908) (417,307,378) (263,353,561) Adjustment to reconcile net loss to net cash used in operating activities: Equity in (profit)/loss of subsidiaries, net (43,080,570) 289,093,048 92,986,489 Stock based compensation expense 2,848,897 1,625,318 568,046 Loss on short-term investments — 1,627,139 68,931,940 Proceeds from disposal of short-term investments — — 359,025 Amortization of deferred charges 6,024,220 — 5,472,222 Loss/(gain) on extinguishment of debt 5,583,578 — (9,620,914) Other receivables (178,566) 168,246 634,819 Other current assets 77,648 — — Other payable and accrued liabilities 7,281,565 4,000,802 53,426,168 Payroll and welfare payables 402,431 1,363,218 (460,150) Net cash used in operating activities (102,081,705) (119,429,607) (51,055,916) Cash flows from investing activities: Investment in short-term investments — (72,502,807) — Net cash used in investing activities — (72,502,807) — Cash flows from financing activities: Changes in due from subsidiaries 224,773,858 447,436,262 54,889,206 Proceeds from short-term bank loans 28,080,000 — — Repayment of current portion of long-term bank loan and other long-term debt — (128,520,000) — Proceeds from long-term bank loans — — — Proceeds from other long-term debts 378,852,273 270,000,000 — Repayment of other long-term debts (508,900,000) (390,958,220) (1,199,086) Purchase of treasury shares (2,483,896) — — Dividends to shareholders (14,284,148) (4,055,664) — Payment of financing cost (7,141,511) (4,272,797) — Proceeds from exercise of stock options 134,790 — — Net cash provided by financing activities 75,953,366 189,629,581 53,690,120 Net (decrease)/increase in cash and cash equivalents (26,128,339) (2,302,833) 2,634,204 Cash and cash equivalents, at the beginning of the year 28,591,381 2,463,042 160,210 Cash and cash equivalents, at end of the period 2,463,042 160,209 2,794,414 (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. 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, 2022, the Company had US$320,978,971 (2021: US$266,089,765) due to 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 balances 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, 2022, the Company has US$116,656,089 (2021: US$116,656,089) including accrued interest of US$67,554,210 (2021: 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, 2022 | |
Summary of significant accounting policies | |
The Company and basis of presentation and consolidation | (a) The Company and basis of presentation and consolidation 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 (“ASC 480”). 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 (“ASC 810”), Before June 21 2019, Ruihao Rongtong was a variable interest entity as it was not established with sufficient equity at risk to finance its activities without additional subordinated financial support. 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. 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, 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, 2021 2022 US$ US$ Current assets 346,637 174,470 Non-current assets 3,177,609 2,873,855 Total assets 3,524,246 3,048,325 Current liabilities 14,499,043 17,699,203 Non-current liabilities 13,645,560 10,337,995 Total liabilities 28,144,603 28,037,198 The financial performance and cash flows of Yuzhouyun are as follows: Year ended Year ended December 31, December 31, 2021 2022 US$ US$ Revenue 1,703,972 244,130 Cost of revenue (3,755,276) (2,534,745) Net loss (8,794,606) (2,539,202) Net cash (used in)/provided by operating activities (13,884,957) 2,671,405 Net cash used in investing activities (14,799) — Net cash provided by/(used in) financing activities 13,108,128 (2,700,960) As of December 31, 2021 and December 31, 2022, the current liabilities of Yuzhouyun included amounts due to subsidiaries of the Group amounting to US$10,473,436 and US$14,851,499, which were eliminated upon consolidation by the Company. During the year ended December 31, 2021 and December 31, 2022, the revenue of Yuzhouyun included amounts that come from the Group amounting to US$779,795 and US$nil, which were eliminated upon consolidation by the Company. Yuzhouyun contributed US$924,177 and US$244,130 of the Company’s consolidated revenues for the year ended December 31, 2021 and December 31, 2022, respectively. Ruizhuo Xihui In 2020, Ruizhuo Xichuang, a subsidiary of the Group, together with Ruizhuo Xihui and its registered shareholders, entered a new set of Contractual Arrangements, including the powers of attorney, the exclusive business cooperation agreement, the exclusive share purchase agreement, the equity pledge agreement, the confirmations from such Registered Shareholders and the spouse undertakings (collectively known as the “Ruizhuo Xihui VIE Agreements”). The terms of the Ruizhuo Xihui VIE Agreements indicate that the Group is the only party at risk to absorb losses of Ruizhuo Xihui. Ruizhuo Xihui’s principal activities are also to provide technical service to the Group, which indicates that Ruizhuo Xihui’s activities are conducted on behalf of the Group. In accordance with ASC 810, Ruizhuo Xihui is a variable interest entity. Based on the above, the Group is the primary beneficiary because it has the power to direct the activities of Ruizhuo Xihui that most significantly impact its economic performance and has the obligation to absorb the losses and the right to receive benefits from Ruizhuo Xihui. The carrying amounts and classifications of the assets and liabilities of Ruizhuo Xihui are as follows: December 31, December 31, 2021 2022 US$ US$ Current assets 2,748,904 2,621,527 Non-current assets — (10,806) Total assets 2,748,904 2,610,721 Current liabilities 2,791,771 2,619,769 Total liabilities 2,791,771 2,619,769 The financial performance and cash flows of Ruizhuo Xihui are as follows: Year ended Year ended December 31, December 31, 2021 2022 US$ US$ Revenue 451,176 235,890 Cost of revenue (26,605) (64,034) Net income 367,929 31,287 Net cash provided by/(used in) operating activities 39,366 (13,900) Net cash used in investing activities — — Net cash used in financing activities — — As of December 31, 2021 and December 31, 2022, the current liabilities of Ruizhuo Xihui included amounts due to subsidiaries of the Group amounting to US$nil and US$nil, respectively, the current assets of Ruizhuo Xihui included amounts due from subsidiaries of the Group of US$2,692,162 and US$2,511,562 which were eliminated upon consolidation by the Company. Ruizhuo Xihui contributed US$451,176 and US$235,890 of the Company’s consolidated revenues for the year ended December 31, 2021 and December 31, 2022, respectively. |
Going concern | (b) Going concern As of December 31, 2022, the Group’s short-term bank loans and other debt, and current portion of long-term bank loans and other debt amounted to US$1,734.7 million. As announced in the Form 6-K press release dated July 19, 2022, the Company has not made payments in full for its senior notes of RMB545.3 million (“defaulted senior notes”) issued on July 3 and August 6, 2020 with a maturity date on June 29, 2022. The Default also triggered cross-default of other senior notes issued by the Group with carrying amount of US$641.7 million. The Group also breached certain covenants relating to bank and other borrowings of US$624.9 million as at 31 December 2022. Other than that, up to the date of approval of these consolidated financial statements, the Group continues to be in breach of certain covenants and other lenders have not demanded for immediate repayment of other bank and other borrowings. In addition, the Group is involved in other various litigation and arbitration cases for various reasons and the contingent compensation is subject to the court verdict. The Company anticipates that the market conditions in the real estate sector remain under pressure in 2023, and therefore, in the absence of a sharp recovery in the market and the availability of various financing options, the Company remains cautious about its liquidity in the near term. The above events or conditions indicate the existence of material uncertainty which cast substantial doubt on the Group’s ability to continue as a going concern. In view of such circumstances, the Directors consider that the Group has taken various measures and will have adequate funds available to enable it to operate as a going concern, taking into account the past operating performance of the Group and the following: (a) The Group has been in negotiation with the noteholder to reach agreement on a debt restructuring plan. (b) In May 2023, the Group reached an agreement with corporate bondholders of RMB corporate bonds with carrying amount of RMB900 million as at 31 December 2022. Pursuant to the agreement, the repayment date of the corporate bond was extended to 30 July 2025; (c) (d) The Group is actively in discussions with the other existing lenders to renew the Group’s certain borrowings and/or not to demand immediate repayment until the Group has successfully completed the property construction projects and generated sufficient cash flows therefrom. These discussions have been constructive and focused on possible actions in light of current circumstances but do require time to formulate or implement due to ongoing changes in market conditions. (e) The Group will continue to implement measures to accelerate the pre-sales and sales of its properties under development and completed properties, and to speed up the collection of outstanding sales proceeds and other receivables. Recent relaxation of policies with regards to the property market in the PRC have been encouraging to increase buyer interests and stimulate demand. Subject to the improvement of the market sentiment, the Group will actively adjust sales and pre-sale activities to better respond to changing markets to achieve the latest budgeted sales and pre-sales volumes and amounts; (f) The Group will continue to control administrative costs and contain unnecessary capital expenditures to preserve liquidity. The Group will also continue to actively assess additional measures to further reduce discretionary spending; (g) The Group has been proactive in seeking ways to settle the outstanding litigations of the Group. The Group will seek to reach an amicable solution on the charges and payment terms to the claims and litigations which have not yet reached a definite outcome; In the event forecast cash flow is not achieved or the renewal of borrowings and public senior notes do not undergo as planned, the directors of the Company have also evaluated other plans that could be undertaken to improve their liquidity position as follow: 1) The Group could adjust their original sale plan for some residential properties and commercial buildings to an earlier stage in order to generate additional funds; 2) Notwithstanding the above, uncertainty exists as to whether the renewal of borrowings and public senior notes can be renewed and as to all other alternative operating and financing plans as the Group is still negotiating with its external financiers on the financing to the Group and the sales of properties depend on market conditions. Should the Group be unable to operate as a going concern, adjustments would have to be made to reduce the carrying values of the Group’s assets to their recoverable amounts, to provide for financial liabilities which might arise, and to reclassify non-current assets and non-current liabilities as current assets and current liabilities respectively, if applicable. The effects of these adjustments have not been reflected in the consolidated financial statements. |
Use of Estimates | (c) 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 estimating the allowance for credit losses associated with accounts receivables, other receivables, contract assets, short-term investments 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 goodwill, 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 May 30, 2023, 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 May 2024. 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 | (d) 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 for which the measurement alternative was elected, long term investments and long term borrowings, 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 investments have 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, Fair Value Measurement (“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”) are classified as 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 is categorized as Level 3 measured at fair value using alternative method, less any impairment, plus or minus changes resulting from observable price in orderly transactions. |
Foreign currency translation | (e) 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 PRC is Renminbi (“RMB”), the currency of 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 PRC and Malaysia is U.S. dollars. Transactions by the Company’s subsidiaries in 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 (“ASC 830”). 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 | (f) 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 PRC, Hong Kong and United States. The vast majority of 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 PRC, Hong Kong and United States. Total cash in banks (excluding restricted cash) at December 31, 2022 amounted to US$283,131,542 (December 31, 2021: US$426,399,881), of which the vast majority of deposits are not covered by insurance. |
Restricted cash | (g) 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$8,311,763 as of December 31, 2022 (December 31, 2021: US$26,370,690). As of December 31, 2022, the Group held US$269,285,004 (December 31, 2021: US$220,596,486) in its restricted cash accounts, representing funds received from sales proceeds that are subject to withdrawal restrictions. The Group is also required to maintain certain deposits with banks and financial institutions that provide loans to the Group. As of December 31, 2022, the Group also held US$nil in its restricted cash accounts (December 31, 2021: US$4,626,943) as security for its short-term loans (Note 10). As of December 31, 2022, the Group held US$nil (December 31, 2021: US$41,877,755) in its bank accounts with withdrawal restriction for its long-term loans (Note 11). |
Real estate properties development completed and under development | (h) 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 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 year ended December 31, 2022, the Group recognized impairment loss of US$2,932,743 for real estate properties completed and under development (2020: US$9,641,537; 2021: US$1,347,050). |
Revenue recognition | (i) Revenue recognition Revenue is recognized when control of the goods or services is 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 and 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 a present right to a 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 are 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 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, Revenue from Contracts with Customers. 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. 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, the Group has no current contract assets as not expected to realise within one year, 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$46.5 million and US$9.8 million of such costs in selling and distribution expense during the year ended December 31, 2021 and December 31, 2022. As of December 31, 2021 and 2022, 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, 2021 and 2022: December 31, December 31, 2021 2022 Contract assets 35,104,329 52,515,766 Customer deposits (Note 14) 1,162,430,468 1,280,517,005 |
Accounts receivable and allowance for credit losses | (j ) Accounts receivable and allowance for credit losses The Company adopted ASU No. 2016-13, Financial Instruments—Credit Losses (“ASU 2016-13”). Subsequently, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-05, Financial Instruments- Credit Losses (Topic 326): Targeted Transition Relief and ASU 2019-11 Codification Improvements to Topic 326, Financial Instruments- Credit Losses (collectively, the “Credit Loss ASUs”) from January 1, 2020 using the modified retrospective approach and did not restate the comparable periods. The effect of adopting Credit Loss ASUs was as follows: As previously Effects of reported at adoption December 31, of Credit Loss As adjusted at 2019 ASUs January 1, 2020 Consolidated balance sheets Accounts receivable 97,911,510 (2,829,696) 95,081,814 Other deposits and prepayments 277,463,137 (1,908,929) 275,554,208 Amounts due from related parties 200,757,623 (1,781,767) 198,975,856 Total current assets 5,645,063,109 (6,520,392) 5,638,542,717 Total assets 7,421,664,433 (6,520,392) 7,415,144,041 Total equity 791,952,022 (6,520,392) 785,431,630 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 accounts 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. The allowance for credit losses reflects the Company’s current estimate of credit losses expected to be incurred over the life of the receivables. The Company considers various factors in establishing, monitoring, and adjusting its allowance for credit losses including the aging of receivables and aging trends, customer creditworthiness and specific exposures related to particular customers. The Company also monitors other risk factors and forward-looking information, such as country specific risks and economic factors that may affect a customer’s ability to pay in establishing and adjusting its allowance for credit losses. Accounts receivable are written off after all collection efforts have ceased. As of December 31, 2022, there was US$5,103,017 (December 31, 2021: US$4,811,460) allowance for credit loss. |
Other receivables | (k) Other receivables Other receivables consist of various cash advances to unrelated companies and individuals with which the Group has business relationships. The allowance for credit losses reflects the Company’s current estimate of credit losses expected to be incurred over the life of the receivables. The Company considers various factors in establishing, monitoring, and adjusting its allowance for credit losses including the aging of receivables and aging trends, customer creditworthiness and specific exposures related to particular customers. The Company also monitors other risk factors and forward-looking information, such as country specific risks and economic factors that may affect a customer’s ability to pay in establishing and adjusting its allowance for credit losses. As of December 31, 2022, there was US$14,137,430 (December 31, 2021: US$14,709,839) allowance for credit loss. |
Deposits for land use rights | (l) Deposits for land use rights Deposits for land use rights consist of upfront cash payments made to local land bureaus to secure land use rights under executed short-term or long-term land framework cooperation agreements or land use rights agreements. Deposits for land use rights are reviewed periodically as to whether their carrying value has become impaired. The Group considers the assets to be impaired if the collectability of the balances become doubtful. There were no impairment losses for any periods presented. |
Other deposits and prepayments | (m) Other deposits and prepayments Other deposits and prepayments mainly consist of upfront cash payments made to third parties related to the direct negotiation model in acquiring land parcels and prepaid tax. The allowance for credit losses reflects the Company’s current estimate of credit losses expected to be incurred over the life of other deposits The Company considers various factors in establishing, monitoring, and adjusting its allowance for credit losses including the aging of other deposits and aging trends, customer creditworthiness and specific exposures related to particular customers. The Company also monitors other risk factors and forward-looking information, such as country specific risks and economic factors that may affect a customer’s ability to pay in establishing and adjusting its allowance for credit losses. As of December 31, 2022, there was US$ 1,908,929 (December 31, 2021: US $1,908,929 ) allowance for credit loss. |
Advances to suppliers | (n) 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 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, 2021 and 2022, there was no allowance provided. |
Customer deposits | (o) Customer deposits Customer deposits consist of sales proceeds received from customers from the sale of residential units in PRC. In 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 | (p) Notes payable and other payables Notes payable represents short-term bank and commercial 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$132,450,166 and US$87,127,684 as of December 31, 2021 and 2022, 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 | (q) 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, 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 | (r) 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 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 | (s) 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 323, Investments-Equity Method and Joint Ventures (“ASC 323”). 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 evaluates 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 Group 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 Group recognizes an impairment loss in net income equal to the difference between the carrying value and fair value. |
Capitalized interest | (t) 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, 2020, 2021 and 2022 was as follows: 2020 2021 2022 US$ US$ US$ Amortization of issuance cost related to long-term debt 116,249 349,045 256,645 Interest expense of finance leases 31,286,261 45,561,734 29,660,708 Interest on borrowings 312,779,581 272,562,353 216,758,003 Total interest costs 344,182,091 318,473,132 246,675,356 Total interest costs capitalized (214,694,686) (135,074,360) (88,666,945) Interest expense, net 129,487,405 183,398,772 158,008,411 |
Retirement benefits | (u) Retirement benefits Regulations in 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 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, 2020, 2021 and 2022, the Group is obligated to contribute for each employee an amount equal to 40%, 39% and 32%, respectively, of last year’s average salary determined by the Social Welfare Bureau. For the year ended December 31, 2022, the Group recorded expense in the amount of US$14,643,127 (2020: US$11,781,673; 2021: US$20,710,982). |
Distribution of earnings and reserve fund | (v) 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 PRC Company Law, 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 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 | (w) 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 are 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, Income Tax (“ASC 740”) 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, 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") | (x) Land Appreciation Tax (“LAT”) In accordance with the relevant taxation laws for real estate companies of the provinces in which the subsidiaries operate in 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 | (y) 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 (“ASC 220”), 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/(loss) and foreign currency translation adjustments and is presented in the consolidated statements of comprehensive income. |
Advertising and promotion expenses | (z) 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, 2022, the Group recorded advertising and promotion expenses of US$19,164,227 (2020: US$41,972,661; 2021: US$40,262,333). |
Leases | (aa) 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 a 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. As of December 31, 2022, the Company recognized operating lease ROU assets of US$5.7 million (2021: US$3.1 million) and total lease liability US$7.1 million (2021: US$8.9 million), including current portion of US$3.8 million (2021: US$2.1 million) for operating lease and US$nil (2021: US$5.6 million) for finance lease. Lessor As a lessor, the Company’s leases are classified as operating leases under ASC 842, Leases, and thus the pattern of recognition of real estate lease income remains unchanged from previous lease accounting guidance. The lease components and non-lease components are accounted for separately. |
Property warranty | (ab) 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 |
Earnings per share | (ac) Earnings per share Earnings per share are calculated in accordance with ASC 260, Earnings per Share (“ASC 260”). 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 consist of common shares issuable upon the exercise of the share options and vesting of restricted shares units using treasury stock method. Common equivalent 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 | (ad) 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 reviews 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, 2022, the Company had a balance of 54,977,586 (2021: 54,977,586) treasury shares amounting to US$116,061,577 (2021: US$116,061,577). |
Senior Secured Notes | (ae) Senior Secured Notes 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. 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. 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. 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. 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. On October 15, 2021, eligible holders of the October 2021 Notes in the aggregate principal amount of US$207,680,000 exchanged their notes and the Company delivered new notes in the aggregate principal amount of US$205,401,000 due on October 15, 2023 (the “October 2023 Senior Secured Note”) and US$19,101,080 in cash consideration in full satisfaction of the exchange consideration to those eligible holders. The October 2023 Senior Secured Note bears interest at 14.2% per annum payable semi-annually. Interest is payable on April 15 and October 15 of each year, commencing April 15, 2022. Given that the October 2023 Senior Secured Note 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 2023 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 2023 Senior Secured Notes. The October 2023 Senior Secured Notes were issued at par. On June 29, 2020, the Company issued notes with an aggregate principal amount of RMB514.5 million (US$75 million) due on June 29, 2022 (the “June 2022 Senior Secured Notes”) at a coupon rate of 12.00% per annum payable semi-annually. Interest is payable on December 29 and June 29 of each year, commencing December 29, 2020. Given that the June 2022 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 June 2022 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 June 2022 Senior Secured Notes. The June 2022 Senior Secured Notes were issued at par. On September 17, 2020, the Company issued notes with an aggregate principal amount of US$300,000,000 due on September 17, 2023 (the “September 2023 Senior Secured Notes”) at a coupon rate of 14.50% per annum payable semi-annually. Interest is payable on March 17 and September 17 of each year, commencing March 17, 2021. Given that the September 2023 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 September 2023 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 September 2023 Senior Secured Notes. The September 2023 Senior Secured Notes were issued at par. On January 25, 2021 the Company issued a collective aggregate principal amount of US$270 million due on January 15, 2024 (the “January 2024 Senior Secured Notes”) at a coupon rate of 14.0% per annum payable semi-annually. Interest will be payable on July 25 and January 25 of each year, commencing July 25, 2021. Given that the January 2024 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 January 2024 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 January 2024 Senior Secured Notes. The January 2024 Senior Secured Notes were issued at par. (af) 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 | (ag) 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 the 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 | (ah) 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. The excess of the fair value of purchase consideration over the fair values of identifiable assets acquired and liabilities assumed is recorded as goodwill. The Group reviews goodwill for impairment at least annually or more frequently if events or changes in circumstances would more likely than not reduce the fair value of our single reporting unit below its carrying value. Impairment losses on goodwill of US$1,481,006 (2021: US$4,355,469) and impairment loss on intangible assets of US$nil (2021: US$14,295,790) were recognized for the year ended December 31, 2022. |
Non-controlling interests | (ai) 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 | (aj) 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, 2022, real estate development projects (Tianjin Spring Royal Palace I, Tianjin Spring Royal Palace II, Zhengzhou Hangmei International Wisdom City I, Beijing Tongzhou Liyuan, Xi’an Xinyuan Royal Palace), which recognized gross profit in 2021, had changes in their estimated gross profit margins. As these projects moved closer to completion during 2022, 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$55.3 million (2020: decreased by US$94.5 million, 2021: decreased US$265.3 million,), US$41.5 million (2020: decreased US$70.9 million, 2021: decreased US$199.0 million), US$0.38 per share (2020: decreased by US$0.66 per share, 2021: decreased US$1.85 per share), and US$0.38 per share (2020: decreased by US$0.66 per share, 2021: decreased US$1.85 per share), respectively, for the year ended December 31, 2022. |
Share-based compensation | (ak) Share-based compensation The Group has adopted ASC 718, Compensation-Stock Compensation (“ASC 718”), 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 | (al) Segment Reporting In accordance with ASC 280, Segment Reporting (“ASC 280”), 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). |
Recent Accounting Pronouncements | (am) Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU is intended to reduce complexity in the accounting for income taxes while maintaining or improving the usefulness of information provided to financial statement users. The guidance amends certain existing provisions under ASC 740 to address a number of distinct items. This standard is effective for public companies in fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Group adopted the relevant aspects of this guidance on a prospective basis. The adoption of this ASU did not have a significant impact on the Group’s financial statements. In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity s Own Equity. ASU 2020-06 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 will be effective for public companies for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Group is currently evaluating the impact that the adoption of ASU 2020-06 will have on the Group’s financial statement. In October 2020, the FASB issued ASU 2020-10, “Codification Improvements to Subtopic 205-10, presentation of financial statements”. The amendments in this Update improve the codification by ensuring that all guidance that requires or provides an option for an entity to provide information in the notes to financial statements is codified in the disclosure section of the codification that reduce the likelihood that the disclosure requirements would be missed. The amendments also clarify guidance so that an entity can apply the guidance more consistently. ASU 2020-10 is effective for the Company for annual and interim reporting periods beginning January 1, 2022. Early application of the amendments is permitted for any annual or interim period which financial statements are available to be issued. The amendments in this Update should be applied retrospectively. An entity should apply the amendments at the beginning of the period that includes the adoption date. The adoption of this standard is not expected to have a significant impact on the Company. In June 2016, the FASB amended guidance related to the impairment of financial instruments as part of ASU2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which will be effective January 1, 2020. The guidance replaces the incurred loss impairment methodology with an expected credit loss model for which a company recognizes an allowance based on the estimate of expected credit loss. On May 15, 2019, the FASB issued ASU 2019-05, which provides transition relief for entities adopting the Board’s credit losses standard, ASU 2016-13. Specifically, ASU 2019-05 amends ASU 2016-13 to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option for financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of the credit losses guidance in ASC 326-20, (3) are eligible for the fair value option under ASC 825-10, and (4) are not held - to - maturity debt securities. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-05 are effective for fiscal years beginning after December 15, 2019, including interim periods therein. An entity may early adopt the ASU in any interim period after its issuance if the entity has adopted ASU 2016-13. For all other entities, the effective date will be the same as the effective date of ASU 2016-13. In November 2019, the FASB issued ASU 2019-11. “Codification Improvements to Topic 326, Financial Instruments - Credit Losses.” ASU 2019-11 is an accounting pronouncement that amends ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The ASU 2019-11 amendment provides clarity and improves the codification as to ASU 2016-03. The pronouncement is effective concurrently with the adoption of ASU 2016-03. The pronouncement is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. In February 2020, the FASB issued ASU No. 2020-02, which provides clarifying guidance and minor updates to ASU No. 2016-13- Financial Instruments - Credit Loss (Topic 326) (“ASU 2016-13 “) and related to ASU No. 2016-02 Leases (Topic 842), ASU 2020-02 amends the effective date of ASU 2016-13, such that ASU 2016-13 and its amendments will be effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements and related disclosures. The adoption of this standard is not expected to have a significant impact on the Company. |
Background information of bus_2
Background information of business and organization (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Background information of business and organization | |
Schedule of Subsidiaries and its Consolidated Variable Interest 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 52.86 % Investment holding company Xinyuan Property Management Service (BVI) Ltd British Virgin Islands January 2, 2019 USD — 52.86 % Investment holding company Xinyuan Property Management Service (HK) Limited HK January 8, 2019 HKD 1 52.86 % Investment holding company Xinyuan Science and Technology Service Group Co., Ltd. PRC December 28, 1998 RMB 50,000,000 52.86 % 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 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 Subsidiary companies: 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. (1) PRC November 25, 2014 RMB 50,000,000 100 % Real estate development Zhengzhou Hangmei Zhengxing Technology Co., Ltd. (1) PRC March 28, 2016 RMB 50,000,000 100 % 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 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 Jinan Xinyuan Quansheng Real Estate Co., Ltd. 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: Suzhou Yuxi Real Estate Co., Limited. PRC March 5, 2018 RMB 100,000,000 20 % Real estate development Xinchuang Sailing (Dalian) Healthy Technology Industrial Investment Co., Ltd. PRC June 5, 2018 RMB 600,000,000 100 % Real estate development Dalian Xinyi Renju Real Estate Co., Ltd. PRC June 26, 2018 RMB 100,000,000 100 % Real estate development Jiangxi Xinkai Renju Management Consulting Service., Ltd. PRC August 28, 2018 RMB 10,000,000 100 % Real estate consulting services Beijing Xinyuan Huicheng Technology Development Co., Ltd. PRC January 26, 2018 RMB 100,000,000 100 % Technical services Suzhou Yefang Real Estate Co., Limited. ("Suzhou Yefang") (Note 18(b)) PRC April 14, 2017 RMB 100,000,000 20 % Real estate development Chengdu Xinyuan Renju Enterprise Management Co., Ltd. ("Chengdu Renju") PRC October 26, 2017 RMB 50,000,000 100 % Real estate development Chengdu Guohongteng Real Estate Co., Ltd. PRC July 16, 2010 RMB 1,673,179,200 100 % Real estate development Qingdao Keda Real Estate Co., Ltd. ("Qingdao Keda") PRC September 20, 2010 RMB 50,000,000 100 % Real estate development Wuhan Yinghexin Real Estate Co., Ltd. ("Wuhan Yinghexin") PRC January 15, 2014 RMB 100,000,000 100 % Real estate development Henan Xinyuan Property Management Co., Ltd. PRC December 1, 2016 RMB 10,000,000 100 % Property management services Subsidiary companies: Wuhu Xinyansuifeng NO.1 Investment Center (Limited partnership) PRC November 22, 2017 RMB 1,501,000,000 100 % Investment holding company Zhuhai Xinyuan Real Estate Co., Ltd. PRC December 31, 2018 RMB 100,000,000 100 % Real estate development Jinan Renju Building Material Co., Ltd. PRC January 2, 2019 RMB 50,000,000 100 % Sales of construction material Dalian Xinyi Yaju Real Estate Co., Ltd. PRC January 16, 2019 RMB 100,000,000 100 % Real estate development Guangdong Xinchuang Kechuang Zhigu Development Co., Ltd. PRC February 27,2019 RMB 100,000,000 100 % Real estate development Jiangxi Xinyuan Heju Enterprise Management Consulting Service Co., Ltd. PRC April 2,2019 RMB 10,000,000 100 % Management consulting services Beijing I-Journey Science and Technology Development Co., Ltd.("I-Journey") PRC October 20,2015 RMB 40,000,000 93 % Development and sales of robots Beijing Ruizhuo Xichuang Technology Development Co., Ltd.("Xichuang") PRC July 16,2015 RMB 30,000,000 93 % Real estate brokerage Beijing Ruizhuo Xitou Development Co., Ltd. (" Xitou") 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") (Note 9(2)) PRC December 16,2016 RMB 30,000,000 90.67 % Investment holding company Beijing Future Xinhujin Technology Development Center (Limited Partnership) ("Xinhujin") (Note 9(2)) PRC December 30,2016 RMB 20,000,000 89.5 % Investment holding company Beijing Future Xinruifeng Technology Development Center (Limited Partnership) ("Xinruifeng") (Note 9(2)) 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 Henan Xintuo Real Estate Co. Ltd. PRC December 8,2020 RMB 20,000,000 100 % Real estate development Zhengzhou Xinhe Real Estate Co., Ltd PRC January 8,2020 RMB 50,000,000 80 % Real estate development Zhengzhou Xinying Real Estate Co., Ltd. PRC May 19,2020 RMB 30,000,000 100 % Real estate development Zhengzhou Xinyuan Xinsheng Business Management Co. Ltd. PRC November 2,2020 RMB 1,000,000 100 % Real estate development Dalian Xinsheng Industrial Co., Ltd. PRC December 16,2020 RMB 20,000,000 100 % Leasing management services Guoxin Chuangxiang (Tianjin) Enterprise Management Consulting Partnership (Limited Partnership) PRC January 2,2020 RMB 15,000,000 95.22 % Management consulting service Guoxin Chuangzhi (Tianjin) Enterprise Management Consulting Partnership (Limited Partnership) PRC June 23,2020 RMB 135,000,000 94.41 % Management consulting service Chongqing Heavy Duty Vehicle Group Hong Property LLC Wulong Branch PRC September 26, 2021 RMB — 100 % Property management services Henan Rongyao Catering Service Co., Ltd. PRC September 23, 2021 RMB 1,000,000 51 % Catering services Henan Xinzhixiang Electronic Technology Co., Ltd. PRC May 20, 2020 RMB 5,000,000 100 % Electronic commerce Zhengzhou Branch of Xinyuan Technology Service Group Co., Ltd. PRC March 4, 2016 RMB — — Property management services Henan Xinyuan Property Service Co., Ltd.. Xincai Branch PRC November 19, 2021 RMB — — Property management services Zhengzhou Shengxin Landscape Engineering Co., Ltd. PRC November 10, 2021 RMB 10,000,000 51 % Property management services Henan Xinyuan Property Service Co., Ltd.. Runan Branch PRC March 18, 2021 RMB — — Property management services Dalian Branch of Xinyuan Technology Service Group Co., Ltd. PRC August 3, 2018 RMB — — Property management services Guangzhou Yuesheng Commercial Service Co., Ltd.. Zhengzhou Branch PRC March 30, 2021 RMB — — Management consulting services Henan Kai Dao real Estate Brokerage Co., Ltd. PRC September 30, 2021 RMB 10,000,000 100 % Property management services Shanghai Xinqiao Trading Co., Ltd. PRC March 17, 2021 RMB 30,000,000 100 % Property management services Hainan Xinyuan Heju Enterprise Management Consulting Service Co., Ltd. PRC September 27, 2020 RMB 10,000,000 100 % Management consulting services Jinan Xinyuan Commercial Management Co., Ltd. PRC December 4, 2015 RMB 3,000,000 100 % Retail store Guangzhou Xinyuan Commercial Management Co., Ltd. PRC March 30, 2021 RMB 1,000,000 100 % Retail store Henan Xinyuan Hongsheng Commercial Management Co., Ltd. PRC May 6, 2021 RMB 1,000,000 100 % Retail store Qingdao Huiju Zhihui City Industrial Development Co., Ltd. (2) PRC June 7, 2016 RMB 2,000,000,000 100 % Real estate development VIE: Beijing Yuzhouyun Technology Development Center (Limited partnership)) and its subsidiary (“Yuzhouyun”) (Note 2(a)) PRC March 2, 2018 RMB 18,388,300 51 % Technical services Beijing Ruizhuo Xihui Technology Development Centre Co., Ltd (Note 2(a)) PRC January 22,2017 RMB 10,000,000 1 % Technical services (1) In 2022, the Company acquired the remaining equity interest of Zhengzhou Hangmei Technology Development Co., Ltd. and Zhengzhou Hangmei Zhengxing Technology Co., Ltd.. (2) Qingdao Huiju Zhihui City Industrial Development Co., Ltd. has been consolidated in the Group’s financial statements since the year of 2022. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of contract with customer, asset and liability | December 31, December 31, 2021 2022 Contract assets 35,104,329 52,515,766 Customer deposits (Note 14) 1,162,430,468 1,280,517,005 |
Schedule of impact of adopting ASC 606 on consolidated statement of comprehensive income | As previously Effects of reported at adoption December 31, of Credit Loss As adjusted at 2019 ASUs January 1, 2020 Consolidated balance sheets Accounts receivable 97,911,510 (2,829,696) 95,081,814 Other deposits and prepayments 277,463,137 (1,908,929) 275,554,208 Amounts due from related parties 200,757,623 (1,781,767) 198,975,856 Total current assets 5,645,063,109 (6,520,392) 5,638,542,717 Total assets 7,421,664,433 (6,520,392) 7,415,144,041 Total equity 791,952,022 (6,520,392) 785,431,630 |
Schedule of useful lives | Corporate aircraft 15 years Vehicles 5 years Furniture and fixtures 5 years Office buildings 20 |
Schedule of interest expense | 2020 2021 2022 US$ US$ US$ Amortization of issuance cost related to long-term debt 116,249 349,045 256,645 Interest expense of finance leases 31,286,261 45,561,734 29,660,708 Interest on borrowings 312,779,581 272,562,353 216,758,003 Total interest costs 344,182,091 318,473,132 246,675,356 Total interest costs capitalized (214,694,686) (135,074,360) (88,666,945) Interest expense, net 129,487,405 183,398,772 158,008,411 |
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, 2021 2022 US$ US$ Current assets 346,637 174,470 Non-current assets 3,177,609 2,873,855 Total assets 3,524,246 3,048,325 Current liabilities 14,499,043 17,699,203 Non-current liabilities 13,645,560 10,337,995 Total liabilities 28,144,603 28,037,198 The financial performance and cash flows of Yuzhouyun are as follows: Year ended Year ended December 31, December 31, 2021 2022 US$ US$ Revenue 1,703,972 244,130 Cost of revenue (3,755,276) (2,534,745) Net loss (8,794,606) (2,539,202) Net cash (used in)/provided by operating activities (13,884,957) 2,671,405 Net cash used in investing activities (14,799) — Net cash provided by/(used in) financing activities 13,108,128 (2,700,960) |
RuizhuoXihui [Member] | |
Schedule of information related to VIE's | The carrying amounts and classifications of the assets and liabilities of Ruizhuo Xihui are as follows: December 31, December 31, 2021 2022 US$ US$ Current assets 2,748,904 2,621,527 Non-current assets — (10,806) Total assets 2,748,904 2,610,721 Current liabilities 2,791,771 2,619,769 Total liabilities 2,791,771 2,619,769 The financial performance and cash flows of Ruizhuo Xihui are as follows: Year ended Year ended December 31, December 31, 2021 2022 US$ US$ Revenue 451,176 235,890 Cost of revenue (26,605) (64,034) Net income 367,929 31,287 Net cash provided by/(used in) operating activities 39,366 (13,900) Net cash used in investing activities — — Net cash used in financing activities — — |
Short-term investments (Tables)
Short-term investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Short-term investments | |
Schedule of Short-term Investments | December 31, 2021 US$ Fair Unrealized value Cost loss in profit and loss Level 1 Equity securities with readily determinable fair value 85,211,338 114,816,065 (29,604,727) Total 85,211,338 114,816,065 (29,604,727) December 31, 2022 US$ Fair Unrealized value Cost loss in profit and loss Level 1 Equity securities with readily determinable fair value 11,049,675 13,793,189 (2,743,514) Investment product with readily determinable fair value 943,254 3,099,771 (2,156,517) Total 11,992,929 16,892,960 (4,900,031) |
Other receivables (Tables)
Other receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other receivables | |
Schedule of Other Receivables | December 31, December 31, 2021 2022 US$ US$ Henan Derun Real Estate Co. Ltd (“Henan Derun”) 154,038,237 142,448,841 Zhengzhou Yongzhi Jianxin Meiyu Private Equity Fund (“Zhengzhou Yongzhi”) 25,095,284 22,973,322 Due from contractors 20,298,040 17,253,823 Due from Zijin Royal Palace 44,750,333 45,163,449 Others 54,008,203 155,673,690 Total 298,190,097 383,513,125 |
Real estate properties develo_2
Real estate properties development completed and under development (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real estate properties development completed and under development | |
Schedule of components of real estate properties development completed and under development | December 31, December 31, 2021 2022 US$ US$ Real estate properties development completed 500,875,235 830,840,167 Real estate properties under development 2,368,747,467 2,446,216,486 Total real estate properties development completed and under development 2,869,622,702 3,277,056,653 |
Real estate properties held f_2
Real estate properties held for lease, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real estate properties held for lease, net | |
Schedule of real estate properties held for lease, net | December 31, December 31, 2021 2022 US$ US$ Elementary schools 3,345,332 3,062,464 Basement parking 9,122,951 6,899,693 Kindergartens 9,326,258 4,174,550 Parking facilities 95,414,729 74,803,844 Clubhouses 8,410,108 7,698,981 Shopping mall 282,353,261 258,828,780 Residential properties 88,786,540 73,295,345 Total costs 496,759,179 428,763,657 Accumulated depreciation (56,458,807) (55,295,790) Real estate properties held for lease, net 440,300,371 373,467,867 |
Schedule of minimum future rental income on non-cancellable leases | Year Amount US$ 2023 18,534,367 2024 18,968,284 2025 17,469,596 2026 16,761,194 2027 and thereafter 104,164,174 Total 175,897,614 |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property and equipment, net | |
Schedule of Property and equipment, net | December 31, December 31, 2021 2022 US$ US$ Corporate aircraft 40,361,413 36,948,606 Vehicles 4,795,223 4,235,388 Furniture and fixtures 10,879,140 8,958,370 Office buildings 19,343,707 17,708,077 Total 75,379,483 67,850,441 Accumulated depreciation (39,853,550) (39,019,330) Property and equipment, net 35,525,933 28,831,111 |
Long-term investments (Tables)
Long-term investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Long-term investments | |
Schedule of Long-term Investments | As of December 31, 2021 and 2022, the long-term investments consisted of the following: December 31, Initial Cost Ownership 2021 US$ US$ Nonmarketable equity securities Zhengzhou Lianhe Real Estate Co., Ltd. 241,648 1.85 % 313,691 Zhengzhou Taike Real Estate Co., Ltd. 738,073 3.75 % 784,228 Equity method investees Qingdao Huiju Zhihui City Industrial Development Co., Ltd. 523,459,957 49 % 539,866,587 Madison Developments Limited. 19,095,969 50 % — Wuhu Penghong Investment Center (Limited Partnership) 61,998,960 n/a 46,617,348 Suzhou Rongjingchen Real Estate Co., Ltd 42,041,464 24 % 16,646,705 Others 68,076,387 n/a 62,999,293 Total 667,227,852 December 31, Initial Cost Ownership 2022 US$ US$ Nonmarketable equity securities Zhengzhou Lianhe Real Estate Co., Ltd. 241,648 1.85 % 287,167 Zhengzhou Taike Real Estate Co., Ltd. 738,073 3.75 % — Equity method investees Qingdao Huiju Zhihui City Industrial Development Co., Ltd. 523,459,957 49 % — Madison Developments Limited. 19,095,969 50 % — Wuhu Penghong Investment Center (Limited Partnership) 61,998,960 n/a 26,784,584 Suzhou Rongjingchen Real Estate Co., Ltd 42,041,464 24 % 19,078,393 Others 68,076,387 n/a 46,323,185 Total 92,473,329 |
Schedule of equity method investees | December 31, 2022 US$ (in thousands) Current assets 948,517 Non-current assets 66,394 Current liabilities 529,077 Non-current liabilities 327,947 Non-controlling interest 1,379 Gross revenue 390,785 Gross profit 52,508 Loss from continuing operations (12,922) Net loss (25,665) Net loss attributable to the Company (26,167) |
Acquisition of subsidiaries (Ta
Acquisition of subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 (2) Xinruifeng, Xinhujin and Xinzhihui are parents of Xitou, Xichuang and I-journey, respectively. |
Short-term bank loans and oth_2
Short-term bank loans and other debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Short-term bank loans and other debt | |
Schedule of short-term bank loans and other debt | December 31, December 31, 2021 2022 US$ US$ Loan from Hua Xia Bank Co., Ltd. Due July 10, 2022 at 7.00% per annum 4,391,675 4,020,331 Due June 11, 2022 at 7.00% per annum 12,547,642 11,486,661 Due March 30, 2022 at 8.00% per annum 6,273,821 5,743,331 Loan from Shenzhen Zhong’an Finance Leasing Co.,Ltd. at 5.89% per annum 1,568,455 — Loan from Everbright Bank Due October 19, 2022 at 8.00% per annum 4,705,366 4,278,781 Loan from Henan Zhongyuan Microfinance Co., Ltd Due July 29, 2022 , at 11.00% per annum 4,705,366 4,235,706 Loan from Beijing Zhongjin Chengkai Microfinance Co., Ltd Due April 29, 2022 , at 15.60% per annum 1,239,080 — Loan from Huaxia Pawnshop Co., Ltd Due June 9, 2022 at 30.00% per annum 326,239 — Loan fromTianjin Guotou Rongshun Microfinance Co., Ltd Due September 26, 2022 at 9.60% per annum 964,600 — Loan from Beijing Dingcheng Pawnshop Co., Ltd Due March 9, 2022 at 19.20% per annum 1,882,146 1,579,416 Loan from Bohai Bank Xi'an Branch Due September 2, 2022 at 7.80% per annum 1,568,455 — Loan from Luso International Banking Ltd Due January 19, 2022 , at 3.90% per annum 2,130,000 — Due February 5, 2022 , at 3.90% per annum 2,270,000 — Loan from Bank of Zhengzhou Due March 28, 2022 , at 6.50% per annum 54,895,932 50,254,143 Total short-term bank loans and other debt 99,468,777 81,598,369 |
Long-term bank loans (Tables)
Long-term bank loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Instrument [Line Items] | |
Schedule of long-term bank loans | December 31, December 31, 2021 2022 US$ US$ Loan from ICBC Due July 23, 2022 , at 4.75% per annum 260,364 — Due April 13, 2022 , at 9.80% per annum 13,068,369 — Due April 13, 2022 , at 9.80% per annum 6,507,393 — Due April 13, 2022 , at 9.80% per annum 6,535,753 — Due December 22, 2023 , at 4.75% per annum — 11,927,462 Due December 22, 2023 , at 4.75% per annum — 5,921,257 Due December 22, 2023 , at 4.75% per annum — 5,911,323 26,371,879 23,760,042 Loan from Bank of China Due March 19, 2022 at 5.225% per annum 16,782,471 14,358,326 Due October 31, 2022 at 4.75% per annum 7,826,592 6,446,889 24,609,063 20,805,215 Loan from Ping An Bank Co., Ltd. Due March 18, 2022 , at 6.5075% per annum 20,766,347 18,522,241 20,766,347 18,522,241 Loan from Bank of Minsheng Due May 30, 2031 , at 8.5% per annum 57,954,421 49,249,060 Due March 16, 2023 at 7.6% per annum 204,165,817 186,902,335 Due January 14, 2024 at 6.65% per annum 59,601,299 31,763,490 321,721,537 267,914,884 Loan from Bank of Hengfeng Due August 23, 2023 at 8.25% per annum 93,009,396 — Loan from Bank of Zhengzhou Co., Ltd Due March 26, 2022 , at 7.000075% per annum 56,307,543 51,546,392 Due August 11, 2023 at 6.5% per annum 117,634,142 107,687,448 173,941,685 159,233,840 Loan from Xiamen International Bank Co., Ltd Due February 20, 2023 , at 10.00% per annum 9,410,731 7,179,163 Due April 30, 2023 , at 6.80% per annum 4,234,829 3,158,832 13,645,560 10,337,995 Loan from Bank of Guangzhou Co., Ltd Due September 3, 2024 , at 7.30% per annum 106,759,164 89,999,679 Loan from Luso International Banking Ltd Due March 12, 2023 , at 3.50% per annum 19,236,000 — Due March 29, 2023 , at 3.50% per annum 1,859,480 — Due April 12, 2023 , at 3.50% per annum 17,376,520 — 38,472,000 — Total 819,296,631 590,573,895 Less: current portion of long-term bank loans (325,219,756) (443,970,822) Total long-term bank loans 494,076,875 146,603,073 |
Long-term Debt [Member] | |
Debt Instrument [Line Items] | |
Schedule of maturities | As of December 31, 2022, the contractual maturities of these loans are as follows: Year Amount US$ 2023 443,970,822 2024 106,112,592 2025 4,953,623 2026 5,384,372 2027 and thereafter 30,152,486 Less: current portion of long-term bank loans (443,970,822) Total: long-term bank loans 146,603,073 |
Other long-term debt (Tables)
Other long-term debt (Tables) - Other Long-Term Debt [Member] | 12 Months Ended |
Dec. 31, 2022 | |
Other Long-term debt | |
Schedule of other long-term debt | December 31, December 31, 2021 2022 US$ US$ Senior notes June 2022 Senior notes due on June 29, 2022 at 12.00% per annum 78,997,031 79,646,560 September 2023 Senior notes due on September 17, 2023 at 14.50% per annum 253,096,367 249,723,695 October 2023 notes due on October 15, 2023 at 14.20% per annum 132,576,797 131,475,779 January 2024 notes due on January 25, 2024 at 14.00% per annum 262,064,363 260,540,750 Corporate bonds Due November 13, 2025 at 8.35% per annum 27,747,400 25,257,603 Due Januray 4, 2026 at 8.35% per annum 15,347,334 14,049,622 Loan from Ping An Trust Co., Ltd Due May 31 . 2022 at 12.80% per annum 35,603,934 20,898,544 Loan from China Huarong Asset Management Co., Ltd Due April 20, 2022 at 12.00% per annum 42,348,291 32,880,567 Due November 27, 2022 at 12.00% per annum 20,857,318 19,093,702 Loan from Chang An International Trust Co., Ltd Due December 10, 2023 at 9.00% per annum 169,393,164 155,069,925 Loan from Min Sheng Finance Lease Co., Ltd Due July 15, 2023 at 5.85% per annum 6,452,550 4,842,975 Loan from Daye Trust Co., Ltd Due August 31, 2022 at 11.50% per annum 94,107,314 86,149,958 Due October 16, 2022 at 14.50% per annum 34,506,015 28,716,653 Loan from Hubei Tian Qian Asset Management Co., Ltd Due July 14, 2022 at 13.00% per annum 35,989,774 22,973,322 Loan from China Minsheng Trust Co., Ltd Due January 22, 2023 at 10.00% per annum 15,684,552 — Loan from Qingdao Xifa Commercial Factoring Co., Ltd Due June 20,2023 at 9.00% per annum — 43,074,979 Loan from Qingdao Haifa Finance Leasing Co., Ltd Due January 24,2024 at 9.00% per annum — 1,952,732 Loan from Qingdao West Coast Small Loan Co., Ltd Due January 24,2024 at 9.00% per annum — 4,307,498 Loan from Qingdao Rongfu Huijin Asset Management Co., Ltd Due May 20,2024 at 9.00% per annum — 35,895,816 Loan from Zhengzhou Jinshui Construction Comprehensive Development General Company Due August 30,2025 at 2.80% to 3.00% per annum — 7,753,496 Loan from China Development Bank Henan Branch Due August 30,2025 at 2.80% to 7.00% per annum — 85,575,625 Loan from Dalian Lvshunkou District State-owned Capital Investment and Operation Group Co., Ltd Due August 30,2025 at 2.80% to 3.20% per annum — 143,583 Loan from Kent EB-5 LLC Due January 23, 2022 at 5.95% per annum 41,928,898 — Loan from 135-35 NORTHERN BLVD 1&2 LLC Due May 1, 2021 at 8.5% per annum 30,000,000 — Loan from Ares Management Due January 12, 2024 at 10.05% per annum 120,000,000 82,144,392 Loan from Kriss Capital LLC Due April 4, 2023 at 7.50% per annum — 36,137,739 Loan from Mezzanine Loan Due October 4, 2023 at 10.30% per annum — 5,500,000 Loan from Mezzanine Loan Due October 4, 2023 at 10.30% per annum — 34,425,000 Total principal of other long-term debt 1,416,701,102 1,468,230,517 Less: current portion of other long-term debt (1,141,600,901) (1,209,149,107) Total other long-term debt 275,100,201 259,081,410 |
Schedule of maturities | As of December 31, 2022, the contractual maturities of these debts are as follows: Year Amount US$ 2023 1,209,149,107 2024 203,088,187 2025 55,993,223 2026 — 2027 and thereafter — Less: current portion of other long term debt (1,209,149,107) Total: Other long-term debt 259,081,410 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Schedule of lease recorded on the consolidated balance sheets | December 31, December 31, 2021 2022 US$ US$ Lease Assets Finance lease assets Property and equipment, net 18,050,265 — Real estate properties held for lease, net 7,542,875 — Total 25,593,140 — Operating lease ROU assets 3,147,381 5,707,986 Lease Liabilities Current Current portion of finance lease 5,557,782 — Current portion of operating lease 2,061,541 3,780,853 Total 7,619,323 3,780,853 Non-current Finance lease, net of current portion — — Operating lease, net of current portion 1,286,250 3,310,116 Total 1,286,250 3,310,116 |
Schedule of components of lease expense | Year ended Year ended December 31, December 31, 2021 2022 US$ US$ Operating lease cost: Operating lease cost 5,384,851 3,497,729 Short-term lease cost 2,612,901 710,161 Finance lease cost: Amortization of finance lease assets 2,690,976 — Interest on the lease liabilities 501,037 69,672 Total lease cost 11,189,765 4,277,562 |
Schedule of supplemental cash flow information | Year ended Year ended December 31, December 31, 2021 2022 US$ US$ Operating cash flows for operating leases 4,485,361 3,996,599 Operating cash flows for finance leases 16,222 — Financing cash flows for finance leases 1,369,861 — |
Schedule of maturities of lease liabilities | December 31, 2022 Finance Leases Operating Leases US$ US$ Year ending December 31, 2023 — 3,776,934 Year ending December 31, 2024 — 3,555,049 Year ending December 31, 2025 — 296,254 Year ending December 31, 2026 — — Total lease payments — 7,628,236 Less: imputed interest — (537,267) Present value of lease liabilities — 7,090,969 |
Schedule of other supplemental information related to lease terms and discount rates | December 31, December 31, 2021 2022 Weighted-average remaining lease term (years) Operating leases 1.69 2.03 Finance leases 0.72 — Weighted-average discount rate Operating leases 6.61 % 7.42 % Finance leases 6.95 % — |
Customer deposits (Tables)
Customer deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Customer deposits | |
Schedule of Customer deposits | December 31, December 31, 2021 2022 US$ US$ Advances for real estate properties 2,372,468,138 1,866,575,083 Add: increase in revenue recognized in excess of amounts received from customers 26,302,454 — Less: recognized as progress billings (1,236,340,124) (586,058,078) Customer deposits (Note 2(i)) 1,162,430,468 1,280,517,005 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income taxes | |
Schedule of income before income tax expenses | Income before income tax expense consist of: Year ended December 31, 2020 2021 2022 US$ US$ US$ PRC 162,967,377 (274,761,993) (33,822,942) Non-PRC (95,392,067) (145,780,649) (215,618,321) Total 67,575,310 (420,542,642) (249,441,263) |
Schedule of income tax expenses | Income tax expense for the years ended December 31, 2020, 2021 and 2022 is summarized as follows: Year ended December 31, 2020 2021 2022 US$ US$ US$ Current: CIT tax (benefit)/expense (21,471,662) 15,227,110 42,948,974 Land Appreciation Tax (“LAT”) expense 90,907,634 39,101,310 26,862,350 Deferred tax expense/(benefit) 65,623,218 (61,608,948) (60,569,862) Income tax expense/(benefit) 135,059,190 (7,280,528) 9,241,462 |
Schedule of Effective Income Tax Rate Reconciliation | The Group’s income tax expense differs from the tax expense computed by applying PRC statutory CIT rate of 25% for the years ended December 31, 2020, 2021 and 2022 as follows: Year ended December 31, 2020 2021 2022 US$ US$ US$ CIT at rate of 25% 16,893,828 (105,135,661) (62,360,316) Tax effect of non-taxable income — (3,729,808) (20,815,682) Tax effect of non-deductible expenses 18,115,751 55,981,806 8,849,339 LAT expense 90,907,634 39,101,310 26,862,350 CIT benefit of LAT (22,726,908) (9,775,327) (6,715,587) Changes in valuation allowance 5,463,801 13,925,825 31,860,999 International rate differences 15,736,526 14,983,887 42,918,080 Dividend and interest withholding taxes 13,132,901 (17,148,376) 889,259 Adjustment of estimated income tax accruals (2,850,373) 3,085,497 (8,220,977) Others 386,030 1,430,320 (4,026,003) Income tax expense/(benefit) 135,059,190 (7,280,528) 9,241,462 |
Schedule of Reconciliation of Unrecognized Tax Benefits | The following table summarizes the activities related to the Group’s unrecognized tax benefits: 2020 2021 2022 US$ US$ US$ Balance at January 1 73,605,084 101,198,970 130,560,908 Additions for tax positions of current year 26,350,344 29,025,853 6,295,454 Reclassification from prior year tax payable 14,361,802 — — Reductions for tax positions of prior years (13,118,260) — — Movement in current year due to foreign exchange rate fluctuation — 336,085 (1,294,287) Balance at December 31 101,198,970 130,560,908 135,562,075 |
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, 2021 and 2022 are as follows: December 31, December 31, 2021 2022 US$ US$ Deferred tax assets: Tax loss carried forward 84,046,761 94,579,348 Accruals and provisions 122,633,112 122,380,636 Capitalized expenses 77,494,494 78,506,854 Revenue recognition at a point in time less tax paid under deemed profit method 27,312,910 (28,086,617) Revenue recognition of real estate lease income on a straight-line basis 7,144,670 322,923 Deemed interest expense 105,354,177 115,181,923 Operating lease liability 836,948 1,772,742 Less: Valuation allowance (24,633,671) (18,168,615) Total deferred tax assets, net of valuation allowance 400,189,401 366,489,194 Deferred tax liabilities: Revenue recognition over time (192,007,773) (149,855,853) Taxable temporary differences arising from asset acquisitions (202,527,316) (294,617,076) Dividend and interest withholding taxes (45,159,004) (46,048,264) Operating lease right-of-use assets (786,845) (1,426,996) Total deferred tax liabilities (440,480,938) (491,948,189) |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021, 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$, except options): Weighted Weighted Average Remaining Number of Exercise Contractual Aggregate Options Under the 2007 Plan Options Price Life (Years) Intrinsic Value Outstanding, January 1, 2022 1.64 (exercise price) 100,000 1.64 0.87 — 1.21 (exercise price) 39,400 1.21 2.50 — Granted — — — — Exercised — — — — Forfeited — — — — Expired 100,000 1.64 — — Outstanding and Exercisable, December 31, 2022 1.21 (exercise price) 39,400 1.21 1.50 — |
2015 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Stock Option Activity Under Stock Option and Incentive Plans | As of January 1, 2021, all options granted under 2015 Plan were fully vested, with no option exercised Weighted Weighted Average Remaining Number of Exercise Contractual Aggregate Options Under the 2015 Plan Options Price Life (Years) Intrinsic Value Outstanding, January 1, 2022 1.71(exercise price) 2,796,734 1.71 3.50 — Outstanding and Exercisable, December 31, 2022 1.71(exercise price) 2,796,734 1.71 2.50 — |
Other payables and accrued li_2
Other payables and accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other payables and accrued liabilities | |
Schedule of Other payables and accrued liabilities | December 31, December 31, 2021 2022 US$ US$ Contract deposit 324,844,088 172,775,614 Accrued expenses 94,297,276 72,958,539 Deed tax and maintenance fund withheld for customers 28,848,564 14,739,762 Bidding deposit 3,947,876 3,665,749 Welfare payable 1,620,508 1,483,484 Other tax payable 18,620,109 24,924,141 Accrued aircraft operating expense 332,339 1,381,785 Accrued interest expense 32,363,632 153,330,358 Purchase consideration payable for asset acquisitions and business combinations 39,169,122 31,108,067 Others 11,133,179 13,255,294 Total 555,176,693 489,622,793 |
Related party and employee tr_2
Related party and employee transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related party and employee transactions | |
Schedule of Related Party Transactions | (a) Amounts due from related parties December 31, December 31, 2021 2022 US$ US$ Current: Henan Hongguang Olympic Real Estate Co., Ltd. 95,078,214 87,047,162 Qingdao Huiju 10,035,794 — Guangzhou Huanglong Information Technology Co., Ltd. 47,953,453 29,937,746 Xinzheng Meihang Network Technology Co., Ltd. 2,854,538 — Madison Development Limited 33,768,281 8,539,686 Suzhou Wanzhuo's non-controlling interest holders 32,032,079 29,323,571 Taicang Pengchi's non-controlling interest holders 22,194,420 23,892,970 Suzhou Rongjingchen Real Estate Co., Ltd. 22,141,569 20,269,362 Others 5,509,136 4,708,561 Total current amounts due from related parties 271,567,484 203,719,058 Non current: Xinzheng Meihang Network Technology Co., Ltd. — 1,065,531 Suzhou Yefang’s non-controlling interest holders 12,546,073 11,485,225 Others 2,736,955 2,505,528 Total non-current amounts due from related parties 15,283,028 15,056,284 Total 286,850,512 218,775,342 (b) Amounts due to related parties December 31, December 31, 2021 2022 US$ US$ Current: Suzhou Yefang’s non-controlling interest holders 1,771,522 1,538,601 Suzhou Wanzhuo's non-controlling interest shareholders 2,961,668 2,711,240 Xinzheng Meihang Network Technology Co., Ltd. 2,694,286 — Henan Qingning Apartment Management Co., Ltd. 12,045,693 9,984,106 Suzhou Kairongchen Real Estate Co., Ltd. 44,995,530 41,190,880 Others 12,593,656 11,195,093 Total current amounts due to related parties 77,062,355 66,619,920 Non current: Henan Qingning Apartment Management Co., Ltd. 10,979,186 — Total 88,041,541 66,619,920 (c) Amounts due from employees December 31, December 31, 2021 2022 US$ US$ Advances to employees 1,550,469 1,466,055 |
Loss per share (Tables)
Loss per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Loss per share | |
Schedule of Basic and diluted net loss per share | December 31, 2020 2021 2022 US$ US$ US$ Numerator: Net loss attributable to Xinyuan Real Estate Co., Ltd. Shareholders - basic and diluted (81,040,908) (417,307,378) (263,353,561) Denominator: Weighted average number of shares outstanding-basic* 107,558,506 107,283,420 107,849,225 Stock options 10,674 — — Restricted stock units — — — Weighted average number of shares outstanding-diluted 107,569,181 107,283,420 107,849,225 Basic loss per share (0.75) (3.89) (2.44) Diluted loss per share (0.75) (3.89) (2.44) * 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, 2022 | |
Segment reporting | |
Schedule of operating segment | Summary information by operating segment is as follows: December 31, 2020 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 766,314,384 285,706,736 120,260,357 222,959,432 62,401,289 10,084,944 27,721,542 10,991,930 927,700 47,787,761 — 49,168,045 567,819 — 1,604,891,939 Real estate lease income 26,054,475 (965,131) 772,402 379,175 695,548 — 741,527 2,353,682 4,723,438 — — — — 37,369 34,792,485 Real estate management services income 7,606,378 — — — — — — 2,358,631 — — — — 81,243,298 — 91,208,307 Other revenue (1,004,342) 127,190 3,068,486 511,576 2,144,591 7,288 526,852 (116,072) 605,337 — — — 7,236,334 1,763,220 14,870,460 Total revenue 798,970,895 284,868,795 124,101,245 223,850,183 65,241,428 10,092,232 28,989,921 15,588,171 6,256,475 47,787,761 — 49,168,045 89,047,451 1,800,589 1,745,763,191 Cost of real estate sales (639,601,377) (260,651,654) (93,074,146) (214,523,020) (45,575,813) (5,503,574) (4,404,236) (14,731,175) (778,663) (34,034,932) (23,616) (38,572,816) (505,804) — (1,351,980,826) Cost of real estate lease income (27,204,779) (292,726) (736,537) (606,323) (805,353) (44,900) (1,046,888) (1,623,994) (3,740,076) — (19,723) — — (798) (36,122,097) Cost of real estate management services (6,675,680) — — (13,189) — — (4,957) (1,707,785) — — — — (47,036,367) — (55,437,978) Other costs (1,145,928) (39,105) (123,291) (111,879) (711,424) (226) (272,479) — — (2,152) — — (6,885,687) (463,371) (9,755,542) Total cost of revenue (674,627,764) (260,983,485) (93,933,974) (215,254,411) (47,092,590) (5,548,700) (5,728,560) (18,062,954) (4,518,739) (34,037,084) (43,339) (38,572,816) (54,427,858) (464,169) (1,453,296,443) Gross profit 124,343,131 23,885,310 30,167,271 8,595,772 18,148,838 4,543,532 23,261,361 (2,474,783) 1,737,736 13,750,677 (43,339) 10,595,229 34,619,593 1,336,420 292,466,748 Operating expenses (59,958,497) (15,211,169) (10,679,950) (7,677,029) (73,902,008) (1,355,382) (1,608,076) (4,061,452) (6,198,996) (3,423,234) (1,391,277) (4,897,483) (9,390,896) (27,707,634) (227,463,083) Gain on disposal of property held for lease 82,805,785 — — — — — — — — — — — — — 82,805,785 Operating income/(loss) 147,190,419 8,674,141 19,487,321 918,743 (55,753,170) 3,188,150 21,653,285 (6,536,235) (4,461,260) 10,327,443 (1,434,616) 5,697,746 25,228,697 (26,371,214) 147,809,450 Interest income 23,921,003 1,919,529 2,068,141 1,288,256 103,788 4,817 38,096 8,130 41,143 44,417 885 31,849 755,677 3,179,879 33,405,610 Interest expense (14,568,255) (3,043,955) (987,612) (18,381,805) (3,659,832) — — — (5,316,337) — — — (5,708) (83,523,901) (129,487,405) Net realized gain on short-term investments 183,450 — — — — — — — — — — — — 4,869,494 5,052,944 Share of (loss)/gain in an equity investee (3,539,268) 11,483,448 7,795,833 — — — — 67,698 — (1,602,617) — — (152,121) 2,975,328 17,028,301 Loss on extinguishment of debt — — — — — — — — — — — — — (1,843,306) (1,843,306) Exchange gains/(loss) 1,987,139 — — — — — — — — — — — 100,523 (5,181,569) (3,093,907) Other income/(loss) (4,041,056) 90,325 (415,481) (8,773) 684,530 43,136 43,576 289,746 — 52,058 12,620 7,341 934,711 1,010,890 (1,296,377) Income/(loss) before income taxes 151,133,432 19,123,488 27,948,202 (16,183,579) (58,624,684) 3,236,103 21,734,957 (6,170,661) (9,736,454) 8,821,301 (1,421,111) 5,736,936 26,861,779 (104,884,399) 67,575,310 Income tax (expense)/benefit (36,907,073) (12,299,796) (39,723,025) 2,875,576 (8,431,043) (4,482,485) (14,391,424) 589,659 — (9,482,301) (2,458,177) (2,591,042) (8,191,925) 433,866 (135,059,190) Net income/(loss) 114,226,359 6,823,692 (11,774,823) (13,308,003) (67,055,727) (1,246,382) 7,343,533 (5,581,002) (9,736,454) (661,000) (3,879,288) 3,145,894 18,669,854 (104,450,533) (67,483,880) Depreciation and amortization 5,814,086 887,005 2,556,696 631,421 5,832,130 56,888 174,291 20,375 46,680 17,042 1,234,539 232,220 — — 17,503,373 Capital expenditure 8,655,565 — 15,874 5,106 716,935 — — — — — — 376,871 1 — 9,770,352 Real estate properties completed and under development 897,218,594 240,527,766 215,890,331 547,932,945 378,408,484 2,162,115 12,433,669 224,821,947 283,124,970 395,376,646 165,423,590 52,622,159 — 33,885,876 3,449,829,092 Real estate properties held for lease 74,613,257 7,126,028 35,512,059 36,262,110 8,438,206 — 66,684,905 96,083,662 157,975,249 — — — — 412,731 483,108,207 Total long-lived assets 526,045,585 553,491,246 133,733,839 46,741,993 50,734,107 5,863,831 75,248,369 105,461,495 171,374,723 23,549,642 566,337 930,819 9,062,110 365,609,346 2,068,413,442 Total assets 2,838,641,480 602,982,670 751,266,943 734,426,656 473,659,055 23,560,573 92,009,978 362,198,503 474,896,649 478,343,726 175,174,331 73,164,781 160,332,607 428,665,624 7,669,323,576 December 31, 2021 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 338,195,148 174,353,777 135,072,403 128,609,911 313,960,495 — 8,271,910 166,007,116 23,325,750 68,681,906 118,952 35,642,637 — — 1,392,240,005 Real estate lease income 9,344,804 665,170 1,339,557 532,240 371,919 — 1,223,472 3,251,637 2,980,504 — 13,482 — — 58,559 19,781,344 Real estate management services income 6,746,892 — — — — — — 2,793,044 — — — — 100,282,270 — 109,822,206 Other revenue 2,851,496 16,356 2,030,340 121,935 2,851,344 413 838,306 — 3,107,481 507,500 — 52,439 1,796,616 — 14,174,226 Total revenue 357,138,340 175,035,303 138,442,300 129,264,086 317,183,758 413 10,333,688 172,051,797 29,413,735 69,189,406 132,434 35,695,076 102,078,886 58,559 1,536,017,781 Cost of real estate sales (369,888,568) (176,289,676) (125,086,848) (163,249,870) (250,046,777) — (9,214,046) (142,797,184) (32,460,834) (58,588,051) (25,726) (31,696,836) — (1,359,344,416) Cost of real estate lease income (15,658,378) (611,378) (193,442) (404,647) (542,152) — (1,206,177) (62,840) (3,740,076) — — — — (19,090) (22,438,180) Cost of real estate management services (3,708,523) — — — — — — (4,321,229) — — — — (65,948,453) — (73,978,205) Other costs (1,320,332) (16,170) (111,927) (1,354,318) (5,762,646) — (742,247) — — (2,172,592) — (61,703) (778,129) — (12,320,064) Total cost of revenue (390,575,801) (176,917,224) (125,392,217) (165,008,835) (256,351,575) — (11,162,470) (147,181,253) (36,200,910) (60,760,643) (25,726) (31,758,539) (66,726,582) (19,090) (1,468,080,865) Gross profit (33,437,461) (1,881,921) 13,050,083 (35,744,749) 60,832,183 413 (828,782) 24,870,544 (6,787,175) 8,428,763 106,708 3,936,537 35,352,304 39,469 67,936,916 Operating expenses (67,226,888) (10,880,365) (19,136,811) (8,500,877) (80,605,508) (310,883) (1,059,651) (9,182,945) (7,223,166) (10,540,700) (1,273,031) (4,700,371) (8,869,355) (24,468,860) (253,979,411) Impairment losses on goodwill and intangible assets — — — — — — — — — — — — — (18,651,259) (18,651,259) Operating (loss) /income (100,664,349) (12,762,286) (6,086,728) (44,245,626) (19,773,325) (310,470) (1,888,433) 15,687,599 (14,010,341) (2,111,937) (1,166,323) (763,834) 26,482,949 (43,080,650) (204,693,754) Interest income 18,709,958 (126,051) 348,282 728,264 249,117 25,957 7,576 254,323 1,610 33,242 202 23,321 2,421,863 5,619,160 28,296,824 Interest expense (12,070,505) (5,794,489) (910,853) (26,416,301) (2,078,190) — — (8,046,152) (15,736,448) (358,532) — — (64,549) (111,922,753) (183,398,772) Net realized loss on short-term investments — — — — — — — — — — — — — (30,203,357) (30,203,357) Share of (loss)/gain in an equity investee 1,090,507 (1,873,472) 1,052,997 — — — — — — (4,010,602) — — (1,004,547) (18,600,648) (23,345,765) Exchange (loss) /gains (20,163,471) — (21) — — — — — — — — — (203,338) 10,659,367 (9,707,463) Other (loss) /income (2,110,256) 3,336,726 144,617 138,413 (644,101) (36,650) 205,877 381,157 17,770 (1,434,297) 1,789 (46,098) 942,072 1,612,626 2,509,645 (Loss) /income before income taxes (115,208,116) (17,219,572) (5,451,706) (69,795,250) (22,246,499) (321,163) (1,674,980) 8,276,927 (29,727,409) (7,882,126) (1,164,332) (786,611) 28,574,450 (185,916,255) (420,542,642) Income tax benefit/ (expense) 43,657,150 (3,885,809) (4,274,715) 12,936,548 (21,349,169) 1,431,319 (3,023,380) (9,366,699) (144,962) (1,674,207) (1,926,116) (1,471,006) (4,832,629) 1,204,203 7,280,528 Net income/(loss) (71,550,966) (21,105,381) (9,726,421) (56,858,702) (43,595,668) 1,110,156 (4,698,360) (1,089,772) (29,872,371) (9,556,333) (3,090,448) (2,257,617) 23,741,821 (184,712,052) (413,262,114) Depreciation and amortization 6,842,628 914,765 198,149 1,130,049 3,942,986 — — 1,934,681 1,037,064 12,193 48,721 19,401 526,727 1,660,151 18,267,515 Capital expenditure 1,965,626 — — 5,261 1,076,187 — — 576 241,312 — — 17,091 668,407 (3,869,649) 104,811 Real estate properties completed and under development 909,477,150 116,698,109 105,042,744 527,858,832 173,273,166 — 3,312,065 45,339,962 307,041,456 398,158,018 190,450,736 59,279,630 — 33,690,834 2,869,622,702 Real estate properties held for lease 72,022,044 4,133,570 36,147,355 36,470,962 8,510,518 59,903,607 96,574,698 126,157,420 — — — — 380,197 440,300,371 Total long-lived assets 431,132,864 517,720,952 138,953,401 49,540,764 46,722,553 5,813,925 75,895,086 107,098,269 139,099,651 53,982,579 920,192 773,073 15,628,394 77,178,239 1,660,459,942 Total assets 2,279,523,193 416,680,530 600,814,871 710,687,239 313,031,361 11,747,496 82,923,478 289,048,826 468,517,290 568,073,393 196,509,533 69,505,369 176,825,788 262,390,923 6,446,279,290 December 31, 2022 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 133,906,983 152,896,390 3,056,829 93,804,069 142,331,456 — (1,058,911) 191,013,871 58,007,780 34,659,102 564,076 231,278 — — 809,412,923 Real estate lease income 7,268,773 1,530,316 2,080,042 416,589 177,246 — 1,162,618 2,349,797 4,041,509 1,727,356 — — — 28,366 20,782,612 Real estate management services income 4,448,994 — — — — — — 1,833,511 — — — — 99,177,566 — 105,460,071 Other revenue 7,894,262 8,316 552,228 (35,831) 1,727,882 — 904,831 446 — 805,323 — 149,812 2,349,298 — 14,356,567 Total revenue 153,519,012 154,435,022 5,689,099 94,184,827 144,236,584 — 1,008,538 195,197,625 62,049,289 37,191,781 564,076 381,090 101,526,864 28,366 950,012,173 Cost of real estate sales (134,259,620) (171,319,778) (7,306,487) (87,599,735) (110,230,204) — 943,112 (156,675,331) (75,759,072) (25,841,656) (21,408) (286,074) — — (768,356,253) Cost of real estate lease income (9,680,982) (852,927) (778,313) (219,502) (365,600) — (363,485) 128,004 (2,081,799) (6,023,790) — — — (49,559) (20,287,953) Cost of real estate management services (5,631,437) — 3,188,299 — — — — (3,694,930) — — — — (73,471,668) — (79,609,736) Other costs (1,031,030) — 617,889 (924,057) (5,578,881) — (710,529) — — (882,999) — (19,164) (1,273,352) — (9,802,123) Total cost of revenue (150,603,069) (172,172,705) (4,278,612) (88,743,294) (116,174,685) — (130,902) (160,242,257) (77,840,871) (32,748,445) (21,408) (305,238) (74,745,020) (49,559) (878,056,065) Gross profit 2,915,943 (17,737,683) 1,410,487 5,441,533 28,061,899 — 877,636 34,955,368 (15,791,582) 4,443,336 542,668 75,852 26,781,844 (21,193) 71,956,108 Operating expenses (11,698,488) (13,408,341) (3,366,711) (3,728,249) (42,774,682) (47,094) (1,242,859) (5,165,593) (17,406,597) (3,297,920) (1,331,279) (2,089,948) (9,376,483) (12,111,766) (127,046,010) Gain on disposal of property held for lease 2,650,215 397,708 2,150,988 — — — — — — — — — — 488,401 5,687,312 Operating income/(loss) (6,132,330) (30,748,316) 194,764 1,713,284 (14,712,783) (47,094) (365,223) 29,789,775 (33,198,179) 1,145,416 (788,611) (2,014,096) 17,405,361 (11,644,558) (49,402,590) Interest income 1,602,637 280,967 656,403 250,397 1,093,214 145 3,073 667,222 701 31,785 78 1,283 1,449,210 2,170,212 8,207,327 Interest expense (13,389,344) (1,818,414) (99,438) (24,130,024) (962,042) — — (4,726,423) (15,815,618) — — — (69,672) (96,997,436) (158,008,411) Net realized gain on short-term investments — — — — 463 — — — — — — — — (71,675,917) (71,675,454) Share of (loss) /gain in an equity investee (3,718,820) — 3,784,015 — — — — — — (15,920,880) — — (810,983) (9,499,870) (26,166,538) Gain on extinguishment of debt — — — — — — — — — — — — — 9,620,914 9,620,914 Exchange gains 45,800,405 — — — — — — — — — — — (699,044) (5,149,023) 39,952,338 Other income/(expense) (1,587,295) 17,236 (19,220) 277,819 420,916 325 187,576 49,144 (36,029) 99,781 (8,098) (1,452,134) 881,696 (800,566) (1,968,849) Income/(loss) before income taxes 22,575,253 (32,268,527) 4,516,524 (21,888,524) (14,160,232) (46,624) (174,574) 25,779,718 (49,049,125) (14,643,898) (796,631) (3,464,947) 18,156,568 (183,976,244) (249,441,263) Income tax benefit/(expense) (12,780,775) 22,127,223 (3,927,044) (2,443,468) (4,379,784) 463 174,167 (2,378,418) 1,206,732 (2,377,772) (1,359,448) (485,277) (1,482,371) (1,135,690) (9,241,462) Net income/(loss) 9,794,478 (10,141,304) 589,480 (24,331,992) (18,540,016) (46,161) (407) 23,401,300 (47,842,393) (17,021,670) (2,156,079) (3,950,224) 16,674,197 (185,111,934) (258,682,725) Depreciation and amortization 5,516,725 874,640 647,400 1,095,409 1,162,790 — — 1,832,811 612,887 — 23,806 13,918 533,861 853,960 13,168,207 Capital expenditure 5,221,417 803 — — 1,577 — — — (63) — 4,186 — 8,455 — 5,236,375 Real estate properties completed and under development 1,159,231,389 412,162,579 100,867,987 577,969,652 45,945,861 — 4,995,367 35,489,672 266,654,891 395,241,531 191,185,397 53,684,534 — 33,627,793 3,277,056,653 Real estate properties held for lease 48,958,513 2,434,604 32,354,424 32,786,449 7,676,329 — 54,293,887 86,799,863 107,905,636 — — — — 258,162 373,467,867 Total long-lived assets 386,224,257 13,434,007 133,703,563 49,512,464 24,828,219 5,774,972 68,720,346 96,615,555 118,812,943 34,008,878 769,742 857,181 7,209,649 20,599,425 961,071,201 Total assets 2,270,506,759 259,228,051 540,587,961 709,048,905 240,590,331 11,212,039 78,448,652 323,750,877 404,653,727 499,695,879 197,190,024 61,041,098 147,478,659 106,845,365 5,850,278,327 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and contingencies. | |
Schedule of non-cancellable construction contracts for real estate development and land use rights purchases | As of December 31, 2022, 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$ 2023 532,677,457 2024 319,991,685 2025 174,200,852 2026 105,771,513 2027 and thereafter 39,234,387 Total 1,171,875,894 |
Non-controlling interests (Tabl
Non-controlling interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Non-controlling interests | |
Schedule of non-controlling interests | As of December 31, 2021, the non-controlling interests consisted of the following: December 31, Ownership 2021 US$ Shaanxi Zhongmao Economy Development Co., Ltd. 34.02 % — Xinyuan Property Management Service (Cayman) Ltd. 47.14 % (72,201,420) Taicang Pengchi Real Estate Co., Limited. (Note 18 (a)) 83.00 % (36,937,776) Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. (Note 18 (a.b)) 80.00 % (40,429,789) Henan Renxin Real Estate Co., Ltd. 49.00 % — Suzhou Yefang Real Estate Co., Limited. (Note 18(a.b)) 79.99 % (12,542,785) Zhengzhou Xinhe Real Estate Co., Ltd 20.00 % 756,256 Others 2,224,788 Total (159,130,726) As of December 31, 2022, the non-controlling interests consisted of the following: December 31, Ownership 2022 US$ Shaanxi Zhongmao Economy Development Co., Ltd. 34.02 % — Xinyuan Property Management Service (Cayman) Ltd. 40.53 % (78,177,157) Taicang Pengchi Real Estate Co., Limited. (Note 18 (a)) 83.00 % (33,861,921) Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. (Note 18 (a.b)) 80.00 % (36,302,338) Henan Renxin Real Estate Co., Ltd. 49.00 % — Suzhou Yefang Real Estate Co., Limited. (Note 18(a.b)) 79.99 % (11,482,112) Zhengzhou Xinhe Real Estate Co., Ltd 20.00 % 1,650,839 Others 5,498,759 Total (152,673,930) |
Condensed financial informati_2
Condensed financial information of the Company (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed financial information of the Company | |
Schedule of Condensed Balance Sheets | Condensed Balance Sheets December 31 2021 2022 US$ US$ ASSETS Current assets Cash and cash equivalents 160,209 2,794,414 Short-term investments 70,875,668 946,076 Other receivables 21,248 1,037,835 Due from subsidiaries 49,101,879 49,101,879 Total current assets 120,159,004 53,880,204 Investments in subsidiaries 1,163,420,854 1,008,221,487 TOTAL ASSETS 1,283,579,858 1,062,101,691 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities PRC income tax payable 13,388 13,388 PRC other tax payable 902,190 902,190 Other payable and accrued liabilities 35,216,403 88,642,571 Current portion of long-term bank loan and other debt 726,734,558 721,386,784 Due to subsidiaries 266,089,765 320,978,971 Payroll and welfare payables 525,043 64,888 Total current liabilities 1,029,481,347 1,131,988,792 Other long-term debt — — Total liabilities 1,029,481,347 1,131,988,792 Shareholders’ equity Common shares, $0.0001 par value: Authorized‑500,000,000 shares, issued 16,415 16,415 Treasury shares (116,061,577) (116,061,577) Additional paid-in capital 544,386,509 544,954,556 Retained earnings (174,242,836) (498,796,495) Total shareholders’ equity 254,098,511 (69,887,101) TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 1,283,579,858 1,062,101,691 |
Schedule of Condensed Statements of Comprehensive Income | Condensed Statements of Comprehensive Loss Year ended December 31, 2020 2021 2022 US$ US$ US$ General and administrative expenses (7,441,398) (4,965,230) (4,993,180) Operating loss (7,441,398) (4,965,230) (4,993,180) Interest expense (112,975,103) (121,289,406) (107,459,673) Interest income 599,544 545,599 1,139 Net gain on debt extinguishment — — 9,620,914 Gain/(loss) on short-term investments (27,077) (1,627,139) (68,931,940) Other expenses/(income) (4,277,443) (878,154) 1,395,668 Equity in profit/(loss) of subsidiaries, net 43,080,569 (289,093,048) (92,986,489) Loss from operations before income taxes (81,040,908) (417,307,378) (263,353,561) Income taxes — — — Net loss attributable to common shareholders (81,040,908) (417,307,378) (263,353,561) Other comprehensive income/(loss), net of tax of nil Foreign currency translation adjustments 67,283,263 17,818,154 (56,538,757) Comprehensive loss attributable to shareholders (13,757,645) (399,489,224) (319,892,318) |
Schedule of Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Year ended December 31, 2020 2021 2022 US$ US$ US$ Cash flows from operating activities: Net loss (81,040,908) (417,307,378) (263,353,561) Adjustment to reconcile net loss to net cash used in operating activities: Equity in (profit)/loss of subsidiaries, net (43,080,570) 289,093,048 92,986,489 Stock based compensation expense 2,848,897 1,625,318 568,046 Loss on short-term investments — 1,627,139 68,931,940 Proceeds from disposal of short-term investments — — 359,025 Amortization of deferred charges 6,024,220 — 5,472,222 Loss/(gain) on extinguishment of debt 5,583,578 — (9,620,914) Other receivables (178,566) 168,246 634,819 Other current assets 77,648 — — Other payable and accrued liabilities 7,281,565 4,000,802 53,426,168 Payroll and welfare payables 402,431 1,363,218 (460,150) Net cash used in operating activities (102,081,705) (119,429,607) (51,055,916) Cash flows from investing activities: Investment in short-term investments — (72,502,807) — Net cash used in investing activities — (72,502,807) — Cash flows from financing activities: Changes in due from subsidiaries 224,773,858 447,436,262 54,889,206 Proceeds from short-term bank loans 28,080,000 — — Repayment of current portion of long-term bank loan and other long-term debt — (128,520,000) — Proceeds from long-term bank loans — — — Proceeds from other long-term debts 378,852,273 270,000,000 — Repayment of other long-term debts (508,900,000) (390,958,220) (1,199,086) Purchase of treasury shares (2,483,896) — — Dividends to shareholders (14,284,148) (4,055,664) — Payment of financing cost (7,141,511) (4,272,797) — Proceeds from exercise of stock options 134,790 — — Net cash provided by financing activities 75,953,366 189,629,581 53,690,120 Net (decrease)/increase in cash and cash equivalents (26,128,339) (2,302,833) 2,634,204 Cash and cash equivalents, at the beginning of the year 28,591,381 2,463,042 160,210 Cash and cash equivalents, at end of the period 2,463,042 160,209 2,794,414 |
Background information of bus_3
Background information of business and organization (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 HKD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2022 CNY (¥) | |
Henan Rongyao Catering Service Co [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Sep. 23, 2021 | |||
Registered Capital | $ 1,000,000 | |||
Percentage of Equity Attributable to the Group | 51% | 51% | 51% | 51% |
Hudson 888 Owner LLC [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Oct. 22, 2015 | |||
Registered Capital | $ 1,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Xinyuan International Property Investment Co, Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Oct. 06, 2011 | |||
Registered Capital | $ 500,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Xinyuan International (HK) Property Investment Co, Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Oct. 26, 2011 | |||
Registered Capital | $ 3,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
XIN Development Group International Inc [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Nov. 10, 2011 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Xinyuan Real Estate, Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jan. 27, 2006 | |||
Registered Capital | $ 50,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
XIN Development Management East, LLC [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Aug. 28, 2012 | |||
Registered Capital | $ 1,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
XIN NY Holding, LLC [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Aug. 29, 2012 | |||
Registered Capital | $ 1,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
421 Kent Development, LLC [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Aug. 29, 2012 | |||
Registered Capital | $ 1,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Xinyuan Sailing Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jun. 21, 2013 | |||
Registered Capital | $ 3,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
AWAN Plasma Sdn Bhd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Apr. 16, 2007 | |||
Registered Capital | RM | RM 33,577,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
XIN Eco Marine Group Properties Sdn Bhd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jul. 09, 2014 | |||
Registered Capital | RM | RM 33,217,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Zhengzhou Jiasheng Real Estate Co, Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Dec. 02, 2013 | |||
Registered Capital | $ 60,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Xinyuan (China) Real Estate, Ltd ("Xinyuan China") [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Apr. 10, 2006 | |||
Registered Capital | $ 307,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Henan Xinyuan Real Estate Co., Ltd. ("Henan Xinyuan") [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | May 19, 1997 | |||
Registered Capital | ¥ | ¥ 200,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Qingdao Xinyuan Xiangrui Real Estate Co, Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Feb. 09, 2006 | |||
Registered Capital | ¥ | ¥ 10,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Shandong Xinyuan Real Estate Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jun. 02, 2006 | |||
Registered Capital | ¥ | ¥ 300,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Xinyuan Property Management Service(Cayman) Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Dec. 13, 2018 | |||
Registered Capital | $ 50,000 | |||
Percentage of Equity Attributable to the Group | 52.86% | 52.86% | 52.86% | 52.86% |
Xinyuan Property Management Service (BVI) Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jan. 02, 2019 | |||
Percentage of Equity Attributable to the Group | 52.86% | 52.86% | 52.86% | 52.86% |
Xinyuan Property Management Service (HK) Limited [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jan. 08, 2019 | |||
Registered Capital | $ 1 | |||
Percentage of Equity Attributable to the Group | 52.86% | 52.86% | 52.86% | 52.86% |
Xinyuan Science and Technology Service Group Co,Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Dec. 28, 1998 | |||
Registered Capital | ¥ | ¥ 50,000,000 | |||
Percentage of Equity Attributable to the Group | 52.86% | 52.86% | 52.86% | 52.86% |
Mingyuan Landscape Engineering Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Feb. 17, 2004 | |||
Registered Capital | ¥ | ¥ 50,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Henan Xinyuan Wanzhuo Real Estate Co,Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Dec. 29, 2011 | |||
Registered Capital | ¥ | ¥ 20,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Suzhou Xinyuan Real Estate Development Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Nov. 24, 2006 | |||
Registered Capital | ¥ | ¥ 200,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Anhui Xinyuan Real Estate Co, Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Dec. 07, 2006 | |||
Registered Capital | ¥ | ¥ 50,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Kunshan Xinyuan Real Estate Co, Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jan. 31, 2008 | |||
Registered Capital | ¥ | ¥ 200,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Xinyuan Real Estate (Chengdu) Co, Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jun. 12, 2007 | |||
Registered Capital | ¥ | ¥ 220,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Xuzhou Xinyuan Real Estate Co Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Nov. 09, 2009 | |||
Registered Capital | ¥ | ¥ 200,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Henan Xinyuan Jiye Real Estate Co Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Nov. 15, 2009 | |||
Registered Capital | ¥ | ¥ 50,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Beijing Xinyuan Wanzhong Real Estate Co, Ltd ("Beijing Wanzhong") [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Mar. 04, 2008 | |||
Registered Capital | ¥ | ¥ 900,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Xinyuan Renju (Beijing) Asset Management Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jan. 16, 2009 | |||
Registered Capital | ¥ | ¥ 30,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Beijing Xinyuan Priority Real Estate Consulting Co, Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Mar. 08, 2012 | |||
Registered Capital | ¥ | ¥ 30,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Henan Xinyuan Priority Commercial Management Co, Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Aug. 10, 2012 | |||
Registered Capital | ¥ | ¥ 2,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. ("Suzhou Wanzhuo") [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Sep. 20, 2012 | |||
Registered Capital | ¥ | ¥ 200,000,000 | |||
Percentage of Equity Attributable to the Group | 20% | 20% | 20% | 20% |
Jiangsu Jiajing Real Estate Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Mar. 28, 2005 | |||
Registered Capital | ¥ | ¥ 150,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Xingyang Xinyuan Real Estate Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jul. 25, 2013 | |||
Registered Capital | ¥ | ¥ 200,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Jinan Xinyuan Wanzhuo Real Estate Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Dec. 04, 2013 | |||
Registered Capital | ¥ | ¥ 300,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Sanya Beida Science and Technology Park Industrial Development Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jan. 10, 2014 | |||
Registered Capital | ¥ | ¥ 200,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Chengdu Xinyuan Wanzhuo Real Estate Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Feb. 21, 2014 | |||
Registered Capital | ¥ | ¥ 50,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Tianjin Xinyuan Real Estate Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Sep. 17, 2014 | |||
Registered Capital | ¥ | ¥ 100,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Xi'an Yinghuai Commerce and Trade Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Nov. 25, 2014 | |||
Registered Capital | ¥ | ¥ 3,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Changsha Xinyuan Wanzhuo Real Estate Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Apr. 03, 2014 | |||
Registered Capital | ¥ | ¥ 100,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Shanghai Junxin Real Estate Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jan. 16, 2014 | |||
Registered Capital | ¥ | ¥ 5,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Beijing Yinghuai Commerce And Trade Co Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jan. 05, 2015 | |||
Registered Capital | ¥ | ¥ 30,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Beijing Xinhe Investment Development Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | May 05, 2015 | |||
Registered Capital | ¥ | ¥ 5,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Henan Yinghuai Commerce and Trade Co, Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Mar. 23, 2015 | |||
Registered Capital | ¥ | ¥ 10,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Henan Xinyuan Guangsheng Real Estate Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jul. 27, 2015 | |||
Registered Capital | ¥ | ¥ 200,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Shanghai Hexinli Property Management Center. (Limited partnership) [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jul. 28, 2015 | |||
Registered Capital | ¥ | ¥ 10,640,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Shandong Xinyuan Renju Real Estate Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Nov. 19, 2011 | |||
Registered Capital | ¥ | ¥ 50,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Shaanxi Zhongmao Economy Development Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
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] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | May 02, 2014 | |||
Registered Capital | $ 1,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
XIN Manhattan Holding LLC [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Dec. 09, 2015 | |||
Registered Capital | $ 1,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Hudson 888 Holding LLC [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Dec. 09, 2015 | |||
Registered Capital | $ 1,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Shenzhen Xinchuang Investment Consulting Co., Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jan. 20, 2016 | |||
Registered Capital | ¥ | ¥ 10,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Zhengzhou Shengdao Real Estate Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Oct. 14, 2013 | |||
Registered Capital | ¥ | ¥ 20,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Henan Xinyuan Shunsheng Real Estate Co, Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jan. 13, 2016 | |||
Registered Capital | ¥ | ¥ 30,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Hunan Erli Real Estate Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jan. 04, 2008 | |||
Registered Capital | ¥ | ¥ 50,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
XIN Queens Holding LLC [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jul. 06, 2016 | |||
Registered Capital | $ 1,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Queens Theatre Holdco LLC [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jul. 06, 2016 | |||
Registered Capital | $ 1,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Queens Theatre Owner LLC [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jul. 06, 2016 | |||
Registered Capital | $ 1,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Zhengzhou Xinnan Real Estate Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jan. 21, 2016 | |||
Registered Capital | ¥ | ¥ 50,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Xinyan Investment Management Co., Limited. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Apr. 08, 2016 | |||
Registered Capital | ¥ | ¥ 100,000,000 | |||
Percentage of Equity Attributable to the Group | 90% | 90% | 90% | 90% |
Hunan Xintian Real Estate Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Sep. 28, 2009 | |||
Registered Capital | ¥ | ¥ 20,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Zhengzhou Hangmei Technology Development Co., Ltd.("Zhengzhou Hangmei") [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Nov. 25, 2014 | |||
Registered Capital | ¥ | ¥ 50,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Henan Xinyuan Quansheng Real Estate Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jan. 14, 2015 | |||
Registered Capital | ¥ | ¥ 40,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Zhengzhou Hangmei Zhengxing Technology Co., Ltd. Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Mar. 28, 2016 | |||
Registered Capital | ¥ | ¥ 50,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Xi'an Dingrun Real Estate Co., Ltd. ("Xi'an Dingrun") [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jun. 01, 2011 | |||
Registered Capital | ¥ | ¥ 20,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Zhengzhou Kangshengboda Real Estate Co Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jul. 29, 2016 | |||
Registered Capital | ¥ | ¥ 50,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Zhuhai Prince Real Estate Co., Ltd. ("Zhuhai Prince") [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Sep. 13, 1990 | |||
Registered Capital | ¥ | ¥ 307,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Henan Renxin Real Estate Co., Ltd. ("Henan Renxin") [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jul. 11, 2008 | |||
Registered Capital | ¥ | ¥ 200,000,000 | |||
Percentage of Equity Attributable to the Group | 51% | 51% | 51% | 51% |
Xinchuang Technology Co., Ltd. ("Xinchuang Technology ") [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | May 02, 2017 | |||
Registered Capital | ¥ | ¥ 100,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Hangzhou Huiyuan Investment Management Partnership Enterprise (Limited partnership) [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | May 23, 2017 | |||
Registered Capital | ¥ | ¥ 5,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Guangdong Xinyuan Real Estate Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Oct. 18, 2017 | |||
Registered Capital | ¥ | ¥ 100,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Taicang Pengchi Real Estate Co., Limited. ("Taicang Pengchi") [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jun. 16, 2017 | |||
Registered Capital | ¥ | ¥ 200,000,000 | |||
Percentage of Equity Attributable to the Group | 17% | 17% | 17% | 17% |
Khorgos XinYan Enterprise Management Consulting Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Dec. 04, 2017 | |||
Registered Capital | ¥ | ¥ 5,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Jinan Xinyuan Quansheng Real Estate Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | May 25, 2018 | |||
Registered Capital | ¥ | ¥ 50,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Suzhou Yuxi Real Estate Co., Limited. ("Suzhou Yuxi") (2) [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Mar. 05, 2018 | |||
Registered Capital | $ 100,000,000 | |||
Percentage of Equity Attributable to the Group | 20% | 20% | 20% | 20% |
Xinchuang Sailing (Dalian) Healthy Technology Industrial Investment Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jun. 05, 2018 | |||
Registered Capital | $ 600,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Dalian Xinyi Renju Real Estate Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jun. 26, 2018 | |||
Registered Capital | $ 100,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Jiangxi Xinkai Renju Management Consulting Service., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Aug. 28, 2018 | |||
Registered Capital | $ 10,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Beijing Xinyuan Huicheng Technology Development Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jan. 26, 2018 | |||
Registered Capital | $ 100,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Suzhou Yefang Real Estate Co., Limited. ("Suzhou Yefang") (3) [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Apr. 14, 2017 | |||
Registered Capital | $ 100,000,000 | |||
Percentage of Equity Attributable to the Group | 20% | 20% | 20% | 20% |
Chengdu Xinyuan Renju Enterprise Management Co., Ltd. ("Chengdu Renju") (4) [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Oct. 26, 2017 | |||
Registered Capital | $ 50,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Chengdu Guohongteng Real Estate Co., Ltd. ("Chengdu Guohongteng") (5) | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jul. 16, 2010 | |||
Registered Capital | $ 1,673,179,200 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Qingdao Keda Real Estate Co., Ltd. ("Qingdao Keda") (6) [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Sep. 20, 2010 | |||
Registered Capital | $ 50,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Wuhan Yinghexin Real Estate Co., Ltd. ("Wuhan Yinghexin") (7) [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jan. 15, 2014 | |||
Registered Capital | $ 100,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Henan Xinyuan Property Management Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Dec. 01, 2016 | |||
Registered Capital | $ 10,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Wuhu Xinyansuifeng NO.1 Investment Center (Limited partnership) (8) [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Nov. 22, 2017 | |||
Registered Capital | $ 1,501,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Zhuhai Xinyuan Real Estate Co Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Dec. 31, 2018 | |||
Registered Capital | $ 100,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Jinan Renju Building Material Co., Ltd. | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jan. 02, 2019 | |||
Registered Capital | $ 50,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Dalian Xinyi Yaju Real Estate Co., Ltd. | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jan. 16, 2019 | |||
Registered Capital | $ 100,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Guangdong Xinchuang Kechuang Zhigu Development Co., Ltd. | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Feb. 27, 2019 | |||
Registered Capital | $ 100,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Jiangxi Xinyuan Heju Enterprise Management Consulting Service Co., Ltd. | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Apr. 02, 2019 | |||
Registered Capital | $ 10,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Beijing I-Journey Science and Technology Development Co., Ltd. (I-Journey) [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Oct. 20, 2015 | |||
Registered Capital | $ 40,000,000 | |||
Percentage of Equity Attributable to the Group | 93% | 93% | 93% | 93% |
Beijing Ruizhuo Xichuang Technology Development Co., Ltd.("Xichuang") [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jul. 16, 2015 | |||
Registered Capital | $ 30,000,000 | |||
Percentage of Equity Attributable to the Group | 93% | 93% | 93% | 93% |
Beijing Ruizhuo Xitou Development Co., Ltd. ("Xitou") | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jul. 16, 2015 | |||
Registered Capital | $ 30,000,000 | |||
Percentage of Equity Attributable to the Group | 85% | 85% | 85% | 85% |
Beijing Future Xinzhihui Technology Development Center (Limited Partnership) ("Xinzhihui") [Member] | ||||
Background information of business and organization | ||||
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") [Member] | ||||
Background information of business and organization | ||||
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) [Member] | ||||
Background information of business and organization | ||||
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") (Note 2(a)) [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jun. 15, 2006 | |||
Registered Capital | $ 250,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Henan Xintuo Real Estate Co. Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Dec. 08, 2020 | |||
Registered Capital | $ 20,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Zhengzhou Xinhe Real Estate Co, Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jan. 08, 2020 | |||
Registered Capital | $ 50,000,000 | |||
Percentage of Equity Attributable to the Group | 80% | 80% | 80% | 80% |
Zhengzhou Xinying Real Estate Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | May 19, 2020 | |||
Registered Capital | $ 30,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Zhengzhou Xinyuan Xinsheng Business Management Co. Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Nov. 02, 2020 | |||
Registered Capital | $ 1,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Dalian Xinsheng Industrial Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Dec. 16, 2020 | |||
Registered Capital | $ 20,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Guoxin Chuangxiang (Tianjin) Enterprise Management Consulting Partnership (Limited Partnership) [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jan. 02, 2020 | |||
Registered Capital | $ 15,000,000 | |||
Percentage of Equity Attributable to the Group | 95.22% | 95.22% | 95.22% | 95.22% |
Guoxin Chuangzhi (Tianjin) Enterprise Management Consulting Partnership (Limited Partnership) [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jun. 23, 2020 | |||
Registered Capital | $ 135,000,000 | |||
Percentage of Equity Attributable to the Group | 94.41% | 94.41% | 94.41% | 94.41% |
Chongqing Heavy Duty Vehicle Group Hong Property Llc Wulong Branch [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Sep. 26, 2021 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Henan Xinzhixiang Electronic Technology Co [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | May 20, 2020 | |||
Registered Capital | $ 5,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Zhengzhou Branch Of Xinyuan Technology Service Group Co [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Mar. 04, 2016 | |||
Zhengzhou Shengxin Landscape Engineering Co., Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Nov. 10, 2021 | |||
Registered Capital | $ 10,000,000 | |||
Percentage of Equity Attributable to the Group | 51% | 51% | 51% | 51% |
Henan Xinyuan Property Service Co., Ltd.. Runan Branch [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Mar. 18, 2021 | |||
Henan Xinyuan Property Service Co Ltd Xincai Branch [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Nov. 19, 2021 | |||
Dalian Branch of Xinyuan Technology Service Group Co., Ltd [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Aug. 03, 2018 | |||
Henan Kai Dao real Estate Brokerage Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Sep. 30, 2021 | |||
Registered Capital | $ 10,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Shanghai Xinqiao Trading Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Mar. 17, 2021 | |||
Registered Capital | $ 30,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Hainan Xinyuan Heju Enterprise Management Consulting Service Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Sep. 27, 2020 | |||
Registered Capital | $ 10,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Jinan Xinyuan Commercial Management Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Dec. 04, 2015 | |||
Registered Capital | $ 3,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Guangzhou Xinyuan Commercial Management Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Mar. 30, 2021 | |||
Registered Capital | $ 1,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Henan Xinyuan Hongsheng Commercial Management Co., Ltd. [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | May 06, 2021 | |||
Registered Capital | $ 1,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Qingdao Huiju Zhihui City Industrial Development Co., Ltd. | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jun. 07, 2016 | |||
Registered Capital | $ 2,000,000,000 | |||
Percentage of Equity Attributable to the Group | 100% | 100% | 100% | 100% |
Beijing Yuzhouyun Technology Development Center (Limited partnership) ("Yuzhouyun") (Note 2(a)) [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Mar. 02, 2018 | |||
Registered Capital | $ 18,388,300 | |||
Percentage of Equity Attributable to the Group | 51% | 51% | 51% | 51% |
Beijing Ruizhuo Xihui Technology Development Centre Co., Ltd (Note 2(a)) [Member] | ||||
Background information of business and organization | ||||
Registered Place and Date of Incorporation | Jan. 22, 2017 | |||
Registered Capital | $ 10,000,000 | |||
Percentage of Equity Attributable to the Group | 1% | 1% | 1% | 1% |
Summary of significant accoun_4
Summary of significant accounting policies - Additional Information (Details) ¥ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||||
May 23, 2017 USD ($) | May 23, 2017 CNY (¥) | Sep. 18, 2016 USD ($) | Sep. 18, 2016 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) item | Jun. 21, 2019 | Dec. 31, 2018 | Mar. 02, 2018 | Feb. 28, 2017 | Jun. 28, 2016 | Mar. 01, 2016 | May 06, 2015 USD ($) | May 06, 2015 CNY (¥) | |
Summary of significant accounting policies | |||||||||||||||
Current assets | $ 4,889,207,126 | $ 4,785,819,348 | |||||||||||||
Non-current assets | 961,071,201 | 1,660,459,942 | |||||||||||||
TOTAL ASSETS | 5,850,278,327 | 6,446,279,290 | $ 7,669,323,576 | ||||||||||||
Current liabilities | 4,792,960,096 | 4,777,783,176 | |||||||||||||
Non-current liabilities | 974,531,402 | 1,255,266,877 | |||||||||||||
Total liabilities | 5,767,491,498 | 6,033,050,053 | |||||||||||||
Revenue | 950,012,173 | 1,536,017,781 | 1,745,763,191 | ||||||||||||
costs of revenue | (878,056,065) | (1,468,080,865) | (1,453,296,443) | ||||||||||||
Net loss/income | (263,353,561) | (417,307,378) | (81,040,908) | ||||||||||||
Net cash (used in)/provided by operating activities | (530,272,913) | 135,608,847 | 336,766,542 | ||||||||||||
Net cash used in investing activities | 513,898,291 | (22,774,551) | (104,155,960) | ||||||||||||
Net cash provided by/(used in) financing activities | (60,426,478) | (677,076,944) | (190,069,001) | ||||||||||||
Amounts due to subsidiaries of the Group | 66,619,920 | 77,062,355 | |||||||||||||
Due from subsidiaries | 2,854,538 | ||||||||||||||
Impairment loss on goodwill | 1,481,006 | 4,355,469 | 6,400,262 | ||||||||||||
Impairment loss on intangible assets | 14,295,790 | ||||||||||||||
Impairment of loss on real estate | $ 2,932,743 | 1,347,050 | $ 9,641,537 | ||||||||||||
Beijing Ruihao Rongtong Real Estate [Member] | |||||||||||||||
Summary of significant accounting policies | |||||||||||||||
Percentage of Equity Directly Attributable to the Group | 65% | ||||||||||||||
RuizhuoXihui [Member] | |||||||||||||||
Summary of significant accounting policies | |||||||||||||||
Current assets | $ 2,621,527 | 2,748,904 | |||||||||||||
Non-current assets | (10,806) | 0 | |||||||||||||
TOTAL ASSETS | 2,610,721 | 2,748,904 | |||||||||||||
Current liabilities | 2,619,769 | 2,791,771 | |||||||||||||
Total liabilities | 2,619,769 | 2,791,771 | |||||||||||||
Revenue | 235,890 | 451,176 | |||||||||||||
costs of revenue | (64,034) | (26,605) | |||||||||||||
Net loss/income | 31,287 | 367,929 | |||||||||||||
Net cash (used in)/provided by operating activities | (13,900) | 39,366 | |||||||||||||
Net cash used in investing activities | 0 | 0 | |||||||||||||
Net cash provided by/(used in) financing activities | 0 | 0 | |||||||||||||
Consolidation, Eliminations [Member] | Beijing Yuzhouyun Technology Development Center [Member] | |||||||||||||||
Summary of significant accounting policies | |||||||||||||||
Revenue | 779,795 | ||||||||||||||
Amounts due to subsidiaries of the Group | 14,851,499 | 10,473,436 | |||||||||||||
Consolidation, Eliminations [Member] | RuizhuoXihui [Member] | |||||||||||||||
Summary of significant accounting policies | |||||||||||||||
Due from subsidiaries | 2,511,562 | 2,692,162 | |||||||||||||
Beijing Ruihao Rongtong Real Estate Co., Ltd. ("Ruihao Rongtong") (Note 2(a)) [Member] | |||||||||||||||
Summary of significant accounting policies | |||||||||||||||
Registered Capital | $ 37,600,000 | ¥ 250 | |||||||||||||
Number of projects under construction | item | 1 | ||||||||||||||
Beijing Ruihao Rongtong Real Estate Co., Ltd. ("Ruihao Rongtong") (Note 2(a)) [Member] | Ping An trust Co., Ltd. ("Ping'an trust") [Member] | |||||||||||||||
Summary of significant accounting policies | |||||||||||||||
Amount of loan in aggregate to the Group | $ 246,800,000 | ¥ 1,610 | $ 124,300,000 | ¥ 862.5 | |||||||||||
Beijing Yuzhouyun Technology Development Center [Member] | |||||||||||||||
Summary of significant accounting policies | |||||||||||||||
Current assets | 174,470 | 346,637 | |||||||||||||
Non-current assets | 2,873,855 | 3,177,609 | |||||||||||||
TOTAL ASSETS | 3,048,325 | 3,524,246 | |||||||||||||
Current liabilities | 17,699,203 | 14,499,043 | |||||||||||||
Non-current liabilities | 10,337,995 | 13,645,560 | |||||||||||||
Total liabilities | 28,037,198 | 28,144,603 | |||||||||||||
Revenue | 244,130 | 1,703,972 | |||||||||||||
costs of revenue | (2,534,745) | (3,755,276) | |||||||||||||
Net loss/income | (2,539,202) | (8,794,606) | |||||||||||||
Net cash (used in)/provided by operating activities | 2,671,405 | (13,884,957) | |||||||||||||
Net cash used in investing activities | (14,799) | ||||||||||||||
Net cash provided by/(used in) financing activities | (2,700,960) | 13,108,128 | |||||||||||||
Consolidated revenues contributed from the related party | 244,130 | 924,177 | |||||||||||||
Percentage of Share of Profit or Loss | 51% | ||||||||||||||
Beijing Yuzhouyun Technology Development Center [Member] | Senior Management Members [Member] | |||||||||||||||
Summary of significant accounting policies | |||||||||||||||
Percentage of Share of Profit or Loss | 49% | ||||||||||||||
RuizhuoXihui [Member] | |||||||||||||||
Summary of significant accounting policies | |||||||||||||||
Amounts due to subsidiaries of the Group | 0 | ||||||||||||||
Consolidated revenues contributed from the related party | $ 235,890 | $ 451,176 | |||||||||||||
Beijing Ruihao Rongtong Real Estate Co., Ltd. ("Ruihao Rongtong") (Note 2(a)) [Member] | |||||||||||||||
Summary of significant accounting policies | |||||||||||||||
Percentage of non-controlling equity interest that will be repurchased by the entity | 35% | ||||||||||||||
Beijing Ruihao Rongtong Real Estate Co., Ltd. ("Ruihao Rongtong") (Note 2(a)) [Member] | Ping An trust Co., Ltd. ("Ping'an trust") [Member] | |||||||||||||||
Summary of significant accounting policies | |||||||||||||||
Noncontrolling owners interest (percentage) | 35% | 35% | 10% | 10% | 35% | 35% | 35% | 5% | 20% |
Summary of significant accoun_5
Summary of significant accounting policies (Details) ¥ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Nov. 22, 2022 | Oct. 15, 2021 USD ($) | Jan. 25, 2021 USD ($) | Sep. 17, 2020 USD ($) | Jun. 29, 2020 USD ($) | Apr. 26, 2019 USD ($) | Apr. 16, 2019 | Apr. 15, 2019 USD ($) | Mar. 19, 2018 USD ($) | Dec. 01, 2017 USD ($) | Dec. 01, 2017 USD ($) | Nov. 22, 2017 USD ($) | Feb. 28, 2017 USD ($) | Nov. 30, 2017 | Feb. 28, 2017 USD ($) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) | Dec. 31, 2022 CNY (¥) shares | Jun. 29, 2020 CNY (¥) | May 20, 2019 USD ($) | Aug. 14, 2018 USD ($) | Mar. 21, 2017 USD ($) | Dec. 28, 2015 USD ($) | Jul. 12, 2013 USD ($) | |
Summary of significant accounting policies | ||||||||||||||||||||||||||
Short-term bank loans and other debt, and current portion of long-term bank loans and other debt | $ 1,734,700,000 | |||||||||||||||||||||||||
Defaulted senior notes | ¥ | ¥ 545.3 | |||||||||||||||||||||||||
Senior notes issued | ¥ | ¥ 641.7 | |||||||||||||||||||||||||
Breached covenants relating to bank and other borrowings | ¥ | 624.9 | |||||||||||||||||||||||||
Corporate bonds carrying amount | ¥ | 900 | |||||||||||||||||||||||||
Aggregate principal amount of long term loan which extended maturity date | ¥ | ¥ 20.8 | |||||||||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||||||||
Cash and cash equivalents | 283,131,542 | $ 426,399,881 | $ 926,809,581 | |||||||||||||||||||||||
Restricted cash | 269,285,004 | 220,596,486 | ||||||||||||||||||||||||
Restricted Cash and Cash Equivalents, Noncurrent | 46,583,120 | |||||||||||||||||||||||||
Asset Impairment Charges | 0 | 0 | ||||||||||||||||||||||||
Allowance for Doubtful Accounts Receivable | 5,103,017 | 4,811,460 | ||||||||||||||||||||||||
Allowance for credit loss | 14,137,430 | 14,709,839 | ||||||||||||||||||||||||
Allowance for doubtful other receivable | 1,908,929 | 1,908,929 | ||||||||||||||||||||||||
Allowance for suppliers | $ 0 | $ 0 | ||||||||||||||||||||||||
Retirement benefits | ||||||||||||||||||||||||||
Employer match of eligible compensation of employees, percent of average salary | 32% | 32% | 39% | 40% | ||||||||||||||||||||||
Retirement benefits expense | $ 14,643,127 | $ 20,710,982 | $ 11,781,673 | |||||||||||||||||||||||
Required repatriation | 10% | 10% | ||||||||||||||||||||||||
Minimum percentage of Statutory Surplus Reserve | 50% | 50% | ||||||||||||||||||||||||
Advertising and promotion expenses | $ 19,164,227 | 40,262,333 | $ 41,972,661 | |||||||||||||||||||||||
Contract cost withholding term | 12 months | 12 months | ||||||||||||||||||||||||
Recognized ROU assets | $ 5,707,986 | 3,147,381 | ||||||||||||||||||||||||
Total lease liabilities (including current and non-current) for operating lease | 7,090,969 | |||||||||||||||||||||||||
Operating Lease, Liability, Current | 3,780,853 | 2,061,541 | ||||||||||||||||||||||||
Finance lease, liability current | $ 0 | $ 5,557,782 | ||||||||||||||||||||||||
Warranty term | 3 months | 3 months | ||||||||||||||||||||||||
Share Repurchase Program | ||||||||||||||||||||||||||
Treasury shares, shares | shares | 54,977,586 | 54,977,586 | 54,977,586 | |||||||||||||||||||||||
Treasury stock, value | $ 116,061,577 | $ 116,061,577 | ||||||||||||||||||||||||
Selling and Marketing Expense [Member] | ||||||||||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||||||||
Capitalized Contract Cost, Amortization | $ 9,800,000 | 46,500,000 | ||||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||||
Notes payable and other payables | ||||||||||||||||||||||||||
Estimated useful lives of the real estate properties held for lease | 20 | 20 | ||||||||||||||||||||||||
Retirement benefits | ||||||||||||||||||||||||||
Required percentage of Statutory Reserve prior to distributions | 25% | 25% | ||||||||||||||||||||||||
LAT Progressive Rate | 30% | 30% | ||||||||||||||||||||||||
Contract cost withholding term | 2 years | 2 years | ||||||||||||||||||||||||
Warranty term | 2 months | 2 months | ||||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||||
Notes payable and other payables | ||||||||||||||||||||||||||
Estimated useful lives of the real estate properties held for lease | 60 years | 60 years | ||||||||||||||||||||||||
Retirement benefits | ||||||||||||||||||||||||||
LAT Progressive Rate | 60% | 60% | ||||||||||||||||||||||||
Contract cost withholding term | 5 years | 5 years | ||||||||||||||||||||||||
Warranty term | 3 years | 3 years | ||||||||||||||||||||||||
Percentage of contract cost withheld | 5% | 5% | ||||||||||||||||||||||||
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 | $ 5,700,000 | 3,100,000 | ||||||||||||||||||||||||
Total lease liabilities (including current and non-current) for operating lease | 7,100,000 | 8,900,000 | ||||||||||||||||||||||||
Operating Lease, Liability, Current | $ 3,800,000 | 2,100,000 | ||||||||||||||||||||||||
Finance lease, liability current | 5,600,000 | |||||||||||||||||||||||||
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 | $ 300,000,000 | ||||||||||||||||||||||||
Maturity date | Feb. 28, 2021 | 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. 01, 2017 | Nov. 22, 2017 | ||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 100,000,000 | $ 100,000,000 | $ 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 19, 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, 2020 | |||||||||||||||||||||||||
Bears interest | 9.875% | |||||||||||||||||||||||||
October 2021 Senior Secured Notes due on October 15, 2021 at 14.20% [Member] | ||||||||||||||||||||||||||
Notes payable and other payables | ||||||||||||||||||||||||||
Debt term | 2 years 6 months | |||||||||||||||||||||||||
Senior Secured Notes | ||||||||||||||||||||||||||
Debt issuance date | Oct. 15, 2021 | Apr. 26, 2019 | Apr. 15, 2019 | |||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 207,680,000 | $ 25,000,000 | $ 38,000,000 | $ 100,000,000 | $ 200,000,000 | |||||||||||||||||||||
Maturity date | Oct. 15, 2021 | Oct. 15, 2021 | ||||||||||||||||||||||||
Bears interest | 14.20% | 14.20% | ||||||||||||||||||||||||
June 2022 Senior Secured Notes Due On June 29 2022 At 12% [Member] | ||||||||||||||||||||||||||
Notes payable and other payables | ||||||||||||||||||||||||||
Debt term | 2 years | |||||||||||||||||||||||||
Senior Secured Notes | ||||||||||||||||||||||||||
Debt issuance date | Jun. 29, 2020 | |||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 75,000,000 | ¥ 514.5 | ||||||||||||||||||||||||
Maturity date | Jun. 29, 2022 | |||||||||||||||||||||||||
Bears interest | 12% | 12% | ||||||||||||||||||||||||
September 2023 Senior notes due on September 17, 2023 at 14.50% [Member] | ||||||||||||||||||||||||||
Senior Secured Notes | ||||||||||||||||||||||||||
Debt issuance date | Sep. 17, 2020 | |||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 300,000,000 | |||||||||||||||||||||||||
Maturity date | Sep. 17, 2023 | Sep. 17, 2023 | Sep. 17, 2023 | |||||||||||||||||||||||
Bears interest | 14.50% | 14.50% | 14.50% | |||||||||||||||||||||||
October 2023 Notes Due on October 15, 2023 at 14.20% [Member] | ||||||||||||||||||||||||||
Senior Secured Notes | ||||||||||||||||||||||||||
Debt issuance date | Oct. 15, 2021 | |||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 205,401,000 | |||||||||||||||||||||||||
Maturity date | Oct. 15, 2023 | Oct. 15, 2023 | Oct. 15, 2023 | |||||||||||||||||||||||
Bears interest | 14.20% | 14.20% | 14.20% | |||||||||||||||||||||||
Repayment of secured debt | $ 19,101,080 | |||||||||||||||||||||||||
January 2024 Notes Due on January 15, 2024 at 14.0% [Member] | ||||||||||||||||||||||||||
Senior Secured Notes | ||||||||||||||||||||||||||
Debt issuance date | Jan. 25, 2021 | |||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 270 | |||||||||||||||||||||||||
Maturity date | Jan. 15, 2024 | |||||||||||||||||||||||||
Bears interest | 14% | |||||||||||||||||||||||||
Short-term bank acceptance notes [Member] | ||||||||||||||||||||||||||
Notes payable and other payables | ||||||||||||||||||||||||||
Notes payable | $ 87,127,684 | 132,450,166 | ||||||||||||||||||||||||
Short-term bank acceptance notes [Member] | Maximum [Member] | ||||||||||||||||||||||||||
Notes payable and other payables | ||||||||||||||||||||||||||
Debt term | 6 months | 6 months | ||||||||||||||||||||||||
Withdrawal Restrictions [Member] | ||||||||||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||||||||
Restricted cash | $ 8,311,763 | 26,370,690 | ||||||||||||||||||||||||
Restricted Cash and Cash Equivalents, Noncurrent | 41,877,755 | |||||||||||||||||||||||||
Restricted Cash Related to Short Term Loans [Member] | ||||||||||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||||||||
Restricted cash | $ 4,626,943 |
Summary of significant accoun_6
Summary of significant accounting policies - Contract balance (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Summary of significant accounting policies | ||
Contract assets | $ 52,515,766 | $ 35,104,329 |
Customer deposits (note 14) | $ 1,280,517,005 | $ 1,162,430,468 |
Summary of significant accoun_7
Summary of significant accounting policies - Accounts receivable and Allowance for Credit Losses (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Accounts receivable, net | $ 32,587,827 | $ 59,509,152 | |||
Other deposits and prepayments | 322,170,208 | 365,505,313 | |||
Amounts due from related parties | 203,719,058 | 271,567,484 | |||
Total current assets | 4,889,207,126 | 4,785,819,348 | |||
Total assets | 5,850,278,327 | 6,446,279,290 | $ 7,669,323,576 | ||
Total equity | $ 82,786,829 | $ 413,229,237 | $ 1,025,903,162 | $ 791,952,022 | |
ASU No. 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Accounts receivable, net | 97,911,510 | ||||
Other deposits and prepayments | 277,463,137 | ||||
Amounts due from related parties | 200,757,623 | ||||
Total current assets | 5,645,063,109 | ||||
Total assets | 7,421,664,433 | ||||
Total equity | $ 791,952,022 | ||||
Effects of adoption of Credit Loss ASUs | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Accounts receivable, net | $ (2,829,696) | ||||
Other deposits and prepayments | (1,908,929) | ||||
Amounts due from related parties | (1,781,767) | ||||
Total current assets | (6,520,392) | ||||
Total assets | (6,520,392) | ||||
Total equity | (6,520,392) | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Accounts receivable, net | 95,081,814 | ||||
Other deposits and prepayments | 275,554,208 | ||||
Amounts due from related parties | 198,975,856 | ||||
Total current assets | 5,638,542,717 | ||||
Total assets | 7,415,144,041 | ||||
Total equity | $ 785,431,630 |
Summary of significant accoun_8
Summary of significant accounting policies - Estimated Useful Life (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Air Transportation Equipment [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 |
Building [Member] | Minimum [Member] | |
Summary of significant accounting policies | |
Property, Plant and Equipment, Useful Life | 20 years |
Building [Member] | Maximum [Member] | |
Summary of significant accounting policies | |
Property, Plant and Equipment, Useful Life | 60 years |
Summary of significant accoun_9
Summary of significant accounting policies - Interest Expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of significant accounting policies | |||
Amortization of issuance cost related to long-term debt | $ 256,645 | $ 349,045 | $ 116,249 |
Interest expense of finance leases | 29,660,708 | 45,561,734 | 31,286,261 |
Interest on borrowings | 216,758,003 | 272,562,353 | 312,779,581 |
Total interest costs | 246,675,356 | 318,473,132 | 344,182,091 |
Total interest costs capitalized | (88,666,945) | (135,074,360) | (214,694,686) |
Interest expense, net | $ 158,008,411 | $ 183,398,772 | $ 129,487,405 |
Summary of significant accou_10
Summary of significant accounting policies - Effect of change in estimate (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of significant accounting policies | |||
Gross profit | $ 71,956,108 | $ 67,936,916 | $ 292,466,748 |
Net income loss | $ (263,353,561) | $ (417,307,378) | $ (81,040,908) |
Basic | $ (2.44) | $ (3.89) | $ (0.75) |
Diluted | $ (2.44) | $ (3.89) | $ (0.75) |
Contracts Accounted for under Percentage of Completion [Member] | Certain Real Estate Development Projects [Member] | |||
Summary of significant accounting policies | |||
Gross profit | $ 55,300,000 | $ 265,300,000 | $ 94,500,000 |
Net income loss | $ 41,500,000 | $ 199,000,000 | $ 70,900,000 |
Basic | $ 0.38 | $ 1.85 | $ 0.66 |
Diluted | $ 0.38 | $ 1.85 | $ 0.66 |
Short-term investments (Details
Short-term investments (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Trading securities: | ||
Fair Value | $ 11,992,929 | $ 85,211,338 |
Cost | 16,892,960 | 114,816,065 |
Unrealized (loss) gain in profit and loss | (4,900,031) | (29,604,727) |
Fair Value, Equity securities without readily determinable fair value | 66,775,423 | 598,630 |
Net realized gain on short-term investments | 4,900,031 | 29,604,727 |
Investment product [Member] | Quoted Price in Active Market for Identical Assets (Level 1) [Member] | ||
Trading securities: | ||
Unrealized (loss) gain in profit and loss | (2,743,514) | |
REITs [Member] | Quoted Price in Active Market for Identical Assets (Level 1) [Member] | ||
Trading securities: | ||
Fair Value | 85,211,338 | |
Cost | 114,816,065 | |
Unrealized (loss) gain in profit and loss | $ (29,604,727) | |
Equity securities [Member] | Quoted Price in Active Market for Identical Assets (Level 1) [Member] | ||
Trading securities: | ||
Fair Value | 11,049,675 | |
Cost | 13,793,189 | |
Investment Product [Member] | Quoted Price in Active Market for Identical Assets (Level 1) [Member] | ||
Trading securities: | ||
Fair Value | 943,254 | |
Cost | 3,099,771 | |
Unrealized (loss) gain in profit and loss | $ (2,156,517) |
Other receivables (Details)
Other receivables (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Other receivables | ||
Total | $ 383,513,125 | $ 298,190,097 |
Real estate properties held for lease, net member | ||
Other receivables | ||
Total | 383,513,125 | 298,190,097 |
Henan Derun Real Estate Co. Ltd ("Henan Derun") | ||
Other receivables | ||
Total | 142,448,841 | 154,038,237 |
Zhengzhou Yongzhi Jianxin Meiyu Private Equity Fund ("Zhengzhou Yongzhi") | ||
Other receivables | ||
Total | 22,973,322 | 25,095,284 |
Due from contractors | ||
Other receivables | ||
Total | 17,253,823 | 20,298,040 |
Due from Zijin Royal Palace | ||
Other receivables | ||
Total | 45,163,449 | 44,750,333 |
Others | ||
Other receivables | ||
Total | $ 155,673,690 | $ 54,008,203 |
Other receivables - Additional
Other receivables - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2020 | |
Other receivables | |||||
Other receivables | $ 298,190,097 | $ 383,513,125 | |||
Credit loss | 14,709,839 | 14,137,430 | |||
Real estate properties held for lease, net member | |||||
Other receivables | |||||
Other receivables | 298,190,097 | 383,513,125 | |||
Henan Derun Real Estate Co. Ltd ("Henan Derun") | |||||
Other receivables | |||||
Interest rate | 18% | ||||
Percentage of ownership interest used to settle receivables through transfer of certain parcels of land properties | 80% | ||||
Settlement of bank loans to release the land pledged in bank | $ 77,100,000 | ||||
Other receivables | 154,038,237 | 142,448,841 | |||
Zhengzhou Yongzhi Jianxin Meiyu Private Equity Fund ("Zhengzhou Yongzhi") | |||||
Other receivables | |||||
Other receivables | 25,095,284 | 22,973,322 | |||
Equity interest transferred (in percent) | 98% | ||||
Consideration for transfer of equity interest | $ 122,607,243 | ||||
Payments received for transfer of equity interest | $ 98,085,794 | ||||
Credit loss | $ 0 |
Real estate properties develo_3
Real estate properties development completed and under development (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate Properties [Line Items] | |||
Real estate properties development completed | $ 830,840,167 | $ 500,875,235 | |
Real estate properties under development | 2,446,216,486 | 2,368,747,467 | $ 3,449,829,092 |
Total real estate properties development completed and under development | 3,277,056,653 | 2,869,622,702 | |
Collateral Pledged [Member] | |||
Real Estate Properties [Line Items] | |||
Land use rights net | 424,482,379 | 333,926,609 | |
Land use rights [Member] | |||
Real Estate Properties [Line Items] | |||
Total real estate properties development completed and under development | $ 1,729,523,333 | $ 1,544,418,492 |
Real estate properties held f_3
Real estate properties held for lease, net (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real estate properties held for lease, net | |||
Total costs | $ 428,763,657 | $ 496,759,179 | |
Accumulated depreciation | (55,295,790) | (56,458,807) | |
Real estate properties held for lease, net | 373,467,867 | 440,300,371 | $ 483,108,207 |
Depreciation expense | $ 7,709,696 | 8,237,055 | |
Minimum | |||
Real estate properties held for lease, net | |||
Remaining lease periods | 25 days | ||
Maximum | |||
Real estate properties held for lease, net | |||
Remaining lease periods | 20 years | ||
Pledged as collateral | |||
Real estate properties held for lease, net | |||
Real estate properties held for lease, net | $ 137,103,470 | 174,811,201 | |
Elementary schools | |||
Real estate properties held for lease, net | |||
Total costs | 3,062,464 | 3,345,332 | |
Basement parking | |||
Real estate properties held for lease, net | |||
Total costs | 6,899,693 | 9,122,951 | |
Kindergartens | |||
Real estate properties held for lease, net | |||
Total costs | 4,174,550 | 9,326,258 | |
Parking Facilities | |||
Real estate properties held for lease, net | |||
Total costs | 74,803,844 | 95,414,729 | |
Clubhouses | |||
Real estate properties held for lease, net | |||
Total costs | 7,698,981 | 8,410,108 | |
Shopping mall | |||
Real estate properties held for lease, net | |||
Total costs | 258,828,780 | 282,353,261 | |
Shopping mall equipment [Member] | |||
Real estate properties held for lease, net | |||
Equipment acquired under finance lease, gross | 7,822,133 | ||
Residential properties | |||
Real estate properties held for lease, net | |||
Total costs | $ 73,295,345 | $ 88,786,540 |
Real estate properties held f_4
Real estate properties held for lease, net - Minimum Future Rental Income (Details) | Dec. 31, 2022 USD ($) |
Real estate properties held for lease, net | |
2023 | $ 18,534,367 |
2024 | 18,968,284 |
2025 | 17,469,596 |
2026 | 16,761,194 |
2027 and thereafter | 104,164,174 |
Total | $ 175,897,614 |
Property and equipment, net (De
Property and equipment, net (Details) | 12 Months Ended | 37 Months Ended | 107 Months Ended | |||||
Sep. 15, 2021 payment | Jun. 15, 2020 payment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jul. 14, 2023 USD ($) | Sep. 15, 2021 USD ($) | Oct. 23, 2012 | |
Property and equipment, net | ||||||||
Total | $ 67,850,441 | $ 75,379,483 | ||||||
Accumulated depreciation | (39,019,330) | (39,853,550) | ||||||
Property and equipment, net | 28,831,111 | 35,525,933 | ||||||
Lessee, Finance Lease, Term of Contract | 3 years | |||||||
Depreciation expense | 3,787,564 | 4,839,442 | $ 4,696,140 | |||||
Amortization expense | 0 | 2,690,976 | ||||||
Number of quarterly lease payments | payment | 12 | |||||||
Quarterly lease payments, amount | $ 1,105,274 | |||||||
Accumulated depreciation expense | 39,019,330 | 39,853,550 | $ 37,125,590 | |||||
Corporate aircraft | ||||||||
Property and equipment, net | ||||||||
Total | 36,948,606 | 40,361,413 | ||||||
Vehicles | ||||||||
Property and equipment, net | ||||||||
Total | 4,235,388 | 4,795,223 | ||||||
Furniture and fixtures | ||||||||
Property and equipment, net | ||||||||
Total | 8,958,370 | 10,879,140 | ||||||
Office buildings | ||||||||
Property and equipment, net | ||||||||
Total | 17,708,077 | $ 19,343,707 | ||||||
Under finance lease | ||||||||
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 investments (Details)
Long-term investments (Details) - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 31, 2022 | Jul. 31, 2019 | Mar. 21, 2018 | Sep. 04, 2017 | Apr. 19, 2017 | |
Long-term investments | ||||||||
Nonmarketable equity securities | $ 66,775,423 | $ 598,630 | ||||||
Total | 92,473,329 | 667,227,852 | ||||||
Equity Method Investment Difference Between Aggregate Investment And Proportionate Share Of Net Assets | 0 | 0 | ||||||
Share of loss/(gain) of equity investees | 26,166,538 | 23,345,765 | $ (17,028,301) | |||||
Beijing Huiju | ||||||||
Long-term investments | ||||||||
Received refund of transferred | 98,700,000 | |||||||
Zhengzhou Lianhe Real Estate Co., Ltd. | ||||||||
Long-term investments | ||||||||
Nonmarketable equity securities, Initial Cost | $ 241,648 | $ 241,648 | ||||||
Nonmarketable equity securities, Ownership | 1.85% | 1.85% | ||||||
Nonmarketable equity securities | $ 287,167 | $ 313,691 | ||||||
Zhengzhou Taike Real Estate Co., Ltd. | ||||||||
Long-term investments | ||||||||
Nonmarketable equity securities, Initial Cost | $ 738,073 | $ 738,073 | ||||||
Nonmarketable equity securities, Ownership | 3.75% | 3.75% | ||||||
Nonmarketable equity securities | $ 784,228 | |||||||
Qingdao Huiju Zhihui City Industrial Development Co., Ltd. | ||||||||
Long-term investments | ||||||||
Equity method investees | 539,866,587 | |||||||
Equity method investees, Initial Cost | $ 523,459,957 | $ 523,459,957 | $ 505,200,000 | |||||
Equity Method Investees, Ownership | 49% | 49% | 49% | 21% | ||||
Equity method investees, Initial Cost | $ 505,200,000 | |||||||
Qingdao Huiju Zhihui City Industrial Development Co., Ltd. | Maximum | ||||||||
Long-term investments | ||||||||
Equity Method Investees, Ownership | 70% | |||||||
Qingdao Huiju Zhihui City Industrial Development Co., Ltd. | Beijing Huiju | ||||||||
Long-term investments | ||||||||
Transfer of remaining ownership percentage, as required by the legal action (as a percent) | 21% | |||||||
Refund of unauthorized transfer of cash, as required by the legal action | $ 98,700,000 | |||||||
Cash frozen | 98,700,000 | |||||||
Legal action final refund unauthorized cash | 98,700,000 | |||||||
Madison Developments Limited | ||||||||
Long-term investments | ||||||||
Equity method investees, Initial Cost | $ 19,095,969 | $ 19,095,969 | $ 19,100,000 | |||||
Equity Method Investees, Ownership | 50% | 50% | 50% | |||||
Wuhu Penghong Investment Center (Limited Partnership) | ||||||||
Long-term investments | ||||||||
Equity method investees | $ 26,784,584 | $ 46,617,348 | ||||||
Equity method investees, Initial Cost | 61,998,960 | 61,998,960 | $ 30,600,000 | |||||
Wuhu Penghong Investment Center (Limited Partnership) | Partner One | ||||||||
Long-term investments | ||||||||
Equity method investees, Initial Cost | 31,400,000 | 91,800,000 | ||||||
Wuhu Penghong Investment Center (Limited Partnership) | Partner Two | ||||||||
Long-term investments | ||||||||
Equity method investees, Initial Cost | $ 3,100,000 | |||||||
Suzhou Rongjingchen Real Estate Co., Ltd | ||||||||
Long-term investments | ||||||||
Equity method investees | 19,078,393 | 16,646,705 | ||||||
Equity method investees, Initial Cost | $ 42,041,464 | $ 42,041,464 | $ 42,000,000 | |||||
Equity Method Investees, Ownership | 24% | 24% | 24% | |||||
Total | ||||||||
Long-term investments | ||||||||
Equity method investees | $ 46,323,185 | $ 62,999,293 | ||||||
Equity method investees, Initial Cost | $ 68,076,387 | $ 68,076,387 |
Long-term investments - Summari
Long-term investments - Summarized combined financial information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Long-term investments | |||
Current assets | $ 4,889,207,126 | $ 4,785,819,348 | |
Non-current assets | 961,071,201 | 1,660,459,942 | |
Current liabilities | 4,792,960,096 | 4,777,783,176 | |
Non-current liabilities | 974,531,402 | 1,255,266,877 | |
Non-controlling interest | 152,673,930 | 159,130,726 | |
Gross revenue | 950,012,173 | 1,536,017,781 | $ 1,745,763,191 |
Gross profit | 71,956,108 | 67,936,916 | 292,466,748 |
Net loss | (258,682,725) | $ (413,262,114) | $ (67,483,880) |
Equity method investees | |||
Long-term investments | |||
Current assets | 948,517,000 | ||
Non-current assets | 66,394,000 | ||
Current liabilities | 529,077,000 | ||
Non-current liabilities | 327,947,000 | ||
Non-controlling interest | 1,379,000 | ||
Gross revenue | 390,785,000 | ||
Gross profit | 52,508,000 | ||
Loss from continuing operations | (12,922,000) | ||
Net loss | (25,665,000) | ||
Net loss attributable to the Company | $ (26,167,000) |
Acquisition of subsidiaries - 2
Acquisition of subsidiaries - 2019 Acquisition Activity (Details) - USD ($) | 1 Months Ended | |
Nov. 30, 2019 | Dec. 31, 2022 | |
Xitou | ||
Acquisition of subsidiaries | ||
Total consideration | $ 16,486,299 | |
Goodwill | 6,624,594 | |
Xichuang | ||
Acquisition of subsidiaries | ||
Total consideration | 11,212,797 | |
Goodwill | 5,159,916 | |
Goodwill, tax deductible amount | $ 0 | |
I-Journey | ||
Acquisition of subsidiaries | ||
Total consideration | 21,062,847 | |
Goodwill | $ 12,927,103 | |
Goodwill, tax deductible amount | $ 0 |
Acquisition of subsidiaries - F
Acquisition of subsidiaries - Fair value of assets and liabilities (Details) | 1 Months Ended | |
Nov. 30, 2019 USD ($) | Nov. 30, 2019 USD ($) | |
Minimum | ||
Acquisition of subsidiaries | ||
Intangible assets estimated useful lives | 6 years | |
Maximum | ||
Acquisition of subsidiaries | ||
Intangible assets estimated useful lives | 10 years | |
Xitou, Xichuang and I-journey | ||
Acquisition of subsidiaries | ||
Cash and cash equivalents | $ 827,011 | $ 827,011 |
Other current assets | 1,118,618 | 1,118,618 |
Deferred tax assets | 2,887,353 | 2,887,353 |
Other non-current assets | 87,226 | 87,226 |
Goodwill | 24,711,613 | 24,711,613 |
Current liabilities | (2,010,290) | (2,010,290) |
Deferred tax liabilities | (2,887,353) | |
Non-controlling interest | (168,788) | (168,788) |
Total Consideration | 48,761,943 | |
Xitou, Xichuang and I-journey | Technology | ||
Acquisition of subsidiaries | ||
Intangible assets | 21,573,348 | 21,573,348 |
Xitou, Xichuang and I-journey | Trade mark | ||
Acquisition of subsidiaries | ||
Intangible assets | 2,623,205 | 2,623,205 |
Xitou, Xichuang and I-journey | Xinruifeng subgroup | ||
Acquisition of subsidiaries | ||
Cash and cash equivalents | 472,974 | 472,974 |
Other current assets | 262,373 | 262,373 |
Deferred tax assets | 1,057,527 | 1,057,527 |
Other non-current assets | 29,935 | 29,935 |
Goodwill | 6,624,594 | 6,624,594 |
Current liabilities | (269,349) | (269,349) |
Deferred tax liabilities | (1,057,527) | |
Non-controlling interest | (80,631) | (80,631) |
Total Consideration | 16,486,299 | |
Xitou, Xichuang and I-journey | Xinruifeng subgroup | Technology | ||
Acquisition of subsidiaries | ||
Intangible assets | 9,446,403 | 9,446,403 |
Xitou, Xichuang and I-journey | Xinruifeng subgroup | Trade mark | ||
Acquisition of subsidiaries | ||
Intangible assets | 0 | 0 |
Xitou, Xichuang and I-journey | Xinhujin subgroup | ||
Acquisition of subsidiaries | ||
Cash and cash equivalents | 276,511 | 276,511 |
Other current assets | 164,373 | 164,373 |
Deferred tax assets | 1,170,995 | 1,170,995 |
Other non-current assets | 14,176 | 14,176 |
Goodwill | 5,159,916 | 5,159,916 |
Current liabilities | (241,318) | (241,318) |
Deferred tax liabilities | (1,170,995) | |
Non-controlling interest | (37,986) | (37,986) |
Total Consideration | 11,212,797 | |
Xitou, Xichuang and I-journey | Xinhujin subgroup | Technology | ||
Acquisition of subsidiaries | ||
Intangible assets | 5,877,125 | 5,877,125 |
Xitou, Xichuang and I-journey | Xinhujin subgroup | Trade mark | ||
Acquisition of subsidiaries | ||
Intangible assets | 0 | 0 |
Xitou, Xichuang and I-journey | Xinzhihui subgroup | ||
Acquisition of subsidiaries | ||
Cash and cash equivalents | 77,526 | 77,526 |
Other current assets | 691,872 | 691,872 |
Deferred tax assets | 658,831 | 658,831 |
Other non-current assets | 43,115 | 43,115 |
Goodwill | 12,927,103 | 12,927,103 |
Current liabilities | (1,499,623) | (1,499,623) |
Deferred tax liabilities | (658,831) | |
Non-controlling interest | (50,171) | (50,171) |
Total Consideration | 21,062,847 | |
Xitou, Xichuang and I-journey | Xinzhihui subgroup | Technology | ||
Acquisition of subsidiaries | ||
Intangible assets | 6,249,820 | 6,249,820 |
Xitou, Xichuang and I-journey | Xinzhihui subgroup | Trade mark | ||
Acquisition of subsidiaries | ||
Intangible assets | $ 2,623,205 | $ 2,623,205 |
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, 2022 | Dec. 31, 2021 | |
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | $ 81,598,369 | $ 99,468,777 |
Loan from Hua Xia Bank Co., Ltd. [Member] | Loan from Hua Xia Bank Co Ltd Due July 10, 2022 at 7.00% per annum [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | $ 4,020,331 | 4,391,675 |
Maturity date | Jul. 10, 2022 | |
Stated rate | 7% | |
Loan from Hua Xia Bank Co., Ltd. [Member] | Loan from Hua Xia Bank Co Ltd Due June 11, 2022 at 7.00% per annum [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | $ 11,486,661 | 12,547,642 |
Maturity date | Jun. 11, 2022 | |
Stated rate | 7% | |
Loan from Hua Xia Bank Co., Ltd. [Member] | Loan from Hua Xia Bank Co Ltd Due March 30, 2022 at 8.00% per annum [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | $ 5,743,331 | 6,273,821 |
Maturity date | Mar. 30, 2022 | |
Stated rate | 8% | |
Loan from Shenzhen Zhong'an Finance Leasing Co.,Ltd. [Member] | Loan from Shenzhen Zhong'an Finance Leasing Co.,Ltd. at 5.89% per annum [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | 1,568,455 | |
Stated rate | 5.89% | |
Loan from Everbright Bank [Member] | Loan from Everbright Bank Due October 19, 2022 at 8.00% per annum [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | $ 4,278,781 | 4,705,366 |
Maturity date | Oct. 19, 2022 | |
Stated rate | 8% | |
Loan from Henan Zhongyuan Microfinance Co., Ltd [Member] | Loan from Henan Zhongyuan Microfinance Co., Ltd Due July 29, 2022, at 11.00% per annum [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | $ 4,235,706 | 4,705,366 |
Maturity date | Jul. 29, 2022 | |
Stated rate | 11% | |
Loan from Beijing Zhongjin Chengkai Microfinance Co., Ltd [Member] | Loan from Beijing Zhongjin Chengkai Microfinance Co., Ltd Due April 29, 2022, at 15.60% per annum [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | $ 0 | 1,239,080 |
Maturity date | Apr. 29, 2022 | |
Stated rate | 15.60% | |
Loan from Huaxia Pawnshop Co., Ltd [Member] | Loan from Huaxia Pawnshop Co., Ltd Due June 9 2022 at 30.00% per annum [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | $ 0 | 326,239 |
Maturity date | Jun. 09, 2022 | |
Stated rate | 30% | |
Loan from Tianjin Guotou Rongshun Microfinance Co., Ltd [Member] | Loan from Tianjin Guotou Rongshun Microfinance Co., Ltd Due September 26, 2022 at 9.60% per annum [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | $ 0 | 964,600 |
Maturity date | Sep. 26, 2022 | |
Stated rate | 9.60% | |
Loan from Beijing Dingcheng Pawnshop Co., Ltd [Member] | Loan from Beijing Dingcheng Pawnshop Co., Ltd Due March 9, 2022 at 19.20% per annum [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | $ 1,579,416 | 1,882,146 |
Maturity date | Mar. 09, 2022 | |
Stated rate | 19.20% | |
Loan from Bohai Bank Xi'an Branch [Member] | Loan from Bohai Bank Xi'an Branch, Due September 2, 2022 at 7.80% per annum [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | $ 0 | 1,568,455 |
Maturity date | Sep. 02, 2022 | |
Stated rate | 7.80% | |
Loan from Luso International Banking Ltd [Member] | Loan from Luso International Banking Ltd Due February 5, 2022, at 3.90% per annum [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | 2,270,000 | |
Maturity date | Feb. 05, 2022 | |
Stated rate | 3.90% | |
Loan from Luso International Banking Ltd [Member] | Loan from Luso International Banking Ltd Due January 19, 2022, at 3.90% per annum [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | 2,130,000 | |
Maturity date | Jan. 19, 2022 | |
Stated rate | 3.90% | |
Loan from Bank of Zhengzhou Co., Ltd [Member] | Loan from Bank of Zhengzhou Due March 28, 2022, at 6.50% per annum [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans and other debt | $ 50,254,143 | $ 54,895,932 |
Maturity date | Mar. 28, 2022 | |
Stated rate | 6.50% |
Short-term bank loans and oth_4
Short-term bank loans and other debt - Additional Information (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Short-term bank loans and other debt | ||
Real estate properties development completed | $ 830,840,167 | $ 500,875,235 |
Restricted cash | $ 269,285,004 | $ 220,596,486 |
Weighted average interest rate on short-term bank loans and other debts | 7.26% | 7.32% |
Property and equipment, net | $ 28,831,111 | $ 35,525,933 |
Collateral Pledged [Member] | ||
Short-term bank loans and other debt | ||
Land use rights | 424,482,379 | 333,926,609 |
Short-term Debt [Member] | Collateral Pledged [Member] | ||
Short-term bank loans and other debt | ||
Short-term bank loans | 0 | |
Real estate properties held for lease net book value | 17,517,158 | 19,135,154 |
Real estate properties development completed | 74,341,513 | 87,535,195 |
Restricted cash | 4,626,943 | |
Land use rights | 17,643,325 | 19,272,974 |
Property and equipment, net | 8,612,681 | 9,408,203 |
Short-term Debt [Member] | Collateral Pledged [Member] | RMB | ||
Short-term bank loans and other debt | ||
Short-term bank loans | $ 81,598,369 | |
Short-term Debt [Member] | Collateral Pledged [Member] | US Dollar | ||
Short-term bank loans and other debt | ||
Short-term bank loans | $ 4,400,000 |
Long-term bank loans (Details)
Long-term bank loans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Total | $ 590,573,895 | $ 819,296,631 | |
Less: current portion of long-term bank loans | (443,970,822) | (325,219,756) | |
Total long-term bank loans | 146,603,073 | 494,076,875 | |
Real estate properties under development | 2,446,216,486 | 2,368,747,467 | $ 3,449,829,092 |
Real estate properties held for lease | 373,467,867 | 440,300,371 | $ 483,108,207 |
Real estate properties development completed | 830,840,167 | 500,875,235 | |
Property and equipment, net | 28,831,111 | 35,525,933 | |
Restricted cash | 269,285,004 | 220,596,486 | |
Collateral Pledged [Member] | |||
Debt Instrument [Line Items] | |||
Land use rights | 424,482,379 | 333,926,609 | |
Real estate properties held for lease | $ 137,103,470 | $ 174,811,201 | |
Long Term Bank Loan [Member] | |||
Debt Instrument [Line Items] | |||
weighted average interest rate | 7.46% | 7.24% | |
Long Term Bank Loan [Member] | Collateral Pledged [Member] | |||
Debt Instrument [Line Items] | |||
Real estate properties under development | $ 176,282,157 | $ 283,626,547 | |
Land use rights | 243,629,315 | 270,020,262 | |
Real estate properties held for lease | 119,586,312 | 135,459,260 | |
Real estate properties development completed | 9,148,641 | 9,993,667 | |
Restricted cash | 41,877,755 | ||
Long Term Bank Loan [Member] | Collateral Pledged [Member] | RMB | |||
Debt Instrument [Line Items] | |||
Long term bank loan | $ 590,573,895 | ||
Long Term Bank Loan [Member] | Collateral Pledged [Member] | US Dollar | |||
Debt Instrument [Line Items] | |||
Long term bank loan | 38,472,000 | ||
Minimum [Member] | Long Term Bank Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Prime Rate Range | 100% | ||
Maximum [Member] | Long Term Bank Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Prime Rate Range | 211% | ||
Due December 22, 2023, at 4.75% per annum | |||
Debt Instrument [Line Items] | |||
Total | $ 5,921,257 | ||
Loan from ICBC [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 23,760,042 | 26,371,879 | |
Loan from ICBC [Member] | Loan from ICBC, Due December 22, 2021, at 9.80% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | 260,364 | ||
Loan from ICBC [Member] | Loan from ICBC, Due July 23, 2022, at 4.75% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | 13,068,369 | ||
Maturity date | Jul. 23, 2022 | ||
Stated rate | 4.75% | ||
Loan from ICBC [Member] | Loan from ICBC, Due April 13, 2022, at 9.80% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | 6,507,393 | ||
Maturity date | Apr. 13, 2022 | ||
Stated rate | 9.80% | ||
Loan from ICBC [Member] | Loan from ICBC, Due April 13, 2022, at 9.80% per annum One [Member] | |||
Debt Instrument [Line Items] | |||
Total | 6,535,753 | ||
Maturity date | Apr. 13, 2022 | ||
Stated rate | 9.80% | ||
Loan from ICBC [Member] | Loan from ICBC, Due April 13, 2022, at 9.80% per annum Two [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 11,927,462 | ||
Maturity date | Apr. 13, 2022 | ||
Stated rate | 9.80% | ||
Loan from ICBC [Member] | Due December 22, 2023, at 4.75% per annum | |||
Debt Instrument [Line Items] | |||
Maturity date | Dec. 22, 2023 | ||
Stated rate | 4.75% | ||
Loan from ICBC [Member] | Due December 22, 2023, at 4.75% per annum | |||
Debt Instrument [Line Items] | |||
Maturity date | Dec. 22, 2023 | ||
Stated rate | 4.75% | ||
Loan from ICBC [Member] | Due December 22, 2023, at 4.75% per annum | |||
Debt Instrument [Line Items] | |||
Total | $ 5,911,323 | ||
Maturity date | Dec. 22, 2023 | ||
Stated rate | 4.75% | ||
Loan from Bank of China [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 20,805,215 | 24,609,063 | |
Loan from Bank of China [Member] | Loan from Bank of China, Due October 31, 2022 at 4.75% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 6,446,889 | 7,826,592 | |
Maturity date | Oct. 31, 2022 | ||
Stated rate | 4.75% | ||
Loan from Bank of China [Member] | Loan From Bank Of China Due March 19, 2022 At 5.225% per Annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 14,358,326 | 16,782,471 | |
Maturity date | Mar. 19, 2022 | ||
Stated rate | 5.225% | ||
Loan from Ping An Bank Co., Ltd [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 18,522,241 | 20,766,347 | |
Loan from Ping An Bank Co., Ltd [Member] | Loan from Ping An Bank Co., Ltd. Due April 22, 2021, at 6.8875% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 18,522,241 | 20,766,347 | |
Loan from Ping An Bank Co., Ltd [Member] | Loan from Ping An Bank Co., Ltd.Due March 18, 2022, at 6.5075% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Mar. 18, 2022 | ||
Stated rate | 6.5075% | ||
Loan from Bank of Minsheng [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 267,914,884 | 321,721,537 | |
Loan from Bank of Minsheng [Member] | Loan from Bank of Minsheng Due May 30, 2031, at 8.5% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 49,249,060 | 57,954,421 | |
Maturity date | May 30, 2031 | ||
Stated rate | 8.50% | ||
Loan from Bank of Minsheng [Member] | Loan from Bank of Minsheng Due March 16 2023 at 7.6% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 186,902,335 | 204,165,817 | |
Maturity date | Mar. 16, 2023 | ||
Stated rate | 7.60% | ||
Loan from Bank of Minsheng [Member] | Loan from Bank of Minsheng Due January 14, 2024 at 6.65% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 31,763,490 | 59,601,299 | |
Maturity date | Jan. 14, 2024 | ||
Stated rate | 6.65% | ||
Loan from Bank of Hengfeng [Member] | Loan from Bank of Hengfeng, Due August 23, 2023 at 8.25% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | 93,009,396 | ||
Maturity date | Aug. 23, 2023 | ||
Stated rate | 8.25% | ||
Loan from Bank of Zhengzhou Co., Ltd [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 159,233,840 | 173,941,685 | |
Loan from Bank of Zhengzhou Co., Ltd [Member] | Loan from Bank of Zhengzhou Co., Ltd, Due March 26, 2022, at 7.000075% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 51,546,392 | 56,307,543 | |
Maturity date | Mar. 26, 2022 | ||
Stated rate | 7.00008% | ||
Loan from Bank of Zhengzhou Co., Ltd [Member] | Loan from Bank of Zhengzhou Co., Ltd, Due August 11, 2023 at 6.5% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 107,687,448 | 117,634,142 | |
Maturity date | Aug. 11, 2023 | ||
Stated rate | 6.50% | ||
Loan from Bank of Huaxia Co., Ltd [Member] | Loan from Xiamen International Bank Co., Ltd Due February 20, 2023, at 10.00% Per Annum [Member] | |||
Debt Instrument [Line Items] | |||
Stated rate | 10% | ||
Loan from Xiamen International Bank Co., Ltd [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 10,337,995 | 13,645,560 | |
Loan from Xiamen International Bank Co., Ltd [Member] | Loan from Xiamen International Bank Co., Ltd Due February 20, 2023, at 10.00% Per Annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 7,179,163 | 9,410,731 | |
Maturity date | Feb. 20, 2023 | ||
Loan from Xiamen International Bank Co., Ltd [Member] | Loan from Xiamen International Bank Co., Ltd Due April 30, 2023, at 6.80% Per Annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 3,158,832 | 4,234,829 | |
Maturity date | Apr. 30, 2023 | ||
Stated rate | 6.80% | ||
Loan from Bank of Guangzhou Co., Ltd [Member] | Loan from Bank of Guangzhou Co., Ltd Due September 3, 2024, at 7.30% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 89,999,679 | 106,759,164 | |
Maturity date | Sep. 03, 2024 | ||
Stated rate | 7.30% | ||
Loan from Luso International Banking Ltd [Member] | |||
Debt Instrument [Line Items] | |||
Total | 38,472,000 | ||
Loan from Luso International Banking Ltd [Member] | Loan from Luso International Banking Ltd Due March 12, 2023, at 3.50% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | 19,236,000 | ||
Maturity date | Mar. 12, 2023 | ||
Stated rate | 3.50% | ||
Loan from Luso International Banking Ltd [Member] | Loan from Luso International Banking Ltd Due March 29, 2023, at 3.50% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | 1,859,480 | ||
Maturity date | Mar. 29, 2023 | ||
Stated rate | 3.50% | ||
Loan from Luso International Banking Ltd [Member] | Loan from Luso International Banking Ltd Due April 12, 2023, at 3.50% per annum [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 17,376,520 | ||
Maturity date | Apr. 12, 2023 | ||
Stated rate | 3.50% |
Long-term bank loans - Maturiti
Long-term bank loans - Maturities of Long-term Debt (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Less: current portion of long-term bank loans | $ (443,970,822) | $ (325,219,756) |
Total long-term bank loans | 146,603,073 | $ 494,076,875 |
Long Term Bank Loan [Member] | ||
Debt Instrument [Line Items] | ||
2023 | 443,970,822 | |
2024 | 106,112,592 | |
2025 | 4,953,623 | |
2026 | 5,384,372 | |
2027 and thereafter | $ 30,152,486 |
Other long-term debt - Other Lo
Other long-term debt - Other Long Term Debt (Details) ¥ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Oct. 15, 2021 | Jan. 25, 2021 | Sep. 17, 2020 | Feb. 28, 2017 | Feb. 28, 2017 | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 1,468,230,517 | $ 1,416,701,102 | |||||||
Less: current portion of other long-term debt | (1,209,149,107) | (1,141,600,901) | |||||||
Total other long-term debt | 259,081,410 | 275,100,201 | |||||||
Other long term debt | 1,209,149,107 | 1,141,600,901 | |||||||
Real estate properties under development | 2,446,216,486 | 2,368,747,467 | $ 3,449,829,092 | ||||||
Real estate properties held for lease | 373,467,867 | 440,300,371 | $ 483,108,207 | ||||||
Real estate properties development completed | 830,840,167 | 500,875,235 | |||||||
Property and equipment, net | 28,831,111 | 35,525,933 | |||||||
Collateral Pledged [Member] | |||||||||
Other Long-term debt | |||||||||
Land use rights | 424,482,379 | 333,926,609 | |||||||
Real estate properties held for lease | 137,103,470 | 174,811,201 | |||||||
Other Long-Term Debt [Member] | |||||||||
Other Long-term debt | |||||||||
Less: current portion of other long-term debt | (1,209,149,107) | ||||||||
Total other long-term debt | 259,081,410 | ||||||||
Other long term debt | 1,209,149,107 | ||||||||
Other Long-Term Debt [Member] | RMB | |||||||||
Other Long-term debt | |||||||||
Less: current portion of other long-term debt | (588,636,603) | ||||||||
Other long term debt | 588,636,603 | ||||||||
Other Long-Term Debt [Member] | Collateral Pledged [Member] | |||||||||
Other Long-term debt | |||||||||
Real estate properties under development | 336,107,945 | 129,857,246 | |||||||
Land use rights | 145,339,253 | 44,633,373 | |||||||
Real estate properties held for lease | 107,905,636 | 20,216,787 | |||||||
Real estate properties development completed | 54,777,898 | 2,890,943 | |||||||
Senior Secured Notes [Member] | Collateral Pledged [Member] | US Dollar | |||||||||
Other Long-term debt | |||||||||
Less: current portion of other long-term debt | (879,593,915) | ||||||||
Other long term debt | 879,593,915 | ||||||||
Property and equipment, net member | Other Long-Term Debt [Member] | Collateral Pledged [Member] | |||||||||
Other Long-term debt | |||||||||
Property and equipment, net | 14,060,566 | 18,050,265 | |||||||
February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] | |||||||||
Other Long-term debt | |||||||||
Maturity date | Feb. 28, 2021 | Feb. 28, 2021 | |||||||
Stated rate | 7.75% | 7.75% | |||||||
June 2022 Senior notes due on June 29, 2022 at 12.00% [Member] | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 79,646,560 | 78,997,031 | |||||||
Maturity date | Jun. 29, 2022 | ||||||||
Stated rate | 12% | 12% | |||||||
June 2022 Senior notes due on June 29, 2022 at 14.00% [Member] | Other Long-Term Debt [Member] | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 260,540,750 | 394,641,160 | |||||||
June 2022 Senior notes due on June 29, 2022 at 14.00% [Member] | Senior Secured Notes [Member] | |||||||||
Other Long-term debt | |||||||||
Less: current portion of other long-term debt | ¥ | ¥ (545.3) | ||||||||
Other long term debt | ¥ | ¥ 545.3 | ||||||||
September 2023 Senior notes due on September 17, 2023 at 14.50% [Member] | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 249,723,695 | 253,096,367 | |||||||
Maturity date | Sep. 17, 2023 | Sep. 17, 2023 | |||||||
Stated rate | 14.50% | 14.50% | 14.50% | ||||||
October 2023 Notes Due on October 15, 2023 at 14.20% [Member] | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 131,475,779 | 132,576,797 | |||||||
Maturity date | Oct. 15, 2023 | Oct. 15, 2023 | |||||||
Stated rate | 14.20% | 14.20% | 14.20% | ||||||
January 2024 Notes Due on January 25, 2024 at 14.00% [Member] | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 260,540,750 | 262,064,363 | |||||||
Maturity date | Jan. 25, 2024 | Jan. 25, 2024 | |||||||
Stated rate | 14% | 14% | 14% | ||||||
Corporate Bonds Due On November 13 2025 At 8.35% [Member] | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 25,257,603 | 27,747,400 | |||||||
Maturity date | Nov. 13, 2025 | ||||||||
Stated rate | 8.35% | 8.35% | |||||||
Corporate Bonds Due On Januray 4, 2026 at 8.35% [Member] | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 14,049,622 | 15,347,334 | |||||||
Stated rate | 8.35% | 8.35% | |||||||
Loan from Ping Trust Co. Ltd Due May 31.2022 At 12.80 [Member] | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 20,898,544 | 35,603,934 | |||||||
Maturity date | May 31, 2023 | ||||||||
Stated rate | 12.80% | 12.80% | |||||||
China Huarong Asset Management Co., Ltd, Due April 20, 2022 at 12.00% [Member] | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 32,880,567 | 42,348,291 | |||||||
Maturity date | Apr. 20, 2022 | ||||||||
Stated rate | 12% | 12% | |||||||
China Huarong Asset Management Co., Ltd, Due November 27, 2022 at 12.00% [Member] | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 19,093,702 | 20,857,318 | |||||||
Maturity date | Nov. 27, 2022 | ||||||||
Stated rate | 12% | 12% | |||||||
Loan from Chang 'an international trust Co., Ltd, Due December 10, 2023 at 9.00% [Member] | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 155,069,925 | 169,393,164 | |||||||
Maturity date | Dec. 10, 2023 | ||||||||
Stated rate | 9% | 9% | |||||||
Loan from Min Sheng Finance Lease Co., Ltd Due July 15, 2023 at 5.85% [Member] | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 4,842,975 | 6,452,550 | |||||||
Maturity date | Jul. 15, 2023 | ||||||||
Stated rate | 5.85% | 5.85% | |||||||
Loan from Daye Trust Co., Ltd Due August 31, 2022 at 11.50% [Member] | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 86,149,958 | 94,107,314 | |||||||
Maturity date | Aug. 31, 2022 | ||||||||
Stated rate | 11.50% | 11.50% | |||||||
Loan from Daye Trust Co., Ltd Due October 16, 2022 at 14.50% [Member] | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 28,716,653 | 34,506,015 | |||||||
Maturity date | Oct. 16, 2022 | ||||||||
Stated rate | 14.50% | 14.50% | |||||||
Loan from Hubei Tian Qian Asset Management Co., Ltd Due July 14, 2022 at 13.00% [Member] | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 22,973,322 | 35,989,774 | |||||||
Maturity date | Jul. 14, 2022 | ||||||||
Stated rate | 13% | 13% | |||||||
Loan from China Minsheng Trust Co., Ltd Due January 22, 2023 at 10.00% [Member] | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | 15,684,552 | ||||||||
Maturity date | Jan. 22, 2023 | ||||||||
Stated rate | 10% | 10% | |||||||
Kent EB-5 LLC Loan due on January 23, 2022 at 5.95% | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | 41,928,898 | ||||||||
Maturity date | Jan. 23, 2022 | ||||||||
Stated rate | 5.95% | 5.95% | |||||||
Loan from 135-35 NORTHERN BLVD 1&2 LLC, Due May 1, 2021 at 8.5% [Member] | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | 30,000,000 | ||||||||
Maturity date | May 01, 2021 | ||||||||
Stated rate | 8.50% | 8.50% | |||||||
Loan from Ares Management Due January 12, 2024 at 10.05% [Member] | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 82,144,392 | 120,000,000 | |||||||
Maturity date | Jan. 12, 2024 | ||||||||
Stated rate | 10.05% | 10.05% | |||||||
Loan from Qingdao Xifa Commercial Factoring Co., Ltd, Due June 20,2023 at 9.00% | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 43,074,979 | 0 | |||||||
Stated rate | 9% | 9% | |||||||
Loan from Qingdao Haifa Finance Leasing Co., Ltd, Due January 24,2024 at 9.00% | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 1,952,732 | 0 | |||||||
Stated rate | 9% | 9% | |||||||
Loan from Qingdao West Coast Small Loan Co., Ltd, Due January 24,2024 at 9.00%, | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 4,307,498 | 0 | |||||||
Stated rate | 9% | 9% | |||||||
Loan from Qingdao Rongfu Huijin Asset Management Co., Ltd, Due May 20,2024 at 9.00% | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 35,895,816 | ||||||||
Stated rate | 9% | 9% | |||||||
Loan from Zhengzhou Jinshui Construction Comprehensive Development General Company, Due August 30,2025 at 2.80% to 3.00% | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 7,753,496 | ||||||||
Loan from Zhengzhou Jinshui Construction Comprehensive Development General Company, Due August 30,2025 at 2.80% to 3.00% | Minimum [Member] | |||||||||
Other Long-term debt | |||||||||
Stated rate | 2.80% | 2.80% | |||||||
Loan from Zhengzhou Jinshui Construction Comprehensive Development General Company, Due August 30,2025 at 2.80% to 3.00% | Maximum [Member] | |||||||||
Other Long-term debt | |||||||||
Stated rate | 3% | 3% | |||||||
Loan from China Development Bank Henan Branch, Due August 30,2025 at 2.80% to 7.00% | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 85,575,625 | $ 0 | |||||||
Loan from China Development Bank Henan Branch, Due August 30,2025 at 2.80% to 7.00% | Minimum [Member] | |||||||||
Other Long-term debt | |||||||||
Stated rate | 2.80% | 2.80% | |||||||
Loan from China Development Bank Henan Branch, Due August 30,2025 at 2.80% to 7.00% | Maximum [Member] | |||||||||
Other Long-term debt | |||||||||
Stated rate | 7% | 7% | |||||||
Loan from Dalian Lvshunkou District State-owned Capital Investment and Operation Group Co., Ltd, Due August 30,2025 at 2.80% to 3.20% | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 143,583 | ||||||||
Loan from Dalian Lvshunkou District State-owned Capital Investment and Operation Group Co., Ltd, Due August 30,2025 at 2.80% to 3.20% | Minimum [Member] | |||||||||
Other Long-term debt | |||||||||
Stated rate | 2.80% | 2.80% | |||||||
Loan from Dalian Lvshunkou District State-owned Capital Investment and Operation Group Co., Ltd, Due August 30,2025 at 2.80% to 3.20% | Maximum [Member] | |||||||||
Other Long-term debt | |||||||||
Stated rate | 3.20% | 3.20% | |||||||
Loan from Kriss Capital LLC, Due April 4, 2023 at 7.50% | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 36,137,739 | ||||||||
Maturity date | Apr. 04, 2023 | ||||||||
Stated rate | 7.50% | 7.50% | |||||||
Loan from Mezzanine Loan, Due October 4, 2023 at 10.30% | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 5,500,000 | ||||||||
Maturity date | Oct. 04, 2023 | ||||||||
Stated rate | 10.30% | 10.30% | |||||||
Loan from Mezzanine Loan Two | |||||||||
Other Long-term debt | |||||||||
Total principal of other long-term debt | $ 34,425,000 | ||||||||
Maturity date | Oct. 04, 2023 | ||||||||
Stated rate | 10.30% | 10.30% |
Other long-term debt - Maturiti
Other long-term debt - Maturities of Long-term Debt (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Other Long-term debt | ||
Less: current portion of other long-term debt | $ (1,209,149,107) | $ (1,141,600,901) |
Total other long-term debt | 259,081,410 | $ 275,100,201 |
Other Long-Term Debt [Member] | ||
Other Long-term debt | ||
2023 | 1,209,149,107 | |
2024 | 203,088,187 | |
2025 | 55,993,223 | |
2026 | 0 | |
2027 and thereafter | 0 | |
Less: current portion of other long-term debt | (1,209,149,107) | |
Total other long-term debt | $ 259,081,410 |
Other long-term debt - Addition
Other long-term debt - Additional Information (Details) ¥ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nov. 22, 2022 | Oct. 15, 2021 USD ($) | Feb. 09, 2021 | Jan. 25, 2021 USD ($) | Jan. 07, 2021 USD ($) | Nov. 30, 2020 USD ($) | Nov. 16, 2020 | Nov. 12, 2020 USD ($) | Sep. 17, 2020 USD ($) | Jun. 29, 2020 USD ($) | Apr. 26, 2019 USD ($) | Apr. 16, 2019 | Apr. 15, 2019 USD ($) | Apr. 07, 2019 USD ($) | Apr. 01, 2019 USD ($) | Jan. 04, 2019 USD ($) | Dec. 21, 2018 USD ($) | Nov. 30, 2018 USD ($) | Sep. 21, 2018 USD ($) | Sep. 20, 2018 USD ($) | Aug. 03, 2018 USD ($) | Mar. 20, 2018 USD ($) | Mar. 19, 2018 USD ($) | Dec. 01, 2017 USD ($) | Dec. 01, 2017 USD ($) | Nov. 22, 2017 USD ($) | Apr. 07, 2017 USD ($) | Feb. 28, 2017 USD ($) | Aug. 15, 2016 USD ($) | Mar. 14, 2016 USD ($) | Jan. 27, 2016 USD ($) | Dec. 28, 2015 USD ($) | Sep. 23, 2019 USD ($) | Nov. 30, 2017 | Feb. 28, 2017 USD ($) | Aug. 12, 2019 USD ($) | Nov. 12, 2019 USD ($) | Jun. 21, 2019 USD ($) | Dec. 31, 2018 USD ($) | Aug. 14, 2019 USD ($) | Jun. 21, 2019 USD ($) | Nov. 30, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2021 CNY (¥) | Jan. 07, 2021 CNY (¥) | Nov. 30, 2020 CNY (¥) | Nov. 12, 2020 CNY (¥) | Jun. 29, 2020 CNY (¥) | Mar. 31, 2020 USD ($) | Nov. 12, 2019 CNY (¥) | Sep. 23, 2019 CNY (¥) | Aug. 15, 2019 USD ($) | Aug. 15, 2019 CNY (¥) | Aug. 14, 2019 CNY (¥) | Aug. 12, 2019 CNY (¥) | Jun. 29, 2019 CNY (¥) | Jun. 21, 2019 CNY (¥) | Apr. 07, 2019 CNY (¥) | Apr. 01, 2019 CNY (¥) | Jan. 04, 2019 CNY (¥) | Dec. 28, 2018 | Dec. 21, 2018 CNY (¥) | Nov. 30, 2018 CNY (¥) | Sep. 21, 2018 CNY (¥) | Sep. 20, 2018 CNY (¥) | Aug. 03, 2018 CNY (¥) | Mar. 20, 2018 CNY (¥) | Aug. 15, 2017 | Apr. 07, 2017 CNY (¥) | Aug. 15, 2016 CNY (¥) | Mar. 14, 2016 CNY (¥) | Jan. 27, 2016 CNY (¥) | Dec. 28, 2015 CNY (¥) | |
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | $ 9,620,914 | $ (1,843,306) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Tranche Bonds [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption amount | $ 87,000,000 | $ 57,000,000 | ¥ 400 | ¥ 600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | 6,518,487 | (1,484) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance expense | 8,913 | 1,659 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption price | $ 6,509,574 | $ 175 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second Tranche Bonds [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption amount | $ 30,000,000 | $ 58,000,000 | $ 13,000,000 | $ 30,000,000 | ¥ 210 | ¥ 90 | ¥ 400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | 4,775,500 | 127,864 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance expense | 2,216 | 562 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption price | $ 4,773,284 | $ 128,426 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Tranche Bonds [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption amount | 300,000 | $ 71,000,000 | 300,000 | 2.1 | ¥ 497.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | (743,034) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance expense | 2,100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption price | $ 740,934 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Tranche [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 8.20% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption amount | $ 153,000,000 | $ 64,000,000 | ¥ 450 | ¥ 1,050 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | 5,989,710 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance expense | 278,844 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption price | $ 5,710,866 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Two thousand seventeen Tranche [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 8.20% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption amount | $ 90,000,000 | $ 73,000,000 | ¥ 630 | ¥ 500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | 1,535,132 | 3,782,353 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance expense | 287,796 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption price | $ 1,535,132 | $ 3,494,557 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Two Thousand Eighteen Tranche [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption amount | 18,000,000 | $ 58,000,000 | $ 11,000,000 | 18,000,000 | 124 | ¥ 76 | ¥ 400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | 3,599,937 | 20,958 | 132,897 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance expense | 296,957 | 308,851 | $ 20,958 | 296,957 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption price | 164,060 | $ 3,291,086 | 164,060 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 Tranche [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption amount | 1,300,000 | $ 85,000,000 | $ 85,000,000 | 1,300,000 | 9 | ¥ 591 | ¥ 591 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | 1,894,262 | (303,532) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance expense | 138,289 | 465,317 | 465,317 | 138,289 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption price | 165,243 | 1,428,945 | 1,428,945 | 165,243 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Two Thousand Nineteen First Tranche | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption amount | 49,000,000 | 91,000,000 | 91,000,000 | 49,000,000 | 343 | ¥ 637 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | (3,977,493) | 423,011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance expense | 350,371 | 482,825 | 482,825 | 350,371 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption price | 72,640 | $ 3,494,668 | $ 3,494,668 | 72,640 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 Tranche | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption amount | 94,000,000 | 94,000,000 | 0 | $ 12,000,000 | ¥ 77.1 | ¥ 646 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | 261,320 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance expense | 260,828 | 260,828 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption price | $ 492 | $ 492 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Two Thousand Twenty One Tranche [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption amount | $ 0 | 62,000,000 | ¥ 402.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | First Tranche Bonds [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 8.20% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum [Member] | First Tranche Bonds [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 7.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Dec. 01, 2017 | Nov. 22, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 100,000,000 | $ 100,000,000 | $ 200,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Nov. 22, 2020 | Nov. 22, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 8.875% | 8.875% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, frequency of periodic payment | semi-annually | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective interest rate | 9.95% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
minimum percentage of common shares owned by subject to certain qualifications and exceptions and satisfaction | 10% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption amount | 45,800,000 | $ 900,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | (216,290) | 38,136 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instruments redemption difference between repurchase price and principal amount | 42,214 | 47,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance expense | 174,076 | 9,064 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt term | 3 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Bonds Due On December 28, 2020 at 7.5% [Member] | First Tranche Bonds [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Dec. 28, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 154,000,000 | ¥ 1,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Dec. 28, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 7.50% | 7.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds due on January 27, 2021 at 7.47% [Member] | Second Tranche Bonds [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Jan. 27, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 107,000,000 | ¥ 700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Aug. 15, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 216,000,000 | ¥ 1,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Feb. 28, 2017 | Feb. 28, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 300,000,000 | $ 300,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Feb. 28, 2021 | Feb. 28, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 7.75% | 7.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, frequency of periodic payment | semi-annually | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective interest rate | 8.68% | 8.68% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
minimum percentage of common shares owned by subject to certain qualifications and exceptions and satisfaction | 10% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption amount | $ 20,000,000 | $ 25,400,000 | $ 20,000,000 | 19,000,000 | 10,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | 2,642,710 | (588,507) | 1,126,617 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instruments redemption difference between repurchase price and principal amount | 3,043,135 | 348,581 | 1,246,256 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance expense | $ 400,425 | 239,926 | 119,639 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt term | 4 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds due on March 14, 2021 at 7.09% [Member] | Third Tranche Bonds [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Mar. 14, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 77,000,000 | ¥ 500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Mar. 14, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 7.09% | 7.09% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds due on September 21, 2020 at 8.50% [Member] | Two Thousand Eighteen Tranche [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Sep. 20, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 87,000,000 | ¥ 600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Sep. 21, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 8.50% | 8.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Bonds Due in April 7, 2020 at 8.2% [Member] | Two thousand seventeen Tranche [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Apr. 07, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 173,000,000 | ¥ 1,130 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Apr. 07, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 8.20% | 8.20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 2020 Senior Secured Notes due on March 19, 2020 at 9.875% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Mar. 19, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 200,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Mar. 19, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 9.875% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, frequency of periodic payment | semi-annually | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective interest rate | 11.34% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
minimum percentage of common shares owned by subject to certain qualifications and exceptions and satisfaction | 10% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption amount | 75,700,000 | $ 11,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | (563,941) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance expense | 563,941 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt term | 2 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 2020 Senior Secured Notes due on March 19, 2020 at 9.875% [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 2020 Senior Secured Notes due on March 19, 2020 at 9.875% [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 2021 Senior Secured Notes due on October 15, 2021 at 14.20% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Oct. 15, 2021 | Apr. 26, 2019 | Apr. 15, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 207,680,000 | $ 25,000,000 | $ 38,000,000 | $ 100,000,000 | $ 200,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Oct. 15, 2021 | Oct. 15, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 14.20% | 14.20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, frequency of periodic payment | semi-annually | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 101% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption amount | 5,500,000 | 2,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | (176,209) | (25,240) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instruments redemption difference between repurchase price and principal amount | 176,209 | 52,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance expense | $ 77,740 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt term | 2 years 6 months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash consideration in full satisfaction of the exchange consideration | 19,101,080 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 2021 Senior Secured Notes due on October 15, 2021 at 14.20% [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 2021 Senior Secured Notes due on October 15, 2021 at 14.20% [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 2021 Senior Secured Notes Due On October 15 2023 At 14.20% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | 205,401,000 | $ 300,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 2023 Senior Secured Notes Due On October 15 2023 At 14.2% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 205,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Oct. 15, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 14.20% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, frequency of periodic payment | semi-annually | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective interest rate | 16.65% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption terms | At any time prior to October 15, 2023, the Company may at its option redeem the October 2023 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the October 2023 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 October 2023 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such October 2023 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such October 2023 Senior Secured Note, plus all required remaining scheduled interest payments due on such October 2023 Senior Secured Note through the maturity date of the October 2023 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 October 2023 Indenture) plus 100 basis points, over (B) the principal amount of such October 2023 Senior Secured Note on such redemption date. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 114.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
minimum percentage of common shares owned by subject to certain qualifications and exceptions and satisfaction | 10% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption amount | $ 2,500,000 | 66,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt term | 2 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash consideration in full satisfaction of the exchange consideration | $ 19,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 2023 Senior Secured Notes Due On October 15 2023 At 14.2% [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 35% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 2023 Senior Secured Notes Due On October 15 2023 At 14.2% [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 65% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 2024 Notes Due on January 25, 2024 at 14.00% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Feb. 09, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 270,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Jan. 25, 2024 | Jan. 25, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 14% | 14% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, frequency of periodic payment | semi-annually | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective interest rate | 14.49% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption terms | At any time prior to January 25, 2024, the Company may at its option redeem the January 2024 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the January 2024 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 January 2024 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such January 2024 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such January 2024 Senior Secured Note, plus all required remaining scheduled interest payments due on such January 2024 Senior Secured Note through the maturity date of the January 2024 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 January 2024 Indenture) plus 100 basis points, over (B) the principal amount of such January 2024 Senior Secured Note on such redemption date. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
minimum percentage of common shares owned by subject to certain qualifications and exceptions and satisfaction | 10% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption amount | $ 4,820,000 | 5,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt term | 3 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 2024 Notes Due on January 25, 2024 at 14.00% [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 2024 Notes Due on January 25, 2024 at 14.00% [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 2022 Senior Secured Notes at 12.00% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Jul. 03, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 2022 Senior Secured Notes Due On June 29 2022 At 12% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Jun. 29, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 75,000,000 | ¥ 514.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Jun. 29, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 12% | 12% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, frequency of periodic payment | semi-annually | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective interest rate | 15.69% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
minimum percentage of common shares owned by subject to certain qualifications and exceptions and satisfaction | 10% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt term | 2 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 2022 Senior Secured Notes Due On June 29 2022 At 12% [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 2022 Senior Secured Notes Due On June 29 2022 At 12% [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 2023 Senior Secured Notes at 14.50% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Sep. 17, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 300,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Sep. 17, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 14.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, frequency of periodic payment | semi-annually | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective interest rate | 15.69% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
minimum percentage of common shares owned by subject to certain qualifications and exceptions and satisfaction | 10% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption amount | $ 3,500,000 | $ 41,200,000 | 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss)/gain on debt extinguishment | (7,334) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instruments redemption difference between repurchase price and principal amount | $ 7,334 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt term | 3 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 2023 Senior Secured Notes at 14.50% [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 2023 Senior Secured Notes at 14.50% [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed charge coverage ratio | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Bonds Due in January 4, 2022 at 8.5% | 2019 Tranche [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Jan. 04, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 87,000,000 | ¥ 600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Jan. 04, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 8.50% | 8.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Bonds Due in April 1, 2024 at 8.4% | Two Thousand Nineteen First Tranche | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Apr. 01, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 146,000,000 | ¥ 980 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Apr. 01, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 8.40% | 8.40% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds due on November 13, 2025 at 8.35% [Member] | 2020 Tranche | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Nov. 12, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 130,000,000 | ¥ 900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Nov. 13, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 8.35% | 8.35% | 8.35% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Onshore Corporate Bonds Due On January 07, 2026 [Member] | Two Thousand Twenty One Tranche [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance date | Jan. 07, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 78,000,000 | ¥ 500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Jan. 07, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated rate | 8.35% | 8.35% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period One [Member] | November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 100% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of variable rate basis | the Adjusted Treasury Rate (as defined in the November 2020 Indenture) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated spread over variable rate | 1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period One [Member] | November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member] | Applicable Premium [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period One [Member] | February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 100% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of variable rate basis | the Adjusted Treasury Rate (as defined in the February 2021 Indenture) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated spread over variable rate | 1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period One [Member] | February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] | Applicable Premium [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period One [Member] | March 2020 Senior Secured Notes due on March 19, 2020 at 9.875% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 100% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of variable rate basis | the Adjusted Treasury Rate (as defined in the March 2020 Indenture) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated spread over variable rate | 100% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period One [Member] | March 2020 Senior Secured Notes due on March 19, 2020 at 9.875% [Member] | Applicable Premium [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period One [Member] | October 2021 Senior Secured Notes due on October 15, 2021 at 14.20% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 100% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of variable rate basis | the Adjusted Treasury Rate (as defined in the Indenture) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated spread over variable rate | 100% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period One [Member] | October 2021 Senior Secured Notes due on October 15, 2021 at 14.20% [Member] | Applicable Premium [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period One [Member] | October 2023 Senior Secured Notes Due On October 15 2023 At 14.2% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of variable rate basis | the Adjusted Treasury Rate (as defined in the October 2023 Indenture) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated spread over variable rate | 100% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period One [Member] | October 2023 Senior Secured Notes Due On October 15 2023 At 14.2% [Member] | Applicable Premium [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period One [Member] | January 2024 Notes Due on January 25, 2024 at 14.00% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 100% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated spread over variable rate | 100% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period One [Member] | January 2024 Notes Due on January 25, 2024 at 14.00% [Member] | Applicable Premium [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period One [Member] | January 2024 Notes Due on January 25, 2024 at 14.00% [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of principal redeemable | 35% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period One [Member] | June 2022 Senior Secured Notes Due On June 29 2022 At 12% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption terms | At any time prior to June 29, 2022, the Company may at its option redeem the June 2022 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the June 2022 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 June 2022 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such June 2022 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such June 2022 Senior Secured Note, plus all required remaining scheduled interest payments due on such June 2022 Senior Secured Note through the maturity date of the June 2022 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 June 2022 Indenture) plus 100 basis points, over (B) the principal amount of such June 2022 Senior Secured Note on such redemption date. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 100% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of variable rate basis | the Adjusted Treasury Rate (as defined in the June 2022 Indenture) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated spread over variable rate | 100% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period One [Member] | June 2022 Senior Secured Notes Due On June 29 2022 At 12% [Member] | Applicable Premium [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period One [Member] | September 2023 Senior Secured Notes at 14.50% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption terms | At any time prior to September 17, 2023, the Company may at its option redeem the September 2023 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the September 2023 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 September 2023 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such September 2023 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such September 2023 Senior Secured Note, plus all required remaining scheduled interest payments due on such September 2023 Senior Secured Note through the maturity date of the September 2023 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 September 2023 Indenture) plus 100 basis points, over (B) the principal amount of such September 2023 Senior Secured Note on such redemption date. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 100% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of variable rate basis | the Adjusted Treasury Rate (as defined in the September 2023 Indenture) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated spread over variable rate | 100% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period One [Member] | September 2023 Senior Secured Notes at 14.50% [Member] | Applicable Premium [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period One [Member] | October 2023 Senior Secured Notes Due On October 15 2022 At 14.2% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 100% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Two [Member] | November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 remains outstanding after each such redemption. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 108.875% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Two [Member] | November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of principal redeemable | 35% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Two [Member] | November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument carrying amount percentage | 65% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Two [Member] | February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 remains outstanding after each such redemption. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Two [Member] | February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of principal redeemable | 35% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Two [Member] | February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 107.75% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument carrying amount percentage | 65% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Two [Member] | March 2020 Senior Secured Notes due on March 19, 2020 at 9.875% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 remains outstanding after each such redemption | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 109.875% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Two [Member] | March 2020 Senior Secured Notes due on March 19, 2020 at 9.875% [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of principal redeemable | 35% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Two [Member] | March 2020 Senior Secured Notes due on March 19, 2020 at 9.875% [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument carrying amount percentage | 65% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Two [Member] | October 2021 Senior Secured Notes due on October 15, 2021 at 14.20% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 remains outstanding after each such redemption and any such redemption takes place within 60 days after the closing of the related equity offering. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 114.20% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Two [Member] | October 2021 Senior Secured Notes due on October 15, 2021 at 14.20% [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of principal redeemable | 35% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Two [Member] | October 2021 Senior Secured Notes due on October 15, 2021 at 14.20% [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument carrying amount percentage | 65% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Two [Member] | January 2024 Notes Due on January 25, 2024 at 14.00% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 114% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Two [Member] | January 2024 Notes Due on January 25, 2024 at 14.00% [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument carrying amount percentage | 65% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Two [Member] | June 2022 Senior Secured Notes Due On June 29 2022 At 12% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption terms | At any time prior to June 29, 2022, the Company may redeem up to 35% of the aggregate principal amount of the June 2022 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 112% of the principal amount of the June 2022 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 June 2022 Senior Secured Notes issued on June 29, 2020 remains outstanding after each such redemption. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 112% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Two [Member] | June 2022 Senior Secured Notes Due On June 29 2022 At 12% [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of principal redeemable | 35% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Two [Member] | June 2022 Senior Secured Notes Due On June 29 2022 At 12% [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument carrying amount percentage | 65% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Two [Member] | September 2023 Senior Secured Notes at 14.50% [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption terms | At any time prior to September 17, 2023, the Company may redeem up to 35% of the aggregate principal amount of the September 2023 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 114.5% of the principal amount of the September 2023 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 September 2023 Senior Secured Notes issued on September 17, 2020 remains outstanding after each such redemption. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 114.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Two [Member] | September 2023 Senior Secured Notes at 14.50% [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of principal redeemable | 35% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Two [Member] | September 2023 Senior Secured Notes at 14.50% [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-term debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument carrying amount percentage | 65% |
Leases (Details)
Leases (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Lease Assets | ||
Finance lease assets | $ 0 | $ 25,593,140 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant, And Equipment, And Finance Right Of Use Asset, Excluding Lessor Asset Under Operating Lease, After Accumulated Depreciation | Property, Plant, And Equipment, And Finance Right Of Use Asset, Excluding Lessor Asset Under Operating Lease, After Accumulated Depreciation |
Operating lease ROU assets | $ 5,707,986 | $ 3,147,381 |
Current | ||
Current portion of finance lease | $ 0 | $ 5,557,782 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Total | Total |
Current portion of operating lease | $ 3,780,853 | $ 2,061,541 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Total | Total |
Total | $ 3,780,853 | $ 7,619,323 |
Non-current | ||
Finance lease, net of current portion | $ 0 | $ 0 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Total | Total |
Operating lease, net of current portion | $ 3,310,116 | $ 1,286,250 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Total | Total |
Total | $ 3,310,116 | $ 1,286,250 |
Property and equipment, net | ||
Lease Assets | ||
Finance lease assets | 0 | 18,050,265 |
Real estate properties held for lease, net | ||
Lease Assets | ||
Finance lease assets | $ 0 | $ 7,542,875 |
Leases - lease expense (Details
Leases - lease expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating lease cost: | ||
Operating lease cost | $ 3,497,729 | $ 5,384,851 |
Short-term lease cost | 710,161 | 2,612,901 |
Finance lease cost: | ||
Amortization of finance lease assets | 0 | 2,690,976 |
Interest on the lease liabilities | 69,672 | 501,037 |
Total lease cost | 4,277,562 | 11,189,765 |
Supplemental cash flow information related to leases | ||
Operating cash flows for operating leases | 3,996,599 | 4,485,361 |
Operating cash flows for finance leases | 0 | 16,222 |
Financing cash flows for finance leases | $ 0 | $ 1,369,861 |
Leases - Maturities of lease li
Leases - Maturities of lease liabilities (Details) | Dec. 31, 2022 USD ($) |
Finance lease | |
Year ending December 31, 2023 | $ 0 |
Year ending December 31, 2024 | 0 |
Year ending December 31, 2025 | 0 |
Year ending December 31, 2026 | 0 |
Total lease payments | 0 |
Less: imputed interest | 0 |
Present value of lease liabilities | 0 |
Operating leases | |
Year ending December 31, 2023 | 3,776,934 |
Year ending December 31, 2024 | 3,555,049 |
Year ending December 31, 2025 | 296,254 |
Year ending December 31, 2026 | 0 |
Total lease payments | 7,628,236 |
Less: imputed interest | (537,267) |
Present value of lease liabilities | $ 7,090,969 |
Leases - Weighted-average remai
Leases - Weighted-average remaining lease term (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Leases | ||
Operating leases, weighted-average remaining lease term (Years) | 2 years 10 days | 1 year 8 months 8 days |
Finance leases, weighted-average remaining lease term (Years) | 0 years | 8 months 19 days |
Operating leases, weighted-average discount rate | 7.42% | 6.61% |
Finance leases, weighted-average discount rate | 0% | 6.95% |
Leases - Additional information
Leases - Additional information (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Maximum | |
Lease | |
Remaining lease terms | 2 years |
Customer deposits (Details)
Customer deposits (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Customer deposits | ||
Advances for real estate properties | $ 1,866,575,083 | $ 2,372,468,138 |
Add: increase in revenue recognized in excess of amounts received from customers | 0 | 26,302,454 |
Less: recognized as progress billings | (586,058,078) | (1,236,340,124) |
Customer deposits | $ 1,280,517,005 | $ 1,162,430,468 |
Minimum | ||
Customer deposits | ||
Customer deposits backed by mortgage loans, percentage | 40% | |
Maximum | ||
Customer deposits | ||
Customer deposits backed by mortgage loans, percentage | 80% |
Income taxes - Income Before Ta
Income taxes - Income Before Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income taxes [Line Items] | |||
CIT tax rate | 25% | 25% | 25% |
PRC | $ (33,822,942) | $ (274,761,993) | $ 162,967,377 |
Non PRC | (215,618,321) | (145,780,649) | (95,392,067) |
Income /(loss) from operations before income taxes | $ (249,441,263) | (420,542,642) | 67,575,310 |
PRC subsidiaries [Member] | |||
Income taxes [Line Items] | |||
CIT tax rate | 25% | ||
Withholding tax rate on dividend distributed by domestic enterprise to foreign tax resident investors (as a percent) | 10% | ||
HK subsidiaries [Member] | |||
Income taxes [Line Items] | |||
CIT tax rate | 16.50% | ||
US subsidiaries [Member] | |||
Income taxes [Line Items] | |||
CIT tax rate | 21% | ||
Withholding tax rate on dividend distributed by domestic enterprise to foreign tax resident investors (as a percent) | 30% | ||
Income /(loss) from operations before income taxes | $ (49,049,125) | $ (29,727,409) | $ (9,736,454) |
Income taxes - Income Tax Expen
Income taxes - Income Tax Expense (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
CIT tax (benefit)/expense | $ 42,948,974 | $ 15,227,110 | $ (21,471,662) |
Land Appreciation Tax ("LAT") expense | 26,862,350 | 39,101,310 | 90,907,634 |
Deferred tax expense/(benefit) | (60,569,862) | (61,608,948) | 65,623,218 |
Income tax expense/(benefit) | $ 9,241,462 | $ (7,280,528) | $ 135,059,190 |
Income taxes - CIT Reconciliati
Income taxes - CIT Reconciliation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income taxes | |||
CIT tax rate | 25% | 25% | 25% |
CIT at rate of 25% | $ (62,360,316) | $ (105,135,661) | $ 16,893,828 |
Tax effect of non-taxable income | (20,815,682) | (3,729,808) | |
Tax effect of non-deductible expenses | 8,849,339 | 55,981,806 | 18,115,751 |
LAT expense | 26,862,350 | 39,101,310 | 90,907,634 |
CIT benefit of LAT | (6,715,587) | (9,775,327) | (22,726,908) |
Changes in valuation allowance | 31,860,999 | 13,925,825 | 5,463,801 |
International rate differences | 42,918,080 | 14,983,887 | 15,736,526 |
Dividend and interest withholding taxes | 889,259 | (17,148,376) | 13,132,901 |
Adjustment of estimated income tax accruals | (8,220,977) | 3,085,497 | (2,850,373) |
Others | (4,026,003) | 1,430,320 | 386,030 |
Income tax expense/(benefit) | $ 9,241,462 | $ (7,280,528) | $ 135,059,190 |
Income taxes - Unrecognized tax
Income taxes - Unrecognized tax benefit and LAT (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unrecognized tax benefit | |||
Balance at January 1 | $ 130,560,908 | $ 101,198,970 | $ 73,605,084 |
Additions for tax positions of current year | 6,295,454 | 29,025,853 | 26,350,344 |
Reclassification from prior year tax payable | 0 | 0 | 14,361,802 |
Reductions for tax positions of prior years | 0 | 0 | (13,118,260) |
Movement in current year due to foreign exchange rate fluctuation | (1,294,287) | 336,085 | 0 |
Balance at December 31 | 135,562,075 | 130,560,908 | $ 101,198,970 |
Unrecognized tax benefits, interest on income taxes expense | 10,042,468 | 25,287,932 | |
Unrecognized tax benefits, late payment interest | 4,304,458 | 3,128,988 | |
Unrecognized tax benefits, late payment interests from prior period | 557,444 | 608,933 | |
Unrecognized tax benefits | $ 13,279,620 | $ 13,678,371 | |
Minimum [Member] | |||
Unrecognized tax benefit | |||
LAT Progressive Rate | 30% | ||
Maximum [Member] | |||
Unrecognized tax benefit | |||
LAT Progressive Rate | 60% |
Income taxes - Deferred Tax Ass
Income taxes - Deferred Tax Assets And Liabilities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred tax assets: | ||
Tax loss carried forward | $ 94,579,348 | $ 84,046,761 |
Accruals and provisions | 122,380,636 | 122,633,112 |
Capitalized expenses | 78,506,854 | 77,494,494 |
Revenue recognition at a point in time less tax paid under deemed profit method | (28,086,617) | 27,312,910 |
Revenue recognition of real estate lease income on a straight-line basis | 322,923 | 7,144,670 |
Deemed interest expense | 115,181,923 | 105,354,177 |
Operating lease liability | 1,772,742 | 836,948 |
Valuation allowance | (18,168,615) | (24,633,671) |
Total deferred tax assets, net of valuation allowance | 366,489,194 | 400,189,401 |
Deferred tax liabilities: | ||
Revenue recognition over time | (149,855,853) | (192,007,773) |
Taxable temporary differences arising from asset acquisitions | (294,617,076) | (202,527,316) |
Dividend and interest withholding taxes | (46,048,264) | (45,159,004) |
Operating lease right-of-use assets | (1,426,996) | (786,845) |
Total deferred tax liabilities | (491,948,189) | (440,480,938) |
Undistributed earnings from subsidiaries | 459,500,000 | 451,600,000 |
Accrued deferred income tax liabilities | 45,900,000 | 45,200,000 |
Remaining undistributed earnings | 0 | 0 |
Unrecognized deferred tax liabilities | 0 | 0 |
Consolidation, Eliminations [Member] | U.S. [Member] | ||
Deferred tax liabilities: | ||
Net operating loss carry forwards | 10,300,000 | 10,300,000 |
Net operating loss indefinite carry forward | 11,200,000 | 11,200,000 |
Consolidation, Eliminations [Member] | PRC [Member] | ||
Deferred tax liabilities: | ||
Net operating loss carry forwards | $ 361,600,000 | $ 314,300,000 |
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, 2022 USD ($) item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Share-based compensation | |||
Number of share based compensation plans | item | 4 | ||
Compensation cost | $ 568,047 | $ 3,413,610 | $ 4,511,190 |
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 and 2020 Restricted Stock Unit Plan (Details) | 1 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2019 shares | Aug. 30, 2019 USD ($) | Dec. 31, 2018 shares | Jul. 30, 2018 USD ($) | Dec. 31, 2017 shares | Jul. 27, 2017 USD ($) | Apr. 18, 2016 USD ($) shares | Jul. 29, 2015 USD ($) employee $ / shares shares | Jul. 01, 2015 USD ($) employee $ / shares shares | Apr. 10, 2015 USD ($) shares | May 23, 2014 USD ($) shares | Nov. 30, 2007 $ / shares shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | Jun. 30, 2020 shares | Jun. 30, 2015 shares | |
2007 Plan [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Options granted | 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 | 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] | |||||||||||||||||
Vesting period for plan | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | |||||||||||
Value of shares repurchased | $ | $ 2,912,539 | $ 3,976,660 | $ 3,485,952 | $ 4,003,999 | $ 3,259,998 | $ 7,042,725 | |||||||||||
Shares repurchased | 1,438,076 | 1,732,466 | 0 | 1,614,220 | 2,076,964 | 4,234,884 | |||||||||||
Number of shares granted | 0 | 0 | 0 | ||||||||||||||
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 | 10,000,000 | ||||||||||||||||
On July 27,2017 for 2014 RSU Plan [member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Shares repurchased | 1,356,584 | ||||||||||||||||
2015 Plan [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Options granted | 0 | 0 | |||||||||||||||
2015 Plan [Member] | Service Condition Shares [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Options granted | 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. 01, 2025 | |||||||||||||||
2015 Plan [Member] | Maximum [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Total number of shares authorized | 20,000,000 | ||||||||||||||||
2020 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 | 10,000,000 |
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% |
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% |
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% |
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) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Aggregate Intrinsic Value | |||
Recognized share-based compensation expense | $ 0 | $ 1,788,297 | $ 2,031,330 |
2007 Plan [Member] | |||
Number of Options | |||
Granted | 0 | 0 | |
Exercised | 0 | ||
Forfeited | 0 | ||
Expired | 100,000 | ||
Weighted Average Exercise Price | |||
Granted | $ 0 | ||
Exercised | 0 | ||
Forfeited | 0 | ||
Expired | $ 1.64 | ||
Weighted Remaining Contractual Life (Years) | |||
Granted | 0 years | ||
Exercised | 0 years | ||
Forfeited | 0 years | ||
Expired | 0 years | ||
Aggregate Intrinsic Value | |||
Granted | $ 0 | ||
Exercised | 0 | ||
Forfeited | 0 | ||
Expired | 0 | ||
Total fair value of options vested | $ 0 | $ 0 | 0 |
Common stock, closing share price | $ 0.20 | ||
Unrecognized compensation cost related to non-vested share-based compensation | $ 0 | ||
2007 Plan [Member] | 1.64 (exercise price) [Member] | |||
Number of Options | |||
Outstanding | 100,000 | ||
Weighted Average Exercise Price | |||
Outstanding | $ 1.64 | ||
Weighted Remaining Contractual Life (Years) | |||
Outstanding | 10 months 13 days | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 0 | ||
2007 Plan [Member] | 1.21 (exercise price) [Member] | |||
Number of Options | |||
Outstanding | 39,400 | ||
Outstanding and Exercisable, December 31, 2021 | 39,400 | ||
Weighted Average Exercise Price | |||
Outstanding | $ 1.21 | ||
Outstanding and Exercisable, December 31, 2021 | $ 1.21 | ||
Weighted Remaining Contractual Life (Years) | |||
Outstanding | 2 years 6 months | ||
Outstanding and Exercisable, December 31, 2021 | 1 year 6 months | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 0 | ||
Outstanding and Exercisable, December 31, 2021 | $ 0 | ||
2015 Plan [Member] | |||
Number of Options | |||
Granted | 0 | 0 | |
Exercised | 0 | ||
Aggregate Intrinsic Value | |||
Exercised | $ 0 | ||
Total fair value of options vested | $ 0 | $ 0 | $ 0 |
Common stock, closing share price | $ 0.20 | ||
Unrecognized compensation cost related to non-vested share-based compensation | $ 0 | ||
2015 Plan [Member] | 1.71 (exercise price) [Member] | |||
Number of Options | |||
Outstanding | 2,796,734 | ||
Outstanding and Exercisable, December 31, 2021 | 2,796,734 | ||
Weighted Average Exercise Price | |||
Outstanding | $ 1.71 | ||
Outstanding and Exercisable, December 31, 2021 | $ 1.71 | ||
Weighted Remaining Contractual Life (Years) | |||
Outstanding | 3 years 6 months | ||
Outstanding and Exercisable, December 31, 2021 | 2 years 6 months | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 0 | ||
Outstanding and Exercisable, December 31, 2021 | $ 0 |
Share-based compensation - Othe
Share-based compensation - Other awards (Details) | 1 Months Ended | 12 Months Ended | |||||||||||||||
Jan. 01, 2022 | Jan. 01, 2021 | Jan. 01, 2020 | Sep. 28, 2019 shares | Jun. 14, 2019 USD ($) shares | Jun. 14, 2019 CNY (¥) shares | Jan. 31, 2019 USD ($) shares | Jan. 31, 2019 CNY (¥) shares | Nov. 30, 2019 item $ / shares shares | Nov. 30, 2019 item ¥ / shares shares | Oct. 31, 2019 USD ($) | Aug. 31, 2019 shares | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 CNY (¥) | Jun. 14, 2019 CNY (¥) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Fair value of the stock options granted | $ | $ 568,047 | $ 3,413,610 | $ 4,511,192 | ||||||||||||||
Recognized share-based compensation expense | $ | $ 0 | 1,788,297 | 2,031,330 | ||||||||||||||
Number of tranches | item | 3 | ||||||||||||||||
Mr. Zhang Lizhou [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Consideration recognized as liability | $ 802,729 | ¥ 5,600,000 | |||||||||||||||
Employee Stock Option [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Recognized share-based compensation expense | $ | $ 0 | $ 0 | $ 0 | ||||||||||||||
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 | $ 401,365 | ¥ 2,800,000 | |||||||||||||||
Percentage of share capital granted as restricted shares transferred to group (as a percent) | 5% | 5% | |||||||||||||||
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% | ||||||||||||||||
Options granted | 100,000,000 | 100,000,000 | |||||||||||||||
Fair value of the stock options granted | $ | $ 3,500,000 | ||||||||||||||||
Exercise price of share options granted (in dollars per share) | (per share) | $ 0.14 | ¥ 1 | |||||||||||||||
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% | 5% | |||||||||||||||
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% | 5% | |||||||||||||||
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% | 5% | |||||||||||||||
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% | 80% | |||||||||||||||
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% | 15% | |||||||||||||||
Aggregate consideration | $ 1,204,094 | ¥ 8,400,000 | |||||||||||||||
Aggregate fair value of the restricted shares granted at the grant date | $ 4,931,051 | ¥ 34,400,000 | |||||||||||||||
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% | ||||||||||||||||
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% | ||||||||||||||||
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% |
Other payables and accrued li_3
Other payables and accrued liabilities (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Other payables and accrued liabilities | ||
Contract deposit | $ 172,775,614 | $ 324,844,088 |
Accrued expenses | 72,958,539 | 94,297,276 |
Deed tax and maintenance fund withheld for customers | 14,739,762 | 28,848,564 |
Bidding deposit | 3,665,749 | 3,947,876 |
Welfare payable | 1,483,484 | 1,620,508 |
Other tax payable | 24,924,141 | 18,620,109 |
Accrued aircraft operating expense | 1,381,785 | 332,339 |
Accrued interest expense | 153,330,358 | 32,363,632 |
Purchase consideration payable for asset acquisitions and business combinations | 31,108,067 | 39,169,122 |
Others | 13,255,294 | 11,133,179 |
Total | $ 489,622,793 | $ 555,176,693 |
Related party and employee tr_3
Related party and employee transactions (Details) - USD ($) | 12 Months Ended | ||||
Jun. 06, 2018 | Dec. 01, 2017 | Sep. 12, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||||
Total current amounts due from related parties | $ 203,719,058 | $ 271,567,484 | |||
Total non-current amounts due from related parties | 15,056,284 | 15,283,028 | |||
Due from Related Parties, Total | 218,775,342 | 286,850,512 | |||
Amounts due to related parties | 66,619,920 | 77,062,355 | |||
Total non current amounts due to related parties | 10,979,186 | ||||
Total amounts due to related parties | 66,619,920 | 88,041,541 | |||
Due from subsidiaries | 2,854,538 | ||||
Accrued interest expense | 153,330,358 | $ 32,363,632 | |||
Unsecured Debt [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interest rate (as a percent) | 10% | ||||
Working capital funds advanced from related parties current | $ 2,694,286 | ||||
Debt term | 3 years | ||||
Taicang Pengchi's non-controlling interest holders | |||||
Related Party Transaction [Line Items] | |||||
Ownership interest acquired (as a percent) | 100% | ||||
Suzhou Yefang's noncontrolling interest holders | |||||
Related Party Transaction [Line Items] | |||||
Ownership interest acquired (as a percent) | 100% | ||||
Henan Hongguang Olympic Real Estate Co Ltd | |||||
Related Party Transaction [Line Items] | |||||
Total current amounts due from related parties | 87,047,162 | $ 95,078,214 | |||
Qingdao Huiju | |||||
Related Party Transaction [Line Items] | |||||
Total current amounts due from related parties | 0 | 10,035,794 | |||
Guangzhou Huanglong Information Technology Co., Ltd. | |||||
Related Party Transaction [Line Items] | |||||
Total current amounts due from related parties | 29,937,746 | 47,953,453 | |||
Xinzheng Meihang Network Technology Co., Ltd. | |||||
Related Party Transaction [Line Items] | |||||
Total current amounts due from related parties | 0 | 2,854,538 | |||
Total non-current amounts due from related parties | 1,065,531 | 0 | |||
Amounts due to related parties | $ 2,694,286 | ||||
Xinzheng Meihang Network Technology Co., Ltd. | Loans Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interest rate (as a percent) | 11.50% | ||||
Related party debt term | 3 years | ||||
Madison Development Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total current amounts due from related parties | 8,539,686 | $ 33,768,281 | |||
Advances for operational needs | 8,539,686 | ||||
Madison Development Limited [Member] | Loans Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accrued interest receivable | $ 624,125 | ||||
Interest rate (as a percent) | 15% | ||||
Suzhou Wanzhuo's non-controlling interest holders | |||||
Related Party Transaction [Line Items] | |||||
Total current amounts due from related parties | $ 29,323,571 | 32,032,079 | |||
Amounts due to related parties | 2,711,240 | 2,961,668 | |||
Suzhou Wanzhuo's non-controlling interest holders | Loans Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Working capital funds, noncurrent | 29,323,571 | ||||
Suzhou Wanzhuo's non-controlling interest holders | Shareholder Service | |||||
Related Party Transaction [Line Items] | |||||
Working capital funds advanced from related parties current | 2,711,240 | 2,961,668 | |||
Taicang Pengchi's non-controlling interest holders | |||||
Related Party Transaction [Line Items] | |||||
Total current amounts due from related parties | 23,892,970 | 22,194,420 | |||
Cash consideration | $ 28,836,311 | ||||
Taicang Pengchi's non-controlling interest holders | Loans Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Working capital funds, noncurrent | 23,892,970 | ||||
Henan Qingning Apartment Management Co., Ltd. | |||||
Related Party Transaction [Line Items] | |||||
Amounts due to related parties | 9,984,106 | 12,045,693 | |||
Total non current amounts due to related parties | 10,979,186 | ||||
Suzhou Rongjingchen Real Estate Co., Ltd. | |||||
Related Party Transaction [Line Items] | |||||
Total current amounts due from related parties | 20,269,362 | 22,141,569 | |||
Others | |||||
Related Party Transaction [Line Items] | |||||
Total current amounts due from related parties | 4,708,561 | 5,509,136 | |||
Total non-current amounts due from related parties | 2,505,528 | 2,736,955 | |||
Amounts due to related parties | 11,195,093 | 12,593,656 | |||
Suzhou Yefang's noncontrolling interest holders | |||||
Related Party Transaction [Line Items] | |||||
Total non-current amounts due from related parties | 11,485,225 | 12,546,073 | |||
Amounts due to related parties | $ 1,538,601 | 1,771,522 | |||
Cash consideration | $ 15,615,240 | ||||
Suzhou Wanzhuos | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership sold | 80% | ||||
Proceed from equity interest sold | $ 23,687,327 | ||||
Suzhou Wanzhuos | Loans Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interest rate (as a percent) | 4.75% | ||||
Suzhou Yefang | |||||
Related Party Transaction [Line Items] | |||||
Working capital funds, noncurrent | $ 11,485,225 | ||||
Accrued interest expense | 1,538,601 | ||||
Suzhou Kairongchen Real Estate Co., Ltd. | |||||
Related Party Transaction [Line Items] | |||||
Amounts due to related parties | $ 41,190,880 | $ 44,995,530 |
Related party and employee tr_4
Related party and employee transactions - Additional Information (Details) | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) item | Dec. 31, 2018 USD ($) item | |
Related Party Transaction [Line Items] | |||||
Advances to employees | $ 1,466,055 | $ 1,550,469 | |||
Total consideration | $ 604,914 | $ 8,720,772 | |||
Director's remuneration amount | $ 6,447,214 | ||||
Director [Member] | |||||
Related Party Transaction [Line Items] | |||||
Director's remuneration amount | $ 4,012,619 | $ 6,245,522 | |||
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 sold | 5.59% | 5.54% | |||
Key Management Personnel [Member] | Eight real estate project companies sold | Minimum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership sold | 0.57% | 0.50% | |||
Key Management Personnel [Member] | One real estate project companies sold | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership sold | 6.03% | ||||
Number of real estate project companies sold | 1 | ||||
Total consideration | $ 1,300,135 |
Equity (Details)
Equity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Equity | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, par value per share | $ 0.0001 | $ 0.0001 |
Common share repurchased, shares | 0 | |
Amount of dividends distributed | $ 0 |
Loss per share (Details)
Loss per share (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: | |||
Net loss attributable to Xinyuan Real Estate Co., Ltd. Shareholders - basic and diluted | $ (263,353,561) | $ (417,307,378) | $ (81,040,908) |
Denominator: | |||
Weighted average number of shares outstanding, basic | 107,849,225 | 107,283,420 | 107,558,506 |
Weighted average number of shares outstanding-diluted | 107,849,225 | 107,283,420 | 107,569,181 |
Basic loss per share | $ (2.44) | $ (3.89) | $ (0.75) |
Diluted loss per share | $ (2.44) | $ (3.89) | $ (0.75) |
Employee Stock Option [Member] | |||
Denominator: | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0 | 10,674 |
Anti-dilutive shares | 0 | 0 | 0 |
Restricted Stock [Member] | |||
Denominator: | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0 | 0 |
Anti-dilutive shares | 0 | 81,035 | 803,427 |
Segment reporting (Details)
Segment reporting (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information | |||
Real estate lease income (loss) | $ 20,782,612 | $ 19,781,344 | $ 34,792,485 |
Total revenue | 950,012,173 | 1,536,017,781 | 1,745,763,191 |
Cost of real estate lease income | (20,287,953) | (22,438,180) | (36,122,097) |
Total costs of revenue | (878,056,065) | (1,468,080,865) | (1,453,296,443) |
Gross profit | 71,956,108 | 67,936,916 | 292,466,748 |
Operating expenses | (127,046,010) | (253,979,411) | (227,463,083) |
Impairment losses on goodwill and intangible assets | (18,651,259) | ||
Gain on disposal of property held for lease | 5,687,312 | 82,805,785 | |
Operating income /(loss) | (49,402,590) | (204,693,754) | 147,809,450 |
Interest income | 8,207,327 | 28,296,824 | 33,405,610 |
Interest expense | (158,008,411) | (183,398,772) | (129,487,405) |
Net realized gain on short-term investments | (71,675,454) | (30,203,357) | 5,052,944 |
Share of (loss)/income of equity investees | (26,166,538) | (23,345,765) | 17,028,301 |
Net gain/ (loss) on debt extinguishment | 9,620,914 | (1,843,306) | |
Exchange gains/ (loss) | 39,952,338 | (9,707,463) | (3,093,907) |
Other income/ (loss) | (1,968,849) | 2,509,645 | (1,296,377) |
Income /(loss) from operations before income taxes | 249,441,263 | 420,542,642 | (67,575,310) |
Income tax benefit/(expense) | (9,241,462) | 7,280,528 | (135,059,190) |
Net loss | (258,682,725) | (413,262,114) | (67,483,880) |
Depreciation and amortization | 13,168,207 | 18,267,515 | 17,503,373 |
Capital expenditure | 5,236,375 | 104,811 | 9,770,352 |
Real estate properties development completed | 830,840,167 | 500,875,235 | |
Real estate properties under development | 2,446,216,486 | 2,368,747,467 | 3,449,829,092 |
Real estate properties development completed and under development | 3,277,056,653 | 2,869,622,702 | |
Real estate properties held for lease | 373,467,867 | 440,300,371 | 483,108,207 |
Total long-lived assets | 961,071,201 | 1,660,459,942 | 2,068,413,442 |
TOTAL ASSETS | 5,850,278,327 | 6,446,279,290 | 7,669,323,576 |
Gain on disposal of property held for lease | 5,687,312 | 82,805,785 | |
Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 809,412,923 | 1,392,240,005 | 1,604,891,939 |
Cost of revenue | (768,356,253) | (1,359,344,416) | (1,351,980,826) |
Real Estate Management Services Income [Member] | |||
Segment Reporting Information | |||
Revenue | 105,460,071 | 109,822,206 | 91,208,307 |
Cost of revenue | (79,609,736) | (73,978,205) | (55,437,978) |
Other Revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 14,356,567 | 14,174,226 | 14,870,460 |
Cost of revenue | (9,802,123) | (12,320,064) | (9,755,542) |
Henan [Member] | |||
Segment Reporting Information | |||
Real estate lease income (loss) | 7,268,773 | 9,344,804 | 26,054,475 |
Total revenue | 153,519,012 | 357,138,340 | 798,970,895 |
Cost of real estate lease income | (9,680,982) | (15,658,378) | (27,204,779) |
Total costs of revenue | (150,603,069) | (390,575,801) | (674,627,764) |
Gross profit | 2,915,943 | (33,437,461) | 124,343,131 |
Operating expenses | (11,698,488) | (67,226,888) | (59,958,497) |
Impairment losses on goodwill and intangible assets | 0 | ||
Gain on disposal of property held for lease | 2,650,215 | 82,805,785 | |
Operating income /(loss) | (6,132,330) | (100,664,349) | 147,190,419 |
Interest income | 1,602,637 | 18,709,958 | 23,921,003 |
Interest expense | (13,389,344) | (12,070,505) | (14,568,255) |
Net realized gain on short-term investments | 0 | 183,450 | |
Share of (loss)/income of equity investees | (3,718,820) | 1,090,507 | (3,539,268) |
Net gain/ (loss) on debt extinguishment | 0 | ||
Exchange gains/ (loss) | 45,800,405 | (20,163,471) | 1,987,139 |
Other income/ (loss) | (1,587,295) | (2,110,256) | (4,041,056) |
Income /(loss) from operations before income taxes | (22,575,253) | 115,208,116 | (151,133,432) |
Income tax benefit/(expense) | (12,780,775) | 43,657,150 | (36,907,073) |
Net loss | 9,794,478 | (71,550,966) | 114,226,359 |
Depreciation and amortization | 5,516,725 | 6,842,628 | 5,814,086 |
Capital expenditure | 5,221,417 | 1,965,626 | 8,655,565 |
Real estate properties under development | 897,218,594 | ||
Real estate properties development completed and under development | 1,159,231,389 | 909,477,150 | |
Real estate properties held for lease | 48,958,513 | 72,022,044 | 74,613,257 |
Total long-lived assets | 386,224,257 | 431,132,864 | 526,045,585 |
TOTAL ASSETS | 2,270,506,759 | 2,279,523,193 | 2,838,641,480 |
Gain on disposal of property held for lease | 2,650,215 | 82,805,785 | |
Henan [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 133,906,983 | 338,195,148 | 766,314,384 |
Cost of revenue | (134,259,620) | (369,888,568) | (639,601,377) |
Henan [Member] | Real Estate Management Services Income [Member] | |||
Segment Reporting Information | |||
Revenue | 4,448,994 | 6,746,892 | 7,606,378 |
Cost of revenue | (5,631,437) | (3,708,523) | (6,675,680) |
Henan [Member] | Other Revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 7,894,262 | 2,851,496 | (1,004,342) |
Cost of revenue | (1,031,030) | (1,320,332) | (1,145,928) |
Shandong [Member] | |||
Segment Reporting Information | |||
Real estate lease income (loss) | 1,530,316 | 665,170 | (965,131) |
Total revenue | 154,435,022 | 175,035,303 | 284,868,795 |
Cost of real estate lease income | (852,927) | (611,378) | (292,726) |
Total costs of revenue | (172,172,705) | (176,917,224) | (260,983,485) |
Gross profit | (17,737,683) | (1,881,921) | 23,885,310 |
Operating expenses | (13,408,341) | (10,880,365) | (15,211,169) |
Impairment losses on goodwill and intangible assets | 0 | ||
Gain on disposal of property held for lease | 397,708 | 0 | |
Operating income /(loss) | (30,748,316) | (12,762,286) | 8,674,141 |
Interest income | 280,967 | (126,051) | 1,919,529 |
Interest expense | (1,818,414) | (5,794,489) | (3,043,955) |
Net realized gain on short-term investments | 0 | 0 | |
Share of (loss)/income of equity investees | (1,873,472) | 11,483,448 | |
Net gain/ (loss) on debt extinguishment | 0 | ||
Exchange gains/ (loss) | 0 | 0 | |
Other income/ (loss) | 17,236 | 3,336,726 | 90,325 |
Income /(loss) from operations before income taxes | 32,268,527 | 17,219,572 | (19,123,488) |
Income tax benefit/(expense) | 22,127,223 | (3,885,809) | (12,299,796) |
Net loss | (10,141,304) | (21,105,381) | 6,823,692 |
Depreciation and amortization | 874,640 | 914,765 | 887,005 |
Capital expenditure | 803 | 0 | 0 |
Real estate properties under development | 240,527,766 | ||
Real estate properties development completed and under development | 412,162,579 | 116,698,109 | |
Real estate properties held for lease | 2,434,604 | 4,133,570 | 7,126,028 |
Total long-lived assets | 13,434,007 | 517,720,952 | 553,491,246 |
TOTAL ASSETS | 259,228,051 | 416,680,530 | 602,982,670 |
Gain on disposal of property held for lease | 397,708 | 0 | |
Shandong [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 152,896,390 | 174,353,777 | 285,706,736 |
Cost of revenue | (171,319,778) | (176,289,676) | (260,651,654) |
Shandong [Member] | Real Estate Management Services Income [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 0 | |
Cost of revenue | 0 | 0 | |
Shandong [Member] | Other Revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 8,316 | 16,356 | 127,190 |
Cost of revenue | (16,170) | (39,105) | |
Sichuan [Member] | |||
Segment Reporting Information | |||
Real estate lease income (loss) | 416,589 | 532,240 | 379,175 |
Total revenue | 94,184,827 | 129,264,086 | 223,850,183 |
Cost of real estate lease income | (219,502) | (404,647) | (606,323) |
Total costs of revenue | (88,743,294) | (165,008,835) | (215,254,411) |
Gross profit | 5,441,533 | (35,744,749) | 8,595,772 |
Operating expenses | (3,728,249) | (8,500,877) | (7,677,029) |
Impairment losses on goodwill and intangible assets | 0 | ||
Gain on disposal of property held for lease | 0 | ||
Operating income /(loss) | 1,713,284 | (44,245,626) | 918,743 |
Interest income | 250,397 | 728,264 | 1,288,256 |
Interest expense | (24,130,024) | (26,416,301) | (18,381,805) |
Net realized gain on short-term investments | 0 | 0 | |
Share of (loss)/income of equity investees | 0 | 0 | |
Net gain/ (loss) on debt extinguishment | 0 | ||
Exchange gains/ (loss) | 0 | 0 | |
Other income/ (loss) | 277,819 | 138,413 | (8,773) |
Income /(loss) from operations before income taxes | 21,888,524 | 69,795,250 | 16,183,579 |
Income tax benefit/(expense) | (2,443,468) | 12,936,548 | 2,875,576 |
Net loss | (24,331,992) | (56,858,702) | (13,308,003) |
Depreciation and amortization | 1,095,409 | 1,130,049 | 631,421 |
Capital expenditure | 5,261 | 5,106 | |
Real estate properties under development | 547,932,945 | ||
Real estate properties development completed and under development | 577,969,652 | 527,858,832 | |
Real estate properties held for lease | 32,786,449 | 36,470,962 | 36,262,110 |
Total long-lived assets | 49,512,464 | 49,540,764 | 46,741,993 |
TOTAL ASSETS | 709,048,905 | 710,687,239 | 734,426,656 |
Gain on disposal of property held for lease | 0 | ||
Sichuan [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 93,804,069 | 128,609,911 | 222,959,432 |
Cost of revenue | (87,599,735) | (163,249,870) | (214,523,020) |
Sichuan [Member] | Real Estate Management Services Income [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 0 | |
Cost of revenue | 0 | (13,189) | |
Sichuan [Member] | Other Revenue [Member] | |||
Segment Reporting Information | |||
Revenue | (35,831) | 121,935 | 511,576 |
Cost of revenue | (924,057) | (1,354,318) | (111,879) |
Beijing [Member] | |||
Segment Reporting Information | |||
Real estate lease income (loss) | 177,246 | 371,919 | 695,548 |
Total revenue | 144,236,584 | 317,183,758 | 65,241,428 |
Cost of real estate lease income | (365,600) | (542,152) | (805,353) |
Total costs of revenue | (116,174,685) | (256,351,575) | (47,092,590) |
Gross profit | 28,061,899 | 60,832,183 | 18,148,838 |
Operating expenses | (42,774,682) | (80,605,508) | (73,902,008) |
Impairment losses on goodwill and intangible assets | 0 | ||
Gain on disposal of property held for lease | 0 | ||
Operating income /(loss) | (14,712,783) | (19,773,325) | (55,753,170) |
Interest income | 1,093,214 | 249,117 | 103,788 |
Interest expense | (962,042) | (2,078,190) | (3,659,832) |
Net realized gain on short-term investments | 463 | 0 | 0 |
Share of (loss)/income of equity investees | 0 | 0 | |
Net gain/ (loss) on debt extinguishment | 0 | ||
Exchange gains/ (loss) | 0 | 0 | |
Other income/ (loss) | 420,916 | (644,101) | 684,530 |
Income /(loss) from operations before income taxes | 14,160,232 | 22,246,499 | 58,624,684 |
Income tax benefit/(expense) | (4,379,784) | (21,349,169) | (8,431,043) |
Net loss | (18,540,016) | (43,595,668) | (67,055,727) |
Depreciation and amortization | 1,162,790 | 3,942,986 | 5,832,130 |
Capital expenditure | 1,577 | 1,076,187 | 716,935 |
Real estate properties under development | 378,408,484 | ||
Real estate properties development completed and under development | 45,945,861 | 173,273,166 | |
Real estate properties held for lease | 7,676,329 | 8,510,518 | 8,438,206 |
Total long-lived assets | 24,828,219 | 46,722,553 | 50,734,107 |
TOTAL ASSETS | 240,590,331 | 313,031,361 | 473,659,055 |
Gain on disposal of property held for lease | 0 | ||
Beijing [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 142,331,456 | 313,960,495 | 62,401,289 |
Cost of revenue | (110,230,204) | (250,046,777) | (45,575,813) |
Beijing [Member] | Real Estate Management Services Income [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 0 | |
Cost of revenue | 0 | 0 | |
Beijing [Member] | Other Revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 1,727,882 | 2,851,344 | 2,144,591 |
Cost of revenue | (5,578,881) | (5,762,646) | (711,424) |
Hainan [Member] | |||
Segment Reporting Information | |||
Real estate lease income (loss) | 0 | 0 | |
Total revenue | 413 | 10,092,232 | |
Cost of real estate lease income | 0 | (44,900) | |
Total costs of revenue | 0 | (5,548,700) | |
Gross profit | 413 | 4,543,532 | |
Operating expenses | (47,094) | (310,883) | (1,355,382) |
Impairment losses on goodwill and intangible assets | 0 | ||
Gain on disposal of property held for lease | 0 | ||
Operating income /(loss) | (47,094) | (310,470) | 3,188,150 |
Interest income | 145 | 25,957 | 4,817 |
Interest expense | 0 | 0 | |
Net realized gain on short-term investments | 0 | 0 | |
Share of (loss)/income of equity investees | 0 | 0 | |
Net gain/ (loss) on debt extinguishment | 0 | ||
Exchange gains/ (loss) | 0 | 0 | |
Other income/ (loss) | 325 | (36,650) | 43,136 |
Income /(loss) from operations before income taxes | 46,624 | 321,163 | (3,236,103) |
Income tax benefit/(expense) | 463 | 1,431,319 | (4,482,485) |
Net loss | (46,161) | 1,110,156 | (1,246,382) |
Depreciation and amortization | 0 | 56,888 | |
Capital expenditure | 0 | 0 | |
Real estate properties under development | 2,162,115 | ||
Real estate properties development completed and under development | 0 | ||
Real estate properties held for lease | 0 | ||
Total long-lived assets | 5,774,972 | 5,813,925 | 5,863,831 |
TOTAL ASSETS | 11,212,039 | 11,747,496 | 23,560,573 |
Gain on disposal of property held for lease | 0 | ||
Hainan [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 10,084,944 | |
Cost of revenue | 0 | (5,503,574) | |
Hainan [Member] | Real Estate Management Services Income [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 0 | |
Cost of revenue | 0 | 0 | |
Hainan [Member] | Other Revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 413 | 7,288 | |
Cost of revenue | 0 | (226) | |
Hunan [Member] | |||
Segment Reporting Information | |||
Real estate lease income (loss) | 1,162,618 | 1,223,472 | 741,527 |
Total revenue | 1,008,538 | 10,333,688 | 28,989,921 |
Cost of real estate lease income | (363,485) | (1,206,177) | (1,046,888) |
Total costs of revenue | (130,902) | (11,162,470) | (5,728,560) |
Gross profit | 877,636 | (828,782) | 23,261,361 |
Operating expenses | (1,242,859) | (1,059,651) | (1,608,076) |
Impairment losses on goodwill and intangible assets | 0 | ||
Gain on disposal of property held for lease | 0 | ||
Operating income /(loss) | (365,223) | (1,888,433) | 21,653,285 |
Interest income | 3,073 | 7,576 | 38,096 |
Interest expense | 0 | 0 | |
Net realized gain on short-term investments | 0 | 0 | |
Share of (loss)/income of equity investees | 0 | 0 | |
Net gain/ (loss) on debt extinguishment | 0 | ||
Exchange gains/ (loss) | 0 | 0 | |
Other income/ (loss) | 187,576 | 205,877 | 43,576 |
Income /(loss) from operations before income taxes | 174,574 | 1,674,980 | (21,734,957) |
Income tax benefit/(expense) | 174,167 | (3,023,380) | (14,391,424) |
Net loss | (407) | (4,698,360) | 7,343,533 |
Depreciation and amortization | 0 | 174,291 | |
Capital expenditure | 0 | 0 | |
Real estate properties under development | 12,433,669 | ||
Real estate properties development completed and under development | 4,995,367 | 3,312,065 | |
Real estate properties held for lease | 54,293,887 | 59,903,607 | 66,684,905 |
Total long-lived assets | 68,720,346 | 75,895,086 | 75,248,369 |
TOTAL ASSETS | 78,448,652 | 82,923,478 | 92,009,978 |
Gain on disposal of property held for lease | 0 | ||
Hunan [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | (1,058,911) | 8,271,910 | 27,721,542 |
Cost of revenue | 943,112 | (9,214,046) | (4,404,236) |
Hunan [Member] | Real Estate Management Services Income [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 0 | |
Cost of revenue | 0 | (4,957) | |
Hunan [Member] | Other Revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 904,831 | 838,306 | 526,852 |
Cost of revenue | (710,529) | (742,247) | (272,479) |
Shanghai [Member] | |||
Segment Reporting Information | |||
Real estate lease income (loss) | 2,080,042 | 1,339,557 | 772,402 |
Total revenue | 5,689,099 | 138,442,300 | 124,101,245 |
Cost of real estate lease income | (778,313) | (193,442) | (736,537) |
Total costs of revenue | (4,278,612) | (125,392,217) | (93,933,974) |
Gross profit | 1,410,487 | 13,050,083 | 30,167,271 |
Operating expenses | (3,366,711) | (19,136,811) | (10,679,950) |
Impairment losses on goodwill and intangible assets | 0 | ||
Gain on disposal of property held for lease | 2,150,988 | 0 | |
Operating income /(loss) | 194,764 | (6,086,728) | 19,487,321 |
Interest income | 656,403 | 348,282 | 2,068,141 |
Interest expense | (99,438) | (910,853) | (987,612) |
Net realized gain on short-term investments | 0 | 0 | |
Share of (loss)/income of equity investees | 3,784,015 | 1,052,997 | 7,795,833 |
Net gain/ (loss) on debt extinguishment | 0 | ||
Exchange gains/ (loss) | (21) | 0 | |
Other income/ (loss) | (19,220) | 144,617 | (415,481) |
Income /(loss) from operations before income taxes | (4,516,524) | 5,451,706 | (27,948,202) |
Income tax benefit/(expense) | (3,927,044) | (4,274,715) | (39,723,025) |
Net loss | 589,480 | (9,726,421) | (11,774,823) |
Depreciation and amortization | 647,400 | 198,149 | 2,556,696 |
Capital expenditure | 0 | 15,874 | |
Real estate properties under development | 215,890,331 | ||
Real estate properties development completed and under development | 100,867,987 | 105,042,744 | |
Real estate properties held for lease | 32,354,424 | 36,147,355 | 35,512,059 |
Total long-lived assets | 133,703,563 | 138,953,401 | 133,733,839 |
TOTAL ASSETS | 540,587,961 | 600,814,871 | 751,266,943 |
Gain on disposal of property held for lease | 2,150,988 | 0 | |
Shanghai [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 3,056,829 | 135,072,403 | 120,260,357 |
Cost of revenue | (7,306,487) | (125,086,848) | (93,074,146) |
Shanghai [Member] | Real Estate Management Services Income [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 0 | |
Cost of revenue | 3,188,299 | 0 | 0 |
Shanghai [Member] | Other Revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 552,228 | 2,030,340 | 3,068,486 |
Cost of revenue | 617,889 | (111,927) | (123,291) |
Shaanxi [Member] | |||
Segment Reporting Information | |||
Real estate lease income (loss) | 2,349,797 | 3,251,637 | 2,353,682 |
Total revenue | 195,197,625 | 172,051,797 | 15,588,171 |
Cost of real estate lease income | 128,004 | (62,840) | (1,623,994) |
Total costs of revenue | (160,242,257) | (147,181,253) | (18,062,954) |
Gross profit | 34,955,368 | 24,870,544 | (2,474,783) |
Operating expenses | (5,165,593) | (9,182,945) | (4,061,452) |
Impairment losses on goodwill and intangible assets | 0 | ||
Gain on disposal of property held for lease | 0 | ||
Operating income /(loss) | 29,789,775 | 15,687,599 | (6,536,235) |
Interest income | 667,222 | 254,323 | 8,130 |
Interest expense | (4,726,423) | (8,046,152) | 0 |
Net realized gain on short-term investments | 0 | 0 | |
Share of (loss)/income of equity investees | 0 | 67,698 | |
Net gain/ (loss) on debt extinguishment | 0 | ||
Exchange gains/ (loss) | 0 | 0 | |
Other income/ (loss) | 49,144 | 381,157 | 289,746 |
Income /(loss) from operations before income taxes | (25,779,718) | (8,276,927) | 6,170,661 |
Income tax benefit/(expense) | (2,378,418) | (9,366,699) | 589,659 |
Net loss | 23,401,300 | (1,089,772) | (5,581,002) |
Depreciation and amortization | 1,832,811 | 1,934,681 | 20,375 |
Capital expenditure | 576 | 0 | |
Real estate properties under development | 224,821,947 | ||
Real estate properties development completed and under development | 35,489,672 | 45,339,962 | |
Real estate properties held for lease | 86,799,863 | 96,574,698 | 96,083,662 |
Total long-lived assets | 96,615,555 | 107,098,269 | 105,461,495 |
TOTAL ASSETS | 323,750,877 | 289,048,826 | 362,198,503 |
Gain on disposal of property held for lease | 0 | ||
Shaanxi [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 191,013,871 | 166,007,116 | 10,991,930 |
Cost of revenue | (156,675,331) | (142,797,184) | (14,731,175) |
Shaanxi [Member] | Real Estate Management Services Income [Member] | |||
Segment Reporting Information | |||
Revenue | 1,833,511 | 2,793,044 | 2,358,631 |
Cost of revenue | (3,694,930) | (4,321,229) | (1,707,785) |
Shaanxi [Member] | Other Revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 446 | 0 | (116,072) |
Cost of revenue | 0 | 0 | |
US subsidiaries [Member] | |||
Segment Reporting Information | |||
Real estate lease income (loss) | 4,041,509 | 2,980,504 | 4,723,438 |
Total revenue | 62,049,289 | 29,413,735 | 6,256,475 |
Cost of real estate lease income | (2,081,799) | (3,740,076) | (3,740,076) |
Total costs of revenue | (77,840,871) | (36,200,910) | (4,518,739) |
Gross profit | (15,791,582) | (6,787,175) | 1,737,736 |
Operating expenses | (17,406,597) | (7,223,166) | (6,198,996) |
Gain on disposal of property held for lease | 0 | ||
Operating income /(loss) | (33,198,179) | (14,010,341) | (4,461,260) |
Interest income | 701 | 1,610 | 41,143 |
Interest expense | (15,815,618) | (15,736,448) | (5,316,337) |
Net realized gain on short-term investments | 0 | ||
Share of (loss)/income of equity investees | 0 | ||
Net gain/ (loss) on debt extinguishment | 0 | ||
Exchange gains/ (loss) | 0 | ||
Other income/ (loss) | (36,029) | 17,770 | 0 |
Income /(loss) from operations before income taxes | 49,049,125 | 29,727,409 | 9,736,454 |
Income tax benefit/(expense) | 1,206,732 | (144,962) | 0 |
Net loss | (47,842,393) | (29,872,371) | (9,736,454) |
Depreciation and amortization | 612,887 | 1,037,064 | 46,680 |
Capital expenditure | (63) | 241,312 | 0 |
Real estate properties under development | 283,124,970 | ||
Real estate properties development completed and under development | 266,654,891 | 307,041,456 | |
Real estate properties held for lease | 107,905,636 | 126,157,420 | 157,975,249 |
Total long-lived assets | 118,812,943 | 139,099,651 | 171,374,723 |
TOTAL ASSETS | 404,653,727 | 468,517,290 | 474,896,649 |
Gain on disposal of property held for lease | 0 | ||
US subsidiaries [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 58,007,780 | 23,325,750 | 927,700 |
Cost of revenue | (75,759,072) | (32,460,834) | (778,663) |
US subsidiaries [Member] | Real Estate Management Services Income [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | ||
Cost of revenue | 0 | ||
US subsidiaries [Member] | Other Revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 3,107,481 | 605,337 | |
Cost of revenue | 0 | ||
Guangdong [Member] | |||
Segment Reporting Information | |||
Real estate lease income (loss) | 1,727,356 | 0 | |
Total revenue | 37,191,781 | 69,189,406 | 47,787,761 |
Cost of real estate lease income | (6,023,790) | 0 | |
Total costs of revenue | (32,748,445) | (60,760,643) | (34,037,084) |
Gross profit | 4,443,336 | 8,428,763 | 13,750,677 |
Operating expenses | (3,297,920) | (10,540,700) | (3,423,234) |
Gain on disposal of property held for lease | 0 | ||
Operating income /(loss) | 1,145,416 | (2,111,937) | 10,327,443 |
Interest income | 31,785 | 33,242 | 44,417 |
Interest expense | (358,532) | 0 | |
Net realized gain on short-term investments | 0 | ||
Share of (loss)/income of equity investees | (15,920,880) | (4,010,602) | (1,602,617) |
Net gain/ (loss) on debt extinguishment | 0 | ||
Exchange gains/ (loss) | 0 | ||
Other income/ (loss) | 99,781 | (1,434,297) | 52,058 |
Income /(loss) from operations before income taxes | 14,643,898 | 7,882,126 | (8,821,301) |
Income tax benefit/(expense) | (2,377,772) | (1,674,207) | (9,482,301) |
Net loss | (17,021,670) | (9,556,333) | (661,000) |
Depreciation and amortization | 12,193 | 17,042 | |
Capital expenditure | 0 | ||
Real estate properties under development | 395,376,646 | ||
Real estate properties development completed and under development | 395,241,531 | 398,158,018 | |
Real estate properties held for lease | 0 | ||
Total long-lived assets | 34,008,878 | 53,982,579 | 23,549,642 |
TOTAL ASSETS | 499,695,879 | 568,073,393 | 478,343,726 |
Gain on disposal of property held for lease | 0 | ||
Guangdong [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 34,659,102 | 68,681,906 | 47,787,761 |
Cost of revenue | (25,841,656) | (58,588,051) | (34,034,932) |
Guangdong [Member] | Real Estate Management Services Income [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | ||
Cost of revenue | 0 | ||
Guangdong [Member] | Other Revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 805,323 | 507,500 | 0 |
Cost of revenue | (882,999) | (2,172,592) | (2,152) |
Hubei [Member] | |||
Segment Reporting Information | |||
Real estate lease income (loss) | 13,482 | 0 | |
Total revenue | 564,076 | 132,434 | 0 |
Cost of real estate lease income | 0 | (19,723) | |
Total costs of revenue | (21,408) | (25,726) | (43,339) |
Gross profit | 542,668 | 106,708 | (43,339) |
Operating expenses | (1,331,279) | (1,273,031) | (1,391,277) |
Impairment losses on goodwill and intangible assets | 0 | ||
Gain on disposal of property held for lease | 0 | ||
Operating income /(loss) | (788,611) | (1,166,323) | (1,434,616) |
Interest income | 78 | 202 | 885 |
Interest expense | 0 | 0 | |
Net realized gain on short-term investments | 0 | 0 | |
Share of (loss)/income of equity investees | 0 | 0 | |
Net gain/ (loss) on debt extinguishment | 0 | ||
Exchange gains/ (loss) | 0 | 0 | |
Other income/ (loss) | (8,098) | 1,789 | 12,620 |
Income /(loss) from operations before income taxes | 796,631 | 1,164,332 | 1,421,111 |
Income tax benefit/(expense) | (1,359,448) | (1,926,116) | (2,458,177) |
Net loss | (2,156,079) | (3,090,448) | (3,879,288) |
Depreciation and amortization | 23,806 | 48,721 | 1,234,539 |
Capital expenditure | 4,186 | 0 | 0 |
Real estate properties under development | 165,423,590 | ||
Real estate properties development completed and under development | 191,185,397 | 190,450,736 | |
Real estate properties held for lease | 0 | 0 | |
Total long-lived assets | 769,742 | 920,192 | 566,337 |
TOTAL ASSETS | 197,190,024 | 196,509,533 | 175,174,331 |
Gain on disposal of property held for lease | 0 | ||
Hubei [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 564,076 | 118,952 | 0 |
Cost of revenue | (21,408) | (25,726) | (23,616) |
Hubei [Member] | Real Estate Management Services Income [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 0 | |
Cost of revenue | 0 | 0 | |
Hubei [Member] | Other Revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 0 | |
Cost of revenue | 0 | 0 | |
Liaoning [Member] | |||
Segment Reporting Information | |||
Real estate lease income (loss) | 0 | 0 | |
Total revenue | 381,090 | 35,695,076 | 49,168,045 |
Cost of real estate lease income | 0 | 0 | |
Total costs of revenue | (305,238) | (31,758,539) | (38,572,816) |
Gross profit | 75,852 | 3,936,537 | 10,595,229 |
Operating expenses | (2,089,948) | (4,700,371) | (4,897,483) |
Impairment losses on goodwill and intangible assets | 0 | ||
Gain on disposal of property held for lease | 0 | ||
Operating income /(loss) | (2,014,096) | (763,834) | 5,697,746 |
Interest income | 1,283 | 23,321 | 31,849 |
Interest expense | 0 | 0 | |
Net realized gain on short-term investments | 0 | 0 | |
Share of (loss)/income of equity investees | 0 | 0 | |
Net gain/ (loss) on debt extinguishment | 0 | ||
Exchange gains/ (loss) | 0 | 0 | |
Other income/ (loss) | (1,452,134) | (46,098) | 7,341 |
Income /(loss) from operations before income taxes | 3,464,947 | 786,611 | (5,736,936) |
Income tax benefit/(expense) | (485,277) | (1,471,006) | (2,591,042) |
Net loss | (3,950,224) | (2,257,617) | 3,145,894 |
Depreciation and amortization | 13,918 | 19,401 | 232,220 |
Capital expenditure | 17,091 | 376,871 | |
Real estate properties under development | 52,622,159 | ||
Real estate properties development completed and under development | 53,684,534 | 59,279,630 | |
Real estate properties held for lease | 0 | 0 | |
Total long-lived assets | 857,181 | 773,073 | 930,819 |
TOTAL ASSETS | 61,041,098 | 69,505,369 | 73,164,781 |
Gain on disposal of property held for lease | 0 | ||
Liaoning [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 231,278 | 35,642,637 | 49,168,045 |
Cost of revenue | (286,074) | (31,696,836) | (38,572,816) |
Liaoning [Member] | Real Estate Management Services Income [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 0 | |
Cost of revenue | 0 | 0 | |
Liaoning [Member] | Other Revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 149,812 | 52,439 | 0 |
Cost of revenue | (19,164) | (61,703) | 0 |
Property Management [Member] | |||
Segment Reporting Information | |||
Real estate lease income (loss) | 0 | 0 | |
Total revenue | 101,526,864 | 102,078,886 | 89,047,451 |
Cost of real estate lease income | 0 | 0 | |
Total costs of revenue | (74,745,020) | (66,726,582) | (54,427,858) |
Gross profit | 26,781,844 | 35,352,304 | 34,619,593 |
Operating expenses | (9,376,483) | (8,869,355) | (9,390,896) |
Impairment losses on goodwill and intangible assets | 0 | ||
Gain on disposal of property held for lease | 0 | ||
Operating income /(loss) | 17,405,361 | 26,482,949 | 25,228,697 |
Interest income | 1,449,210 | 2,421,863 | 755,677 |
Interest expense | (69,672) | (64,549) | (5,708) |
Net realized gain on short-term investments | 0 | 0 | |
Share of (loss)/income of equity investees | (810,983) | (1,004,547) | (152,121) |
Net gain/ (loss) on debt extinguishment | 0 | ||
Exchange gains/ (loss) | (699,044) | (203,338) | 100,523 |
Other income/ (loss) | 881,696 | 942,072 | 934,711 |
Income /(loss) from operations before income taxes | (18,156,568) | (28,574,450) | (26,861,779) |
Income tax benefit/(expense) | (1,482,371) | (4,832,629) | (8,191,925) |
Net loss | 16,674,197 | 23,741,821 | 18,669,854 |
Depreciation and amortization | 533,861 | 526,727 | 0 |
Capital expenditure | 8,455 | 668,407 | 1 |
Real estate properties under development | 0 | ||
Real estate properties development completed and under development | 0 | ||
Real estate properties held for lease | 0 | 0 | |
Total long-lived assets | 7,209,649 | 15,628,394 | 9,062,110 |
TOTAL ASSETS | 147,478,659 | 176,825,788 | 160,332,607 |
Gain on disposal of property held for lease | 0 | ||
Property Management [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 567,819 | |
Cost of revenue | 0 | (505,804) | |
Property Management [Member] | Real Estate Management Services Income [Member] | |||
Segment Reporting Information | |||
Revenue | 99,177,566 | 100,282,270 | 81,243,298 |
Cost of revenue | (73,471,668) | (65,948,453) | (47,036,367) |
Property Management [Member] | Other Revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 2,349,298 | 1,796,616 | 7,236,334 |
Cost of revenue | (1,273,352) | (778,129) | (6,885,687) |
Others [Member] | |||
Segment Reporting Information | |||
Real estate lease income (loss) | 28,366 | 58,559 | 37,369 |
Total revenue | 28,366 | 58,559 | 1,800,589 |
Cost of real estate lease income | (49,559) | (19,090) | (798) |
Total costs of revenue | (49,559) | (19,090) | (464,169) |
Gross profit | (21,193) | 39,469 | 1,336,420 |
Operating expenses | (12,111,766) | (24,468,860) | (27,707,634) |
Impairment losses on goodwill and intangible assets | (18,651,259) | ||
Gain on disposal of property held for lease | 488,401 | 0 | |
Operating income /(loss) | (11,644,558) | (43,080,650) | (26,371,214) |
Interest income | 2,170,212 | 5,619,160 | 3,179,879 |
Interest expense | (96,997,436) | (111,922,753) | (83,523,901) |
Net realized gain on short-term investments | (71,675,917) | (30,203,357) | 4,869,494 |
Share of (loss)/income of equity investees | (9,499,870) | (18,600,648) | 2,975,328 |
Net gain/ (loss) on debt extinguishment | 9,620,914 | (1,843,306) | |
Exchange gains/ (loss) | (5,149,023) | 10,659,367 | (5,181,569) |
Other income/ (loss) | (800,566) | 1,612,626 | 1,010,890 |
Income /(loss) from operations before income taxes | 183,976,244 | 185,916,255 | 104,884,399 |
Income tax benefit/(expense) | (1,135,690) | 1,204,203 | 433,866 |
Net loss | (185,111,934) | (184,712,052) | (104,450,533) |
Depreciation and amortization | 853,960 | 1,660,151 | 0 |
Capital expenditure | (3,869,649) | 0 | |
Real estate properties under development | 33,885,876 | ||
Real estate properties development completed and under development | 33,627,793 | 33,690,834 | |
Real estate properties held for lease | 258,162 | 380,197 | 412,731 |
Total long-lived assets | 20,599,425 | 77,178,239 | 365,609,346 |
TOTAL ASSETS | 106,845,365 | 262,390,923 | 428,665,624 |
Gain on disposal of property held for lease | $ 488,401 | 0 | |
Others [Member] | Real Estate Sales [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 0 | |
Cost of revenue | 0 | ||
Others [Member] | Real Estate Management Services Income [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 0 | |
Cost of revenue | 0 | 0 | |
Others [Member] | Other Revenue [Member] | |||
Segment Reporting Information | |||
Revenue | 0 | 1,763,220 | |
Cost of revenue | $ 0 | $ (463,371) |
Segment reporting - Additional
Segment reporting - Additional Information (Details) - customer | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment reporting | |||
Number of customer accounts | 0 | 0 | 0 |
Commitments and contingencies_2
Commitments and contingencies (Details) ¥ in Millions | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Other commitments | ||||
2023 | $ 532,677,457 | |||
2024 | 319,991,685 | |||
2025 | 174,200,852 | |||
2026 | 105,771,513 | |||
2027 and thereafter | 39,234,387 | |||
Total | 1,171,875,894 | |||
Defaulted senior notes | ¥ | ¥ 545.3 | |||
Financial Guarantee | ||||
Other commitments | ||||
Aggregate amount of guarantee | $ 2,110,456,012 | $ 2,156,348,238 | $ 2,306,911,350 | |
Real Estate Ownership Period | six to twelve months | six to twelve months | ||
Payments to satisfy guarantee obligations | $ 4,068,840 | 3,723,398 | $ 4,557,522 | |
Provisions for Guarantee | 0 | |||
Maximum exposure to credit loss | $ 226,755,305 | $ 284,329,564 | ||
Number of equity method investees for whom financial guarantees provided | item | 4 |
Concentration of risk (Details)
Concentration of risk (Details) | 12 Months Ended | 209 Months Ended | ||
Dec. 31, 2022 USD ($) contract item | Dec. 31, 2021 USD ($) item | Dec. 31, 2020 item | Dec. 31, 2022 USD ($) | |
Concentration of risk | ||||
Exchange rate appreciation | 15.90% | |||
Outstanding guarantees of mortgages | $ 2,110,500,000 | $ 2,110,500,000 | ||
Payment of guarantee obligations related to customer defaults | 4,100,000 | |||
Credit Concentration Risk Receivables | $ 0 | $ 0 | $ 0 | |
Number of Sales Contracts of Apartments | contract | 570 | |||
Number Of Customer Or Supplier Accounted For More Than 10 Percentage Of Revenue Or Project Expenditures | item | 0 | 0 | 0 |
Non-controlling interests (Deta
Non-controlling interests (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Noncontrolling Interest [Line Items] | ||
Non-controlling interests | $ (152,673,930) | $ (159,130,726) |
Shaanxi Zhongmao Economy Development Co., Ltd. | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 34.02% | 34.02% |
Non-controlling interests | $ 0 | $ 0 |
Xinyuan Property Management Service (Cayman) Ltd | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 40.53% | 47.14% |
Non-controlling interests | $ (78,177,157) | $ (72,201,420) |
Taicang Pengchi Real Estate Co., Limited. | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 83% | 83% |
Non-controlling interests | $ (33,861,921) | $ (36,937,776) |
Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 80% | 80% |
Non-controlling interests | $ (36,302,338) | $ (40,429,789) |
Henan Renxin Real Estate Co., Ltd. | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 49% | 49% |
Non-controlling interests | $ 0 | $ 0 |
Suzhou Yefang Real Estate Co., Limited | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 79.99% | 79.99% |
Non-controlling interests | $ (11,482,112) | $ (12,542,785) |
Zhegnzhou Xinhe Real Estate Co., Ltd | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 20% | 20% |
Non-controlling interests | $ 1,650,839 | $ 756,256 |
Other | ||
Noncontrolling Interest [Line Items] | ||
Non-controlling interests | $ 5,498,759 | $ 2,224,788 |
Condensed financial informati_3
Condensed financial information of the Company - Condensed Balance Sheets (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||||
Cash and cash equivalents | $ 283,131,542 | $ 426,399,881 | $ 926,809,581 | |
Short-term investments | 11,992,929 | 85,211,338 | ||
Other receivables | 383,513,125 | 298,190,097 | ||
Due from subsidiaries | 2,854,538 | |||
Total current assets | 4,889,207,126 | 4,785,819,348 | ||
TOTAL ASSETS | 5,850,278,327 | 6,446,279,290 | 7,669,323,576 | |
Current liabilities | ||||
PRC other tax payable | 24,924,141 | 18,620,109 | ||
Other payables and accrued liabilities | 489,622,793 | 555,176,693 | ||
Current portion of long-term bank loans and other debt | 1,653,119,929 | 1,466,820,657 | ||
Payroll and welfare payables | 16,431,804 | 15,391,685 | ||
Total current liabilities | 4,792,960,096 | 4,777,783,176 | ||
Other long-term debt | 259,081,410 | 275,100,201 | ||
Total liabilities | 5,767,491,498 | 6,033,050,053 | ||
Shareholders' equity | ||||
Common shares, $0.0001 par value: Authorized500,000,000 shares, issued and outstanding 108,029,257 shares as of December 31, 2022 (2021: 107,757,721 shares) | 16,415 | 16,415 | ||
Treasury shares | (116,061,577) | (116,061,577) | ||
Additional paid-in capital | 544,954,556 | 544,386,509 | ||
Retained earnings | (656,638,114) | (387,664,005) | ||
Total Xinyuan Real Estate Co., Ltd. shareholders' equity | (69,887,101) | 254,098,511 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 5,850,278,327 | $ 6,446,279,290 | ||
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 | 108,029,257 | 107,757,721 | ||
Common stock, shares outstanding | 108,029,257 | 107,757,721 | ||
Parent Company | ||||
Current assets | ||||
Cash and cash equivalents | $ 2,794,414 | $ 160,209 | $ 2,463,042 | $ 28,591,381 |
Short-term investments | 946,076 | 70,875,668 | ||
Other receivables | 1,037,835 | 21,248 | ||
Due from subsidiaries | 49,101,879 | 49,101,879 | ||
Total current assets | 53,880,204 | 120,159,004 | ||
Investments in subsidiaries | 1,008,221,487 | 1,163,420,854 | ||
TOTAL ASSETS | 1,062,101,691 | 1,283,579,858 | ||
Current liabilities | ||||
PRC income tax payable | 13,388 | 13,388 | ||
PRC other tax payable | 902,190 | 902,190 | ||
Other payables and accrued liabilities | 88,642,571 | 35,216,403 | ||
Current portion of long-term bank loans and other debt | 721,386,784 | 726,734,558 | ||
Due to subsidiaries | 320,978,971 | 266,089,765 | ||
Payroll and welfare payables | 64,888 | 525,043 | ||
Total current liabilities | 1,131,988,792 | 1,029,481,347 | ||
Other long-term debt | 0 | 0 | ||
Total liabilities | 1,131,988,792 | 1,029,481,347 | ||
Shareholders' equity | ||||
Common shares, $0.0001 par value: Authorized500,000,000 shares, issued and outstanding 108,029,257 shares as of December 31, 2022 (2021: 107,757,721 shares) | 16,415 | 16,415 | ||
Treasury shares | (116,061,577) | (116,061,577) | ||
Additional paid-in capital | 544,954,556 | 544,386,509 | ||
Retained earnings | (498,796,495) | (174,242,836) | ||
Total Xinyuan Real Estate Co., Ltd. shareholders' equity | (69,887,101) | 254,098,511 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,062,101,691 | $ 1,283,579,858 | ||
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 outstanding | 108,029,257 | 107,757,721 |
Condensed financial informati_4
Condensed financial information of the Company - Condensed Statements of Comprehensive Loss (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | |||
General and administrative expenses | $ (96,106,518) | $ (163,410,021) | $ (154,176,673) |
Operating loss | (49,402,590) | (204,693,754) | 147,809,450 |
Interest expense | (158,008,411) | (183,398,772) | (129,487,405) |
Interest income | 8,207,327 | 28,296,824 | 33,405,610 |
Net (loss)/gain on debt extinguishment | 9,620,914 | (1,843,306) | |
Gain/ (loss) on short-term investments | (71,675,454) | (30,203,357) | 5,052,944 |
Other expenses/(income) | (1,968,849) | 2,509,645 | (1,296,377) |
Income /(loss) from operations before income taxes | (249,441,263) | (420,542,642) | 67,575,310 |
Income taxes benefit/ (expenses) | (9,241,462) | 7,280,528 | (135,059,190) |
Net loss attributable to Xinyuan Real Estate Co., Ltd. shareholders | (263,353,561) | (417,307,378) | (81,040,908) |
Other comprehensive income/(loss), net of tax of nil | |||
Foreign currency translation adjustments | (67,014,536) | 20,861,635 | 94,386,918 |
Comprehensive loss attributable to Xinyuan Real Estate Co., Ltd. shareholders | (319,892,318) | (399,489,223) | (13,768,778) |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
General and administrative expenses | (4,993,180) | (4,965,230) | (7,441,398) |
Operating loss | (4,993,180) | (4,965,230) | (7,441,398) |
Interest expense | (107,459,673) | (121,289,406) | (112,975,103) |
Interest income | 1,139 | 545,599 | 599,544 |
Net (loss)/gain on debt extinguishment | 9,620,914 | (5,583,578) | |
Gain/ (loss) on short-term investments | (68,931,940) | (1,627,139) | (27,077) |
Other expenses/(income) | 1,395,668 | (878,154) | (4,277,443) |
Equity in profit/(loss) of subsidiaries, net | (92,986,489) | (289,093,048) | 43,080,569 |
Income /(loss) from operations before income taxes | (263,353,561) | (417,307,378) | (81,040,908) |
Net loss attributable to Xinyuan Real Estate Co., Ltd. shareholders | (263,353,561) | (417,307,378) | (81,040,908) |
Other comprehensive income/(loss), net of tax of nil | |||
Other comprehensive income/(loss), tax | 0 | 0 | 0 |
Foreign currency translation adjustments | (56,538,757) | 17,818,154 | 67,283,263 |
Comprehensive loss attributable to Xinyuan Real Estate Co., Ltd. shareholders | $ (319,892,318) | $ (399,489,224) | $ (13,757,645) |
Condensed financial informati_5
Condensed financial information of the Company - Condensed Statements of Cash Flows (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income /(loss) | $ (258,682,725) | $ (413,262,114) | $ (67,483,880) |
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities: | |||
Stock based compensation expense | 568,047 | 3,413,610 | 4,511,190 |
(Gain)/loss on short-term investments | 71,675,454 | 30,203,357 | (5,052,944) |
Proceeds from disposal of short-term investments | 359,025 | 5,825,136 | |
Amortization of deferred charges | 5,728,866 | 3,242,398 | 2,828,337 |
loss/(gain) on extinguishment of debt | (9,620,914) | 1,843,306 | |
Other receivables | (103,913,042) | 83,761,147 | (88,480,519) |
Other current assets | (6,456,006) | 2,359,210 | (2,610,160) |
Other payable and accrued liabilities | (29,962,164) | (51,513,133) | 241,107,544 |
Payroll and welfare payables | 2,392,037 | (3,059,265) | (7,198,828) |
Net cash provided by operating activities | (530,272,913) | 135,608,847 | 336,766,542 |
Cash flows from investing activities: | |||
Net cash used in investing activities | 513,898,291 | (22,774,551) | (104,155,960) |
Cash flows from financing activities: | |||
Changes in due from subsidiaries | (4,068,750) | 44,288,546 | (24,477,542) |
Proceeds from short-term bank loans | 5,825,838 | 193,848,327 | 105,007,105 |
Repayment of long-term bank loans | (38,472,000) | (183,056,732) | (199,845,816) |
Proceeds from long-term bank loans | 83,335,835 | 339,581,996 | 433,177,672 |
Proceeds from other long-term debts | 124,661,778 | 610,114,087 | 1,047,849,099 |
Repayment of other long-term debts | (98,522,299) | (891,457,400) | (882,010,043) |
Purchase of treasury shares | (2,483,896) | ||
Dividends to shareholders | (4,661,341) | (4,055,664) | (14,284,148) |
Proceeds from exercise of stock options | 134,790 | ||
Net cash used in financing activities | (60,426,478) | (677,076,944) | (190,069,001) |
Cash and cash equivalents, at the beginning of the year | 426,399,881 | 926,809,581 | |
Cash and cash equivalents, at end of the period | 283,131,542 | 426,399,881 | 926,809,581 |
Parent Company | |||
Cash flows from operating activities: | |||
Net income /(loss) | (263,353,561) | (417,307,378) | (81,040,908) |
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities: | |||
Equity in (profit)/loss of subsidiaries, net | (92,986,489) | (289,093,048) | 43,080,570 |
Stock based compensation expense | 568,046 | 1,625,318 | 2,848,897 |
(Gain)/loss on short-term investments | 68,931,940 | 1,627,139 | 27,077 |
Proceeds from disposal of short-term investments | 359,025 | ||
Amortization of deferred charges | 5,472,222 | 6,024,220 | |
loss/(gain) on extinguishment of debt | (9,620,914) | 5,583,578 | |
Other receivables | 634,819 | 168,246 | (178,566) |
Other current assets | 77,648 | ||
Other payable and accrued liabilities | 53,426,168 | 4,000,802 | 7,281,565 |
Payroll and welfare payables | (460,150) | 1,363,218 | 402,431 |
Net cash provided by operating activities | (51,055,916) | (119,429,607) | (102,081,705) |
Cash flows from investing activities: | |||
Investment in short-term investments | (72,502,807) | ||
Net cash used in investing activities | (72,502,807) | ||
Cash flows from financing activities: | |||
Changes in due from subsidiaries | 54,889,206 | 447,436,262 | 224,773,858 |
Proceeds from short-term bank loans | 28,080,000 | ||
Repayment of current portion of long-term bank loan and other long-term debt | (128,520,000) | ||
Proceeds from other long-term debts | 270,000,000 | 378,852,273 | |
Repayment of other long-term debts | (1,199,086) | (390,958,220) | (508,900,000) |
Purchase of treasury shares | (2,483,896) | ||
Dividends to shareholders | (4,055,664) | (14,284,148) | |
Payment of financing cost | (4,272,797) | (7,141,511) | |
Proceeds from exercise of stock options | 134,790 | ||
Net cash used in financing activities | 53,690,120 | 189,629,581 | 75,953,366 |
Net (decrease)/increase in cash and cash equivalents | 2,634,204 | (2,302,833) | (26,128,339) |
Cash and cash equivalents, at the beginning of the year | 160,209 | 2,463,042 | 28,591,381 |
Cash and cash equivalents, at end of the period | $ 2,794,414 | $ 160,209 | $ 2,463,042 |
Condensed financial informati_6
Condensed financial information of the Company - Additional Information (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | |||
Due from subsidiary | $ 320,978,971 | $ 266,089,765 | |
Parent Company | XIN Development Group International Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Due from subsidiary | 116,656,089 | 116,656,089 | |
Loan facility, maximum borrowing amount | $ 50,000,000 | ||
Stated rate | 17.50% | ||
Accrued interest | 67,554,210 | 67,554,210 | |
Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Amounts restricted including paid-in capital and statutory reserves | $ 856,960,327 | $ 962,881,800 |