Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Xinyuan Real Estate Co., Ltd. |
Entity Central Index Key | 1,398,453 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 129,578,676 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 894,551,480 | $ 578,244,378 |
Restricted cash | 566,675,697 | 328,499,059 |
Short-term investments | 57,739,558 | 39,310,595 |
Accounts receivable | 100,553,481 | 32,703,517 |
Other receivables | 73,193,654 | 31,822,187 |
Deposits for land use rights | 103,715,834 | 153,252,126 |
Other deposits and prepayments | 272,022,244 | 525,263,384 |
Advances to suppliers | 36,731,393 | 27,457,335 |
Real estate properties development completed | 840,393,193 | 477,179,252 |
Real estate properties under development (including real estate properties under development of the consolidated variable interest entities (“VIE”) to be used only to settle obligations of the VIE of US$105,056,385 and US$154,339,321 as of December 31, 2016 and December 31, 2017, respectively) | 1,996,000,653 | 1,719,135,164 |
Amounts due from related parties | 125,662,072 | 17,731,875 |
Amounts due from employees | 2,174,302 | 620,462 |
Other current assets | 798,920 | 225,785 |
Total current assets | 5,070,212,481 | 3,931,445,119 |
Real estate properties held for lease, net | 277,933,313 | 159,873,934 |
Deposits for land use rights | 22,956,138 | 28,830,907 |
Property and equipment, net | 32,385,860 | 34,090,096 |
Long-term investment | 829,773,150 | 7,797,559 |
Deferred tax assets | 82,006,132 | 32,803,197 |
Amounts due from related parties | 24,665,944 | 0 |
Other assets | 44,501,252 | 24,718,147 |
TOTAL ASSETS | 6,384,434,270 | 4,219,558,959 |
Current liabilities | ||
Accounts payable and notes payable (including accounts payable and notes payable of the VIE without recourse to the primary beneficiary of US$2,321,966 and US$2,454,089 as of December 31, 2016 and December 31, 2017, respectively) | 690,839,190 | 524,663,366 |
Short-term bank loans and other debt | 247,758,295 | 178,576,151 |
Customer deposits | 438,341,713 | 150,545,253 |
Income tax payable | 169,839,336 | 120,573,148 |
Other payables and accrued liabilities (including other payables and accrued liabilities of the VIE without recourse to the primary beneficiary of US$1,583,399 and US$2,990,885 as of December 31, 2016 and December 31, 2017, respectively) | 300,118,332 | 199,661,165 |
Payroll and welfare payable (including payroll and welfare payable of the VIE without recourse to the primary beneficiary of nil and US$102,316 as of December 31, 2016 and December 31, 2017, respectively) | 31,445,229 | 19,521,772 |
Current portion of long-term bank loans and other debt | 1,648,233,254 | 704,695,082 |
Current maturities of capital lease obligations | 4,472,386 | 3,923,394 |
Mandatorily redeemable non-controlling interests | 15,593,340 | 12,613,522 |
Amounts due to related parties | 128,178,423 | 66,229,724 |
Total current liabilities | 3,674,819,498 | 1,981,002,577 |
Long-term bank loans | 11,018,946 | 235,885,009 |
Deferred tax liabilities | 164,203,580 | 76,220,375 |
Unrecognized tax benefits | 31,231,376 | 20,491,988 |
Other long-term debt | 1,404,814,439 | 974,791,324 |
Capital lease obligations, net of current maturities | 11,415,344 | 15,015,508 |
Amounts due to related parties | 29,917,961 | 0 |
Total liabilities | 5,327,421,144 | 3,303,406,781 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Common shares, US$0.0001 par value: Authorized-500,000,000 shares; shares issued and outstanding- 129,578,676 shares as of December 31, 2017 (December 31, 2016: 131,426,741 shares) | 16,314 | 16,051 |
Treasury shares | (67,792,368) | (53,734,088) |
Additional paid-in capital | 543,338,206 | 538,414,246 |
Statutory reserves | 105,660,269 | 95,973,296 |
Retained earnings | 382,123,692 | 354,273,848 |
Accumulated other comprehensive (loss)/income | 29,225,736 | (34,682,888) |
Total Xinyuan Real Estate Co., Ltd. shareholders’ equity | 992,571,849 | 900,260,465 |
Non-controlling interest | 64,441,277 | 15,891,713 |
Total equity | 1,057,013,126 | 916,152,178 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 6,384,434,270 | $ 4,219,558,959 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Real estate properties under development | $ 1,996,000,653 | $ 1,719,135,164 |
Accounts payable and notes payable | 690,839,190 | 524,663,366 |
Customer deposits | 438,341,713 | 150,545,253 |
Other payables and accrued liabilities | 300,118,332 | 199,661,165 |
Payroll and welfare payables | 31,445,229 | 19,521,772 |
Current portion of long-term bank loans and other debt | 1,648,233,254 | 704,695,082 |
Other long-term debt | $ 1,404,814,439 | $ 974,791,324 |
Common stock, par value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 129,578,676 | 131,426,741 |
Common stock, shares outstanding | 129,578,676 | 131,426,741 |
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Real estate properties under development | $ 154,339,321 | $ 105,056,385 |
Accounts payable and notes payable | 2,454,089 | 2,321,966 |
Customer deposits | 0 | 0 |
Income tax payable | 0 | 0 |
Other payables and accrued liabilities | 2,990,885 | 1,583,399 |
Payroll and welfare payables | 102,316 | 0 |
Current portion of long-term bank loans and other debt | 0 | 0 |
Other long-term debt | 0 | 0 |
Mandatorily redeemable non-controlling interests | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Revenue: | ||||
Real estate sales, net of sales taxes of US$67,023,202 in 2015, US$30,105,069 in 2016 and US$ (21,745,253) in 2017 | $ 1,924,560,806 | $ 1,524,968,403 | $ 1,134,466,776 | |
Real estate management services income | 41,738,319 | 30,022,747 | 21,611,201 | |
Real estate lease income | 8,732,799 | 5,946,051 | 6,573,263 | |
Other revenue | 1,875,307 | 687,492 | 1,672,758 | |
Total revenue | 1,976,907,231 | 1,561,624,693 | 1,164,323,998 | |
Costs of revenue: | ||||
Cost of real estate sales | (1,474,067,213) | (1,174,571,926) | (866,242,863) | |
Cost of real estate management services | (31,646,448) | (24,281,442) | (19,442,859) | |
Cost of real estate lease income | (11,006,122) | (3,682,645) | (3,956,322) | |
Other costs | (559,235) | (1,100,367) | (1,691,848) | |
Total costs of revenue | (1,517,279,018) | (1,203,636,380) | (891,333,892) | |
Gross profit | 459,628,213 | 357,988,313 | 272,990,106 | |
Selling and distribution expenses | (75,723,717) | (58,213,716) | (52,126,074) | |
General and administrative expenses | (136,844,741) | (120,415,631) | (115,329,011) | |
Operating income/(loss) | 247,059,755 | 179,358,966 | 105,535,021 | |
Interest income | 16,859,086 | 20,916,567 | 24,503,736 | |
Interest expense | (66,153,440) | (29,856,832) | (20,281,416) | |
Loss on extinguishment of debt | (15,879,702) | (12,123,750) | 0 | |
Net realized gain on short-term investments | 7,873,987 | 2,505,696 | 603,078 | |
Unrealized gain on short-term investments | 2,095,979 | 235,334 | 49,443 | |
Exchange gains | 756,926 | 458,959 | 403,286 | |
Other income | 2,326,010 | 4,540,227 | 5,945,120 | |
Share of gain/ (loss) of equity investees | (1,710,070) | (324,612) | 2,234,635 | |
Income from operations before income taxes | 193,228,531 | 165,710,555 | 118,992,903 | |
Income taxes | (113,117,126) | (86,247,875) | (52,511,318) | |
Net income | 80,111,405 | 79,462,680 | 66,481,585 | |
Net loss/(income) attributable to non-controlling interest | (16,483,854) | (6,485,132) | 522 | |
Net income attributable to Xinyuan Real Estate Co., Ltd. shareholders | $ 63,627,551 | $ 72,977,548 | $ 66,482,107 | |
Earnings per share: | ||||
Basic | $ 0.49 | $ 0.55 | $ 0.47 | |
Diluted | $ 0.48 | $ 0.53 | $ 0.45 | |
Shares used in computation: | ||||
Basic | [1] | 128,704,610 | 133,261,510 | 142,625,427 |
Diluted | 131,605,869 | 137,653,029 | 146,487,949 | |
Other comprehensive (loss)/income, net of tax of nil | ||||
Foreign currency translation adjustments | $ 66,062,603 | $ (66,273,588) | $ (73,604,028) | |
Comprehensive (loss)/income | 146,174,008 | 13,189,092 | (7,122,443) | |
Comprehensive income attributable to non-controlling interest | (18,637,833) | (5,846,269) | (621) | |
Comprehensive (loss)/income attributable to Xinyuan Real Estate Co., Ltd. shareholders | $ 127,536,175 | $ 7,342,823 | $ (7,123,064) | |
[1] | 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. |
CONSOLIDATED STATEMENTS OF COM5
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real estate sales taxes | $ 21,745,253 | $ 30,105,069 | $ 67,023,202 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 80,111,405 | $ 79,462,680 | $ 66,481,585 |
Adjustments to reconcile net income to net cash (used in)/provided by operating activities: | |||
Depreciation and amortization | 13,727,526 | 8,688,384 | 8,751,664 |
Stock-based compensation expenses | 4,894,478 | 7,828,255 | 3,774,826 |
Deferred tax benefit | (35,587,912) | (17,244,658) | (25,580,665) |
Amortization of deferred charges | 6,049,202 | 7,732,038 | 2,378,767 |
Share of (income)/loss of equity investees | 1,710,070 | 324,612 | (2,234,635) |
Exchange gains | (756,926) | (458,959) | (403,286) |
Changes in unrecognized tax benefit | 10,737,387 | 2,718,631 | 4,150,919 |
Loss on extinguishment of debt (Note 11) | 15,879,702 | 12,123,750 | 0 |
Net realized gain on short-term investments | (7,873,987) | (2,505,696) | (603,078) |
Unrealized gain on short-term investments | (2,095,979) | (235,334) | (49,443) |
Proceeds from disposal of trading securities | 178,849,628 | 61,064,916 | 26,524,907 |
Purchase of trading securities | (186,062,974) | (97,389,871) | (21,363,193) |
Bargain purchase gain (Note 8) | 0 | (2,004,507) | 0 |
Effect of remeasurement of equity interest in joint venture (Note 8) | 0 | (2,100,563) | 0 |
Allowance for doubtful accounts | 7,067,288 | 0 | 0 |
Others | 1,327,529 | (289,020) | (38,195) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (63,691,438) | 6,948,740 | (28,650,522) |
Real estate properties held for sale | 0 | 0 | 1,185,217 |
Real estate properties development completed | (355,551,919) | (429,429,125) | (9,357,412) |
Real estate properties under development | 151,787,433 | 346,724,458 | (23,151,082) |
Real estate properties held for lease | (111,952,749) | (100,388,128) | (9,197,390) |
Advances to suppliers | (7,335,343) | 24,935,560 | (24,573,309) |
Other receivables | (47,195,272) | 114,240,396 | (21,400,932) |
Deposits for land use rights | (180,359,751) | (129,517,140) | (94,952,534) |
Other deposits and prepayments | 275,227,746 | (258,358,536) | (114,766,016) |
Other current assets | (2,783,559) | 326,254 | 656,158 |
Amounts due from related parties | (128,319,422) | (45,409,421) | 62,518,780 |
Amounts due from employees | (1,465,840) | (292,592) | (316,946) |
Other assets | (16,415,381) | (10,525,572) | (4,328,591) |
Accounts payable | 131,546,280 | 39,976,328 | 144,250,668 |
Customer deposits | 269,509,197 | 101,932,472 | (38,092,541) |
Income tax payable | 40,872,077 | 21,938,554 | 49,189,884 |
Other payables and accrued liabilities | 91,455,504 | 101,375,219 | 38,869,980 |
Payroll and welfare payable | 6,408,972 | (2,073,425) | 5,791,340 |
Net cash (used in) /provided by operating activities | 139,712,972 | (159,881,300) | (4,535,075) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Disposal of properties held for lease and property and equipment | 425,850 | 559,030 | 8,992 |
Purchase of property and equipment | (5,565,513) | (2,739,578) | (2,477,039) |
Proceeds from disposal of available-for-sale securities | 0 | 0 | 6,284,380 |
Purchase of available-for-sale securities | 0 | 0 | (6,137,451) |
Acquisition of subsidiaries, net of cash acquired (Note 8) | 0 | 15,055,431 | 0 |
Acquisition of long-term investment | (822,029,106) | (8,407,244) | (32,681,875) |
Net cash (used in)/provided by investing activities | (827,168,769) | 4,467,639 | (35,002,993) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from exercise of stock options | 6,111,912 | 1,454,020 | 48,400 |
Purchase of shares under Restricted Stock Unit ("RSU") plan | 0 | (4,003,999) | (3,259,998) |
Purchase of treasury shares (Note 18) | (14,058,280) | (29,688,648) | (3,349,172) |
Dividends to shareholders | (26,090,734) | (20,545,257) | (14,751,703) |
Capital injection from non-controlling interests | 23,687,327 | 4,505,328 | 0 |
Decrease/(increase) in restricted cash | (212,333,951) | 31,406,042 | 53,913,283 |
Amounts due to related parties | 82,725,874 | 66,414,412 | 0 |
Repayments of short-term bank loans and current portion of long-term bank loans | (51,330,241) | (444,479,915) | (576,757,761) |
Proceeds from short-term bank loans and current portion of long-term bank loans | 256,681,062 | 203,622,120 | 584,233,410 |
Repayment of long-term bank loans | (14,780,892) | (13,553,962) | (38,540,493) |
Proceeds from long-term bank loans | 10,659,297 | 201,936,395 | 8,029,269 |
Repayment of other short-term debt | (516,320,358) | (669,849,132) | (169,096,413) |
Proceeds from other short-term debt | 884,488,867 | 819,039,966 | 8,511,026 |
Repayment of other long-term debt | (236,322,138) | (369,338,675) | (17,854,351) |
Proceeds from other long-term debt | 788,220,956 | 612,307,593 | 485,351,457 |
Deferred charges | (23,254,595) | (10,725,482) | (3,104,812) |
Capital lease payments | (4,196,345) | (3,721,954) | (3,966,658) |
Proceeds from sale and leaseback (Note 12,17) | 0 | 2,861,392 | 0 |
Repayment of mandatorily redeemable non-controlling interests | (12,954,007) | (3,463,790) | (4,408,069) |
Proceeds from mandatorily redeemable non-controlling interests | 14,210,916 | 13,177,463 | 1,284,683 |
Loss on extinguishment of debt (Note 11) | (13,000,000) | (12,123,750) | 0 |
Net cash provided by financing activities | 942,144,670 | 375,230,167 | 306,282,098 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 254,688,873 | 219,816,506 | 266,744,030 |
Effect of exchange rate changes on cash and cash equivalents | 61,618,229 | (29,100,220) | (19,710,692) |
Cash and cash equivalents, at beginning of year | 578,244,378 | 387,528,092 | 140,494,754 |
CASH AND CASH EQUIVALENTS, AT END OF YEAR | 894,551,480 | 578,244,378 | 387,528,092 |
SUPPLEMENTARY INFORMATION ON CASH FLOWS | |||
Incomes taxes paid | 112,460,711 | 122,347,190 | 55,564,648 |
Interest paid | 223,541,763 | 181,857,136 | 187,209,963 |
NON-CASH ACTIVITIES | |||
Non-controlling interest arising from business combination (Note 8, 24) | 0 | 5,724,339 | 0 |
Non-controlling interest arising from asset acquisitions | $ 5,193,097 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) | Total | Common Shares [Member] | Treasury Shares [Member] | Additional Paid-in Capital [Member] | Statutory Reserves [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income / (Loss) (Note 23) | Parent [Member] | Non-controlling Interest (Note 24) [Member] |
Balance at Dec. 31, 2014 | $ 960,611,693 | $ 15,831 | $ (20,696,268) | $ 530,670,112 | $ 72,829,487 | $ 273,254,963 | $ 104,557,008 | $ 960,631,133 | $ (19,440) |
Balance, shares at Dec. 31, 2014 | 147,019,802 | ||||||||
Exercise of share options | 48,400 | $ 4 | 0 | 48,396 | 0 | 0 | 0 | 48,400 | 0 |
Exercise of share options, shares | 40,000 | ||||||||
Treasury share repurchases (Note 18) | (3,349,172) | $ 0 | $ (3,349,172) | 0 | 0 | 0 | 0 | (3,349,172) | 0 |
Treasury share repurchases (Note 18), shares | (2,179,902) | ||||||||
Shares repurchased under RSU plan | (3,259,998) | $ 0 | $ 0 | (3,259,998) | 0 | 0 | 0 | (3,259,998) | 0 |
Shares repurchased under RSU plan, shares | (2,076,964) | ||||||||
Other comprehensive loss | (73,604,028) | $ 0 | 0 | 0 | 0 | 0 | (73,605,171) | (73,605,171) | 1,143 |
Stock-based compensation expenses | 3,774,826 | 0 | 0 | 3,774,826 | 0 | 0 | 0 | 3,774,826 | 0 |
Net income | 66,481,585 | 0 | 0 | 0 | 0 | 66,482,107 | 0 | 66,482,107 | (522) |
Appropriation to statutory reserves | 0 | 0 | 0 | 0 | 7,220,277 | (7,220,277) | 0 | 0 | 0 |
Dividends to shareholders | (14,751,704) | 0 | 0 | 0 | 0 | (14,751,704) | 0 | (14,751,704) | 0 |
Balance at Dec. 31, 2015 | 935,951,602 | $ 15,835 | (24,045,440) | 531,233,336 | 80,049,764 | 317,765,089 | 30,951,837 | 935,970,421 | (18,819) |
Balance, shares at Dec. 31, 2015 | 142,802,936 | ||||||||
Capital injection from non-controlling interests | 10,064,263 | $ 0 | 0 | 0 | 0 | 0 | 0 | 10,064,263 | |
Exercise of share options | 3,356,870 | $ 216 | 0 | 3,356,654 | 0 | 0 | 3,356,870 | 0 | |
Exercise of share options, shares | 2,160,884 | ||||||||
Treasury share repurchases (Note 18) | (29,688,648) | $ 0 | $ (29,688,648) | 0 | 0 | 0 | (29,688,648) | 0 | |
Treasury share repurchases (Note 18), shares | (13,198,238) | ||||||||
Shares repurchased under RSU plan | (4,003,999) | $ 0 | $ 0 | (4,003,999) | 0 | 0 | (4,003,999) | 0 | |
Shares repurchased under RSU plan, shares | (1,614,220) | ||||||||
Other comprehensive loss | (66,273,588) | $ 0 | 0 | 0 | 0 | (65,634,725) | (65,634,725) | (638,863) | |
Stock-based compensation expenses | 7,828,255 | $ 0 | 0 | 7,828,255 | 0 | 0 | 7,828,255 | 0 | |
Stock-based compensation expenses, Shares | 1,275,379 | ||||||||
Net income | 79,462,680 | $ 0 | 0 | 0 | 0 | 72,977,548 | 0 | 72,977,548 | 6,485,132 |
Appropriation to statutory reserves | 0 | 0 | 0 | 0 | 15,923,532 | (15,923,532) | 0 | 0 | 0 |
Dividends to shareholders | (20,545,257) | 0 | 0 | 0 | 0 | (20,545,257) | 0 | (20,545,257) | 0 |
Balance at Dec. 31, 2016 | 916,152,178 | $ 16,051 | (53,734,088) | 538,414,246 | 95,973,296 | 354,273,848 | (34,682,888) | 900,260,465 | 15,891,713 |
Balance, shares at Dec. 31, 2016 | 131,426,741 | ||||||||
Capital injection from non-controlling interests | 29,911,731 | $ 0 | 0 | 0 | 0 | 0 | 0 | 29,911,731 | |
Exercise of share options | 4,255,920 | $ 263 | 0 | 4,255,657 | 0 | 0 | 4,255,920 | 0 | |
Exercise of share options, shares | 2,631,928 | ||||||||
Treasury share repurchases (Note 18) | (14,058,280) | $ (14,058,280) | 0 | 0 | 0 | (14,058,280) | 0 | ||
Treasury share repurchases (Note 18), shares | (5,481,846) | ||||||||
Shares repurchased under RSU plan | (3,485,952) | $ 0 | $ 0 | (3,485,952) | 0 | 0 | (3,485,952) | 0 | |
Shares repurchased under RSU plan, shares | 0 | ||||||||
Other comprehensive loss | 66,062,603 | $ 0 | 0 | 0 | 0 | 63,908,624 | 63,908,624 | 2,153,979 | |
Stock-based compensation expenses | 4,154,255 | $ 0 | 0 | 4,154,255 | 0 | 0 | 4,154,255 | 0 | |
Stock-based compensation expenses, Shares | 1,001,853 | ||||||||
Net income | 80,111,405 | $ 0 | 0 | 0 | 0 | 63,627,551 | 0 | 63,627,551 | 16,483,854 |
Appropriation to statutory reserves | 0 | 0 | 0 | 0 | 9,686,973 | (9,686,973) | 0 | 0 | 0 |
Dividends to shareholders | (26,090,734) | 0 | 0 | 0 | 0 | (26,090,734) | 0 | (26,090,734) | 0 |
Balance at Dec. 31, 2017 | $ 1,057,013,126 | $ 16,314 | $ (67,792,368) | $ 543,338,206 | $ 105,660,269 | $ 382,123,692 | $ 29,225,736 | $ 992,571,849 | $ 64,441,277 |
Balance, shares at Dec. 31, 2017 | 129,578,676 |
Background information of busin
Background information of business and organization | 12 Months Ended |
Dec. 31, 2017 | |
Background information of business and organization [Abstract] | |
Background information of business and organization | Background information of business and organization Xinyuan Real Estate Co., Ltd. (the “Company”) and its subsidiaries (collectively the “Group”) are principally engaged in residential real estate development and the provision of property management services. The Group’s operations are conducted mainly in the People’s Republic of China (“PRC”). In 2012, the Group expanded its business into the U.S. residential real estate market. Company Name Registered Place Registered Percentage of Principal Activities Subsidiary companies: Xinyuan International Property Investment Co., Ltd. Cayman Islands US$ 500,000 100 % Investment holding company Xinyuan International (HK) Property Investment Co., Limited Hong Kong HK$ 3,000,000 100 % Investment holding company XIN Development Group International Inc. United States US$ 0 100 % Investment holding company Xinyuan Real Estate, Ltd. Cayman Islands US$ 50,000,000 100 % Investment holding company South Glory International Ltd. Hong Kong HK$ 10,000 100 % Investment holding company Victory Good Development Ltd. Hong Kong HK$ 10,000 100 % Investment holding company Elite Quest Holdings Ltd. Hong Kong HK$ 10,000 100 % Investment holding company XIN Irvine, LLC United States US$ 50,000 100 % Real estate development Vista Sierra, LLC United States US$ 0 100 % Real estate development XIN Development Management East, LLC United States US$ 1,000 100 % Property management services XIN NY Holding, LLC United States US$ 1,000 100 % Investment holding company 421 Kent Development, LLC United States US$ 1,000 100 % Real estate development Xinyuan Sailing Co., Ltd. Hong Kong HK$ 3,000,000 100 % Investment holding company AWAN Plasma Sdn Bhd Malaysia MYR 33,577,000 100 % Real estate development Company Name Registered Place Registered Percentage of Principal Activities Subsidiary companies: XIN Eco Marine Group Properties Sdn Bhd Malaysia MYR 33,217,000 100 % Investment holding company Xinyuan Internet Finance Co., Ltd. Cayman Islands US$ 50,000 100 % Investment holding company New Dawn International Ltd. Cayman Islands US$ 50,000 100 % Investment holding company New Legend International Ltd. Cayman Islands US$ 50,000 100 % Investment holding company New Point International Ltd. Cayman Islands US$ 50,000 100 % Investment holding company New Grace International Ltd. Cayman Islands US$ 50,000 100 % Investment holding company Genesis Ocean Investments Ltd. Hong Kong HK$ 100 100 % Investment holding company Honest View Development Ltd. Hong Kong HK$ 100 100 % Investment holding company Honour Triumph Enterprises Ltd. Hong Kong HK$ 100 100 % Investment holding company Well Poly Holdings Ltd. Hong Kong HK$ 100 100 % Investment holding company Zhengzhou Yasheng Construction Material Co., Ltd. PRC US$ 50,000,000 100 % Sales of construction materials Zhengzhou Jiasheng Real Estate Co., Ltd. PRC US$ 60,000,000 100 % Real estate development Zhengzhou Yusheng Landscape Design Co., Ltd. PRC US$ 70,000,000 100 % Landscaping engineering and management Xinyuan (China) Real Estate, Ltd. (“Xinyuan China”) PRC US$ 307,000,000 100 % Investment holding company Henan Xinyuan Real Estate Co., Ltd. (“Henan Xinyuan”) PRC RMB 200,000,000 100 % Real estate development Qingdao Xinyuan Xiangrui Real Estate Co., Ltd. PRC RMB 10,000,000 100 % Real estate development Company Name Registered Place Registered Percentage of Principal Activities Subsidiary companies: Shandong Xinyuan Real Estate Co., Ltd. PRC RMB 300,000,000 100 % Real estate development Xinyuan Technology Service Co., Ltd. (“Xinyuan Service”) PRC RMB 50,000,000 94 % Property management services Mingyuan Landscape Engineering Co., Ltd. PRC RMB 50,000,000 100 % Landscaping engineering and management Henan Xinyuan Wanzhuo Real Estate Co., Ltd. PRC RMB 20,000,000 100 % Real estate development Suzhou Xinyuan Real Estate Development Co., Ltd. PRC RMB 200,000,000 100 % Real estate development Anhui Xinyuan Real Estate Co., Ltd. PRC RMB 50,000,000 100 % Real estate development Kunshan Xinyuan Real Estate Co., Ltd. (“Kunshan Xinyuan”) (Note 17(d)) PRC RMB 200,000,000 98.67 % Real estate development Xinyuan Real Estate (Chengdu) Co., Ltd. PRC RMB 220,000,000 100 % Real estate development Xuzhou Xinyuan Real Estate Co., Ltd. PRC RMB 200,000,000 100 % Real estate development Henan Xinyuan Jiye Real Estate Co., Ltd. PRC RMB 50,000,000 100 % Real estate development Beijing Xinyuan Wanzhong Real Estate Co., Ltd. (“Beijing Wanzhong”) PRC RMB 900,000,000 100 % Real estate development Beijing Heju Management Consulting Service Co., Ltd. PRC RMB 30,000,000 100 % Real estate development Xinyuan Renju (Beijing) Asset Management Co., Ltd. PRC RMB 30,000,000 100 % Real estate development Zhengzhou Jiantou Xinyuan Real Estate Co., Ltd. (“Jiantou Xinyuan”)(1) PRC RMB 10,000,000 100 % Real estate development Beijing Xinyuan Priority Real Estate Consulting Co., Ltd. PRC RMB 30,000,000 100 % Real estate consulting services Company Name Registered Place Registered Percentage of Principal Activities Subsidiary companies: Henan Xinyuan Priority Commercial Management Co., Ltd. PRC RMB 2,000,000 100 % Leasing management services Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. (“Suzhou Wanzhuo”) (Note 17(b)) PRC RMB 200,000,000 20 % Real estate development Jiangsu Jiajing Real Estate Co., Ltd. PRC RMB 150,000,000 100 % Real estate development Beijing XIN Media Co., Ltd. PRC RMB 10,000,000 100 % Culture and media services Xingyang Xinyuan Real Estate Co., Ltd. PRC RMB 200,000,000 100 % Real estate development APEC Construction Investment (Beijing) Co., Ltd. PRC RMB 100,000,000 100 % Investment holding company Beijing Xinxiang Huicheng Decoration Co., Ltd. PRC RMB 10,000,000 100 % Property decoration services Jinan Xinyuan Wanzhuo Real Estate Co., Ltd. PRC RMB 300,000,000 100 % Real estate development Xinrongji (Beijing) Investment Co., Ltd. PRC RMB 100,000,000 100 % Investment holding company Sanya Beida Science and Technology Park Industrial Development Co., Ltd. PRC RMB 200,000,000 100 % Real estate development Chengdu Xinyuan Wanzhuo Real Estate Co., Ltd. PRC RMB 50,000,000 100 % Real estate development Zhengzhou Hengsheng Real Estate Co., Ltd. PRC RMB 20,000,000 100 % Real estate development Beijing Xinyuan Xindo Park E-commerce Co., Ltd. PRC RMB 202,000,000 100 % Electronic commerce Beijing Economy Cooperation Ruifeng Investment Co., Ltd. PRC RMB 20,000,000 90 % Real estate development Company Name Registered Place Registered Percentage of Principal Activities Subsidiary companies: Tianjin Xinyuan Real Estate Co., Ltd. PRC RMB 100,000,000 100 % Real estate development Xi’an Yinghuai Commerce and Trade Co., Ltd. PRC RMB 3,000,000 100 % Property management services Beijing Juzhouyun Technology Development Co., Ltd. (“Juzhouyun”) (Note 17(d)) PRC RMB 10,000,000 100 % Technical services Changsha Xinyuan Wanzhuo Real Estate Co., Ltd. PRC RMB 100,000,000 100 % Real estate development Shanghai Junxin Real Estate Co., Ltd. PRC RMB 5,000,000 100 % Real estate development Beijing Yinghuai Commerce and Trade Co., Ltd. PRC RMB 30,000,000 100 % Retail store Beijing Xinhe Investment Development Co., Ltd. PRC RMB 5,000,000 100 % Investment holding company Jinan Yinghuai Commerce and Trade Co., Ltd. PRC RMB 3,000,000 100 % Retail store Henan Yinghuai Commerce and Trade Co., Ltd. PRC RMB 10,000,000 100 % Retail store Henan Xinyuan Guangsheng Real Estate Co., Ltd. PRC RMB 200,000,000 100 % Real estate development Shanghai Hexinli Property Management Center. (Limited partnership) (“Shanghai Hexinli”) PRC RMB 10,640,000 78.95 % Property management services Henan Xinyuan Real Estate Marketing Co., Ltd. PRC RMB 1,000,000 100 % Real estate marketing Company Name Registered Place Registered Percentage of Principal Activities Subsidiary companies: Shandong Xinyuan Renju Real Estate Co., Ltd. PRC RMB 50,000,000 100 % Real estate development Shaanxi Zhongmao Economy Development Co., Ltd. (“Shaanxi Zhongmao”) (Note 8) PRC RMB 22,500,000 65.98 % Real estate development 421 Kent Holding Co, Ltd. United States US$ 1,000 100 % Investment holding company Hudson 888 Owner LLC United States US$ 1,000 100 % Real estate development XIN Manhattan Holding LLC United States US$ 1,000 100 % Investment holding company Hudson 888 Holding LLC United States US$ 1,000 100 % Investment holding company Henan Xinyuan Quansheng Real Estate Co., Ltd. PRC RMB 40,000,000 100 % Real estate development Zhengzhou Shengdao Real Estate Co., Ltd. (“Zhengzhou Shengdao”) PRC RMB 20,000,000 100 % Real estate development Henan Xinyuan Shunsheng Real Estate Co., Ltd. PRC RMB 30,000,000 100 % Real estate development Hunan Erli Real Estate Co., Ltd. (“Hunan Erli”) PRC RMB 50,000,000 100 % Real estate development Ningbo Meishan Bonded Port Xinshoulei Investment Management Co., Limited PRC RMB 5,000,000 100 % Investment holding company Xinyuan (China) Technology Research Institute Limited Hong Kong HK$ 10,000 100 % Technological development Company Name Registered Place Registered Percentage of Principal Activities Subsidiary companies: XIN Queens Holding LLC United States US$ 1,000 100 % Investment holding company Queens Theatre Holdco LLC United States US$ 1,000 100 % Investment holding company Queens Theatre Owner LLC United States US$ 1,000 100 % Real estate development Xinyuan Future Science &; Technology Research (Beijing) Co., Limited PRC RMB 1,000,000 100 % Technological development Zhengzhou Xinnan Real Estate Co., Ltd. (“Zhengzhou Xinnan”) PRC RMB 50,000,000 51 % Real estate development Xinyan Investment Management Co., Limited. (“Xinrock”) PRC RMB 100,000,000 70 % Investment Hangzhou Investment Consulting Co., Limited PRC RMB 10,000,000 100 % Investment Hunan Yue-Mart Commerce and Trade Co., Ltd. PRC RMB 10,000,000 100 % Retail store Hunan Xintian Real Estate Co., Ltd. (“Hunan Xintian”) (2) PRC RMB 20,000,000 100 % Real estate development Beijing Xinju Technology Co., Ltd. (Beijing Xinju) PRC RMB 10,000,000 51 % Technical services Zhengzhou Hangmei Technology Development Co., Ltd.(“Zhengzhou Hangmei”) (3) PRC RMB 50,000,000 51 % Real estate development Company Name Registered Place Registered Percentage of Principal Activities Subsidiary companies: Zhengzhou Hangmei Zhengxing Technology Co., Ltd.(“Hangmei Zhengxing”) (4) PRC RMB 50,000,000 60 % Real estate consulting services Xi’an Dingrun Real Estate Co., Ltd. (“Xi’an Dingrun”) (5) PRC RMB 20,000,000 100 % Real estate development Zhengzhou Kangshengboda Real Estate Co., Ltd. (“Zhengzhou Kangshengboda”) (6) PRC RMB 50,000,000 100 % Real estate development Xinjiang Xinyuan Renju Equity Investment., Ltd. PRC RMB 10,000,000 100 % Real estate consulting services Zhuhai Prince Real Estate Co., Ltd. (“Zhuhai Prince”) (7) PRC RMB 16,000,000 100 % Real estate development Henan Renxin Real Estate Co., Ltd. (“Henan Renxin”) (8) PRC RMB 200,000,000 51 % Real estate development Henan Huanzhou Construction Engineering Co., Ltd PRC RMB 50,000,000 100 % Sales of construction material Xinchuang Technology Co., Ltd. PRC RMB 100,000,000 100 % Real estate consulting services Hangzhou Huiyuan Investment Management Partnership Enterprise. (Limited partnership) PRC RMB 5,000,000 100 % Investment holding company Company Name Registered Place Registered Percentage of Principal Activities Subsidiary companies: Guangdong Xinyuan Real Estate Co., Ltd. PRC RMB 100,000,000 100 % Real estate development Beijing Juhe Real Estate Brokerage Co., Ltd. PRC RMB 10,000,000 60 % Real estate brokerage Taicang Pengchi Real Estate Co., Limited. (“Taicang Pengchi”) (9) (Note 17(b)) PRC RMB 200,000,000 17 % Real estate development Beijing Yuandian Internet Technology Co., Ltd. PRC RMB 10,000,000 100 % Real estate brokerage Khorgos XinYan Enterprise Management Consulting Co., Ltd. PRC RMB 5,000,000 100 % Management consulting services Hunan Huaiwei Business Management Co., Ltd. PRC RMB 2,000,000 51 % Retail store VIE: Beijing Ruihao Rongtong Real Estate Co., Ltd. (“Ruihao Rongtong”) (Note 2(a)) PRC RMB 250,000,000 65 % Real estate development (1) Liquidated on May 5, 2017. (2) Acquired on January 25, 2017. (3) Acquired on January 18, 2017. (4) Acquired on January 18, 2017 60 (5) Acquired on May 10, 2017. (6) Acquired on June 23, 2017. (7) Acquired on June 28, 2017. (8) Acquired on June 20, 2017. (9) Acquired on December 1, 2017. Equity holdings remained unchanged throughout the year ended December 31, 2017 except for Suzhou Wanzhuo (Note 17(b)), Kunshan Xinyuan (Note 17(d)) and Ruihao Rongtong (Note 2(a)). |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended | |
Dec. 31, 2017 | ||
Summary of significant accounting policies [Abstract] | ||
Summary of significant accounting policies | 2. Summary of significant accounting policies The Company and basis of presentation and consolidation The Group is principally engaged in residential real estate development and the provision of property management services. The Group’s operations are conducted mainly in the PRC. In 2012, the Group expanded its business into the U.S. residential real estate market. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include the financial statements of the Company and its subsidiaries. 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, with registered capital of US$ 37.6 250.0 20 5 10 124.3 862.5 35 246.8 1.61 35 35 Distinguishing Liabilities from Equity 35 In accordance with ASC 810, Consolidation 65 The carrying amounts and classifications of the assets and liabilities of the VIE are as follows: December 31, December 31, US$ US$ Current assets 143,994,102 160,889,349 Non-current assets 10,184 287,409 Total assets 144,004,286 161,176,758 Current liabilities 109,607,206 132,170,781 Non-current liabilities - - Total liabilities 109,607,206 132,170,781 The financial performance and cash flows of the VIE are as follows: Year ended Year ended US$ US$ Revenue - - Cost of revenue - - Net loss (1,256,925) (7,266,337) Net cash used in operating activities (111,519,380) (18,569,850) Net cash used in investing activities (8,552) - Net cash provided/(used in) by financing activities 136,924,739 (13,688,554) As of December 31, 2017, the current liabilities of the VIE included amounts due to subsidiaries of the Group amounting to US$ 126,623,561 105,701,841 As of December 31, 2017, the land use rights included in real estate properties under development of the VIE of US $ 155,782,729 76,002,595 The VIE contributed nil (2016: nil) of the Company’s consolidated revenues for the year ended December 31, 2017. 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 capital lease, allowance for doubtful debt associated with accounts receivables, other receivables and advances to suppliers, fair values of the purchase price allocation with respect to business combinations, revenue recognition for percentage of completion method, accounting for the share-based compensation, accounting for deferred income taxes, impairment of real estate properties under development, real estate properties held for lease and long-term investments, and provision necessary for contingent liabilities. Management analyzed the forecasted cash flows for the twelve months from April 30, 2018, 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 April 30, 2019. Management believes that the estimates utilized in preparing its consolidated financial statements are reasonable and prudent. Actual results could differ from these estimates. (c) Fair value of financial instruments Financial instruments include cash and cash equivalents, restricted cash, short-term investments, accounts receivable, other deposits and prepayments, due from employees, due from related parties, other receivables, investment in joint venture s and other long-term investments, accounts payable, customer deposits, other payables and accrued liabilities, borrowings and due to related parties. The carrying amounts of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, other deposits and prepayments, due from employees, due from related parties, other receivables, accounts payable, customer deposits, other payables and accrued liabilities, short-term bank borrowings and due to related parties approximate their fair value due to the short term maturities of these instruments. The Group is exposed to credit risk for financial assets and its maximum amount of loss in the event of non-performance by the counterparty is the recorded amount. The Group’s financial asset and liability arrangements generally do not require collateral, except as disclosed in Note 9, Note 10 and Note 11. Trading securities were initially recognized at cost and subsequently remeasured at the end of each reporting period with the adjustment in its fair value recognized in profit and loss. Investment in joint ventures and other 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. 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. 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 The carrying values of the Company’s financial instruments approximate their fair values except for the short-term investments. 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, the investment in debt and equity securities, real estate investment trusts (“REITs”) and money market instruments classified as trading securities is within Level 1 as the Company measures the fair value using quoted trading prices that are published on a regular basis. Foreign currency translation The Group’s financial information is presented in U.S. dollars. The functional currency of the Company is U.S. dollars. The functional currency of the Company’s subsidiaries in the PRC is Renminbi (“RMB”), the currency of the PRC. The functional currency of the Company’s subsidiaries in Malaysia is Malaysian Ringgit (“MYR”), the currency of Malaysia. The functional currency of the Company’s subsidiaries other than those in the PRC and Malaysia is U.S. dollars. Transactions by the Company’s subsidiaries in the PRC which are denominated in currencies other than RMB are remeasured into RMB at the exchange rate quoted by the People’s Bank of China (“PBOC”) prevailing at the dates of the transactions. Exchange gains and losses resulting from transactions denominated in a currency other than RMB are included in the consolidated statements of comprehensive income as exchange gains. The consolidated financial statements of the Company’s subsidiaries have been translated into U.S. dollars in accordance with ASC 830, Foreign Currency Matters The effects of foreign currency translation adjustments are included as a component of accumulated other comprehensive income in shareholders’ equity. December 31, December 31, December 31, Year end RMB: US$ exchange rate 6.4936 6.9370 6.5342 Period average RMB: US$ exchange rate 6.2272 6.6401 6.7547 The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation. (e) Cash and cash equivalents The Group considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. The Group maintains bank accounts mainly in the PRC, Hong Kong and United States. The vast majority of the PRC bank balances are denominated in RMB. Hong Kong and United States bank balances are denominated in U.S. dollars. Cash includes cash on hand and demand deposits in accounts maintained with various state-owned and private banks within the PRC, Hong Kong and United States. Total cash in banks at December 31, 2017 amounted to US$ 894,551,480 578,244,378 (f) Restricted cash The Group is required to maintain certain deposits with banks that provide mortgage loans to the Group’s customers in order to purchase residential units from the Group. These balances are subject to withdrawal restrictions and totaled US$ 49,252,645 48,081,446 197,552,310 153,548,292 64,779,162 36,471,097 74,503,382 65,787,805 15,304,092 24,610,419 (g) Real estate properties development completed and under development Real estate properties consist of finished residential unit sites, commercial offices and residential unit sites under development. The Group leases the land for the residential unit sites under land use right leases with various terms from the PRC. 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 When the profitability of a current project deteriorates due to a slowdown in the sales pace, reduction of pricing or some other factor, this indicates that there may be a possible future loss on delivery and possible impairment in the recoverability of the assets. Accordingly, the assets of such project are subsequently reviewed for future losses and impairment by comparing the estimated future undiscounted cash flows for the project to the carrying value of such project. If the estimated future undiscounted cash flows are less than the asset’s carrying value, such deficit will be charged as a future loss and the asset will then be written down to its estimated fair value. The Group determines estimated fair value primarily by discounting the estimated future cash flows relating to the asset. In estimating the cash flows for a project, the Group uses various factors including (a) the expected pace at which the planned number of units will be sold, based on competitive market conditions, historical trends in sales pace and actual average selling prices of similar product offerings and any other long or short-term economic conditions which may impact the market in which the project is located; (b) the estimated net sales prices expected to be attained based on the current market conditions and historical price trends, as well as any estimated increases in future sales prices based upon the projected rate of unit sales, the estimated time gap between presale and expected delivery, the impact of government policies, the local and regional competitive environment, and certain external factors such as the opening of a subway line, school or factory; and (c) the expected costs to be incurred in the future by the Group, including, but not limited to, construction cost, construction overhead, sales and marketing, sales taxes and interest costs. The Group’s determination of fair value requires discounting the estimated cash flows at a rate commensurate with the inherent risk associated with the assets and related estimated cash flows. The discount rate used in determining each project’s fair value depends on the stage of development, location and other specific factors that increase or decrease the risk associated with the estimated cash flows. For the periods presented, the Group did not recognize any impairment for real estate properties completed and under development. Revenue recognition Real estate sales are reported in accordance with the provisions of ASC 360, Property, Plant and Equipment Real Estate-Retail Land Percentage-of-completion method Revenue and profit from the sale of development properties in the PRC is recognized by the percentage-of-completion method on the sale of individual units when the following conditions are met: · Construction is beyond a preliminary stage. · The buyer is committed to the extent of being unable to require a refund except for non-delivery of the unit. · Sufficient units have already been sold to assure that the entire property will not revert to rental property. · Sales prices are collectible. · Aggregate sales proceeds and costs can be reasonably estimated. If any of the above criteria is not met, proceeds are accounted for as customer deposits until the criteria are met. The Group has, in the past, offered 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. Under the seller-financed contract arrangements, the buyer pays the purchase price for the residential unit in installment payments over one year. These contracts require a minimum down payment upon the contract execution date, followed by subsequent installment payments and a final payment upon delivery of the unit. Since 2013, PRC banks have tightened the distributions of mortgage loans to homebuyers. Therefore, mortgage loans for homebuyers have been subject to longer processing periods or even denied by the banks. The Group took the position that the processing periods of the contracts with underlying mortgage loans exceeding one year cannot be recognized as revenue under the percentage of completion method. As a result, the Group reversed contracted sales amounts of US$ 11.5 63 Under the percentage of completion method, revenues from units sold and related costs are recognized over the course of the construction period, based on the completion progress of a project. In relation to any project, revenue is determined by calculating the ratio of incurred costs, including land use rights costs and construction costs, to total estimated costs and applying that ratio to the contracted sales amounts. Cost of sales is recognized by determining the ratio of contracted sales during the period to total estimated sales value, and applying that ratio to the incurred costs. Current period amounts are calculated based on the difference between the life-to-date project totals and the previously recognized amounts. The effect of changes to total estimated contract cost or revenues, if any, are recognized in the period in which they are determined. Revenue recognized to date in excess of amounts received from customers is classified as current assets under accounts receivable. Amounts received from customers in excess of revenue recognized to date are classified as current liabilities under customer deposits. As of December 31, 2016 and December 31, 2017, the gross amounts received from customers in excess of revenues recognized were US$ 605.6 593.7 Any losses occurred or forecast to occur on real estate transactions are recognized in the period in which the loss is first anticipated. Full accrual method Revenue from sales of development properties in the United States where the construction period, the period from the construction permit award date to the unit delivery date is expected to be 12 months or less, or the construction period is expected to be longer than 12 months and sales prices are not certain to be collected is recognized by the full accrual method when the sale is consummated and the unit has been delivered. Revenue from the sale of properties held for sale is recognized by the full accrual method at the time of the closing of an individual unit sale. This occurs when title to the property is transferred to the buyer. A sale is not considered consummated until (a) the parties are bound by the terms of a contract, (b) all consideration has been exchanged, (c) any permanent financing of which the seller is responsible has been arranged, (d) all conditions precedent to closing have been performed, (e) the seller does not have substantial continuing involvement with the property, and (f) the usual risks and rewards of ownership have been transferred to the buyer. In addition, the buyer’s initial and continuing investment must be adequate to demonstrate a commitment to pay for the property, and the buyer’s receivable, if any, must not be subject to future subordination. Sales transactions not meeting all the conditions of the full accrual method are accounted for using the deposit method in which all costs are capitalized as incurred, and payments received from the buyer are recorded as a deposit liability. Cost of sales is recognized by determining the ratio of the area of the relevant units completed and sold to the estimated total project area, and applying that ratio to the estimated total project costs. For the year ended December 31, 2015, revenue was recognized in the amount of US$ 0.8 0.8 152.0 98.8 Real estate management services income is recognized ratably as services are provided over the term of the property management agreements. Employee salaries, and maintenance charges are recorded as the cost of real estate management services income. Real estate lease income is generally recognized on a straight-line basis over the terms of the tenancy agreements. Depreciation cost and maintenance cost of the property are recorded as the cost of real estate lease income. Other revenue includes services ancillary to the Group’s real estate projects, including landscaping and computer network engineering. Landscaping and computer network engineering income is recognized when services are provided. (i) Accounts receivable Accounts receivable consists of balances due from customers for the sale of residential units in the PRC and United States. These balances are unsecured, bear no interest and are due within a year from the date of the sale. Accounts receivable are reviewed periodically as to whether their carrying value has become impaired. The Group considers the assets to be impaired if the collectability of the balances become doubtful. As of December 31, 2016 and 2017, there was no allowance for doubtful accounts. (j) Other receivables Other receivables consist of various cash advances to unrelated companies and individuals with which the Group has business relationships. Other receivables are reviewed periodically as to whether their carrying value has become impaired. The Group considers the assets to be impaired if the collectability of the balances becomes doubtful. As of December 31, 2017, there was US$ 7,067,288 (k) Deposits for land use rights Deposits for land use rights consist of upfront cash payments made to local land bureaus to secure land use rights under executed short-term or long-term land framework cooperation agreements or land use rights agreements. Deposits for land use rights are reviewed periodically as to whether their carrying value has become impaired. The Group considers the assets to be impaired if the collectability of the balances become doubtful. There were no impairment losses for any periods presented. (l) Other deposits and prepayments Other deposits and prepayments mainly consist of upfront cash payments made to third parties related to the direct negotiation model in acquiring land parcels and prepaid tax. Other deposits and prepayments are reviewed periodically as to whether their carrying value has become impaired. The Group considers the assets to be impaired if the collectability of the balances become doubtful. There were no impairment losses for any periods presented. (m) Advances to suppliers Advances to suppliers consist of balances paid to contractors and vendors for services and materials that have not been provided or received and generally relate to the development and construction of residential units in the PRC. Advances to suppliers are reviewed periodically to determine whether their carrying value has become impaired. The Group considers the assets to be impaired if it is doubtful that the services and materials can be provided. As of December 31, 2016 and 2017, there was no allowance provided. (n) Customer deposits Customer deposits consist of sales proceeds received from customers from the sale of residential units in the PRC. In the PRC, customers will generally obtain financing for the purchase of their residential unit prior to the completion of the project. The lending institution will provide the funding to the Group upon the completion of the financing rather than the completion of the project. The Group receives these funds and recognizes them as a customer deposit current liability until the revenue can be recognized. (o) Notes payable and other payables Notes payable represents short-term bank acceptance notes issued by financial institutions that entitle the holder to receive the stated amount from the financial institutions at the maturity date of the notes. The Group has utilized notes payable to settle amounts owed to suppliers and contractors. The notes payable is non-interest bearing and is normally settled within six months. Notes payable was US$ 38,652,794 23,708,054 Other payables consist of balances for non-construction costs with unrelated companies and individuals with which the Group has business relationships. (p) Real estate properties held for lease, net Real estate properties held for lease are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Estimated useful lives of the real estate properties held for lease are 20 60 Maintenance, repairs and minor renewals are charged directly to expenses as incurred. Major additions and improvements to the real estate properties held for lease are capitalized. In accordance with ASC 360, Property, Plant and Equipment For the periods presented, the Group did not recognize any impairment for real estate properties held for lease. (q) Property and equipment, net Property and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Estimated useful lives of the assets are as follows: Corporate aircraft 15 Vehicles 5 Furniture and fixtures 5 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. (r) Long-term investments The Group accounts for long-term investments as equity method investment and cost method investments as follows: Where the Group has significant influence over the investee, the Group applies the equity method of accounting in accordance with ASC subtopic 323-10-20, Investments-Equity Method and Joint Ventures In accordance with ASC subtopic 325-20, Investments-Other: Cost Method Investments No impairment provision was provided for the Company’s long-term investments for any of the periods presented. (s) Capitalized interest The Group capitalizes interest as a component of building construction costs in accordance with ASC 835, Interest As a result of the total interest costs capitalized during the period, the interest expense for the years ended December 31, 2015, 2016 and 2017, was as follows: 2015 2016 2017 US$ US$ US$ Amortization of issuance cost related to other long term debt 6,554,767 9,371,957 4,384,801 Interest expense related to capital leases 2,617,000 2,055,995 1,705,739 Interest on borrowings 171,035,655 196,243,562 197,410,532 Total interest costs 180,207,422 207,671,514 203,501,072 Total interest costs capitalized (159,926,006) (177,814,682) (137,347,632) Interest expense, net 20,281,416 29,856,832 66,153,440 (t) Retirement benefits Regulations in the PRC require the Group to contribute to a defined contribution retirement plan for all permanent employees. Pursuant to the mandatory requirement from the local authority in the PRC, the retirement pension insurance, unemployment insurance, health insurance and housing fund were established for the employees during the term they are employed. For the years ended December 31, 2015, 2016 and 2017, the level of contribution to these funds for each employee was determined at 45 US$ 17,101,606 10,664,576 11,023,291 (u) Distribution of earnings and reserve fund The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions from its subsidiaries. The earnings reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries. In accordance with the PRC Company Law, the PRC subsidiaries are required to transfer 10 50 25 (v) Income taxes The Group accounts for income tax using the balance sheet method. Deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as unutilized net operating losses. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Group is able to realize their benefits, or that future utilization is uncertain. The Group assesses its need for valuation allowances by tax reporting unit by jurisdiction. Late payment interests and penalties arising from underpayment of income taxes is recognized according to the relevant tax law. The amount of interest expense to be recognized is computed by applying the applicable statutory rate of interest to the difference between the tax position recognized and the amount previously taken or expected to be taken in a tax return. Interest recognized in accordance with ASC 740-10, Income Tax In accordance with the provisions of ASC 740-10, the Group recognizes in its consolidated financial statements the impact of a tax position if a tax return’s position or future tax position is “more likely than not” to prevail (defined as a likelihood of more than fifty percent of being sustained upon audit, based on the technical merits of the tax position). Tax positions that meet the “more likely than not” threshold are measured (using a probability weighted approach) at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Group’s estimated liability for unrecognized tax benefits is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, certain changes and/or developments with respect to audits, and expiration of the statute of limitations. The outcome for a particular audit cannot be determined with certainty prior to the conclusion of the audit and, in some cases, appeal or litigation process. The actual benefits ultimately realized may differ from the Group’s estimates. As each audit is concluded, adjustments, if any, are appropriately recorded in the Group’s consolidated financial statements. Additionally, in future periods, changes in facts, circumstances, and new information may require the Group to adjust the recognition and measurement estimates with regards to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur. Land Appreciation Tax (“LAT”) In accordance with the relevant taxation laws for real estate companies of the provinces in which the subsidiaries operate in the PRC, the local tax authorities levy LAT based on progressive rates ranging from 30 60 in (x) Comprehensive income Comprehensive income is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income (y) Advertising and promotion expenses Advertising and promotion costs are expensed as incurred, or the first time the activity takes place, in accordance with ASC 720-35, Advertising Costs 53,932,462 35,350,419 39,718,114 Leases In accordance with ASC 840, Leases Capital leases are measured at the commencement of the lease at an amount equal to the present value at the beginning of the lease term of minimum lease payments during the lease term excluding that portion of the payments representing executory costs (such as insurance, maintenance, and taxes to be paid by the lessor) including any profit thereon. During the lease term, each minimum lease payment is allocated between a reduction of the obligation and interest expense to produce a constant periodic rate of interest on the remaining balance of the obligation (the interest method). A leased asset is amortized in a manner consistent with the Group’s normal depreciation policy for owned assets (Note 6). All other leases are accounted for as operating leases wherein rental payments are expensed as incurred. Certain lease arrangements contain escalation clauses. For the year ended December 31, 2017, the Group recorded operating lease expenses of US$ 5,132,393 7,613,448 6,626,414 (aa) Property warranty The Company and its subsidiaries provide customers with 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 | [1] |
[1] | Acquired on January 18, 2017. |
Short-term investments
Short-term investments | 12 Months Ended |
Dec. 31, 2017 | |
Short-term investments [Abstract] | |
Short-term investments | 3. Short-term investments The short-term investments represent investments in REITs publicly traded on the Hong Kong Stock Exchange, money market instruments and publicly traded debt and equity securities, which are expected to be realized in cash during the next 12 months. The Company accounts for the short-term investments in accordance with ASC subtopic 320-10, Investments-Debt and Equity Securities: Overall Fair Value Measurement The realized gains, and unrealized gains presented in the accompanying statements of comprehensive income are related to trading securities held as of December 31, 2017. The following summarizes the short-term investments measured at fair value at December 31, 2016 and 2017: December 31, 2016 US$ Aggregate fair Cost Unrealized Trading securities: Debt securities 20,601,816 20,599,683 2,133 REITs 15,612,864 15,266,447 346,417 Money market instruments 866,630 864,927 1,703 Equity securities 2,229,285 2,344,204 (114,919) Total 39,310,595 39,075,261 235,334 December 31, 2017 US$ Aggregate fair Cost Unrealized Trading securities: Debt securities 888,067 784,946 103,121 REITs 21,239,128 20,044,583 1,194,545 Money market instruments 26,577,133 26,574,990 2,143 Equity securities 9,035,230 8,239,060 796,170 Total 57,739,558 55,643,579 2,095,979 During the year ended December 31, 2017, US$ 7,873,987 2,505,696 2,095,979 235,334 |
Real estate properties developm
Real estate properties development completed and under development | 12 Months Ended |
Dec. 31, 2017 | |
Real estate properties development completed and under development [Abstract] | |
Real estate properties development completed, under development and held for sale | 4. 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, 2016 and 2017: December 31, December 31, US$ US$ Development completed: Zhengzhou Century East A 2,277,168 2,293,021 Suzhou International City Garden 89,490 441,934 Suzhou Xin City 16,624,117 - Kunshan International City Garden 867,612 - Jinan Xinyuan Splendid 2,309,387 4,349,276 Zhengzhou Xin City 15,762,256 15,052,135 Beijing Xindo Park 52,671,437 52,675,024 Suzhou Lake Royal Palace 76,426,976 3,400,095 Xingyang Splendid I 11,344,548 15,528,607 Zhengzhou Thriving Family 9,985,798 16,834,270 Shanghai Yipin Royal Palace 91,307,299 90,003,702 New York Oosten 197,513,164 131,656,360 Chengdu Thriving Family - 146,791,480 Sanya Yazhou Bay No.1 - 97,350,745 Xi’an Metropolitan - 127,107,105 Kunshan Royal Palace - 9,782,983 Jinan Xin Central - 77,779,716 Changsha Xinyuan Splendid - 49,346,740 Real estate properties development completed 477,179,252 840,393,193 Under development: Current: Xuzhou Colorful City 39,910,908 39,903,835 Kunshan Royal Palace 106,317,899 - Xingyang Splendid II 65,914,086 49,848,748 Xingyang Splendid III 25,059,220 47,475,624 Xingyang Splendid IV 7,355,332 8,433,926 Zhengzhou Xindo Park 97,287,900 86,116,485 Jinan Royal Palace 267,899,017 227,113,681 Sanya Yazhou Bay No. 1 142,950,465 - Changsha Xinyuan Splendid 213,231,900 - Chengdu Thriving Family 265,695,975 - Jinan Xin Central 120,430,389 - Zhengzhou Fancy City 67,957,047 43,895,304 Tianjin Spring Royal Palace 90,412,297 68,748,771 Henan Xin Central I 112,073,981 54,380,998 Henan Xin Central II 51,633,387 68,783,659 Zhengzhou Fancy City II(South) 52,819,852 16,036,363 Zhengzhou Fancy City II(North) 36,768,148 52,672,711 Xi’an Metropolitan 228,453,322 - Kunshan Xindo Park 94,591,527 84,020,974 Zhengzhou International New City I 140,971,898 173,061,962 Zhengzhou International New City II 58,441,356 135,671,000 Beijing Liyuan project 149,726,569 200,296,958 Changsha Mulian Royal Palace 53,014,425 89,289,525 XIN Eco Marine Group Properties Sdn Bhd 9,961,455 11,135,393 Hudson Garden project 64,926,299 84,953,745 Flushing 68,572,237 83,282,854 Changsha Furong Thriving Family - 59,459,200 Zhengzhou International New City III - 155,032,340 Zhuhai Prince Project - 93,205,573 Xi'an Aerospace City Project - 134,714,398 Kunshan Zhongyu Project - 137,704,916 Zhengzhou International New City Pending Staging - 287,388,593 Zhengzhou Hangmei Project - 42,437,196 Zhengzhou Heizhuzhuang Project - 337,850,952 Suzhou Yinhewan Project - 42,061,346 Xi’an Metropolitan II - 5,543,530 2,632,376,891 2,920,520,560 Profit recognized 332,294,461 396,756,891 Less: progress billings (Note 13) (1,245,536,188) (1,321,276,798) Total real estate properties under development 1,719,135,164 1,996,000,653 Total real estate properties development completed and under development 2,196,314,416 2,836,393,846 As of December 31, 2017, land use rights included in the real estate properties under development totaled US$ 1,761,525,629 1,231,794,738 As of December 31, 2017, land use rights with an aggregate net book value of US$ 908,833,863 379,078,976 |
Real estate properties held for
Real estate properties held for lease, net | 12 Months Ended |
Dec. 31, 2017 | |
Real estate properties held for lease, net [Abstract] | |
Real estate properties held for lease, net | 5. Real estate properties held for lease, net December 31, December 31, US$ US$ Elementary schools 3,074,648 3,264,185 Basement parking 9,531,080 10,118,622 Kindergartens 8,269,659 9,596,645 Parking facilities 16,969,627 58,460,591 Clubhouses 6,008,447 8,181,616 Shopping mall 130,952,922 211,690,677 Total costs 174,806,383 301,312,336 Accumulated depreciation (14,932,449) (23,379,023) Real estate properties held for lease, net 159,873,934 277,933,313 Depreciation expense for real estate properties held for lease for the year ended December 31, 2017 amounted to US$ 7,280,421 2,303,340 2,929,277 As of December 31, 2017, US$ 48,610,581 23,696,316 As of December 31, 2017, 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$ 2018 9,292,757 2019 9,982,702 2020 9,919,920 2021 9,657,447 2022 and thereafter 70,661,054 Total 109,513,880 |
Property and equipment, net
Property and equipment, net | 12 Months Ended |
Dec. 31, 2017 | |
Property and equipment, net [Abstract] | |
Property and equipment, net | 6. Property and equipment, net Property and equipment consisted of the following: December 31, December 31, US$ US$ Corporate aircraft (Note 12) 37,095,612 39,382,367 Vehicles 4,748,877 5,210,349 Furniture and fixtures 8,996,395 11,787,191 Total 50,840,884 56,379,907 Accumulated depreciation (16,750,788) (23,994,047) Property and equipment, net 34,090,096 32,385,860 Depreciation expense for property and equipment for the year ended December 31, 2017 amounted to US$ 5,350,256 4,947,575 5,093,038 2,613,008 2,713,085 2,461,283 Accumulated depreciation expense for property and equipment as of December 31, 2017 amounted to US$ 23,994,047 13,050,220 16,750,788 11,375,747 6,104,441 8,175,540 |
Long-term investment
Long-term investment | 12 Months Ended |
Dec. 31, 2017 | |
Long-term Investments [Abstract] | |
Long Term Investment [Text Block] | Long-term investment Initial Cost Ownership December 31, US$ US$ Cost method investee Zhengzhou Lianhe Real Estate Co., Ltd. 241,648 1.85 % 241,648 Equity method investee Shenzhen Zhong An Financial Lease Co., Ltd. 7,639,186 25 % 7,555,911 Total 7,797,559 Initial Cost Ownership December 31, US$ US$ Cost method investee Zhengzhou Lianhe Real Estate Co., Ltd. 241,648 1.85 % 241,648 Zhengzhou Taike Real Estate Co., Ltd. 738,073 3.75 % 738,073 Equity method investee Shenzhen Qianhai Jingjie City Renewal Investment Partnership (limited partnership) 8,118,800 n/a 8,118,800 Zhengzhou Xinci Health Service Co. Ltd. 1,290,135 60 % 1,202,661 Qingdao Huiju Zhihui City Industrial Development Co., Ltd. 413,210,492 49 % 412,593,226 Shenzhen Zhong An Financial Lease Co., Ltd. 7,639,186 25 % 8,207,136 Chengdu Xinyuan Renju Enterprise management Co., Ltd. 765,205 10 % 765,205 Wuhu Penghong Investment Center (Limited Partnership) 30,608,185 n/a 30,608,185 Wuhu Penghua Tenth Investment Center (Limited Partnership) 367,298,216 n/a 367,298,216 Total 829,773,150 On October 21, 2013, the Group acquired a 51% equity interest in Shaanxi Zhongmao. The Group and the other remaining shareholder exercises joint control over Shaanxi Zhongmao. The purpose of the joint venture is to undertake residential property development projects in Xi’an, Shaanxi Province. On February 23, 2016, upon the amendment of the articles of association, the Company obtained control over Shaanxi Zhongmao, which was previously accounted for as equity method investee (Note 8). As of December 31, 2016 and 2017, the Group has a 1.85% investment in Zhengzhou Lianhe Real Estate Co., Ltd. The Group does not exercise significant influence over Zhengzhou Lianhe Real Estate Co., Ltd. and therefore, the Group accounts for the investment under the cost method. Investment income is recognized by the Group when the investee declares a dividend and the Group believes it is collectible. On January 11, 2016, the Group together with two other entities established a joint venture called Shenzhen Zhong An Financial Lease Co., Ltd. (“Shenzhen Zhong An”), in which the Group holds a 25% equity interest. The purpose of the joint venture is to undertake financial lease businesses. For the year ended December 31, 2017, dividend received amounted to US$137,737 (2015: nil; 2016: nil). On November 3, 2016, the Company together with two third parties established Zhengzhou Xinci Health Service Co., Ltd. (“Zhengzhou Xinci”) to provide health service in Zhengzhou, in which the Company holds a 60% equity interest and injected capital amounted US$1,290,135 in 2017. Based on the articles of association, Company cannot exercise control over relevant activities of the investee, but it has the ability to exercise significant influence over Zhengzhou Xinci’s operation and financial decisions and accounted for it as an equity method investment. On January 9, 2017, the Company set up a limited partnership, Shenzhen Qianhai Jingjie City Renewal Investment Partnership (“Shenzhen Qianhai”), with third parties and made a capital injection of US$8,118,800. Shenzhen Qianhai will focus on investment in real estate renewal projects in Shenzhen city. The Company has significant influence over Shenzhen Qianhai operating and financial decisions and accounted for it as an equity method investment. On January 18, 2017, the Group acquired 51% equity interest in Zhengzhou Hangmei. Zhengzhou Hangmei, a consolidated subsidiary, holds a 3.75% equity interest of Zhengzhou Taike Real Estate Co., Ltd. amounting to US$738,073. The Group does not exercise significant influence over Zhengzhou Taike Real Estate Co., Ltd. and therefore, the Group accounted for the investment under the cost method. Investment income is recognized by the Group when the investee declares a dividend and the Group believes it is collectible. On April 19, 2017, the Company signed an agreement to acquire up to 70% equity interest of Qingdao Huiji 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., a non-affiliated company for a consideration of US$505 million. As of December 31, 2017, US$413,210,492 had been paid in exchange for 49% equity interest that 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. 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. The other two partners hold substantive participating rights whereas the Company only exercises significant influence, and therefore, accounted for its investment in Wuhu Penghong under the equity method. On September 8, 2017, Wuhu Penghong acquired 90.57% equity interest of Guangzhou Huanglong Information Technology Co., Ltd. (“Guangzhou Huanglong”) for a total cash consideration of US$19.7 million. On December 27, 2017, the Company with a non-affiliated company, established a limited partnership, called Wuhu Penghua Tenth Investment Center (Limited Partnership) (“Wuhu Penghua”), where the Company and the other partner invested US$367.3 million and US$153.0 million in cash, respectively. The other partner holds substantive participating rights whereas the Company only exercises significant influence, and therefore, accounted for its investment in Wuhu Penghua under the equity method. In December 2017, Wuhu Penghua and the Company made capital contributions amounting to US$6.9 million and US$0.8 million, representing a 90% and 10% equity interest in Chengdu Xinyuan Renju Enterprise Management Co., Ltd. (“Chengdu Renju”), respectively. The Company exercises significant influence and accounted for its investment in Chengdu Renju using equity method. As of December 31, 2017, the Group’s investment in the investees in the aggregate exceeded its proportionate share of the net assets of the equity method investee by nil (December 31, 2016: nil). This difference, if any, represents equity method goodwill and therefore, is not amortized. For the year ended December 31, 2017, the Group recognized investment loss amounting to US$1,710,070 (2015: gain of US$2,234,635; 2016: loss of US$324,612). As of December 31, 2016 and 2017, management noted no indicators of impairment related to these investments. December 31, US$ ( in thousands) Current assets 1,239,060 Noncurrent assets 563,759 Current liabilities 561,064 Non-current liabilities 517,004 Gross revenue 12,759 Gross profit 5,621 Loss from continuing operations (622 ) Net loss (898 ) As described above, substantially all of the investees became equity method investees of the Company only during the year ended December 31, 2017. Therefore, 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, 2017 | |
Acquisition of subsidiaries [Abstract] | |
Acquisition of subsidiaries | 8. Acquisition of subsidiaries Acquisition of Shaanxi Zhongmao Economy Development Co., Ltd. On February 23, 2016, the Group acquired an additional 14.98 516,086 65.98 The purchase was accounted for under the acquisition method of accounting. Accordingly, the impact related to this transaction is included in the Group’s financial statements only since the effective date of acquisition. The purchased assets and assumed liabilities were recorded at their respective acquisition date fair values. A gain is recorded equal to the amount by which the fair value of net identifiable assets exceeded the consideration paid. As such, the Group recognized a bargain purchase gain of US$ 2,004,507 This gain is shown as a component of other income on the Group’s consolidated statement of comprehensive income. The results of Shaanxi Zhongmao have been included in the Group’s consolidated financial statements since February 23, 2016. An analysis of the cash flows in respect of the acquisition of Shaanxi Zhongmao is as follows: US$ Cash consideration paid - Cash and cash equivalents acquired 15,055,431 Net inflow of cash and cash equivalents 15,055,431 The purchase price allocation for the acquisition is primarily based on a valuation determined by the Group with the assistance of an independent third party valuation firm. The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition on February 23, 2016. US$ Purchase consideration 516,086 Fair value of non-controlling interest 5,724,339 Fair value of previously held equity interests (i) 8,581,461 Bargain purchase gain recognized in other income 2,004,507 16,826,393 Fair value of net identifiable assets acquired: Cash and cash equivalents 15,055,431 Restricted cash 16,560,251 Real estate properties under development 180,647,050 Property and equipment, net 329,582 Current assets 54,780,760 Current liabilities (250,546,681) Net assets acquired 16,826,393 (i) A measurement gain of US$ 2,100,563 This acquisition was consistent with the Group’s strategy to develop residential real estate markets in high growth tier two cities in China. The actual results of operation after the acquisition date and pro forma results of operations for the acquisition have not been presented because the effects were not material. |
Short-term bank loans and other
Short-term bank loans and other debt | 12 Months Ended |
Dec. 31, 2017 | |
Short-term bank loans and other debt [Abstract] | |
Short-term bank loans and other debt | 9. 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, 2016 and 2017 consisted of the following: December 31, December 31, 2016 2017 US$ US$ Loan from The Bank of East Asia Due June 2, 2017, at 1.10% plus 3 month LIBOR(2) 34,421,617 - Due June 1, 2018, at 1.10% plus 3 month LIBOR(2) - 34,421,617 Due September 27, 2018, at 1.10% plus 3 month LIBOR(3) - 24,294,636 34,421,617 58,716,253 Loan from Ping’an Real Estate Co., Ltd. Due April 20, 2017, at 6.00% per annum(1) 43,246,360 - Loan from Huarong International Trust Co., Ltd. Limited Due September 30, 2017, at 8.30% per annum(1) 100,908,174 - Due August 9, 2018, at 8.50% per annum(4) - 20,522,788 100,908,174 20,522,788 Loan from Henan Zhongyuan Microfinance Co., Ltd. Due July 27, 2018, at 10.00% per annum - 7,652,046 Loan from Zhongyuan Aviation Leasing Co.,Ltd. Due November 23, 2018, at 10.00% per annum(5) - 15,304,092 Loan from Bridge Trust Co., Ltd. Due May 29, 2018, at 9.50% per annum - 41,933,213 Due November 29, 2018, at 9.50% per annum - 45,912,277 87,845,490 Loan from China Huarong Asset Management Co., Ltd.Shaanxi Branch Due December 14, 2018, at 11.50% per annum - 15,304,092 Loan from Kunlun Trust Co., Ltd. Due December 28, 2018, at 8.20% per annum - 38,260,231 Uncommitted on-demand revolving facilities from Bank of China International Limited 1.00% plus LIBOR(6) - 3,935,538 1.00% plus HIBOR(6) - 217,765 - 4,153,303 Total short-term bank loans and other debt 178,576,151 247,758,295 (1) These loans were paid in full in 2017. (2) The loan contract with the Bank of East Asia was amended to extend the maturity date of the loan. The Company accounted for the amendments, which did not result in a debt extinguishment pursuant to ASC 470-50, Debt Modifications and Exchanges 38,719,354 36,471,097 (3) Pursuant to the agreements with the Bank of East Asia this short-term debt is denominated in US$ and is secured by restricted cash of US$ 26,059,808 (4) Pursuant to the agreements with Huarong International Trust Co., Ltd, this other short-term debt is secured by the Group’s 100 (5) Pursuant to the agreements with Zhongyuan Aviation Leasing Co.,Ltd. this other short-term debt is secured by the Group’s 100 17,004,691 (6) These represent revolving credit facilities that are unsecured and repayable on demand. As of December 31, 2017, except when otherwise indicated the Group’s short-term bank loans and other debt were denominated in RMB and were mainly secured by the Group’s real estate properties under development with net book value of US$ 318,402 27,560,029 22,192,013 24,975,886 17,004,691 83,542,622 102,285,772 The weighted average interest rate on short-term bank loans and other debt as of December 31, 2017 was 7.67 6.53 |
Long-term bank loans
Long-term bank loans | 12 Months Ended |
Dec. 31, 2017 | |
Long-term bank loans [Abstract] | |
Long-term bank loans | 10. Long-term bank loans Long-term bank loans as of December 31, 2016 and 2017 consisted of the following: December 31, December 31, 2016 2017 US$ US$ Loan from ICBC Due December 26, 2021, at 6.175% per annum (1) 144,154,534 147,938,539 Due December 22, 2021, at 6.175% per annum (1) - 73,970,800 Due December 30, 2021, at 6.60% per annum (1) - 68,051,177 144,154,534 289,960,516 Loan from China Guangfa Bank Due December 15, 2018, at 4.75% per annum (1) 4,612,945 8,539,683 Due October 20, 2019, at 6.4125% per annum (2) - 14,691,929 4,612,945 23,231,612 Loan from Bank of China Due March 27, 2018, at 5.23% per annum (4) 43,246,360 22,956,138 Due July 6, 2020, at 5.46% per annum (1) - 22,956,138 43,246,360 45,912,276 Loan from Bank of Bohai Due March 14, 2019 at 5.415% per annum (5) 42,525,587 39,025,435 Loan from Bank of Beijing Due October 31, 2019 at 6.175% per annum (4) 18,740,089 - Due February 14, 2020 at 4.75% per annum (1) - 49,374,063 Loan from The Bank of East Asia 18,740,089 49,374,063 Due April 26, 2018, at 1.25% plus 3 month LIBOR (3) 13,250,000 13,250,000 Due June 1, 2018, at 1.25% plus 3 month LIBOR (3) 9,675,655 9,675,655 Due June 5, 2018, at 1.25% plus 3 month LIBOR (3) 10,000,000 10,000,000 Due August 15, 2018, at 1.25% plus 3 month LIBOR (3) 20,000,000 20,000,000 Due August 30, 2018, at 1.10% plus 3 month LIBOR (3) 9,700,000 9,700,000 Due September 19, 2018, at 1.10% plus 3 month LIBOR (3) 2,220,000 2,220,000 64,845,655 64,845,655 Total 318,125,170 512,349,557 Less: current portion of long-term bank loans (82,240,161) (501,330,611) Total long-term bank loans 235,885,009 11,018,946 As of December 31, 2017, the contractual maturities of these loans are as follows: Year Amount US$ 2018 96,341,476 2019 53,717,364 2020 72,330,201 2021 289,960,516 2022 and thereafter - Less: current portion of long-term bank loans (501,330,611) Total: long-term bank loans 11,018,946 Pursuant to the loan contracts, if the Group achieves an agreed upon sales target from the sales of the underlying real estate properties under development, the Group has an obligation to repay the loan before the maturity date. Therefore, the respective current portions of these loans have been classified as current liabilities as of December 31, 2017. (2) Pursuant to the agreements with China Guangfa Bank (3) Pursuant to the loan contract with The Bank of East Asia, these six loans from The Bank of East Asia, amounting to US$13.3 million, US$9.7 million, US$10.0 million, US$20.0 million, US$9.7 million and US$2.2 million respectively, are denominated in US$ and are secured by restricted cash of US$ 14,944,446 13,168,517 10,911,818 9,802,508 11,279,116 10,090,817 22,558,232 20,498,775 10,939,365 9,949,546 2,503,750 2,277,642 (4) These loans were paid in full or partially repaid in 2017. (5) Pursuant to the agreement with Bank of Bohai, the debt is secured by US$ 1,366,655 As of December 31, 2017, except when otherwise indicated, the Group’s long term bank loans were all denominated in RMB and were mainly secured by the Group’s real estate properties under development with net book value of US$ 399,622 114,610,709 103,643,167 The interest rates of these bank loans are adjustable based on the range of 100 139 5.43 5.07 |
Other long-term debt
Other long-term debt | 12 Months Ended |
Dec. 31, 2017 | |
Other long-term debt [Abstract] | |
Other long-term debt | 11. Other long-term debt As of December 31, 2016 and 2017, other long-term debt consisted of the following: December 31, December 31, 2016 2017 US$ US$ June 2019 Senior Secured Notes due on June 6, 2019 at 13.00% (1) 187,314,242 - November 2020 Senior Secured notes due on November 22, 2020 at 8.875% - 293,742,826 August 2019 Senior Notes due on August 30, 2019 at 8.125% 294,819,248 295,270,134 February 2021 Senior notes due on February 28, 2021 at 7.75% - 286,865,011 Corporate bonds due on December 28, 2020 at 7.50% 143,484,912 152,661,716 Corporate bonds due on January 27, 2021 at 7.47% 100,618,930 107,005,532 Corporate bonds due on March 14, 2021 at 7.09% 71,860,897 76,420,211 Corporate bonds due on August 15, 2019 at 8.20% 215,084,667 226,122,693 Corporate bonds due on April 7, 2020 at 8.20% - 172,188,160 Collateralized loan due on June 25, 2017 at 8.50% (1) 43,246,360 - Collateralized loan due on May 22, 2020 at 8.50% (2) - 135,992,164 Collateralized loan due on March 31, 2018 at 11.00% (1) 21,623,180 - Collateralized loan due on November 6, 2018 at 8.20% 23,064,725 6,387,795 Collateralized loan due on January 4, 2019 at 8.20% - 2,794,660 Collateralized loan due on May 10, 2018 at 7.501% 26,668,589 28,312,572 Collateralized loan due on May 30, 2018 at 9.00% (1) 64,869,540 - Collateralized loan due on June 19, 2018 at 9.50% (1) 50,454,087 - Collateralized loan due on July 31, 2021 at 8.00% (3) 46,129,451 48,973,095 Collateralized loan due on August 2, 2021 at 8.00% (4) 5,333,718 5,662,515 Collateralized loan due on September 6, 2019 at 8.50% - 15,304,092 Collateralized loan due on October 30, 2019 at 9.00% - 2,479,263 Collateralized loan due on November 2, 2019 at 9.00% - 28,128,922 Collateralized loan due on November 23, 2024 at 6.90% (1) 43,246,360 40,173,242 Collateralized loan due on March 17, 2020 at 7.37% - 35,199,412 Collateralized loan due on November 30, 2019 at 9.50% (5) - 260,169,569 Non-controlling shareholder’s loan due on May 30, 2019 at 8.50% (6) - 246,778,489 Non-controlling shareholder’s loan due on February 28, 2018 at 10.50% (1) 20,614,098 - Non-controlling shareholder’s loan due on February 28, 2018 at 8.50% (1) 103,719,187 - Fortress Credit Co. LLC loan due on June 9, 2017 at 7.25% plus LIBOR (1) 48,457,937 - Kent EB-5 LLC loan due on January 23, 2020 at 5.95% (7) 10,000,000 10,000,000 Kent EB-5 LLC loan due on April 30, 2020 at 5.95% (7) 5,000,000 5,000,000 Kent EB-5 LLC loan due on June 25, 2020 at 5.95% (7) 5,000,000 5,000,000 Kent EB-5 LLC loan due on August 4, 2020 at 5.95% (7) 5,000,000 5,000,000 Kent EB-5 LLC loan due on August 20, 2020 at 5.95% (7) 5,000,000 5,000,000 Kent EB-5 LLC loan due on October 1, 2020 at 5.95% (7) 10,000,000 10,000,000 Kent EB-5 LLC loan due on November 23, 2020 at 5.95% (7) 10,000,000 10,000,000 Kent EB-5 LLC loan due on March 15, 2021 at 5.95% (7) 9,500,000 9,500,000 Kent EB-5 LLC loan due on September 12, 2021 at 5.95% (7) 500,000 500,000 Ozarks loan due on July 13, 2017 at 4.50% plus 1 month LIBOR (1) 26,636,117 - Ozarks loan due on March 24, 2020 at 4.50% plus 1 month LIBOR (8) - 22,283,892 Bank Direct Capital Finance loan due on January 1, 2020 at 4.19% (9) - 2,801,117 Total principal of other long-term debt 1,597,246,245 2,551,717,082 Less: current portion of other long-term debt (622,454,921) (1,146,902,643) Total other long-term debt 974,791,324 1,404,814,439 The August 2019, November 2020 and February 2021 Senior Secured Notes are senior secured pari passu obligations of the Company. Year Amount US$ 2018 34,700,367 2019 1,077,047,822 2020 864,869,287 2021 534,926,364 2022 and thereafter 40,173,242 Less: current portion of other long term debt (1,146,902,643) Total: Other long-term debt 1,404,814,439 (1) These loans were paid in full or partially repaid in 2017. (2) Pursuant to the agreements with Ping’an Trust Co., Ltd., this other long-term debt is secured by the Group’s equity interest in Qingdao Huiju. (3) Pursuant to the entrust loan agreements with CITIC Trust Co.,Ltd., the debt is secured by the Group’s equity interest in Henan Xinyuan Guangsheng and US$ 15,304,092 (4) Pursuant to the entrust loan agreements with CITIC Trust Co.,Ltd., the debt is secured by the Group’s equity interest in Henan Xinyuan Guangsheng. (5) Pursuant to the agreements with Ping’an Trust Co., Ltd., the debt is secured by the Group’s 51 (6) Pursuant to the agreements with Ping’an Trust Co., Ltd., which is the non-controlling shareholder of Ruihao Rongtong, this other long-term debt is secured by the Group’s 65 (7) Pursuant to the agreements with Kent EB-5 LLC, this other long-term debt amounting to US$ 60 (8) Pursuant to the agreements with Bank of Ozarks ( “Ozarks”), (9) Pursuant to the agreements with Bank Direct Capital Finance, this other long-term debt is denominated in US$ and unsecured, and repayable by month. As of December 31, 2017, except when otherwise indicated and the Senior Secured Notes 91,648,575 772,031,141 250,459,922 48,610,581 23,696,316 70,161,378 13,437,413 June 2019 Senior Secured Notes On December 6, 2013 200,000,000 June 6, 2019 13 semi-annually The effective interest rate of June 2019 Senior Secured Notes is 14.05 The June 2019 Senior Secured Notes were issued pursuant to the June 2019 Indenture, dated December 6, 2013, between the Company, the “Subsidiary Guarantors” identified below and Citicorp International Limited, as trustee and collateral agent. The Company’s obligations under the June 2019 Indenture and the June 2019 Senior Secured Notes have been guaranteed by certain of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Ltd., South Glory International Ltd., Elite Quest Holdings Ltd. and Xinyuan International (HK) Property Investment Co., Limited (the “Subsidiary Guarantors”) and will be guaranteed by such other future subsidiaries of the Company as is set forth in and in accordance with the terms of the June 2019 Indenture. The Company’s obligations under the June 2019 Indenture and the June 2019 Senior Secured Notes are secured by a pledge of the capital stock of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Ltd., South Glory International Ltd. and Elite Quest Holdings Ltd. The Company may redeem the June 2019 Senior Secured Notes, in whole or in part, at 106.5 103.25 12 At any time prior to June 6, 2017, the Company may at its option redeem the June 2019 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0 100 At any time prior to June 6, 2017, the Company may redeem up to 35 113 65 The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the June 2019 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the June 2019 Secured Senior Notes. The June 2019 Indenture, as amended, contains certain covenants that, among others, restrict the Company’s ability and the ability of the Company’s Restricted Subsidiaries (as defined in the June 2019 Indenture) to incur additional debt or to issue preferred stock, to make certain payments or investments, to pay dividends or purchase or redeem capital stock, to sell assets (including limitations on the use of proceeds of asset sales), to grant liens on the collateral securing the June 2019 Senior Secured Notes or other assets, to make certain other payments or to engage in transactions with affiliates and holders of more than 10 2.75 1.0 3.0 1.0 Debt Modifications and Exchanges On July 10, 2017, the Company redeemed the June 2019 Senior Secured Notes for a total redemption amount of US$ 215,456,000 200,000,000 2,456,000 13,000,000 6.5 The Company recognized loss on extinguishment of debt amounting to US$ 15,879,702 13,000,000 2,879,702 August 2019 Senior Secured Notes On August 30, 2016 300,000,000 8.125 semi-annually The effective interest rate of August 2019 Senior Secured Notes is 9.06 The August 2019 Senior Secured Notes were issued pursuant to an indenture, dated August 30, 2016, between the Company, the “Subsidiary Guarantors” identified below and Citicorp International Limited, as trustee and collateral agent (the “August 2019 Indenture”). The Company’s obligations under the August 2019 Indenture and the August 2019 Senior Secured Notes have been guaranteed by certain of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Ltd., South Glory International Ltd., Elite Quest Holdings Ltd. and Xinyuan International (HK) Property Investment Co., Limited (the “Subsidiary Guarantors”) and will be guaranteed by such other future subsidiaries of the Company as is set forth in and in accordance with the terms of the August 2019 Indenture. The Company’s obligations under the August 2019 Indenture and the August 2019 Senior Secured Notes are secured by a pledge of the capital stock of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Limited, South Glory International Limited and Elite Quest Holdings Ltd.. At any time prior to August 30, 2019, the Company may at its option redeem the August 2019 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0 1.00 100 At any time prior to August 30, 2019, the Company may redeem up to 35 108.125 65 The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the August 2019 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the August 2019 Secured Senior Notes. The August 2019 Indenture, contains certain covenants that, among others, restrict the Company’s ability and the ability of the Company’s Restricted Subsidiaries (as defined in the August 2019 Indenture) to incur additional debt or to issue preferred stock, to make certain payments or investments, to pay dividends or purchase or redeem capital stock, to sell assets (including limitations on the use of proceeds of asset sales), to grant liens on the collateral securing the August 2019 Senior Secured Notes or other assets, to make certain other payments or to engage in transactions with affiliates and holders of more than 10 2.50 1.0 February 2021 Senior Secured Notes On February 28, 2017 300,000,000 7.75 semi-annually 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 1.00 100 At any time prior to February 28, 2021, the Company may redeem up to 35 107.75 65 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 2.0 1.0 November 2020 Senior Secured Notes On November 22, 2017 and December 1, 2017, the Company issued an aggregate principal amount of US$ 200,000,000 100,000,000 8.875 semi-annually November 22, 2020 The effective interest rate of November 2020 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 1.00 100 November 2020 At any time prior to November 22, 2020, the Company may redeem up to 35 108.875 65 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 November 2020 2.0 1.0 Onshore Corporate Bonds On December 28, 2015, Xinyuan China issued the first tranche of the onshore corporate bonds with an aggregate principal amount of RMB 1 154 7.5 On January 27, 2016 0.7 107 7.47 On March 14, 2016 0.5 77 7.09 The above three tranches of onshore corporate bonds were issued at par. Upon the third anniversary of the issuance of each tranche of bonds, Xinyuan China may adjust the applicable coupon rate and the holders have the right within a specified time period to require the Company to repurchase the bonds following the Company’s announcement of whether it intends to adjust the interest rate. Upon the third anniversary on December 28, 2017, the first tranche of the onshore corporate bonds have been reclassified to current liabilities. On August 15, 2016, Xinyuan China issued a new tranche of onshore corporate bonds with an aggregate principal amount of RMB 1.5 216 7.5 On April 7, 2017 173 April 7, 2020 8.2 Upon the first anniversary of the issuance of the New Tranche and 2017 Tranche, respectively, Xinyuan China may adjust the applicable coupon rate and the holders have the right within a specified time period to require the Company to repurchase the bonds following the Company’s announcement of whether it intends to adjust the interest rate. Therefore, the entire amount of the New Tranche and 2017 Tranche, respectively, has been classified as current liabilities for the periods presented. On August 15, 2017, Xinyuan China adjusted the annual interest rate of the New Tranche Bonds to 8.2% from 7.5% . |
Capital lease obligations
Capital lease obligations | 12 Months Ended |
Dec. 31, 2017 | |
Corporate aircraft capital lease [Abstract] | |
Capital lease obligations | 12. Capital lease obligations On October 23, 2012, the Group entered into an agreement with Minsheng Hongtai (Tianjin) Aircraft Leasing Co., Ltd. (“Minsheng”) to lease a corporate aircraft. The lease meets the transfer-of-ownership to the lessee criterion and is therefore, classified as a capital lease. The corporate aircraft was delivered on September 12, 2013, and the capital lease commenced on September 15, 2013 (the “Commencement Date”). The lease has an eight year term and expires on September 15, 2021 32 1,426,435 6.7 10.47 On August 1, 2016, the Group entered into a sale and leaseback agreement with Shenzhen Zhong An for shopping mall equipment. Upon expiration of the lease period and settlement of all the lease payments, the Group is entitled to purchase the leased assets at a nominal amount. The lease meets the transfer-of-ownership to the lessee criterion and is therefore, classified as a capital lease. The capital lease commenced on August 1, 2016 (the “Commencement Date”). The lease has a three year term and expires on July 31, 2019 12 260,143 5.58 Capital lease obligations are summarized as follows: December 31, December 31, US$ US$ Capital lease obligations, net of current maturities Due to Minsheng 13,518,898 10,764,638 Due to related party - Shenzhen Zhong An 1,496,610 650,706 15,015,508 11,415,344 Current maturities of capital lease obligations Due to Minsheng 2,869,663 3,353,698 Due to related party - Shenzhen Zhong An 1,053,731 1,118,688 3,923,394 4,472,386 Total capital lease obligations 18,938,902 15,887,730 |
Customer deposits
Customer deposits | 12 Months Ended |
Dec. 31, 2017 | |
Customer deposits [Abstract] | |
Customer deposits | 13. Customer deposits Advances for real estate properties comprise of sales proceeds received from customers for the pre-sale of residential units in the PRC. Advances for real estate properties are typically funded up to 40 80 December 31, December 31, US$ US$ Advances for real estate properties 1,412,304,143 1,683,218,520 Add: (decrease)/ increase in revenue recognized in excess of amounts received from customers (16,222,702) 76,399,991 Less: recognized as progress billings (Note 4) (1,245,536,188) (1,321,276,798) Customer deposits (Note 2(h),2(n)) 150,545,253 438,341,713 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income taxes [Abstract] | |
Income taxes | 14. Income taxes (a) Corporate income tax (“CIT”) Under the current law of the Cayman Islands, the Company is not subject to income tax. The Company’s PRC subsidiaries are subject to income tax at the statutory rate of 25% in accordance to the PRC corporate income tax laws and regulations. Further, under the same tax laws and regulations, dividends paid by PRC enterprises out of profits earned post-2007 to non-PRC tax resident investors are subject to PRC dividend withholding tax of 10 The Company’s HK subsidiaries are subject to income tax at the statutory rate of 16.5 The Company’s US subsidiaries are subject to income tax at the effective rate of approximately 30 The Company’s Malaysian subsidiaries are subject to income tax at the statutory rate of 25 There is no provision for income taxes for the Company’s Malaysian subsidiaries because these subsidiaries were in a cumulative loss positions for all the periods presented. Income/(loss) before income tax expenses consists of: Year ended December 31, 2015 2016 2017 US$ US$ US$ PRC 154,833,605 211,620,233 275,898,007 Non PRC (35,840,702) (45,909,678) (82,669,476) Total 118,992,903 165,710,555 193,228,531 Income tax expenses for the years ended December 31, 2015, 2016 and 2017 are summarized as follows: Year ended December 31, 2015 2016 2017 US$ US$ US$ Current: CIT tax expense 48,523,618 70,285,607 103,302,037 Land Appreciation Tax (“LAT”) expense 23,223,407 33,254,340 40,203,748 Deferred tax benefit (19,235,707) (17,292,072) (30,388,659) Income tax expense 52,511,318 86,247,875 113,117,126 The Group’s income tax expense differs from the tax expense computed by applying the PRC statutory CIT rate of 25% for the years ended December 31, 2015, 2016 and 2017, are as follows: Year ended December 31, 2015 2016 2017 US$ US$ US$ CIT at rate of 25% 29,748,226 41,427,639 48,307,133 Tax effect of non-deductible expenses 2,028,153 7,425,406 3,641,665 Unrecognized tax benefits (6,354,200) (1,949,726) - LAT expense 23,223,407 33,254,340 40,203,748 CIT benefit of LAT (5,805,852) (8,313,585) (10,050,937) Changes in valuation allowance 4,274,501 (1,161,335) 3,180,741 International rate differences 6,075,360 17,814,114 10,149,331 Dividend and interest withholding taxes 3,675,156 - 18,877,500 Adjustment of estimated income tax accruals (4,412,050) (1,979,380) (954,552) Others 58,617 (269,598) (237,503) Actual income tax expense 52,511,318 86,247,875 113,117,126 (b) Unrecognized tax benefit The following table summarizes the activities related to the Group’s unrecognized tax benefits: 2015 2016 2017 US$ US$ US$ Balance at January 1 14,005,004 17,842,283 20,491,988 Additions for tax positions of current year 11,592,738 5,549,004 10,813,497 Movement in current year due to foreign exchange rate fluctuation (313,640) (68,926) 2,001 Reductions for tax positions of prior years (3,669,272) (880,647) (76,110) Lapse of statute of limitations (3,772,547) (1,949,726) - Balance at December 31 17,842,283 20,491,988 31,231,376 The movement in the liability for unrecognized tax benefits of US$11,592,738 in 2015 was due to deemed interest income from subsidiaries of the Company during the year. The movement in the liability for unrecognized tax benefits of US$313,640 was due to the fluctuation of US$/RMB exchange rate, and therefore was recorded as other comprehensive income arising from the foreign currency translation. The remaining change of US$3,772,547 was recognized as a reduction of unrecognized tax benefits mainly due to the expiration of the statute of limitations period, and the amount of US$3,669,272 was recognized due to the availability for taxation deductions in 2015. The movement in the liability for unrecognized tax benefits of US$5,549,004 in 2016 was due to deemed interest income from subsidiaries of the Company during the year. The movement in the liability for unrecognized tax benefits of US$68,926 was due to the fluctuation of US$/RMB exchange rate, and therefore was recorded as other comprehensive income arising from the foreign currency translation. The remaining change of US$1,949,726 was recognized as a reduction of unrecognized tax benefits mainly due to the expiration of the statute of limitations period, and the amount of US$880,647 was recognized due to the availability for taxation deductions in 2016. The current year movement in the liability for unrecognized tax benefits of US$10,813,497 in 2017 was due to deemed interest income from subsidiaries of the Company during the year. The movement in the liability for unrecognized tax losses of US$ 2,001 was due to the fluctuation of US$/RMB exchange rate, and therefore was recorded as other comprehensive income arising from the foreign currency translation. The remaining change of US$ 76,110 was recognized due to the availability for taxation deductions in 2017. As of December 31, 2016 and 2017, unrecognized tax benefits of nil and nil, 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, 2017. 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 PRC income tax returns for fiscal year 2012 through fiscal year 2017 remain open to potential examination. In addition, local tax authorities may exercise broad discretion in applying the tax law, thus potentially exposing the PRC subsidiaries to audits of tax years outside the general statute of limitations. It is the Group’s continuing practice to recognize late payment interests and penalties related to uncertain tax positions in interest expenses and other expenses, respectively. For the years ended December 31, 201 5, 2016 and 2017, no late payment interests and penalties have been recognized under ASC 740-10. (c) LAT LAT is applicable at progressive tax rates ranging from 30 60 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 Group adopted ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , December 31, 2016 December 31, 2017 US$ US$ Deferred tax assets: Tax loss carried forward 24,163,474 41,367,888 Accruals and provisions 15,756,338 46,491,643 Capitalized expenses 4,667,343 11,992,000 Revenue recognition of real estate lease income on a straight-line basis 9,132,603 11,285,190 Deemed interest income 20,417,879 31,231,375 Valuation allowance (2,913,798) (6,706,131) Others 74,109 12,843 Total deferred tax assets 71,297,948 135,674,808 Deferred tax liabilities: Revenue recognition based on percentage of completion (57,670,568) (76,968,132) Real estate properties accelerated cost deduction (794,822) (1,274,068) Taxable temporary differences arising from asset acquisitions (42,703,964) (107,224,810) Dividend and interest withholding taxes (13,500,239) (32,377,738) Others (45,533) (27,508) Total deferred tax liabilities (114,715,126) (217,872,256) Certain of the Company’s PRC subsidiaries have PRC tax net operating loss carry forwards of US$ 153.9 96.6 US$ 9.1 1.8 During 2016 and 2017, the Company has considered its operational funding needs, future development initiatives and its dividend distribution plan and is permanently reinvesting all but US$ 482.6 566.1 393.9 13.5 21.9 407.7 547.0 40.8 54.7 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 allowance amounting US$2,913,798 and US$ 6,706,131 as of December 31, 2016 and 2017, |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2017 | |
Share-based compensation [Abstract] | |
Share-based compensation | 15. Share-based compensation As of December 31, 2017, the Company has three share-based compensation plans under which awards may be granted to both employees and non-employees, namely, the 2007 Long Term Incentive Plan (the “2007 Plan”), 2015 Long Term Incentive Plan (the “2015 Plan”), and 2014 Restricted Stock Unit Plan (the “2014 RSU Plan”). Compensation cost of US$ 4,894,478 4,904,626 7,828,255 and payroll and welfare payable 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 On February 26, 2015, under the 2007 Plan, the Company granted share options with service conditions to purchase up to 200,000 1.255 0.36 71,853 36 February 26, 2025 On April 10, 2015, under the 2007 Plan, the Company granted share options with service conditions to purchase up to 600,000 1.605 0.52 312,671 36 April 10, 2025 On July 1, 2015, under the 2007 Plan, the Company granted share options with service conditions to purchase up to 1,200,000 1.71 0.48 577,836 36 July 1, 2025 On September 30, 2015, under the 2007 Plan, the Company granted share options with service conditions to purchase up to 200,000 1.39 0.50 100,243 36 September 30, 2025 On November 6, 2015, under the 2007 Plan, the Company granted share options with service conditions to purchase up to 200,000 1.81 0.61 122,109 36 November 6, 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 On July 1, 2015, under the 2015 Plan, the Company granted share options with service conditions to purchase up to 6,574,600 1.71 0.48 3,165,867 34 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 1.71 0.42 34,294 33 July 29, 2025 Assumptions No options were granted during the years ended December 31, 2016 and 2017. 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 Granted in Options Granted in 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 Options Under the 2007 Plan Number of Weighted Weighted Aggregate Outstanding, January 1, 2017 7.0 (exercise price) 792,056 7.00 0.83 - 2.975 (exercise price) 180,000 2.975 1.50 - 1.21 (exercise price) 754,000 1.21 3.95 957,580 1.085 (exercise price) 100,000 1.085 4.50 139,500 1.64 (exercise price) 200,000 1.64 5.87 168,000 2.105 (exercise price) 559,124 2.105 6.50 209,672 2.86 (exercise price) 600,000 2.86 6.67 - 1.21 (exercise price) 342,400 1.21 7.50 434,848 1.81(exercise price) 134,000 1.8100 8.85 89,780 Granted - - - - Options Under the 2007 Plan Number of Weighted Weighted Aggregate Exercised 1.21 (exercise price) 641,262 1.21 - 800,889 2.105 (exercise price) 559,124 2.105 - 258,432 1.21 (exercise price) 303,000 1.21 426,439 1.81 (exercise price) 66,000 1.81 - 79,441 Forfeited 2.86 (exercise price) 600,000 2.86 - - 7.0 (exercise price) 792,056 7.00 - - Outstanding, December 31, 2017 2.975 (exercise price) 180,000 2.975 0.50 77,400 1.21 (exercise price) 112,738 1.21 2.95 247,460 1.085 (exercise price) 100,000 1.085 3.50 232,000 1.64 (exercise price) 200,000 1.64 4.87 353,000 1.21 (exercise price) 39,400 1.21 6.50 86,483 1.81(exercise price) 68,000 1.81 7.85 108,460 Exercisable as at December 31, 2017 2.975 (exercise price) 180,000 2.975 0.50 77,400 1.21 (exercise price) 112,738 1.21 2.95 247,460 1.085 (exercise price) 100,000 1.085 3.50 232,000 1.64 (exercise price) 200,000 1.64 4.87 353,000 1.21 (exercise price) 39,400 1.21 6.50 86,483 1.81 (exercise price) 1,332 1.81 7.85 2,125 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$ 3.405 33,919 0.85 633,113 362,487 40,703 Options Under the 2015 Plan Number of Weighted Weighted Aggregate Outstanding, January 1, 2017 1.71(exercise price) 81,600 1.71 8.58 62,832 1.71(exercise price) 4,791,200 1.71 8.50 3,689,224 Granted - - - - Exercised 1.71(exercise price) 1,062,542 1.71 - 1,061,444 Forfeited 1.71 (exercise price) 27,200 1.71 - - 1.71 (exercise price) 203,736 1.71 - - Outstanding, December 31, 2017 1.71(exercise price) 54,400 1.71 7.58 92,208 1.71(exercise price) 3,524,922 1.71 7.50 5,974,743 Exercisable as at December 31, 2017 1.71(exercise price) 54,400 1.71 7.58 92,208 1.71(exercise price) 2,073,920 1.71 7.50 3,515,294 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$ 3.405 232,900 0.5 952,941 769,798 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 On May 23, 2014, the Company established a trust that is governed by a third party trustee and deposited US$ 7,042,725 4,234,884 On April 10, 2015, under the 2014 RSU Plan, the Company deposited US$ 3,259,998 2,076,964 On April 18, 2016, under the 2014 RSU Plan, the Company deposited US$ 4,003,999 1,614,220 On July 27, 2017, under the 2014 RSU Plan, the Company deposited US$ 3,485,952 The weighted average grant-date fair value of restricted shares granted during the years ended December 31, 2015, 2016 and 2017 was US$ 1.60 2.75 2.68 Other awards On December 29, 2014, Xinyuan International (Hong Kong) Property Investment Inc. (“XYHK”) signed an agreement to acquire a 100 On the acquisition date, EMG signed an agreement (“Service Agreement”) with one of the selling shareholders, Mr. Alex Teh Chee Teong (“Mr.Teh”), appointing Mr. Teh as a project manager to assist XYHK in supervising and completing the land reclamation development within twenty four months from the reclamation works commencement date. Under the same Service Agreement, EMG granted Mr. Teh an option to purchase 25 3,167,000 On March 20, 2017, the Compensation Committee approved a bonus to one senior executive. A portion of the bonus amounting to US$ 740,223 740,223 |
Other payables and accrued liab
Other payables and accrued liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Other payables and accrued liabilities [Abstract] | |
Other payables and accrued liabilities | 16. Other payables and accrued liabilities The components of other payables and accrued liabilities are as follows: December 31, December 31, US$ US$ Contract deposit 81,095,384 89,383,227 Accrued expense 22,325,547 41,715,403 Deed tax and maintenance fund withheld for customers 10,566,064 12,149,522 Bidding deposit 1,959,950 2,983,801 Welfare payable 1,489,242 1,657,567 Other tax payable 7,908,792 8,172,022 Accrued aircraft operating expense 1,251,952 842,663 Accrued interest expense 42,371,395 54,250,778 Others 30,692,839 88,963,349 Total 199,661,165 300,118,332 |
Related party and employee tran
Related party and employee transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related party and employee transactions [Abstract] | |
Related party and employee transactions | 17. Related party and employee transactions (a) Amounts due from related parties December 31, December 31, US$ US$ Current: Beijing Starry Sky Cinema Co., Ltd. (“Starry Sky”) 17,731,875 5,909,736 Beijing Aijieli Technology Development Co., Ltd. - 12,889,735 Beijing Ruizhuo Xitou Technology Development Co., Ltd. - 10,429,990 Beijing Ruizhuo Xichuang Technology Development Co., Ltd. - 3,576,543 Chengdu Renju - 35,199,433 Guangzhou Huanglong - 38,934,992 Qingdao Huiju - 18,721,643 Total current amounts due from related party 17,731,875 125,662,072 Non current: Xinzheng Meihang Network Technology Co., Ltd. - 24,665,944 Total 17,731,875 150,328,016 As of December 31, 2016, the balance due from Starry Sky is related to advances for operational needs without any fixed payments terms. This balance was unsecured, bears no interest, and was expected to be repaid in one year. As of December 31, 2017, the Company advanced 5,869,138 1,155,459 7.5 10 40,598 14,941,349 During the year ended December 31, 2016, the Group received full reimbursement of US$ 3.12 4.35 Aijieli, Xitou and Xichuang are companies owned by senior management members of the Company As of December 31, 2017, the balance due from Chengdu Renju (Note 7) is related to advances for operational needs without any fixed payments terms. This balance is unsecured, bears no interest, and is expected to be repaid in one year. In 2017, the Company advanced 38,260,231 17.5 353,375 321,386 As of December 31, 2017, the balance due from Qingdao Huiju (Note 7) is related to advances for operational needs without any fixed payments 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, one of the Company’s subsidiaries. As of December 31, 2017, the Company advanced US$ 24,100,060 11.5 565,884 (b) Amounts due to related party December 31, December 31, US$ US$ Current: Shenzhen Pingjia Investment Management Co., Ltd. 66,229,724 - Suzhou Fuchao Enterprise Management Consulting Co., Ltd. - 23,387,006 Nanjing Gold Pedestal Real Estate Development Co., Ltd. - 23,388,992 Suzhou Country Garden Real Estate Development Co.,Ltd. - 23,385,379 Taicang Guangyuan Real Estate Development Co., Ltd. - 23,387,006 Suzhou Fuyi Enterprise Management Consulting Co., Ltd. - 7,470,721 Suzhou Guozhan Commercial Plaza Development Co., Ltd. - 7,470,721 Kunshan Shine Land Group Co., Ltd - 7,470,721 Shanghai Cifi Enterprise Management Co., Ltd. - 7,431,209 Shanghai Xinbi Real Estate Development Co., Ltd. - 3,671,987 Changxing Xinbi Investment Management Partnership (limited partnership) - 743,121 Foshan Shunde District Gongheng Investment Co., Ltd. - 371,560 Total current amounts due to related party 66,229,724 128,178,423 Non current: Xinzheng Meihang Network Technology Co., Ltd. - 29,917,961 Total 66,229,724 158,096,384 Shenzhen Pingjia Investment Management Co ., Ltd. (“Shenzhen Pingjia”) is the non-controlling interest shareholder of Zhengzhou Xinnan, one of the Company’s subsidiaries (Note 24). As of December 31, 2016, Shenzhen Pingjia advanced 63,572,149 24,086,781 12 2,657,575 On August 1, 2016, the Group entered into a sale and leaseback of shopping mall equipment agreement with Shenzhen Zhong An, which is an equity method investee of the Group (Note 12). On November 10, 2016, the Group acquired 70 30 On September 12, 2017, the Company sold 80 23,687,327 92,231,041 4.25 1,317,340 On December 1, 2017, the Company together with seven other non-affiliated companies, Suzhou Fuyi Enterprise Management Consulting Co., Ltd. (“Suzhou Fuyi”), Suzhou Guozhan Commercial Plaza Development Co., Ltd. (“Suzhou Guozhan”), Kunshan Shine Land Group Co., Ltd. (“Kunshan Shine”), Shanghai Cifi Enterprise Management Co., Ltd. (“Shanghai Cifi”), Shanghai Xinbi Real Estate Development Co., Ltd. (“Shanghai Xinbi”), Changxing Xinbi Investment Management Partnership (limited partnership) (“Changxing Xinbi”), Foshan Shunde District Gongheng Investment Co., Ltd. (“Foshan Shunde”), acquired 100 5,222,594 34,630,042 Meihang is the non-controlling shareholder of Zhengzhou Hangmei, one of the Company’s subsidiaries. As of December 31, 2017, Meihang advanced US$ 28,968,446 949,515 (c) Amounts due from employees December 31, December 31, US$ US$ Advances to employees 620,462 2,174,302 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 On June 28, 2016, the Group sold 6 506,696 On November 10, 2016, the Group sold 21.05 337,344 On July 31, 2017, the Company sold 1.33 1,256,909 On June 15, 2017, Xinyuan China, the Group’s related parties, and a third party signed a partnership agreement to form a limited partnership, Beijing Future Xinruifeng Science and Technology Development Center (Limited Partnership) (“Xinruifeng”). The related parties that are partners of Xinruifeng comprise of (i) senior management members; and (ii) Beijing Xinyuan Future Investment Management Co., Ltd. (“Xinyuan Future”), which is also owned by one senior management member of the Company. The third party and the related parties are general partners of Xinruifeng whereas Xinyuan China is a limited partner. Pursuant to the framework agreement signed in June 2017 by Xinruifeng and Xinyuan China, both parties agreed to invest a total of RMB 30 66.67 33.33 100 20 66.67 10 33.33 Pursuant to the framework agreement signed in June 2017 by Beijing Future Xinhujin Science and Technology Development Center (Limited Partnership) (“Xinhujin”), owned by a senior management member of the Company, and Xinyuan China, both parties agreed to invest a total of RMB 30 Xichuang 66.67 33.33 100 20 66.67 10 33.33 Pursuant to the framework agreement signed in June 2017 by Beijing Future Xinzhihui Science and Technology Development Center (Limited Partnership) (“Xinzhihui”), owned by a senior management member of the Company, and Xinyuan China, both parties agreed to invest a total of RMB 40 25 100 30 75 10 25 On June 24, 2017, Beijing Wanzhong, one of the Company’s subsidiaries, invested US$ 2,142,573 in the Xin Future No.1 Private Equity Fund. The fund is operated by Beijing Xinyuan Future Investment Management Limited, an investment company controlled by the Company’s key management personnel. Management accounted for this investment at fair value using the net asset value practical expedient and classified the investment as trading securities (Note 3). The Company can redeem its investment on the last trading day of each quarter by providing written notice in advance. The Company owns 51 49 100 1,530,409 For the year ended December 31, 2017, total directors’ remuneration amounted to US$ 10,634,720 8,549,672 10,295,641 All other related party transactions have been disclosed in Notes 1, 8 and 12. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Equity | 18. Equity (i) As at December 31, 2017, the Company’s authorized share capital was 500 0.0001 500 (ii) During the year ended December 31, 2017, 5,481,846 US$ 14,058,280 (iii) During the year ended December 31, 2017, the Company distributed quarterly dividends of US$ 0.05 26,090,734 All other equity transactions have been disclosed in Note 17. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share [Abstract] | |
Earnings per share | 19. Earnings per share Basic and diluted net earnings per share for each period presented are calculated as follows: December 31, 2015 2016 2017 US$ US$ US$ Numerator: Net income attributable to Xinyuan Real Estate Co., Ltd. Shareholders basic 66,482,107 72,977,548 63,627,551 Net income attributable to Xinyuan Real Estate Co., Ltd. shareholders diluted 66,482,107 72,977,548 63,627,551 Denominator: Weighted average number of shares outstanding, basic* 142,625,427 133,261,510 128,704,610 Stock options 348,603 1,271,209 1,877,785 Restricted stock units 3,513,919 3,120,310 1,023,474 Weighted average number of shares outstanding-diluted 146,487,949 137,653,029 131,605,869 Basic earnings per share 0.47 0.55 0.49 Diluted earnings per share 0.45 0.53 0.48 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, 2017, 180,000 11,878,986 2,260,762 |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment reporting | 20. Segment reporting The Group’s long-lived assets and revenue are mainly located in and derived from the PRC. Starting in 2012, a relatively smaller portion of the Group’s long-lived assets and revenue are located in and derived from the United States. The Group considers that each of its individual property developments is a discrete operating segment. The Group has aggregated its segments on a provincial basis as property development projects undertaken within a province have similar expected economic characteristics, type of properties offered, customers and market and regulatory environment. The Group’s reportable operating segments are comprised of Henan Province, Shandong Province, Jiangsu Province, Sichuan Province, Beijing, Hainan Province, Hunan Province, Shaanxi Province, Shanghai, Tianjin, Xinjiang and Zhuhai in the PRC; and the United States. Each geographic operating segment is principally engaged in the construction and development of residential real estate units. The “other” category relates to investment holdings, property management services, 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, fixtures and furniture and computer network equipment and accumulation of properties held for lease related to newly completed projects. No single customer accounted for more than 10% of net sales for the years ended December 31, 2015, 2016 and 2017. December 31, Henan Shandong Jiangsu Sichuan Beijing Hainan Hunan Shanghai Tianjin United Others Consolidated US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ Net real estate sales 251,681,188 186,222,554 371,469,943 36,372,298 166,775,534 3,534,278 42,191,276 70,058,447 4,631,258 1,530,000 - 1,134,466,776 Real estate lease income 4,484,591 202,892 - - - - - - - - 1,885,780 6,573,263 Real estate management services income - - - - - - - - - - 21,611,201 21,611,201 Other revenue 1,396,463 30,659 308,026 80,142 318,271 8,157 2,332 - 1,333 - (472,625) 1,672,758 Total revenue 257,562,242 186,456,105 371,777,969 36,452,440 167,093,805 3,542,435 42,193,608 70,058,447 4,632,591 1,530,000 23,024,356 1,164,323,998 Cost of real estate sales (160,197,316) (149,867,847) (305,417,991) (32,313,894) (118,868,527) (2,337,677) (30,095,959) (62,366,015) (3,534,525) (1,243,112) - (866,242,863) Cost of real estate lease income (2,202,367) (285,974) (1,416,157) - - - - - - - (51,824) (3,956,322) Cost of real estate management services (18,161) - - - - - - - - - (19,424,698) (19,442,859) Other costs 178,610 (376,070) (641,646) (3,615) (835,555) (324) - - (8,424) - (4,824) (1,691,848) Total cost of revenue (162,239,234) (150,529,891) (307,475,794) (32,317,509) (119,704,082) (2,338,001) (30,095,959) (62,366,015) (3,542,949) (1,243,112) (19,481,346) (891,333,892) Gross profit 95,323,008 35,926,214 64,302,175 4,134,931 47,389,723 1,204,434 12,097,649 7,692,432 1,089,642 286,888 3,543,010 272,990,106 Operating expenses (51,882,922) (13,528,548) (15,826,805) (3,672,935) (32,178,776) (6,617,557) (5,090,601) (4,346,174) (10,002,768) (4,971,109) (19,336,890) (167,455,085) Operating income/(loss) 43,440,086 22,397,666 48,475,370 461,996 15,210,947 (5,413,123) 7,007,048 3,346,258 (8,913,126) (4,684,221) (15,793,880) 105,535,021 Interest income 23,284,854 237,687 442,560 18,752 331,042 3,968 45,592 134,580 2,966 - 1,735 24,503,736 Interest expense 21,612,239 - - - - - - - - 17,587,083 (59,480,738) (20,281,416) Net realized gain on short-term investments - - - - - - - - - - 603,078 603,078 Share of gain in an equity investee 2,234,635 - - - - - - - - - - 2,234,635 Loss on extinguishment of debt - - - - - - - - - - - - Exchange gains 403,286 - - - - - - - - - 403,286 Unrealized income on short-term investments - - - - - - - - - - 49,443 49,443 Other income - - - - - 4,677,244 - - - 2,950 1,264,926 5,945,120 Income/(loss) before income taxes 90,975,100 22,635,353 48,917,930 480,748 15,541,989 (731,911) 7,052,640 3,480,838 (8,910,160) 12,905,812 (73,355,436) 118,992,903 Income tax benefit /(expense) (16,234,099) (9,901,175) (32,061) (1,344,687) (13,479,368) 163,491 (5,634,909) (1,259,900) 1,739,065 2,825,203 (9,352,878) (52,511,318) Net income/(loss) 74,741,001 12,734,178 48,885,869 (863,939) 2,062,621 (568,420) 1,417,731 2,220,938 (7,171,095) 15,731,015 (82,708,314) 66,481,585 Depreciation and amortization 5,569,343 400,733 1,542,209 64,082 515,150 208,486 76,304 83,175 3,839 50,985 237,358 8,751,664 Capital expenditure 4,249,718 172,853 31,524 - 33,952,563 127,550 146,074 - 52,401 136,065 256,824 39,125,572 Real estate properties development completed 4,775,131 - 19,301,428 - - - - - - - - 24,076,559 Real estate properties under development 313,105,983 275,709,393 307,172,930 223,653,822 62,561,492 101,059,710 157,166,855 155,309,860 57,207,564 226,208,448 8,165,744 1,887,321,801 Real estate properties held for lease 42,511,937 4,487,714 23,416,217 - - - - - - - 716,714 71,132,582 Total long-lived assets 221,202,024 6,683,031 27,947,425 9,036,881 6,958,865 553,186 468,620 391,481 751,519 8,659,744 3,266,691 285,919,467 Total assets 1,064,084,941 457,041,948 655,880,819 206,485,216 346,527,256 135,047,439 110,988,357 128,502,762 19,201,186 162,538,391 262,584,869 3,548,883,184 December 31, Henan Shandong Jiangsu Sichuan Beijing Hainan Hunan Shanghai Tianjin Shaanxi United Others Consolidated US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ Net real estate sales 368,866,778 169,605,220 349,616,790 76,489,749 23,722,289 12,699,957 105,494,573 100,003,503 39,912,406 126,550,015 152,007,123 - 1,524,968,403 Real estate lease income 3,588,434 172,198 - - - - - - - 284,294 - 1,901,125 5,946,051 Real estate management services income 1,161,150 - - - - - - - - - - 28,861,597 30,022,747 Other revenue 303,521 102,415 471 - 280,007 - - - 1,078 - - - 687,492 Total revenue 373,919,883 169,879,833 349,617,261 76,489,749 24,002,296 12,699,957 105,494,573 100,003,503 39,913,484 126,834,309 152,007,123 30,762,722 1,561,624,693 Cost of real estate sales (252,522,117) (142,763,272) (273,738,274) (58,762,806) (30,743,520) (8,544,624) (75,514,694) (89,067,765) (22,837,517) (91,274,052) (128,803,285) - (1,174,571,926) Cost of real estate lease income (1,792,349) (287,832) (1,328,100) - - - - - - (225,776) - (48,588) (3,682,645) Cost of real estate management services (979,218) - - - - - - - - - - (23,302,224) (24,281,442) Other costs (525,052) (100,695) (69,971) - (404,649) - - - - - - - (1,100,367) Total cost of revenue (255,818,736) (143,151,799) (275,136,345) (58,762,806) (31,148,169) (8,544,624) (75,514,694) (89,067,765) (22,837,517) (91,499,828) (128,803,285) (23,350,812) (1,203,636,380) Gross profit 118,101,147 26,728,034 74,480,916 17,726,943 (7,145,873) 4,155,333 29,979,879 10,935,738 17,075,967 35,334,481 23,203,838 7,411,910 357,988,313 Operating expenses (41,459,159) (8,682,365) (12,234,106) (3,329,524) (38,841,455) (4,028,044) (6,372,468) (3,120,707) (16,533,371) (10,239,653) (11,002,123) (22,786,372) (178,629,347) Operating income/(loss) 76,641,988 18,045,669 62,246,810 14,397,419 (45,987,328) 127,289 23,607,411 7,815,031 542,596 25,094,828 12,201,715 (15,374,462) 179,358,966 Interest income 18,611,346 974,322 262,675 71,673 246,892 18,809 91,757 83,756 123,642 92,040 - 339,655 20,916,567 Interest expense (6,312,134) - - - - - - - - - (3,444,399) (20,100,299) (29,856,832) Net realized gain on short-term investments 1,316,577 - - - (1,742) - - - - - - 1,190,861 2,505,696 Share of (loss)/gain in an equity investee (688,363) - - - - - - - - - - 363,751 (324,612) Loss on extinguishment of debt - - - - - - - - - - - (12,123,750) (12,123,750) Exchange gains 461,627 - - - (130,591) - - - - - - 127,923 458,959 Unrealized income on short-term investments 7,862 - - - - - - - - - 227,472 235,334 Other income 4,534,357 - - - - - - - - 2,487 3,383 4,540,227 Income/(loss) before income taxes 94,573,260 19,019,991 62,509,485 14,469,092 (45,872,769) 146,098 23,699,168 7,898,787 666,238 25,186,868 8,759,803 (45,345,466) 165,710,555 Income tax expense (13,089,933) (11,666,859) (28,647,951) (5,223,645) 15,322,784 (556,388) (13,925,672) (3,089,750) (3,217,994) (12,955,165) (8,388,686) (808,616) (86,247,875) Net income/(loss) 81,483,327 7,353,132 33,861,534 9,245,447 (30,549,985) (410,290) 9,773,496 4,809,037 (2,551,756) 12,231,703 371,117 (46,154,082) 79,462,680 Depreciation and amortization 5,477,178 411,694 1,442,768 61,572 454,728 208,161 82,330 77,851 8,278 106,653 106,407 250,763 8,688,383 Capital expenditure 5,257,710 57,511 19,302 11,035 744,844 28,005 13,599 1,029 8,593 25,770 294,134 6,461,532 Real estate properties development completed 39,369,770 2,309,387 94,008,195 - 52,671,437 - - 91,307,299 - - 197,513,164 - 477,179,252 Real estate properties under development 376,001,881 236,984,737 104,989,367 202,565,917 149,726,569 137,338,481 188,578,773 - 13,222,946 166,266,501 133,498,536 9,961,456 1,719,135,164 Real estate properties held for lease 38,584,030 5,604,196 20,648,238 - - - - - - 94,413,043 - 624,427 159,873,934 Total long-lived assets 98,501,017 9,339,448 22,056,718 354,311 2,037,512 408,197 241,841 127,856 2,189,185 125,018,000 6,004,446 21,835,309 288,113,840 Total assets 1,371,127,748 370,315,900 354,089,481 222,100,489 283,695,245 207,361,083 276,147,610 109,047,209 97,995,395 356,256,758 409,269,847 162,152,194 4,219,558,959 December 31, 2017 Henan Shandong Jiangsu Sichuan Beijing Hainan Hunan Shanghai Tianjin Shaanxi United Xinjiang Zhuhai Others Consolidated US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ Net real estate sales 886,207,602 252,186,589 284,388,321 79,054,170 540,766 87,304,257 133,499,073 973,450 38,646,991 63,283,292 98,476,295 - - - 1,924,560,806 Real estate lease income 3,567,372 183,530 - - - - 6,071 209,186 - 3,832,764 - - 19,659 914,217 8,732,799 Real estate management services income 1,505,932 - - - - - - - - 356,429 - - - 39,875,958 41,738,319 Other revenue 508,891 52,893 21,184 87,307 - 11,396 118,391 5,046 74 - 307,793 761,502 - 830 1,875,307 Total revenue 891,789,797 252,423,012 284,409,505 79,141,477 540,766 87,315,653 133,623,535 1,187,682 38,647,065 67,472,485 98,784,088 761,502 19,659 40,791,005 1,976,907,231 Cost of real estate sales (607,656,121) (204,691,234) (247,765,242) (71,332,282) (363,305) (55,291,475) (107,834,718) (664,093) (23,602,129) (46,516,108) (108,350,506) - - - (1,474,067,213) Cost of real estate lease income (2,170,672) (348,420) (3,353,579) (158,879) - - (174,601) (332,094) - (4,420,100) - - - (47,777) (11,006,122) Cost of real estate management services (935,942) - - - - - - - - - - - - (30,710,506) (31,646,448) Other costs (227,081) (10,706) (127,375) - (51,424) (3,846) (95,235) - - - - - (10,342) (33,226) (559,235) Total cost of revenue (610,989,816) (205,050,360) (251,246,196) (71,491,161) (414,729) (55,295,321) (108,104,554) (996,187) (23,602,129) (50,936,208) (108,350,506) - (10,342) (30,791,509) (1,517,279,018) Gross profit 280,799,981 47,372,652 33,163,309 7,650,316 126,037 32,020,332 25,518,981 191,495 15,044,936 16,536,277 (9,566,418) 761,502 9,317 9,999,496 459,628,213 Operating expenses (64,061,347) (10,497,498) (16,659,076) (3,772,416) (44,507,378) (7,726,269) (10,099,854) (747,409) (6,001,987) (9,123,653) (10,597,926) (8,546,613) (680,754) (19,546,278) (212,568,458) Operating income/(loss) 216,738,634 36,875,154 16,504,233 3,877,900 (44,381,341) 24,294,063 15,419,127 (555,914) 9,042,949 7,412,624 (20,164,344) (7,785,111) (671,437) (9,546,782) 247,059,755 Interest income 11,355,876 338,069 218,937 100,988 516,950 26,443 320,666 268,325 271,527 69,336 - 366 264 3,371,339 16,859,086 Interest expense (18,393,523) (362,759) (1,829,665) - (5,056,962) - - (2,100,301) (1,214,368) - (3,570,310) - - (33,625,552) (66,153,440) Net realized gain on short-term investments 3,110,564 - 7,395 - 9,077 - - - - - - - - 4,746,951 7,873,987 Share of (loss)/gain in an equity investee (1,062,499) (974,405) (2,818) - - - - - - - - - - 329,652 (1,710,070) Loss on extinguishment of debt - - - - - - - - - - - - - (15,879,702) (15,879,702) Exchange gains (362,736) - - - - - - - - - - - - 1,119,662 756,926 Unrealized income on short-term investments 151,003 - - - - - - - - - - - - 1,944,976 2,095,979 Other income 2,326,004 - - - - - - - - 6 - - - 2,326,010 - Income/(loss) before income taxes 213,863,323 35,876,059 14,898,082 3,978,888 (48,912,276) 24,320,506 15,739,793 (2,387,890) 8,100,108 7,481,960 (23,734,648) (7,784,745) (671,173) (47,539,456) 193,228,531 Income tax benefit/(expense) (77,985,230) (11,359,619) (6,913,466) (812,628) 4,065,308 (10,189,683) (2,560,610) 686,619 (1,713,343) (840,827) 8,694,642 58,406 145,513 (14,392,208) (113,117,126) Net income/(loss) 135,878,093 24,516,440 7,984,616 3,166,260 (44,846,968) 14,130,823 13,179,183 (1,701,271) 6,386,765 6,641,133 (15,040,006) (7,726,339) (525,660) (61,931,664) 80,111,405 Depreciation and amortization 5,597,930 416,607 3,445,463 218,043 767,841 148,453 185,123 68,648 9,836 1,766,074 232,618 - 38 870,852 13,727,526 Capital expenditure 5,756,237 11,636 13,725 22,550 2,960,195 1,361 21,262 - 20,322 9,571 257,643 - 392,779 294,575 9,761,856 Real estate properties development completed 49,708,034 82,128,992 13,625,012 146,791,480 52,675,024 97,350,745 49,346,740 90,003,702 - 127,107,105 131,656,359 - - - 840,393,193 Real estate properties under development 937,340,899 78,988,478 217,051,399 - 200,296,958 - 109,107,637 - 40,379,791 140,257,927 168,236,598 - 93,205,573 11,135,393 1,996,000,653 Real estate properties held for lease 53,783,548 5,633,936 38,824,172 23,503,438 - - 50,422,065 4,578,302 - 100,574,370 - - - 613,482 277,933,313 Total long-lived assets 207,599,517 420,656,893 50,598,511 391,437,638 16,714,738 609,466 51,791,292 4,639,263 1,706,170 125,298,084 19,666,135 271,179 125,896 23,107,007 1,314,221,789 Total assets 2,715,305,431 693,368,606 459,080,321 584,350,518 296,118,475 108,984,575 266,196,168 103,055,884 98,249,020 440,219,180 354,473,170 2,124,744 93,723,704 169,184,474 6,384,434,270 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and contingencies [Abstract] | |
Commitments and contingencies | 21. Commitments and contingencies Operating lease commitments The Group leases certain of its office properties under non-cancellable operating lease arrangements. The terms of the leases do not contain rent escalation, or contingent rent, renewal, or purchase options. There are no restrictions placed upon the Group by entering into these leases. Amount US$ 2018 8,077,319 2019 3,551,542 2020 2,541,724 2021 600,001 2022 and thereafter 1,014,391 Total 15,784,977 Capital lease commitments The Group leases corporate aircraft and equipment under non-cancellable capital lease arrangements. The terms of the lease do not contain contingent rent clauses. Amount US$ 2018 6,196,459 2019 5,639,398 2020 5,082,338 2021 2,541,169 2022 and thereafter - Total minimum lease payments 19,459,364 Less interest (3,571,634) Capital lease obligations 15,887,730 Less current maturities of capital lease obligations (4,472,386) Long-term capital lease obligations 11,415,344 Other commitments Amount US$ 2018 278,213,253 2019 59,268,253 2020 19,329,097 2021 24,846 2022 and thereafter - Total 356,835,449 Contingencies As at December 31, 2017, the Group provided guarantees of US$ 1,569,802,754 1,672,868,791 555,969 1,820,324 788,644 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. On May 30, 2014, the Zhengzhou Modern City project developed by Henan Xinyuan, completed the LAT final settlement with the local tax bureau. The Company received a tax clearance certificate, which confirmed that the Company’s accrual under the deemed profit method was adequate and there was no additional tax adjustments assessed by the local tax bureau as of May 30, 2014. Based on the above, management performed a reassessment and concluded that the likelihood of the deemed profit method being overturned is only reasonably possible, and accordingly reversed the LAT liability accrued for the project amounting to US$16.2 million as of December 31, 2014. The Group’s estimate for the reasonably possible contingency related to the Zhengzhou Modern City project amounted to US$ 16.2 million and nil as of December 31, 2016. The statute of limitation has lapsed as of May 30, 2017 and therefore, there is no related contingency as of In May 2015, XIN Development Management East, LLC (“XDME”) filed an arbitration claim for not less than US$ 10 8 2 In December 2016, 421 Kent Development LLC (“421 Kent”), the property company for the Group’s Oosten project, terminated its contract with its general contractor. The general contractor and various subcontractors have filed lawsuits against 421 Kent and the Company for approximately US$ 14.1 8 |
Concentration of risk
Concentration of risk | 12 Months Ended |
Dec. 31, 2017 | |
Concentration of risk [Abstract] | |
Concentration of risk | 22. Concentration of risk The Group’s operations are conducted mainly in the PRC. Starting in 2012, a relatively smaller portion of the Group’s operations is conducted in the United States. Accordingly, the Group’s business, financial condition and results of operations is primarily influenced by the political, economic and legal environments in the PRC and by the general state of the PRC economy. The Group’s operations in the PRC are subject to special considerations and significant risks. These include risks associated with, among others, the political, economic and legal environments and foreign currency exchange. The Group’s results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. The Group transacts most of its business in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. On July 21, 2005, the PRC government changed its decade-old policy of pegging the value of the RMB to the US$. Under the new policy, the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. This change in policy has resulted in a 21.1 To the extent that the Company needs to convert US$ into RMB for capital expenditures and working capital and other business purposes, appreciation of RMB against US$ would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if the Company decides to convert RMB into US$ for the purpose of making payments for dividends on ordinary shares, strategic acquisitions or investments or other business purposes, appreciation of US$ against RMB would have a negative effect on the US$ amount available to the Company. In addition, a significant depreciation of the RMB against the US$ may significantly reduce the US$ equivalent of the Company’s earnings or losses. The Group offers certain homebuyers seller-financing arrangements. All the homebuyers that entered into such arrangements were subject to credit verification procedures. In addition, accounts receivable balances are unsecured, but monitored on an ongoing basis via the Group’s management reporting procedures. The Group provides longer payment terms to particular home buyers after applying strict credit requirements based on the Group’s credit policy. As of December 31, 2016 and 2017, 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 cannot be recognized as revenue under the percentage of completion method (Note 2(h) for further detail). As a result, the Group reversed contracted sales amounts of US$ 11.5 63 In addition, no single customer or supplier accounted for more than 10% of revenue or project expenditures for the years ended December 31, 2015, 2016 and 2017. |
Accumulated other comprehensive
Accumulated other comprehensive (loss)/income | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated other comprehensive income [Abstract] | |
Accumulated other comprehensive income/(loss) | 23. Accumulated other comprehensive (loss)/income During the years ended December 31, 2015, 2016 and 2017, the other comprehensive income/(loss) attributable to non-controlling interest was related to foreign currency translation adjustments amounting to US$ 1,143 2,153,979 Foreign currency US$ Balance as of December 31, 2014 104,557,008 Other comprehensive loss (73,605,171) Balance as of December 31, 2015 30,951,837 Other comprehensive loss (65,634,725) Balance as of December 31, 2016 (34,682,888) Other comprehensive income 63,908,624 Balance as of December 31, 2017 29,225,736 During the years ended December 31, 2015, 2016, and 2017, the entire unrealized gain associated with the available for sale securities amounting to US$ 146,929 nil |
Non-controlling interests
Non-controlling interests | 12 Months Ended |
Dec. 31, 2017 | |
Non-controlling interests [Abstract] | |
Non-controlling interests | 24. Non-controlling interests 6, the non-controlling interests mainly consisted of the Ownership December 31, US$ Beijing Economy Cooperation Ruifeng Investment Co., Ltd. 10.00 % 18,081 Shaanxi Zhongmao 34.02 % (11,271,378) Zhengzhou Xinnan 49.00 % (3,802,744) Xinyuan Service 6.00 % (579,986) Xinrock 30.00 % 67,160 Shanghai Hexinli 21.05 % (322,846) Total (15,891,713) As of December 31, 2017, the non-controlling interests consisted of the following: Ownership December 31, US$ Beijing Economy Cooperation Ruifeng Investment Co., Ltd. 10.00 % 21,941 Shaanxi Zhongmao 34.02 % (15,065,986) Zhengzhou Xinnan 49.00 % (22,806,392) Xinyuan Service 6.00 % (1,132,730) Xinrock 30.00 % 251,835 Shanghai Hexinli 21.05 % (342,579) Zhengzhou Hangmei (Note 1) 49.00 % (3,127,176) Taicang Pengchi (Note 1, Note 17(b)) 83.00 % 91,281 Suzhou Wanzhuo (Note 1, Note 17(b)) 80.00 % (23,932,541) Beijing Xinju (Note 1, Note 17(d)) 49.00 % 1,601,070 Henan Renxin 49.00 % - Total (64,441,277) |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent events [Abstract] | |
Subsequent events | 25. Subsequent events On January 19, 2018, Zhengzhou Hangmei Zhengxing Technology Co., Ltd acquired three parcels of land in Zhengzhou, Henan Province for a purchase price of RMB 48.4 7.4 On March 19, 2018, the Company issued senior notes with an aggregate principal amount of US$ 200,000,000 9.875 September 19, 2018 March 19, 2020 On March 21, 2018, Xinyuan International (HK) Property Investment Co., Limited acquired a 50 29.5 41.4 On April 2, 2018, Henan Xinyuan Guangsheng Real Estate Co., Ltd. acquired one parcel of land in Zhengzhou, Henan Province for a purchase price of RMB 403.3 64.3 |
Condensed financial information
Condensed financial information of the Company | 12 Months Ended |
Dec. 31, 2017 | |
Condensed financial information of the Company [Abstract] | |
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$ 592,660,269 582,973,296 Condensed Balance Sheets Year ended December 31 2016 2017 US$ US$ ASSETS Current assets Cash and cash equivalents 36,497,233 15,726,978 Other deposits and prepayments - - Other current assets 1,900,557 46,780 Due from subsidiaries 394,050,421 720,955,318 Due from related parities 561,872 Total current assets 432,448,211 737,290,948 Investments in subsidiaries 1,068,115,589 1,287,013,327 TOTAL ASSETS 1,500,563,800 2,024,304,275 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Short-term bank loan 34,421,617 58,716,253 PRC income tax payable 13,388 13,388 PRC other tax payable 902,190 902,190 Other payable and accrued liabilities 11,873,498 16,747,632 Current portion of long-term bank loan - 64,845,655 Payroll and welfare payables 119,167 7,238,573 Total current liabilities 47,329,860 148,463,691 Long term bank loan 64,845,655 - Other long-term debt 488,127,820 883,268,735 Total liabilities 600,303,335 1,031,732,426 Shareholders’ equity Common shares, $0.0001 par value: Authorized-500,000,000 shares, issued and outstanding-129,578,676 shares for 2017 (2016: 131,426,741 shares) 16,051 16,314 Treasury shares (53,734,088) (67,792,368) Additional paid-in capital 538,414,246 543,338,206 Retained earnings 415,564,256 517,009,697 Total shareholders’ equity 900,260,465 992,571,849 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 1,500,563,800 2,024,304,275 Year ended December 31 2015 2016 2017 US$ US$ US$ General and administrative expenses (10,301,067) (20,081,338) (13,781,596) Operating loss (10,301,067) (20,081,338) (13,781,596) Interest expense (58,576,635) (65,092,711) (65,387,198) Interest income 3,533 127,852 3,200,520 Loss on extinguishment of debt - (12,123,750) (15,879,702) Other expenses 40,922 1,114,517 Equity in profit of subsidiaries, net 135,356,276 170,106,573 154,361,010 Income from operations before income taxes 66,482,107 72,977,548 63,627,551 Income taxes - - - Net income attributable to common shareholders 66,482,107 72,977,548 63,627,551 Other comprehensive income, net of tax of nil Foreign currency translation adjustments (73,605,171) (65,634,725) 63,908,624 Comprehensive (loss)/income attributable to shareholders (7,123,064) 7,342,823 127,536,175 Year ended December 31 2015 2016 2017 US$ US$ US$ Cash flows from operating activities: Net income 66,482,107 72,977,548 63,627,551 Adjustment to reconcile net income to net cash provided by operating activities: Equity in profit of subsidiaries, net (135,356,276) (170,106,573) (154,361,010) Stock based compensation expense 3,326,175 7,085,958 4,266,373 Amortization of deferred charges 2,378,767 7,067,935 4,036,412 Loss on extinguishment of debt - 12,123,750 15,879,702 Other deposits and prepayments (615,013) 2,389,045 - Other current assets 233,446 2,320 (2,214) Other payable and accrued liabilities (521,582) 3,679,102 4,874,134 Payroll and welfare payables - 119,168 2,893,230 Amount due from related parties - - (561,872) Net cash used in operating activities (64,072,376) (64,661,747) (59,347,694) Cash flows from financing activities: Changes in due from a subsidiary (6,809,170) 181,515,577 (326,904,897) Proceeds from short-term bank loans 207,805,203 - 24,294,636 Repayments of short-term bank loans (115,603,302) (146,208,974) - Proceeds from long-term bank loans - 23,250,000 - Proceeds from other long-term debts - 300,000,000 603,179,617 Repayment of other long-term debts - (186,164,616) (201,002,731) Purchase of treasury shares (3,349,172) (29,688,648) (14,058,280) Dividends to shareholders (14,751,704) (20,545,257) (26,090,734) Deferred charges (3,104,812) (7,621,208) (13,952,084) Purchase of shares under RSU plan (3,259,998) (4,003,999) - Loss on extinguishment of debt - (12,123,750) (13,000,000) Proceeds from exercise of stock options 48,400 1,454,020 6,111,912 Net cash provided by financing activities 60,975,445 99,863,145 38,577,439 Net(decrease)/increase in cash and cash equivalents (3,096,931) 35,201,398 (20,770,255) Cash and cash equivalents, at the beginning of the year 4,392,766 1,295,835 36,497,233 Cash and cash equivalents, at end of the period 1,295,835 36,497,233 15,726,978 (a) Basis of presentation In the company-only financial statements, the Company’s investment in subsidiaries is stated at cost plus its equity interest in undistributed earnings of subsidiaries since inception. The company-only financial statements should be read in conjunction with the Company’s consolidated financial statements. The Company records its investment in its subsidiaries under the equity method of accounting as prescribed in ASC 323, Investment-Equity Method and Joint Ventures. Such investment is presented on the balance sheet as “Investments in subsidiaries” and share of the subsidiaries’ profit or loss as “Equity in profit of subsidiaries, net” on the condensed statements of comprehensive income. The subsidiaries did not pay any dividends to the Company for the periods presented. (b) Related party transactions As of December 31, 2016 and 2017, the Company had US$ 344,948,542 671,853,439 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 17.5 99,289,833 84,455,955 50,187,954 35,354,076 (c) Commitments The Company does not have significant commitments or long-term obligations as of the period end presented. |
Summary of significant accoun34
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of significant accounting policies [Abstract] | |
The Company and basis of presentation and consolidation | The Company and basis of presentation and consolidation The Group is principally engaged in residential real estate development and the provision of property management services. The Group’s operations are conducted mainly in the PRC. In 2012, the Group expanded its business into the U.S. residential real estate market. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include the financial statements of the Company and its subsidiaries. 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, with registered capital of US$ 37.6 250.0 20 5 10 124.3 862.5 35 246.8 1.61 35 35 Distinguishing Liabilities from Equity 35 In accordance with ASC 810, Consolidation 65 The carrying amounts and classifications of the assets and liabilities of the VIE are as follows: December 31, December 31, US$ US$ Current assets 143,994,102 160,889,349 Non-current assets 10,184 287,409 Total assets 144,004,286 161,176,758 Current liabilities 109,607,206 132,170,781 Non-current liabilities - - Total liabilities 109,607,206 132,170,781 The financial performance and cash flows of the VIE are as follows: Year ended Year ended US$ US$ Revenue - - Cost of revenue - - Net loss (1,256,925) (7,266,337) Net cash used in operating activities (111,519,380) (18,569,850) Net cash used in investing activities (8,552) - Net cash provided/(used in) by financing activities 136,924,739 (13,688,554) As of December 31, 2017, the current liabilities of the VIE included amounts due to subsidiaries of the Group amounting to US$ 126,623,561 105,701,841 As of December 31, 2017, the land use rights included in real estate properties under development of the VIE of US $ 155,782,729 76,002,595 The VIE contributed nil (2016: nil) of the Company’s consolidated revenues for the year ended December 31, 2017. |
Use of Estimates | 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 capital lease, allowance for doubtful debt associated with accounts receivables, other receivables and advances to suppliers, fair values of the purchase price allocation with respect to business combinations, revenue recognition for percentage of completion method, accounting for the share-based compensation, accounting for deferred income taxes, impairment of real estate properties under development, real estate properties held for lease and long-term investments, and provision necessary for contingent liabilities. Management analyzed the forecasted cash flows for the twelve months from April 30, 2018, 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 April 30, 2019. Management believes that the estimates utilized in preparing its consolidated financial statements are reasonable and prudent. Actual results could differ from these estimates. |
Fair value of financial instruments | (c) Fair value of financial instruments Financial instruments include cash and cash equivalents, restricted cash, short-term investments, accounts receivable, other deposits and prepayments, due from employees, due from related parties, other receivables, investment in joint venture s and other long-term investments, accounts payable, customer deposits, other payables and accrued liabilities, borrowings and due to related parties. The carrying amounts of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, other deposits and prepayments, due from employees, due from related parties, other receivables, accounts payable, customer deposits, other payables and accrued liabilities, short-term bank borrowings and due to related parties approximate their fair value due to the short term maturities of these instruments. The Group is exposed to credit risk for financial assets and its maximum amount of loss in the event of non-performance by the counterparty is the recorded amount. The Group’s financial asset and liability arrangements generally do not require collateral, except as disclosed in Note 9, Note 10 and Note 11. Trading securities were initially recognized at cost and subsequently remeasured at the end of each reporting period with the adjustment in its fair value recognized in profit and loss. Investment in joint ventures and other 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. 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. 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 The carrying values of the Company’s financial instruments approximate their fair values except for the short-term investments. 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, the investment in debt and equity securities, real estate investment trusts (“REITs”) and money market instruments classified as trading securities is within Level 1 as the Company measures the fair value using quoted trading prices that are published on a regular basis. |
Foreign currency translation | Foreign currency translation The Group’s financial information is presented in U.S. dollars. The functional currency of the Company is U.S. dollars. The functional currency of the Company’s subsidiaries in the PRC is Renminbi (“RMB”), the currency of the PRC. The functional currency of the Company’s subsidiaries in Malaysia is Malaysian Ringgit (“MYR”), the currency of Malaysia. The functional currency of the Company’s subsidiaries other than those in the PRC and Malaysia is U.S. dollars. Transactions by the Company’s subsidiaries in the PRC which are denominated in currencies other than RMB are remeasured into RMB at the exchange rate quoted by the People’s Bank of China (“PBOC”) prevailing at the dates of the transactions. Exchange gains and losses resulting from transactions denominated in a currency other than RMB are included in the consolidated statements of comprehensive income as exchange gains. The consolidated financial statements of the Company’s subsidiaries have been translated into U.S. dollars in accordance with ASC 830, Foreign Currency Matters The effects of foreign currency translation adjustments are included as a component of accumulated other comprehensive income in shareholders’ equity. December 31, December 31, December 31, Year end RMB: US$ exchange rate 6.4936 6.9370 6.5342 Period average RMB: US$ exchange rate 6.2272 6.6401 6.7547 The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation. |
Cash and cash equivalents | (e) Cash and cash equivalents The Group considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. The Group maintains bank accounts mainly in the PRC, Hong Kong and United States. The vast majority of the PRC bank balances are denominated in RMB. Hong Kong and United States bank balances are denominated in U.S. dollars. Cash includes cash on hand and demand deposits in accounts maintained with various state-owned and private banks within the PRC, Hong Kong and United States. Total cash in banks at December 31, 2017 amounted to US$ 894,551,480 578,244,378 |
Restricted cash | (f) Restricted cash The Group is required to maintain certain deposits with banks that provide mortgage loans to the Group’s customers in order to purchase residential units from the Group. These balances are subject to withdrawal restrictions and totaled US$ 49,252,645 48,081,446 197,552,310 153,548,292 64,779,162 36,471,097 74,503,382 65,787,805 15,304,092 24,610,419 |
Real estate properties development completed and under development | (g) Real estate properties development completed and under development Real estate properties consist of finished residential unit sites, commercial offices and residential unit sites under development. The Group leases the land for the residential unit sites under land use right leases with various terms from the PRC. Real estate properties development completed and under development are stated at the lower of carrying amounts or fair value less selling 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 When the profitability of a current project deteriorates due to a slowdown in the sales pace, reduction of pricing or some other factor, this indicates that there may be a possible future loss on delivery and possible impairment in the recoverability of the assets. Accordingly, the assets of such project are subsequently reviewed for future losses and impairment by comparing the estimated future undiscounted cash flows for the project to the carrying value of such project. If the estimated future undiscounted cash flows are less than the asset’s carrying value, such deficit will be charged as a future loss and the asset will then be written down to its estimated fair value. The Group determines estimated fair value primarily by discounting the estimated future cash flows relating to the asset. In estimating the cash flows for a project, the Group uses various factors including (a) the expected pace at which the planned number of units will be sold, based on competitive market conditions, historical trends in sales pace and actual average selling prices of similar product offerings and any other long or short-term economic conditions which may impact the market in which the project is located; (b) the estimated net sales prices expected to be attained based on the current market conditions and historical price trends, as well as any estimated increases in future sales prices based upon the projected rate of unit sales, the estimated time gap between presale and expected delivery, the impact of government policies, the local and regional competitive environment, and certain external factors such as the opening of a subway line, school or factory; and (c) the expected costs to be incurred in the future by the Group, including, but not limited to, construction cost, construction overhead, sales and marketing, sales taxes and interest costs. The Group’s determination of fair value requires discounting the estimated cash flows at a rate commensurate with the inherent risk associated with the assets and related estimated cash flows. The discount rate used in determining each project’s fair value depends on the stage of development, location and other specific factors that increase or decrease the risk associated with the estimated cash flows. For the periods presented, the Group did not recognize any impairment for real estate properties completed and under development. |
Revenue recognition | Revenue recognition Real estate sales are reported in accordance with the provisions of ASC 360, Property, Plant and Equipment Real Estate-Retail Land Percentage-of-completion method Revenue and profit from the sale of development properties in the PRC is recognized by the percentage-of-completion method on the sale of individual units when the following conditions are met: · Construction is beyond a preliminary stage. · The buyer is committed to the extent of being unable to require a refund except for non-delivery of the unit. · Sufficient units have already been sold to assure that the entire property will not revert to rental property. · Sales prices are collectible. · Aggregate sales proceeds and costs can be reasonably estimated. If any of the above criteria is not met, proceeds are accounted for as customer deposits until the criteria are met. The Group has, in the past, offered 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. Under the seller-financed contract arrangements, the buyer pays the purchase price for the residential unit in installment payments over one year. These contracts require a minimum down payment upon the contract execution date, followed by subsequent installment payments and a final payment upon delivery of the unit. Since 2013, PRC banks have tightened the distributions of mortgage loans to homebuyers. Therefore, mortgage loans for homebuyers have been subject to longer processing periods or even denied by the banks. The Group took the position that the processing periods of the contracts with underlying mortgage loans exceeding one year cannot be recognized as revenue under the percentage of completion method. As a result, the Group reversed contracted sales amounts of US$ 11.5 63 Under the percentage of completion method, revenues from units sold and related costs are recognized over the course of the construction period, based on the completion progress of a project. In relation to any project, revenue is determined by calculating the ratio of incurred costs, including land use rights costs and construction costs, to total estimated costs and applying that ratio to the contracted sales amounts. Cost of sales is recognized by determining the ratio of contracted sales during the period to total estimated sales value, and applying that ratio to the incurred costs. Current period amounts are calculated based on the difference between the life-to-date project totals and the previously recognized amounts. The effect of changes to total estimated contract cost or revenues, if any, are recognized in the period in which they are determined. Revenue recognized to date in excess of amounts received from customers is classified as current assets under accounts receivable. Amounts received from customers in excess of revenue recognized to date are classified as current liabilities under customer deposits. As of December 31, 2016 and December 31, 2017, the gross amounts received from customers in excess of revenues recognized were US$ 605.6 593.7 Any losses occurred or forecast to occur on real estate transactions are recognized in the period in which the loss is first anticipated. Full accrual method Revenue from sales of development properties in the United States where the construction period, the period from the construction permit award date to the unit delivery date is expected to be 12 months or less, or the construction period is expected to be longer than 12 months and sales prices are not certain to be collected is recognized by the full accrual method when the sale is consummated and the unit has been delivered. Revenue from the sale of properties held for sale is recognized by the full accrual method at the time of the closing of an individual unit sale. This occurs when title to the property is transferred to the buyer. A sale is not considered consummated until (a) the parties are bound by the terms of a contract, (b) all consideration has been exchanged, (c) any permanent financing of which the seller is responsible has been arranged, (d) all conditions precedent to closing have been performed, (e) the seller does not have substantial continuing involvement with the property, and (f) the usual risks and rewards of ownership have been transferred to the buyer. In addition, the buyer’s initial and continuing investment must be adequate to demonstrate a commitment to pay for the property, and the buyer’s receivable, if any, must not be subject to future subordination. Sales transactions not meeting all the conditions of the full accrual method are accounted for using the deposit method in which all costs are capitalized as incurred, and payments received from the buyer are recorded as a deposit liability. Cost of sales is recognized by determining the ratio of the area of the relevant units completed and sold to the estimated total project area, and applying that ratio to the estimated total project costs. For the year ended December 31, 2015, revenue was recognized in the amount of US$ 0.8 0.8 152.0 98.8 Real estate management services income is recognized ratably as services are provided over the term of the property management agreements. Employee salaries, and maintenance charges are recorded as the cost of real estate management services income. Real estate lease income is generally recognized on a straight-line basis over the terms of the tenancy agreements. Depreciation cost and maintenance cost of the property are recorded as the cost of real estate lease income. Other revenue includes services ancillary to the Group’s real estate projects, including landscaping and computer network engineering. Landscaping and computer network engineering income is recognized when services are provided. |
Accounts receivable | (i) Accounts receivable Accounts receivable consists of balances due from customers for the sale of residential units in the PRC and United States. These balances are unsecured, bear no interest and are due within a year from the date of the sale. Accounts receivable are reviewed periodically as to whether their carrying value has become impaired. The Group considers the assets to be impaired if the collectability of the balances become doubtful. As of December 31, 2016 and 2017, there was no allowance for doubtful accounts. |
Other receivables | (j) Other receivables Other receivables consist of various cash advances to unrelated companies and individuals with which the Group has business relationships. Other receivables are reviewed periodically as to whether their carrying value has become impaired. The Group considers the assets to be impaired if the collectability of the balances becomes doubtful. As of December 31, 2017, there was US$ 7,067,288 |
Deposits for land use rights | (k) Deposits for land use rights Deposits for land use rights consist of upfront cash payments made to local land bureaus to secure land use rights under executed short-term or long-term land framework cooperation agreements or land use rights agreements. Deposits for land use rights are reviewed periodically as to whether their carrying value has become impaired. The Group considers the assets to be impaired if the collectability of the balances become doubtful. There were no impairment losses for any periods presented. |
Other deposits and prepayments | (l) Other deposits and prepayments Other deposits and prepayments mainly consist of upfront cash payments made to third parties related to the direct negotiation model in acquiring land parcels and prepaid tax. Other deposits and prepayments are reviewed periodically as to whether their carrying value has become impaired. The Group considers the assets to be impaired if the collectability of the balances become doubtful. There were no impairment losses for any periods presented. |
Advances to suppliers | (m) Advances to suppliers Advances to suppliers consist of balances paid to contractors and vendors for services and materials that have not been provided or received and generally relate to the development and construction of residential units in the PRC. Advances to suppliers are reviewed periodically to determine whether their carrying value has become impaired. The Group considers the assets to be impaired if it is doubtful that the services and materials can be provided. As of December 31, 2016 and 2017, there was no allowance provided. |
Customer deposits | (n) Customer deposits Customer deposits consist of sales proceeds received from customers from the sale of residential units in the PRC. In the PRC, customers will generally obtain financing for the purchase of their residential unit prior to the completion of the project. The lending institution will provide the funding to the Group upon the completion of the financing rather than the completion of the project. The Group receives these funds and recognizes them as a customer deposit current liability until the revenue can be recognized. |
Notes payable and other payables | (o) Notes payable and other payables Notes payable represents short-term bank acceptance notes issued by financial institutions that entitle the holder to receive the stated amount from the financial institutions at the maturity date of the notes. The Group has utilized notes payable to settle amounts owed to suppliers and contractors. The notes payable is non-interest bearing and is normally settled within six months. Notes payable was US$ 38,652,794 23,708,054 Other payables consist of balances for non-construction costs with unrelated companies and individuals with which the Group has business relationships. |
Real estate properties held for lease, net | (p) Real estate properties held for lease, net Real estate properties held for lease are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Estimated useful lives of the real estate properties held for lease are 20 60 Maintenance, repairs and minor renewals are charged directly to expenses as incurred. Major additions and improvements to the real estate properties held for lease are capitalized. In accordance with ASC 360, Property, Plant and Equipment For the periods presented, the Group did not recognize any impairment for real estate properties held for lease. |
Property and equipment, net | (q) Property and equipment, net Property and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Estimated useful lives of the assets are as follows: Corporate aircraft 15 Vehicles 5 Furniture and fixtures 5 Maintenance, repairs and minor renewals are charged directly to expense as incurred unless such expenditures extend the useful life or represent a betterment, in which case they are capitalized. |
Long-term investments | (r) Long-term investments The Group accounts for long-term investments as equity method investment and cost method investments as follows: Where the Group has significant influence over the investee, the Group applies the equity method of accounting in accordance with ASC subtopic 323-10-20, Investments-Equity Method and Joint Ventures In accordance with ASC subtopic 325-20, Investments-Other: Cost Method Investments No impairment provision was provided for the Company’s long-term investments for any of the periods presented. |
Capitalized interest | (s) Capitalized interest The Group capitalizes interest as a component of building construction costs in accordance with ASC 835, Interest As a result of the total interest costs capitalized during the period, the interest expense for the years ended December 31, 2015, 2016 and 2017, was as follows: 2015 2016 2017 US$ US$ US$ Amortization of issuance cost related to other long term debt 6,554,767 9,371,957 4,384,801 Interest expense related to capital leases 2,617,000 2,055,995 1,705,739 Interest on borrowings 171,035,655 196,243,562 197,410,532 Total interest costs 180,207,422 207,671,514 203,501,072 Total interest costs capitalized (159,926,006) (177,814,682) (137,347,632) Interest expense, net 20,281,416 29,856,832 66,153,440 |
Retirement benefits | (t) Retirement benefits Regulations in the PRC require the Group to contribute to a defined contribution retirement plan for all permanent employees. Pursuant to the mandatory requirement from the local authority in the PRC, the retirement pension insurance, unemployment insurance, health insurance and housing fund were established for the employees during the term they are employed. For the years ended December 31, 2015, 2016 and 2017, the level of contribution to these funds for each employee was determined at 45 US$ 17,101,606 10,664,576 11,023,291 |
Distribution of earnings and reserve fund | (u) Distribution of earnings and reserve fund The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions from its subsidiaries. The earnings reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries. In accordance with the PRC Company Law, the PRC subsidiaries are required to transfer 10 50 25 |
Income taxes | (v) Income taxes The Group accounts for income tax using the balance sheet method. Deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as unutilized net operating losses. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Group is able to realize their benefits, or that future utilization is uncertain. The Group assesses its need for valuation allowances by tax reporting unit by jurisdiction. Late payment interests and penalties arising from underpayment of income taxes is recognized according to the relevant tax law. The amount of interest expense to be recognized is computed by applying the applicable statutory rate of interest to the difference between the tax position recognized and the amount previously taken or expected to be taken in a tax return. Interest recognized in accordance with ASC 740-10, Income Tax In accordance with the provisions of ASC 740-10, the Group recognizes in its consolidated financial statements the impact of a tax position if a tax return’s position or future tax position is “more likely than not” to prevail (defined as a likelihood of more than fifty percent of being sustained upon audit, based on the technical merits of the tax position). Tax positions that meet the “more likely than not” threshold are measured (using a probability weighted approach) at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Group’s estimated liability for unrecognized tax benefits is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, certain changes and/or developments with respect to audits, and expiration of the statute of limitations. The outcome for a particular audit cannot be determined with certainty prior to the conclusion of the audit and, in some cases, appeal or litigation process. The actual benefits ultimately realized may differ from the Group’s estimates. As each audit is concluded, adjustments, if any, are appropriately recorded in the Group’s consolidated financial statements. Additionally, in future periods, changes in facts, circumstances, and new information may require the Group to adjust the recognition and measurement estimates with regards to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur. |
Land Appreciation Tax ("LAT") | Land Appreciation Tax (“LAT”) In accordance with the relevant taxation laws for real estate companies of the provinces in which the subsidiaries operate in the PRC, the local tax authorities levy LAT based on progressive rates ranging from 30 60 in |
Comprehensive income | (x) Comprehensive income Comprehensive income is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income |
Advertising and promotion expenses | (y) Advertising and promotion expenses Advertising and promotion costs are expensed as incurred, or the first time the activity takes place, in accordance with ASC 720-35, Advertising Costs 53,932,462 35,350,419 39,718,114 |
Leases | Leases In accordance with ASC 840, Leases Capital leases are measured at the commencement of the lease at an amount equal to the present value at the beginning of the lease term of minimum lease payments during the lease term excluding that portion of the payments representing executory costs (such as insurance, maintenance, and taxes to be paid by the lessor) including any profit thereon. During the lease term, each minimum lease payment is allocated between a reduction of the obligation and interest expense to produce a constant periodic rate of interest on the remaining balance of the obligation (the interest method). A leased asset is amortized in a manner consistent with the Group’s normal depreciation policy for owned assets (Note 6). All other leases are accounted for as operating leases wherein rental payments are expensed as incurred. Certain lease arrangements contain escalation clauses. For the year ended December 31, 2017, the Group recorded operating lease expenses of US$ 5,132,393 7,613,448 6,626,414 |
Property warranty | (aa) Property warranty The Company and its subsidiaries provide customers with 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. Reserves are determined based on historical data and trends with respect to similar property types and geographical areas. 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 |
Earnings per share | (ab) Earnings per share Earnings per share are calculated in accordance with ASC 260, Earnings per Share |
Treasury Shares | Treasury Shares The Company accounted for shares repurchased as treasury shares at cost in accordance to ASC Subtopic 505-30, Treasury Shares On July 12, 2013, the Board of Directors unanimously authorized management to repurchase up to US$ 60 40 40 32,150,572 26,668,726 67,792,368 53,734,088 |
Senior Secured Notes | (ad) Senior Secured Notes On December 6, 2013 200,000,000 June 6, 2019 13 Derivatives and Hedging (“ASC 815”) On February 13, 2015, through a consent solicitation to the holders of the June 2019 Senior Secured Notes, the Company amended the indenture governing the June 2019 Senior Secured Notes (the "Indenture") to provide it with additional flexibility in pursuing new business opportunities and new sources of capital. The amendments to the Indenture include changes to: (i) incur additional Indebtedness (as defined in the Indenture) in furtherance of the Company's business plans; (ii) make certain Restricted Payments (as defined in the Indenture) and Permitted Investments (as defined in the Indenture); and (iii) make certain deemed Investments (as defined in the Indenture) without having to satisfy the Fixed Charge Coverage Ratio (as defined in the Indenture) requirement. The amendments also amend (i) the “Limitation on Issuances of Guarantees by Restricted Subsidiaries” covenant in the Indenture to the extent that the Company believes necessary as a result of the amendments to other covenants and (ii) the “Limitation on Asset Sales” covenant in the Indenture to remove the Fixed Charge Coverage Ratio requirement for Asset Dispositions (as defined in the Indenture). The amendments also amended certain related definitions in the Indenture. The Company accounted for the amendments, which did not result in a debt extinguishment pursuant to ASC 470-50, Debt Modifications and Exchanges (“ASC 470-50”) On February 3, 2016, through a consent solicitation to the holders of the June 2019 Secured Notes, the Company amended the Indenture to provide it with additional flexibility in pursuing new business opportunities and new sources of capital. The amendments to the Indenture include: (i) amending the provisions relating to future Subsidiary Guarantors, JV Subsidiary Guarantors and pledged subsidiary Capital Stock (each, as defined in the Indenture); (ii) amending the “Limitation on Indebtedness and Preferred Stock” covenant; (iii) amending the “Limitation on Transactions with Shareholders and Affiliates” covenant and the provisions relating to “Designation of Restricted Subsidiaries and Unrestricted Subsidiaries”; (iv) amending the definition of “Permitted Investment” and the “Limitation on Restricted Payments” covenant; and (v) removing the “Limitation on the Company’s Business Activities” covenant and amend the related definitions and provisions. The amendments also clarify certain other provisions in the Indenture. The Company accounted for the amendments, which did not result in a debt extinguishment pursuant to ASC 470-50. On August 30, 2016 300,000,000 August 30, 2019 8.125 On February 28, 2017 300,000,000 February 28, 2021 7.75 On November 22, 2017 200,000,000 100,000,000 November 22, 2020 8.875 Onshore corporate bonds During the periods presented, Xinyuan China issued a series of onshore corporate bonds. Given that each onshore corporate bond individually is debt in its legal form and is not a derivative in its entirety, it has been classified as other long-term debt. The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from these onshore corporate bonds under the requirements of ASC 815. The onshore corporate bonds were issued at par. |
Short-term investments | (ae) Short-term investments All highly liquid investments with original maturities of greater than three months, but less than 12 months, are classified as short-term investments. Investments that are expected to be realized in cash during the next 12 months are also included in short-term investments. The Company accounts for its investments in debt and equity securities in accordance with ASC 320-10, Investments-Debt and Equity Securities: Overall The securities that the Company has positive intent and ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost. For individual securities classified as held-to-maturity securities, the Company evaluates whether a decline in fair value below the amortized cost basis is other-than-temporary in accordance with the Company’s policy and ASC 320-10. When the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell prior to recovery of its amortized cost basis, another-than-temporary impairment is deemed to have occurred. In these instances, the other-than-temporary impairment loss is recognized in earnings equal to the entire excess of the debt security’s amortized cost basis over its fair value at the balance sheet date of the reporting period for which the assessment is made. When the Company does not intend to sell an impaired debt security and it is more-likely-than-not that it will not be required to sell prior to recovery of its amortized cost basis, the Company must determine whether or not it will recover its amortized cost basis. If the Company concludes that it will not, another-than-temporary impairment exists and that portion of the credit loss is recognized in earnings, while the portion of loss related to all other factors is recognized in other comprehensive income. The securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Realized gains and losses, and unrealized gains and losses for trading securities are included in earnings. Investments not classified as trading or as held-to-maturity are classified as available-for-sale securities. Available-for-sale securities are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income (loss). Realized gains or losses are charged to earnings during the period in which the gain or loss is realized. An impairment loss on available-for-sale securities would be recognized in the consolidated statements of comprehensive income when the decline in value is determined to be other-than-temporary. |
Assets acquisition and business combinations | (af) Assets acquisition and business combinations Pursuant to ASC 805, Business Combinations a. Input. Any economic resource that creates, or has the ability to create, outputs when one or more processes are applied to it. b. Process. Any system, standard, protocol, convention, or rule that when applied to an input or inputs, creates or has the ability to create outputs. c. Output. The result of inputs and processes applied to those inputs that provide or have the ability to provide a return in the form of dividends, lower costs, or other economic benefits directly to investors or other owners, members, or participants. The Company accounted for its acquisitions of Hunan Erli, Ruihao Rongtong, Zhengzhou Hangmei, Hangmei Zhengxing, Hunan Xintian, Xi’an Dingrun, Zhengzhou Kangshengboda, Zhuhai Prince, Henan Renxin and Taicang Pengchi as asset acquisitions, respectively, since the acquired entities had no processes in place to apply to inputs to have the ability to create outputs. |
Non-controlling interests | (ag) Non-controlling interests A non-controlling interest is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Group. Consolidated net income on the consolidated statements of comprehensive income includes the net loss/(income) attributable to non-controlling interests. The cumulative results of operations attributable to non-controlling interests are recorded as non-controlling interests in the Group’s consolidated balance sheets. Losses attributable to the Group and the non-controlling interest in a subsidiary may exceed their interests in the subsidiary’s equity. The excess, and any further losses attributable to the Group and the non-controlling interest, shall be attributed to those interests. |
Effect of change in estimate | Effect of change in estimate Revisions in estimated gross profit margins related to percentage of completion revenues are made in the period in which circumstances requiring the revisions become known. During the year ended December 31, 2017 real estate development projects (Suzhou Lake Royal Palace, Zhengzhou Thriving Family, Xingyang Splendid I, Xingyang Splendid II, Changsha Xinyuan Splendid, Zhengzhou Xindo Park, Henan Xin Central I, Zhengzhou Fancy City II(South), Kunshan Xindo Park), which recognized gross profits in 2016, had changes in their estimated gross profit margins. As of December 31, 2017, each of these projects has a percentage of completion at 50.1 52.1 61.2 8.3 39.1 45.9 0.06 0.27 0.34 0.06 0.27 0.33 |
Share-based compensation | Share-based compensation The Group has adopted ASC 718, Compensation-Stock Compensation 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. A performance condition is not taken into consideration in determining fair value of the non-vested shares granted. The fair value of liabilities incurred in share-based payment transactions with employees are remeasured at the end of each reporting period through settlement. Changes in the fair value of a liability incurred under a share-based payment arrangement that occur during the requisite service period are recognized as compensation costs over that period. |
Segment Reporting | (aj) Segment Reporting In accordance with ASC 280, Segment Reporting |
Comparative information | (ak) Comparative information Certain of the prior year comparative figures have been reclassified to conform to the current year’s presentation. |
Recent Accounting Pronouncements | (al) Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers, Subsequent to the issuance of ASU 2014-09, the FASB has issued several ASUs such as ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients The Company will adopt ASC 606 on January 1, 2018 using the modified retrospective approach and will apply the adoption only to contracts not completed as of the date of adoption, with no restatement of comparative periods, and a cumulative-effect adjustment to retained earnings recognized as of the date of adoption. As part of the implementation of ASC 606, the Company performed an assessment including identifying revenue streams within the scope of ASC 606, analyzing contracts and reviewing potential changes to its existing revenue recognition accounting policies. A significant portion of the Company’s revenue is derived from real estate sales of development properties in the PRC, with revenue currently recognized using the percentage-of-completion (“POC”) method. Under the new standard, to recognize revenue over time similar to the POC method, contractual provisions need to provide the Company with an enforceable right to payment. Historically, the Company’s contracts did not include an enforceable right to payment. Based on the Company's assessment of outstanding contracts as of December 31, 2017, the adoption of ASC 606 is expected to result in cumulative effect adjustment to decrease retained earnings as of January 1, 2018. The Company preliminary expects to recognize a cumulative effect adjustment to decrease retained earnings by a range of US$ 230 US$ 310 For real estate sales of development properties in the U.S., under both the current standard and new standard, revenue will be recognized at a point in time upon meeting relevant revenue recognition criteria, which is generally when title to the property is transferred to the buyer. For real estate management services, the timing and amount of income remain substantially unchanged as this income will continue to be recognized over time. Specifically, under ASC 606 the Company will recognize revenue related to these activities ratably over the term of the related agreements with customers as the customer simultaneously benefits from the services as they are performed. For real estate leases, these contracts will be treated as leases for accounting purposes, rather than contracts with customers subject to ASC 606. In addition, the Company has identified, and is in the process of implementing, appropriate changes to its business processes, systems and controls to support recognition and disclosure under the new standard. The Company will also expand its financial statement disclosures to comply with this new standard, including the disaggregation of revenue, among other requirements. On January 5, 2016, the FASB issued ASU 2016-01, “ Recognition and Measurement of Financial Assets and Financial Liabilities” The Group has elected to use the measurement alternative defined as cost, less impairments, adjusted by observable price changes. The Group will apply the new standard beginning January 1, 2018 In February 2016, the FASB issued ASU No. 2016-02, Leases In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”) Statement of Cash Flows (Topic 230), Restricted Cash (“ASU 2016-18”) In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying Definition of a Business (“ASU 2017-01”) In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”) In February 2017, the FASB issued ASU 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (“ASU 2017-05”) In May 2017, the FASB issued ASU No. 2017-09, Compensation Stock Compensation: Scope of Modification Accounting |
Background information of bus35
Background information of business and organization (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Background information of business and organization [Abstract] | |
Schedule of Subsidiaries and its Consolidated Variable Interest Entities | As of December 31, 2017, principal subsidiaries of the Company and its consolidated variable interest entities included the following entities: Company Name Registered Place Registered Percentage of Principal Activities Subsidiary companies: Xinyuan International Property Investment Co., Ltd. Cayman Islands US$ 500,000 100 % Investment holding company Xinyuan International (HK) Property Investment Co., Limited Hong Kong HK$ 3,000,000 100 % Investment holding company XIN Development Group International Inc. United States US$ 0 100 % Investment holding company Xinyuan Real Estate, Ltd. Cayman Islands US$ 50,000,000 100 % Investment holding company South Glory International Ltd. Hong Kong HK$ 10,000 100 % Investment holding company Victory Good Development Ltd. Hong Kong HK$ 10,000 100 % Investment holding company Elite Quest Holdings Ltd. Hong Kong HK$ 10,000 100 % Investment holding company XIN Irvine, LLC United States US$ 50,000 100 % Real estate development Vista Sierra, LLC United States US$ 0 100 % Real estate development XIN Development Management East, LLC United States US$ 1,000 100 % Property management services XIN NY Holding, LLC United States US$ 1,000 100 % Investment holding company 421 Kent Development, LLC United States US$ 1,000 100 % Real estate development Xinyuan Sailing Co., Ltd. Hong Kong HK$ 3,000,000 100 % Investment holding company AWAN Plasma Sdn Bhd Malaysia MYR 33,577,000 100 % Real estate development Company Name Registered Place Registered Percentage of Principal Activities Subsidiary companies: XIN Eco Marine Group Properties Sdn Bhd Malaysia MYR 33,217,000 100 % Investment holding company Xinyuan Internet Finance Co., Ltd. Cayman Islands US$ 50,000 100 % Investment holding company New Dawn International Ltd. Cayman Islands US$ 50,000 100 % Investment holding company New Legend International Ltd. Cayman Islands US$ 50,000 100 % Investment holding company New Point International Ltd. Cayman Islands US$ 50,000 100 % Investment holding company New Grace International Ltd. Cayman Islands US$ 50,000 100 % Investment holding company Genesis Ocean Investments Ltd. Hong Kong HK$ 100 100 % Investment holding company Honest View Development Ltd. Hong Kong HK$ 100 100 % Investment holding company Honour Triumph Enterprises Ltd. Hong Kong HK$ 100 100 % Investment holding company Well Poly Holdings Ltd. Hong Kong HK$ 100 100 % Investment holding company Zhengzhou Yasheng Construction Material Co., Ltd. PRC US$ 50,000,000 100 % Sales of construction materials Zhengzhou Jiasheng Real Estate Co., Ltd. PRC US$ 60,000,000 100 % Real estate development Zhengzhou Yusheng Landscape Design Co., Ltd. PRC US$ 70,000,000 100 % Landscaping engineering and management Xinyuan (China) Real Estate, Ltd. (“Xinyuan China”) PRC US$ 307,000,000 100 % Investment holding company Henan Xinyuan Real Estate Co., Ltd. (“Henan Xinyuan”) PRC RMB 200,000,000 100 % Real estate development Qingdao Xinyuan Xiangrui Real Estate Co., Ltd. PRC RMB 10,000,000 100 % Real estate development Company Name Registered Place Registered Percentage of Principal Activities Subsidiary companies: Shandong Xinyuan Real Estate Co., Ltd. PRC RMB 300,000,000 100 % Real estate development Xinyuan Technology Service Co., Ltd. (“Xinyuan Service”) PRC RMB 50,000,000 94 % Property management services Mingyuan Landscape Engineering Co., Ltd. PRC RMB 50,000,000 100 % Landscaping engineering and management Henan Xinyuan Wanzhuo Real Estate Co., Ltd. PRC RMB 20,000,000 100 % Real estate development Suzhou Xinyuan Real Estate Development Co., Ltd. PRC RMB 200,000,000 100 % Real estate development Anhui Xinyuan Real Estate Co., Ltd. PRC RMB 50,000,000 100 % Real estate development Kunshan Xinyuan Real Estate Co., Ltd. (“Kunshan Xinyuan”) (Note 17(d)) PRC RMB 200,000,000 98.67 % Real estate development Xinyuan Real Estate (Chengdu) Co., Ltd. PRC RMB 220,000,000 100 % Real estate development Xuzhou Xinyuan Real Estate Co., Ltd. PRC RMB 200,000,000 100 % Real estate development Henan Xinyuan Jiye Real Estate Co., Ltd. PRC RMB 50,000,000 100 % Real estate development Beijing Xinyuan Wanzhong Real Estate Co., Ltd. (“Beijing Wanzhong”) PRC RMB 900,000,000 100 % Real estate development Beijing Heju Management Consulting Service Co., Ltd. PRC RMB 30,000,000 100 % Real estate development Xinyuan Renju (Beijing) Asset Management Co., Ltd. PRC RMB 30,000,000 100 % Real estate development Zhengzhou Jiantou Xinyuan Real Estate Co., Ltd. (“Jiantou Xinyuan”)(1) PRC RMB 10,000,000 100 % Real estate development Beijing Xinyuan Priority Real Estate Consulting Co., Ltd. PRC RMB 30,000,000 100 % Real estate consulting services Company Name Registered Place Registered Percentage of Principal Activities Subsidiary companies: Henan Xinyuan Priority Commercial Management Co., Ltd. PRC RMB 2,000,000 100 % Leasing management services Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. (“Suzhou Wanzhuo”) (Note 17(b)) PRC RMB 200,000,000 20 % Real estate development Jiangsu Jiajing Real Estate Co., Ltd. PRC RMB 150,000,000 100 % Real estate development Beijing XIN Media Co., Ltd. PRC RMB 10,000,000 100 % Culture and media services Xingyang Xinyuan Real Estate Co., Ltd. PRC RMB 200,000,000 100 % Real estate development APEC Construction Investment (Beijing) Co., Ltd. PRC RMB 100,000,000 100 % Investment holding company Beijing Xinxiang Huicheng Decoration Co., Ltd. PRC RMB 10,000,000 100 % Property decoration services Jinan Xinyuan Wanzhuo Real Estate Co., Ltd. PRC RMB 300,000,000 100 % Real estate development Xinrongji (Beijing) Investment Co., Ltd. PRC RMB 100,000,000 100 % Investment holding company Sanya Beida Science and Technology Park Industrial Development Co., Ltd. PRC RMB 200,000,000 100 % Real estate development Chengdu Xinyuan Wanzhuo Real Estate Co., Ltd. PRC RMB 50,000,000 100 % Real estate development Zhengzhou Hengsheng Real Estate Co., Ltd. PRC RMB 20,000,000 100 % Real estate development Beijing Xinyuan Xindo Park E-commerce Co., Ltd. PRC RMB 202,000,000 100 % Electronic commerce Beijing Economy Cooperation Ruifeng Investment Co., Ltd. PRC RMB 20,000,000 90 % Real estate development Company Name Registered Place Registered Percentage of Principal Activities Subsidiary companies: Tianjin Xinyuan Real Estate Co., Ltd. PRC RMB 100,000,000 100 % Real estate development Xi’an Yinghuai Commerce and Trade Co., Ltd. PRC RMB 3,000,000 100 % Property management services Beijing Juzhouyun Technology Development Co., Ltd. (“Juzhouyun”) (Note 17(d)) PRC RMB 10,000,000 100 % Technical services Changsha Xinyuan Wanzhuo Real Estate Co., Ltd. PRC RMB 100,000,000 100 % Real estate development Shanghai Junxin Real Estate Co., Ltd. PRC RMB 5,000,000 100 % Real estate development Beijing Yinghuai Commerce and Trade Co., Ltd. PRC RMB 30,000,000 100 % Retail store Beijing Xinhe Investment Development Co., Ltd. PRC RMB 5,000,000 100 % Investment holding company Jinan Yinghuai Commerce and Trade Co., Ltd. PRC RMB 3,000,000 100 % Retail store Henan Yinghuai Commerce and Trade Co., Ltd. PRC RMB 10,000,000 100 % Retail store Henan Xinyuan Guangsheng Real Estate Co., Ltd. PRC RMB 200,000,000 100 % Real estate development Shanghai Hexinli Property Management Center. (Limited partnership) (“Shanghai Hexinli”) PRC RMB 10,640,000 78.95 % Property management services Henan Xinyuan Real Estate Marketing Co., Ltd. PRC RMB 1,000,000 100 % Real estate marketing Company Name Registered Place Registered Percentage of Principal Activities Subsidiary companies: Shandong Xinyuan Renju Real Estate Co., Ltd. PRC RMB 50,000,000 100 % Real estate development Shaanxi Zhongmao Economy Development Co., Ltd. (“Shaanxi Zhongmao”) (Note 8) PRC RMB 22,500,000 65.98 % Real estate development 421 Kent Holding Co, Ltd. United States US$ 1,000 100 % Investment holding company Hudson 888 Owner LLC United States US$ 1,000 100 % Real estate development XIN Manhattan Holding LLC United States US$ 1,000 100 % Investment holding company Hudson 888 Holding LLC United States US$ 1,000 100 % Investment holding company Henan Xinyuan Quansheng Real Estate Co., Ltd. PRC RMB 40,000,000 100 % Real estate development Zhengzhou Shengdao Real Estate Co., Ltd. (“Zhengzhou Shengdao”) PRC RMB 20,000,000 100 % Real estate development Henan Xinyuan Shunsheng Real Estate Co., Ltd. PRC RMB 30,000,000 100 % Real estate development Hunan Erli Real Estate Co., Ltd. (“Hunan Erli”) PRC RMB 50,000,000 100 % Real estate development Ningbo Meishan Bonded Port Xinshoulei Investment Management Co., Limited PRC RMB 5,000,000 100 % Investment holding company Xinyuan (China) Technology Research Institute Limited Hong Kong HK$ 10,000 100 % Technological development Company Name Registered Place Registered Percentage of Principal Activities Subsidiary companies: XIN Queens Holding LLC United States US$ 1,000 100 % Investment holding company Queens Theatre Holdco LLC United States US$ 1,000 100 % Investment holding company Queens Theatre Owner LLC United States US$ 1,000 100 % Real estate development Xinyuan Future Science &; Technology Research (Beijing) Co., Limited PRC RMB 1,000,000 100 % Technological development Zhengzhou Xinnan Real Estate Co., Ltd. (“Zhengzhou Xinnan”) PRC RMB 50,000,000 51 % Real estate development Xinyan Investment Management Co., Limited. (“Xinrock”) PRC RMB 100,000,000 70 % Investment Hangzhou Investment Consulting Co., Limited PRC RMB 10,000,000 100 % Investment Hunan Yue-Mart Commerce and Trade Co., Ltd. PRC RMB 10,000,000 100 % Retail store Hunan Xintian Real Estate Co., Ltd. (“Hunan Xintian”) (2) PRC RMB 20,000,000 100 % Real estate development Beijing Xinju Technology Co., Ltd. (Beijing Xinju) PRC RMB 10,000,000 51 % Technical services Zhengzhou Hangmei Technology Development Co., Ltd.(“Zhengzhou Hangmei”) (3) PRC RMB 50,000,000 51 % Real estate development Company Name Registered Place Registered Percentage of Principal Activities Subsidiary companies: Zhengzhou Hangmei Zhengxing Technology Co., Ltd.(“Hangmei Zhengxing”) (4) PRC RMB 50,000,000 60 % Real estate consulting services Xi’an Dingrun Real Estate Co., Ltd. (“Xi’an Dingrun”) (5) PRC RMB 20,000,000 100 % Real estate development Zhengzhou Kangshengboda Real Estate Co., Ltd. (“Zhengzhou Kangshengboda”) (6) PRC RMB 50,000,000 100 % Real estate development Xinjiang Xinyuan Renju Equity Investment., Ltd. PRC RMB 10,000,000 100 % Real estate consulting services Zhuhai Prince Real Estate Co., Ltd. (“Zhuhai Prince”) (7) PRC RMB 16,000,000 100 % Real estate development Henan Renxin Real Estate Co., Ltd. (“Henan Renxin”) (8) PRC RMB 200,000,000 51 % Real estate development Henan Huanzhou Construction Engineering Co., Ltd PRC RMB 50,000,000 100 % Sales of construction material Xinchuang Technology Co., Ltd. PRC RMB 100,000,000 100 % Real estate consulting services Hangzhou Huiyuan Investment Management Partnership Enterprise. (Limited partnership) PRC RMB 5,000,000 100 % Investment holding company Company Name Registered Place Registered Percentage of Principal Activities Subsidiary companies: Guangdong Xinyuan Real Estate Co., Ltd. PRC RMB 100,000,000 100 % Real estate development Beijing Juhe Real Estate Brokerage Co., Ltd. PRC RMB 10,000,000 60 % Real estate brokerage Taicang Pengchi Real Estate Co., Limited. (“Taicang Pengchi”) (9) (Note 17(b)) PRC RMB 200,000,000 17 % Real estate development Beijing Yuandian Internet Technology Co., Ltd. PRC RMB 10,000,000 100 % Real estate brokerage Khorgos XinYan Enterprise Management Consulting Co., Ltd. PRC RMB 5,000,000 100 % Management consulting services Hunan Huaiwei Business Management Co., Ltd. PRC RMB 2,000,000 51 % Retail store VIE: Beijing Ruihao Rongtong Real Estate Co., Ltd. (“Ruihao Rongtong”) (Note 2(a)) PRC RMB 250,000,000 65 % Real estate development (1) Liquidated on May 5, 2017. (2) Acquired on January 25, 2017. (3) Acquired on January 18, 2017. (4) Acquired on January 18, 2017 60 (5) Acquired on May 10, 2017. (6) Acquired on June 23, 2017. (7) Acquired on June 28, 2017. (8) Acquired on June 20, 2017. (9) Acquired on December 1, 2017. |
Summary of significant accoun36
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of significant accounting policies [Abstract] | |
Schedule of Information Related to VIE's | December 31, December 31, US$ US$ Current assets 143,994,102 160,889,349 Non-current assets 10,184 287,409 Total assets 144,004,286 161,176,758 Current liabilities 109,607,206 132,170,781 Non-current liabilities - - Total liabilities 109,607,206 132,170,781 Year ended Year ended US$ US$ Revenue - - Cost of revenue - - Net loss (1,256,925) (7,266,337) Net cash used in operating activities (111,519,380) (18,569,850) Net cash used in investing activities (8,552) - Net cash provided/(used in) by financing activities 136,924,739 (13,688,554) |
Schedule Of Foreign Currency Translation | December 31, December 31, December 31, Year end RMB: US$ exchange rate 6.4936 6.9370 6.5342 Period average RMB: US$ exchange rate 6.2272 6.6401 6.7547 |
Schedule Of Useful Lives | Corporate aircraft 15 Vehicles 5 Furniture and fixtures 5 |
Schedule Of Interest Expense | 2015 2016 2017 US$ US$ US$ Amortization of issuance cost related to other long term debt 6,554,767 9,371,957 4,384,801 Interest expense related to capital leases 2,617,000 2,055,995 1,705,739 Interest on borrowings 171,035,655 196,243,562 197,410,532 Total interest costs 180,207,422 207,671,514 203,501,072 Total interest costs capitalized (159,926,006) (177,814,682) (137,347,632) Interest expense, net 20,281,416 29,856,832 66,153,440 |
Short-term investments (Tables)
Short-term investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Short-term investments [Abstract] | |
Schedule of Short-term Investments | December 31, 2016 US$ Aggregate fair Cost Unrealized Trading securities: Debt securities 20,601,816 20,599,683 2,133 REITs 15,612,864 15,266,447 346,417 Money market instruments 866,630 864,927 1,703 Equity securities 2,229,285 2,344,204 (114,919) Total 39,310,595 39,075,261 235,334 December 31, 2017 US$ Aggregate fair Cost Unrealized Trading securities: Debt securities 888,067 784,946 103,121 REITs 21,239,128 20,044,583 1,194,545 Money market instruments 26,577,133 26,574,990 2,143 Equity securities 9,035,230 8,239,060 796,170 Total 57,739,558 55,643,579 2,095,979 |
Real estate properties develo38
Real estate properties development completed and under development (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real estate properties development completed and under development [Abstract] | |
Schedule of Components of Real Estate Properties Development Completed, Under Development and Held For Sale | December 31, December 31, US$ US$ Development completed: Zhengzhou Century East A 2,277,168 2,293,021 Suzhou International City Garden 89,490 441,934 Suzhou Xin City 16,624,117 - Kunshan International City Garden 867,612 - Jinan Xinyuan Splendid 2,309,387 4,349,276 Zhengzhou Xin City 15,762,256 15,052,135 Beijing Xindo Park 52,671,437 52,675,024 Suzhou Lake Royal Palace 76,426,976 3,400,095 Xingyang Splendid I 11,344,548 15,528,607 Zhengzhou Thriving Family 9,985,798 16,834,270 Shanghai Yipin Royal Palace 91,307,299 90,003,702 New York Oosten 197,513,164 131,656,360 Chengdu Thriving Family - 146,791,480 Sanya Yazhou Bay No.1 - 97,350,745 Xi’an Metropolitan - 127,107,105 Kunshan Royal Palace - 9,782,983 Jinan Xin Central - 77,779,716 Changsha Xinyuan Splendid - 49,346,740 Real estate properties development completed 477,179,252 840,393,193 Under development: Current: Xuzhou Colorful City 39,910,908 39,903,835 Kunshan Royal Palace 106,317,899 - Xingyang Splendid II 65,914,086 49,848,748 Xingyang Splendid III 25,059,220 47,475,624 Xingyang Splendid IV 7,355,332 8,433,926 Zhengzhou Xindo Park 97,287,900 86,116,485 Jinan Royal Palace 267,899,017 227,113,681 Sanya Yazhou Bay No. 1 142,950,465 - Changsha Xinyuan Splendid 213,231,900 - Chengdu Thriving Family 265,695,975 - Jinan Xin Central 120,430,389 - Zhengzhou Fancy City 67,957,047 43,895,304 Tianjin Spring Royal Palace 90,412,297 68,748,771 Henan Xin Central I 112,073,981 54,380,998 Henan Xin Central II 51,633,387 68,783,659 Zhengzhou Fancy City II(South) 52,819,852 16,036,363 Zhengzhou Fancy City II(North) 36,768,148 52,672,711 Xi’an Metropolitan 228,453,322 - Kunshan Xindo Park 94,591,527 84,020,974 Zhengzhou International New City I 140,971,898 173,061,962 Zhengzhou International New City II 58,441,356 135,671,000 Beijing Liyuan project 149,726,569 200,296,958 Changsha Mulian Royal Palace 53,014,425 89,289,525 XIN Eco Marine Group Properties Sdn Bhd 9,961,455 11,135,393 Hudson Garden project 64,926,299 84,953,745 Flushing 68,572,237 83,282,854 Changsha Furong Thriving Family - 59,459,200 Zhengzhou International New City III - 155,032,340 Zhuhai Prince Project - 93,205,573 Xi'an Aerospace City Project - 134,714,398 Kunshan Zhongyu Project - 137,704,916 Zhengzhou International New City Pending Staging - 287,388,593 Zhengzhou Hangmei Project - 42,437,196 Zhengzhou Heizhuzhuang Project - 337,850,952 Suzhou Yinhewan Project - 42,061,346 Xi’an Metropolitan II - 5,543,530 2,632,376,891 2,920,520,560 Profit recognized 332,294,461 396,756,891 Less: progress billings (Note 13) (1,245,536,188) (1,321,276,798) Total real estate properties under development 1,719,135,164 1,996,000,653 Total real estate properties development completed and under development 2,196,314,416 2,836,393,846 |
Real estate properties held f39
Real estate properties held for lease, net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real estate properties held for lease, net [Abstract] | |
Schedule of Real Estate Properties Held for Lease, Net | December 31, December 31, US$ US$ Elementary schools 3,074,648 3,264,185 Basement parking 9,531,080 10,118,622 Kindergartens 8,269,659 9,596,645 Parking facilities 16,969,627 58,460,591 Clubhouses 6,008,447 8,181,616 Shopping mall 130,952,922 211,690,677 Total costs 174,806,383 301,312,336 Accumulated depreciation (14,932,449) (23,379,023) Real estate properties held for lease, net 159,873,934 277,933,313 |
Schedule Of Minimum Rental Receivables | Year Amount US$ 2018 9,292,757 2019 9,982,702 2020 9,919,920 2021 9,657,447 2022 and thereafter 70,661,054 Total 109,513,880 |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property and equipment, net [Abstract] | |
Schedule of Property and Equipment | December 31, December 31, US$ US$ Corporate aircraft (Note 12) 37,095,612 39,382,367 Vehicles 4,748,877 5,210,349 Furniture and fixtures 8,996,395 11,787,191 Total 50,840,884 56,379,907 Accumulated depreciation (16,750,788) (23,994,047) Property and equipment, net 34,090,096 32,385,860 |
Long-term investment (Tables)
Long-term investment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Long-term Investments [Abstract] | |
Schedule of Long-term Investment | As of December 31, 2016 and 2017, the long-term investment consisted of the following: Initial Cost Ownership December 31, US$ US$ Cost method investee Zhengzhou Lianhe Real Estate Co., Ltd. 241,648 1.85 % 241,648 Equity method investee Shenzhen Zhong An Financial Lease Co., Ltd. 7,639,186 25 % 7,555,911 Total 7,797,559 Initial Cost Ownership December 31, US$ US$ Cost method investee Zhengzhou Lianhe Real Estate Co., Ltd. 241,648 1.85 % 241,648 Zhengzhou Taike Real Estate Co., Ltd. 738,073 3.75 % 738,073 Equity method investee Shenzhen Qianhai Jingjie City Renewal Investment Partnership (limited partnership) 8,118,800 n/a 8,118,800 Zhengzhou Xinci Health Service Co. Ltd. 1,290,135 60 % 1,202,661 Qingdao Huiju Zhihui City Industrial Development Co., Ltd. 413,210,492 49 % 412,593,226 Shenzhen Zhong An Financial Lease Co., Ltd. 7,639,186 25 % 8,207,136 Chengdu Xinyuan Renju Enterprise management Co., Ltd. 765,205 10 % 765,205 Wuhu Penghong Investment Center (Limited Partnership) 30,608,185 n/a 30,608,185 Wuhu Penghua Tenth Investment Center (Limited Partnership) 367,298,216 n/a 367,298,216 Total 829,773,150 |
Schedule of Equity Method Investees | Summarized financial information of the major equity method investees is presented is as follows: December 31, US$ ( in thousands) Current assets 1,239,060 Noncurrent assets 563,759 Current liabilities 561,064 Non-current liabilities 517,004 Gross revenue 12,759 Gross profit 5,621 Loss from continuing operations (622 ) Net loss (898 ) |
Acquisition of subsidiaries (Ta
Acquisition of subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Acquisition of subsidiaries [Abstract] | |
Schedule of Cash Flow In Respect of Business Acquisition | US$ Cash consideration paid - Cash and cash equivalents acquired 15,055,431 Net inflow of cash and cash equivalents 15,055,431 |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | US$ Purchase consideration 516,086 Fair value of non-controlling interest 5,724,339 Fair value of previously held equity interests (i) 8,581,461 Bargain purchase gain recognized in other income 2,004,507 16,826,393 Fair value of net identifiable assets acquired: Cash and cash equivalents 15,055,431 Restricted cash 16,560,251 Real estate properties under development 180,647,050 Property and equipment, net 329,582 Current assets 54,780,760 Current liabilities (250,546,681) Net assets acquired 16,826,393 |
Short-term bank loans and oth43
Short-term bank loans and other debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Short-term bank loans and other debt [Abstract] | |
Schedule of Short-Term Loans | December 31, December 31, 2016 2017 US$ US$ Loan from The Bank of East Asia Due June 2, 2017, at 1.10% plus 3 month LIBOR(2) 34,421,617 - Due June 1, 2018, at 1.10% plus 3 month LIBOR(2) - 34,421,617 Due September 27, 2018, at 1.10% plus 3 month LIBOR(3) - 24,294,636 34,421,617 58,716,253 Loan from Ping’an Real Estate Co., Ltd. Due April 20, 2017, at 6.00% per annum(1) 43,246,360 - Loan from Huarong International Trust Co., Ltd. Limited Due September 30, 2017, at 8.30% per annum(1) 100,908,174 - Due August 9, 2018, at 8.50% per annum(4) - 20,522,788 100,908,174 20,522,788 Loan from Henan Zhongyuan Microfinance Co., Ltd. Due July 27, 2018, at 10.00% per annum - 7,652,046 Loan from Zhongyuan Aviation Leasing Co.,Ltd. Due November 23, 2018, at 10.00% per annum(5) - 15,304,092 Loan from Bridge Trust Co., Ltd. Due May 29, 2018, at 9.50% per annum - 41,933,213 Due November 29, 2018, at 9.50% per annum - 45,912,277 87,845,490 Loan from China Huarong Asset Management Co., Ltd.Shaanxi Branch Due December 14, 2018, at 11.50% per annum - 15,304,092 Loan from Kunlun Trust Co., Ltd. Due December 28, 2018, at 8.20% per annum - 38,260,231 Uncommitted on-demand revolving facilities from Bank of China International Limited 1.00% plus LIBOR(6) - 3,935,538 1.00% plus HIBOR(6) - 217,765 - 4,153,303 Total short-term bank loans and other debt 178,576,151 247,758,295 (1) These loans were paid in full in 2017. (2) The loan contract with the Bank of East Asia was amended to extend the maturity date of the loan. The Company accounted for the amendments, which did not result in a debt extinguishment pursuant to ASC 470-50, Debt Modifications and Exchanges 38,719,354 36,471,097 (3) Pursuant to the agreements with the Bank of East Asia this short-term debt is denominated in US$ and is secured by restricted cash of US$ 26,059,808 (4) Pursuant to the agreements with Huarong International Trust Co., Ltd, this other short-term debt is secured by the Group’s 100 (5) Pursuant to the agreements with Zhongyuan Aviation Leasing Co.,Ltd. this other short-term debt is secured by the Group’s 100 17,004,691 (6) These represent revolving credit facilities that are unsecured and repayable on demand. |
Long-term bank loans (Tables)
Long-term bank loans (Tables) - Notes Payable to Banks [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Debt Instrument [Line Items] | |
Schedule of Long-Term Bank Loans | December 31, December 31, 2016 2017 US$ US$ Loan from ICBC Due December 26, 2021, at 6.175% per annum (1) 144,154,534 147,938,539 Due December 22, 2021, at 6.175% per annum (1) - 73,970,800 Due December 30, 2021, at 6.60% per annum (1) - 68,051,177 144,154,534 289,960,516 Loan from China Guangfa Bank Due December 15, 2018, at 4.75% per annum (1) 4,612,945 8,539,683 Due October 20, 2019, at 6.4125% per annum (2) - 14,691,929 4,612,945 23,231,612 Loan from Bank of China Due March 27, 2018, at 5.23% per annum (4) 43,246,360 22,956,138 Due July 6, 2020, at 5.46% per annum (1) - 22,956,138 43,246,360 45,912,276 Loan from Bank of Bohai Due March 14, 2019 at 5.415% per annum (5) 42,525,587 39,025,435 Loan from Bank of Beijing Due October 31, 2019 at 6.175% per annum (4) 18,740,089 - Due February 14, 2020 at 4.75% per annum (1) - 49,374,063 Loan from The Bank of East Asia 18,740,089 49,374,063 Due April 26, 2018, at 1.25% plus 3 month LIBOR (3) 13,250,000 13,250,000 Due June 1, 2018, at 1.25% plus 3 month LIBOR (3) 9,675,655 9,675,655 Due June 5, 2018, at 1.25% plus 3 month LIBOR (3) 10,000,000 10,000,000 Due August 15, 2018, at 1.25% plus 3 month LIBOR (3) 20,000,000 20,000,000 Due August 30, 2018, at 1.10% plus 3 month LIBOR (3) 9,700,000 9,700,000 Due September 19, 2018, at 1.10% plus 3 month LIBOR (3) 2,220,000 2,220,000 64,845,655 64,845,655 Total 318,125,170 512,349,557 Less: current portion of long-term bank loans (82,240,161) (501,330,611) Total long-term bank loans 235,885,009 11,018,946 Pursuant to the loan contracts, if the Group achieves an agreed upon sales target from the sales of the underlying real estate properties under development, the Group has an obligation to repay the loan before the maturity date. Therefore, the respective current portions of these loans have been classified as current liabilities as of December 31, 2017. (2) Pursuant to the agreements with China Guangfa Bank (3) Pursuant to the loan contract with The Bank of East Asia, these six loans from The Bank of East Asia, amounting to US$13.3 million, US$9.7 million, US$10.0 million, US$20.0 million, US$9.7 million and US$2.2 million respectively, are denominated in US$ and are secured by restricted cash of US$ 14,944,446 13,168,517 10,911,818 9,802,508 11,279,116 10,090,817 22,558,232 20,498,775 10,939,365 9,949,546 2,503,750 2,277,642 (4) These loans were paid in full or partially repaid in 2017. (5) Pursuant to the agreement with Bank of Bohai, the debt is secured by US$ 1,366,655 |
Schedule of Maturities | Year Amount US$ 2018 96,341,476 2019 53,717,364 2020 72,330,201 2021 289,960,516 2022 and thereafter - Less: current portion of long-term bank loans (501,330,611) Total: long-term bank loans 11,018,946 |
Other long-term debt (Tables)
Other long-term debt (Tables) - Other Long-Term Debt [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Debt Instrument [Line Items] | |
Other Long-term Debt | December 31, December 31, 2016 2017 US$ US$ June 2019 Senior Secured Notes due on June 6, 2019 at 13.00% (1) 187,314,242 - November 2020 Senior Secured notes due on November 22, 2020 at 8.875% - 293,742,826 August 2019 Senior Notes due on August 30, 2019 at 8.125% 294,819,248 295,270,134 February 2021 Senior notes due on February 28, 2021 at 7.75% - 286,865,011 Corporate bonds due on December 28, 2020 at 7.50% 143,484,912 152,661,716 Corporate bonds due on January 27, 2021 at 7.47% 100,618,930 107,005,532 Corporate bonds due on March 14, 2021 at 7.09% 71,860,897 76,420,211 Corporate bonds due on August 15, 2019 at 8.20% 215,084,667 226,122,693 Corporate bonds due on April 7, 2020 at 8.20% - 172,188,160 Collateralized loan due on June 25, 2017 at 8.50% (1) 43,246,360 - Collateralized loan due on May 22, 2020 at 8.50% (2) - 135,992,164 Collateralized loan due on March 31, 2018 at 11.00% (1) 21,623,180 - Collateralized loan due on November 6, 2018 at 8.20% 23,064,725 6,387,795 Collateralized loan due on January 4, 2019 at 8.20% - 2,794,660 Collateralized loan due on May 10, 2018 at 7.501% 26,668,589 28,312,572 Collateralized loan due on May 30, 2018 at 9.00% (1) 64,869,540 - Collateralized loan due on June 19, 2018 at 9.50% (1) 50,454,087 - Collateralized loan due on July 31, 2021 at 8.00% (3) 46,129,451 48,973,095 Collateralized loan due on August 2, 2021 at 8.00% (4) 5,333,718 5,662,515 Collateralized loan due on September 6, 2019 at 8.50% - 15,304,092 Collateralized loan due on October 30, 2019 at 9.00% - 2,479,263 Collateralized loan due on November 2, 2019 at 9.00% - 28,128,922 Collateralized loan due on November 23, 2024 at 6.90% (1) 43,246,360 40,173,242 Collateralized loan due on March 17, 2020 at 7.37% - 35,199,412 Collateralized loan due on November 30, 2019 at 9.50% (5) - 260,169,569 Non-controlling shareholder’s loan due on May 30, 2019 at 8.50% (6) - 246,778,489 Non-controlling shareholder’s loan due on February 28, 2018 at 10.50% (1) 20,614,098 - Non-controlling shareholder’s loan due on February 28, 2018 at 8.50% (1) 103,719,187 - Fortress Credit Co. LLC loan due on June 9, 2017 at 7.25% plus LIBOR (1) 48,457,937 - Kent EB-5 LLC loan due on January 23, 2020 at 5.95% (7) 10,000,000 10,000,000 Kent EB-5 LLC loan due on April 30, 2020 at 5.95% (7) 5,000,000 5,000,000 Kent EB-5 LLC loan due on June 25, 2020 at 5.95% (7) 5,000,000 5,000,000 Kent EB-5 LLC loan due on August 4, 2020 at 5.95% (7) 5,000,000 5,000,000 Kent EB-5 LLC loan due on August 20, 2020 at 5.95% (7) 5,000,000 5,000,000 Kent EB-5 LLC loan due on October 1, 2020 at 5.95% (7) 10,000,000 10,000,000 Kent EB-5 LLC loan due on November 23, 2020 at 5.95% (7) 10,000,000 10,000,000 Kent EB-5 LLC loan due on March 15, 2021 at 5.95% (7) 9,500,000 9,500,000 Kent EB-5 LLC loan due on September 12, 2021 at 5.95% (7) 500,000 500,000 Ozarks loan due on July 13, 2017 at 4.50% plus 1 month LIBOR (1) 26,636,117 - Ozarks loan due on March 24, 2020 at 4.50% plus 1 month LIBOR (8) - 22,283,892 Bank Direct Capital Finance loan due on January 1, 2020 at 4.19% (9) - 2,801,117 Total principal of other long-term debt 1,597,246,245 2,551,717,082 Less: current portion of other long-term debt (622,454,921) (1,146,902,643) Total other long-term debt 974,791,324 1,404,814,439 (1) These loans were paid in full or partially repaid in 2017. (2) Pursuant to the agreements with Ping’an Trust Co., Ltd., this other long-term debt is secured by the Group’s equity interest in Qingdao Huiju. (3) Pursuant to the entrust loan agreements with CITIC Trust Co.,Ltd., the debt is secured by the Group’s equity interest in Henan Xinyuan Guangsheng and US$ 15,304,092 (4) Pursuant to the entrust loan agreements with CITIC Trust Co.,Ltd., the debt is secured by the Group’s equity interest in Henan Xinyuan Guangsheng. (5) Pursuant to the agreements with Ping’an Trust Co., Ltd., the debt is secured by the Group’s 51 (6) Pursuant to the agreements with Ping’an Trust Co., Ltd., which is the non-controlling shareholder of Ruihao Rongtong, this other long-term debt is secured by the Group’s 65 (7) Pursuant to the agreements with Kent EB-5 LLC, this other long-term debt amounting to US$ 60 (8) Pursuant to the agreements with Bank of Ozarks ( “Ozarks”), (9) Pursuant to the agreements with Bank Direct Capital Finance, this other long-term debt is denominated in US$ and unsecured, and repayable by month. |
Schedule of Maturities of Long-term Debt [Table Text Block] | As of December 31, 2017, the contractual maturities of these debts are as follows: Year Amount US$ 2018 34,700,367 2019 1,077,047,822 2020 864,869,287 2021 534,926,364 2022 and thereafter 40,173,242 Less: current portion of other long term debt (1,146,902,643) Total: Other long-term debt 1,404,814,439 |
Capital lease obligations (Tabl
Capital lease obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Capital lease obligations [Member] | |
Debt Instrument [Line Items] | |
Schedule of long-term debt | December 31, December 31, US$ US$ Capital lease obligations, net of current maturities Due to Minsheng 13,518,898 10,764,638 Due to related party - Shenzhen Zhong An 1,496,610 650,706 15,015,508 11,415,344 Current maturities of capital lease obligations Due to Minsheng 2,869,663 3,353,698 Due to related party - Shenzhen Zhong An 1,053,731 1,118,688 3,923,394 4,472,386 Total capital lease obligations 18,938,902 15,887,730 |
Customer deposits (Tables)
Customer deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Customer deposits [Abstract] | |
Customer deposits | December 31, December 31, US$ US$ Advances for real estate properties 1,412,304,143 1,683,218,520 Add: (decrease)/ increase in revenue recognized in excess of amounts received from customers (16,222,702) 76,399,991 Less: recognized as progress billings (Note 4) (1,245,536,188) (1,321,276,798) Customer deposits (Note 2(h),2(n)) 150,545,253 438,341,713 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income taxes [Abstract] | |
Schedule of Income before Income Tax Expenses | Year ended December 31, 2015 2016 2017 US$ US$ US$ PRC 154,833,605 211,620,233 275,898,007 Non PRC (35,840,702) (45,909,678) (82,669,476) Total 118,992,903 165,710,555 193,228,531 |
Schedule of Income Tax Expense | Year ended December 31, 2015 2016 2017 US$ US$ US$ Current: CIT tax expense 48,523,618 70,285,607 103,302,037 Land Appreciation Tax (“LAT”) expense 23,223,407 33,254,340 40,203,748 Deferred tax benefit (19,235,707) (17,292,072) (30,388,659) Income tax expense 52,511,318 86,247,875 113,117,126 |
Schedule of Effective Income Tax Rate Reconciliation | Year ended December 31, 2015 2016 2017 US$ US$ US$ CIT at rate of 25% 29,748,226 41,427,639 48,307,133 Tax effect of non-deductible expenses 2,028,153 7,425,406 3,641,665 Unrecognized tax benefits (6,354,200) (1,949,726) - LAT expense 23,223,407 33,254,340 40,203,748 CIT benefit of LAT (5,805,852) (8,313,585) (10,050,937) Changes in valuation allowance 4,274,501 (1,161,335) 3,180,741 International rate differences 6,075,360 17,814,114 10,149,331 Dividend and interest withholding taxes 3,675,156 - 18,877,500 Adjustment of estimated income tax accruals (4,412,050) (1,979,380) (954,552) Others 58,617 (269,598) (237,503) Actual income tax expense 52,511,318 86,247,875 113,117,126 |
Reconciliation of Unrecognized Tax Benefits | 2015 2016 2017 US$ US$ US$ Balance at January 1 14,005,004 17,842,283 20,491,988 Additions for tax positions of current year 11,592,738 5,549,004 10,813,497 Movement in current year due to foreign exchange rate fluctuation (313,640) (68,926) 2,001 Reductions for tax positions of prior years (3,669,272) (880,647) (76,110) Lapse of statute of limitations (3,772,547) (1,949,726) - Balance at December 31 17,842,283 20,491,988 31,231,376 |
Schedule of Deferred Tax Asset/Liability | December 31, 2016 December 31, 2017 US$ US$ Deferred tax assets: Tax loss carried forward 24,163,474 41,367,888 Accruals and provisions 15,756,338 46,491,643 Capitalized expenses 4,667,343 11,992,000 Revenue recognition of real estate lease income on a straight-line basis 9,132,603 11,285,190 Deemed interest income 20,417,879 31,231,375 Valuation allowance (2,913,798) (6,706,131) Others 74,109 12,843 Total deferred tax assets 71,297,948 135,674,808 Deferred tax liabilities: Revenue recognition based on percentage of completion (57,670,568) (76,968,132) Real estate properties accelerated cost deduction (794,822) (1,274,068) Taxable temporary differences arising from asset acquisitions (42,703,964) (107,224,810) Dividend and interest withholding taxes (13,500,239) (32,377,738) Others (45,533) (27,508) Total deferred tax liabilities (114,715,126) (217,872,256) |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 Granted in Options Granted in 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] | |
Summary of Stock Option Activity Under Stock Option and Incentive Plans | The following table is a summary of the Company’s share option activity under the 2007 Plan (in US$, except options): Options Under the 2007 Plan Number of Weighted Weighted Aggregate Outstanding, January 1, 2017 7.0 (exercise price) 792,056 7.00 0.83 - 2.975 (exercise price) 180,000 2.975 1.50 - 1.21 (exercise price) 754,000 1.21 3.95 957,580 1.085 (exercise price) 100,000 1.085 4.50 139,500 1.64 (exercise price) 200,000 1.64 5.87 168,000 2.105 (exercise price) 559,124 2.105 6.50 209,672 2.86 (exercise price) 600,000 2.86 6.67 - 1.21 (exercise price) 342,400 1.21 7.50 434,848 1.81(exercise price) 134,000 1.8100 8.85 89,780 Granted - - - - Options Under the 2007 Plan Number of Weighted Weighted Aggregate Exercised 1.21 (exercise price) 641,262 1.21 - 800,889 2.105 (exercise price) 559,124 2.105 - 258,432 1.21 (exercise price) 303,000 1.21 426,439 1.81 (exercise price) 66,000 1.81 - 79,441 Forfeited 2.86 (exercise price) 600,000 2.86 - - 7.0 (exercise price) 792,056 7.00 - - Outstanding, December 31, 2017 2.975 (exercise price) 180,000 2.975 0.50 77,400 1.21 (exercise price) 112,738 1.21 2.95 247,460 1.085 (exercise price) 100,000 1.085 3.50 232,000 1.64 (exercise price) 200,000 1.64 4.87 353,000 1.21 (exercise price) 39,400 1.21 6.50 86,483 1.81(exercise price) 68,000 1.81 7.85 108,460 Exercisable as at December 31, 2017 2.975 (exercise price) 180,000 2.975 0.50 77,400 1.21 (exercise price) 112,738 1.21 2.95 247,460 1.085 (exercise price) 100,000 1.085 3.50 232,000 1.64 (exercise price) 200,000 1.64 4.87 353,000 1.21 (exercise price) 39,400 1.21 6.50 86,483 1.81 (exercise price) 1,332 1.81 7.85 2,125 |
2015 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Stock Option Activity Under Stock Option and Incentive Plans | The following table is a summary of the Company’s share option activity under the 2015 Plan (in US$, except options): Options Under the 2015 Plan Number of Weighted Weighted Aggregate Outstanding, January 1, 2017 1.71(exercise price) 81,600 1.71 8.58 62,832 1.71(exercise price) 4,791,200 1.71 8.50 3,689,224 Granted - - - - Exercised 1.71(exercise price) 1,062,542 1.71 - 1,061,444 Forfeited 1.71 (exercise price) 27,200 1.71 - - 1.71 (exercise price) 203,736 1.71 - - Outstanding, December 31, 2017 1.71(exercise price) 54,400 1.71 7.58 92,208 1.71(exercise price) 3,524,922 1.71 7.50 5,974,743 Exercisable as at December 31, 2017 1.71(exercise price) 54,400 1.71 7.58 92,208 1.71(exercise price) 2,073,920 1.71 7.50 3,515,294 |
Other payables and accrued li50
Other payables and accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other payables and accrued liabilities [Abstract] | |
Schedule of Other Payables and Accrued Liabilities | December 31, December 31, US$ US$ Contract deposit 81,095,384 89,383,227 Accrued expense 22,325,547 41,715,403 Deed tax and maintenance fund withheld for customers 10,566,064 12,149,522 Bidding deposit 1,959,950 2,983,801 Welfare payable 1,489,242 1,657,567 Other tax payable 7,908,792 8,172,022 Accrued aircraft operating expense 1,251,952 842,663 Accrued interest expense 42,371,395 54,250,778 Others 30,692,839 88,963,349 Total 199,661,165 300,118,332 |
Related party and employee tr51
Related party and employee transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related party and employee transactions [Abstract] | |
Schedule of Related Party Transactions | (a) Amounts due from related parties December 31, December 31, US$ US$ Current: Beijing Starry Sky Cinema Co., Ltd. (“Starry Sky”) 17,731,875 5,909,736 Beijing Aijieli Technology Development Co., Ltd. - 12,889,735 Beijing Ruizhuo Xitou Technology Development Co., Ltd. - 10,429,990 Beijing Ruizhuo Xichuang Technology Development Co., Ltd. - 3,576,543 Chengdu Renju - 35,199,433 Guangzhou Huanglong - 38,934,992 Qingdao Huiju - 18,721,643 Total current amounts due from related party 17,731,875 125,662,072 Non current: Xinzheng Meihang Network Technology Co., Ltd. - 24,665,944 Total 17,731,875 150,328,016 (b) Amounts due to related party December 31, December 31, US$ US$ Current: Shenzhen Pingjia Investment Management Co., Ltd. 66,229,724 - Suzhou Fuchao Enterprise Management Consulting Co., Ltd. - 23,387,006 Nanjing Gold Pedestal Real Estate Development Co., Ltd. - 23,388,992 Suzhou Country Garden Real Estate Development Co.,Ltd. - 23,385,379 Taicang Guangyuan Real Estate Development Co., Ltd. - 23,387,006 Suzhou Fuyi Enterprise Management Consulting Co., Ltd. - 7,470,721 Suzhou Guozhan Commercial Plaza Development Co., Ltd. - 7,470,721 Kunshan Shine Land Group Co., Ltd - 7,470,721 Shanghai Cifi Enterprise Management Co., Ltd. - 7,431,209 Shanghai Xinbi Real Estate Development Co., Ltd. - 3,671,987 Changxing Xinbi Investment Management Partnership (limited partnership) - 743,121 Foshan Shunde District Gongheng Investment Co., Ltd. - 371,560 Total current amounts due to related party 66,229,724 128,178,423 Non current: Xinzheng Meihang Network Technology Co., Ltd. - 29,917,961 Total 66,229,724 158,096,384 (c) Amounts due from employees December 31, December 31, US$ US$ Advances to employees 620,462 2,174,302 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | December 31, 2015 2016 2017 US$ US$ US$ Numerator: Net income attributable to Xinyuan Real Estate Co., Ltd. Shareholders basic 66,482,107 72,977,548 63,627,551 Net income attributable to Xinyuan Real Estate Co., Ltd. shareholders diluted 66,482,107 72,977,548 63,627,551 Denominator: Weighted average number of shares outstanding, basic* 142,625,427 133,261,510 128,704,610 Stock options 348,603 1,271,209 1,877,785 Restricted stock units 3,513,919 3,120,310 1,023,474 Weighted average number of shares outstanding-diluted 146,487,949 137,653,029 131,605,869 Basic earnings per share 0.47 0.55 0.49 Diluted earnings per share 0.45 0.53 0.48 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, 2017 | |
Segment Reporting [Abstract] | |
Summary of Information by Segment | Summary information by operating segment is as follows: December 31, Henan Shandong Jiangsu Sichuan Beijing Hainan Hunan Shanghai Tianjin United Others Consolidated US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ Net real estate sales 251,681,188 186,222,554 371,469,943 36,372,298 166,775,534 3,534,278 42,191,276 70,058,447 4,631,258 1,530,000 - 1,134,466,776 Real estate lease income 4,484,591 202,892 - - - - - - - - 1,885,780 6,573,263 Real estate management services income - - - - - - - - - - 21,611,201 21,611,201 Other revenue 1,396,463 30,659 308,026 80,142 318,271 8,157 2,332 - 1,333 - (472,625) 1,672,758 Total revenue 257,562,242 186,456,105 371,777,969 36,452,440 167,093,805 3,542,435 42,193,608 70,058,447 4,632,591 1,530,000 23,024,356 1,164,323,998 Cost of real estate sales (160,197,316) (149,867,847) (305,417,991) (32,313,894) (118,868,527) (2,337,677) (30,095,959) (62,366,015) (3,534,525) (1,243,112) - (866,242,863) Cost of real estate lease income (2,202,367) (285,974) (1,416,157) - - - - - - - (51,824) (3,956,322) Cost of real estate management services (18,161) - - - - - - - - - (19,424,698) (19,442,859) Other costs 178,610 (376,070) (641,646) (3,615) (835,555) (324) - - (8,424) - (4,824) (1,691,848) Total cost of revenue (162,239,234) (150,529,891) (307,475,794) (32,317,509) (119,704,082) (2,338,001) (30,095,959) (62,366,015) (3,542,949) (1,243,112) (19,481,346) (891,333,892) Gross profit 95,323,008 35,926,214 64,302,175 4,134,931 47,389,723 1,204,434 12,097,649 7,692,432 1,089,642 286,888 3,543,010 272,990,106 Operating expenses (51,882,922) (13,528,548) (15,826,805) (3,672,935) (32,178,776) (6,617,557) (5,090,601) (4,346,174) (10,002,768) (4,971,109) (19,336,890) (167,455,085) Operating income/(loss) 43,440,086 22,397,666 48,475,370 461,996 15,210,947 (5,413,123) 7,007,048 3,346,258 (8,913,126) (4,684,221) (15,793,880) 105,535,021 Interest income 23,284,854 237,687 442,560 18,752 331,042 3,968 45,592 134,580 2,966 - 1,735 24,503,736 Interest expense 21,612,239 - - - - - - - - 17,587,083 (59,480,738) (20,281,416) Net realized gain on short-term investments - - - - - - - - - - 603,078 603,078 Share of gain in an equity investee 2,234,635 - - - - - - - - - - 2,234,635 Loss on extinguishment of debt - - - - - - - - - - - - Exchange gains 403,286 - - - - - - - - - 403,286 Unrealized income on short-term investments - - - - - - - - - - 49,443 49,443 Other income - - - - - 4,677,244 - - - 2,950 1,264,926 5,945,120 Income/(loss) before income taxes 90,975,100 22,635,353 48,917,930 480,748 15,541,989 (731,911) 7,052,640 3,480,838 (8,910,160) 12,905,812 (73,355,436) 118,992,903 Income tax benefit /(expense) (16,234,099) (9,901,175) (32,061) (1,344,687) (13,479,368) 163,491 (5,634,909) (1,259,900) 1,739,065 2,825,203 (9,352,878) (52,511,318) Net income/(loss) 74,741,001 12,734,178 48,885,869 (863,939) 2,062,621 (568,420) 1,417,731 2,220,938 (7,171,095) 15,731,015 (82,708,314) 66,481,585 Depreciation and amortization 5,569,343 400,733 1,542,209 64,082 515,150 208,486 76,304 83,175 3,839 50,985 237,358 8,751,664 Capital expenditure 4,249,718 172,853 31,524 - 33,952,563 127,550 146,074 - 52,401 136,065 256,824 39,125,572 Real estate properties development completed 4,775,131 - 19,301,428 - - - - - - - - 24,076,559 Real estate properties under development 313,105,983 275,709,393 307,172,930 223,653,822 62,561,492 101,059,710 157,166,855 155,309,860 57,207,564 226,208,448 8,165,744 1,887,321,801 Real estate properties held for lease 42,511,937 4,487,714 23,416,217 - - - - - - - 716,714 71,132,582 Total long-lived assets 221,202,024 6,683,031 27,947,425 9,036,881 6,958,865 553,186 468,620 391,481 751,519 8,659,744 3,266,691 285,919,467 Total assets 1,064,084,941 457,041,948 655,880,819 206,485,216 346,527,256 135,047,439 110,988,357 128,502,762 19,201,186 162,538,391 262,584,869 3,548,883,184 December 31, Henan Shandong Jiangsu Sichuan Beijing Hainan Hunan Shanghai Tianjin Shaanxi United Others Consolidated US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ Net real estate sales 368,866,778 169,605,220 349,616,790 76,489,749 23,722,289 12,699,957 105,494,573 100,003,503 39,912,406 126,550,015 152,007,123 - 1,524,968,403 Real estate lease income 3,588,434 172,198 - - - - - - - 284,294 - 1,901,125 5,946,051 Real estate management services income 1,161,150 - - - - - - - - - - 28,861,597 30,022,747 Other revenue 303,521 102,415 471 - 280,007 - - - 1,078 - - - 687,492 Total revenue 373,919,883 169,879,833 349,617,261 76,489,749 24,002,296 12,699,957 105,494,573 100,003,503 39,913,484 126,834,309 152,007,123 30,762,722 1,561,624,693 Cost of real estate sales (252,522,117) (142,763,272) (273,738,274) (58,762,806) (30,743,520) (8,544,624) (75,514,694) (89,067,765) (22,837,517) (91,274,052) (128,803,285) - (1,174,571,926) Cost of real estate lease income (1,792,349) (287,832) (1,328,100) - - - - - - (225,776) - (48,588) (3,682,645) Cost of real estate management services (979,218) - - - - - - - - - - (23,302,224) (24,281,442) Other costs (525,052) (100,695) (69,971) - (404,649) - - - - - - - (1,100,367) Total cost of revenue (255,818,736) (143,151,799) (275,136,345) (58,762,806) (31,148,169) (8,544,624) (75,514,694) (89,067,765) (22,837,517) (91,499,828) (128,803,285) (23,350,812) (1,203,636,380) Gross profit 118,101,147 26,728,034 74,480,916 17,726,943 (7,145,873) 4,155,333 29,979,879 10,935,738 17,075,967 35,334,481 23,203,838 7,411,910 357,988,313 Operating expenses (41,459,159) (8,682,365) (12,234,106) (3,329,524) (38,841,455) (4,028,044) (6,372,468) (3,120,707) (16,533,371) (10,239,653) (11,002,123) (22,786,372) (178,629,347) Operating income/(loss) 76,641,988 18,045,669 62,246,810 14,397,419 (45,987,328) 127,289 23,607,411 7,815,031 542,596 25,094,828 12,201,715 (15,374,462) 179,358,966 Interest income 18,611,346 974,322 262,675 71,673 246,892 18,809 91,757 83,756 123,642 92,040 - 339,655 20,916,567 Interest expense (6,312,134) - - - - - - - - - (3,444,399) (20,100,299) (29,856,832) Net realized gain on short-term investments 1,316,577 - - - (1,742) - - - - - - 1,190,861 2,505,696 Share of (loss)/gain in an equity investee (688,363) - - - - - - - - - - 363,751 (324,612) Loss on extinguishment of debt - - - - - - - - - - - (12,123,750) (12,123,750) Exchange gains 461,627 - - - (130,591) - - - - - - 127,923 458,959 Unrealized income on short-term investments 7,862 - - - - - - - - - 227,472 235,334 Other income 4,534,357 - - - - - - - - 2,487 3,383 4,540,227 Income/(loss) before income taxes 94,573,260 19,019,991 62,509,485 14,469,092 (45,872,769) 146,098 23,699,168 7,898,787 666,238 25,186,868 8,759,803 (45,345,466) 165,710,555 Income tax expense (13,089,933) (11,666,859) (28,647,951) (5,223,645) 15,322,784 (556,388) (13,925,672) (3,089,750) (3,217,994) (12,955,165) (8,388,686) (808,616) (86,247,875) Net income/(loss) 81,483,327 7,353,132 33,861,534 9,245,447 (30,549,985) (410,290) 9,773,496 4,809,037 (2,551,756) 12,231,703 371,117 (46,154,082) 79,462,680 Depreciation and amortization 5,477,178 411,694 1,442,768 61,572 454,728 208,161 82,330 77,851 8,278 106,653 106,407 250,763 8,688,383 Capital expenditure 5,257,710 57,511 19,302 11,035 744,844 28,005 13,599 1,029 8,593 25,770 294,134 6,461,532 Real estate properties development completed 39,369,770 2,309,387 94,008,195 - 52,671,437 - - 91,307,299 - - 197,513,164 - 477,179,252 Real estate properties under development 376,001,881 236,984,737 104,989,367 202,565,917 149,726,569 137,338,481 188,578,773 - 13,222,946 166,266,501 133,498,536 9,961,456 1,719,135,164 Real estate properties held for lease 38,584,030 5,604,196 20,648,238 - - - - - - 94,413,043 - 624,427 159,873,934 Total long-lived assets 98,501,017 9,339,448 22,056,718 354,311 2,037,512 408,197 241,841 127,856 2,189,185 125,018,000 6,004,446 21,835,309 288,113,840 Total assets 1,371,127,748 370,315,900 354,089,481 222,100,489 283,695,245 207,361,083 276,147,610 109,047,209 97,995,395 356,256,758 409,269,847 162,152,194 4,219,558,959 December 31, 2017 Henan Shandong Jiangsu Sichuan Beijing Hainan Hunan Shanghai Tianjin Shaanxi United Xinjiang Zhuhai Others Consolidated US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ Net real estate sales 886,207,602 252,186,589 284,388,321 79,054,170 540,766 87,304,257 133,499,073 973,450 38,646,991 63,283,292 98,476,295 - - - 1,924,560,806 Real estate lease income 3,567,372 183,530 - - - - 6,071 209,186 - 3,832,764 - - 19,659 914,217 8,732,799 Real estate management services income 1,505,932 - - - - - - - - 356,429 - - - 39,875,958 41,738,319 Other revenue 508,891 52,893 21,184 87,307 - 11,396 118,391 5,046 74 - 307,793 761,502 - 830 1,875,307 Total revenue 891,789,797 252,423,012 284,409,505 79,141,477 540,766 87,315,653 133,623,535 1,187,682 38,647,065 67,472,485 98,784,088 761,502 19,659 40,791,005 1,976,907,231 Cost of real estate sales (607,656,121) (204,691,234) (247,765,242) (71,332,282) (363,305) (55,291,475) (107,834,718) (664,093) (23,602,129) (46,516,108) (108,350,506) - - - (1,474,067,213) Cost of real estate lease income (2,170,672) (348,420) (3,353,579) (158,879) - - (174,601) (332,094) - (4,420,100) - - - (47,777) (11,006,122) Cost of real estate management services (935,942) - - - - - - - - - - - - (30,710,506) (31,646,448) Other costs (227,081) (10,706) (127,375) - (51,424) (3,846) (95,235) - - - - - (10,342) (33,226) (559,235) Total cost of revenue (610,989,816) (205,050,360) (251,246,196) (71,491,161) (414,729) (55,295,321) (108,104,554) (996,187) (23,602,129) (50,936,208) (108,350,506) - (10,342) (30,791,509) (1,517,279,018) Gross profit 280,799,981 47,372,652 33,163,309 7,650,316 126,037 32,020,332 25,518,981 191,495 15,044,936 16,536,277 (9,566,418) 761,502 9,317 9,999,496 459,628,213 Operating expenses (64,061,347) (10,497,498) (16,659,076) (3,772,416) (44,507,378) (7,726,269) (10,099,854) (747,409) (6,001,987) (9,123,653) (10,597,926) (8,546,613) (680,754) (19,546,278) (212,568,458) Operating income/(loss) 216,738,634 36,875,154 16,504,233 3,877,900 (44,381,341) 24,294,063 15,419,127 (555,914) 9,042,949 7,412,624 (20,164,344) (7,785,111) (671,437) (9,546,782) 247,059,755 Interest income 11,355,876 338,069 218,937 100,988 516,950 26,443 320,666 268,325 271,527 69,336 - 366 264 3,371,339 16,859,086 Interest expense (18,393,523) (362,759) (1,829,665) - (5,056,962) - - (2,100,301) (1,214,368) - (3,570,310) - - (33,625,552) (66,153,440) Net realized gain on short-term investments 3,110,564 - 7,395 - 9,077 - - - - - - - - 4,746,951 7,873,987 Share of (loss)/gain in an equity investee (1,062,499) (974,405) (2,818) - - - - - - - - - - 329,652 (1,710,070) Loss on extinguishment of debt - - - - - - - - - - - - - (15,879,702) (15,879,702) Exchange gains (362,736) - - - - - - - - - - - - 1,119,662 756,926 Unrealized income on short-term investments 151,003 - - - - - - - - - - - - 1,944,976 2,095,979 Other income 2,326,004 - - - - - - - - 6 - - - 2,326,010 - Income/(loss) before income taxes 213,863,323 35,876,059 14,898,082 3,978,888 (48,912,276) 24,320,506 15,739,793 (2,387,890) 8,100,108 7,481,960 (23,734,648) (7,784,745) (671,173) (47,539,456) 193,228,531 Income tax benefit/(expense) (77,985,230) (11,359,619) (6,913,466) (812,628) 4,065,308 (10,189,683) (2,560,610) 686,619 (1,713,343) (840,827) 8,694,642 58,406 145,513 (14,392,208) (113,117,126) Net income/(loss) 135,878,093 24,516,440 7,984,616 3,166,260 (44,846,968) 14,130,823 13,179,183 (1,701,271) 6,386,765 6,641,133 (15,040,006) (7,726,339) (525,660) (61,931,664) 80,111,405 Depreciation and amortization 5,597,930 416,607 3,445,463 218,043 767,841 148,453 185,123 68,648 9,836 1,766,074 232,618 - 38 870,852 13,727,526 Capital expenditure 5,756,237 11,636 13,725 22,550 2,960,195 1,361 21,262 - 20,322 9,571 257,643 - 392,779 294,575 9,761,856 Real estate properties development completed 49,708,034 82,128,992 13,625,012 146,791,480 52,675,024 97,350,745 49,346,740 90,003,702 - 127,107,105 131,656,359 - - - 840,393,193 Real estate properties under development 937,340,899 78,988,478 217,051,399 - 200,296,958 - 109,107,637 - 40,379,791 140,257,927 168,236,598 - 93,205,573 11,135,393 1,996,000,653 Real estate properties held for lease 53,783,548 5,633,936 38,824,172 23,503,438 - - 50,422,065 4,578,302 - 100,574,370 - - - 613,482 277,933,313 Total long-lived assets 207,599,517 420,656,893 50,598,511 391,437,638 16,714,738 609,466 51,791,292 4,639,263 1,706,170 125,298,084 19,666,135 271,179 125,896 23,107,007 1,314,221,789 Total assets 2,715,305,431 693,368,606 459,080,321 584,350,518 296,118,475 108,984,575 266,196,168 103,055,884 98,249,020 440,219,180 354,473,170 2,124,744 93,723,704 169,184,474 6,384,434,270 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and contingencies [Abstract] | |
Schedule of Future Minimum Payments Under Operating Leases | As of December 31, 2017, the Group had the following operating lease obligations falling due in: Amount US$ 2018 8,077,319 2019 3,551,542 2020 2,541,724 2021 600,001 2022 and thereafter 1,014,391 Total 15,784,977 |
Schedule of Capital Lease Obligations | As of December 31, 2017, the Group had the following minimum lease payments (excluding the portion of the payments representing executory costs, including any profit thereon) falling due in: Amount US$ 2018 6,196,459 2019 5,639,398 2020 5,082,338 2021 2,541,169 2022 and thereafter - Total minimum lease payments 19,459,364 Less interest (3,571,634) Capital lease obligations 15,887,730 Less current maturities of capital lease obligations (4,472,386) Long-term capital lease obligations 11,415,344 |
Schedule of Outstanding Commitments | As of December 31, 2017, 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$ 2018 278,213,253 2019 59,268,253 2020 19,329,097 2021 24,846 2022 and thereafter - Total 356,835,449 |
Accumulated other comprehensi55
Accumulated other comprehensive (loss)/income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated other comprehensive income [Abstract] | |
Schedule of Accumulated other comprehensive income/(loss) | Foreign currency US$ Balance as of December 31, 2014 104,557,008 Other comprehensive loss (73,605,171) Balance as of December 31, 2015 30,951,837 Other comprehensive loss (65,634,725) Balance as of December 31, 2016 (34,682,888) Other comprehensive income 63,908,624 Balance as of December 31, 2017 29,225,736 |
Non-controlling interests (Tabl
Non-controlling interests (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Non-controlling interests [Abstract] | |
Schedule of non-controlling interests | As of December 31, 201 6, the non-controlling interests mainly consisted of the Ownership December 31, US$ Beijing Economy Cooperation Ruifeng Investment Co., Ltd. 10.00 % 18,081 Shaanxi Zhongmao 34.02 % (11,271,378) Zhengzhou Xinnan 49.00 % (3,802,744) Xinyuan Service 6.00 % (579,986) Xinrock 30.00 % 67,160 Shanghai Hexinli 21.05 % (322,846) Total (15,891,713) As of December 31, 2017, the non-controlling interests consisted of the following: Ownership December 31, US$ Beijing Economy Cooperation Ruifeng Investment Co., Ltd. 10.00 % 21,941 Shaanxi Zhongmao 34.02 % (15,065,986) Zhengzhou Xinnan 49.00 % (22,806,392) Xinyuan Service 6.00 % (1,132,730) Xinrock 30.00 % 251,835 Shanghai Hexinli 21.05 % (342,579) Zhengzhou Hangmei (Note 1) 49.00 % (3,127,176) Taicang Pengchi (Note 1, Note 17(b)) 83.00 % 91,281 Suzhou Wanzhuo (Note 1, Note 17(b)) 80.00 % (23,932,541) Beijing Xinju (Note 1, Note 17(d)) 49.00 % 1,601,070 Henan Renxin 49.00 % - Total (64,441,277) |
Condensed financial informati57
Condensed financial information of the Company (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed financial information of the Company [Abstract] | |
Condensed Balance Sheet | Condensed Balance Sheets Year ended December 31 2016 2017 US$ US$ ASSETS Current assets Cash and cash equivalents 36,497,233 15,726,978 Other deposits and prepayments - - Other current assets 1,900,557 46,780 Due from subsidiaries 394,050,421 720,955,318 Due from related parities 561,872 Total current assets 432,448,211 737,290,948 Investments in subsidiaries 1,068,115,589 1,287,013,327 TOTAL ASSETS 1,500,563,800 2,024,304,275 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Short-term bank loan 34,421,617 58,716,253 PRC income tax payable 13,388 13,388 PRC other tax payable 902,190 902,190 Other payable and accrued liabilities 11,873,498 16,747,632 Current portion of long-term bank loan - 64,845,655 Payroll and welfare payables 119,167 7,238,573 Total current liabilities 47,329,860 148,463,691 Long term bank loan 64,845,655 - Other long-term debt 488,127,820 883,268,735 Total liabilities 600,303,335 1,031,732,426 Shareholders’ equity Common shares, $0.0001 par value: Authorized-500,000,000 shares, issued and outstanding-129,578,676 shares for 2017 (2016: 131,426,741 shares) 16,051 16,314 Treasury shares (53,734,088) (67,792,368) Additional paid-in capital 538,414,246 543,338,206 Retained earnings 415,564,256 517,009,697 Total shareholders’ equity 900,260,465 992,571,849 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 1,500,563,800 2,024,304,275 |
Condensed Statement of Comprehensive Income | Condensed Statements of Comprehensive Income Year ended December 31 2015 2016 2017 US$ US$ US$ General and administrative expenses (10,301,067) (20,081,338) (13,781,596) Operating loss (10,301,067) (20,081,338) (13,781,596) Interest expense (58,576,635) (65,092,711) (65,387,198) Interest income 3,533 127,852 3,200,520 Loss on extinguishment of debt - (12,123,750) (15,879,702) Other expenses 40,922 1,114,517 Equity in profit of subsidiaries, net 135,356,276 170,106,573 154,361,010 Income from operations before income taxes 66,482,107 72,977,548 63,627,551 Income taxes - - - Net income attributable to common shareholders 66,482,107 72,977,548 63,627,551 Other comprehensive income, net of tax of nil Foreign currency translation adjustments (73,605,171) (65,634,725) 63,908,624 Comprehensive (loss)/income attributable to shareholders (7,123,064) 7,342,823 127,536,175 |
Condensed Statement of Cash Flows | Condensed Statements of Cash Flows Year ended December 31 2015 2016 2017 US$ US$ US$ Cash flows from operating activities: Net income 66,482,107 72,977,548 63,627,551 Adjustment to reconcile net income to net cash provided by operating activities: Equity in profit of subsidiaries, net (135,356,276) (170,106,573) (154,361,010) Stock based compensation expense 3,326,175 7,085,958 4,266,373 Amortization of deferred charges 2,378,767 7,067,935 4,036,412 Loss on extinguishment of debt - 12,123,750 15,879,702 Other deposits and prepayments (615,013) 2,389,045 - Other current assets 233,446 2,320 (2,214) Other payable and accrued liabilities (521,582) 3,679,102 4,874,134 Payroll and welfare payables - 119,168 2,893,230 Amount due from related parties - - (561,872) Net cash used in operating activities (64,072,376) (64,661,747) (59,347,694) Cash flows from financing activities: Changes in due from a subsidiary (6,809,170) 181,515,577 (326,904,897) Proceeds from short-term bank loans 207,805,203 - 24,294,636 Repayments of short-term bank loans (115,603,302) (146,208,974) - Proceeds from long-term bank loans - 23,250,000 - Proceeds from other long-term debts - 300,000,000 603,179,617 Repayment of other long-term debts - (186,164,616) (201,002,731) Purchase of treasury shares (3,349,172) (29,688,648) (14,058,280) Dividends to shareholders (14,751,704) (20,545,257) (26,090,734) Deferred charges (3,104,812) (7,621,208) (13,952,084) Purchase of shares under RSU plan (3,259,998) (4,003,999) - Loss on extinguishment of debt - (12,123,750) (13,000,000) Proceeds from exercise of stock options 48,400 1,454,020 6,111,912 Net cash provided by financing activities 60,975,445 99,863,145 38,577,439 Net(decrease)/increase in cash and cash equivalents (3,096,931) 35,201,398 (20,770,255) Cash and cash equivalents, at the beginning of the year 4,392,766 1,295,835 36,497,233 Cash and cash equivalents, at end of the period 1,295,835 36,497,233 15,726,978 |
Background information of bus58
Background information of business and organization (Details) | 12 Months Ended | |||||||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2017HKD ($) | Dec. 31, 2017MYR (RM) | |||||
Xinyuan International Property Investment Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Oct. 6, 2011 | |||||||
Registered Capital | $ | $ 500,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xinyuan International (HK) Property Investment Co., Limited [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Oct. 26, 2011 | |||||||
Registered Capital | $ | $ 3,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
XIN Development Group International Inc. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Nov. 10, 2011 | |||||||
Registered Capital | $ | $ 0 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xinyuan Real Estate, Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jan. 27, 2006 | |||||||
Registered Capital | $ | $ 50,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
South Glory International Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jan. 17, 2001 | |||||||
Registered Capital | $ | $ 10,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Victory Good Development Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jan. 17, 2001 | |||||||
Registered Capital | $ | $ 10,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Elite Quest Holdings Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Nov. 19, 2001 | |||||||
Registered Capital | $ | $ 10,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
XIN Irvine, LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jul. 12, 2012 | |||||||
Registered Capital | $ | $ 50,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Vista Sierra, LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | May 1, 2012 | |||||||
Registered Capital | $ | $ 0 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
XIN Development Management East, LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Aug. 28, 2012 | |||||||
Registered Capital | $ | $ 1,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
XIN NY Holding, LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Aug. 29, 2012 | |||||||
Registered Capital | $ | $ 1,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
421 Kent Development, LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Aug. 29, 2012 | |||||||
Registered Capital | $ | $ 1,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xinyuan Sailing Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jun. 21, 2013 | |||||||
Registered Capital | $ | $ 3,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
AWAN Plasma Sdn Bhd [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Apr. 16, 2007 | |||||||
Registered Capital | RM | RM 33,577,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
XIN Eco Marine Group Properties Sdn Bhd [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jul. 9, 2014 | |||||||
Registered Capital | RM | RM 33,217,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xinyuan Internet Finance Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jul. 7, 2015 | |||||||
Registered Capital | $ | $ 50,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
New Dawn International Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jul. 7, 2015 | |||||||
Registered Capital | $ | $ 50,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
New Legend International Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jul. 7, 2015 | |||||||
Registered Capital | $ | $ 50,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
New Point International Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jul. 7, 2015 | |||||||
Registered Capital | $ | $ 50,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
New Grace International Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jul. 7, 2015 | |||||||
Registered Capital | $ | $ 50,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Genesis Ocean Investments Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Aug. 19, 2015 | |||||||
Registered Capital | $ | $ 100 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Honest View Development Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Aug. 19, 2015 | |||||||
Registered Capital | $ | $ 100 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Honour Triumph Enterprises Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Aug. 19, 2015 | |||||||
Registered Capital | $ | $ 100 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Well Poly Holdings Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Aug. 19, 2015 | |||||||
Registered Capital | $ | $ 100 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Zhengzhou Yasheng Construction Material Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Oct. 22, 2013 | |||||||
Registered Capital | $ | $ 50,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Zhengzhou Jiasheng Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Dec. 2, 2013 | |||||||
Registered Capital | $ | $ 60,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Zhengzhou Yusheng Landscape Design Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Dec. 25, 2013 | |||||||
Registered Capital | $ | $ 70,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xinyuan (China) Real Estate, Ltd. ("Xinyuan China") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Apr. 10, 2006 | |||||||
Registered Capital | $ | $ 307,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Henan Xinyuan Real Estate Co., Ltd. ("Henan Xinyuan") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | May 19, 1997 | |||||||
Registered Capital | ¥ 200,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Qingdao Xinyuan Xiangrui Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Feb. 9, 2006 | |||||||
Registered Capital | ¥ 10,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Shandong Xinyuan Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jun. 2, 2006 | |||||||
Registered Capital | ¥ 300,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xinyuan Technology Service Co., Ltd. ("Xinyuan Service") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Dec. 28, 1998 | |||||||
Registered Capital | ¥ 50,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 94.00% | 94.00% | 94.00% | 94.00% | ||||
Mingyuan Landscape Engineering Co Ltd [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Feb. 17, 2004 | |||||||
Registered Capital | ¥ 50,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Henan Xinyuan Wanzhuo Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Dec. 29, 2011 | |||||||
Registered Capital | ¥ 20,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Suzhou Xinyuan Real Estate Development Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Nov. 24, 2006 | |||||||
Registered Capital | ¥ 200,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Anhui Xinyuan Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Dec. 7, 2006 | |||||||
Registered Capital | ¥ 50,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Kunshan Xinyuan Real Estate Co., Ltd. ("Kunshan Xinyuan") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jan. 31, 2008 | |||||||
Registered Capital | ¥ 200,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 98.67% | 98.67% | 98.67% | 98.67% | ||||
Xinyuan Real Estate (Chengdu) Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jun. 12, 2007 | |||||||
Registered Capital | ¥ 220,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xuzhou Xinyuan Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Nov. 9, 2009 | |||||||
Registered Capital | ¥ 200,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Henan Xinyuan Jiye Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Nov. 15, 2009 | |||||||
Registered Capital | ¥ 50,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Beijing Xinyuan Wanzhong Real Estate Co., Ltd. ("Beijing Wanzhong") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Mar. 4, 2008 | |||||||
Registered Capital | ¥ 900,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Beijing Heju Management Consulting Service Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jan. 16, 2009 | |||||||
Registered Capital | ¥ 30,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xinyuan Renju (Beijing) Asset Management Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jan. 16, 2009 | |||||||
Registered Capital | ¥ 30,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Zhengzhou Jiantou Xinyuan Real Estate Co., Ltd. ("Jiantou Xinyuan") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jun. 13, 2005 | [1] | ||||||
Registered Capital | ¥ 10,000,000 | [1] | ||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | [1] | 100.00% | [1] | 100.00% | [1] | 100.00% | [1] |
Beijing Xinyuan Priority Real Estate Consulting Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Mar. 8, 2012 | |||||||
Registered Capital | ¥ 30,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Henan Xinyuan Priority Commercial Management Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Aug. 10, 2012 | |||||||
Registered Capital | ¥ 2,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. ("Suzhou Wanzhuo") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Sep. 20, 2012 | |||||||
Registered Capital | ¥ 200,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 20.00% | 20.00% | 20.00% | 20.00% | ||||
Jiangsu Jiajing Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Mar. 28, 2005 | |||||||
Registered Capital | ¥ 150,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Beijing XIN Media Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jul. 10, 2013 | |||||||
Registered Capital | ¥ 10,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xingyang Xinyuan Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jul. 25, 2013 | |||||||
Registered Capital | ¥ 200,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
APEC Construction Investment (Beijing) Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Aug. 1, 2013 | |||||||
Registered Capital | ¥ 100,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Beijing Xinxiang Huicheng Decoration Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Oct. 18, 2013 | |||||||
Registered Capital | ¥ 10,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Jinan Xinyuan Wanzhuo Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Dec. 4, 2013 | |||||||
Registered Capital | ¥ 300,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xinrongji (Beijing) Investment Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Dec. 25, 2013 | |||||||
Registered Capital | ¥ 100,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Sanya Beida Science and Technology Park Industrial Development Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jan. 10, 2014 | |||||||
Registered Capital | ¥ 200,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Chengdu Xinyuan Wanzhuo Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Feb. 21, 2014 | |||||||
Registered Capital | ¥ 50,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Zhengzhou Hengsheng Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jun. 19, 2014 | |||||||
Registered Capital | ¥ 20,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Beijing Xinyuan Xindo Park E-commerce Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Aug. 12, 2014 | |||||||
Registered Capital | ¥ 202,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Beijing Economy Cooperation Ruifeng Investment Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Sep. 15, 2014 | |||||||
Registered Capital | ¥ 20,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 90.00% | 90.00% | 90.00% | 90.00% | ||||
Tianjin Xinyuan Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Sep. 17, 2014 | |||||||
Registered Capital | ¥ 100,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xi'an Yinghuai Commerce and Trade Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Nov. 25, 2014 | |||||||
Registered Capital | ¥ 3,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Beijing Juzhouyun Technology Development Co., Ltd. ("Juzhouyun") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Dec. 24, 2014 | |||||||
Registered Capital | ¥ 10,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Changsha Xinyuan Wanzhuo Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Apr. 3, 2014 | |||||||
Registered Capital | ¥ 100,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Shanghai Junxin Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jan. 16, 2014 | |||||||
Registered Capital | ¥ 5,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Beijing Yinghuai Commerce and Trade Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jan. 5, 2015 | |||||||
Registered Capital | ¥ 30,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Beijing Xinhe Investment Development Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | May 5, 2015 | |||||||
Registered Capital | ¥ 5,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Jinan Yinghuai Commerce and Trade Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Dec. 4, 2015 | |||||||
Registered Capital | ¥ 3,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Henan Yinghuai Commerce and Trade Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Mar. 23, 2015 | |||||||
Registered Capital | ¥ 10,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Henan Xinyuan Guangsheng Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jul. 27, 2015 | |||||||
Registered Capital | ¥ 200,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Shanghai Hexinli Property Management Center (Limited partnership) ("Shanghai Hexinli") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jul. 28, 2015 | |||||||
Registered Capital | ¥ 10,640,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 78.95% | 78.95% | 78.95% | 78.95% | ||||
Henan Xinyuan Real Estate Marketing Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jul. 30, 2015 | |||||||
Registered Capital | ¥ 1,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Shandong Xinyuan Renju Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Nov. 19, 2011 | |||||||
Registered Capital | ¥ 50,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Shaanxi Zhongmao Economy Development Co., Ltd. ("Shaanxi Zhongmao") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jun. 22, 1998 | |||||||
Registered Capital | ¥ 22,500,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 65.98% | 65.98% | 65.98% | 65.98% | ||||
421 Kent Holding Co, Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | May 2, 2014 | |||||||
Registered Capital | $ | $ 1,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Hudson 888 Owner LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Oct. 22, 2015 | |||||||
Registered Capital | $ | $ 1,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
XIN Manhattan Holding LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Dec. 9, 2015 | |||||||
Registered Capital | $ | $ 1,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Hudson 888 Holding LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Dec. 9, 2015 | |||||||
Registered Capital | $ | $ 1,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Henan Xinyuan Quansheng Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jan. 14, 2015 | |||||||
Registered Capital | ¥ 40,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Zhengzhou Shengdao Real Estate Co., Ltd. ("Zhengzhou Shengdao") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Oct. 14, 2013 | |||||||
Registered Capital | ¥ 20,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Henan Xinyuan Shunsheng Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jan. 13, 2016 | |||||||
Registered Capital | ¥ 30,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Hunan Erli Real Estate Co., Ltd. ("Hunan Erli") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jan. 4, 2008 | [2] | ||||||
Registered Capital | ¥ 50,000,000 | [2] | ||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | [2] | 100.00% | [2] | 100.00% | [2] | 100.00% | [2] |
Ningbo Meishan Bonded Port Xinshoulei Investment Management Co., Limited. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jul. 13, 2016 | |||||||
Registered Capital | ¥ 5,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
XinYuan (China) Technology Research Institute Limited [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jul. 8, 2016 | |||||||
Registered Capital | ¥ 10,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
XIN Queens Holding LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jul. 6, 2016 | |||||||
Registered Capital | $ | $ 1,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Queens Theatre Holdco LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jul. 6, 2016 | |||||||
Registered Capital | $ | $ 1,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Queens Theatre Owner LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jul. 6, 2016 | |||||||
Registered Capital | $ | $ 1,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xinyuan Future Science & Technology Research (Beijing) Co., Limited. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jul. 8, 2016 | |||||||
Registered Capital | ¥ 1,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Zhengzhou Xinnan Real Estate Co., Ltd. ("Zhengzhou Xinnan") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jan. 21, 2016 | |||||||
Registered Capital | ¥ 50,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 51.00% | 51.00% | 51.00% | 51.00% | ||||
Xinyan Investment Management Co., Limited. ("Xinrock") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Apr. 8, 2016 | |||||||
Registered Capital | ¥ 100,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 70.00% | 70.00% | 70.00% | 70.00% | ||||
Hangzhou Investment Consulting Co., Limited. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | May 25, 2016 | |||||||
Registered Capital | ¥ 10,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Hunan Yue-Mart Commerce and Trade Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Oct. 11, 2016 | |||||||
Registered Capital | ¥ 10,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Hunan Xintian Real Estate Co., Ltd. ("Hunan Xintian") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Sep. 28, 2009 | [3] | ||||||
Registered Capital | ¥ 20,000,000 | [3] | ||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | [3] | 100.00% | [3] | 100.00% | [3] | 100.00% | [3] |
Beijing Xinju Technology Co., Ltd (Beijing Xinju) [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Feb. 7, 2017 | |||||||
Registered Capital | ¥ 10,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 51.00% | 51.00% | 51.00% | 51.00% | ||||
Zhengzhou Hangmei Technology Development Co., Ltd."Zhengzhou Hangmei" [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Nov. 25, 2014 | [4] | ||||||
Registered Capital | ¥ 50,000,000 | [4] | ||||||
Percentage of Equity Directly Attributable to the Group | 51.00% | [4] | 51.00% | [4] | 51.00% | [4] | 51.00% | [4] |
Zhengzhou Hangmei Zhengxing Technology Co., Ltd.("Hangmei Zhengxing") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Mar. 28, 2016 | [5] | ||||||
Registered Capital | ¥ 50,000,000 | [5] | ||||||
Percentage of Equity Directly Attributable to the Group | 60.00% | [5] | 60.00% | [5] | 60.00% | [5] | 60.00% | [5] |
Xi'an Dingrun Real Estate Co., Ltd. ("Xi'an Dingrun") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jun. 1, 2011 | [6] | ||||||
Registered Capital | ¥ 20,000,000 | [6] | ||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | [6] | 100.00% | [6] | 100.00% | [6] | 100.00% | [6] |
Zhengzhou Kangshengboda Real Estate Co., Ltd. ("Zhengzhou Kangshengboda") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jul. 29, 2016 | [7] | ||||||
Registered Capital | ¥ 50,000,000 | [7] | ||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | [7] | 100.00% | [7] | 100.00% | [7] | 100.00% | [7] |
Xinjiang Xinyuan Renju Equity Investment., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Feb. 24, 2017 | |||||||
Registered Capital | ¥ 10,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Zhuhai Prince Real Estate Co., Ltd. ("Zhuhai Prince") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Sep. 13, 1990 | [8] | ||||||
Registered Capital | ¥ 16,000,000 | [8] | ||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | [8] | 100.00% | [8] | 100.00% | [8] | 100.00% | [8] |
Henan Renxin Real Estate Co., Ltd. ("Henan Renxin") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jul. 11, 2008 | [9] | ||||||
Registered Capital | ¥ 200,000,000 | [9] | ||||||
Percentage of Equity Directly Attributable to the Group | 51.00% | [9] | 51.00% | [9] | 51.00% | [9] | 51.00% | [9] |
Henan Huanzhou Construction Engineering Co., Ltd [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jun. 1, 2017 | |||||||
Registered Capital | ¥ 50,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Xinchuang Technology Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | May 2, 2017 | |||||||
Registered Capital | ¥ 100,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Hangzhou Huiyuan Investment Management Partnership Enterprise. (Limited partnership) [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | May 23, 2017 | |||||||
Registered Capital | ¥ 5,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Guangdong Xinyuan Real Estate Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Oct. 18, 2017 | |||||||
Registered Capital | ¥ 100,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Beijing Juhe Real Estate Brokerage Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Aug. 2, 2017 | |||||||
Registered Capital | ¥ 10,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 60.00% | 60.00% | 60.00% | 60.00% | ||||
Taicang Pengchi Real Estate Co., Limited. ("Taicang Pengchi") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jun. 16, 2017 | [10] | ||||||
Registered Capital | ¥ 200,000,000 | [11] | ||||||
Percentage of Equity Directly Attributable to the Group | 17.00% | [11] | 17.00% | [11] | 17.00% | [11] | 17.00% | [11] |
Beijing Yuandian Internet Technology Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Nov. 8, 2017 | |||||||
Registered Capital | ¥ 10,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Khorgos XinYan Enterprise Management Consulting Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Dec. 4, 2017 | |||||||
Registered Capital | ¥ 5,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Hunan Huaiwei Business Management Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Sep. 13, 2017 | |||||||
Registered Capital | ¥ 2,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 51.00% | 51.00% | 51.00% | 51.00% | ||||
Beijing Ruihao Rongtong Real Estate Co., Ltd. ("Ruihao Rongtong") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Registered Place and Date of Incorporation | Jun. 15, 2006 | |||||||
Registered Capital | ¥ 250,000,000 | |||||||
Percentage of Equity Directly Attributable to the Group | 65.00% | 65.00% | 65.00% | 65.00% | ||||
[1] | Liquidated on May 5, 2017. | |||||||
[2] | Acquired on August 1, 2016. | |||||||
[3] | Acquired on January 25, 2017. | |||||||
[4] | Acquired on January 18, 2017. | |||||||
[5] | Acquired on January 18, 2017. The Company indirectly controls Hangmei Zhengxin through its subsidiary, Zhengzhou Hangmei, which owns 60% equity interest in Hangmei Zhengxing. | |||||||
[6] | Acquired on May 10, 2017. | |||||||
[7] | Acquired on June 23, 2017. | |||||||
[8] | Acquired on June 28, 2017. | |||||||
[9] | Acquired on June 20, 2017. | |||||||
[10] | Acquired on December 1, 2017. | |||||||
[11] | Acquired on December 1, 2017. |
Summary of significant accoun59
Summary of significant accounting policies (The Company and basis of presentation and consolidation) (Details) ¥ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
May 23, 2017USD ($) | May 23, 2017CNY (¥) | Sep. 18, 2016USD ($) | Sep. 18, 2016CNY (¥) | Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017CNY (¥)item | Jun. 30, 2017 | Jun. 28, 2016 | Mar. 01, 2016 | |
Variable Interest Entity [Line Items] | |||||||||||
Percentage of Equity Directly Attributable to the Group | 25.00% | ||||||||||
Current assets | $ 5,070,212,481 | $ 3,931,445,119 | |||||||||
TOTAL ASSETS | 6,384,434,270 | 4,219,558,959 | $ 3,548,883,184 | ||||||||
Current liabilities | 3,674,819,498 | 1,981,002,577 | |||||||||
Total liabilities | 5,327,421,144 | 3,303,406,781 | |||||||||
Revenue | 1,976,907,231 | 1,561,624,693 | 1,164,323,998 | ||||||||
Cost of revenue | (1,517,279,018) | (1,203,636,380) | (891,333,892) | ||||||||
Net loss | 63,627,551 | 72,977,548 | 66,482,107 | ||||||||
Net cash used in operating activities | 139,712,972 | (159,881,300) | (4,535,075) | ||||||||
Net cash used in investing activities | (827,168,769) | 4,467,639 | (35,002,993) | ||||||||
Net cash provided/(used in) by financing activities | 942,144,670 | 375,230,167 | $ 306,282,098 | ||||||||
Amounts due to subsidiaries of the Group | 128,178,423 | 66,229,724 | |||||||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Current assets | 160,889,349 | 143,994,102 | |||||||||
Non-current assets | 287,409 | 10,184 | |||||||||
TOTAL ASSETS | 161,176,758 | 144,004,286 | |||||||||
Current liabilities | 132,170,781 | 109,607,206 | |||||||||
Non-current liabilities | 0 | 0 | |||||||||
Total liabilities | 132,170,781 | 109,607,206 | |||||||||
Revenue | 0 | 0 | |||||||||
Cost of revenue | 0 | 0 | |||||||||
Net loss | (7,266,337) | (1,256,925) | |||||||||
Net cash used in operating activities | (18,569,850) | (111,519,380) | |||||||||
Net cash used in investing activities | 0 | (8,552) | |||||||||
Net cash provided/(used in) by financing activities | (13,688,554) | 136,924,739 | |||||||||
Land use right securing long-term debt | 155,782,729 | 76,002,595 | |||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Consolidation, Eliminations [Member] | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Amounts due to subsidiaries of the Group | $ 126,623,561 | $ 105,701,841 | |||||||||
Beijing Ruihao Rongtong Real Estate Co., Ltd. ("Ruihao Rongtong") [Member] | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Percentage of Equity Directly Attributable to the Group | 65.00% | 65.00% | 65.00% | ||||||||
Paid-up Capital | $ 37,600,000 | ¥ 250,000 | |||||||||
Noncontrolling owners interest (percentage) | 35.00% | 35.00% | 10.00% | 10.00% | 35.00% | 35.00% | 5.00% | 20.00% | |||
Proceeds from other debt | $ 246,800,000 | ¥ 1,610 | $ 124,300,000 | ¥ 862,500 | |||||||
Number of projects under construction | item | 1 | 1 | |||||||||
Percentage of non-controlling equity interest that will be repurchased by the entity | 35.00% | 35.00% |
Summary of significant accoun60
Summary of significant accounting policies (Details) | 12 Months Ended | ||||||||||||
Dec. 31, 2017USD ($)Projectshares | Dec. 31, 2016USD ($)Projectshares | Dec. 31, 2015USD ($)item | Jan. 02, 2018USD ($) | Dec. 02, 2017USD ($) | Nov. 22, 2017USD ($) | Mar. 21, 2017USD ($) | Feb. 28, 2017USD ($) | Aug. 30, 2016USD ($) | Dec. 28, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 06, 2013USD ($) | Jul. 12, 2013USD ($) | |
Accounting Policies [Line Items] | |||||||||||||
Year end RMB: US$ exchange rate | 6.5342 | 6.9370 | 6.4936 | ||||||||||
Period average RMB: US$ exchange rate | 6.7547 | 6.6401 | 6.2272 | ||||||||||
Cash and cash equivalents: | |||||||||||||
Cash and cash equivalents | $ 894,551,480 | $ 578,244,378 | $ 387,528,092 | $ 140,494,754 | |||||||||
Revenue recognition: | |||||||||||||
Amounts received from customers in excess of revenues recognized | 593,700,000 | 605,600,000 | |||||||||||
Reversal of sales | $ 11,500,000 | ||||||||||||
Number of units affected | 63 | ||||||||||||
Retirement benefits | |||||||||||||
Retirement benefits expense | $ 17,101,606 | 11,023,291 | 10,664,576 | ||||||||||
Employer match of eligible compensation of employees, percent of average salary | 45.00% | ||||||||||||
Required repatriation | 10.00% | ||||||||||||
Minimum percentage of Statutory Surplus Reserve | 50.00% | ||||||||||||
Required percentage of Statutory Reserve prior to distributions | 25.00% | ||||||||||||
Advertising and promotion expenses | $ 53,932,462 | 39,718,114 | 35,350,419 | ||||||||||
Lease expenses | $ 5,132,393 | 6,626,414 | 7,613,448 | ||||||||||
Property warranty | |||||||||||||
Percentage of contract cost withheld | 5.00% | ||||||||||||
Restricted cash | $ 197,552,310 | $ 153,548,292 | |||||||||||
Share Repurchase Program | |||||||||||||
Stock repurchase program authorized amount | $ 40,000,000 | $ 40,000,000 | $ 60,000,000 | ||||||||||
Treasury shares, shares | shares | 32,150,572 | 26,668,726 | |||||||||||
Treasury stock, value | $ 67,792,368 | $ 53,734,088 | |||||||||||
Asset Impairment Charges | 0 | 0 | 0 | ||||||||||
Stock Repurchase Program, Authorized Amount | $ 40,000,000 | $ 40,000,000 | $ 60,000,000 | ||||||||||
Allowance for Doubtful Accounts Receivable | $ 7,067,288 | 0 | |||||||||||
Minimum [Member] | |||||||||||||
Retirement benefits | |||||||||||||
LAT Progressive Rate | 30.00% | ||||||||||||
Property warranty | |||||||||||||
Warranty term | 2 months | ||||||||||||
Contract cost withholding term | 2 years | ||||||||||||
Minimum [Member] | Restatement Adjustment [Member] | |||||||||||||
Share Repurchase Program | |||||||||||||
Retained Earnings (Accumulated Deficit) | $ 230,000,000 | ||||||||||||
Maximum [Member] | |||||||||||||
Retirement benefits | |||||||||||||
LAT Progressive Rate | 60.00% | ||||||||||||
Property warranty | |||||||||||||
Warranty term | 3 years | ||||||||||||
Contract cost withholding term | 5 years | ||||||||||||
Maximum [Member] | Restatement Adjustment [Member] | |||||||||||||
Share Repurchase Program | |||||||||||||
Retained Earnings (Accumulated Deficit) | $ 310,000,000 | ||||||||||||
June 2019 Senior Secured Notes due in June 6, 2019 at 13% [Member] | |||||||||||||
Property warranty | |||||||||||||
Debt issuance date | Dec. 6, 2013 | ||||||||||||
Debt instrument, aggregate principal amount | $ 200,000,000 | $ 200,000,000 | |||||||||||
Maturity date | Jun. 6, 2019 | ||||||||||||
Bears interest | 13.00% | 13.00% | |||||||||||
August 2019 Senior Secured Notes due on August 30, 2019 at 8.125% [Member] | |||||||||||||
Property warranty | |||||||||||||
Debt issuance date | Aug. 30, 2016 | ||||||||||||
Debt instrument, aggregate principal amount | $ 300,000,000 | ||||||||||||
Maturity date | Aug. 30, 2019 | ||||||||||||
Bears interest | 8.125% | ||||||||||||
February 2021 Senior Secured Notes due in February 28, 2021 at 7.75% [Member] | |||||||||||||
Property warranty | |||||||||||||
Debt issuance date | Feb. 28, 2017 | ||||||||||||
Debt instrument, aggregate principal amount | $ 300,000,000 | ||||||||||||
Maturity date | Feb. 28, 2021 | ||||||||||||
Bears interest | 7.75% | ||||||||||||
Senior Secured Notes 8.875 Percent [Member] | |||||||||||||
Property warranty | |||||||||||||
Debt issuance date | Nov. 22, 2017 | ||||||||||||
Debt instrument, aggregate principal amount | $ 100,000,000 | $ 200,000,000 | |||||||||||
Maturity date | Nov. 22, 2020 | ||||||||||||
Bears interest | 8.875% | 8.875% | |||||||||||
Withdrawal Restrictions [Member] | |||||||||||||
Property warranty | |||||||||||||
Restricted cash | $ 49,252,645 | 48,081,446 | |||||||||||
Restricted Cash Related to Short Term Loans [Member] | |||||||||||||
Property warranty | |||||||||||||
Restricted cash | 64,779,162 | 36,471,097 | |||||||||||
Restricted Cash Related to Long Term Loans [Member] | |||||||||||||
Property warranty | |||||||||||||
Restricted cash | 74,503,382 | 65,787,805 | |||||||||||
Restricted Cash Related to Other Debts [Member] | |||||||||||||
Property warranty | |||||||||||||
Restricted cash | $ 15,304,092 | 24,610,419 | |||||||||||
Short-term bank acceptance notes [Member] | |||||||||||||
Notes payable and other payables | |||||||||||||
Debt term | 6 months | ||||||||||||
Notes payable | $ 23,708,054 | 38,652,794 | |||||||||||
Northern Nevada Land Portfolio [Member] | |||||||||||||
Revenue recognition: | |||||||||||||
Revenue recognized under the full accrual method | 800,000 | ||||||||||||
Condominium Units Located In Irvine California [Member] | |||||||||||||
Revenue recognition: | |||||||||||||
Revenue recognized under the full accrual method | $ 800,000 | ||||||||||||
Number of items sold | item | 1 | ||||||||||||
Oosten Project Located In New York [Member] | |||||||||||||
Revenue recognition: | |||||||||||||
Revenue recognized under the full accrual method | $ 98,800,000 | $ 152,000,000 | |||||||||||
Number of projects sold | Project | 66 | 106 |
Summary of significant accoun61
Summary of significant accounting policies (Estimated Useful Life) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate Properties Held for Lease [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Real Estate Properties Held for Lease [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 60 years |
Corporate aircraft [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Furniture and fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Summary of significant accoun62
Summary of significant accounting policies (Interest Expense) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of significant accounting policies [Abstract] | |||
Amortization of issuance cost related to other long term debt | $ 4,384,801 | $ 9,371,957 | $ 6,554,767 |
Interest expense related to capital leases | 1,705,739 | 2,055,995 | 2,617,000 |
Interest on borrowings | 197,410,532 | 196,243,562 | 171,035,655 |
Total interest costs | 203,501,072 | 207,671,514 | 180,207,422 |
Total interest costs capitalized | (137,347,632) | (177,814,682) | (159,926,006) |
Interest expense, net | $ 66,153,440 | $ 29,856,832 | $ 20,281,416 |
Summary of significant accoun63
Summary of significant accounting policies (Effect of change in estimate) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effect of change in estimate: | |||
Gross profit | $ 459,628,213 | $ 357,988,313 | $ 272,990,106 |
Net income | $ 63,627,551 | $ 72,977,548 | $ 66,482,107 |
Basic | $ 0.49 | $ 0.55 | $ 0.47 |
Diluted | $ 0.48 | $ 0.53 | $ 0.45 |
Certain Real Estate Development Projects [Member] | |||
Effect of change in estimate: | |||
Percentage completion | 50.10% | ||
Contracts Accounted for under Percentage of Completion [Member] | Certain Real Estate Development Projects [Member] | |||
Effect of change in estimate: | |||
Gross profit | $ (11,100,000) | $ 61,200,000 | $ 52,100,000 |
Net income | $ 8,300,000 | $ 45,900,000 | $ 39,100,000 |
Basic | $ 0.06 | $ 0.34 | $ 0.27 |
Diluted | $ 0.06 | $ 0.33 | $ 0.27 |
Short-term investments (Details
Short-term investments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Trading securities: | |||
Aggregate fair value | $ 57,739,558 | $ 39,310,595 | |
Cost | 55,643,579 | 39,075,261 | |
Unrealized gain in profit and loss | 2,095,979 | 235,334 | |
Net realized gain on short-term investments | 7,873,987 | 2,505,696 | $ 603,078 |
Unrealized gain on short-term investments | 2,095,979 | 235,334 | $ 49,443 |
Debt securities [Member] | |||
Trading securities: | |||
Aggregate fair value | 888,067 | 20,601,816 | |
Cost | 784,946 | 20,599,683 | |
Unrealized gain in profit and loss | 103,121 | 2,133 | |
REITs [Member] | |||
Trading securities: | |||
Aggregate fair value | 21,239,128 | 15,612,864 | |
Cost | 20,044,583 | 15,266,447 | |
Unrealized gain in profit and loss | 1,194,545 | 346,417 | |
Money market instruments [Member] | |||
Trading securities: | |||
Aggregate fair value | 26,577,133 | 866,630 | |
Cost | 26,574,990 | 864,927 | |
Unrealized gain in profit and loss | 2,143 | 1,703 | |
Equity securities [Member] | |||
Trading securities: | |||
Aggregate fair value | 9,035,230 | 2,229,285 | |
Cost | 8,239,060 | 2,344,204 | |
Unrealized gain in profit and loss | $ 796,170 | $ (114,919) |
Real estate properties develo65
Real estate properties development completed and under development (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate Properties [Line Items] | |||
Real estate properties development completed | $ 840,393,193 | $ 477,179,252 | $ 24,076,559 |
Under development | 2,920,520,560 | 2,632,376,891 | |
Profit recognized | 396,756,891 | 332,294,461 | |
Less: progress billings (Note 13) | (1,321,276,798) | (1,245,536,188) | |
Total real estate properties under development | 1,996,000,653 | 1,719,135,164 | $ 1,887,321,801 |
Total real estate properties development completed and under development | 2,836,393,846 | 2,196,314,416 | |
Aggregate net book value of land use right pledged as collateral for bank loans and other debts | 908,833,863 | 379,078,976 | |
Land use rights [Member] | |||
Real Estate Properties [Line Items] | |||
Total real estate properties under development | 1,761,525,629 | 1,231,794,738 | |
Zhengzhou Century East A [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | (2,293,021) | (2,277,168) | |
Suzhou International City Garden [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | (441,934) | (89,490) | |
Suzhou Xin City [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 0 | (16,624,117) | |
Kunshan International City Garden [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | 0 | (867,612) | |
Jinan Xinyuan Splendid [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | (4,349,276) | (2,309,387) | |
Zhengzhou Xin City [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | (15,052,135) | (15,762,256) | |
Beijing Xindo Park [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | (52,675,024) | (52,671,437) | |
Suzhou Lake Royal Palace [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | (3,400,095) | (76,426,976) | |
Xingyang Splendid I [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | (15,528,607) | (11,344,548) | |
Zhengzhou Thriving Family [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | (16,834,270) | (9,985,798) | |
Shanghai Yipin Royal Palace [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | (90,003,702) | (91,307,299) | |
New York Oosten [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | (131,656,360) | (197,513,164) | |
Sanya Yazhou Bay No.1 [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | (97,350,745) | 0 | |
Under development | 0 | 142,950,465 | |
Xi'an Metropolitan [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | (127,107,105) | 0 | |
Under development | 0 | 228,453,322 | |
Jinan Xin Central [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | (77,779,716) | 0 | |
Under development | 0 | 120,430,389 | |
Xuzhou Colorful City [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 39,903,835 | 39,910,908 | |
Kunshan Royal Palace [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | (9,782,983) | 0 | |
Under development | 0 | 106,317,899 | |
Xingyang Splendid II [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 49,848,748 | 65,914,086 | |
Xingyang Splendid III [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 47,475,624 | 25,059,220 | |
Xingyang Splendid IV [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 8,433,926 | 7,355,332 | |
Zhengzhou Xindo Park [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 86,116,485 | 97,287,900 | |
Jinan Royal Palace [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 227,113,681 | 267,899,017 | |
Changsha Xinyuan Splendid [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | (49,346,740) | 0 | |
Under development | 0 | 213,231,900 | |
Chengdu Thriving Family [Member] | |||
Real Estate Properties [Line Items] | |||
Real estate properties development completed | (146,791,480) | 0 | |
Under development | 0 | 265,695,975 | |
Kunshan Xindo Park [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 84,020,974 | 94,591,527 | |
Zhengzhou Fancy City [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 43,895,304 | 67,957,047 | |
Tianjin Spring Royal Palace [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 68,748,771 | 90,412,297 | |
Henan Xin Central I [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 54,380,998 | 112,073,981 | |
Henan Xin Central II [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 68,783,659 | 51,633,387 | |
Zhengzhou Fancy City II(South) [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 16,036,363 | 52,819,852 | |
Zhengzhou Fancy City II(North) [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 52,672,711 | 36,768,148 | |
Zhengzhou International New City I [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 173,061,962 | 140,971,898 | |
Zhengzhou International New City II [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 135,671,000 | 58,441,356 | |
Beijing Liyuan project [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 200,296,958 | 149,726,569 | |
Changsha Mulian Royal Palace [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 89,289,525 | 53,014,425 | |
XIN Eco Marine Group Properties Sdn Bhd [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 11,135,393 | 9,961,455 | |
Hudson Garden project [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 84,953,745 | 64,926,299 | |
Flushing [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 83,282,854 | 68,572,237 | |
Changsha Furong Thriving Family [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 59,459,200 | 0 | |
Zhengzhou International New City III [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 155,032,340 | 0 | |
Zhuhai Prince Project [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 93,205,573 | 0 | |
Xi'an Aerospace City Project [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 134,714,398 | 0 | |
Kunshan Zhongyu Project [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 137,704,916 | 0 | |
Zhengzhou International New City Pending Staging [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 287,388,593 | 0 | |
Zhengzhou Hangmei Project [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 42,437,196 | 0 | |
Zhengzhou Heizhuzhuang Project [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 337,850,952 | 0 | |
Suzhou Yinhewan Project [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | 42,061,346 | 0 | |
Xi'an Metropolitan II [Member] | |||
Real Estate Properties [Line Items] | |||
Under development | $ 5,543,530 | $ 0 |
Real estate properties held f66
Real estate properties held for lease, net (Properties Held for Lease) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Total costs | $ 301,312,336 | $ 174,806,383 | |
Accumulated depreciation | (23,379,023) | (14,932,449) | |
Real estate properties held for lease, net | 277,933,313 | 159,873,934 | |
Depreciation expense | 7,280,421 | 2,929,277 | $ 2,303,340 |
Real Estate Properties Held for Lease [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Collateral value | 48,610,581 | 23,696,316 | |
Elementary schools [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Total costs | 3,264,185 | 3,074,648 | |
Basement parking [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Total costs | 10,118,622 | 9,531,080 | |
Kindergartens [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Total costs | 9,596,645 | 8,269,659 | |
Parking facilities [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Total costs | 58,460,591 | 16,969,627 | |
Clubhouses [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Total costs | 8,181,616 | 6,008,447 | |
Shopping mall [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Total costs | $ 211,690,677 | $ 130,952,922 |
Real estate properties held f67
Real estate properties held for lease, net (Minimum Future Rental Income) (Details) | Dec. 31, 2017USD ($) |
Real estate properties held for lease, net [Abstract] | |
2,018 | $ 9,292,757 |
2,019 | 9,982,702 |
2,020 | 9,919,920 |
2,021 | 9,657,447 |
2022 and thereafter | 70,661,054 |
Total | $ 109,513,880 |
Property and equipment, net (De
Property and equipment, net (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Total | $ 56,379,907 | $ 50,840,884 | |
Accumulated depreciation | (23,994,047) | (16,750,788) | $ (13,050,220) |
Property and equipment, net | 32,385,860 | 34,090,096 | |
Depreciation expense | 5,350,256 | 5,093,038 | 4,947,575 |
Accumulated amortization expense related to the corporate aircraft capital lease | 23,994,047 | 16,750,788 | |
Corporate aircraft (Note 12) [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | 39,382,367 | 37,095,612 | |
Amortization expense related to the corporate aircraft capital lease | 2,613,008 | 2,713,085 | 2,461,283 |
Accumulated amortization expense related to the corporate aircraft capital lease | 11,375,747 | 8,175,540 | $ 6,104,441 |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | 5,210,349 | 4,748,877 | |
Furniture and fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | $ 11,787,191 | $ 8,996,395 |
Long-term investment (Details)
Long-term investment (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 27, 2017 | Jun. 30, 2017 | Apr. 19, 2017 | Jan. 18, 2017 | Jan. 09, 2017 | Nov. 03, 2016 | Jan. 11, 2016 | Oct. 21, 2013 | |
Long Term Investment [Line Items] | ||||||||||||
Ownership | 0.00% | |||||||||||
Other long-term investment | $ 829,773,150 | $ 7,797,559 | ||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | |||||||||||
Impairment of Real Estate | 0 | 0 | ||||||||||
Investment Gain (Loss) | (1,710,070) | (324,612) | $ 2,234,635 | |||||||||
Proceeds from Contributed Capital | 23,687,327 | 4,505,328 | 0 | |||||||||
Proportionate Share Of Net Assets Of Equity Method Investee | 0 | 0 | ||||||||||
Guangzhou Huanglong Information Technology Co., Ltd. [Member] | ||||||||||||
Long Term Investment [Line Items] | ||||||||||||
Payments to Acquire in Process Research and Development | $ 19,700,000 | |||||||||||
Zhengzhou Lianhe Real Estate Co., Ltd. [Member] | ||||||||||||
Long Term Investment [Line Items] | ||||||||||||
Initial Cost | $ 241,648 | $ 241,648 | ||||||||||
Ownership | 1.85% | 1.85% | ||||||||||
Other long-term investment | $ 241,648 | $ 241,648 | ||||||||||
Zhengzhou Taike Real Estate Co., Ltd. [Member] | ||||||||||||
Long Term Investment [Line Items] | ||||||||||||
Initial Cost | $ 738,073 | |||||||||||
Ownership | 3.75% | |||||||||||
Other long-term investment | $ 738,073 | |||||||||||
Equity Method Investment, Ownership Percentage | 3.75% | |||||||||||
Zhengzhou Hangmei [Member] | ||||||||||||
Long Term Investment [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 51.00% | |||||||||||
Equity Method Investments | $ 738,073 | |||||||||||
Shaanxi Zhongmao Economy Development Co., Ltd. [Member] | ||||||||||||
Long Term Investment [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 51.00% | |||||||||||
Shenzhen Qianhai Jingjie City Renewal Investment Partnership limited partnership [Member] | ||||||||||||
Long Term Investment [Line Items] | ||||||||||||
Initial Cost | 8,118,800 | |||||||||||
Other long-term investment | 8,118,800 | |||||||||||
Limited Partners' Contributed Capital | $ 8,118,800 | |||||||||||
Zhengzhou Xinci Health Service Co., Ltd [Member] | ||||||||||||
Long Term Investment [Line Items] | ||||||||||||
Initial Cost | $ 1,290,135 | |||||||||||
Ownership | 60.00% | |||||||||||
Other long-term investment | $ 1,202,661 | |||||||||||
Equity Method Investment, Ownership Percentage | 60.00% | |||||||||||
Proceeds from Contributed Capital | 1,290,135 | |||||||||||
Qingdao Huiju Zhihui City Industrial Development Co., Ltd. [Member] | ||||||||||||
Long Term Investment [Line Items] | ||||||||||||
Initial Cost | $ 413,210,492 | |||||||||||
Ownership | 49.00% | |||||||||||
Other long-term investment | $ 412,593,226 | |||||||||||
Equity Method Investment, Aggregate Cost | $ 505,000,000 | |||||||||||
Equity Method Investment, Ownership Percentage | 70.00% | |||||||||||
Equity Method Investment, Transfer Of Ownership Percentage | 70.00% | |||||||||||
Chengdu Xinyuan Renju Enterprise Management Co., Ltd. [Member] | ||||||||||||
Long Term Investment [Line Items] | ||||||||||||
Initial Cost | $ 765,205 | |||||||||||
Ownership | 10.00% | |||||||||||
Other long-term investment | $ 765,205 | |||||||||||
Equity Method Investment, Aggregate Cost | 800,000 | |||||||||||
Wuhu Penghong Investment Center (Limited Partnership) [Member] | ||||||||||||
Long Term Investment [Line Items] | ||||||||||||
Initial Cost | $ 30,608,185 | |||||||||||
Ownership | 0.00% | |||||||||||
Other long-term investment | $ 30,608,185 | |||||||||||
Equity Method Investment, Aggregate Cost | $ 30,600,000 | |||||||||||
Wuhu Penghong Investment Center (Limited Partnership) [Member] | Guangzhou Huanglong Information Technology Co., Ltd. [Member] | ||||||||||||
Long Term Investment [Line Items] | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 90.57% | |||||||||||
Wuhu Penghong Investment Center (Limited Partnership) [Member] | Partner One [Member] | ||||||||||||
Long Term Investment [Line Items] | ||||||||||||
Equity Method Investment, Aggregate Cost | $ 91,800,000 | |||||||||||
Wuhu Penghong Investment Center (Limited Partnership) [Member] | Partner Two [Member] | ||||||||||||
Long Term Investment [Line Items] | ||||||||||||
Equity Method Investment, Aggregate Cost | $ 3,100,000 | |||||||||||
Wuhu Penghua Tenth Investment Center (Limited Partnership) [Member] | ||||||||||||
Long Term Investment [Line Items] | ||||||||||||
Initial Cost | $ 367,298,216 | |||||||||||
Ownership | 0.00% | |||||||||||
Other long-term investment | $ 367,298,216 | |||||||||||
Equity Method Investment, Aggregate Cost | $ 6,900,000 | $ 367,300,000 | ||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 90.00% | |||||||||||
Wuhu Penghua Tenth Investment Center (Limited Partnership) [Member] | Partner Three [Member] | ||||||||||||
Long Term Investment [Line Items] | ||||||||||||
Equity Method Investment, Aggregate Cost | $ 153,000,000 | |||||||||||
Shenzhen Zhong An Financial Lease Co,. Ltd [Member] | ||||||||||||
Long Term Investment [Line Items] | ||||||||||||
Initial Cost | $ 7,639,186 | $ 7,639,186 | ||||||||||
Ownership | 25.00% | 25.00% | ||||||||||
Other long-term investment | $ 8,207,136 | $ 7,555,911 | ||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | |||||||||||
Proceeds from Equity Method Investment, Distribution | $ 137,737 | $ 0 | $ 0 |
Long-term investment (Details 1
Long-term investment (Details 1) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Long-term Investments [Abstract] | |
Current assets | $ 1,239,060 |
Noncurrent assets | 563,759 |
Current liabilities | 561,064 |
Non-current liabilities | 517,004 |
Gross revenue | 12,759 |
Gross profit | 5,621 |
Loss from continuing operations | (622) |
Net loss | $ (898) |
Acquisition of subsidiaries (Ac
Acquisition of subsidiaries (Acquisition of Shaanxi Zhongmao Economy Development Co., Ltd. (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Feb. 23, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Total consideration: | |||||
Net inflow of cash and cash equivalents | $ 0 | $ 15,055,431 | $ 0 | ||
Bargain purchase gain recognized in other income | $ 2,004,507 | $ 0 | $ 2,004,507 | $ 0 | |
Shaanxi Zhongmao Economy Development Co., Ltd. ("Shaanxi Zhongmao") [Member] | |||||
Total consideration: | |||||
Cash consideration paid | 0 | ||||
Cash and cash equivalents acquired | 15,055,431 | ||||
Net inflow of cash and cash equivalents | 15,055,431 | ||||
Purchase consideration | 516,086 | ||||
Fair value of non-controlling interest | 5,724,339 | ||||
Fair value of previously held equity interests | [1] | 8,581,461 | |||
Bargain purchase gain recognized in other income | 2,004,507 | ||||
Fair value of net identifiable assets acquired: | |||||
Cash and cash equivalents | 15,055,431 | ||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Restricted Cash | 16,560,251 | ||||
Real estate properties under development | 180,647,050 | ||||
Property and equipment, net | 329,582 | ||||
Current assets | 54,780,760 | ||||
Current liabilities | (250,546,681) | ||||
Net assets acquired | $ 16,826,393 | ||||
[1] | A measurement gain of US$2,100,563 was recognized and recorded in other income in relation to the revaluation of the Group’s previously held equity interest of Shaanxi Zhongmao in the consolidated statement of comprehensive income for the year ended December 31, 2016. As Shaanxi Zhongmao is a private company, the fair value of the Group’s previously held equity interest is estimated based on asset-based approach using significant unobservable inputs that market participants would consider, which mainly include estimated revenue and estimated cost for the construction project. |
Acquisition of subsidiaries (Na
Acquisition of subsidiaries (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Feb. 23, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2017 | |
Percentage of Equity Directly Attributable to the Group | 25.00% | ||||
Bargain purchase gain | $ 2,004,507 | $ 0 | $ 2,004,507 | $ 0 | |
Effect of remeasurement of equity interest in joint venture | $ 0 | $ 2,100,563 | $ 0 | ||
Shaanxi Zhongmao [Member] | |||||
Percentage of Equity Directly Attributable to the Group | 65.98% | ||||
Consideration for equity interest | $ 516,086 | ||||
Percentage of equity interest acquired | 14.98% |
Short-term bank loans and oth73
Short-term bank loans and other debt (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | |||
Short-term Debt [Line Items] | ||||
Short-term bank loans and other debt | $ 247,758,295 | $ 178,576,151 | ||
Loan from The Bank of East Asia [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term bank loans and other debt | 58,716,253 | 34,421,617 | ||
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia, Due June 2, 2017, at 1.10% plus 3 month LIBOR [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term bank loans and other debt | $ 0 | [1] | 34,421,617 | |
Maturity date | Jun. 2, 2017 | |||
Stated rate | 1.10% | |||
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia, Due June 1, 2018, at 1.10% plus 3 month LIBOR [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term bank loans and other debt | [1] | $ 34,421,617 | 0 | |
Maturity date | Jun. 1, 2018 | |||
Stated rate | 1.10% | |||
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia, Due September 27, 2018, at 1.10% plus 3 month LIBOR [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term bank loans and other debt | [2] | $ 24,294,636 | 0 | |
Maturity date | Sep. 27, 2018 | |||
Stated rate | 1.10% | |||
Loan from Ping'an Real estate Co., Ltd. [Member] | Loan from Pingan Real estate Co., Ltd., Due April 20, 2017, at 6.00% per annum [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term bank loans and other debt | [3] | $ 0 | 43,246,360 | |
Maturity date | Apr. 20, 2017 | |||
Stated rate | 6.00% | |||
Loan from Huarong International Trust Co., Ltd. [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term bank loans and other debt | $ 20,522,788 | 100,908,174 | ||
Loan from Huarong International Trust Co., Ltd. [Member] | Loan from Huarong International Trust Co.,Ltd., Due September 30, 2017, at 8.30% per annum [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term bank loans and other debt | [3] | $ 0 | 100,908,174 | |
Maturity date | Sep. 30, 2017 | |||
Stated rate | 8.30% | |||
Loan from Huarong International Trust Co., Ltd. [Member] | Loan from Huarong International Trust Co., Ltd., Due August 9, 2018, at 8.50% per annum [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term bank loans and other debt | [4] | $ 20,522,788 | 0 | |
Maturity date | Aug. 9, 2018 | |||
Stated rate | 8.50% | |||
Loan from Henan Zhongyuan Microfinance Co., Ltd. [Member] | Loan from Henan Zhongyuan Microfinance Co., Ltd., Due July 27, 2018, at 10.00% per annum [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term bank loans and other debt | $ 7,652,046 | 0 | ||
Maturity date | Jul. 27, 2018 | |||
Stated rate | 10.00% | |||
Loan from Zhongyuan Aviation Leasing Co.,Ltd. [Member] | Loan from Zhongyuan Aviation Leasing Co.,Ltd., Due November 23, 2018, at 10.00% per annum [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term bank loans and other debt | [5] | $ 15,304,092 | 0 | |
Maturity date | Nov. 23, 2018 | |||
Stated rate | 10.00% | |||
Loan from Bridge Trust Co., Ltd [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term bank loans and other debt | $ 87,845,490 | |||
Debt Instrument, Interest Rate Terms | As agreed, the interest rate was 9.50% before January 1, 2018 and will increase to 9.81% after January 1, 2018. | |||
Loan from Bridge Trust Co., Ltd [Member] | Loan from Bridge Trust Co., Ltd., Due November 29, 2018, at 9.50% per annum [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term bank loans and other debt | $ 45,912,277 | 0 | ||
Maturity date | Nov. 29, 2018 | |||
Stated rate | 90.50% | |||
Loan from Bridge Trust Co., Ltd [Member] | Loan from Bridge Trust Co., Ltd., Due May 29, 2018, at 9.50% per annum [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term bank loans and other debt | $ 41,933,213 | 0 | ||
Maturity date | May 29, 2018 | |||
Stated rate | 9.50% | |||
Loan from China Huarong Asset Management Co., Ltd. Shannxi Branch [Member] | Loan from China Huarong Asset Management Co., Ltd. Shaanxi Branch, Due December 14, 2018, at 11.50% per annum [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term bank loans and other debt | $ 15,304,092 | 0 | ||
Maturity date | Dec. 14, 2018 | |||
Stated rate | 11.50% | |||
Loan from Kunlun Trust Co., Ltd. [Member] | Loan from Kunlun Trust Co., Ltd., Due December 28, 2018, at 8.20% per annum [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term bank loans and other debt | $ 38,260,231 | 0 | ||
Maturity date | Dec. 28, 2018 | |||
Stated rate | 8.20% | |||
Uncommitted on-demand revolving facilities from Bank of China International Limited [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term bank loans and other debt | $ 4,153,303 | 0 | ||
Uncommitted on-demand revolving facilities from Bank of China International Limited [Member] | Uncommitted on-demand revolving facilities from Bank of China International Limited, 1.00 plus LIBOR [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term bank loans and other debt | [6] | $ 3,935,538 | 0 | |
Stated rate | 1.00% | |||
Uncommitted on-demand revolving facilities from Bank of China International Limited [Member] | Uncommitted on-demand revolving facilities from Bank of China International Limited, 1.00 plus HIBOR [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term bank loans and other debt | [6] | $ 217,765 | $ 0 | |
Stated rate | 1.00% | |||
[1] | The loan contract with the Bank of East Asia was amended to extend the maturity date of the loan. The Company accounted for the amendments, which did not result in a debt extinguishment pursuant to ASC 470-50, Debt Modifications and Exchanges. Pursuant to the amended loan contract, this loan is denominated in US$ and is secured by restricted cash of US$38,719,354 (December 31, 2016: US$36,471,097). | |||
[2] | Pursuant to the agreements with the Bank of East Asia this short-term debt is denominated in US$ and is secured by restricted cash of US$26,059,808 (December 31, 2016: nil). | |||
[3] | These loans were paid in full or partially repaid in 2017. | |||
[4] | Pursuant to the agreements with Huarong International Trust Co., Ltd, this other short-term debt is secured by the Group’s 100% equity interest of Hunan Xintian. | |||
[5] | Pursuant to the agreements with Zhongyuan Aviation Leasing Co.,Ltd. this other short-term debt is secured by the Group’s 100% equity interest of Zhengzhou Shengdao Real Estate Co., Ltd. and the Zhengzhou Shengdao’s account receivables due from homebuyers amounting to US$17,004,691 (December 31, 2016: nil). | |||
[6] | These represent revolving credit facilities that are unsecured and repayable on demand. |
Short-term bank loans and oth74
Short-term bank loans and other debt (Narrative) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Short-term Debt [Line Items] | ||
Land Use Right Securing Short Term Bank Loan | $ 22,192,013 | $ 24,975,886 |
Real Estate Property Under Development Pledged For Short Term Bank Loan | 318,402 | 27,560,029 |
Account Receivable Securing Short Term Bank Loan | $ 17,004,691 | $ 0 |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 7.67% | 6.53% |
Restricted Cash and Cash Equivalents, Current | $ 566,675,697 | $ 328,499,059 |
Real Estate Property, Development Completed, Pledged For Short Term Bank Loan | 83,542,622 | 0 |
Real Estate Property Held For Lease Pledged For Short Term Bank Loan | $ 102,285,772 | 0 |
Loan from Huarong International Trust Co., Ltd. [Member] | Hunan Xintian Real Estate Co., Ltd. [Member] | ||
Short-term Debt [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |
Zhongyuan Aviation Leasing Co.,Ltd. [Member] | ||
Short-term Debt [Line Items] | ||
Account Receivable Securing Short Term Bank Loan | $ 17,004,691 | 0 |
Zhongyuan Aviation Leasing Co.,Ltd. [Member] | Zhengzhou Shendao [Member] | ||
Short-term Debt [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |
Loan from The Bank of East Asia [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Collateral Amount | $ 26,059,808 | 0 |
Restricted Cash and Cash Equivalents, Current | $ 38,719,354 | $ 36,471,097 |
Long-term bank loans (Details)
Long-term bank loans (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | ||
Debt Instrument [Line Items] | ||||
Total | $ 512,349,557 | $ 318,125,170 | ||
Less: current portion of long-term bank loans | (501,330,611) | (82,240,161) | ||
Total long-term bank loans | 11,018,946 | 235,885,009 | ||
Restricted cash | 566,675,697 | 328,499,059 | ||
Equity Method Investment, Ownership Percentage | 25.00% | |||
Notes Payable to Banks [Member] | ||||
Debt Instrument [Line Items] | ||||
Less: current portion of long-term bank loans | (501,330,611) | |||
Total long-term bank loans | 11,018,946 | |||
Real estate properties under development securing long term loans | 399,622 | 0 | ||
Land use right securing long-term bank loan | $ 114,610,709 | $ 103,643,167 | ||
Loans payable, weighted average interest rate | 5.43% | 5.07% | ||
Bank of Bohai [Member] | ||||
Debt Instrument [Line Items] | ||||
Restricted cash | $ 1,366,655 | $ 0 | ||
Minimum [Member] | Notes Payable to Banks [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Prime Rate Range | 100.00% | |||
Maximum [Member] | Notes Payable to Banks [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Prime Rate Range | 139.00% | |||
Loan from ICBC [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | $ 289,960,516 | 144,154,534 | ||
Loan from ICBC [Member] | Loan from ICBC, Due December 26, 2021, at 6.175% per annum [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | [1] | $ 147,938,539 | 144,154,534 | |
Maturity date | Dec. 26, 2021 | |||
Stated rate | 6.175% | |||
Loan from ICBC [Member] | Loan from ICBC, Due December 22, 2021, at 6.175% per annum [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | [1] | $ 73,970,800 | 0 | |
Maturity date | Dec. 22, 2021 | |||
Stated rate | 6.175% | |||
Loan from ICBC [Member] | Loan from ICBC, Due December 30, 2021, at 6.60% per annum [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | [1] | $ 68,051,177 | 0 | |
Maturity date | Dec. 30, 2021 | |||
Stated rate | 6.60% | |||
Loan from China Guangfa Bank [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | $ 23,231,612 | 4,612,945 | ||
Loan from China Guangfa Bank [Member] | Zhengzhou Kangshengboda Real Estate Co., Ltd. ("Zhengzhou Kangshengboda") [Member] | ||||
Debt Instrument [Line Items] | ||||
Less: current portion of long-term bank loans | (3,672,982) | |||
Loan from China Guangfa Bank [Member] | Loan from China Guangfa Bank, Due December 15, 2018, at 4.75% per annum [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | [1] | $ 8,539,683 | 4,612,945 | |
Maturity date | Dec. 15, 2018 | |||
Stated rate | 4.75% | |||
Loan from China Guangfa Bank [Member] | Loan from China Guangfa Bank, Due October 20, 2019, at 6.4125% per annum [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | [2] | $ 14,691,929 | 0 | |
Maturity date | Oct. 20, 2019 | |||
Stated rate | 6.4125% | |||
Loan from Bank of China [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | $ 45,912,276 | 43,246,360 | ||
Loan from Bank of China [Member] | Loan from Bank of China, Due March 27, 2018, at 5.23% per annum [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | [3] | $ 22,956,138 | 43,246,360 | |
Maturity date | Mar. 27, 2018 | |||
Stated rate | 5.23% | |||
Loan from Bank of China [Member] | Loan from Bank of China, Due July 6, 2020, at 5.46% per annum [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | [1] | $ 22,956,138 | 0 | |
Maturity date | Jul. 6, 2020 | |||
Stated rate | 5.46% | |||
Loan from Bank of Bohai [Member] | Loan from Bank of Bohai, Due March 14, 2019 at 5.415% per annum [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | [4] | $ 39,025,435 | 42,525,587 | |
Maturity date | Mar. 14, 2019 | |||
Stated rate | 5.415% | |||
Loan from Bank of Beijing [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | $ 49,374,063 | 18,740,089 | ||
Loan from Bank of Beijing [Member] | Loan from Bank of Beijing, Due October 31, 2019 at 6.175% per annum [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | [3] | $ 0 | 18,740,089 | |
Maturity date | Oct. 31, 2019 | |||
Stated rate | 6.175% | |||
Loan from Bank of Beijing [Member] | Loan from Bank of Beijing, Due February 14, 2020 at 4.75% per annum [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | [1] | $ 49,374,063 | 0 | |
Maturity date | Feb. 14, 2020 | |||
Stated rate | 4.75% | |||
Loan from The Bank of East Asia [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | $ 64,845,655 | 64,845,655 | ||
Restricted cash | 38,719,354 | 36,471,097 | ||
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia, Due April 26, 2018, at 1.25% plus 3 month LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | [5] | $ 13,250,000 | 13,250,000 | |
Maturity date | Apr. 26, 2018 | |||
Stated rate | 1.25% | |||
Restricted cash | $ 14,944,446 | 13,168,517 | ||
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia, Due June 1, 2018, at 1.25% plus 3 month LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | [5] | $ 9,675,655 | 9,675,655 | |
Maturity date | Jun. 1, 2018 | |||
Stated rate | 1.25% | |||
Restricted cash | $ 10,911,818 | 9,802,508 | ||
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia, Due June 5, 2018, at 1.25% plus 3 month LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | [5] | $ 10,000,000 | 10,000,000 | |
Maturity date | Jun. 5, 2018 | |||
Stated rate | 1.25% | |||
Restricted cash | $ 11,279,116 | 10,090,817 | ||
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia, Due August 15, 2018, at 1.25% plus 3 month LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | [5] | $ 20,000,000 | 20,000,000 | |
Maturity date | Aug. 15, 2018 | |||
Stated rate | 1.25% | |||
Restricted cash | $ 22,558,232 | 20,498,775 | ||
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia, Due August 30, 2018, at 1.10% plus 3 month LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | [5] | $ 9,700,000 | 9,700,000 | |
Maturity date | Aug. 30, 2018 | |||
Stated rate | 1.10% | |||
Restricted cash | $ 10,939,365 | 9,949,546 | ||
Loan from The Bank of East Asia [Member] | Loan from The Bank of East Asia, Due September 19, 2018, at 1.10% plus 3 month LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | [5] | $ 2,220,000 | 2,220,000 | |
Maturity date | Sep. 19, 2018 | |||
Stated rate | 1.10% | |||
Restricted cash | $ 2,503,750 | $ 2,277,642 | ||
Zhengzhou Kangshengboda [Member] | ||||
Debt Instrument [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 100.00% | |||
[1] | Pursuant to the loan contracts, if the Group achieves an agreed upon sales target from the sales of the underlying real estate properties under development, the Group has an obligation to repay the loan before the maturity date. Therefore, the respective current portions of these loans have been classified as current liabilities as of December 31, 2017. | |||
[2] | Pursuant to the agreements with China Guangfa Bank this long-term bank loan is secured by the Group’s 100% equity interest of Zhengzhou Kangshengboda. According to the repayment schedule, US$3,672,982 will be due within the next 12 months and has been classified as current liabilities as of December 31, 2017. | |||
[3] | These loans were paid in full or partially repaid in 2017. | |||
[4] | Pursuant to the agreement with Bank of Bohai, the debt is secured by US$1,366,655 restricted cash (December 31, 2016: Nil) and partially repaid in 2017. | |||
[5] | Pursuant to the loan contract with The Bank of East Asia, these six loans from The Bank of East Asia, amounting to US$13.3 million, US$9.7 million, US$10.0 million, US$20.0 million, US$9.7 million and US$2.2 million respectively, are denominated in US$ and are secured by restricted cash of US$14,944,446 (December31, 2016: US$13,168,517), US$10,911,818 (December31, 2016:US$9,802,508), US$11,279,116 (December31, 2016: US$10,090,817), US$22,558,232 (December 31, 2016: US$20,498,775), US$10,939,365 (December 31, 2016: US$9,949,546), and US$2,503,750 (December 31, 2016: US$2,277,642), respectively. |
Long-term bank loans (Maturitie
Long-term bank loans (Maturities of Long-term Debt) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Less: current portion of long-term bank loans | $ (501,330,611) | $ (82,240,161) |
Total long-term bank loans | 11,018,946 | $ 235,885,009 |
Notes Payable to Banks [Member] | ||
Debt Instrument [Line Items] | ||
2,018 | 96,341,476 | |
2,019 | 53,717,364 | |
2,020 | 72,330,201 | |
2,021 | 289,960,516 | |
2022 and thereafter | 0 | |
Less: current portion of long-term bank loans | (501,330,611) | |
Total long-term bank loans | $ 11,018,946 |
Other long-term debt (Schedule
Other long-term debt (Schedule of Other Long Term Debt) (Details) - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2017 | Nov. 22, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 06, 2013 | |||
Debt Instrument [Line Items] | ||||||||
Total other long-term debt | $ 1,404,814,439 | $ 974,791,324 | ||||||
Cash and Cash Equivalents, at Carrying Value | 894,551,480 | 578,244,378 | $ 387,528,092 | $ 140,494,754 | ||||
Kent EB-5 LLC [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total other long-term debt | $ 60,000,000 | |||||||
Ruihao Rongtong [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument Carrying Amount Percentage | 65.00% | |||||||
Henan Renxin [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument Carrying Amount Percentage | 51.00% | |||||||
Other Long-Term Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | $ 2,551,717,082 | 1,597,246,245 | ||||||
Less: current portion of other long term debt | (1,146,902,643) | (622,454,921) | ||||||
Total other long-term debt | 1,404,814,439 | 974,791,324 | ||||||
Land use right securing other long-term bank loan | 0 | 91,648,575 | ||||||
Land use right securing long-term debt | 772,031,141 | 250,459,922 | ||||||
Real estate properties held for lease securing debt | 48,610,581 | 23,696,316 | ||||||
Real estate properties held for sale securing debt | 70,161,378 | 13,437,413 | ||||||
Loan agreements with CITIC Trust Co.,Ltd [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Cash and Cash Equivalents, at Carrying Value | 15,304,092 | 0 | ||||||
June 2019 Senior Secured Notes due in June 6, 2019 at 13% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [1] | $ 0 | 187,314,242 | |||||
Maturity date | Jun. 6, 2019 | |||||||
Stated rate | 13.00% | 13.00% | ||||||
Novermber 2020 Senior Secured notes due on Novermber 22, 2020 at 8.875% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | $ 293,742,826 | 0 | ||||||
Maturity date | Nov. 22, 2020 | |||||||
Stated rate | 8.875% | 8.875% | ||||||
August 2019 Senior Notes due on August 30, 2019 at 8.125% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | $ 295,270,134 | 294,819,248 | ||||||
Maturity date | Aug. 30, 2019 | |||||||
Stated rate | 8.125% | |||||||
February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | $ 286,865,011 | 0 | ||||||
Maturity date | Feb. 28, 2021 | |||||||
Stated rate | 7.75% | |||||||
Corporate Bonds Due On December 28, 2020 at 7.5% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | $ 152,661,716 | 143,484,912 | ||||||
Maturity date | Dec. 28, 2020 | |||||||
Stated rate | 7.50% | |||||||
Corporate bonds due on January 27, 2021 at 7.47% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | $ 107,005,532 | 100,618,930 | ||||||
Maturity date | Jan. 27, 2021 | |||||||
Stated rate | 7.47% | |||||||
Corporate bonds due on March 14, 2021 at 7.09% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | $ 76,420,211 | 71,860,897 | ||||||
Maturity date | Mar. 14, 2021 | |||||||
Stated rate | 7.09% | |||||||
Corporate bonds due on August 15, 2019 at 8.20% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | $ 226,122,693 | 215,084,667 | ||||||
Maturity date | Aug. 15, 2019 | |||||||
Stated rate | 8.20% | |||||||
Corporate bonds due on April 7, 2020 at 8.20% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | $ 172,188,160 | 0 | ||||||
Maturity date | Apr. 7, 2020 | |||||||
Stated rate | 8.20% | |||||||
Collateralized loan due on June 25, 2017 at 8.50% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [1] | $ 0 | 43,246,360 | |||||
Maturity date | Jun. 25, 2017 | |||||||
Stated rate | 8.50% | |||||||
Collateralized loan due on May 22, 2020 at 8.50% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | $ 135,992,164 | 0 | ||||||
Maturity date | May 22, 2020 | |||||||
Stated rate | 8.50% | |||||||
Collateralized loan due on March 31, 2018 at 11% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [1] | $ 0 | 21,623,180 | |||||
Maturity date | Mar. 31, 2018 | |||||||
Stated rate | 11.00% | |||||||
Collateralized loan due on November 6, 2018 at 8.20% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [2] | $ 6,387,795 | 23,064,725 | |||||
Maturity date | Nov. 6, 2018 | |||||||
Stated rate | 8.20% | |||||||
Collateralized loan due on January 4, 2019 at 8.20% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [2] | $ 2,794,660 | 0 | |||||
Maturity date | Jan. 4, 2019 | |||||||
Stated rate | 8.20% | |||||||
Collateralized loan due on May 10, 2018 at 7.501% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [3] | $ 28,312,572 | 26,668,589 | |||||
Maturity date | May 10, 2018 | |||||||
Stated rate | 7.501% | |||||||
Collateralized loan due on May 30, 2018 at 9.00% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [1] | $ 0 | 64,869,540 | |||||
Maturity date | May 30, 2018 | |||||||
Stated rate | 9.00% | |||||||
Collateralized loan due on June 19, 2018 at 9.50% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [1] | $ 0 | 50,454,087 | |||||
Maturity date | Jun. 19, 2018 | |||||||
Stated rate | 9.50% | |||||||
Collateralized loan due on July 31, 2021 at 8.00% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [4] | $ 48,973,095 | 46,129,451 | |||||
Maturity date | Jul. 31, 2021 | |||||||
Stated rate | 8.00% | |||||||
Collateralized loan due on August 2, 2021 at 8.00% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [5] | $ 5,662,515 | 5,333,718 | |||||
Maturity date | Aug. 2, 2021 | |||||||
Stated rate | 8.00% | |||||||
Collateralized loan due on September 6, 2019 at 8.50% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [6] | $ 15,304,092 | 0 | |||||
Maturity date | Sep. 6, 2019 | |||||||
Stated rate | 8.50% | |||||||
Collateralized loan due on October 30, 2019 at 9.00% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [6] | $ 2,479,263 | 0 | |||||
Maturity date | Oct. 30, 2019 | |||||||
Stated rate | 9.00% | |||||||
Collateralized loan due on November 2, 2019 at 9.00% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [6] | $ 28,128,922 | 0 | |||||
Maturity date | Nov. 2, 2019 | |||||||
Stated rate | 9.00% | |||||||
Collateralized loan due on November 23, 2024 at 6.90% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [1] | $ 40,173,242 | 43,246,360 | |||||
Maturity date | Nov. 23, 2024 | |||||||
Stated rate | 6.90% | |||||||
Collateralized loan due on March 17, 2020 at 7.37% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | $ 35,199,412 | 0 | ||||||
Maturity date | Mar. 17, 2020 | |||||||
Stated rate | 7.37% | |||||||
Collateralized loan due on November 30, 2019 at 9.50% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [7] | $ 260,169,569 | 0 | |||||
Maturity date | Nov. 30, 2019 | |||||||
Stated rate | 9.50% | |||||||
Non-controlling shareholder’s loan due on May 30, 2019 at 8.50% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | $ 246,778,489 | 0 | ||||||
Maturity date | May 30, 2019 | |||||||
Stated rate | 8.50% | |||||||
Non-controlling shareholder’s loan due on February 28, 2018 at 10.50% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [1] | $ 0 | 20,614,098 | |||||
Maturity date | Feb. 28, 2018 | |||||||
Stated rate | 10.50% | |||||||
Non-controlling shareholder’s loan due on February 28, 2018 at 8.50% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [1] | $ 0 | 103,719,187 | |||||
Maturity date | Feb. 28, 2018 | |||||||
Stated rate | 8.50% | |||||||
Fortress Credit Co. LLC loan due on June 9, 2017 at 7.25% plus LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [1] | $ 0 | 48,457,937 | |||||
Maturity date | Jun. 9, 2017 | |||||||
Stated rate | 7.25% | |||||||
Kent EB-5 LLC loan due on January 23, 2020 at 5.95% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | $ 10,000,000 | [8] | 10,000,000 | |||||
Maturity date | Jan. 23, 2020 | |||||||
Stated rate | 5.95% | |||||||
Kent EB-5 LLC loan due on April 30, 2020 at 5.95% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [8] | $ 5,000,000 | 5,000,000 | |||||
Maturity date | Apr. 30, 2020 | |||||||
Stated rate | 5.95% | |||||||
Kent EB-5 LLC loan due on June 25, 2020 at 5.95% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [8] | $ 5,000,000 | 5,000,000 | |||||
Maturity date | Jun. 25, 2020 | |||||||
Stated rate | 5.95% | |||||||
Kent EB-5 LLC loan due on August 4, 2020 at 5.95% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [8] | $ 5,000,000 | 5,000,000 | |||||
Maturity date | Aug. 4, 2020 | |||||||
Stated rate | 5.95% | |||||||
Kent EB-5 LLC loan due on August 20, 2020 at 5.95% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [8] | $ 5,000,000 | 5,000,000 | |||||
Maturity date | Aug. 20, 2020 | |||||||
Stated rate | 5.95% | |||||||
Kent EB-5 LLC loan due on October 1, 2020 at 5.95% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [8] | $ 10,000,000 | 10,000,000 | |||||
Maturity date | Oct. 1, 2020 | |||||||
Stated rate | 5.95% | |||||||
Kent EB-5 LLC loan due on November 23, 2020 at 5.95% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [8] | $ 10,000,000 | 10,000,000 | |||||
Maturity date | Nov. 23, 2020 | |||||||
Stated rate | 5.95% | |||||||
Kent EB-5 LLC loan due on March 15, 2021 at 5.95% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [8] | $ 9,500,000 | 9,500,000 | |||||
Maturity date | Mar. 15, 2021 | |||||||
Stated rate | 5.95% | |||||||
Kent EB-5 LLC loan due on September 12, 2021 at 5.95% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [8] | $ 500,000 | 500,000 | |||||
Maturity date | Sep. 12, 2021 | |||||||
Stated rate | 5.95% | |||||||
Ozarks loan due on July 13, 2017 at 4.50% plus 1 month LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [1] | $ 0 | 26,636,117 | |||||
Maturity date | Jul. 13, 2017 | |||||||
Stated rate | 4.50% | |||||||
Ozarks loan due on March 24, 2020 at 4.50% plus 1 month LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | $ 22,283,892 | 0 | ||||||
Maturity date | Mar. 24, 2020 | |||||||
Stated rate | 4.50% | |||||||
Bank Direct Capital Finance loan due on January 1, 2020 at 4.19% per annum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal of other long-term debt | [9] | $ 2,801,117 | $ 0 | |||||
Maturity date | Jan. 1, 2020 | |||||||
Stated rate | 4.19% | |||||||
[1] | These loans were paid in full or partially repaid in 2017. | |||||||
[2] | These two other long-term debt was regard as the same credit line because of the different due date in accordance with the indenture. The portion due on November 6, 2018 was partially repaid in 2017. The debt is secured by the Group’s land use rights with net book value of US$ 2,480,486 (December 31, 2016: nil), the Group’s real estate properties development completed with net book value of US$ 5,378,723 (December 31, 2016: nil) and the surely held of US$ 351,994 (December 31, 2016: nil) security deposit till the borrowing repaid in full. | |||||||
[3] | According to the Supplementary Agreement, the annual interest rate has been decreased from 9.40% to 7.501% since May 11th, 2017. In addition, this loan was partially repaid in 2017. | |||||||
[4] | Pursuant to the entrust loan agreements with CITIC Trust Co.,Ltd., the debt is secured by the Group’s equity interest in Henan Xinyuan Guangsheng and US$15,304,092 restricted cash (December 31, 2016: Nil). | |||||||
[5] | Pursuant to the entrust loan agreements with CITIC Trust Co.,Ltd., the debt is secured by the Group’s equity interest in Henan Xinyuan Guangsheng. | |||||||
[6] | These three other long-term debt was regard as the same credit line, because of the different date of repayment in accordance with the indenture, these other long-term debt is secured by the Group’s real estate properties held for lease with net book value of US$ 23,453,508 (December 31, 2016: nil), the Group’s real estate properties development completed with net book value of US$ 32,871,369 (December 31, 2016: nil) and the surely held of US$ 459,123 (December 31, 2016: nil) security deposit till the borrowing repaid in full. | |||||||
[7] | Pursuant to the agreements with Ping’an Trust Co., Ltd., the debt is secured by the Group’s 51% equity interest of Henan Renxin. | |||||||
[8] | Pursuant to the agreements with Kent EB-5 LLC, this other long-term debt amounting to US$60 million in total, is denominated in US$ with maturity dates that vary from January 23, 2020 to September 12, 2021. | |||||||
[9] | Pursuant to the agreements with Bank Direct Capital Finance, this other long-term debt is denominated in US$ and unsecured, and repayable by month. |
Other long-term debt (Maturitie
Other long-term debt (Maturities of Long-term Debt) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total other long-term debt | $ 1,404,814,439 | $ 974,791,324 |
Other Long-Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,018 | 34,700,367 | |
2,019 | 1,077,047,822 | |
2,020 | 864,869,287 | |
2,021 | 534,926,364 | |
2022 and thereafter | 40,173,242 | |
Less: current portion of other long term debt | (1,146,902,643) | (622,454,921) |
Total other long-term debt | $ 1,404,814,439 | $ 974,791,324 |
Other long-term debt (Narrative
Other long-term debt (Narrative) (Details) ¥ in Millions | Jul. 10, 2017USD ($) | Jun. 06, 2017 | Apr. 07, 2017USD ($) | Aug. 30, 2016 | Mar. 14, 2016USD ($) | Dec. 06, 2013USD ($) | Nov. 22, 2017USD ($) | Feb. 28, 2017 | Jan. 27, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 02, 2017USD ($) | Aug. 15, 2017 | Apr. 07, 2017CNY (¥) | Aug. 15, 2016USD ($) | Aug. 15, 2016CNY (¥) | Mar. 14, 2016CNY (¥) | Feb. 29, 2016 | Jan. 27, 2016CNY (¥) | Dec. 28, 2015USD ($) | Dec. 28, 2015CNY (¥) |
Debt Instrument [Line Items] | ||||||||||||||||||||||
Loss on extinguishment of debt | $ 15,879,702 | $ 12,123,750 | $ 0 | |||||||||||||||||||
Ruihao Rongtong [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument Carrying Amount Percentage | 65.00% | |||||||||||||||||||||
Security Deposit | 0 | |||||||||||||||||||||
Real estate Property Development Securing Other Long Term Debt | 0 | |||||||||||||||||||||
Qingdao Huiju Zhihui City Industrial Development Co., Ltd. [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Security Deposit | 0 | |||||||||||||||||||||
June 2019 Senior Secured Notes due in June 6, 2019 at 13% [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt issuance date | Dec. 6, 2013 | |||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 200,000,000 | $ 200,000,000 | ||||||||||||||||||||
Maturity date | Jun. 6, 2019 | |||||||||||||||||||||
Stated rate | 13.00% | 13.00% | ||||||||||||||||||||
Effective interest rate | 14.05% | |||||||||||||||||||||
Redemption price | 6.50% | |||||||||||||||||||||
DebtInstrument Redemption Outstanding Principal Balance | $ 200,000,000 | |||||||||||||||||||||
Debt Instrument Redemption Interest To Redemption Date | 2,456,000 | |||||||||||||||||||||
Loss on extinguishment of debt | 15,879,702 | $ 13,000,000 | ||||||||||||||||||||
Minimum Percentage of Common Shares Owned By Subject To Certain Qualifications And Exceptions And Satisfaction | 10.00% | |||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | |||||||||||||||||||||
Unamortized Debt Issuance Costs And Bond Amendment Fee | $ 2,879,702 | |||||||||||||||||||||
Debt Instrument Redemption Amount | 215,456,000 | |||||||||||||||||||||
Debt Instrument, Redemptions Amount | $ 13,000,000 | |||||||||||||||||||||
June 2019 Senior Secured Notes due in June 6, 2019 at 13% [Member] | Maximum [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Fixed charge coverage ratio | 2.75 | 3 | ||||||||||||||||||||
June 2019 Senior Secured Notes due in June 6, 2019 at 13% [Member] | Minimum [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Fixed charge coverage ratio | 1 | 1 | ||||||||||||||||||||
June 2019 Senior Secured Notes due in June 6, 2019 at 13% [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Redemption price | 106.50% | |||||||||||||||||||||
June 2019 Senior Secured Notes due in June 6, 2019 at 13% [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Redemption price | 100.00% | |||||||||||||||||||||
Redemption terms | At any time prior to June 6, 2017, the Company may at its option redeem the June 2019 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the June 2019 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. “Applicable Premium” means with respect to any 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 redemption price of such Note on June 6, 2017, plus all required remaining scheduled interest payments due on such Note through June 6, 2017 (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 2019 Indenture) plus 100 basis points, over (B) the principal amount of such Note on such redemption date. | |||||||||||||||||||||
Debt Instrument Purchase Price percentage | 1.00% | |||||||||||||||||||||
Number of Basis Points | 100 | |||||||||||||||||||||
Debt Instrument Redemption Period | 12 months | |||||||||||||||||||||
June 2019 Senior Secured Notes due in June 6, 2019 at 13% [Member] | Debt Instrument, Redemption, Period Four [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Redemption price | 103.25% | |||||||||||||||||||||
June 2019 Senior Secured Notes due in June 6, 2019 at 13% [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Redemption price | 113.00% | |||||||||||||||||||||
Redemption terms | At any time prior to June 6, 2017, the Company may redeem up to 35% of the aggregate principal amount of the June 2019 Senior Secured 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 113% the principal amount of the June 2019 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the June 2019 Senior Secured Notes issued on December 6, 2013 remain outstanding after each such redemption. | |||||||||||||||||||||
June 2019 Senior Secured Notes due in June 6, 2019 at 13% [Member] | Debt Instrument, Redemption, Period Two [Member] | Maximum [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Percentage of principal redeemable | 35.00% | |||||||||||||||||||||
June 2019 Senior Secured Notes due in June 6, 2019 at 13% [Member] | Debt Instrument, Redemption, Period Two [Member] | Minimum [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument Carrying Amount Percentage | 65.00% | |||||||||||||||||||||
August 2019 Senior Secured Notes Due in August 30, 2019 at 8.125% [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt issuance date | Aug. 30, 2016 | |||||||||||||||||||||
Stated rate | 8.125% | |||||||||||||||||||||
Effective interest rate | 9.06% | |||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 300,000,000 | |||||||||||||||||||||
Minimum Percentage of Common Shares Owned By Subject To Certain Qualifications And Exceptions And Satisfaction | 10.00% | |||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | |||||||||||||||||||||
August 2019 Senior Secured Notes Due in August 30, 2019 at 8.125% [Member] | Maximum [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Fixed charge coverage ratio | 2.50 | |||||||||||||||||||||
August 2019 Senior Secured Notes Due in August 30, 2019 at 8.125% [Member] | Minimum [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Fixed charge coverage ratio | 1 | |||||||||||||||||||||
August 2019 Senior Secured Notes Due in August 30, 2019 at 8.125% [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Redemption price | 100.00% | |||||||||||||||||||||
Redemption terms | At any time prior to August 30, 2019, the Company may at its option redeem the August 2019 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the August 2019 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. “Applicable Premium” means with respect to any August 2019 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such August 2019 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such August 2019 Senior Secured Note, plus all required remaining scheduled interest payments due on such August 2019 Senior Secured Note through the maturity date of the August 2019 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the August 2019 Indenture) plus 100 basis points, over (B) the principal amount of such August 2019 Senior Secured Note on such redemption date. | |||||||||||||||||||||
Debt Instrument Purchase Price percentage | 1.00% | |||||||||||||||||||||
Number of Basis Points | 100 | |||||||||||||||||||||
August 2019 Senior Secured Notes Due in August 30, 2019 at 8.125% [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Redemption price | 108.125% | |||||||||||||||||||||
Redemption terms | At any time prior to August 30, 2019, the Company may redeem up to 35% of the aggregate principal amount of the August 2019 Senior Secured Notes with the net cash proceeds of one or more sales of our common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 108.125% of the principal amount of the August 2019 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the August 2019 Senior Secured Notes issued on August 30, 2016 remain outstanding after each such redemption. | |||||||||||||||||||||
August 2019 Senior Secured Notes Due in August 30, 2019 at 8.125% [Member] | Debt Instrument, Redemption, Period Two [Member] | Maximum [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Percentage of principal redeemable | 35.00% | |||||||||||||||||||||
August 2019 Senior Secured Notes Due in August 30, 2019 at 8.125% [Member] | Debt Instrument, Redemption, Period Two [Member] | Minimum [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument Carrying Amount Percentage | 65.00% | |||||||||||||||||||||
Corporate Bonds Due On December 28, 2020 at 7.5% [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Maturity date | Dec. 28, 2020 | |||||||||||||||||||||
Stated rate | 7.50% | |||||||||||||||||||||
Corporate Bonds Due On December 28, 2020 at 7.5% [Member] | First Tranche Bonds [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt issuance date | Dec. 28, 2015 | |||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 154,000,000 | ¥ 1,000 | ||||||||||||||||||||
Stated rate | 7.50% | 7.50% | ||||||||||||||||||||
Corporate bonds due on January 27, 2021 at 7.47% [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt issuance date | Jan. 27, 2016 | |||||||||||||||||||||
Maturity date | Jan. 27, 2021 | |||||||||||||||||||||
Stated rate | 7.47% | |||||||||||||||||||||
Corporate bonds due on January 27, 2021 at 7.47% [Member] | Second Tranche Bonds [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 107,000,000 | ¥ 700 | ||||||||||||||||||||
Stated rate | 7.47% | 7.47% | ||||||||||||||||||||
Corporate Bonds Due on August 15 2019 at 7.5% [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Stated rate | 8.20% | 7.50% | 7.50% | |||||||||||||||||||
Corporate Bonds Due on August 15 2019 at 7.5% [Member] | New Tranche [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 216,000,000 | ¥ 1,500 | ||||||||||||||||||||
February 2021 Senior Secured Notes [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt issuance date | Feb. 28, 2017 | |||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 300,000,000 | |||||||||||||||||||||
Stated rate | 7.75% | |||||||||||||||||||||
Effective interest rate | 8.68% | |||||||||||||||||||||
Minimum Percentage of Common Shares Owned By Subject To Certain Qualifications And Exceptions And Satisfaction | 10.00% | |||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | |||||||||||||||||||||
Debt Instrument, Term | 4 years | |||||||||||||||||||||
February 2021 Senior Secured Notes [Member] | Maximum [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Fixed charge coverage ratio | 2 | |||||||||||||||||||||
February 2021 Senior Secured Notes [Member] | Minimum [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Fixed charge coverage ratio | 1 | |||||||||||||||||||||
February 2021 Senior Secured Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Redemption price | 100.00% | |||||||||||||||||||||
Redemption terms | At any time prior to February 28, 2021, the Company may at its option redeem the February 2021 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the February 2021 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. “Applicable Premium” means with respect to any February 2021 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such February 2021 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such February 2021 Senior Secured Note, plus all required remaining scheduled interest payments due on such February 2021 Senior Secured Note through the maturity date of the February 2021 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the February 2021 Indenture) plus 100 basis points, over (B) the principal amount of such February 2021 Senior Secured Note on such redemption date. | |||||||||||||||||||||
Debt Instrument Purchase Price percentage | 1.00% | |||||||||||||||||||||
Number of Basis Points | 100 | |||||||||||||||||||||
February 2021 Senior Secured Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Redemption price | 107.75% | |||||||||||||||||||||
Redemption terms | At any time prior to February 28, 2021, the Company may redeem up to 35% of the aggregate principal amount of the February 2021 Senior Secured Notes with the net cash proceeds of one or more sales of our common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 107.75% of the principal amount of the February 2021 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the February 2021 Senior Secured Notes issued on February 28, 2017 remain outstanding after each such redemption. | |||||||||||||||||||||
February 2021 Senior Secured Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | Maximum [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Percentage of principal redeemable | 35.00% | |||||||||||||||||||||
February 2021 Senior Secured Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | Minimum [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument Carrying Amount Percentage | 65.00% | |||||||||||||||||||||
November2020 Senior Secured Notes [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 200,000,000 | $ 100,000,000 | ||||||||||||||||||||
Maturity date | Nov. 22, 2020 | |||||||||||||||||||||
Stated rate | 8.875% | |||||||||||||||||||||
Effective interest rate | 9.95% | |||||||||||||||||||||
Minimum Percentage of Common Shares Owned By Subject To Certain Qualifications And Exceptions And Satisfaction | 10.00% | |||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | |||||||||||||||||||||
Debt Instrument, Term | 3 years | |||||||||||||||||||||
November2020 Senior Secured Notes [Member] | Maximum [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Fixed charge coverage ratio | 2 | |||||||||||||||||||||
November2020 Senior Secured Notes [Member] | Minimum [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Fixed charge coverage ratio | 1 | |||||||||||||||||||||
November2020 Senior Secured Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Redemption price | 100.00% | |||||||||||||||||||||
Redemption terms | At any time prior to November 22, 2020, the Company may at its option redeem the November 2020 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the November 2020 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. “Applicable Premium” means with respect to any November 2020 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such November 2020 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such November 2020 Senior Secured Note, plus all required remaining scheduled interest payments due on such November 2020 Senior Secured Note through the maturity date of the November 2020 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the November 2020 Indenture) plus 100 basis points, over (B) the principal amount of such February 2021 Senior Secured Note on such redemption date. | |||||||||||||||||||||
Debt Instrument Purchase Price percentage | 1.00% | |||||||||||||||||||||
Number of Basis Points | 100 | |||||||||||||||||||||
November2020 Senior Secured Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Redemption price | 108.875% | |||||||||||||||||||||
Redemption terms | At any time prior to November 22, 2020, the Company may redeem up to 35% of the aggregate principal amount of the November 2020 Senior Secured Notes with the net cash proceeds of one or more sales of our common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 107.75% of the principal amount of the November 2020 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the November 2020 Senior Secured Notes issued on November 22, 2017 remain outstanding after each such redemption. | |||||||||||||||||||||
November2020 Senior Secured Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | Maximum [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Percentage of principal redeemable | 35.00% | |||||||||||||||||||||
November2020 Senior Secured Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | Minimum [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument Carrying Amount Percentage | 65.00% | |||||||||||||||||||||
Corporate Bonds Due in April 7, 2020 at 8.2 [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt issuance date | Apr. 7, 2017 | |||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 173,000,000 | ¥ 1,130 | ||||||||||||||||||||
Maturity date | Apr. 7, 2020 | |||||||||||||||||||||
Stated rate | 8.20% | 8.20% | ||||||||||||||||||||
Collateralized Loan [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Security Deposit | 0 | |||||||||||||||||||||
Real estate Property Development Securing Other Long Term Debt | 0 | |||||||||||||||||||||
Real Estate Property, Held For Lease, Pledged for Other Long Term Debt | 0 | |||||||||||||||||||||
Non-controlling shareholder's loan due on May 30, 2019 at 8.5 [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Maturity date | May 30, 2019 | |||||||||||||||||||||
Stated rate | 8.50% | |||||||||||||||||||||
Security Deposit | 0 | |||||||||||||||||||||
Other Long-Term Debt [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Security Deposit | $ 0 | |||||||||||||||||||||
Corporate bonds due on March 14, 2021 at 7.09% [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt issuance date | Mar. 14, 2016 | |||||||||||||||||||||
Maturity date | Mar. 14, 2021 | |||||||||||||||||||||
Stated rate | 7.09% | |||||||||||||||||||||
Corporate bonds due on March 14, 2021 at 7.09% [Member] | Third Tranche Bonds [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, aggregate principal amount | $ 77,000,000 | ¥ 500 | ||||||||||||||||||||
Stated rate | 7.09% | 7.09% |
Capital lease obligations (Deta
Capital lease obligations (Details) | Aug. 01, 2016USD ($)Payments | Oct. 23, 2012USD ($)Payments | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | ||||
Capital lease obligations, net of current maturities | $ 11,415,344 | $ 15,015,508 | ||
Current maturities of capital lease obligations | 4,472,386 | 3,923,394 | ||
Total capital lease obligations | 15,887,730 | 18,938,902 | ||
Minsheng Hongtai Tianjin Aircraft Leasing Co., Ltd. [Member] | ||||
Debt Instrument [Line Items] | ||||
Capital lease obligations, net of current maturities | 10,764,638 | 13,518,898 | ||
Current maturities of capital lease obligations | 3,353,698 | 2,869,663 | ||
Shenzhen Zhong An Financial Lease Co,. Ltd [Member] | ||||
Debt Instrument [Line Items] | ||||
Capital lease obligations, net of current maturities | 650,706 | 1,496,610 | ||
Current maturities of capital lease obligations | $ 1,118,688 | $ 1,053,731 | ||
Capital Lease Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Payment for deposit on aircraft | $ 6,700,000 | |||
Capital Lease Obligations [Member] | Minsheng Hongtai Tianjin Aircraft Leasing Co., Ltd. [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt term | 8 years | |||
Maturity date | Sep. 15, 2021 | |||
Number of payments | Payments | 32 | |||
Quarterly payment amount | $ 1,426,435 | |||
Effective interest rate | 10.47% | |||
Capital Lease Obligations [Member] | Shenzhen Zhong An Financial Lease Co,. Ltd [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt term | 3 years | |||
Maturity date | Jul. 31, 2019 | |||
Number of payments | Payments | 12 | |||
Quarterly payment amount | $ 260,143 | |||
Effective interest rate | 5.58% |
Customer deposits (Details)
Customer deposits (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Customer Deposits [Line Items] | ||
Advances for real estate properties | $ 1,683,218,520 | $ 1,412,304,143 |
Add: (decrease)/ increase in revenue recognized in excess of amounts received from customers | 76,399,991 | (16,222,702) |
Less: recognized as progress billings (Note 4) | (1,321,276,798) | (1,245,536,188) |
Customer deposits (Note 2(h),2(n)) | $ 438,341,713 | $ 150,545,253 |
Minimum [Member] | ||
Customer Deposits [Line Items] | ||
Customer deposits backed by mortgage loans, percentage | 40.00% | |
Maximum [Member] | ||
Customer Deposits [Line Items] | ||
Customer deposits backed by mortgage loans, percentage | 80.00% |
Income taxes (Income Before Tax
Income taxes (Income Before Taxes) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income taxes [Line Items] | |||
CIT tax rate | 25.00% | 25.00% | 25.00% |
PRC | $ 275,898,007 | $ 211,620,233 | $ 154,833,605 |
Non PRC | (82,669,476) | (45,909,678) | (35,840,702) |
Income from operations before income taxes | $ 193,228,531 | 165,710,555 | 118,992,903 |
PRC [Member] | |||
Income taxes [Line Items] | |||
Withholding tax rate on dividend distributed by domestic enterprise to foreign tax resident investors (as a percent) | 10.00% | ||
HK subsidiaries [Member] | |||
Income taxes [Line Items] | |||
CIT tax rate | 16.50% | ||
US subsidiaries [Member] | |||
Income taxes [Line Items] | |||
CIT tax rate | 30.00% | ||
Income from operations before income taxes | $ (23,734,648) | $ 8,759,803 | $ 12,905,812 |
Malaysia [Member] | |||
Income taxes [Line Items] | |||
CIT tax rate | 25.00% |
Income taxes (Income Tax Expens
Income taxes (Income Tax Expense) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax [Line Items] | |||
CIT tax expense | $ 103,302,037 | $ 70,285,607 | $ 48,523,618 |
Land Appreciation Tax (“LAT”) expense | 40,203,748 | 33,254,340 | 23,223,407 |
Deferred tax benefit | (30,388,659) | (17,292,072) | (19,235,707) |
Actual income tax expense | $ 113,117,126 | $ 86,247,875 | $ 52,511,318 |
Income taxes (CIT Reconciliatio
Income taxes (CIT Reconciliation) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CIT at rate of 25% | $ 48,307,133 | $ 41,427,639 | $ 29,748,226 |
CIT tax rate | 25.00% | 25.00% | 25.00% |
Tax effect of non-deductible expenses | $ 3,641,665 | $ 7,425,406 | $ 2,028,153 |
Unrecognized tax benefits | 0 | (1,949,726) | (6,354,200) |
LAT expense | 40,203,748 | 33,254,340 | 23,223,407 |
CIT benefit of LAT | (10,050,937) | (8,313,585) | (5,805,852) |
Changes in valuation allowance | 3,180,741 | (1,161,335) | 4,274,501 |
International rate differences | 10,149,331 | 17,814,114 | 6,075,360 |
Dividend and interest withholding taxes | 18,877,500 | 0 | 3,675,156 |
Adjustment of estimated income tax accruals | (954,552) | (1,979,380) | (4,412,050) |
Others | (237,503) | (269,598) | 58,617 |
Actual income tax expense | $ 113,117,126 | $ 86,247,875 | $ 52,511,318 |
Income taxes (Unrecognized tax
Income taxes (Unrecognized tax benefit and LAT) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unrecognized tax benefit | |||
Balance at January 1 | $ 20,491,988 | $ 17,842,283 | $ 14,005,004 |
Additions for tax positions of current year | 10,813,497 | 5,549,004 | 11,592,738 |
Movement in current year due to foreign exchange rate fluctuation | 2,001 | (68,926) | (313,640) |
Reductions for tax positions of prior years | (76,110) | (880,647) | (3,669,272) |
Lapse of statute of limitations | 0 | (1,949,726) | (3,772,547) |
Balance at December 31 | $ 31,231,376 | $ 20,491,988 | $ 17,842,283 |
Minimum [Member] | |||
Unrecognized tax benefit | |||
LAT Progressive Rate | 30.00% | ||
Maximum [Member] | |||
Unrecognized tax benefit | |||
LAT Progressive Rate | 60.00% |
Income taxes (Deferred Tax Asse
Income taxes (Deferred Tax Assets And Liabilities) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred tax assets: | ||
Tax loss carried forward | $ 41,367,888 | $ 24,163,474 |
Accruals and provisions | 46,491,643 | 15,756,338 |
Capitalized expenses | 11,992,000 | 4,667,343 |
Revenue recognition of real estate lease income on a straight-line basis | 11,285,190 | 9,132,603 |
Deemed interest income | 31,231,375 | 20,417,879 |
Valuation allowance | (6,706,131) | (2,913,798) |
Others | 12,843 | 74,109 |
Total deferred tax assets | 135,674,808 | 71,297,948 |
Deferred tax liabilities: | ||
Revenue recognition based on percentage of completion | (76,968,132) | (57,670,568) |
Real estate properties accelerated cost deduction | (1,274,068) | (794,822) |
Taxable temporary differences arising from asset acquisitions | (107,224,810) | (42,703,964) |
Dividend and interest withholding taxes | (32,377,738) | (13,500,239) |
Others | (27,508) | (45,533) |
Total deferred tax liabilities | (217,872,256) | (114,715,126) |
Long-term deferred tax liabilities: | ||
Undistributed earnings from subsidiaries | 566,100,000 | 482,600,000 |
Earnings that may be remitted on a tax-free basis | 393,900,000 | 393,900,000 |
Accrued deferred income tax liabilities | 21,900,000 | 13,500,000 |
Remaining undistributed earnings | 547,000,000 | 407,700,000 |
Unrecognized deferred tax liabilities | 54,700,000 | 40,800,000 |
Subsidiaries [Member] | ||
Long-term deferred tax liabilities: | ||
Net operating loss carry forwards | 153,900,000 | 96,600,000 |
Subsidiaries [Member] | Foreign Tax Authority [Member] | ||
Long-term deferred tax liabilities: | ||
Net operating loss carry forwards | $ 9,100,000 | $ 1,800,000 |
Share-based compensation (Detai
Share-based compensation (Details) - USD ($) | Dec. 29, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 20, 2017 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation | $ 4,894,478 | $ 7,828,255 | $ 4,904,626 | ||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 740,223 | ||||
Deferred Compensation Arrangement With Individual Bouns Granted Amount | $ 740,223 | ||||
XIN Eco Marine Group [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
Business Acquisition, Percentage of Stock Options Issued | 25.00% | ||||
Business Acquisition, Stock Options Issued, Fair Value | $ 3,167,000 |
Share-based compensation (2007
Share-based compensation (2007 Equity Incentive Plan, 2007 Long Term Incentive Plan, 2015 Long Term Incentive Plan and 2014 Restricted Stock Unit Plan) (Details) - USD ($) | Nov. 06, 2015 | Sep. 30, 2015 | Jul. 29, 2015 | Jul. 01, 2015 | Apr. 10, 2015 | Feb. 26, 2015 | May 23, 2014 | Jul. 27, 2017 | Apr. 18, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Nov. 30, 2007 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted | 0 | 0 | ||||||||||||
Value of shares repurchased | $ 3,485,952 | $ 4,003,999 | $ 3,259,998 | |||||||||||
2007 Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted | 0 | |||||||||||||
2007 Plan [Member] | Service Condition Shares [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted | 200,000 | 200,000 | 1,200,000 | 600,000 | 200,000 | |||||||||
Exercise price of options granted | $ 1.81 | $ 1.39 | $ 1.71 | $ 1.605 | $ 1.255 | |||||||||
Weighted-average fair value of options granted | $ 0.61 | $ 0.50 | $ 0.48 | $ 0.52 | $ 0.36 | |||||||||
Total expected compensation cost, net of expected forfeitures | $ 122,109 | $ 100,243 | $ 577,836 | $ 312,671 | $ 71,853 | |||||||||
Vesting period for plan | 36 months | 36 months | 36 months | 36 months | 36 months | |||||||||
Stock options granted, expiration date | Nov. 6, 2025 | Sep. 30, 2025 | Jul. 1, 2025 | Apr. 10, 2025 | Feb. 26, 2025 | |||||||||
2007 Plan [Member] | Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Total number of shares authorized | 10,000,000 | |||||||||||||
2014 Restricted Stock Unit Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Value of shares repurchased | $ 3,485,952 | |||||||||||||
2014 Restricted Stock Unit Plan [Member] | Restricted Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Value of shares repurchased | $ 3,259,998 | $ 7,042,725 | $ 4,003,999 | |||||||||||
Shares repurchased | 2,076,964 | 4,234,884 | 1,614,220 | |||||||||||
Weighted average grant-date fair value of restricted shares granted | $ 2.68 | $ 2.75 | $ 1.60 | |||||||||||
2014 Restricted Stock Unit Plan [Member] | Maximum [Member] | Restricted Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Total number of shares authorized | 10,000,000 | |||||||||||||
Long Term Incentive Plan 2015 [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Total number of shares authorized | 20,000,000 | |||||||||||||
Options granted | 0 | |||||||||||||
Long Term Incentive Plan 2015 [Member] | Service Condition Shares [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted | 81,600 | 6,574,600 | ||||||||||||
Exercise price of options granted | $ 1.71 | $ 1.71 | ||||||||||||
Weighted-average fair value of options granted | $ 0.42 | $ 0.48 | ||||||||||||
Total expected compensation cost, net of expected forfeitures | $ 34,294 | $ 3,165,867 | ||||||||||||
Vesting period for plan | 33 months | 34 months | ||||||||||||
Stock options granted, expiration date | Jul. 29, 2025 | Jul. 1, 2025 |
Share-based compensation (Assum
Share-based compensation (Assumptions) (Details) - shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | ||
2007 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term | 6 years | |||
Dividend yield | 5.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||
2007 Plan [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Average risk-free rate of return | 1.82% | |||
Expected term | 5 years | |||
Volatility rate | 46.30% | 40.50% | ||
2007 Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Average risk-free rate of return | 1.92% | |||
Expected term | 6 years | |||
Volatility rate | 55.20% | 41.40% | ||
2015 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term | 6 years | |||
Dividend yield | 5.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||
2015 Plan [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Average risk-free rate of return | 1.57% | |||
Volatility rate | 55.00% | |||
2015 Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Average risk-free rate of return | 1.92% | |||
Volatility rate | 55.90% |
Share-based compensation (Share
Share-based compensation (Share Option Activity - 2007 Plan and 2015 Long Term Incentive Plan) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Options | |||
Granted | 0 | 0 | |
2007 Plan [Member] | |||
Number of Options | |||
Granted | 0 | ||
Weighted Average Exercise Price | |||
Granted | $ 0 | ||
Weighted Remaining Contractual Life (Years) | |||
Outstanding | 0 years | ||
Aggregate Intrinsic Value | |||
Granted | $ 0 | ||
Common stock, closing share price | $ 3.405 | ||
Total fair value of options vested | $ 40,703 | $ 362,487 | $ 633,113 |
2007 Plan [Member] | Employee Stock Option [Member] | |||
Aggregate Intrinsic Value | |||
Total unrecognized compensation cost, recognition period | 10 months 6 days | ||
Total unrecognized compensation cost | $ 33,919 | ||
2007 Plan [Member] | 7.0 (exercise price) [Member] | |||
Number of Options | |||
Outstanding | 792,056 | ||
Forfeited | 792,056 | ||
Outstanding | 792,056 | ||
Weighted Average Exercise Price | |||
Outstanding | $ 7 | ||
Forfeited | $ 7 | ||
Outstanding | $ 7 | ||
Weighted Remaining Contractual Life (Years) | |||
Forfeited | 0 years | ||
Outstanding | 9 months 29 days | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 0 | ||
Forfeited | $ 0 | ||
Outstanding | $ 0 | ||
2007 Plan [Member] | 2.975 (exercise price) [Member] | |||
Number of Options | |||
Outstanding | 180,000 | ||
Outstanding | 180,000 | 180,000 | |
Exercisable at December 31, 2017 | 180,000 | ||
Weighted Average Exercise Price | |||
Outstanding | $ 2.975 | ||
Outstanding | 2.975 | $ 2.975 | |
Exercisable at December 31, 2017 | $ 2.975 | ||
Weighted Remaining Contractual Life (Years) | |||
Outstanding | 6 months | 1 year 6 months | |
Exercisable at December 31, 2017 | 6 months | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 0 | ||
Outstanding | 77,400 | $ 0 | |
Exercisable at December 31, 2017 | $ 77,400 | ||
2007 Plan [Member] | 1.21 (exercise price) [Member] | |||
Number of Options | |||
Outstanding | 754,000 | ||
Exercised | 641,262 | ||
Outstanding | 112,738 | 754,000 | |
Exercisable at December 31, 2017 | 112,738 | ||
Weighted Average Exercise Price | |||
Outstanding | $ 1.21 | ||
Exercised | 1.21 | ||
Outstanding | 1.21 | $ 1.21 | |
Exercisable at December 31, 2017 | $ 1.21 | ||
Weighted Remaining Contractual Life (Years) | |||
Outstanding | 2 years 11 months 12 days | 3 years 11 months 12 days | |
Exercisable at December 31, 2017 | 2 years 11 months 12 days | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 957,580 | ||
Exercised | 800,889 | ||
Outstanding | 247,460 | $ 957,580 | |
Exercisable at December 31, 2017 | $ 247,460 | ||
2007 Plan [Member] | 1.085 (exercise price) [Member] | |||
Number of Options | |||
Outstanding | 100,000 | ||
Outstanding | 100,000 | 100,000 | |
Exercisable at December 31, 2017 | 100,000 | ||
Weighted Average Exercise Price | |||
Outstanding | $ 1.085 | ||
Outstanding | 1.085 | $ 1.085 | |
Exercisable at December 31, 2017 | $ 1.085 | ||
Weighted Remaining Contractual Life (Years) | |||
Outstanding | 3 years 6 months | 4 years 6 months | |
Exercisable at December 31, 2017 | 3 years 6 months | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 139,500 | ||
Outstanding | 232,000 | $ 139,500 | |
Exercisable at December 31, 2017 | $ 232,000 | ||
2007 Plan [Member] | 1.64 (exercise price) [Member] | |||
Number of Options | |||
Outstanding | 200,000 | ||
Outstanding | 200,000 | 200,000 | |
Exercisable at December 31, 2017 | 200,000 | ||
Weighted Average Exercise Price | |||
Outstanding | $ 1.64 | ||
Outstanding | 1.64 | $ 1.64 | |
Exercisable at December 31, 2017 | $ 1.64 | ||
Weighted Remaining Contractual Life (Years) | |||
Outstanding | 4 years 10 months 13 days | 5 years 10 months 13 days | |
Exercisable at December 31, 2017 | 4 years 10 months 13 days | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 168,000 | ||
Outstanding | 353,000 | $ 168,000 | |
Exercisable at December 31, 2017 | $ 353,000 | ||
2007 Plan [Member] | 2.105 (exercise price) [Member] | |||
Number of Options | |||
Outstanding | 559,124 | ||
Exercised | 559,124 | ||
Outstanding | 559,124 | ||
Weighted Average Exercise Price | |||
Outstanding | $ 2.105 | ||
Exercised | $ 2.105 | ||
Outstanding | $ 2.105 | ||
Weighted Remaining Contractual Life (Years) | |||
Outstanding | 6 years 6 months | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 209,672 | ||
Exercised | $ 258,432 | ||
Outstanding | $ 209,672 | ||
2007 Plan [Member] | 2.86 (exercise price) [Member] | |||
Number of Options | |||
Outstanding | 600,000 | ||
Forfeited | 600,000 | ||
Outstanding | 600,000 | ||
Weighted Average Exercise Price | |||
Outstanding | $ 2.86 | ||
Forfeited | $ 2.86 | ||
Outstanding | $ 2.86 | ||
Weighted Remaining Contractual Life (Years) | |||
Forfeited | 0 years | ||
Outstanding | 6 years 8 months 1 day | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 0 | ||
Forfeited | $ 0 | ||
Outstanding | $ 0 | ||
2007 Plan [Member] | 1.21 (exercise price) [Member] | |||
Number of Options | |||
Outstanding | 342,400 | ||
Exercised | 303,000 | ||
Outstanding | 39,400 | 342,400 | |
Exercisable at December 31, 2017 | 39,400 | ||
Weighted Average Exercise Price | |||
Outstanding | $ 1.21 | ||
Exercised | 1.21 | ||
Outstanding | 1.21 | $ 1.21 | |
Exercisable at December 31, 2017 | $ 1.21 | ||
Weighted Remaining Contractual Life (Years) | |||
Outstanding | 6 years 6 months | 7 years 6 months | |
Exercisable at December 31, 2017 | 6 years 6 months | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 434,848 | ||
Exercised | 426,439 | ||
Outstanding | 86,483 | $ 434,848 | |
Exercisable at December 31, 2017 | $ 86,483 | ||
2007 Plan [Member] | 1.81 (exercise price) [Member] | |||
Number of Options | |||
Outstanding | 134,000 | ||
Exercised | 66,000 | ||
Outstanding | 68,000 | 134,000 | |
Exercisable at December 31, 2017 | 1,332 | ||
Weighted Average Exercise Price | |||
Outstanding | $ 1.8100 | ||
Exercised | 1.81 | ||
Outstanding | 1.81 | $ 1.8100 | |
Exercisable at December 31, 2017 | $ 1.81 | ||
Weighted Remaining Contractual Life (Years) | |||
Outstanding | 7 years 10 months 6 days | 8 years 10 months 6 days | |
Exercisable at December 31, 2017 | 7 years 10 months 6 days | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 89,780 | ||
Exercised | 79,441 | ||
Outstanding | 108,460 | $ 89,780 | |
Exercisable at December 31, 2017 | $ 2,125 | ||
2015 Plan [Member] | |||
Number of Options | |||
Granted | 0 | ||
Weighted Average Exercise Price | |||
Granted | $ 0 | ||
Weighted Remaining Contractual Life (Years) | |||
Granted | 0 years | ||
Aggregate Intrinsic Value | |||
Granted | $ 0 | ||
Common stock, closing share price | $ 3.405 | ||
Total fair value of options vested | $ 769,798 | $ 952,941 | |
2015 Plan [Member] | Employee Stock Option [Member] | |||
Aggregate Intrinsic Value | |||
Total unrecognized compensation cost, recognition period | 6 months | ||
Total unrecognized compensation cost | $ 232,900 | ||
2015 Plan [Member] | 1.71 (exercise price) [Member] | |||
Number of Options | |||
Outstanding | 81,600 | ||
Exercised | 1,062,542 | ||
Forfeited | 27,200 | ||
Outstanding | 54,400 | 81,600 | |
Exercisable at December 31, 2017 | 54,400 | ||
Weighted Average Exercise Price | |||
Outstanding | $ 1.71 | ||
Exercised | 1.71 | ||
Forfeited | 1.71 | ||
Outstanding | 1.71 | $ 1.71 | |
Exercisable at December 31, 2017 | $ 1.71 | ||
Weighted Remaining Contractual Life (Years) | |||
Exercised | 0 years | ||
Forfeited | 0 years | ||
Outstanding | 7 years 6 months 29 days | 8 years 6 months 29 days | |
Exercisable at December 31, 2017 | 7 years 6 months 29 days | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 62,832 | ||
Exercised | 1,061,444 | ||
Forfeited | 0 | ||
Outstanding | 92,208 | $ 62,832 | |
Exercisable at December 31, 2017 | $ 92,208 | ||
2015 Plan [Member] | 1.71 (exercise price) [Member] | |||
Number of Options | |||
Outstanding | 4,791,200 | ||
Forfeited | 203,736 | ||
Outstanding | 3,524,922 | 4,791,200 | |
Exercisable at December 31, 2017 | 2,073,920 | ||
Weighted Average Exercise Price | |||
Outstanding | $ 1.71 | ||
Forfeited | 1.71 | ||
Outstanding | 1.71 | $ 1.71 | |
Exercisable at December 31, 2017 | $ 1.71 | ||
Weighted Remaining Contractual Life (Years) | |||
Forfeited | 0 years | ||
Outstanding | 7 years 6 months | 8 years 6 months | |
Exercisable at December 31, 2017 | 7 years 6 months | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 3,689,224 | ||
Forfeited | 0 | ||
Outstanding | 5,974,743 | $ 3,689,224 | |
Exercisable at December 31, 2017 | $ 3,515,294 |
Other payables and accrued li91
Other payables and accrued liabilities (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Other payables and accrued liabilities [Abstract] | ||
Contract deposit | $ 89,383,227 | $ 81,095,384 |
Accrued expense | 41,715,403 | 22,325,547 |
Deed tax and maintenance fund withheld for customers | 12,149,522 | 10,566,064 |
Bidding deposit | 2,983,801 | 1,959,950 |
Welfare payable | 1,657,567 | 1,489,242 |
Other tax payable | 8,172,022 | 7,908,792 |
Accrued aircraft operating expense | 842,663 | 1,251,952 |
Accrued interest expense | 54,250,778 | 42,371,395 |
Others | 88,963,349 | 30,692,839 |
Total | $ 300,118,332 | $ 199,661,165 |
Related party and employee tr92
Related party and employee transactions (Details) ¥ in Millions | Dec. 02, 2017USD ($) | Nov. 10, 2017USD ($) | Sep. 12, 2017USD ($) | Nov. 10, 2016USD ($) | Jul. 31, 2017USD ($) | Jun. 28, 2016USD ($) | Jun. 30, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jun. 24, 2017USD ($) |
Related Party Transaction [Line Items] | |||||||||||
Amounts due from related parties | $ 125,662,072 | $ 17,731,875 | |||||||||
Due from Related Parties, Noncurrent | 24,665,944 | 0 | |||||||||
Due from Related Parties | 150,328,016 | 17,731,875 | |||||||||
Due to Related Parties, Current | 128,178,423 | 66,229,724 | |||||||||
Due to Related Parties, Noncurrent | 29,917,961 | 0 | |||||||||
Advances to employees | 2,174,302 | 620,462 | |||||||||
Due to Related Parties | 158,096,384 | 66,229,724 | |||||||||
Payments to Fund Long-term Loans to Related Parties | 4,350,000 | ||||||||||
Technology Services Revenue | 3,120,000 | ||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | ||||||||||
Other Long-term Investments | 829,773,150 | 7,797,559 | |||||||||
Director [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Director's remuneration amount | 10,634,720 | 10,295,641 | $ 8,549,672 | ||||||||
Beijing Starry Sky Cinema Co., Ltd. ("Starry Sky") [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Amounts due from related parties | 5,909,736 | 17,731,875 | |||||||||
Debt Instrument, Face Amount | 5,869,138 | ||||||||||
Beijing Starry Sky Cinema Co., Ltd. ("Starry Sky") [Member] | Unsecured Debt [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Interest Payable | 40,598 | ||||||||||
Repayments of Related Party Debt | $ 14,941,349 | ||||||||||
Beijing Starry Sky Cinema Co., Ltd. ("Starry Sky") [Member] | Unsecured Debt [Member] | Minimum [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Bears interest | 7.50% | ||||||||||
Beijing Starry Sky Cinema Co., Ltd. ("Starry Sky") [Member] | Unsecured Debt [Member] | Maximum [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Bears interest | 10.00% | ||||||||||
Beijing Starry Sky Cinema Co., Ltd. ("Starry Sky") [Member] | Interest Bearing Loan [Member] | Unsecured Debt [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 1,155,459 | ||||||||||
Beijing Aijieli Technology Development Co., Ltd. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Amounts due from related parties | 12,889,735 | 0 | |||||||||
Initial Cost | ¥ | ¥ 40 | ||||||||||
Beijing Aijieli Technology Development Co., Ltd. [Member] | Step One [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | ||||||||||
Beijing Aijieli Technology Development Co., Ltd. [Member] | Step Two [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Initial Cost | ¥ | ¥ 10 | ||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | ||||||||||
Beijing Aijieli Technology Development Co., Ltd. [Member] | Step Two [Member] | Beijing Future Xinzhihui Science and Technology Development Center [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Initial Cost | ¥ | ¥ 30 | ||||||||||
Equity Method Investment, Ownership Percentage | 75.00% | ||||||||||
Xinyuan Technology Service Co., Ltd. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage Of Ownership Sold | 6.00% | ||||||||||
Equity Method Investment, Amount Sold | $ 506,696 | ||||||||||
Shanghai Hexinli Property Management Center [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage Of Ownership Sold | 21.05% | ||||||||||
Equity Method Investment, Amount Sold | $ 337,344 | ||||||||||
Shenzhen Pingjia Investment Management Co., Ltd. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due to Related Parties, Current | 0 | 66,229,724 | |||||||||
Xinyuan Investment Management Co., Limited. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 70.00% | ||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | ||||||||||
Business Combination, Consideration Transferred | $ 0 | ||||||||||
Beijing Ruizhuo Xitou Technology Development Co., Ltd. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Amounts due from related parties | 10,429,990 | 0 | |||||||||
Initial Cost | ¥ | ¥ 30 | ||||||||||
Beijing Ruizhuo Xitou Technology Development Co., Ltd. [Member] | Beijing Future Xinruifeng Science and Technology Development Center [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 66.67% | ||||||||||
Beijing Ruizhuo Xitou Technology Development Co., Ltd. [Member] | Xinyuan China Real Estate, Ltd. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 33.33% | ||||||||||
Beijing Ruizhuo Xitou Technology Development Co., Ltd. [Member] | Step One [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | ||||||||||
Beijing Ruizhuo Xitou Technology Development Co., Ltd. [Member] | Step Two [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 33.33% | ||||||||||
Beijing Ruizhuo Xitou Technology Development Co., Ltd. [Member] | Step Two [Member] | Beijing Future Xinruifeng Science and Technology Development Center [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Initial Cost | ¥ | ¥ 20 | ||||||||||
Beijing Ruizhuo Xichuang Technology Development Co., Ltd. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Amounts due from related parties | 3,576,543 | 0 | |||||||||
Initial Cost | ¥ | ¥ 30 | ||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | ||||||||||
Beijing Ruizhuo Xichuang Technology Development Co., Ltd. [Member] | Xinyuan China Real Estate, Ltd. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Initial Cost | ¥ | ¥ 10 | ||||||||||
Equity Method Investment, Ownership Percentage | 33.33% | ||||||||||
Beijing Ruizhuo Xichuang Technology Development Co., Ltd. [Member] | Beijing Future Xinhujin Science and Technology [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 66.67% | ||||||||||
Beijing Ruizhuo Xichuang Technology Development Co., Ltd. [Member] | Step Two [Member] | Beijing Future Xinhujin Science and Technology [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Initial Cost | ¥ | ¥ 20 | ||||||||||
Equity Method Investment, Ownership Percentage | 66.67% | ||||||||||
Chengdu Renju [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Amounts due from related parties | 35,199,433 | 0 | |||||||||
Guangzhou Huanglong [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Amounts due from related parties | 38,934,992 | 0 | |||||||||
Debt Instrument, Face Amount | $ 38,260,231 | ||||||||||
Guangzhou Huanglong [Member] | Unsecured Debt [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Bears interest | 17.50% | ||||||||||
Interest Payable | $ 353,375 | ||||||||||
Debt term | 3 months | ||||||||||
Qingdao Huiju [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Amounts due from related parties | $ 18,721,643 | 0 | |||||||||
Xinzheng Meihang Network Technology Co., Ltd. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due from Related Parties, Noncurrent | 24,665,944 | 0 | |||||||||
Due to Related Parties, Noncurrent | 29,917,961 | 0 | |||||||||
Debt Instrument, Face Amount | $ 24,100,060 | ||||||||||
Xinzheng Meihang Network Technology Co., Ltd. [Member] | Unsecured Debt [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Bears interest | 11.50% | ||||||||||
Interest Payable | $ 565,884 | ||||||||||
Debt term | 3 years | ||||||||||
Suzhou Fuchao Enterprise Management Consulting Co.,Ltd. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due to Related Parties, Current | $ 23,387,006 | 0 | |||||||||
Suzhou Fuchao Enterprise Management Consulting Co.,Ltd. [Member] | Unsecured Debt [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Interest Payable | 1,317,340 | ||||||||||
Nanjing Gold Pedestal Real Estate Development Co., Ltd. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due to Related Parties, Current | 23,388,992 | 0 | |||||||||
Suzhou Country Garden Real Estate Development Co.,Ltd. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due to Related Parties, Current | 23,385,379 | 0 | |||||||||
Taicang Guangyuan Real Estate Development Co.,Ltd. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due to Related Parties, Current | 23,387,006 | 0 | |||||||||
Suzhou Fuyi Enterprise Management Consulting Co.,Ltd. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due to Related Parties, Current | 7,470,721 | 0 | |||||||||
Suzhou Guozhan Commercial Plaza Development Co., Ltd. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due to Related Parties, Current | 7,470,721 | 0 | |||||||||
Kunshan Shine Land Group Co., Ltd [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due to Related Parties, Current | 7,470,721 | 0 | |||||||||
Shanghai Cifi Enterprise Management Co., Ltd. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due to Related Parties, Current | 7,431,209 | 0 | |||||||||
Shanghai Xinbi Real Estate Development Co.,Ltd. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due to Related Parties, Current | 3,671,987 | 0 | |||||||||
Changxing Xinbi Investment Management Partnership (limited partnership) [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due to Related Parties, Current | 743,121 | 0 | |||||||||
Foshan Shunde District Gongheng Investment Co.,Ltd. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due to Related Parties, Current | 371,560 | 0 | |||||||||
Zhengzhou Xinnan Real Estate Co., Ltd. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 63,572,149 | ||||||||||
Bears interest | 12.00% | ||||||||||
Debt term | 1 year | ||||||||||
Zhengzhou Xinnan Real Estate Co., Ltd. [Member] | Unsecured Debt [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Interest Payable | $ 2,657,575 | ||||||||||
Zhengzhou Xinnan Real Estate Co., Ltd. [Member] | Interest Bearing Loan [Member] | Unsecured Debt [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 24,086,781 | ||||||||||
Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 92,231,041 | ||||||||||
Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. [Member] | Unsecured Debt [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Bears interest | 4.25% | ||||||||||
Zhengzhou Hangmei Technology Development Co., Ltd. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 28,968,446 | ||||||||||
Zhengzhou Hangmei Technology Development Co., Ltd. [Member] | Unsecured Debt [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Interest Payable | $ 949,515 | ||||||||||
Debt term | 3 years | ||||||||||
Juzhouyun [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Equity Method Investment, Amount Sold | $ 1,530,409 | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||
Kunshan Xinyuan [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage Of Ownership Sold | 1.33% | ||||||||||
Equity Method Investment, Amount Sold | $ 1,256,909 | ||||||||||
Suhzou Wanzhuo [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage Of Ownership Sold | 80.00% | ||||||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 23,687,327 | ||||||||||
Guangzhou Huanglong [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Accounts Receivable, Related Parties, Current | $ 321,386 | ||||||||||
Taicang Pengchi [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 5,222,594 | ||||||||||
Taicang Pengchi [Member] | Unsecured Debt [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 34,630,042 | ||||||||||
Xin Future Yihao Private Equity Funds [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Other Long-term Investments | $ 2,142,573 | ||||||||||
Beijing Xinju [Member] | Minimum [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage Of Ownership Sold | 49.00% | ||||||||||
Beijing Xinju [Member] | Maximum [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage Of Ownership Sold | 51.00% |
Equity (Details)
Equity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | |||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |
Common stock, par value per share | $ 0.0001 | $ 0.0001 | |
Treasury share repurchases | $ 14,058,280 | $ 29,688,648 | $ 3,349,172 |
Dividends per share | $ 0.05 | ||
Distribution of dividends to common shareholders | $ 26,090,734 | ||
Treasury Shares [Member] | |||
Class of Stock [Line Items] | |||
Treasury share repurchases, shares | 5,481,846 | 13,198,238 | 2,179,902 |
Treasury share repurchases | $ 14,058,280 | $ 29,688,648 | $ 3,349,172 |
Earnings per share (Details)
Earnings per share (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Numerator: | ||||
Net income attributable to Xinyuan Real Estate Co., Ltd. Shareholders - basic | $ 63,627,551 | $ 72,977,548 | $ 66,482,107 | |
Net income attributable to Xinyuan Real Estate Co., Ltd. shareholders - diluted | $ 63,627,551 | $ 72,977,548 | $ 66,482,107 | |
Denominator: | ||||
Weighted average number of shares outstanding, basic | [1] | 128,704,610 | 133,261,510 | 142,625,427 |
Stock options | 1,877,785 | 1,271,209 | 348,603 | |
Restricted stock units | 1,023,474 | 3,120,310 | 3,513,919 | |
Weighted average number of shares outstanding-diluted | 131,605,869 | 137,653,029 | 146,487,949 | |
Basic earnings per share | $ 0.49 | $ 0.55 | $ 0.47 | |
Diluted earnings per share | $ 0.48 | $ 0.53 | $ 0.45 | |
Employee Stock Option [Member] | ||||
Numerator: | ||||
Anti-dilutive shares | 180,000 | 2,260,762 | 11,878,986 | |
[1] | 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 (Details)
Segment reporting (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Net real estate sales | $ 1,924,560,806 | $ 1,524,968,403 | $ 1,134,466,776 |
Real estate lease income | 8,732,799 | 5,946,051 | 6,573,263 |
Real estate management services income | 41,738,319 | 30,022,747 | 21,611,201 |
Other revenue | 1,875,307 | 687,492 | 1,672,758 |
Total revenue | 1,976,907,231 | 1,561,624,693 | 1,164,323,998 |
Cost of real estate sales | (1,474,067,213) | (1,174,571,926) | (866,242,863) |
Cost of real estate lease income | (11,006,122) | (3,682,645) | (3,956,322) |
Cost of real estate management services | (31,646,448) | (24,281,442) | (19,442,859) |
Other costs | (559,235) | (1,100,367) | (1,691,848) |
Total costs of revenue | (1,517,279,018) | (1,203,636,380) | (891,333,892) |
Gross profit | 459,628,213 | 357,988,313 | 272,990,106 |
Operating expenses | (212,568,458) | (178,629,347) | (167,455,085) |
Operating income/(loss) | 247,059,755 | 179,358,966 | 105,535,021 |
Interest income | 16,859,086 | 20,916,567 | 24,503,736 |
Interest expense | (66,153,440) | (29,856,832) | (20,281,416) |
Net realized gain on short-term investments | 7,873,987 | 2,505,696 | 603,078 |
Share of gain/ (loss) of equity investees | (1,710,070) | (324,612) | 2,234,635 |
Loss on extinguishment of debt | (15,879,702) | (12,123,750) | 0 |
Exchange gains | 756,926 | 458,959 | 403,286 |
Unrealized income on short-term investments | 2,095,979 | 235,334 | 49,443 |
Other income | 2,326,010 | 4,540,227 | 5,945,120 |
Income from operations before income taxes | 193,228,531 | 165,710,555 | 118,992,903 |
Income tax benefit /(expense) | (113,117,126) | (86,247,875) | (52,511,318) |
Net income | 80,111,405 | 79,462,680 | 66,481,585 |
Depreciation and amortization | 13,727,526 | 8,688,384 | 8,751,664 |
Capital expenditure | 9,761,856 | 6,461,532 | 39,125,572 |
Real estate properties development completed | 840,393,193 | 477,179,252 | 24,076,559 |
Real estate properties under development | 1,996,000,653 | 1,719,135,164 | 1,887,321,801 |
Real estate properties held for lease | 277,933,313 | 159,873,934 | 71,132,582 |
Total long-lived assets | 1,314,221,789 | 288,113,840 | 285,919,467 |
Total assets | 6,384,434,270 | 4,219,558,959 | 3,548,883,184 |
Henan [Member] | |||
Segment Reporting Information [Line Items] | |||
Net real estate sales | 886,207,602 | 368,866,778 | 251,681,188 |
Real estate lease income | 3,567,372 | 3,588,434 | 4,484,591 |
Real estate management services income | 1,505,932 | 1,161,150 | 0 |
Other revenue | 508,891 | 303,521 | 1,396,463 |
Total revenue | 891,789,797 | 373,919,883 | 257,562,242 |
Cost of real estate sales | (607,656,121) | (252,522,117) | (160,197,316) |
Cost of real estate lease income | (2,170,672) | (1,792,349) | (2,202,367) |
Cost of real estate management services | (935,942) | (979,218) | (18,161) |
Other costs | (227,081) | (525,052) | 178,610 |
Total costs of revenue | (610,989,816) | (255,818,736) | (162,239,234) |
Gross profit | 280,799,981 | 118,101,147 | 95,323,008 |
Operating expenses | (64,061,347) | (41,459,159) | (51,882,922) |
Operating income/(loss) | 216,738,634 | 76,641,988 | 43,440,086 |
Interest income | 11,355,876 | 18,611,346 | 23,284,854 |
Interest expense | (18,393,523) | (6,312,134) | 21,612,239 |
Net realized gain on short-term investments | 3,110,564 | 1,316,577 | 0 |
Share of gain/ (loss) of equity investees | (1,062,499) | (688,363) | 2,234,635 |
Loss on extinguishment of debt | 0 | 0 | 0 |
Exchange gains | (362,736) | 461,627 | 403,286 |
Unrealized income on short-term investments | 151,003 | 7,862 | 0 |
Other income | 2,326,004 | 4,534,357 | 0 |
Income from operations before income taxes | 213,863,323 | 94,573,260 | 90,975,100 |
Income tax benefit /(expense) | (77,985,230) | (13,089,933) | (16,234,099) |
Net income | 135,878,093 | 81,483,327 | 74,741,001 |
Depreciation and amortization | 5,597,930 | 5,477,178 | 5,569,343 |
Capital expenditure | 5,756,237 | 5,257,710 | 4,249,718 |
Real estate properties development completed | 49,708,034 | 39,369,770 | 4,775,131 |
Real estate properties under development | 937,340,899 | 376,001,881 | 313,105,983 |
Real estate properties held for lease | 53,783,548 | 38,584,030 | 42,511,937 |
Total long-lived assets | 207,599,517 | 98,501,017 | 221,202,024 |
Total assets | 2,715,305,431 | 1,371,127,748 | 1,064,084,941 |
Shandong [Member] | |||
Segment Reporting Information [Line Items] | |||
Net real estate sales | 252,186,589 | 169,605,220 | 186,222,554 |
Real estate lease income | 183,530 | 172,198 | 202,892 |
Real estate management services income | 0 | 0 | 0 |
Other revenue | 52,893 | 102,415 | 30,659 |
Total revenue | 252,423,012 | 169,879,833 | 186,456,105 |
Cost of real estate sales | (204,691,234) | (142,763,272) | (149,867,847) |
Cost of real estate lease income | (348,420) | (287,832) | (285,974) |
Cost of real estate management services | 0 | 0 | 0 |
Other costs | (10,706) | (100,695) | (376,070) |
Total costs of revenue | (205,050,360) | (143,151,799) | (150,529,891) |
Gross profit | 47,372,652 | 26,728,034 | 35,926,214 |
Operating expenses | (10,497,498) | (8,682,365) | (13,528,548) |
Operating income/(loss) | 36,875,154 | 18,045,669 | 22,397,666 |
Interest income | 338,069 | 974,322 | 237,687 |
Interest expense | (362,759) | 0 | 0 |
Net realized gain on short-term investments | 0 | 0 | 0 |
Share of gain/ (loss) of equity investees | (974,405) | 0 | 0 |
Loss on extinguishment of debt | 0 | 0 | 0 |
Exchange gains | 0 | 0 | 0 |
Unrealized income on short-term investments | 0 | 0 | 0 |
Other income | 0 | 0 | 0 |
Income from operations before income taxes | 35,876,059 | 19,019,991 | 22,635,353 |
Income tax benefit /(expense) | (11,359,619) | (11,666,859) | (9,901,175) |
Net income | 24,516,440 | 7,353,132 | 12,734,178 |
Depreciation and amortization | 416,607 | 411,694 | 400,733 |
Capital expenditure | 11,636 | 57,511 | 172,853 |
Real estate properties development completed | 82,128,992 | 2,309,387 | 0 |
Real estate properties under development | 78,988,478 | 236,984,737 | 275,709,393 |
Real estate properties held for lease | 5,633,936 | 5,604,196 | 4,487,714 |
Total long-lived assets | 420,656,893 | 9,339,448 | 6,683,031 |
Total assets | 693,368,606 | 370,315,900 | 457,041,948 |
Jiangsu [Member] | |||
Segment Reporting Information [Line Items] | |||
Net real estate sales | 284,388,321 | 349,616,790 | 371,469,943 |
Real estate lease income | 0 | 0 | 0 |
Real estate management services income | 0 | 0 | 0 |
Other revenue | 21,184 | 471 | 308,026 |
Total revenue | 284,409,505 | 349,617,261 | 371,777,969 |
Cost of real estate sales | (247,765,242) | (273,738,274) | (305,417,991) |
Cost of real estate lease income | (3,353,579) | (1,328,100) | (1,416,157) |
Cost of real estate management services | 0 | 0 | 0 |
Other costs | (127,375) | (69,971) | (641,646) |
Total costs of revenue | (251,246,196) | (275,136,345) | (307,475,794) |
Gross profit | 33,163,309 | 74,480,916 | 64,302,175 |
Operating expenses | (16,659,076) | (12,234,106) | (15,826,805) |
Operating income/(loss) | 16,504,233 | 62,246,810 | 48,475,370 |
Interest income | 218,937 | 262,675 | 442,560 |
Interest expense | (1,829,665) | 0 | 0 |
Net realized gain on short-term investments | 7,395 | 0 | 0 |
Share of gain/ (loss) of equity investees | (2,818) | 0 | 0 |
Loss on extinguishment of debt | 0 | 0 | 0 |
Exchange gains | 0 | ||
Unrealized income on short-term investments | 0 | 0 | 0 |
Other income | 0 | 0 | 0 |
Income from operations before income taxes | 14,898,082 | 62,509,485 | 48,917,930 |
Income tax benefit /(expense) | (6,913,466) | (28,647,951) | (32,061) |
Net income | 7,984,616 | 33,861,534 | 48,885,869 |
Depreciation and amortization | 3,445,463 | 1,442,768 | 1,542,209 |
Capital expenditure | 13,725 | 19,302 | 31,524 |
Real estate properties development completed | 13,625,012 | 94,008,195 | 19,301,428 |
Real estate properties under development | 217,051,399 | 104,989,367 | 307,172,930 |
Real estate properties held for lease | 38,824,172 | 20,648,238 | 23,416,217 |
Total long-lived assets | 50,598,511 | 22,056,718 | 27,947,425 |
Total assets | 459,080,321 | 354,089,481 | 655,880,819 |
Sichuan [Member] | |||
Segment Reporting Information [Line Items] | |||
Net real estate sales | 79,054,170 | 76,489,749 | 36,372,298 |
Real estate lease income | 0 | 0 | 0 |
Real estate management services income | 0 | 0 | 0 |
Other revenue | 87,307 | 0 | 80,142 |
Total revenue | 79,141,477 | 76,489,749 | 36,452,440 |
Cost of real estate sales | (71,332,282) | (58,762,806) | (32,313,894) |
Cost of real estate lease income | (158,879) | 0 | 0 |
Cost of real estate management services | 0 | 0 | 0 |
Other costs | 0 | 0 | (3,615) |
Total costs of revenue | (71,491,161) | (58,762,806) | (32,317,509) |
Gross profit | 7,650,316 | 17,726,943 | 4,134,931 |
Operating expenses | (3,772,416) | (3,329,524) | (3,672,935) |
Operating income/(loss) | 3,877,900 | 14,397,419 | 461,996 |
Interest income | 100,988 | 71,673 | 18,752 |
Interest expense | 0 | 0 | 0 |
Net realized gain on short-term investments | 0 | 0 | 0 |
Share of gain/ (loss) of equity investees | 0 | 0 | 0 |
Loss on extinguishment of debt | 0 | 0 | 0 |
Exchange gains | 0 | 0 | 0 |
Unrealized income on short-term investments | 0 | 0 | 0 |
Other income | 0 | 0 | 0 |
Income from operations before income taxes | 3,978,888 | 14,469,092 | 480,748 |
Income tax benefit /(expense) | (812,628) | (5,223,645) | (1,344,687) |
Net income | 3,166,260 | 9,245,447 | (863,939) |
Depreciation and amortization | 218,043 | 61,572 | 64,082 |
Capital expenditure | 22,550 | 11,035 | 0 |
Real estate properties development completed | 146,791,480 | 0 | 0 |
Real estate properties under development | 0 | 202,565,917 | 223,653,822 |
Real estate properties held for lease | 23,503,438 | 0 | 0 |
Total long-lived assets | 391,437,638 | 354,311 | 9,036,881 |
Total assets | 584,350,518 | 222,100,489 | 206,485,216 |
Beijing [Member] | |||
Segment Reporting Information [Line Items] | |||
Net real estate sales | 540,766 | 23,722,289 | 166,775,534 |
Real estate lease income | 0 | 0 | 0 |
Real estate management services income | 0 | 0 | 0 |
Other revenue | 0 | 280,007 | 318,271 |
Total revenue | 540,766 | 24,002,296 | 167,093,805 |
Cost of real estate sales | (363,305) | (30,743,520) | (118,868,527) |
Cost of real estate lease income | 0 | 0 | 0 |
Cost of real estate management services | 0 | 0 | 0 |
Other costs | (51,424) | (404,649) | (835,555) |
Total costs of revenue | (414,729) | (31,148,169) | (119,704,082) |
Gross profit | 126,037 | (7,145,873) | 47,389,723 |
Operating expenses | (44,507,378) | (38,841,455) | (32,178,776) |
Operating income/(loss) | (44,381,341) | (45,987,328) | 15,210,947 |
Interest income | 516,950 | 246,892 | 331,042 |
Interest expense | (5,056,962) | 0 | 0 |
Net realized gain on short-term investments | 9,077 | (1,742) | 0 |
Share of gain/ (loss) of equity investees | 0 | 0 | 0 |
Loss on extinguishment of debt | 0 | 0 | 0 |
Exchange gains | 0 | (130,591) | 0 |
Unrealized income on short-term investments | 0 | 0 | 0 |
Other income | 0 | 0 | 0 |
Income from operations before income taxes | (48,912,276) | (45,872,769) | 15,541,989 |
Income tax benefit /(expense) | 4,065,308 | 15,322,784 | (13,479,368) |
Net income | (44,846,968) | (30,549,985) | 2,062,621 |
Depreciation and amortization | 767,841 | 454,728 | 515,150 |
Capital expenditure | 2,960,195 | 744,844 | 33,952,563 |
Real estate properties development completed | 52,675,024 | 52,671,437 | 0 |
Real estate properties under development | 200,296,958 | 149,726,569 | 62,561,492 |
Real estate properties held for lease | 0 | 0 | 0 |
Total long-lived assets | 16,714,738 | 2,037,512 | 6,958,865 |
Total assets | 296,118,475 | 283,695,245 | 346,527,256 |
Hainan [Member] | |||
Segment Reporting Information [Line Items] | |||
Net real estate sales | 87,304,257 | 12,699,957 | 3,534,278 |
Real estate lease income | 0 | 0 | 0 |
Real estate management services income | 0 | 0 | 0 |
Other revenue | 11,396 | 0 | 8,157 |
Total revenue | 87,315,653 | 12,699,957 | 3,542,435 |
Cost of real estate sales | (55,291,475) | (8,544,624) | (2,337,677) |
Cost of real estate lease income | 0 | 0 | 0 |
Cost of real estate management services | 0 | 0 | 0 |
Other costs | (3,846) | 0 | (324) |
Total costs of revenue | (55,295,321) | (8,544,624) | (2,338,001) |
Gross profit | 32,020,332 | 4,155,333 | 1,204,434 |
Operating expenses | (7,726,269) | (4,028,044) | (6,617,557) |
Operating income/(loss) | 24,294,063 | 127,289 | (5,413,123) |
Interest income | 26,443 | 18,809 | 3,968 |
Interest expense | 0 | 0 | 0 |
Net realized gain on short-term investments | 0 | 0 | 0 |
Share of gain/ (loss) of equity investees | 0 | 0 | 0 |
Loss on extinguishment of debt | 0 | 0 | 0 |
Exchange gains | 0 | 0 | 0 |
Unrealized income on short-term investments | 0 | 0 | 0 |
Other income | 0 | 0 | 4,677,244 |
Income from operations before income taxes | 24,320,506 | 146,098 | (731,911) |
Income tax benefit /(expense) | (10,189,683) | (556,388) | 163,491 |
Net income | 14,130,823 | (410,290) | (568,420) |
Depreciation and amortization | 148,453 | 208,161 | 208,486 |
Capital expenditure | 1,361 | 28,005 | 127,550 |
Real estate properties development completed | 97,350,745 | 0 | 0 |
Real estate properties under development | 0 | 137,338,481 | 101,059,710 |
Real estate properties held for lease | 0 | 0 | 0 |
Total long-lived assets | 609,466 | 408,197 | 553,186 |
Total assets | 108,984,575 | 207,361,083 | 135,047,439 |
Hunan [Member] | |||
Segment Reporting Information [Line Items] | |||
Net real estate sales | 133,499,073 | 105,494,573 | 42,191,276 |
Real estate lease income | 6,071 | 0 | 0 |
Real estate management services income | 0 | 0 | 0 |
Other revenue | 118,391 | 0 | 2,332 |
Total revenue | 133,623,535 | 105,494,573 | 42,193,608 |
Cost of real estate sales | (107,834,718) | (75,514,694) | (30,095,959) |
Cost of real estate lease income | (174,601) | 0 | 0 |
Cost of real estate management services | 0 | 0 | 0 |
Other costs | (95,235) | 0 | 0 |
Total costs of revenue | (108,104,554) | (75,514,694) | (30,095,959) |
Gross profit | 25,518,981 | 29,979,879 | 12,097,649 |
Operating expenses | (10,099,854) | (6,372,468) | (5,090,601) |
Operating income/(loss) | 15,419,127 | 23,607,411 | 7,007,048 |
Interest income | 320,666 | 91,757 | 45,592 |
Interest expense | 0 | 0 | 0 |
Net realized gain on short-term investments | 0 | 0 | 0 |
Share of gain/ (loss) of equity investees | 0 | 0 | 0 |
Loss on extinguishment of debt | 0 | 0 | 0 |
Exchange gains | 0 | 0 | 0 |
Unrealized income on short-term investments | 0 | 0 | 0 |
Other income | 0 | 0 | 0 |
Income from operations before income taxes | 15,739,793 | 23,699,168 | 7,052,640 |
Income tax benefit /(expense) | (2,560,610) | (13,925,672) | (5,634,909) |
Net income | 13,179,183 | 9,773,496 | 1,417,731 |
Depreciation and amortization | 185,123 | 82,330 | 76,304 |
Capital expenditure | 21,262 | 13,599 | 146,074 |
Real estate properties development completed | 49,346,740 | 0 | 0 |
Real estate properties under development | 109,107,637 | 188,578,773 | 157,166,855 |
Real estate properties held for lease | 50,422,065 | 0 | 0 |
Total long-lived assets | 51,791,292 | 241,841 | 468,620 |
Total assets | 266,196,168 | 276,147,610 | 110,988,357 |
Shanghai [Member] | |||
Segment Reporting Information [Line Items] | |||
Net real estate sales | 973,450 | 100,003,503 | 70,058,447 |
Real estate lease income | 209,186 | 0 | 0 |
Real estate management services income | 0 | 0 | 0 |
Other revenue | 5,046 | 0 | 0 |
Total revenue | 1,187,682 | 100,003,503 | 70,058,447 |
Cost of real estate sales | (664,093) | (89,067,765) | (62,366,015) |
Cost of real estate lease income | (332,094) | 0 | 0 |
Cost of real estate management services | 0 | 0 | 0 |
Other costs | 0 | 0 | 0 |
Total costs of revenue | (996,187) | (89,067,765) | (62,366,015) |
Gross profit | 191,495 | 10,935,738 | 7,692,432 |
Operating expenses | (747,409) | (3,120,707) | (4,346,174) |
Operating income/(loss) | (555,914) | 7,815,031 | 3,346,258 |
Interest income | 268,325 | 83,756 | 134,580 |
Interest expense | (2,100,301) | 0 | 0 |
Net realized gain on short-term investments | 0 | 0 | 0 |
Share of gain/ (loss) of equity investees | 0 | 0 | 0 |
Loss on extinguishment of debt | 0 | 0 | 0 |
Exchange gains | 0 | 0 | 0 |
Unrealized income on short-term investments | 0 | 0 | 0 |
Other income | 0 | 0 | 0 |
Income from operations before income taxes | (2,387,890) | 7,898,787 | 3,480,838 |
Income tax benefit /(expense) | 686,619 | (3,089,750) | (1,259,900) |
Net income | (1,701,271) | 4,809,037 | 2,220,938 |
Depreciation and amortization | 68,648 | 77,851 | 83,175 |
Capital expenditure | 0 | 0 | 0 |
Real estate properties development completed | 90,003,702 | 91,307,299 | 0 |
Real estate properties under development | 0 | 0 | 155,309,860 |
Real estate properties held for lease | 4,578,302 | 0 | 0 |
Total long-lived assets | 4,639,263 | 127,856 | 391,481 |
Total assets | 103,055,884 | 109,047,209 | 128,502,762 |
Tianjin [Member] | |||
Segment Reporting Information [Line Items] | |||
Net real estate sales | 38,646,991 | 39,912,406 | 4,631,258 |
Real estate lease income | 0 | 0 | |
Real estate management services income | 0 | 0 | 0 |
Other revenue | 74 | 1,078 | 1,333 |
Total revenue | 38,647,065 | 39,913,484 | 4,632,591 |
Cost of real estate sales | (23,602,129) | (22,837,517) | (3,534,525) |
Cost of real estate lease income | 0 | 0 | 0 |
Cost of real estate management services | 0 | 0 | 0 |
Other costs | 0 | 0 | (8,424) |
Total costs of revenue | (23,602,129) | (22,837,517) | (3,542,949) |
Gross profit | 15,044,936 | 17,075,967 | 1,089,642 |
Operating expenses | (6,001,987) | (16,533,371) | (10,002,768) |
Operating income/(loss) | 9,042,949 | 542,596 | (8,913,126) |
Interest income | 271,527 | 123,642 | 2,966 |
Interest expense | (1,214,368) | 0 | 0 |
Net realized gain on short-term investments | 0 | 0 | 0 |
Share of gain/ (loss) of equity investees | 0 | 0 | 0 |
Loss on extinguishment of debt | 0 | 0 | 0 |
Exchange gains | 0 | 0 | 0 |
Unrealized income on short-term investments | 0 | 0 | 0 |
Other income | 0 | 0 | 0 |
Income from operations before income taxes | 8,100,108 | 666,238 | (8,910,160) |
Income tax benefit /(expense) | (1,713,343) | (3,217,994) | 1,739,065 |
Net income | 6,386,765 | (2,551,756) | (7,171,095) |
Depreciation and amortization | 9,836 | 8,278 | 3,839 |
Capital expenditure | 20,322 | 1,029 | 52,401 |
Real estate properties development completed | 0 | 0 | 0 |
Real estate properties under development | 40,379,791 | 13,222,946 | 57,207,564 |
Real estate properties held for lease | 0 | 0 | 0 |
Total long-lived assets | 1,706,170 | 2,189,185 | 751,519 |
Total assets | 98,249,020 | 97,995,395 | 19,201,186 |
Shaanxi [Member] | |||
Segment Reporting Information [Line Items] | |||
Net real estate sales | 63,283,292 | 126,550,015 | |
Real estate lease income | 3,832,764 | 284,294 | |
Real estate management services income | 356,429 | 0 | |
Other revenue | 0 | 0 | |
Total revenue | 67,472,485 | 126,834,309 | |
Cost of real estate sales | (46,516,108) | (91,274,052) | |
Cost of real estate lease income | (4,420,100) | (225,776) | |
Cost of real estate management services | 0 | 0 | |
Other costs | 0 | 0 | |
Total costs of revenue | (50,936,208) | (91,499,828) | |
Gross profit | 16,536,277 | 35,334,481 | |
Operating expenses | (9,123,653) | (10,239,653) | |
Operating income/(loss) | 7,412,624 | 25,094,828 | |
Interest income | 69,336 | 92,040 | |
Interest expense | 0 | 0 | |
Net realized gain on short-term investments | 0 | 0 | |
Share of gain/ (loss) of equity investees | 0 | 0 | |
Loss on extinguishment of debt | 0 | 0 | |
Exchange gains | 0 | 0 | |
Unrealized income on short-term investments | 0 | 0 | |
Other income | 0 | 0 | |
Income from operations before income taxes | 7,481,960 | 25,186,868 | |
Income tax benefit /(expense) | (840,827) | (12,955,165) | |
Net income | 6,641,133 | 12,231,703 | |
Depreciation and amortization | 1,766,074 | 106,653 | |
Capital expenditure | 9,571 | 8,593 | |
Real estate properties development completed | 127,107,105 | 0 | |
Real estate properties under development | 140,257,927 | 166,266,501 | |
Real estate properties held for lease | 100,574,370 | 94,413,043 | |
Total long-lived assets | 125,298,084 | 125,018,000 | |
Total assets | 440,219,180 | 356,256,758 | |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Net real estate sales | 98,476,295 | 152,007,123 | 1,530,000 |
Real estate lease income | 0 | 0 | 0 |
Real estate management services income | 0 | 0 | 0 |
Other revenue | 307,793 | 0 | 0 |
Total revenue | 98,784,088 | 152,007,123 | 1,530,000 |
Cost of real estate sales | (108,350,506) | (128,803,285) | (1,243,112) |
Cost of real estate lease income | 0 | 0 | 0 |
Cost of real estate management services | 0 | 0 | 0 |
Other costs | 0 | 0 | 0 |
Total costs of revenue | (108,350,506) | (128,803,285) | (1,243,112) |
Gross profit | (9,566,418) | 23,203,838 | 286,888 |
Operating expenses | (10,597,926) | (11,002,123) | (4,971,109) |
Operating income/(loss) | (20,164,344) | 12,201,715 | (4,684,221) |
Interest income | 0 | 0 | 0 |
Interest expense | (3,570,310) | (3,444,399) | 17,587,083 |
Net realized gain on short-term investments | 0 | 0 | 0 |
Share of gain/ (loss) of equity investees | 0 | 0 | 0 |
Loss on extinguishment of debt | 0 | 0 | 0 |
Exchange gains | 0 | 0 | 0 |
Unrealized income on short-term investments | 0 | 0 | 0 |
Other income | 6 | 2,487 | 2,950 |
Income from operations before income taxes | (23,734,648) | 8,759,803 | 12,905,812 |
Income tax benefit /(expense) | 8,694,642 | (8,388,686) | 2,825,203 |
Net income | (15,040,006) | 371,117 | 15,731,015 |
Depreciation and amortization | 232,618 | 106,407 | 50,985 |
Capital expenditure | 257,643 | 25,770 | 136,065 |
Real estate properties development completed | 131,656,359 | 197,513,164 | 0 |
Real estate properties under development | 168,236,598 | 133,498,536 | 226,208,448 |
Real estate properties held for lease | 0 | 0 | 0 |
Total long-lived assets | 19,666,135 | 6,004,446 | 8,659,744 |
Total assets | 354,473,170 | 409,269,847 | 162,538,391 |
Xinjiang [Member] | |||
Segment Reporting Information [Line Items] | |||
Net real estate sales | 0 | ||
Real estate lease income | 0 | ||
Real estate management services income | 0 | ||
Other revenue | 761,502 | ||
Total revenue | 761,502 | ||
Cost of real estate sales | 0 | ||
Cost of real estate lease income | 0 | ||
Cost of real estate management services | 0 | ||
Other costs | 0 | ||
Total costs of revenue | 0 | ||
Gross profit | 761,502 | ||
Operating expenses | (8,546,613) | ||
Operating income/(loss) | (7,785,111) | ||
Interest income | 366 | ||
Interest expense | 0 | ||
Net realized gain on short-term investments | 0 | ||
Share of gain/ (loss) of equity investees | 0 | ||
Loss on extinguishment of debt | 0 | ||
Exchange gains | 0 | ||
Unrealized income on short-term investments | 0 | ||
Other income | 0 | ||
Income from operations before income taxes | (7,784,745) | ||
Income tax benefit /(expense) | 58,406 | ||
Net income | (7,726,339) | ||
Depreciation and amortization | 0 | ||
Capital expenditure | 0 | ||
Real estate properties development completed | 0 | ||
Real estate properties under development | 0 | ||
Real estate properties held for lease | 0 | ||
Total long-lived assets | 271,179 | ||
Total assets | 2,124,744 | ||
Zhuhai [Member] | |||
Segment Reporting Information [Line Items] | |||
Net real estate sales | 0 | ||
Real estate lease income | 19,659 | ||
Real estate management services income | 0 | ||
Other revenue | 0 | ||
Total revenue | 19,659 | ||
Cost of real estate sales | 0 | ||
Cost of real estate lease income | 0 | ||
Cost of real estate management services | 0 | ||
Other costs | (10,342) | ||
Total costs of revenue | (10,342) | ||
Gross profit | 9,317 | ||
Operating expenses | (680,754) | ||
Operating income/(loss) | (671,437) | ||
Interest income | 264 | ||
Interest expense | 0 | ||
Net realized gain on short-term investments | 0 | ||
Share of gain/ (loss) of equity investees | 0 | ||
Loss on extinguishment of debt | 0 | ||
Exchange gains | 0 | ||
Unrealized income on short-term investments | 0 | ||
Other income | 0 | ||
Income from operations before income taxes | (671,173) | ||
Income tax benefit /(expense) | 145,513 | ||
Net income | (525,660) | ||
Depreciation and amortization | 38 | ||
Capital expenditure | 392,779 | ||
Real estate properties development completed | 0 | ||
Real estate properties under development | 93,205,573 | ||
Real estate properties held for lease | 0 | ||
Total long-lived assets | 125,896 | ||
Total assets | 93,723,704 | ||
Others [Member] | |||
Segment Reporting Information [Line Items] | |||
Net real estate sales | 0 | 0 | 0 |
Real estate lease income | 914,217 | 1,901,125 | 1,885,780 |
Real estate management services income | 39,875,958 | 28,861,597 | 21,611,201 |
Other revenue | 830 | 0 | (472,625) |
Total revenue | 40,791,005 | 30,762,722 | 23,024,356 |
Cost of real estate sales | 0 | 0 | 0 |
Cost of real estate lease income | (47,777) | (48,588) | (51,824) |
Cost of real estate management services | (30,710,506) | (23,302,224) | (19,424,698) |
Other costs | (33,226) | 0 | (4,824) |
Total costs of revenue | (30,791,509) | (23,350,812) | (19,481,346) |
Gross profit | 9,999,496 | 7,411,910 | 3,543,010 |
Operating expenses | (19,546,278) | (22,786,372) | (19,336,890) |
Operating income/(loss) | (9,546,782) | (15,374,462) | (15,793,880) |
Interest income | 3,371,339 | 339,655 | 1,735 |
Interest expense | (33,625,552) | (20,100,299) | (59,480,738) |
Net realized gain on short-term investments | 4,746,951 | 1,190,861 | 603,078 |
Share of gain/ (loss) of equity investees | 329,652 | 363,751 | 0 |
Loss on extinguishment of debt | (15,879,702) | (12,123,750) | 0 |
Exchange gains | 1,119,662 | 127,923 | 0 |
Unrealized income on short-term investments | 1,944,976 | 227,472 | 49,443 |
Other income | 0 | 3,383 | 1,264,926 |
Income from operations before income taxes | (47,539,456) | (45,345,466) | (73,355,436) |
Income tax benefit /(expense) | (14,392,208) | (808,616) | (9,352,878) |
Net income | (61,931,664) | (46,154,082) | (82,708,314) |
Depreciation and amortization | 870,852 | 250,763 | 237,358 |
Capital expenditure | 294,575 | 294,134 | 256,824 |
Real estate properties development completed | 0 | 0 | 0 |
Real estate properties under development | 11,135,393 | 9,961,456 | 8,165,744 |
Real estate properties held for lease | 613,482 | 624,427 | 716,714 |
Total long-lived assets | 23,107,007 | 21,835,309 | 3,266,691 |
Total assets | $ 169,184,474 | $ 162,152,194 | $ 262,584,869 |
Commitments and contingencies96
Commitments and contingencies (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
May 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | May 01, 2015 | |
Operating lease commitments | ||||||
2,018 | $ 8,077,319 | |||||
2,019 | 3,551,542 | |||||
2,020 | 2,541,724 | |||||
2,021 | 600,001 | |||||
2022 and thereafter | 1,014,391 | |||||
Total | 15,784,977 | |||||
Capital lease commitments | ||||||
2,018 | 6,196,459 | |||||
2,019 | 5,639,398 | |||||
2,020 | 5,082,338 | |||||
2,021 | 2,541,169 | |||||
2022 and thereafter | 0 | |||||
Total minimum lease payments | 19,459,364 | |||||
Less interest | (3,571,634) | |||||
Capital lease obligations | 15,887,730 | |||||
Less current maturities of capital lease obligations | (4,472,386) | $ (3,923,394) | ||||
Long-term capital lease obligations | 11,415,344 | 15,015,508 | ||||
Other commitments | ||||||
2,018 | 278,213,253 | |||||
2,019 | 59,268,253 | |||||
2,020 | 19,329,097 | |||||
2,021 | 24,846 | |||||
2022 and thereafter | 0 | |||||
Total | 356,835,449 | |||||
Loss Contingency, Damages Sought, Value | 14,100,000 | |||||
Wanks Adams Slavin Associates LLP [Member] | ||||||
Other commitments | ||||||
Loss Contingency, Damages Sought, Value | $ 2,000,000 | |||||
Gain Contingency, Unrecorded Amount | $ 8,000,000 | |||||
Wanks Adams Slavin Associates LLP [Member] | Minimum [Member] | ||||||
Other commitments | ||||||
Gain Contingency, Unrecorded Amount | $ 10,000,000 | |||||
Mechanic’s Liens [Member] | ||||||
Other commitments | ||||||
Loss Contingency, Damages Sought, Value | 8,000,000 | |||||
Domestic Tax Authority [Member] | Zhengzhou Modern City [Member] | ||||||
Other commitments | ||||||
Estimated amount for the contingency | 0 | 16,200,000 | $ 16,200,000 | |||
Financial Guarantee [Member] | ||||||
Other commitments | ||||||
Aggregate amount of guarantee | 1,569,802,754 | 1,672,868,791 | ||||
Payments to satisfy guarantee obligations | $ 788,644 | $ 1,820,324 | $ 555,969 |
Concentration of risk (Details)
Concentration of risk (Details) $ in Millions | Nov. 10, 2016Customer | Dec. 31, 2017USD ($)Customer | Dec. 31, 2015Customer | Dec. 31, 2017 |
Concentration of risk [Abstract] | ||||
Exchange rate appreciation | 21.10% | |||
Reversal of sales | $ | $ 11.5 | |||
Number of units affected | 63 | |||
Number Of Customer Or Supplier Accounted For More Than 10 Percentage Of Revenue Or Project Expenditures | Customer | 0 | 0 | 0 |
Accumulated other comprehensi98
Accumulated other comprehensive (loss)/income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income/(loss) attributable to non-controlling interest was related to foreign currency translation adjustments amount | $ 2,153,979 | $ (638,863) | $ 1,143 |
Beginning balance | (34,682,888) | ||
Ending balance | 29,225,736 | (34,682,888) | |
Unrealized gain associated with the available for sale securities reclassified from accumulated other comprehensive income to net income as a result of the disposal of available-for-sale securities | 0 | 0 | 146,929 |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (34,682,888) | 30,951,837 | 104,557,008 |
Other comprehensive income/(loss) | 63,908,624 | (65,634,725) | (73,605,171) |
Ending balance | $ 29,225,736 | $ (34,682,888) | $ 30,951,837 |
Non-controlling interests (Deta
Non-controlling interests (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Noncontrolling Interest [Line Items] | ||
Non-controlling interests | $ (64,441,277) | $ (15,891,713) |
Beijing Economy Cooperation Ruifeng Investment Co., Ltd. [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 10.00% | 10.00% |
Non-controlling interests | $ 21,941 | $ 18,081 |
Shaanxi Zhongmao [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 34.02% | 34.02% |
Non-controlling interests | $ (15,065,986) | $ (11,271,378) |
Zhengzhou Xinnan [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 49.00% | 49.00% |
Non-controlling interests | $ (22,806,392) | $ (3,802,744) |
Xinyuan Service [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 6.00% | 6.00% |
Non-controlling interests | $ (1,132,730) | $ (579,986) |
Xinyan Investment Management Co., Limited. ("Xinrock") [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 30.00% | 30.00% |
Non-controlling interests | $ 251,835 | $ 67,160 |
Shanghai Hexinli [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 21.05% | 21.05% |
Non-controlling interests | $ (342,579) | $ (322,846) |
Zhengzhou Hangmei [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 49.00% | |
Non-controlling interests | $ (3,127,176) | |
Taicang Pengchi [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 83.00% | |
Non-controlling interests | $ 91,281 | |
Suzhou Wanzhuo [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 80.00% | |
Non-controlling interests | $ (23,932,541) | |
Beijing Xinju [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 49.00% | |
Non-controlling interests | $ 1,601,070 | |
Henan Renxin [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling owners interest (percentage) | 49.00% | |
Non-controlling interests | $ 0 |
Subsequent events (Details)
Subsequent events (Details) - Subsequent Event [Member] ¥ in Millions, £ in Millions | Apr. 02, 2018USD ($) | Apr. 02, 2018CNY (¥) | Mar. 31, 2018USD ($) | Mar. 31, 2018GBP (£) | Mar. 19, 2018USD ($) | Jan. 19, 2018USD ($) | Jan. 19, 2018CNY (¥) | Mar. 21, 2018 |
Zhengzhou [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Payments to acquire parcel of land | $ 64,300,000 | ¥ 403.3 | ||||||
Payments to Acquire Land | $ 64,300,000 | ¥ 403.3 | ||||||
Xinyuan International [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | |||||||
Business Combination, Consideration Transferred | $ 41,400,000 | £ 29.5 | ||||||
March 2020 Senior Secured Notes [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt issuance date | Sep. 19, 2018 | |||||||
Debt instrument, aggregate principal amount | $ 200,000,000 | |||||||
Maturity date | Mar. 19, 2020 | |||||||
Stated rate | 9.875% | |||||||
Debt Instrument, Term | 2 years | |||||||
Zhengzhou Hangmei Zhengxing Technology Co., Ltd [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Payments to acquire parcel of land | $ 7,400,000 | ¥ 48.4 | ||||||
Payments to Acquire Land | $ 7,400,000 | ¥ 48.4 |
Condensed financial informat101
Condensed financial information of the Company (Condensed Balance Sheet) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||||
Cash and cash equivalents | $ 894,551,480 | $ 578,244,378 | $ 387,528,092 | $ 140,494,754 |
Other deposits and prepayments | 272,022,244 | 525,263,384 | ||
Other current assets | 798,920 | 225,785 | ||
Due from related parities | 125,662,072 | 17,731,875 | ||
Total current assets | 5,070,212,481 | 3,931,445,119 | ||
TOTAL ASSETS | 6,384,434,270 | 4,219,558,959 | 3,548,883,184 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Short-term bank loan | 247,758,295 | 178,576,151 | ||
PRC other tax payable | 8,172,022 | 7,908,792 | ||
Other payables and accrued liabilities | 300,118,332 | 199,661,165 | ||
Current portion of long-term bank loan | 1,648,233,254 | 704,695,082 | ||
Payroll and welfare payables | 31,445,229 | 19,521,772 | ||
Total current liabilities | 3,674,819,498 | 1,981,002,577 | ||
Long-term bank loans | 11,018,946 | 235,885,009 | ||
Other long-term debt | 1,404,814,439 | 974,791,324 | ||
Total liabilities | 5,327,421,144 | 3,303,406,781 | ||
Shareholders’ equity | ||||
Common shares, $0.0001 par value: Authorized-500,000,000 shares, issued and outstanding-129,578,676 shares for 2017 (2016: 131,426,741 shares) | 16,314 | 16,051 | ||
Treasury shares | (67,792,368) | (53,734,088) | ||
Additional paid-in capital | 543,338,206 | 538,414,246 | ||
Total Xinyuan Real Estate Co., Ltd. shareholders’ equity | 992,571,849 | 900,260,465 | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 6,384,434,270 | $ 4,219,558,959 | ||
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 | 129,578,676 | 131,426,741 | ||
Common stock, shares outstanding | 129,578,676 | 131,426,741 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | $ 15,726,978 | $ 36,497,233 | $ 1,295,835 | $ 4,392,766 |
Other deposits and prepayments | 0 | 0 | ||
Other current assets | 46,780 | 1,900,557 | ||
Due from subsidiaries | 720,955,318 | 394,050,421 | ||
Due from related parities | 561,872 | |||
Total current assets | 737,290,948 | 432,448,211 | ||
Investments in subsidiaries | 1,287,013,327 | 1,068,115,589 | ||
TOTAL ASSETS | 2,024,304,275 | 1,500,563,800 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Short-term bank loan | 58,716,253 | 34,421,617 | ||
PRC income tax payable | 13,388 | 13,388 | ||
PRC other tax payable | 902,190 | 902,190 | ||
Other payables and accrued liabilities | 16,747,632 | 11,873,498 | ||
Current portion of long-term bank loan | 64,845,655 | 0 | ||
Payroll and welfare payables | 7,238,573 | 119,167 | ||
Total current liabilities | 148,463,691 | 47,329,860 | ||
Long-term bank loans | 0 | 64,845,655 | ||
Other long-term debt | 883,268,735 | 488,127,820 | ||
Total liabilities | 1,031,732,426 | 600,303,335 | ||
Shareholders’ equity | ||||
Common shares, $0.0001 par value: Authorized-500,000,000 shares, issued and outstanding-129,578,676 shares for 2017 (2016: 131,426,741 shares) | 16,314 | 16,051 | ||
Treasury shares | (67,792,368) | (53,734,088) | ||
Additional paid-in capital | 543,338,206 | 538,414,246 | ||
Retained earnings | 517,009,697 | 415,564,256 | ||
Total Xinyuan Real Estate Co., Ltd. shareholders’ equity | 992,571,849 | 900,260,465 | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 2,024,304,275 | $ 1,500,563,800 | ||
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 | 129,578,676 | 131,426,741 | ||
Common stock, shares outstanding | 129,578,676 | 131,426,741 |
Condensed financial informat102
Condensed financial information of the Company (Condensed Statements of Comprehensive Income) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||
General and administrative expenses | $ (136,844,741) | $ (120,415,631) | $ (115,329,011) |
Operating income/(loss) | 247,059,755 | 179,358,966 | 105,535,021 |
Interest expense | (66,153,440) | (29,856,832) | (20,281,416) |
Interest income | 16,859,086 | 20,916,567 | 24,503,736 |
Loss on extinguishment of debt | (15,879,702) | (12,123,750) | 0 |
Equity in profit of subsidiaries, net | (1,710,070) | (324,612) | 2,234,635 |
Income from operations before income taxes | 193,228,531 | 165,710,555 | 118,992,903 |
Income taxes | (113,117,126) | (86,247,875) | (52,511,318) |
Net income attributable to Xinyuan Real Estate Co., Ltd. shareholders | 63,627,551 | 72,977,548 | 66,482,107 |
Other comprehensive income, net of tax of nil | |||
Comprehensive (loss)/income attributable to Xinyuan Real Estate Co., Ltd. shareholders | 127,536,175 | 7,342,823 | (7,123,064) |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
General and administrative expenses | (13,781,596) | (20,081,338) | (10,301,067) |
Operating income/(loss) | (13,781,596) | (20,081,338) | (10,301,067) |
Interest expense | (65,387,198) | (65,092,711) | (58,576,635) |
Interest income | 3,200,520 | 127,852 | 3,533 |
Loss on extinguishment of debt | (15,879,702) | (12,123,750) | 0 |
Other expenses | 1,114,517 | 40,922 | |
Equity in profit of subsidiaries, net | 154,361,010 | 170,106,573 | 135,356,276 |
Income from operations before income taxes | 63,627,551 | 72,977,548 | 66,482,107 |
Income taxes | 0 | 0 | 0 |
Net income attributable to Xinyuan Real Estate Co., Ltd. shareholders | 63,627,551 | 72,977,548 | 66,482,107 |
Other comprehensive income, net of tax of nil | |||
Foreign currency translation adjustments | 63,908,624 | (65,634,725) | (73,605,171) |
Comprehensive (loss)/income attributable to Xinyuan Real Estate Co., Ltd. shareholders | $ 127,536,175 | $ 7,342,823 | $ (7,123,064) |
Condensed financial informat103
Condensed financial information of the Company (Condensed Statements of Cash Flows) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 80,111,405 | $ 79,462,680 | $ 66,481,585 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Equity in profit of subsidiaries, net | 1,710,070 | 324,612 | (2,234,635) |
Stock based compensation expense | 4,894,478 | 7,828,255 | 3,774,826 |
Amortization of deferred charges | 6,049,202 | 7,732,038 | 2,378,767 |
Loss on extinguishment of debt | 15,879,702 | 12,123,750 | 0 |
Other deposits and prepayments | 275,227,746 | (258,358,536) | (114,766,016) |
Other current assets | (2,783,559) | 326,254 | 656,158 |
Other payable and accrued liabilities | 91,455,504 | 101,375,219 | 38,869,980 |
Payroll and welfare payables | 6,408,972 | (2,073,425) | 5,791,340 |
Amount due from related parties | (128,319,422) | (45,409,421) | 62,518,780 |
Net cash (used in) /provided by operating activities | 139,712,972 | (159,881,300) | (4,535,075) |
Cash flows from financing activities: | |||
Proceeds from short-term bank loans | 256,681,062 | 203,622,120 | 584,233,410 |
Repayments of short-term bank loans | (51,330,241) | (444,479,915) | (576,757,761) |
Proceeds from other long-term debts | 788,220,956 | 612,307,593 | 485,351,457 |
Repayment of other long-term debts | (236,322,138) | (369,338,675) | (17,854,351) |
Purchase of treasury shares | (14,058,280) | (29,688,648) | (3,349,172) |
Dividends to shareholders | (26,090,734) | (20,545,257) | (14,751,703) |
Deferred charges | (23,254,595) | (10,725,482) | (3,104,812) |
Purchase of shares under RSU plan | 0 | (4,003,999) | (3,259,998) |
Loss on extinguishment of debt | (13,000,000) | (12,123,750) | 0 |
Proceeds from exercise of stock options | 6,111,912 | 1,454,020 | 48,400 |
Net cash provided by financing activities | 942,144,670 | 375,230,167 | 306,282,098 |
Cash and cash equivalents, at beginning of year | 578,244,378 | 387,528,092 | 140,494,754 |
CASH AND CASH EQUIVALENTS, AT END OF YEAR | 894,551,480 | 578,244,378 | 387,528,092 |
Parent Company [Member] | |||
Cash flows from operating activities: | |||
Net income | 63,627,551 | 72,977,548 | 66,482,107 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Equity in profit of subsidiaries, net | (154,361,010) | (170,106,573) | (135,356,276) |
Stock based compensation expense | 4,266,373 | 7,085,958 | 3,326,175 |
Amortization of deferred charges | 4,036,412 | 7,067,935 | 2,378,767 |
Loss on extinguishment of debt | 15,879,702 | 12,123,750 | 0 |
Other deposits and prepayments | 0 | 2,389,045 | (615,013) |
Other current assets | (2,214) | 2,320 | 233,446 |
Other payable and accrued liabilities | 4,874,134 | 3,679,102 | (521,582) |
Payroll and welfare payables | 2,893,230 | 119,168 | 0 |
Amount due from related parties | (561,872) | 0 | 0 |
Net cash (used in) /provided by operating activities | (59,347,694) | (64,661,747) | (64,072,376) |
Cash flows from financing activities: | |||
Changes in due from a subsidiary | (326,904,897) | 181,515,577 | (6,809,170) |
Proceeds from short-term bank loans | 24,294,636 | 0 | 207,805,203 |
Repayments of short-term bank loans | 0 | (146,208,974) | (115,603,302) |
Proceeds from long-term bank loans | 0 | 23,250,000 | 0 |
Proceeds from other long-term debts | 603,179,617 | 300,000,000 | 0 |
Repayment of other long-term debts | (201,002,731) | (186,164,616) | 0 |
Purchase of treasury shares | (14,058,280) | (29,688,648) | (3,349,172) |
Dividends to shareholders | (26,090,734) | (20,545,257) | (14,751,704) |
Deferred charges | (13,952,084) | (7,621,208) | (3,104,812) |
Purchase of shares under RSU plan | 0 | (4,003,999) | (3,259,998) |
Loss on extinguishment of debt | (13,000,000) | (12,123,750) | 0 |
Proceeds from exercise of stock options | 6,111,912 | 1,454,020 | 48,400 |
Net cash provided by financing activities | 38,577,439 | 99,863,145 | 60,975,445 |
Net (decrease)/increase in cash and cash equivalents | (20,770,255) | 35,201,398 | (3,096,931) |
Cash and cash equivalents, at beginning of year | 36,497,233 | 1,295,835 | 4,392,766 |
CASH AND CASH EQUIVALENTS, AT END OF YEAR | $ 15,726,978 | $ 36,497,233 | $ 1,295,835 |
Condensed financial informat104
Condensed financial information of the Company (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Due from subsidiary | $ 671,853,439 | $ 344,948,542 |
Parent Company [Member] | XIN Development Group International Inc. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Due from subsidiary | 99,289,833 | 84,455,955 |
Loan facility, maximum borrowing amount | $ 50,000,000 | |
Stated rate | 17.50% | |
Accrued interest | $ 50,187,954 | 35,354,076 |
Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Amounts restricted including paid-in capital and statutory reserves | $ 592,660,269 | $ 582,973,296 |