0001104659-22-031255 | 20-F | XBRL Viewer | Xinyuan Real Estate Co LTD

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Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2020 shares
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity Registrant Name	Xinyuan Real Estate Co., Ltd.
Entity Incorporation, State or Country Code	E9
Entity Common Stock, Shares Outstanding	106,932,017
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	No
Entity Voluntary Filers	No
Entity Central Index Key	0001398453
Entity Current Reporting Status	No
Amendment Flag	false
Trading Symbol	XIN
Entity File Number	001-33863
Entity Address, Address Line One	27/F, China Central Place, Tower II
Entity Address, Address Line Two	79 Jianguo Road
Entity Address, City or Town	Chaoyang District
Entity Address, Postal Zip Code	Beijing 100025
Entity Address, Country	CN
Document Accounting Standard	U.S. GAAP
Title of 12(b) Security	American Depositary Shares, each representing two common shares, par value US$0.0001 per share
Security Exchange Name	NYSE
ICFR Auditor Attestation Flag	true
Business Contact [Member]
Entity Address, Address Line One	Xinyuan Real Estate Co., Ltd
Entity Address, Address Line Two	27F, China Central Place, Tower II
Entity Address, Address Line Three	79 Jianguo Road
Entity Address, City or Town	Chaoyang District
Entity Address, Postal Zip Code	Beijing 100025
Entity Address, Country	CN
Contact Personnel Name	Yu (Brian) Chen
City Area Code	86-10
Local Phone Number	8588-9255
Contact Personnel Email Address	irteam@xyre.com

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 926,809,581	$ 662,606,063
Restricted cash	101,038,370	326,980,363
Short-term investments	6,111,129	5,595,625
Accounts receivable	96,119,056	97,911,510
Other receivables	335,840,652	287,300,176
Deposits for land use rights	78,152,921	26,375,391
Other deposits and prepayments	323,322,007	277,463,137
Advances to suppliers	45,869,706	44,357,799
Real estate properties development completed and under development	3,449,829,092	3,712,592,267
Amounts due from related parties	233,441,459	200,757,623
Amounts due from employees	529,055	2,350,852
Other current assets	3,847,106	772,303
Total current assets	5,600,910,134	5,645,063,109
Restricted cash, non-current	232,134,183	112,998,481
Real estate properties held for lease, net	483,108,207	515,868,908
Deposits for land use rights and properties	35,249,604	32,969,258
Property and equipment, net	42,759,911	43,004,379
Long-term investment	874,276,856	613,619,925
Deferred tax assets	272,534,085	260,153,439
Amounts due from related parties	14,933,562	82,687,026
Contract assets	28,708,229	23,093,235
Operating lease right-of-use assets	8,516,756	11,801,491
Other assets	76,192,049	80,405,182
TOTAL ASSETS	7,669,323,576	7,421,664,433
Current liabilities
Accounts payable and notes payable (including accounts payable and notes payable of the VIEs without recourse to the primary beneficiary of US$431,883 and US$233,398 as of December 31, 2019 and December 31, 2020, respectively)	1,237,030,178	1,166,659,841
Short-term bank loans and other debt	13,624,730	73,419,108
Customer deposits	952,939,384	1,106,098,647
Income tax payable	278,096,042	298,227,606
Other payables and accrued liabilities (including other payables and accrued liabilities of the VIEs without recourse to the primary beneficiary of US$854,814 and US$3,580,159 as of December 31, 2019 and December 31, 2020, respectively)	595,476,441	323,163,994
Payroll and welfare payable (including payroll and welfare payable of the VIEs without recourse to the primary beneficiary of US$772,009 and US$1,322,655 as of December 31, 2019 and December 31, 2020, respectively)	18,102,179	24,223,625
Current portion of long-term bank loans and other debt	1,393,587,995	1,418,955,459
Lease liability, current portion	6,984,003	11,283,724
Mandatorily redeemable non-controlling interests	8,980,497	8,857,212
Total current amounts due to related party	31,511,929	53,682,296
Total current liabilities	4,536,333,378	4,484,571,512
Long-term bank loans	589,017,919	686,064,696
Deferred tax liabilities	389,966,606	338,592,787
Unrecognized tax benefits	101,198,970	73,605,084
Other long-term debt	1,013,015,628	1,036,690,627
Lease liability	3,159,780	10,187,705
Amounts due to related parties	10,728,133
Total liabilities	6,643,420,414	6,629,712,411
Commitments and contingencies
Shareholders' equity
Authorized500,000,000 shares, issued and outstanding- 106,932,017 shares for 2020 (2019: 107,875,468 shares)	16,415	16,410
Additional paid-in capital	552,215,071	543,290,577
Statutory reserves	177,696,037	175,008,459
Retained earnings	34,500,890	135,873,163
Accumulated other comprehensive (loss)/income	17,105,124	(50,167,006)
Treasury shares	(116,061,577)	(113,719,964)
Total Xinyuan Real Estate Co., Ltd. shareholders' equity	665,471,960	690,301,639
Non-controlling interest	360,431,202	101,650,383
Total equity	1,025,903,162	791,952,022
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 7,669,323,576	$ 7,421,664,433

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Accounts payable and notes payable	$ 1,237,030,178	$ 1,166,659,841
Other payables and accrued liabilities	595,476,441	323,163,994
Payroll and welfare payables	$ 18,102,179	$ 24,223,625
Common stock, par value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	106,932,017	107,875,468
Common stock, shares outstanding	106,932,017	107,875,468
Consolidated VIEs without recourse to the primary beneficiary
Accounts payable and notes payable	$ 233,398	$ 431,883
Other payables and accrued liabilities	3,580,159	854,814
Payroll and welfare payables	$ 1,322,655	$ 772,009

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue:
Revenue	$ 1,710,970,706	$ 2,466,504,041	$ 2,207,966,313
Lease Income	34,792,485	16,128,771	9,584,972
Total revenue	1,745,763,191	2,482,632,812	2,217,551,285
Cost of revenue:
Cost of real estate lease income	(36,122,097)	(12,757,251)	(9,348,616)
Total cost of revenue	(1,453,296,443)	(1,922,323,191)	(1,602,072,983)
Gross profit	292,466,748	560,309,621	615,478,302
Selling and distribution expenses	(66,886,148)	(86,760,620)	(83,591,651)
General and administrative expenses	(154,176,673)	(163,686,999)	(156,456,170)
Gain on disposal of property held for lease	82,805,785
Impairment loss on goodwill	(6,400,262)
Operating income	147,809,450	309,862,002	375,430,481
Interest income	33,405,610	51,493,595	31,225,694
Interest expense	(129,487,405)	(113,775,360)	(99,245,696)
Net loss on debt extinguishment	(1,843,306)	(8,580,510)	(21,443,949)
(Loss) / gain on short-term investments	5,052,944	1,451,200	(2,256,890)
Share of (loss)/gain in equity investee	17,028,301	(5,416,471)	(9,374,451)
Exchange loss	(3,093,907)	(7,376,009)	(25,677,654)
Other income/ (loss)	(1,296,377)	5,848,727	1,741,732
Income from operations before income taxes	67,575,310	233,507,174	250,399,267
Income taxes	(135,059,190)	(150,478,372)	(144,447,247)
Net income /(loss)	(67,483,880)	83,028,802	105,952,020
Net income attributable to non-controlling interest	(13,557,028)	(14,684,275)	(32,917,471)
Net income /(loss) attributable to Xinyuan Real Estate Co., Ltd. shareholders	$ (81,040,908)	$ 68,344,527	$ 73,034,549
Earnings per share:
Basic	$ (0.75)	$ 0.60	$ 0.57
Diluted	$ (0.75)	$ 0.60	$ 0.57
Shares used in computation:
Basic	107,558,506	113,482,239	127,129,478
Diluted	107,569,181	114,100,896	129,140,830
Other comprehensive income/(loss), net of tax of nil
Foreign currency translation adjustments	$ 94,386,918	$ (21,079,940)	$ (59,759,616)
Comprehensive income	26,903,038	61,948,862	46,192,404
Comprehensive income attributable to non-controlling interest	(40,671,816)	(13,649,162)	(32,505,770)
Comprehensive income attributable to Xinyuan Real Estate Co., Ltd. shareholders	(13,768,778)	48,299,700	13,686,634
Real Estate Sales [Member]
Revenue:
Revenue	1,604,891,939	2,387,031,568	2,139,370,792
Cost of revenue:
Cost of revenue	(1,351,980,826)	(1,851,819,293)	(1,543,974,061)
Real estate management services income [Member]
Revenue:
Revenue	91,208,307	67,488,169	63,447,420
Cost of revenue:
Cost of revenue	(55,437,978)	(40,889,231)	(44,619,783)
Other revenue [Member]
Revenue:
Revenue	14,870,460	11,984,304	5,148,101
Cost of revenue:
Cost of revenue	$ (9,755,542)	$ (16,857,416)	$ (4,130,523)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Other comprehensive income/(loss), tax	$ 0	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income /(loss)	$ (67,483,880)	$ 83,028,802	$ 105,952,020
Adjustments to reconcile net income/(loss) to net cash (used in)/provided by operating activities:
Depreciation and amortization	17,503,373	17,584,443	15,132,875
Stock-based compensation expenses	4,511,190	5,621,588	3,382,628
Deferred tax benefit	65,623,218	(54,775,461)	(60,602,166)
Amortization of deferred charges	2,828,337	7,725,283	12,182,821
Share of loss/(gain) of equity investees	(17,028,301)	5,416,471	9,374,451
Exchange loss	3,093,907	7,376,009	25,677,654
Changes in unrecognized tax benefit	10,932,057	27,665,850	14,707,858
Loss on extinguishment of debt (Note 12)	1,843,306	8,580,510	21,443,949
Loss/ (gain) on short-term investments	(5,052,944)	(1,451,200)	2,256,890
Gain on disposal of property held for lease	(82,805,785)
Proceeds from disposal of short-term investments	5,825,136	12,897,025	77,788,586
Purchase of short-term investments		(2,955,227)	(26,673,525)
Gain from re-measurement of previously held interest upon acquisition (Note 9)			(4,384,563)
Allowance for doubtful accounts	6,453,654	982,936	3,016,234
Impairment on goodwill	6,400,262
Impairment on interests in equity investee	1,216,730
Others	1,023,693	1,661,626	1,985,331
Changes in operating assets and liabilities:
Accounts receivable	3,807,913	(37,591,293)	36,940,910
Real estate properties development completed and under development	440,486,384	853,522,576	165,168,577
Contract assets	(4,091,608)	(1,684,741)	(6,420,339)
Real estate properties held for lease	(2,576,802)	(151,516,852)	(47,051,796)
Advances to suppliers	1,581,351	1,455,322	(8,205,641)
Other receivables	(88,480,519)	(81,286,710)	(118,383,454)
Deposits for land use rights	(46,870,478)	3,400,084	(452,147,524)
Other deposits and prepayments	59,693,294	(23,464,588)	(13,203,444)
Other current assets	(2,610,160)	(606,623)	4,174,280
Amounts due from related parties	47,907,083	(118,854,682)	(104,487,109)
Amounts due from employees	1,876,639	(318,601)	389,697
Other assets	(1,779,120)	3,414,909	(94,969,524)
Accounts payable	124,021	392,316,329	127,227,761
Customer deposits	(233,463,779)	(747,887,702)	264,194,597
Income tax payable	(38,358,479)	89,454,632	88,808,505
Other payables and accrued liabilities	241,107,544	(18,090,325)	(73,276,156)
Payroll and welfare payable	(7,198,828)	(9,363,632)	7,097,694
Amounts due to related parties	10,728,133
Net cash (used in) /provided by operating activities	336,766,542	272,256,758	(22,901,923)
CASH FLOWS FROM INVESTING ACTIVITIES:
Disposal of properties held for lease and property and equipment	93,001,129	1,111,556	330,773
Purchase of property and equipment	(1,294,014)	(5,510,126)	(9,132,946)
Acquisition of subsidiaries, net of cash acquired (Note 9)	(938,733)	827,011	11,761,992
Acquisition of long-term investment	(219,220,373)	(50,546,390)	(127,031,797)
Return of capital	24,296,031	11,087,850	158,634,902
Net cash provided by/(used in) investing activities	(104,155,960)	(43,030,099)	34,562,924
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options	134,790	166,480	1,390,666
Repurchase of shares for Restricted Stock Unit ("RSU") plan		(2,920,216)	(7,768,139)
Purchase of treasury shares (Note 19)	(2,483,896)	(26,080,876)	(19,846,720)
Dividends to shareholders	(14,284,148)	(19,647,356)	(25,739,147)
Amounts due to related parties	(24,477,542)	(25,024,684)	(79,846,860)
Repayments of short-term bank loans and current portion of long-term bank loans	(819,432,106)	(388,922,839)	(201,583,103)
Proceeds from short-term bank loans and current portion of long-term bank loans	105,007,105	84,837,579	310,137,935
Repayment of long-term bank loans	(199,845,816)	(9,156,553)	(65,519,223)
Proceeds from long-term bank loans	433,177,672	255,750,791	337,961,266
Repayment of other short-term debt	(60,033,909)	(1,216,629,289)	(943,033,901)
Proceeds from other short-term debt	18,917,551	125,131,566	407,755,830
Repayment of other long-term debt	(882,010,043)	(233,164,117)	(218,895,920)
Proceeds from other long-term debt	1,047,849,099	1,170,084,599	339,551,378
Payment of financing cost	(6,361,147)	(4,304,339)	(16,574,059)
Payment of principal from finance lease	(8,476,338)	(6,135,547)	(7,521,441)
Repayment of mandatorily redeemable non-controlling interests	(462,754)	(15,394,847)	(2,447,140)
Proceeds from mandatorily redeemable non-controlling interests		1,905,049	8,720,772
(Distributions to)/contributions from non-controlling interests, net	222,712,481	31,031,810	(6,323,476)
Net cash used in financing activities	(190,069,001)	(278,472,789)	(189,581,282)
NET (DECREASE)/INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	42,541,581	(49,246,130)	(177,920,281)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	114,855,646	(34,185,442)	(97,290,417)
Cash, cash equivalents and restricted cash, at beginning of year	1,102,584,907	1,186,016,479	1,461,227,177
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF YEAR	1,259,982,134	1,102,584,907	1,186,016,479
SUPPLEMENTARY INFORMATION ON CASH FLOWS
Cash and cash equivalents	926,809,581	662,606,063	674,141,554
Restricted cash	333,172,553	439,978,844	511,874,925
Incomes taxes paid	100,712,739	130,853,782	147,809,372
Interest paid	149,271,138	293,543,976	284,624,926
NON-CASH ACTIVITIES
Purchase consideration payables			75,565,148
Debt extinguishment costs included in other payables and accrued liabilities	$ 3,652,705	5,612,697	$ 13,761,966
Settlement of due from related parties as a result of business combination		48,761,943
Initial recognition of leases		$ 11,278,234

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Parent [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Parent [Member]	Common Shares	Treasury Shares	Additional Paid-in Capital	Statutory Reserves	Retained Earnings Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Retained Earnings	Accumulated Other Comprehensive Income / (Loss)	Non-controlling Interest (Note 24)	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Total
Balance at Dec. 31, 2017		$ 992,571,849	$ 16,314	$ (67,792,368)	$ 543,338,206	$ 105,660,269		$ 382,123,692	$ 29,225,736	$ 64,441,277		$ 1,057,013,126
Balance, shares at Dec. 31, 2017			129,578,676
Capital injection from non-controlling interests										36,698,455		36,698,455
Acquisition of non-controlling interests		(12,056,879)			(12,056,879)					4,169,504		(7,887,375)
Exercise of share options		1,390,666	$ 85		1,390,581							1,390,666
Exercise of share options, shares			846,588
Treasury share repurchases		(19,846,720)		(19,846,720)								(19,846,720)
Treasury share repurchases, shares			(8,984,626)
Shares repurchased under RSU plan		(3,937,057)			(3,937,057)							(3,937,057)
Shares repurchased under RSU plan, shares			(3,089,050)
Foreign currency translation		(50,215,831)							(50,215,831)	(411,701)		(50,627,532)
Foreign currency translation												(59,759,616)
Stock-based compensation expenses		3,382,628			3,382,628							3,382,628
Stock-based compensation expenses, Shares			1,454,048
Net income loss		73,034,549						73,034,549		32,917,471		105,952,020
Appropriation to statutory reserves						60,835,475		(60,835,475)
Dividends to shareholders	$ (25,739,147)						$ (25,739,147)				$ (25,739,147)
Dividends to non-controlling interests										(35,521,013)		(35,521,013)
Balance at Dec. 31, 2018		680,370,481	$ 16,399	(87,639,088)	532,117,479	166,495,744		99,502,126	(30,122,179)	65,274,668		745,645,149
Balance, shares at Dec. 31, 2018			119,805,636
Adjustment to opening balance of equity		(278,213,577)						(269,081,493)	(9,132,084)	(37,019,325)		(315,232,902)
Capital injection from non-controlling interests		8,305,257			8,305,257					24,054,448		32,359,705
Acquisition of non-controlling interests										(317,406)		(317,406)
Exercise of share options		166,480	$ 11		166,469							166,480
Exercise of share options, shares			108,000
Treasury share repurchases		(26,080,876)		(26,080,876)								(26,080,876)
Treasury share repurchases, shares			(11,715,338)
Shares repurchased under RSU plan		(2,920,216)			(2,920,216)							(2,920,216)
Shares repurchased under RSU plan, shares			(1,438,076)
Foreign currency translation		(20,044,827)							(20,044,827)	(1,035,113)		(21,079,940)
Stock-based compensation expenses		5,621,588			5,621,588							5,621,588
Stock-based compensation expenses, Shares			1,115,246
Net income loss		68,344,527						68,344,527		14,684,275		83,028,802
Appropriation to statutory reserves						8,512,715		(8,512,715)
Dividends to shareholders		(23,460,775)						(23,460,775)				(23,460,775)
Dividends to non-controlling interests										(1,010,489)		(1,010,489)
Balance at Dec. 31, 2019		690,301,639	$ 16,410	(113,719,964)	543,290,577	175,008,459		135,873,163	(50,167,006)	101,650,383		791,952,022
Balance, shares at Dec. 31, 2019			107,875,468
Capital injection from non-controlling interests		4,420,800			4,420,800					218,453,981		222,874,781
Acquisition of non-controlling interests										(317,406)		(317,406)
Exercise of share options		134,790	$ 5		134,785							134,790
Exercise of share options, shares			52,647
Treasury share repurchases		(2,483,896)		(2,341,613)	(142,283)							$ (2,483,896)
Treasury share repurchases, shares			(2,127,050)									(2,127,050)
Foreign currency translation		67,272,130							67,272,130	27,114,788		$ 94,386,918
Stock-based compensation expenses		4,511,192			4,511,192							4,511,192
Stock-based compensation expenses, Shares			1,130,952
Net income loss		(81,040,908)						(81,040,908)		13,557,028		(67,483,880)
Appropriation to statutory reserves						2,687,578		(2,687,578)
Dividends to shareholders		(11,123,395)						(11,123,395)				(11,123,395)
Dividends to non-controlling interests										(27,572)		(27,572)
Balance at Dec. 31, 2020		665,471,960	$ 16,415	$ (116,061,577)	$ 552,215,071	$ 177,696,037		34,500,890	$ 17,105,124	$ 360,431,202		1,025,903,162
Balance, shares at Dec. 31, 2020			106,932,017
Adjustment to opening balance of equity		$ (6,520,392)						$ (6,520,392)				$ (6,520,392)

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical)	Dec. 31, 2020
Kaisa Group [Member]
Equity Method Investees, Ownership	49.00%

Background information of business and organization

12 Months Ended

Dec. 31, 2020

Background information of business and organization

Background information of business and organization

1. Background information of business and organization

Organization and Description of Business

Xinyuan Real Estate Co., Ltd. (the “Company”) and its subsidiaries (collectively the “Group”) are principally engaged in residential real estate development and the provision of property management services. The Group’s operations are conducted mainly in the People’s Republic of China (“PRC”). In 2012, the Group expanded its business into the U.S. residential real estate market.

As of December 31, 2020, principal subsidiaries of the Company and its consolidated variable interest entities included the following entities:


				Percentage of
	Registered Place			Equity
	and Date of	Registered		Attributable		Principal
Company Name	Incorporation	Capital		to the Group		Activities
Subsidiary companies:
Xinyuan International Property Investment Co., Ltd.	Cayman Islands October 6, 2011	US$	500,000	100	%	Investment holding company

Xinyuan International (HK) Property Investment Co., Ltd.	Hong Kong October 26, 2011	HK$	3,000,000	100	%	Investment holding company

XIN Development Group International Inc.	United States November 10, 2011	US$	—	100	%	Investment holding company

Xinyuan Real Estate, Ltd.	Cayman Islands January 27, 2006	US$	50,000,000	100	%	Investment holding company

XIN Development Management East, LLC	United States August 28, 2012	US$	1,000	100	%	Property management services

XIN NY Holding, LLC	United States August 29, 2012	US$	1,000	100	%	Investment holding company

421 Kent Development, LLC	United States August 29, 2012	US$	1,000	100	%	Real estate development

Xinyuan Sailing Co., Ltd.	Hong Kong June 21, 2013	HK$	3,000,000	100	%	Investment holding company

AWAN Plasma Sdn Bhd	Malaysia April 16, 2007	MYR	33,577,000	100	%	Real estate development

XIN Eco Marine Group Properties Sdn Bhd	Malaysia July 9, 2014	MYR	33,217,000	100	%	Investment holding company

Zhengzhou Jiasheng Real Estate Co., Ltd.	PRC December 2, 2013	US$	60,000,000	100	%	Real estate development

Xinyuan (China) Real Estate, Ltd. ("Xinyuan China")	PRC April 10, 2006	US$	307,000,000	100	%	Investment holding company

Henan Xinyuan Real Estate Co., Ltd. ("Henan Xinyuan")	PRC May 19, 1997	RMB	200,000,000	100	%	Real estate development

Qingdao Xinyuan Xiangrui Real Estate Co., Ltd.	PRC February 9, 2006	RMB	10,000,000	100	%	Real estate development

Shandong Xinyuan Real Estate Co., Ltd.	PRC June 2, 2006	RMB	300,000,000	100	%	Real estate development

Xinyuan Property Management Service(Cayman) Ltd.	Cayman Islands December 13, 2018	HKD	50,000	67.5	%	Investment holding company

Xinyuan Property Management Service (BVI) Ltd	British Virgin Islands January 2, 2019	USD	-	67.5	%	Investment holding company

Xinyuan Property Management Service (HK) Limited	HK January 8, 2019	HKD	1	67.5	%	Investment holding company

Xinyuan Science and Technology Service Group Co., Ltd.	PRC December 28, 1998	RMB	50,000,000	67.5	%	Property management services

Mingyuan Landscape Engineering Co., Ltd.	PRC February 17, 2004	RMB	50,000,000	100	%	Landscaping engineering and management

Henan Xinyuan Wanzhuo Real Estate Co., Ltd.	PRC December 29, 2011	RMB	20,000,000	100	%	Real estate development

Suzhou Xinyuan Real Estate Development Co., Ltd.	PRC November 24, 2006	RMB	200,000,000	100	%	Real estate development

Anhui Xinyuan Real Estate Co., Ltd.	PRC December 7, 2006	RMB	50,000,000	100	%	Real estate development

Kunshan Xinyuan Real Estate Co., Ltd.	PRC January 31, 2008	RMB	200,000,000	100	%	Real estate development

Xinyuan Real Estate (Chengdu) Co., Ltd.	PRC June 12, 2007	RMB	220,000,000	100	%	Real estate development

Xuzhou Xinyuan Real Estate Co., Ltd.	PRC November 9, 2009	RMB	200,000,000	100	%	Real estate development

Henan Xinyuan Jiye Real Estate Co., Ltd.	PRC November 15, 2009	RMB	50,000,000	100	%	Real estate development

Beijing Xinyuan Wanzhong Real Estate Co., Ltd. ("Beijing Wanzhong")	PRC March 4, 2008	RMB	900,000,000	100	%	Real estate development


				Percentage of
	Registered Place			Equity
	and Date of	Registered		Attributable		Principal
Company Name	Incorporation	Capital		to the Group		Activities

Xinyuan Renju (Beijing) Asset Management Co., Ltd.	PRC January 16, 2009	RMB	30,000,000	100	%	Management consulting service

Beijing Xinyuan Priority Real Estate Consulting Co., Ltd.	PRC March 8, 2012	RMB	30,000,000	100	%	Real estate consulting services

Henan Xinyuan Priority Commercial Management Co., Ltd.	PRC August 10, 2012	RMB	2,000,000	100	%	Leasing management services

Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. ("Suzhou Wanzhuo") (Note 18(a))	PRC September 20, 2012	RMB	200,000,000	20	%	Real estate development

Jiangsu Jiajing Real Estate Co., Ltd.	PRC March 28, 2005	RMB	150,000,000	100	%	Real estate development

Xingyang Xinyuan Real Estate Co., Ltd.	PRC July 25, 2013	RMB	200,000,000	100	%	Real estate development

Jinan Xinyuan Wanzhuo Real Estate Co., Ltd.	PRC December 4, 2013	RMB	300,000,000	100	%	Real estate development

Sanya Beida Science and Technology Park Industrial Development Co., Ltd.	PRC January 10, 2014	RMB	200,000,000	100	%	Real estate development

Chengdu Xinyuan Wanzhuo Real Estate Co., Ltd.	PRC February 21, 2014	RMB	50,000,000	100	%	Real estate development

Tianjin Xinyuan Real Estate Co., Ltd.	PRC September 17, 2014	RMB	100,000,000	100	%	Real estate development

Xi'an Yinghuai Square Commerce Management Co., Ltd.	PRC November 25, 2014	RMB	3,000,000	100	%	Retail store

Subsidiary companies:
Changsha Xinyuan Wanzhuo Real Estate Co., Ltd.	PRC April 3, 2014	RMB	100,000,000	100	%	Real estate development

Shanghai Junxin Real Estate Co., Ltd.	PRC January 16, 2014	RMB	5,000,000	100	%	Real estate development

Beijing Yinghuai Commerce and Trade Co., Ltd.	PRC January 5, 2015	RMB	30,000,000	100	%	Retail store

Beijing Xinhe Investment Development Co., Ltd.	PRC May 5, 2015	RMB	5,000,000	100	%	Investment holding company

Henan Yinghuai Commerce and Trade Co., Ltd.	PRC March 23, 2015	RMB	10,000,000	100	%	Retail store

Henan Xinyuan Guangsheng Real Estate Co., Ltd.	PRC July 27, 2015	RMB	200,000,000	100	%	Real estate development

Shanghai Hexinli Property Management Center. (Limited partnership)	PRC July 28, 2015	RMB	10,640,000	100	%	Property management services

Shandong Xinyuan Renju Real Estate Co., Ltd.	PRC November 19, 2011	RMB	50,000,000	100	%	Real estate development

Shaanxi Zhongmao Economy Development Co., Ltd.	PRC June 22, 1998	RMB	22,500,000	65.98	%	Real estate development

421 Kent Holding Co, Ltd.	United States May 2, 2014	US$	1,000	100	%	Investment holding company

Hudson 888 Owner LLC	United States October 22, 2015	US$	1,000	100	%	Real estate development

XIN Manhattan Holding LLC	United States December 9, 2015	US$	1,000	100	%	Investment holding company

Hudson 888 Holding LLC	United States December 9, 2015	US$	1,000	100	%	Investment holding company

Shenzhen Xinchuang Investment Consulting Co., Ltd.	PRC January 20, 2016	RMB	10,000,000	100	%	Investment


				Percentage of
	Registered Place			Equity
	and Date of	Registered		Attributable		Principal
Company Name	Incorporation	Capital		to the Group		Activities
Subsidiary companies:
Henan Xinyuan Quansheng Real Estate Co., Ltd.	PRC January 14, 2015	RMB	40,000,000	100	%	Real estate development

Zhengzhou Shengdao Real Estate Co., Ltd.	PRC October 14, 2013	RMB	20,000,000	100	%	Real estate development

Henan Xinyuan Shunsheng Real Estate Co., Ltd.	PRC January 13, 2016	RMB	30,000,000	100	%	Real estate development

Hunan Erli Real Estate Co., Ltd.	PRC January 4, 2008	RMB	50,000,000	100	%	Real estate development

XIN Queens Holding LLC	United States July 6, 2016	US$	1,000	100	%	Investment holding company

Queens Theatre Holdco LLC	United States July 6, 2016	US$	1,000	100	%	Investment holding company

Queens Theatre Owner LLC	United States July 6, 2016	US$	1,000	100	%	Real estate development

Zhengzhou Xinnan Real Estate Co., Ltd.	PRC January 21, 2016	RMB	50,000,000	100	%	Real estate development

Xinyan Investment Management Co., Limited.	PRC April 8, 2016	RMB	100,000,000	90	%	Investment

Hunan Xintian Real Estate Co., Ltd.	PRC September 28, 2009	RMB	20,000,000	100	%	Real estate development

Zhengzhou Hangmei Technology Development Co., Ltd.	PRC November 25, 2014	RMB	50,000,000	51	%	Real estate development

Zhengzhou Hangmei Zhengxing Technology Co., Ltd. (1)	PRC March 28, 2016	RMB	50,000,000	30	%	Real estate consulting services

Xi’an Dingrun Real Estate Co., Ltd.	PRC June 1, 2011	RMB	20,000,000	100	%	Real estate development

Zhengzhou Kangshengboda Real Estate Co., Ltd.	PRC July 29, 2016	RMB	50,000,000	100	%	Real estate development

Xinjiang Xinyuan Renju Equity Investment., Ltd.	PRC February 24, 2017	RMB	10,000,000	100	%	Real estate consulting services

Zhuhai Prince Real Estate Co., Ltd.	PRC September 13, 1990	RMB	307,000,000	100	%	Real estate development

Henan Renxin Real Estate Co., Ltd. ("Henan Renxin")	PRC July 11, 2008	RMB	200,000,000	51	%	Real estate development

Xinchuang Technology Co., Ltd. ("Xinchuang Technology")	PRC May 2, 2017	RMB	100,000,000	100	%	Management consulting services

Hangzhou Huiyuan Investment Management Partnership Enterprise. (Limited partnership)	PRC May 23, 2017	RMB	5,000,000	100	%	Investment holding company

Guangdong Xinyuan Real Estate Co., Ltd.	PRC October 18, 2017	RMB	100,000,000	100	%	Real estate development

Taicang Pengchi Real Estate Co., Limited. ("Taicang Pengchi") (Note 18(a))	PRC June 16, 2017	RMB	200,000,000	17	%	Real estate development

Khorgos XinYan Enterprise Management Consulting Co., Ltd.	PRC December 4, 2017	RMB	5,000,000	100	%	Management consulting services

Jinan Xinyuan Quansheng Real Estate Co., Ltd.	PRC May 25, 2018	RMB	50,000,000	100	%	Real estate development


				Percentage of
	Registered Place			Equity
	and Date of	Registered		Attributable		Principal
Company Name	Incorporation	Capital		to the Group		Activities
Subsidiary companies:
Suzhou Yuxi Real Estate Co., Limited.	PRC March 5, 2018	RMB	100,000,000	20	%	Real estate development

Xinchuang Sailing (Dalian) Healthy Technology Industrial Investment Co., Ltd.	PRC June 5, 2018	RMB	600,000,000	100	%	Real estate development

Dalian Xinyi Renju Real Estate Co., Ltd.	PRC June 26, 2018	RMB	100,000,000	100	%	Real estate development

Jiangxi Xinkai Renju Management Consulting Service., Ltd.	PRC August 28, 2018	RMB	10,000,000	100	%	Real estate consulting services

Beijing Xinyuan Huicheng Technology Development Co., Ltd.	PRC January 26, 2018	RMB	100,000,000	100	%	Technical services

Suzhou Yefang Real Estate Co., Limited. ("Suzhou Yefang") (Note 18(b))	PRC April 14, 2017	RMB	100,000,000	20	%	Real estate development

Chengdu Xinyuan Renju Enterprise Management Co., Ltd. ("Chengdu Renju")	PRC October 26, 2017	RMB	50,000,000	100	%	Real estate development

Chengdu Guohongteng Real Estate Co., Ltd.	PRC July 16, 2010	RMB	1,673,179,200	100	%	Real estate development

Qingdao Keda Real Estate Co., Ltd. ("Qingdao Keda")	PRC September 20, 2010	RMB	50,000,000	100	%	Real estate development

Wuhan Yinghexin Real Estate Co., Ltd. ("Wuhan Yinghexin")	PRC January 15, 2014	RMB	100,000,000	100	%	Real estate development

Henan Xinyuan Property Management Co., Ltd.	PRC December 1, 2016	RMB	10,000,000	100	%	Property management services

Subsidiary companies:

Wuhu Xinyansuifeng NO.1 Investment Center (Limited partnership)	PRC November 22, 2017	RMB	1,501,000,000	100	%	Investment holding company

Zhuhai Xinyuan Real Estate Co., Ltd.	PRC December 31, 2018	RMB	100,000,000	100	%	Real estate development

Jinan Renju Building Material Co., Ltd.	PRC January 2, 2019	RMB	50,000,000	100	%	Sales of construction material

Dalian Xinyi Yaju Real Estate Co., Ltd.	PRC January 16, 2019	RMB	100,000,000	100	%	Real estate development

Guangdong Xinchuang Kechuang Zhigu Development Co., Ltd.	PRC February 27,2019	RMB	100,000,000	100	%	Real estate development

Jiangxi Xinyuan Heju Enterprise Management Consulting Service Co., Ltd.	PRC April 2,2019	RMB	10,000,000	100	%	Management consulting services

Beijing I-Journey Science and Technology Development Co., Ltd.("I-Journey")	PRC October 20,2015	RMB	40,000,000	93	%	Development and sales of robots

Beijing Ruizhuo Xichuang Technology Development Co., Ltd.("Xichuang")	PRC July 16,2015	RMB	30,000,000	93	%	Real estate brokerage

Beijing Ruizhuo Xitou Development Co., Ltd. (" Xitou")	PRC July 16,2015	RMB	30,000,000	85	%	Internet platform for real estate property financing

Beijing Future Xinzhihui Technology Development Center (Limited Partnership) (" Xinzhihui")	PRC December 16,2016	RMB	30,000,000	90.67	%	Investment holding company

Beijing Future Xinhujin Technology Development Center (Limited Partnership) ("Xinhujin")	PRC December 30,2016	RMB	20,000,000	89.5	%	Investment holding company

Beijing Future Xinruifeng Technology Development Center (Limited Partnership) ("Xinruifeng")	PRC February 23,2017	RMB	20,000,000	77.5	%	Investment holding company

Beijing Ruihao Rongtong Real Estate Co., Ltd. ("Ruihao Rongtong")	PRC June 15, 2006	RMB	250,000,000	100	%	Real estate development

Henan Xintuo Real Estate Co. Ltd.	PRC December 8,2020	RMB	20,000,000	100	%	Real estate development

Zhengzhou Xinhe Real Estate Co., Ltd	PRC January 8,2020	RMB	50,000,000	80	%	Real estate development

Zhengzhou Xinying Real Estate Co., Ltd.	PRC May 19,2020	RMB	30,000,000	100	%	Real estate development

Zhengzhou Xinyuan Xinsheng Business Management Co. Ltd.	PRC November 2,2020	RMB	1,000,000	100	%	Real estate development

Dalian Xinsheng Industrial Co., Ltd.	PRC December 16,2020	RMB	20,000,000	100	%	Leasing management services

Guoxin Chuangxiang (Tianjin) Enterprise Management Consulting Partnership (Limited Partnership)	PRC January 2,2020	RMB	15,000,000	95.22	%	Management consulting service

Guoxin Chuangzhi (Tianjin) Enterprise Management Consulting Partnership (Limited Partnership)	PRC June 23,2020	RMB	135,000,000	94.41	%	Management consulting service

VIE:
Beijing Yuzhouyun Technology Development Center (Limited partnership)) and its subsidiary (“Yuzhouyun”) (Note 2(a))	PRC March 2, 2018	RMB	18,388,300	51	%	Technical services

Beijing Ruizhuo Xihui Technology Development Centre Co., Ltd (Note 2(a))	PRC January 22,2017	RMB	10,000,000	1	%	Technical services

(1)	Controlled by Zhengzhou Hangmei Technology Development Co., Ltd. which is a 51% owned subsidiary of the Group.

COVID-19

Beginning in December 2019, a novel strain of coronavirus, or COVID-19, resulted in prolonged mandatory quarantines, lockdown, closures of businesses and facilities and travel restrictions imposed by the Chinese government and many other countries around the world. Although the Chinese economy has been recovering steadily from the impact of COVID-19 since the second half of 2020, any recurrence of the COVID-19 outbreak in China, such as the recurrence of COVID-19 toward the end of 2020, or continuance of the outbreak in other parts of the world could adversely impact our company’s business operations or the business operations of our company’s customers and partners thus in turn having an adverse impact on our business, results of operations and financial condition. Failure to contain the further spread of COVID-19 will prolong and exacerbate the general economic downturn. Our business operations could be disrupted if any of its employees is suspected of having these or any other epidemic disease, since it could require its employees to be quarantined and/or its offices to be closed for disinfection or other remedial measures. There remains substantial uncertainties about the dynamic of the COVID-19 pandemic, including, but not limited to, with respect to the logistics of distribution and the efficacy of any vaccine program or with respect to new strains or variants of the virus, which may have potential continuing impacts on subsequent periods if the pandemic and the resulting disruption were to extend over a prolonged period.

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2020

Summary of significant accounting policies

Summary of significant accounting policies

2. Summary of significant accounting policies

(a) The Company and basis of presentation and consolidation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs, and the subsidiaries of VIEs. All inter-company transactions and balances between the Company and its subsidiaries have been eliminated upon consolidation.

Subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. Where there is a loss of control of a subsidiary, the consolidated financial statements include the results for the part of the reporting year during which the Group has control.

Ruihao Rongtong

Ruihao Rongtong, with registered capital of US$37.6 million (RMB250.0 million), was invested in by the Company on May 6, 2015, for the purpose of undertaking a residential property development project in Beijing. On March 1, 2016, June 28, 2016 and September 18, 2016, an unrelated trustee company, Ping An trust Co., Ltd. (“Ping An trust”) purchased 20%, 5% and 10% of the Company’s equity interest in Ruihao Rongtong, respectively, and loaned US$124.3 million (RMB862.5 million) in aggregate to the Group. On February 28, 2017, the Company repurchased the 35% equity interest of Ruihao Rongtong from Ping An trust. On May 23, 2017, Ping An trust subsequently repurchased back 35% of the Company’s equity interest in Ruihao Rongtong, and loaned US$246.8 million (RMB1.61 billion) in aggregate to the Group. As of December 31, 2018, Ruihao Rongtong had one project under construction. Pursuant to the share purchase agreement, the 35% of non-controlling equity interest of Ruihao Rongtong was to be repurchased by the Company in cash at the earlier of the second anniversary date, or the date the Company elected to repurchase the 35% equity interest of Ruihao Rongtong. Therefore, the non-controlling interest is mandatorily redeemable and is accounted for as liability in accordance with ASC 480, Distinguishing Liabilities from Equity. On June 21, 2019, the Company repurchased the 35% equity interest of Ruihao Rongtao from Ping An trust and Ruihao Rongtong ceased to be variable interest entity(“VIE”).

In accordance with ASC 810, Consolidation, Before June 21 2019, Ruihao Rongtong was a variable interest entity as it was not established with sufficient equity at risk to finance its activities without additional subordinated financial support. The Company is considered as the primary beneficiary of Ruihao Rongtong, as it has the power to direct the activities of Ruihao Rongtong that most significantly impact their economic performance and has the obligation to absorb the losses and the right to receive benefits from Ruihao Rongtong through its voting interest underlying its 65% equity interest in accordance with PRC Law and the articles of association of Ruihao Rongtong. Based on the above, Ruihao Rongtong was consolidated by the Company.

Yuzhouyun

On March 2, 2018, the Group signed a partnership agreement with certain senior management members to form Yuzhouyun. According to the partnership agreement, the design and purpose of Yuzhouyun’s activities are to provide technical services to the Group. The Group acts as a limited partner and the senior management members are general partners. Substantially all significant activities require the approval from the senior management members. The Group and senior management members agreed to share profits at the proportion of 51% and 49%, respectively. The Group, as the limited partner, is the only party with the equity at risk to absorb losses of Yuzhouyun. Yuzhouyun’s principal activities are also to provide technical service to the Group, which indicates that Yuzhouyun’s activities are conducted on behalf of the Group. Therefore, under ASC 810, Consolidation, Yuzhouyun is a variable interest entity. In addition, as the senior management members are the Group’s employees, which represent a principal-agency relationship, therefore, the Group is concluded to be “most closely associated” with Yuzhouyun. Based on the above, the Group is the primary beneficiary because it has the power to direct the activities of Yuzhouyun that most significantly impact their economic performance and has the obligation to absorb the losses and the right to receive benefits from Yuzhouyun.

The carrying amounts and classifications of the assets and liabilities of Yuzhouyun are as follows:


	December 31,	December 31,
	2019	2020
	US$	US$
Current assets	2,214,155	768,166
Non-current assets	4,244,195	2,771,533
Total assets	6,458,350	3,539,699

Current liabilities	13,967,333	4,801,975
Non-current liabilities	—	14,099,833

Total liabilities	13,967,333	18,901,808

The financial performance and cash flows of Yuzhouyun are as follows:


	Year ended	Year ended
	December 31,	December 31,
	2019	2020
	US$	US$
Revenue	12,555,974	3,525,255
Cost of revenue	(3,682,899)	(2,529,935)
Net loss	(1,796,997)	(6,935,441)
Net cash provided by/(used in) operating activities	368,379	(12,982,505)
Net cash used in investing activities	(1,885)	(13,837)
Net cash (used in)/provided by financing activities	(52,503)	12,256,166

As of December 31, 2019 and December 31, 2020, the current liabilities of Yuzhouyun included amounts due to subsidiaries of the Group amounting to US$10,867,898 and US$1,928,834, which were eliminated upon consolidation by the Company.

During the year ended December 31, 2019 and December 31, 2020, the revenue of Yuzhouyun included amounts that come from the Group amounting to US$9,997,544 and US$3,287,093, which were eliminated upon consolidation by the Company.

Yuzhouyun contributed US$2,558,430 and US$238,162 of the Company’s consolidated revenues for the year ended December 31, 2019 and December 31, 2020, respectively.

Ruizhuo Xihui

In 2020, Ruizhuo Xichuang, a subsidiary of the Group, together with Ruizhuo Xihui and its registered shareholders, entered a new set of Contractual Arrangements, including the powers of attorney, the exclusive business cooperation agreement, the exclusive share purchase agreement, the equity pledge agreement, the confirmations from such Registered Shareholders and the spouse undertakings (collectively known as the “Ruizhuo Xihui VIE Agreements”). The terms of the Ruizhuo Xihui VIE Agreements indicate that the Group is the only party at risk to absorb losses of Ruizhuo Xihui. Ruizhuo Xihui’s principal activities are also to provide technical service to the Group, which indicates that Ruizhuo Xihui’s activities are conducted on behalf of the Group. In accordance with ASC 810, Consolidation, Ruizhuo Xihui is a variable interest entity. Based on the above, the Group is the primary beneficiary because it has the power to direct the activities of Ruizhuo Xihui that most significantly impact its economic performance and has the obligation to absorb the losses and the right to receive benefits from Ruizhuo Xihui.

The carrying amounts and classifications of the assets and liabilities of Ruizhuo Xihui are as follows:


		December 31,
		2020
		US$
Current assets		3,167,587
Non-current assets		—
Total assets		3,167,587

Current liabilities		3,572,451
Non-current liabilities		—

Total liabilities		3,572,451

The financial performance and cash flows of Ruizhuo Xihui are as follows:


		Year ended
		December 31,
		2020
		US$
Revenue		81,984
Cost of revenue		—
Net loss		(382,874)
Net cash provided by operating activities		36,807
Net cash used in investing activities		—
Net cash used in financing activities		—

As of December 31, 2020, the current liabilities of Ruizhuo Xihui included amounts due to subsidiaries of the Group of US$1,928,834, the current assets of Ruizhuo Xihui included amounts due from subsidiaries of the Group of US$3,039,549 which were eliminated upon consolidation by the Company.

Ruizhuo Xihui contributed US$81,984 of the Company’s consolidated revenues for the year ended December 31, 2020.

(b) Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes, and disclosure of contingent liabilities at the date of the consolidated financial statements. Estimates are used for, but not limited to, the selection of the useful lives of property and equipment and finance lease, allowance for estimating the allowance for credit losses associated with accounts receivables, other receivables, contract assets, short-term investments and advances to suppliers, fair values of the purchase price allocation with respect to business combinations, progress towards the completion of the performance obligation, accounting for

the share-based compensation, accounting for deferred income taxes, impairment of goodwill, impairment of real estate properties under development, real estate properties held for lease and long-term investments, provision necessary for contingent liabilities and estimating the incremental borrowing rate for operating lease liabilities. Management analyzed the forecasted cash flows for the twelve months from March 8, 2022, which indicates that the Group will have sufficient liquidity from cash flows generated by operations and existing credit facilities and therefore, there will be sufficient financial resources to settle borrowings and payables that will be due through end of February 2023. Management believes that the estimates utilized in preparing its consolidated financial statements are reasonable and prudent. Actual results could differ from these estimates.

Financial instruments include cash and cash equivalents, restricted cash, short-term investments, accounts receivable, other deposits and prepayments, due from employees, due from related parties, other receivables, long-term investments, accounts payable, customer deposits, other payables and accrued liabilities, short-term bank borrowings, long-term borrowings and due to related parties. The carrying amounts of the aforementioned financial instruments, except for short-term investments for which the measurement alternative was elected, long term investments and long term borrowings, approximate their fair value due to the short term maturities of these instruments. The carrying amounts of the long-term borrowings approximate their fair values because the stated interest rates approximate rates currently offered by financial institutions for similar debt instruments of comparable credit risk and maturities. Long-term investments have no quoted market prices and it is not practicable to estimate their fair value without incurring excessive costs. The Group reviews the investments for impairment whenever events or changes in circumstances indicate that the carrying amount may no longer be recoverable.

For long-term investments other than those accounted for under the equity method or those that result in consolidation of the investee, the Company measures equity investments at fair value and recognizes any changes in fair value in net income. However, for equity investments that do not have readily determinable fair values and do not qualify for the existing practical expedient in ASC 820 to estimate fair value using the net asset value per share (or its equivalent) of the investment, the Company chose to measure those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. At each reporting date, the Company is required to make a qualitative assessment as to whether equity investments without a readily determinable fair value for which the measurement alternative is elected is impaired. In the event that a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than the carrying value, the carrying value is written down to its fair value. A variety of factors are considered when determining if a decline in fair value is below carrying value, including, among others, the financial condition and prospects of the investee.

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

Level 1-Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets

Level 2-Includes other inputs that are directly or indirectly observable in the market place

Level 3-Unobservable inputs which are supported by little or no market activity

ASC 820 describes three main approaches for measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a

single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

In accordance with ASC 820, investment in marketable equity securities and investment in real estate investment trusts (“REITs”) classified as are within Level 1 as the Company measures the fair value using quoted trading prices that are published on a regular basis , and investment in equity securities in unlisted companies is categorized as Level 3 measured at fair value using alternative method, less any impairment, plus or minus changes resulting from observable price in orderly transactions.

(d) Foreign currency translation

The Group’s financial information is presented in U.S. dollars. The functional currency of the Company is U.S. dollars. The functional currency of the Company’s subsidiaries in PRC is Renminbi (“RMB”), the currency of PRC. The functional currency of the Company’s subsidiaries in Malaysia is Malaysian Ringgit (“MYR”), the currency of Malaysia. The functional currency of the Company’s subsidiaries other than those in PRC and Malaysia is U.S. dollars. Transactions by the Company’s subsidiaries in PRC which are denominated in currencies other than RMB are remeasured into RMB at the exchange rate quoted by the People’s Bank of China (“PBOC”) prevailing at the dates of the transactions. Exchange gains and losses resulting from transactions denominated in a currency other than RMB are included in the consolidated statements of comprehensive income as exchange gains (losses). The consolidated financial statements of the Company’s subsidiaries have been translated into U.S. dollars in accordance with ASC 830, Foreign Currency Matters. PRC subsidiaries’ financial information is first prepared in RMB and then is translated into U.S. dollars at period-end exchange rates as to assets and liabilities and average exchange rates as to revenue and expenses. Capital accounts are translated at their historical exchange rates when the capital transactions occurred.

The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.

(e) Cash and cash equivalents

The Group considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Group maintains bank accounts mainly in PRC, Hong Kong and United States. The vast majority of PRC bank balances are denominated in RMB. Hong Kong and United States bank balances are denominated in U.S. dollars.

Cash includes cash on hand and demand deposits in accounts maintained with various state-owned and private banks within PRC, Hong Kong and United States. Total cash in banks (excluding restricted cash) at December 31, 2020 amounted to US$926,809,581 (December 31, 2019: US$662,606,063), of which the vast majority of deposits are not covered by insurance.

(f) Restricted cash

The Group is required to maintain certain deposits with banks that provide mortgage loans to the Group’s customers in order to purchase residential units from the Group. These balances are subject to withdrawal restrictions and totaled US$19,892,994 as of December 31, 2020 (December 31, 2019: US$32,420,073). As of December 31, 2020, the Group held US$83,613,204 (December 31, 2019: US$270,714,930) in its restricted cash accounts, representing funds received from sales proceeds that are subject to withdrawal restrictions. The Group is also required to maintain certain deposits with banks and financial institutions that provide loans to the Group. As of December 31, 2020, the Group also held nil in its restricted cash accounts (December 31, 2019: US$20,691,781) as security for its short-term loans (Note 10), held nil (December 31, 2019: US$3,153,579) in its restricted cash accounts as security for its current portion of long-term loans (Note 11).

As of December 31, 2020, the Group held US$229,666,355 (December 31, 2019: US$112,998,481) in its bank accounts with withdrawal restriction for its long-term loans (Note 11).

(g) Real estate properties development completed and under development

Real estate properties completed and under development consist of residential unit sites and commercial offices. The Group leases the land for the residential unit sites under land use right leases with various terms from PRC government. Real estate properties development completed and under development are stated at the lower of carrying amounts or fair value less selling costs.

Expenditures for land development, including cost of land use rights, deed tax, pre-development costs and engineering costs, are capitalized and allocated to development projects by the specific identification method. Costs are allocated to specific units within a project based on the ratio of the sales value of units to the estimated total sales value times the total project costs.

Costs of amenities transferred to buyers are allocated as common costs of the project that are allocated to specific units as a component of total construction costs. For amenities retained by the Group, costs in excess of the related fair value of the amenities are also treated as common costs. Results of operations of amenities retained by the Group are included in the current operating results.

In accordance with ASC 360, Property, Plant and Equipment (“ASC 360”), real estate property development completed and under development are subject to valuation adjustments when the carrying amount exceeds fair value. An impairment loss is recognized only if the carrying amount of the assets is not recoverable and exceeds fair value. The carrying amount is not recoverable if it exceeds the sum of the undiscounted cash flows expected to be generated by the assets.

When the profitability of a current project deteriorates due to a slowdown in the sales pace, reduction of pricing or some other factor, this indicates that there may be a possible future loss on delivery and possible impairment in the recoverability of the assets. Accordingly, the assets of such project are subsequently reviewed for future losses and impairment by comparing the estimated future undiscounted cash flows for the project to the carrying value of such project. If the estimated future undiscounted cash flows are less than the asset’s carrying value, such deficit will be charged as a future loss and the asset will then be written down to its estimated fair value.

The Group determines estimated fair value primarily by discounting the estimated future cash flows relating to the asset. In estimating the cash flows for a project, the Group uses various factors including (a) the expected pace at which the planned number of units will be sold, based on competitive market conditions, historical trends in sales pace and actual average selling prices of similar product offerings and any other long or short-term economic conditions which may impact the market in which the project is located; (b) the estimated net sales prices expected to be attained based on the current market conditions and historical price trends, as well as any estimated increases in future sales prices based upon the projected rate of unit sales, the estimated time gap between presale and expected delivery, the impact of government policies, the local and regional competitive environment, and certain external factors such as the opening of a subway line, school or factory; and (c) the expected costs to be incurred in the future by the Group, including, but not limited to, construction cost, construction overhead, sales and marketing, sales taxes and interest costs.

The Group’s determination of fair value requires discounting the estimated cash flows at a rate commensurate with the inherent risk associated with the assets and related estimated cash flows. The discount rate used in determining each project’s fair value depends on the stage of development, location and other specific factors that increase or decrease the risk associated with the estimated cash flows.

For the periods presented, the Group recognized impairment loss of US$9,641,537 for real estate properties completed and under development.

(h) Revenue recognition

Revenue is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group also elected to exclude sales taxes and other similar taxes from the measurement of the transaction price. Therefore, revenues are recognized net of business tax and value added taxes (“VAT”).

Real estate sales

Revenues arising from real estate sales are recognized when or as the control of the asset is transferred to the customer. Depending on the terms of the contract and the laws that apply to the contract, control of the asset may transfer over time or at a point in time.

For real estate sales contracts for which the Group has an enforceable right to payment for performance completed to date, revenue is recognized over time by measuring the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains the physical possession, the legal title, or the significant risks and rewards of ownership of the assets and the Group has present right to a payment and the collection of the consideration is probable. The progress towards complete satisfaction of the performance obligation is measured based on the Group's efforts or inputs to the satisfaction of the performance obligation, by reference to the contract costs incurred up to the end of reporting period as a percentage of total estimated costs for each contract.

Generally, the Group receives short-term advances from its customers for real estate sales. Using the practical expedient, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised good or service to the customer and when the customer pays for that good or service will be one year or less. The Group also receives long-term advances from customers for real estate sales. The transaction price for such contracts is adjusted for the effects of a financing component, if long-term advances from customers are assessed as significant at the individual contract level.

Real estate management services income

Real estate management services income is recognized in the accounting period in which the services are rendered. The Group bills a fixed amount periodically for services provided and recognizes as revenue the amount to which the Group has a right to invoice that corresponds directly with the value of performance completed.

Real estate lease income

Real estate lease income is generally recognized on a straight-line basis over the terms of the tenancy agreements. For real estate leases, these contracts are treated as leases for accounting purposes, rather than contracts with customers subject to ASC 606.

Other revenue

Other revenue includes services ancillary to the Group’s real estate projects, including construction service revenue and software consulting service income. Construction service revenue and software consulting service income are recognized when services are provided as the customer simultaneously benefits from the services as they are performed.

For the years ended December 31, 2018, 2019 and 2020, revenue is recognized and disaggregated by major source as below:


	2018	2019	2020
	US$	US$	US$
Real estate sales	2,139,370,792	2,387,031,568	1,604,891,939
Real estate management services income	63,447,420	67,488,169	91,208,307
Other revenue	5,148,101	11,984,304	14,870,460
Revenue from contracts with customers	2,207,966,313	2,466,504,041	1,710,970,706

Real estate lease income	9,584,972	16,128,771	34,792,485

Total revenue	2,217,551,285	2,482,632,812	1,745,763,191

Contract assets

The Group pays sales commission to its real estate sales agencies for each real estate sales contract. The Group has elected to apply the optional practical expedient for costs to obtain a contract which allows the Group to immediately expense sales commissions (included under selling and distribution expenses) when the amortization period of the asset that the Group otherwise would have used is one year or less. For incremental costs of obtaining real estate sales contracts that extend beyond a one-year period, these incremental costs of obtaining real estate sales contracts are recognized as assets if the real estate sales are collectible and amortized as the Group transfers the control of the assets to customers. The Group recognized US$14.9 million and US$8.9 million of such costs in selling and distribution expense during the year ended December 31, 2019 and December 31, 2020. As of December 31, 2019 and 2020, there was no impairment losses on contract assets.

Contract liabilities

A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). The Group’s contract liabilities are comprised of customer deposits, which are recognized as revenue when the Group performs under the contract.

The following table presents the Group’s contract balances as of December 31, 2019 and 2020:


	December 31,	December 31,
	2019	2020
Contract assets	23,093,235	28,708,229
Customer deposits (note 14)	1,106,098,647	952,939,384

The amount of revenue recognized during the year ended December 31, 2020 and included in the customer deposits as of December 31, 2019 is US$439,003,168.

(i) Accounts receivable and allowance for credit losses

The Company adopted ASU No. 2016-13, Financial Instruments—Credit Losses (“ASU 2016-13”). Subsequently, the FASB issued ASU 2019-05, Financial Instruments- Credit Losses (Topic 326): Targeted Transition Relief and ASU 2019-11 Codification Improvements to Topic 326, Financial Instruments- Credit Losses (collectively, the “Credit Loss ASUs”) from January 1, 2020 using the modified retrospective approach and did not restate the comparable periods. The effect of adopting Credit Loss ASUs was, as follows:


	As previously	Effects of
	reported at	adoption
	December 31,	of Credit Loss	As adjusted at
	2019	ASUs	January 1, 2020
Consolidated balance sheets
Accounts receivable	97,911,510	(2,829,696)	95,081,814
Other deposits and prepayments	277,463,137	(1,908,929)	275,554,208
Amounts due from related parties	200,757,623	(1,781,767)	198,975,856
Total current assets	5,645,063,109	(6,520,392)	5,638,542,717
Total assets	7,421,664,433	(6,520,392)	7,415,144,041
Total equity	791,952,022	(6,520,392)	785,431,630

Accounts receivable represents the Group’s right to an amount of consideration that is unconditional (i.e. only the passage of time is required before payment of the consideration is due). The Group’s accounts receivable consists of balances due from customers for the sale of residential units in PRC and United States and real estate management service contracts. These balances are unsecured, bear no interest and are due within a year from the date of the sale.

The allowance for credit losses reflects the Company’s current estimate of credit losses expected to be incurred over the life of the receivables. The Company considers various factors in establishing, monitoring, and adjusting its allowance for credit losses including the aging of receivables and aging trends, customer creditworthiness and specific exposures related to particular customers. The Company also monitors other risk factors and forward-looking information, such as country specific risks and economic factors that may affect a customer’s ability to pay in establishing and adjusting its allowance for credit losses. Accounts receivable are written off after all collection efforts have ceased. As of December 31, 2020, there was US$4,099,011 allowance for credit loss.

(j) Other receivables

Other receivables consist of various cash advances to unrelated companies and individuals with which the Group has business relationships.

The allowance for credit losses reflects the Company’s current estimate of credit losses expected to be incurred over the life of the receivables. The Company considers various factors in establishing, monitoring, and adjusting its allowance for credit losses including the aging of receivables and aging trends, customer creditworthiness and specific exposures related to particular customers. The Company also monitors other risk factors and forward-looking information, such as country specific risks and economic factors that may affect a customer’s ability to pay in establishing and adjusting its allowance for credit losses. As of December 31, 2020, there was US$12,609,405 allowance for credit loss.

(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.

The allowance for credit losses reflects the Company’s current estimate of credit losses expected to be incurred over the life of other deposits The Company considers various factors in establishing, monitoring, and adjusting its allowance for credit losses including the aging of other deposits and aging trends, customer creditworthiness and specific exposures related to particular customers. The Company also monitors other risk factors and forward-looking information, such as country specific risks and economic factors that may affect a customer’s ability to pay in establishing and adjusting its allowance for credit losses. As of December 31, 2020, there was US$1,908,929 allowance for credit loss.

(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 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, 2019 and 2020, there was no allowance provided.

(n) Customer deposits

Customer deposits consist of sales proceeds received from customers from the sale of residential units in PRC. In PRC, customers will generally obtain financing for the purchase of their residential unit prior to the completion of the project. The lending

institution will provide the funding to the Group upon the completion of the financing rather than the completion of the project. The Group receives these funds and recognizes them as a customer deposit current liability until the revenue can be recognized.

(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$271,096,538 and US$171,795,040 as of December 31, 2019 and 2020, respectively.

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 years.

Maintenance, repairs and minor renewals are charged directly to expenses as incurred. Major additions and improvements to the real estate properties held for lease are capitalized.

In accordance with ASC 360, Property, Plant and Equipment, real estate properties held for lease is subject to valuation adjustments when the carrying amount exceeds fair value. An impairment loss is recognized only if the carrying amount of the assets is not recoverable and exceeds fair value. The carrying amount is not recoverable if it exceeds the sum of the undiscounted cash flows expected to be generated by the assets.

For the periods presented, the Group did not recognize any impairment for real estate properties held for lease.

(q) Property and equipment, net

Property and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Estimated useful lives of the assets are as follows:


Corporate aircraft		15 years
Vehicles		5 years
Furniture and fixtures		5 years
Office buildings		20‑60 years

Maintenance, repairs and minor renewals are charged directly to expense as incurred unless such expenditures extend the useful life or represent a betterment, in which case they are capitalized.

(r) Long-term Investments

The Group’s long-term investments consist of equity method investments and equity investments without readily determinable fair value.

Equity method Investments

Where the Group has significant influence over the investee, the Group applies the equity method of accounting in accordance with ASC subtopic 323-10-20, Investments-Equity Method and Joint Ventures (“ASC 323-10-20”). The reporting dates and accounting

policies of the equity investee are the same as the Group. The investment in the equity investee is stated at cost, including the Group’s share of the equity investee’s net gain or loss, less any impairment in value. The Group recognizes in its consolidated statement of comprehensive income its share of the net income (loss) of the equity investees. The Company periodically evaluate whether declines in fair values of our investments indicate impairment and whether declines in fair value of our investments below their book value are other-than-temporary.

Nonmarketable equity securities

Nonmarketable equity securities are investments in privately held companies without readily determinable market values.

On January 1, 2018, the Group adopted ASU 2016-01, pursuant to which, for equity investments without readily determinable fair value, the Group elected to use the measurement alternative to measure those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. All gains and losses on nonmarketable equity securities, realized and unrealized, are recognized in earnings. The Group performs a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Group has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the entity recognizes an impairment loss in net income equal to the difference between the carrying value and fair value.

(s) Capitalized interest

The Group capitalizes interest as a component of building construction costs in accordance with ASC 835, Interest (“ASC 835”).

As a result of the total interest costs capitalized during the period, the interest expense for the years ended December 31, 2018, 2019 and 2020, was as follows:


	2018	2019	2020
	US$	US$	US$
Amortization of issuance cost related to long-term debt	8,624,334	8,132,103	116,249
Interest expense of finance leases	1,385,292	973,842	31,286,261
Interest on borrowings	271,831,465	308,747,957	312,779,581
Total interest costs	281,841,091	317,853,902	344,182,091
Total interest costs capitalized	(182,595,395)	(204,078,542)	(214,694,686)
Interest expense, net	99,245,696	113,775,360	129,487,405

(t) Retirement benefits

Regulations in PRC require the Group to contribute to a defined contribution retirement plan for all permanent employees. Pursuant to the mandatory requirement from the local authority in PRC, the retirement pension insurance, unemployment insurance, health insurance and housing fund were established for the employees during the term they are employed. For the years ended December 31, 2018, 2019 and 2020, the Group is obligated to contribute for each employee an amount equal to 45%, 40% and 40%, respectively, of last year average salary determined by the Social Welfare Bureau. For the year ended December 31, 2020, the Group recorded expense in the amount of US$11,781,673 (2018: US$18,422,330; 2019: US$20,420,474).

(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 PRC Company Law, PRC subsidiaries are required to transfer 10% of their profit after tax, as determined in accordance with PRC accounting standards and regulations, to the statutory surplus reserve (the “SSR”) until such reserve reaches 50% of the registered capital of the subsidiaries. Subject to certain restrictions set

out in PRC Company Law, the SSR may be distributed to stockholders in the form of share bonus issued to increase share capital, provided that the remaining balance after the capitalization is not less than 25% of the registered capital before capital increase.

(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 are recognized according to the relevant tax law. The amount of interest expense to be recognized is computed by applying the applicable statutory rate of interest to the difference between the tax position recognized and the amount previously taken or expected to be taken in a tax return. Interest recognized in accordance with ASC 740-10, Income Tax (“ASC 740-10”) is classified in the consolidated financial statements as interest expense, while penalties recognized in accordance with this interpretation are classified in the consolidated financial statements as other expenses.

In accordance with the provisions of ASC 740-10, the Group recognizes in its consolidated financial statements the impact of a tax position if a tax return’s position or future tax position is “more likely than not” to prevail (defined as a likelihood of more than fifty percent of being sustained upon audit, based on the technical merits of the tax position). Tax positions that meet the “more likely than not” threshold are measured (using a probability weighted approach) at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Group’s estimated liability for unrecognized tax benefits is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, certain changes and/or developments with respect to audits, and expiration of the statute of limitations. The outcome for a particular audit cannot be determined with certainty prior to the conclusion of the audit and, in some cases, appeal or litigation process. The actual benefits ultimately realized may differ from the Group’s estimates. As each audit is concluded, adjustments, if any, are appropriately recorded in the Group’s consolidated financial statements. Additionally, in future periods, changes in facts, circumstances, and new information may require the Group to adjust the recognition and measurement estimates with regards to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur.

(w) Land Appreciation Tax (“LAT”)

In accordance with the relevant taxation laws for real estate companies of the provinces in which the subsidiaries operate in PRC, the local tax authorities levy LAT based on progressive rates ranging from 30% to 60% on the appreciation of land value, being the proceeds of sales of properties less deductible expenditures, generally including borrowing costs and relevant property development expenditures. LAT is generally prepaid based on a fixed percentage (varying by local tax jurisdiction) of customer deposits and is expensed when the related revenue is recognized.

(x) Comprehensive income

Comprehensive income is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income, requires that all items that are required to be recognized under current accounting standards as components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. For each of the periods presented, the Group’s comprehensive income includes net income and foreign currency translation adjustments and is presented in the consolidated statements of comprehensive income.

(y) Advertising and promotion expenses

Advertising and promotion costs are expensed as incurred, or the first time the activity takes place, in accordance with ASC 720-35, Advertising Costs. For the year ended December 31, 2020, the Group recorded advertising and promotion expenses of US$41,972,661 (2018: US$56,575,316; 2019: US$62,341,805).

(z) Leases

The Company adopted ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”) from January 1, 2019 by using the modified retrospective method and did not restate the comparable periods. The Company has elected the package of practical expedients, which allows the Company to carry forward our original assessment of whether contracts contained a lease, lease classification, and the initial direct cost. Lastly, the Company elected the short-term lease exemption for all contracts with lease terms of 12 months or less.

The Group determines if an arrangement is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset.

Lessee

The Group categorizes leases with contractual terms longer than twelve months as either operating or finance. Finance leases are generally those leases that transfer ownership to the Group or allow the Group to purchase assets at a nominal amount by the end of the lease term. Assets acquired under finance leases are recorded in property and equipment, net and real estate properties held for lease, net. All other leases are recorded as operating lease right-of-use (“ROU”) assets.

Lease liability is recorded based the present value of the lease payments over the lease term using a discount rate at commencement date. As the implicit rate in the Group’s leases is not typically readily available, the Group uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This incremental borrowing rate reflects the fixed rate at which the Group could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Leased assets are recognized based on the initial present value of the lease payments, reduced by lease incentives. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. The expected lease terms are based on the non-cancelable term of the lease and may contain options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option. Finance lease assets are amortized in a manner consistent with the Group’s normal depreciation policy for owned assets. Variable lease payments not dependent on an index or rate are excluded from the ROU assets and lease liability calculations and are recognized in expense in the period which the obligation for those payments is incurred.

Upon adoption, the Company recognized ROU assets of US$15.0 million and total lease liability (including current and non-current) of US$14.4 million for operating leases as of January 1, 2019. The impact of adopting ASU 2016-02 on the Company’s opening retained earnings and current year net income was insignificant. As of December 31, 2020, the Company recognized operating lease ROU assets of US$8.5 million and total lease liability US$8.5 million, including current portion of US$5.3 million for operating lease.

Lessor

As a lessor, the Company’s leases are classified as operating leases under ASC 842, and thus the pattern of recognition of real estate lease income remains unchanged from previous lease accounting guidance. The lease components and non-lease components are accounted for separately.

(aa) Property warranty

The Company and its subsidiaries provide customers with assurance-type warranties which cover major defects of building structure and certain fittings and facilities of properties sold as stipulated in the relevant sales contracts. The warranty period varies from two months to three years, depending on different property components the warranty covers.

The Group regularly estimates potential costs for materials and labor with regards to warranty-type claims expected to be incurred subsequent to the delivery of a property. The Group regularly monitors the warranty reserve and makes adjustments to its pre-existing warranties, if any, in order to reflect changes in trends and historical data as information becomes available. The Group may seek recourse against its contractors or any related third parties if it can be demonstrated they are at fault. In addition, the Group withholds

up to 5% of the contract cost from sub-contractors for periods of two to five years. These amounts are included in current liabilities, and are only paid to the extent that there has been no warranty claim against the Group relating to the work performed or materials supplied by the subcontractors. For the periods presented, the Group had not recognized any warranty liability nor incurred any warranty costs in excess of the amount retained from subcontractors.

(ab) Earnings per share

Earnings per share are calculated in accordance with ASC 260, Earnings per Share. Basic earnings per share is computed by dividing net income attributable to holders of common shares by the weighted average number of common shares outstanding during the period. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Common share equivalents consist of common shares issuable upon the exercise of the share options and vesting of restricted shares units using treasury stock method. Common equivalents shares are excluded from the computation of diluted earnings per share if their effects would be anti-dilutive. The non-vested options granted with performance conditions are excluded in the computation of diluted EPS unless the options are dilutive and unless their conditions (a) have been satisfied at the reporting date or (b) would have been satisfied if the reporting date was the end of the contingency period.

(ac) Treasury Shares

The Company accounted for shares repurchased as treasury shares at cost in accordance to ASC Subtopic 505-30, Treasury Shares. When the Company decides to retire the treasury shares, the difference between the original issuance price and the repurchase price may be allocated between additional paid-in capital and retained earnings.

On July 12, 2013, the Board of Directors unanimously authorized management to repurchase up to US$60 million of the Company’s shares from the approval date to July 5, 2015. On December 28, 2015, the Board of Directors unanimously authorized management to repurchase up to US$40 million of the Company’s shares from the approval date to the end of 2017. The Board of Directors reviews the Company’s share repurchase program periodically and to adjust the amount authorized for repurchase as necessary. On March 21, 2017, the Board of Directors unanimously authorized management to repurchase up to US$40 million of the Company’s shares from the approval date to the end of 2019. On August 14, 2018, the Board of Directors unanimously authorized management to repurchase up to US$50 million of the Company’s shares from the approval date to the end of 2019. On May 20, 2019, the Board of Directors unanimously authorized management to repurchase up to US$50 million of the Company’s shares from the approval date to the end of 2021. As of December 31, 2020, the Company had a balance of 54,977,586 (2019: 52,850,536) treasury shares amounting to US$116,061,577 (2019: US$113,719,964).

(ad) Senior Secured Notes

On August 30, 2016, the Company issued notes with an aggregate principal amount of US$300,000,000 due on August 30, 2019 (the “August 2019 Senior Secured Notes”) at a coupon rate of 8.125% per annum payable semi-annually. Interest is payable on February 28 and August 30 of each year, commencing February 28, 2017. Given that the August 2019 Senior Secured Notes is debt in its legal form and is not a derivative in its entirety, it has been classified as other long-term debt. The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the August 2019 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the August 2019 Senior Secured Notes. The August 2019 Senior Secured Notes were issued at par.

On February 28, 2017, the Company issued notes with an aggregate principal amount of US$300,000,000 due on February 28, 2021 (the “February 2021 Senior Secured Notes”) at a coupon rate of 7.75% per annum payable semi-annually. Interest is payable on February 28 and August 28 of each year, commencing August 28, 2017. Given that the February 2021 Senior Secured Notes is debt in its legal form and is not a derivative in its entirety, it has been classified as other long-term debt. The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the February 2021 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the February 2021 Senior Secured Notes. The February 2021 Senior Secured Notes were issued at a discount.

On November 22, 2017 and December 1, 2017, the Company issued notes with an aggregate principal amount of US$200,000,000 and US$100,000,000 due on November 22, 2020 (the “November 2020 Senior Secured Notes”) at a coupon rate of 8.875% per annum payable semi-annually. Interest will be payable on November 22 and May 22 of each year, commencing May 22, 2018. Given that the November 2020 Senior Secured Notes is debt in its legal form and is not a derivative in its entirety, it has been classified as other long-term debt. The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the November 2020 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the November 2020 Senior Secured Notes. The November 2020 Senior Secured Notes were issued at a discount.

On March 19, 2018, the Company issued notes with an aggregate principal amount of US$200,000,000 due on March 19, 2020 (the “March 2020 Senior Secured Notes”) at a coupon rate of 9.875% per annum payable semi-annually. Interest is payable on March 19 and September 19 of each year, commencing September 19, 2018. Given that the March 2020 Senior Secured Notes is debt in its legal form and is not a derivative in its entirety, it has been classified as other long-term debt. The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the March 2020 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the March 2020 Senior Secured Notes. The March 2020 Senior Secured Notes were issued at a discount.

On April 15, 2019 and April 26, 2019, the Company issued notes with an aggregate principal amount of US$200,000,000 and US$100,000,000 due on October 15, 2021 (the “October 2021 Senior Secured Notes”) at a coupon rate of 14.20% per annum payable semi-annually. Interest is payable on April 15 and October 15 of each year, commencing October 15, 2019. Given that the October 2021 Senior Secured Notes is debt in its legal form and is not a derivative in its entirety, it has been classified as other long-term debt. The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the October 2021 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the October 2021 Senior Secured Notes. The October 2021 Senior Secured Notes were issued at a premium.

On June 29, 2020, the Company issued notes with an aggregate principal amount of RMB514.5 million (US$75 million) due on June 29, 2022 (the “June 2022 Senior Secured Notes”) at a coupon rate of 12.00% per annum payable semi-annually. Interest is payable on December 29 and June 29 of each year, commencing December 29, 2020. Given that the June 2022 Senior Secured Notes is debt in its legal form and is not a derivative in its entirety, it has been classified as other long-term debt. The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the June 2022 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the June 2022 Senior Secured Notes. The June 2022 Senior Secured Notes were issued at par.

On September 17, 2020, the Company issued notes with an aggregate principal amount of US$300 million due on September 17, 2023 (the “September 2023 Senior Secured Notes”) at a coupon rate of 14.50% per annum payable semi-annually. Interest is payable on March 17 and September 17 of each year, commencing March 17, 2020. Given that the September 2023 Senior Secured Notes is debt in its legal form and is not a derivative in its entirety, it has been classified as other long-term debt. The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the September 2023 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the September 2023 Senior Secured Notes. The September 2023 Senior Secured Notes were issued at par.

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.

(ae) Short-term investments

All highly liquid investments with original maturities of greater than three months, but less than 12 months, are classified as short-term investments. Investments that are expected to be realized in cash during the next 12 months are also included in short-term investments.

Equity investments that have readily determinable fair values are measured at fair value with changes recognized in gain(loss) on short-term investments in the consolidated statements of comprehensive income. Equity investments without readily determinable fair values and for which we do not have the ability to exercise significant influence are accounted for at cost with adjustments for observable changes in prices or impairments.

(af) Assets acquisition and business combinations

Pursuant to ASC 805, Business Combinations (“ASC 805”), the Company determines whether a transaction or other event is a business combination by applying the definition below, which requires that the assets acquired and liabilities assumed constitute a business. The guidance requires an entity to first evaluate whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If that threshold is met, the set of assets and activities is not a business. If it is not met, the entity evaluates whether the set meets the definition of a business. ASC 805 defines a business as consisting of inputs and processes applied to those inputs that have the ability to contribute to the creation of outputs. Inputs are defined as economic resources, while processes are defined as protocols, systems or standards. Inputs and processes create, or have the ability to contribute to the creation of, outputs. Outputs are often present in businesses but are not required to meet the definition of a business. To be considered a business under ASC 805, the acquisition of net assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. If the assets acquired are not a business, the reporting entity shall account for the transaction or other event as an assets acquisition.

The Company accounted for its acquisitions of Suzhou Yefang, Wuhan Yinghexin and Qingdao Keda as asset acquisitions either because the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets or the acquired entities had no processes in place to apply to inputs to have the ability to create outputs.

The excess of the fair value of purchase consideration over the fair values of identifiable assets acquired and liabilities assumed is recorded as goodwill. The Group reviews goodwill for impairment at least annually or more frequently if events or changes in circumstances would more likely than not reduce the fair value of our single reporting unit below its carrying value. An impairment loss on goodwill of $6,400,262 was recorded in 2020.

(ag) Non-controlling interests

A non-controlling interest is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Group. Consolidated net income on the consolidated statements of comprehensive income includes the net loss/(income) attributable to non-controlling interests. The cumulative results of operations attributable to non-controlling interests are recorded as non-controlling interests in the Group’s consolidated balance sheets. Losses attributable to the Group and the non-controlling interest in a subsidiary may exceed their interests in the subsidiary’s equity. The excess, and any further losses attributable to the Group and the non-controlling interest, shall continue to be attributed to those interests.

(ah) Effect of change in estimate

Revisions in estimated gross profit margins related to estimated costs and revenues are made in the period in which circumstances requiring the revisions become known. During the year ended December 31, 2020, real estate development projects (Zhengzhou International New City I, Changsha Mulian Royal Palace, Xuzhou Colorful City, Tianjin Spring Royal Palace I, Xingyang Splendid III and Henan Xin Central I), which recognized gross profit in 2019, had changes in their estimated gross profit margins. As these projects moved closer to completion during 2019, the Company adjusted its prior estimates related to selling prices and development costs. As a result of the changes in estimate above, gross profit, net income and basic and diluted earnings per share decreased by US$94.5 million (2018: increased US$34.5 million, 2019: decreased US$59.1 million), US$70.9 million (2018: increased US$25.9 million , 2019: decreased US$44.3 million), US$0.66 per share (2018: increased US$0.20 per share , 2019: decreased US$0.39 per share), and US$0.66 per share (2018: increased US$0.20 per share , 2019: decreased US$0.39 per share), respectively, for the year ended December 31, 2020.

(ai) Share-based compensation

The Group has adopted ASC 718, Compensation-Stock Compensation, which requires that share-based payment transactions with employees, such as restricted shares or stock options, be measured based on the grant-date fair value of the equity instrument issued, and the Company has elected to recognize compensation expense using the straight-line method for all restricted shares and stock options granted with service conditions that have a graded vesting schedule. In addition, the Company recognizes share-based compensation expense net of an estimated forfeiture rate and therefore, only recognizes compensation cost for those shares expected to vest over the service period of the award. The estimation of the forfeiture rate is primarily based on historical experience of employee turnover. To the extent the Company revises this estimate in the future, the share-based payments could be materially impacted in the year of revision, as well as in the following years.

The Company also has a policy of using authorized shares in the existing pool to satisfy any future exercise of share options and shares repurchased held by a third party trustee to satisfy the RSUs granted under the Company’s 2014 Restricted Stock Unit plan.

For options granted with performance conditions, share-based compensation expense is recognized based on the probable outcome of the performance condition using the accelerated method over the requisite service period. A performance condition is not taken into consideration in determining fair value of the non-vested shares granted. The fair value of liabilities incurred in share-based payment transactions with employees are remeasured at the end of each reporting period through settlement. Changes in the fair value of a liability incurred under a share-based payment arrangement that occur during the requisite service period are recognized as compensation costs over that period.

(aj) Segment Reporting

In accordance with ASC 280, Segment Reporting, segment reporting is determined based on how the Group’s chief operating decision maker reviews operating results to make decisions about allocating resources and assessing performance for the Group. According to the management approach, the Group operates in geographical segments. Therefore, each of its individual property developments is a discrete operating segment. The Group has aggregated its segments on a geographical basis as property development projects undertaken within a region have similar expected economic characteristics, type of properties offering, customers and market and regulatory environment (Note 21).

(ak) Comparative information

Certain of the prior year comparative figures have been reclassified to conform to the current year’s presentation.

(al) Recent Accounting Pronouncements

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (“ASU 2016-13”). Subsequently, the FASB issued ASU 2019-05, Financial Instruments- Credit Losses (Topic 326): Targeted Transition Relief and ASU 2019-11 Codification Improvements to Topic 326, Financial Instruments- Credit Losses (collectively, the “Credit Loss ASUs”). The Credit Loss

ASUs change the methodology to be used to measure credit losses for certain financial instruments and financial assets, including trade receivables. The new methodology requires the recognition of an allowance that reflects the current estimate of credit losses expected to be incurred over the life of the financial asset. This new standard also requires that credit losses related to available-for-sale debt securities be recorded as an allowance through net income rather than reducing the carrying amount under the current, other-than-temporary-impairment model. The Company adopted the standard on January 1, 2020. Based on the composition of the Company's trade receivables and investment portfolio, the adoption of this standard did not have a material impact on the Company’s financial position or results of operations upon adoption. The Company has updated its accounting policy for trade accounts receivable and is providing additional disclosure about its allowance for credit losses, as required by the standard, upon adoption.

In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which simplifies the accounting for goodwill impairment by eliminating Step two from the goodwill impairment test. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, versus determining an implied fair value in Step two to measure the impairment loss. The guidance is effective for annual and interim impairment tests performed in periods beginning after December 15, 2019. Early adoption is permitted for all entities for annual and interim goodwill impairment testing dates on or after January 1, 2017. The guidance should be applied on a prospective basis. The standard was adopted in 2019.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework- Changes to the Disclosure Requirements for Fair Value Measurement. The update eliminates, modifies, and adds certain disclosure requirements for fair value measurements. This update is effective in fiscal years, including interim periods, beginning after December 15, 2019, and early adoption is permitted. The added disclosure requirements and the modified disclosure on the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented. All other changes to disclosure requirements in this update should be applied retrospectively to all periods presented upon their effective date. The standard was adopted in 2019.

In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This update requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to defer and recognize as an asset. This update is effective in fiscal years, including interim periods, beginning after December 15, 2019, and early adoption is permitted. This guidance should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The standard was adopted in 2019.

In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. This update clarifies that certain transactions between participants in a collaborative arrangement should be accounted for under ASC 606 when the counterparty is a customer and precludes an entity from presenting consideration from a transaction in a collaborative arrangement as revenue from contracts with customers if the counterparty is not a customer for that transaction. The update is effective in fiscal years beginning after December 15, 2019, and interim periods therein, and early adoption is permitted for entities that have adopted ASC 606. This guidance should be applied retrospectively to the date of initial application of Topic 606. The standard was adopted in 2019.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This update simplifies the accounting for income taxes as part of the FASB's overall initiative to reduce complexity in accounting standards. The amendments include removal of certain exceptions to the general principles of ASC 740, Income taxes, and simplification in several other areas such as accounting for a franchise tax (or similar tax) that is partially based on income. The update is effective in fiscal years beginning after December 15, 2020, and interim periods therein, and early adoption is permitted. Certain amendments in this update should be applied retrospectively or modified retrospectively, all other amendments should be applied prospectively. The Group is currently evaluating the impact on its financial statements of adopting this guidance.

Short-term investments

12 Months Ended

Dec. 31, 2020

Short-term investments

Short-term investments

3. Short-term investments

The short-term investments represent investments in REITs, which are publicly traded on the Hong Kong Stock Exchange, marketable equity securities, and investment in private equity fund, which are expected to be realized in cash during the next 12 months.

The following summarizes the short-term investments measured at fair value at December 31, 2019 and 2020:


	December 31, 2019
	US$
	Fair		Unrealized
	value	Cost	loss in profit and loss
Level 1
Equity securities with readily determinable fair value	2,076,443	3,700,257	(1,623,814)
Level 3
Equity securities without readily determinable fair value	3,519,182	3,519,182	—
Total	5,595,625	7,219,439	(1,623,814)


	December 31, 2020
	US$
	Fair		Unrealized
	value	Cost	gain in profit and loss
Level 1
Equity securities with readily determinable fair value	6,108,322	2,049,344	4,058,978
Level 3
Equity securities without readily determinable fair value	2,807	29,884	(27,077)
Total	6,111,129	2,079,228	4,031,901

During the year ended December 31, 2020, the company disposed US$3,519,182 equity securities without readily determinable fair value measured under fair value alternative method using significant unobservable inputs (Level 3).

During the year ended December 31, 2020, US$1,021,043 (2019: US$3,075,014 realized gain) net realized gain and US$4,031,901 (2019: US$1,623,814 unrealized loss) unrealized gain are included in earnings.

Other receivables

12 Months Ended

Dec. 31, 2020

Other receivables

Other receivables

4. Other receivables

As of December 31, 2020, other receivables consisted of the followings:


	December 31,	December 31,
	2019	2020
	US$	US$
Henan Derun Real Estate Co. Ltd (“Henan Derun”)	124,436,299	139,364,804
Zhengzhou Jiahe Real Estate Co. Ltd (“Zhengzhou Jiahe”)	67,429,462	101,361,020
Zhengzhou Yongzhi Jianxin Meiyu Private Equity Fund (“Zhengzhou Yongzhi”)	—	24,521,449
Zhangjiakou Xingyuan City Construction Development Co., Ltd	19,696,568	—
Huzhou Xinhong Jingcheng Construction and Development Co., Ltd	16,369,944	—
Due from contractors	24,444,823	16,322,092
Others	34,923,080	54,271,287

Other receivables	287,300,176	335,840,652

In December 2019, the Group agreed to provide Henan Derun financing using the prepayment and charge an interest of 18% per annum commencing from the date of prepayment made to Henan Derun. In March 2020, the Group entered into an agreement with Henan Derun pursuant to which the above receivables shall be settled by Henan Derun’s transfer of certain parcels of land properties to a project company 80% owned by the Group and the Group will assume the bank loans of Henan Derun aggregating to US$77.1 million

which were pledged by such land properties. The Group evaluated the potential impairment and concluded that no impairment allowance is required because the estimated future undiscounted cash flow of the relevant land properties attributed to the Group exceeded the total amount of the above receivables and bank loans assumed by the Group. As of December 31, 2020, the prepayment is recorded as other receivable aggregating to US$139.4 million (December 31, 2019: US$124.4 million).

Receivable from Zhengzhou Jiahe of US$67.4 million bears an interest from 15% to 18% per annum with a due date of December 31, 2019. In May 2020, the Group entered into an agreement with Zhengzhou Jiahe pursuant to which the above receivables shall be settled by Zhengzhou Jiahe’s transfer of certain parcels of land properties to a project company 80% owned by the Group. The transfer was completed in July 2021. As of December 31, 2020, the prepayment is recorded as other receivable aggregating to US$101.4 million (December 31, 2019: US$67.4 million).

In July 2020, the Company transferred Zhengzhou Modern City Shopping Mall originally held by the Company to a new subsidiary (“the project company”). The shopping mall was accounted for property held for lease. In September 2020, the Company entered into a share purchase agreement with Zhengzhou Yongzhi to transfer its 98% equity interest in the project company for a consideration of US$122,607,243. As of December 31, 2020, Zhengzhou Yongzhi has paid US$98,085,794 to the Company and the change of business registration of the project company has been completed. According to the agreement, the remaining consideration of US$24,521,449 should be paid before September 27, 2021. The balance is now overdue. The directors of the Company are of the view that no credit loss is required for the balance because the underground property right has not been transferred to the new project company, and the fair value of the underground property as appraised by an external valuer exceeded the outstanding receivables.

Real estate properties development completed and under development

12 Months Ended

Dec. 31, 2020

Real estate properties development completed and under development

Real estate properties development completed and under development

5. Real estate properties development completed and under development

The following summarizes the components of real estate properties development completed and under development at December 31, 2019 and 2020:


	December 31,	December 31,
	2019	2020
	US$	US$
Real estate properties development completed	458,204,518	439,204,753
Real estate properties under development	3,254,387,749	3,010,624,339
Total real estate properties development completed and under development	3,712,592,267	3,449,829,092

As of December 31, 2020, land use rights included in the real estate properties under development totaled US$1,171,226,276 (December 31, 2019: US$2,179,888,833).

As of December 31, 2020, land use rights with an aggregate net book value of US$418,658,396 (December 31, 2019: US$798,910,332) was pledged as collateral for certain bank loans and other debts.

Real estate properties held for lease, net

12 Months Ended

Dec. 31, 2020

Real estate properties held for lease, net

Real estate properties held for lease, net

6. Real estate properties held for lease, net

The Group leases its owned buildings to various third parties including elementary schools, basement parking, kindergartens, parking facilities, clubhouses as well as shopping mall. These leases are non-cancelable operating leases with remaining lease periods that vary from 25 days to 20 years. The leases may include minimum base rents with escalated contingent rent clauses.


	December 31,	December 31,
	2019	2020
	US$	US$
Elementary schools	3,057,371	3,268,838
Basement parking	14,694,085	9,081,394
Kindergartens	10,049,512	11,098,383
Parking facilities	100,036,672	99,897,514
Clubhouses	8,574,329	8,217,800
Shopping mall	290,610,416	277,532,448
Residential properties	124,280,030	121,855,248
Others	2,924,658	—
Total costs	554,227,073	530,951,625
Accumulated depreciation	(38,358,165)	(47,843,418)
Real estate properties held for lease, net	515,868,908	483,108,207

The Group has shopping mall equipment with gross amounts of US$7,149,114 and US$7,643,588 acquired under finance lease as of December 31, 2019 and 2020, respectively.

Depreciation expense for real estate properties held for lease for the year ended December 31, 2020 amounted to US$6,980,064 (2018: US$7,963,627; 2019: US$8,625,765).

As of December 31, 2020, US$180,481,463 of real estate properties held for lease were pledged as collateral for certain bank loans and other debts (2019: US$206,516,986).

As of December 31, 2020, 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$
2021		16,115,426
2022		14,280,321
2023		13,368,863
2024		13,726,296
2025 and thereafter		119,415,537
Total		176,906,443

Property and equipment, net

12 Months Ended

Dec. 31, 2020

Property and equipment, net

Property and equipment, net

7. Property and equipment, net

Property and equipment consisted of the following:


	December 31,	December 31,
	2019	2020
	US$	US$
Finance lease right-of-use asset -Corporate aircraft	36,887,168	39,438,499
Vehicles	5,069,515	5,825,039
Furniture and fixtures	10,523,537	10,895,581
Office buildings	21,842,187	23,726,382
Total	74,322,407	79,885,501
Accumulated depreciation	(31,318,028)	(37,125,590)
Property and equipment, net	43,004,379	42,759,911

On October 23, 2012, the Group acquired a corporate aircraft under a finance lease. The lease has an eight-year term and expires on September 15, 2021 with 32 quarterly lease payments of US$1,426,000. A deposit in the amount of US$6.7 million may be used as full and final payment to Minsheng to purchase the corporate aircraft. On June 15, 2020, the Group terminated the previous agreement and signed a new finance lease agreement with Minsheng. The lease has a three-year term and expires on July 14, 2023 with 12 quarterly lease payment of US$1,105,274.

Depreciation expense for property and equipment for the year ended December 31, 2020 amounted to US$4,696,140 (2018: US$4,908,299; 2019: US$5,904,454) which includes amortization expense related to the corporate aircraft capital lease amounting to US$ 2,486,630 (2018: US$2,582,340; 2019: US$2,336,187).

Accumulated depreciation expense for property and equipment as of December 31, 2020 amounted to US$37,125,590 (2018: US$28,063,724; 2019: US$31,318,028) which includes accumulated amortization expense related to the corporate aircraft capital lease amounting to US$16,579,927 (2018: US$13,238,949; 2019: US$14,601,171).

Long-term investment

12 Months Ended

Dec. 31, 2020

Long-term investment

Long-term investment

8. Long-term investment

As of December 31, 2019 and 2020, the long-term investment consisted of the following:


				December 31,
	Initial Cost	Ownership		2019
	US$			US$
Nonmarketable equity securities
Zhengzhou Lianhe Real Estate Co., Ltd.	241,648	1.85	%	286,689
Zhengzhou Taike Real Estate Co., Ltd.	738,073	3.75	%	716,723
Equity method investees
Qingdao Huiju Zhihui City Industrial Development Co., Ltd.	523,459,957	49	%	488,227,667
Wuhu Penghong Investment Center (Limited Partnership)	30,608,185	n/a		18,333,122
Madison Developments Limited.	19,095,969	50	%	16,294,996
Suzhou Rongjingchen Real Estate Co., Ltd	42,041,464	24	%	41,452,466
Others	69,160,051	n/a		48,308,262
Total				613,619,925


				December 31,
	Initial Cost	Ownership		2020
	US$			US$
Nonmarketable equity securities
Zhengzhou Lianhe Real Estate Co., Ltd.	241,648	1.85	%	306,518
Zhengzhou Taike Real Estate Co., Ltd.	738,073	3.75	%	766,295
Equity method investees
Qingdao Huiju Zhihui City Industrial Development Co., Ltd.	523,459,957	49	%	532,385,009
Jiazhaoye Health Industry (Sanya) Investment Co., Ltd	225,290,809	49	%	225,290,809
Wuhu Penghong Investment Center (Limited Partnership)	30,608,185	n/a		18,337,862
Madison Developments Limited.	19,095,969	50	%	15,766,779
Suzhou Rongjingchen Real Estate Co., Ltd	42,041,464	24	%	21,266,345
Others	69,160,051	n/a		60,157,239
Total				874,276,856

Equity method investees

On April 19, 2017, the Company signed an agreement to acquire up to 70% equity interest of Qingdao Huiju Zhihui City Industrial Development Co., Ltd. (“Qingdao Huiju”), which is developing a real estate project in Qingdao city from Beijing Huiju Technology Industry Development Co., Ltd. (“Beijing Huiju”), a non-affiliated company for a consideration of US$505.2 million. As of December 31, 2020, US$505.2 million had been paid and a 49% equity interest has been transferred to the Company. Based on the articles of association, the Company cannot exercise control of Qingdao Huiju until it acquires the entire 70% equity interest, but has the ability to exercise significant influence over Qingdao Huiju’s operating and financial decisions and accounted for it as an equity method investment.

The Group initiated various legal actions against Beijing Huiju for, inter alia, (i) the transfer of the remaining 21% equity interest in Qingdao Huiju to the Group and appointment of directors into the board of Qingdao Huiju, (ii) refund of unauthorized transfer of cash of US$98.7 million from Qingdao Huiju to Beijing Huiju, and (iii) return of business license and official seals of Qingdao Huiju to Qingdao Huiju. In March 2019, PRC local court held that Beijing Huiju shall refund the unauthorized cash transferred to Beijing Huiju to Qingdao Huiju and has frozen the cash of US$98.7 million in Beijing Huiju’s bank account. In January 2020, local PRC court held that Beijing Huiju shall return the business license and official seals of Qingdao Huiju to Qingdao Huiju. On June 15, 2021, the PRC local court issued a final verdict that Beijing Huiju shall refund the unauthorized cash of US98.7 million.

On September 4, 2017, the Company with two non-affiliated companies, established a limited partnership, Wuhu Penghong Investment Center (Limited Partnership) (“Wuhu Penghong”), in which the Company and the other two partners each invested US$30.6 million, US$91.8 million and US$3.1 million in cash, respectively, to invest in a real estate project. The other two partners hold substantive participating rights whereas the Company only exercises significant influence, and therefore, accounted for its investment in Wuhu Penghong under the equity method.

On March 21, 2018, the Company acquired 50% equity interest in Madison Developments Limited (“MDL”), which is developing a real estate project in London, England from ED Jersey Limited, a non-affiliated company for a consideration of US$19.1 million. Based on the articles of association, the Company cannot exercise control of MDL, but has the ability to exercise significant influence over MDL’s operating and financial decisions and accounts for it as an equity method investment.

In July 2019, the Company acquired 24% equity interest in Suzhou Rongjingchen Real Estate Co., Ltd. (“Suzhou Rongjingchen”), which is developing a real estate project in Suzhou city from Suzhou Kaijingsheng Real Estate Co., Ltd., a non-affiliated company, for a consideration of US$42.0 million. Based on the articles of association, the Company cannot exercise control of Suzhou Rongjingchen, but has the ability to exercise significant influence over Suzhou Rongjingchen's operating and financial decisions and accounted for it as an equity method investment.

As of December 31, 2020, 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, 2019: nil). This difference, if any, represents equity method goodwill and therefore, is not amortized. For the year ended December 31, 2020, the Group recognized its share of income from its equity method investments of US$17,028,301 (2018: loss of US$9,374,451; 2019: loss of US$5,416,471). As of December 31, 2019 and 2020, there was no material impairment related to these investments.

In December 2020, the Company signed a cooperative development framework agreement with subsidiaries of Kaisa Group to invest in two project companies, Henan Yanchuang Management and Consulting Co., Ltd (“Henan Yanchuang”) and Jiazhaoye Health Industry (Sanya) Investment Co., Ltd (“Jiazhaoye Health”), aiming to jointly develop real estate projects in the PRC. According to the agreement, Kaisa Group holds 49% equity interest in Henan Yanchuang while the Company will hold 49% equity interest in Jiazhaoye Health with the same consideration of US$225,290,809. Based on the articles of association, the Company cannot exercise control of Jiazhaoye Health, but has the ability to exercise significant influence over Jiazhaoye's operating and financial decisions and accounts for it as an equity method investment.

Summarized combined financial information of the equity method investees is as follows:


		December 31,
		2020
		US$
		(in thousands)
Current assets		1,033,115
Non-current assets		474,450
Current liabilities		695,446
Non-current liabilities		414,178
Non-controlling interest		(2,735)
Gross revenue		345,886
Gross profit		86,073
Income from continuing operations		65,222
Net gain		44,497
Net gain attributable to the Company		17,028

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

12 Months Ended

Dec. 31, 2020

Acquisition of subsidiaries

Acquisition of subsidiaries

9. Acquisition of subsidiaries

2018 Acquisition Activity

On September 6, 2018, the Group’s equity method investee, Wuhu Penghua Tenth Investment Center (Limited Partnership) (“Wuhu Penghua”), repurchased all partnership interests from all its partners except the Group for a consideration of US$146.6 million. As a result, the Company was the sole partner remaining. Therefore, Wuhu Penghua and its subsidiaries Chengdu Renju and Chengdu Guohongteng Real Estate Co., Ltd. (collectively, the “Wuhu Group”) became wholly-owned by the Company.

This acquisition was consistent with the Group’s strategy to develop residential real estate markets in fast growth cities in China, and was accounted for under the acquisition method of accounting with acquired assets and assumed liabilities recorded at their acquisition date fair values. A gain of US$4,384,563 for the year ended December 31, 2018 was recognized as a result of the re-measurement of previously held equity interest in the Wuhu Group based on the acquisition-date fair value and is presented as a component of other income. The goodwill recognized at the acquisition date amounting to US$534,697 is primarily as a result of the ASC 740 requirement to recognize a deferred tax liability, calculated as the difference between the tax effect of the fair value of the acquired real estate property under development and its corresponding tax base. None of the goodwill recognized is tax deductible.

The operational results of the Wuhu Group have been included in the Group’s consolidated financial statements since September 6, 2018 (“Acquisition Date”).

The purchase price allocation for the acquisition is primarily based on a valuation determined by the Group with the assistance of an independent third party valuation firm. The following table summarizes the fair values of the assets acquired and liabilities assumed on Acquisition Date.


		US$
Carrying amount of previously held equity interests		202,354,932
Remeasurement gain		4,384,563
Fair value of previously held equity interests(i)		206,739,495
Less: Goodwill		534,697
		206,204,798
Fair value of net identifiable assets acquired:
Cash and cash equivalents		11,761,992
Real estate properties under development		538,393,230
Current assets		7,471,403
Current liabilities		(57,705,079)
Deferred tax liabilities		(534,697)
Long-term bank loan		(293,182,051)
Net assets acquired		206,204,798

(i)The business combination was achieved without the transfer of consideration. The difference between the fair value of previously held equity interest and the fair value of net identifiable assets acquired was recognized as goodwill. As the Wuhu Group were private companies, the fair value of the Group’s previously held equity interest is estimated based on asset-based approach using significant unobservable inputs that market participants would consider, which mainly include estimated revenue and estimated cost for the construction project.

The amount of revenue and net income of the Wuhu Group included in the Group’s consolidated statement of comprehensive income for the period from the Acquisition Date to December 31, 2018 are US$30,248,316 and US$6,710,751, respectively.

The pro forma results of operations for the acquisition has not been presented because the revenue and earnings generated before the acquisition are immaterial.

2019 Acquisition Activity

In November 2019, the Group acquired Beijing Ruizhuo Xitou Development Co., Ltd. (“Xitou”), a related party, for a total consideration of US$16,486,299, which was satisfied by the extinguishment of a pre-existing receivable (Note 18). Xitou is primarily engaged in provision of online platform services for real estate project financing purposes.

In November 2019, the Group acquired Beijing Ruizhuo Xichuang Technology Development Co., Ltd. (“Xichuang”), a related party, for a total consideration of US$11,212,797, which was satisfied by the extinguishment of a pre-existing receivable (Note 18). Xichuang is primarily engaged in the provision of online platform services for sourcing, sale and purchase of real estate properties.

In November 2019, the Group acquired Beijing I-Journey Science and Technology Development Co,Ltd.("I-Journey"), a related party, for a total consideration of US$21,062,847, which was satisfied by the extinguishment of a pre-existing receivable (Note 18). I-journey is primarily engaged in the sale of household robots and provision of community cloud services.

The acquisitions of Xitou, Xichuang and I-journey were in line with the Group’s strategy to extend its business to provide real estate and property management related technology services. The above acquisitions were accounted for under the acquisition method of accounting with acquired assets and assumed liabilities recorded at their acquisition date fair values. The goodwill recognized upon the acquisitions amounting to US$6,624,594, US$5,159,916 and US$12,927,103 respectively is primarily as a result of the excess of the acquisition considerations over the respective fair value of net identifiable assets acquired. The goodwill recognized in other non-current assets is attributable primarily to expected synergies and the assembled workforce. The goodwill is not deductible for tax purposes.

The operational results of Xitou, Xichuang and I-journey have been included in the Group’s consolidated financial statements since November 30, 2019 (“Date of Acquisition”). The pro forma results of operations for the acquisitions have not been presented because the revenue and earnings generated before the acquisitions are immaterial.

The purchase price allocation for the acquisitions is primarily based on a valuation determined by the Group with the assistance of an independent third party valuation firm. The following table summarizes the fair values of the assets acquired and liabilities assumed on Date of Acquisition.


	Xinruifeng	Xinhujin	Xinzhihui
	subgroup	subgroup	subgroup	Total
	US$	US$	US$	US$
Cash and cash equivalents	472,974	276,511	77,526	827,011
Intangible assets (1)
Technology	9,446,403	5,877,125	6,249,820	21,573,348
Trade mark	—	—	2,623,205	2,623,205
Other current assets	262,373	164,373	691,872	1,118,618
Deferred tax assets	1,057,527	1,170,995	658,831	2,887,353
Other non-current assets	29,935	14,176	43,115	87,226
Goodwill	6,624,594	5,159,916	12,927,103	24,711,613
Current liabilities	(269,349)	(241,318)	(1,499,623)	(2,010,290)
Deferred tax liabilities	(1,057,527)	(1,170,995)	(658,831)	(2,887,353)
Non-controlling interest	(80,631)	(37,986)	(50,171)	(168,788)
Total Consideration	16,486,299	11,212,797	21,062,847	48,761,943

(1)	Intangible assets acquired in 2019 have estimated useful lives between six and ten years.

(2)	Xinruifeng, Xinhujin and Xinzhihui are parents of Xitou, Xichuang and I-journey, respectively.

There were no significant acquisitions of subsidiaries for the year ended December 31, 2020.

Short-term bank loans and other debt

12 Months Ended

Dec. 31, 2020

Short-term bank loans and other debt

Short-term bank loans and other debt

10. Short-term bank loans and other debt

Short-term bank loans and other debt represent amounts due to various banks and financial institutions that are due on the dates indicated below. Short-term bank loans and other debt at December 31, 2019 and 2020 consisted of the following:


	December 31,	December 31,
	2019	2020
	US$	US$
Loan from The Bank of East Asia
Due January 2, 2020, at 1.10% plus 1 month LIBOR	19,900,000	—

Loan from Zhongyuan Aviation Finance Leasing Co.,Ltd.
Due December 20 2020, at 10.00% per annum	11,467,562	—

Loan from Hua Xia Bank Co., Ltd.
Due May 30, 2020, at 6.5250% per annum	8,600,671	—
Due December 28, 2021, at 8.00% per annum	—	9,195,543

Loan from Shandong Rongyue Finance Leasing Co., Ltd.
Due December 24, 2020, at 5.00% per annum	4,300,335	—

Loan from Zhongyuan Commercial Factoring Co., Ltd.
Due January 30, 2020, at 10.00% per annum	28,668,902	—

Loan from Tianjin financial exchange center Co., Ltd. at 9.00% per annum	189,215	—
Loan from Tianjin financial exchange center Co., Ltd. at 8.50% per annum	51,604	—
Loan from Tianjin financial exchange center Co., Ltd. at 8.00% per annum	240,819	2,896,595

Loan from Shenzhen Zhong’an Finance Leasing Co.,Ltd.
Due December 26, 2021, at 5.89% per annum	—	1,532,592

Total short-term bank loans and other debt	73,419,108	13,624,730

As of December 31, 2020, except when otherwise indicated, the Group’s short-term bank loans and other debt were all denominated in RMB and were mainly secured by the Group’s real estate properties held for lease with net book value of nil (December 31, 2019: US$14,899,171), the real estate properties development completed with net book value of US$4,257,537 (December 31, 2019: US$10,168,195), and restricted cash of nil (December 31, 2019: US$20,691,781).

The weighted average interest rate on short-term bank loans and other debt as of December 31, 2020 was 7.76% (December 31, 2019: 8.33%).

Long-term bank loans

12 Months Ended

Dec. 31, 2020

Long-term bank loans

Long-term bank loans

11. Long-term bank loans

Long-term bank loans as of December 31, 2019 and 2020 analyzed by final installment maturity dates consisted of the following:


	December 31,	December 31,
	2019	2020
	US$	US$
Loan from ICBC
Due December 26, 2021, at 6.175% per annum	66,890,284	25,539,089
Due December 22, 2021, at 6.175% per annum	33,448,009	12,772,610
Due December 30, 2021, at 6.60% per annum	30,770,333	11,748,839
Due December 22, 2021, at 9.80% per annum	33,448,009	12,772,610
Due July 23, 2022, at 4.75% per annum	14,334,451	5,823,844
	178,891,086	68,656,992
Loan from China Guangfa Bank
Due July 17, 2021, at 6.175% per annum	18,048,508	—

Loan from Bank of China
Due March 30, 2020, at 6.65% per annum	7,167,226	—
Due October 31, 2021 at 4.75% per annum	50,457,269	23,847,109
Due March 19, 2022 at 5.225% per annum	—	27,586,630
	57,624,495	51,433,739
Loan from Bank of Beijing
Due February 14, 2020 at 4.75% per annum	32,372,065	—

Loan from The Bank of East Asia
Due January 9, 2020, at 1.10% plus 1 month LIBOR	3,178,000	—
Due June 4, 2021, at 1.10% plus 1 month LIBOR	22,500,000	22,500,000
Due June 6, 2021, at 1.10% plus 1 month LIBOR	30,000,000	30,000,000
Due August 20, 2021, at 1.10% plus 1 month LIBOR	19,170,000	19,170,000
Due September 27, 2021, at 1.10% plus 1 month LIBOR	9,100,000	9,100,000
Due October 20, 2021, at 1.10% plus 1 month LIBOR	2,100,000	2,100,000
Due October 27, 2021, at 1.10% plus 1 month LIBOR	17,570,000	17,570,000
Due January 14, 2022, at 1.10% plus 1 month LIBOR	—	3,000,000
Due January 5, 2022, at 1.10% plus 1 month LIBOR	—	16,340,000
Due January 5, 2022, at 1.10% plus 1 month LIBOR	—	3,240,000
Due September 30, 2022, at 1.10% plus 1 month LIBOR	—	5,500,000
	103,618,000	128,520,000

Loan from Ping An Bank Co., Ltd.
Due April 22, 2021, at 6.8875% per annum	80,272,928	53,487,410
Due May 27, 2021, at 7.3625% per annum	9,890,771	4,597,772
Due March 18, 2022, at 6.5075% per annum	39,405,407	33,716,992
	129,569,106	91,802,174

Loan from China Construction Bank
Due August 1, 2021, at 4.35% per annum	44,723,488	47,816,825
Due August 1, 2021, at 4.75% per annum	11,180,872	11,187,911
Due August 1, 2021, at 4.75% per annum	17,201,343	—
	73,105,703	59,004,736
Loan from Bank of Minsheng
Due May 30, 2031, at 8.07% per annum	59,487,973	60,384,067
Due March 16, 2023 at 8.8825% per annum	286,402,339	208,125,795
	345,890,312	268,509,862
Loan from Bank of Hengfeng
Due September 20, 2021, at 8.0009% per annum	65,150,082	—

Loan from Zheshang Bank Co., Ltd
Due September 21, 2021, at 7.60% per annum	17,344,686	—

Loan from Bank of Communications Co., Ltd
Due March 18, 2022, at 7.600% per annum	37,104,728	18,716,226

Loan from Bank of Zhengzhou Co., Ltd
Due September 26, 2021, at 7.000075% per annum	64,505,031	61,916,658
Due August 30, 2023, at 6.50% per annum	—	114,944,290
	64,505,031	176,860,948
Loan from Bank of Huaxia Co., Ltd
Due December 27, 2021, at 5.08% per annum	11,610,908	—
Due May 28, 2023, at 5.08% per annum	—	18,391,086
	11,610,908	18,391,086
Loan from Xiamen International Bank Co., Ltd
Due February 20, 2023, at 10.00% per annum	—	9,195,543
Due April 30, 2023, at 6.80% per annum	—	4,904,290
	—	14,099,833

Loan from Bank of Guangzhou Co., Ltd
Due September 3, 2024, at 7.30% per annum	—	98,577,756

Loan from Luso International Banking Ltd
Due January 13, 2022, at 2.82% per annum	—	2,567,812
Due January 19, 2022, at 2.82% per annum	—	16,808,448
Due February 26, 2022, at 2.82% per annum	—	19,320,740
Due January 1, 2022, at 2.90% per annum	—	1,350,000
Due November 10, 2022, at 2.90% per annum	—	36,500,000
	—	76,547,000
Total	1,134,834,710	1,071,120,352
Less: current portion of long-term bank loans	(448,770,014)	(482,102,433)
Total long-term bank loans	686,064,696	589,017,919

As of December 31, 2020, the contractual maturities of these loans are as follows:


Year		Amount
		US$
2021		482,102,433
2022		244,614,175
2023		258,854,542
2024		42,330,150
2025 and thereafter		43,219,052
Less: current portion of long-term bank loans		(482,102,433)
Total: long-term bank loans		589,017,919

As of December 31, 2020, 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$178,303,075 (December 31, 2019: US$78,726,065), land use rights with net book value of US$301,626,788 (December 31, 2019: US$382,772,544), the Group’s real estate properties held for lease with net book value of US$145,121,736 (December 31, 2019: 144,272,409), the real estate properties development completed with net book value of US$392,880 (December 31, 2019: US$457,032), the property and equipment with net book value of US$9,765,150 (December 31, 2019: nil), and restricted cash of US$229,666,355 (December 31, 2019: US$116,152,060).

The interest rates of these bank loans are adjustable based on the range of 100% to 211% of the PBOC prime rate. The weighted average interest rate on long-term bank loans as of December 31, 2020 was 6.19% (December 31, 2019: 6.94%).

Other long-term debt

12 Months Ended

Dec. 31, 2020

Other long-term debt

Other long-term debt

12. Other long-term debt

As of December 31, 2019 and 2020, other long-term debt analyzed by final installment maturity dates consisted of the following:


	December 31,	December 31,
	2019	2020
	US$	US$
Senior notes
November 2020 Senior Secured notes due on November 22, 2020 at 8.875%	296,897,742	—
February 2021 Senior notes due on February 28, 2021 at 7.75%	261,941,119	224,952,688
March 2020 Senior Secured Notes due on March 12, 2020 at 9.875%	123,055,415	—
October 2021 Senior Secured Notes due on October 16, 2021 at 14.20%	295,968,740	253,678,567
June 2022 Senior notes due on June 29, 2022 at 14.00%	—	71,101,480
September 2023 Senior notes due on September 17, 2023 at 14.50%	—	296,902,963

Corporate bonds
Due December 28, 2020 at 8.20%	1,962,386	—
Due January 27, 2021 at 7.47%	8,213,641	—
Due March 14, 2021 at 7.09%	7,551,597	—
Due September 21, 2020 at 8.50%	21,947,434	—
Due April 1, 2024 at 8.40%	58,887,016	—
Due January 4, 2022 at 8.50%	650,673	—
Due November 13, 2025 at 8.35%	—	40,142,724

Loan from Ping An Trust Co., Ltd
Due May 22, 2020 at 10.3192%	43,003,354	—
Due November 23, 2020 at 11.20%	200,682,320	—
Due May 22, 2021 at 15.00%	42,989,020	—
Due May 29, 2021 at 11.50%	85,863,364	—
Due April 26, 2021 at 11.50%	24,248,158	—
Due May 31. 2022 at 12.80%	—	102,223,789

Kunlun Trust Co., Ltd
Due March 17, 2020 at 7.62%	21,501,677	—

Loan from Wanxiang Trust Co., Ltd
Due April 30, 2021 at 12.00%	28,668,903	30,651,811
Due January 4, 2020 at 12.00%	12,929,675	—
Due July 18, 2020 at 12.00%	21,501,677	—

Loan from China Huarong Asset Management Co., Ltd
Due November 27, 2020 at 11.50%	10,894,183	—
Due October 30, 2020 at 11.50%	28,095,525	—
Due November 8, 2021 at 12.00%	30,145,351	24,671,642
Due April 20, 2022 at 12.00%	—	41,379,945

Loan from China Resources Investment Trust Co., Ltd
Due November 9, 2020 at 9.405%	42,286,632	—

Loan from Chang An International Trust Co., Ltd
Due December 10, 2023 at 9.00%	172,013,417	274,180,447

Loan from Henan Zhongyuan Microfinance Co., Ltd
Due July 23, 2021 at 11.60%	6,880,537	6,130,362

Loan from Min Sheng Finance Lease Co., Ltd
Due July 15, 2023 at 5.85%	—	10,213,324

Loan from Zhongrong International Trust Co. Ltd.
Due May 13, 2022 at 13.00%	—	229,888,577

Loan from Daye Trust Co., Ltd
Due August 31, 2022 at 11.50%	—	91,955,432

Loan from Hubei Tian Qian Asset Management Co., Ltd
Due July 14, 2022 at 13.00%	—	50,575,488

Loan from Kent EB-5 LLC
Due January 23, 2020 at 5.95%	9,500,000	—
Due April 30, 2020 at 5.95%	5,000,000	—
Due June 25, 2020 at 5.95%	5,000,000	—
Due August 4, 2020 at 5.95%	5,000,000	—
Due August 20, 2020 at 5.95%	5,000,000	—
Due October 1, 2020 at 5.95%	10,000,000	—
Due November 23, 2020 at 5.95%	10,000,000	—
Due March 15, 2021 at 5.95%	9,500,000	—
Due September 12, 2021 at 5.95%	500,000	—
Due January 23, 2022 at 5.95%	—	53,000,000

Loan from Bank of Ozark
Due March 24, 2021 at 4.50% plus 1 month LIBOR	50,157,305	92,851,951

Loan from Bank Direct Capital Finance
Due November 1, 2020 at 5.5%	822,506	—

Loan from CMGT Lender 35 LLC
Due May 24, 2021 at 12.26%	18,660,737	—

Loan from 135-35 NORTHERN BLVD 1&2 LLC
Due May 1, 2021 at 8.5%	28,955,968	30,000,000

Total principal of other long-term debt	2,006,876,072	1,924,501,190
Less: current portion of other long-term debt	(970,185,445)	(911,485,562)
Total other long-term debt	1,036,690,627	1,013,015,628

The March 2020, November 2020, February 2021, October 2021, June 2022 and September 2023 Senior Secured Notes are senior secured pari passu obligations of the Company.

As of December 31, 2020, the contractual maturities of these debts are as follows:


Year		Amount
		US$
2021		911,485,562
2022		581,851,524
2023		391,021,380
2024		—
2025 and thereafter		40,142,724
Less: current portion of other long term debt		(911,485,562)
Total: Other long-term debt		1,013,015,628

As of December 31, 2020, except when otherwise indicated and the Senior Secured Notes, the Group’s other long-term debt was all denominated in RMB and mainly secured by the Group’s real estate properties under development with net book value of US$23,841,896 (December 31, 2019: US$1,445,969), land use rights with net book value of US$117,031,608 (December 31, 2019: US$416,137,788), real estate properties held for lease with net book value of US$35,359,727 (December 31, 2019: US$47,345,406), real estate properties development completed with net book value of US$44,949,795 (December 31, 2019: US$50,301,375), and property and equipment with net book value of US$20,266,967 (December 31, 2019: nil).

August 2019 Senior Secured Notes

On August 30, 2016, the Company issued an aggregate principal amount of US$300,000,000 of the August 2019 Senior Secured Notes. The August 2019 Senior Secured Notes bear interest at 8.125% per annum payable semi-annually. Interest will be payable on February 28 and August 30 of each year, commencing February 28, 2017.

The effective interest rate of August 2019 Senior Secured Notes is 9.06%.

The August 2019 Senior Secured Notes were issued pursuant to an indenture, dated August 30, 2016, between the Company, the “Subsidiary Guarantors” identified below and Citicorp International Limited, as trustee and collateral agent (the “August 2019 Indenture”). The Company’s obligations under the August 2019 Indenture and the August 2019 Senior Secured Notes have been guaranteed by certain of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Ltd., South Glory International Ltd., Elite Quest Holdings Ltd. and Xinyuan International (HK) Property Investment Co., Limited (the “Subsidiary Guarantors”) and will be guaranteed by such other future subsidiaries of the Company as is set forth in and in accordance with the terms of the August 2019 Indenture. The Company’s obligations under the August 2019 Indenture and the August 2019 Senior Secured Notes are secured by a pledge of the capital stock of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Limited, South Glory International Limited and Elite Quest Holdings Ltd.

At any time prior to August 30, 2019, the Company may at its option redeem the August 2019 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the August 2019 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. “Applicable Premium” means with respect to any August 2019 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such August 2019 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such August 2019 Senior Secured Note, plus all required remaining scheduled interest payments due on such August 2019 Senior Secured Note through the maturity date of the August 2019 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the August 2019 Indenture) plus 100 basis points, over (B) the principal amount of such August 2019 Senior Secured Note on such redemption date.

At any time prior to August 30, 2019, the Company may redeem up to 35% of the aggregate principal amount of the August 2019 Senior Secured Notes with the net cash proceeds of one or more sales of our common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 108.125% of the principal amount of the August 2019 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the August 2019 Senior Secured Notes issued on August 30, 2016 remain outstanding after each such redemption.

The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the August 2019 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the August 2019 Secured Senior Notes.

The August 2019 Indenture, contains certain covenants that, among others, restrict the Company’s ability and the ability of the Company’s Restricted Subsidiaries (as defined in the August 2019 Indenture) to incur additional debt or to issue preferred stock, to make certain payments or investments, to pay dividends or purchase or redeem capital stock, to sell assets (including limitations on the use of proceeds of asset sales), to grant liens on the collateral securing the August 2019 Senior Secured Notes or other assets, to make certain other payments or to engage in transactions with affiliates and holders of more than 10% of the Company’s Common Shares, subject to certain qualifications and exceptions and satisfaction, in certain circumstances of specified conditions, such as a Fixed Charge Coverage Ratio (as defined in the August 2019 Indenture) of 2.50 to 1.0.

From August 31, 2018 to December 31, 2018, the Company redeemed the August 2019 Senior Secured Notes for a total principal amount of US$11.9 million. The Company recognized gain on extinguishment of debt amounting to US$511,919, consisting of the gain from the difference between repurchase price and principal amount of the debt amounting to US$577,449 and the loss from unamortized deferred debt issuance costs amounting to US$65,530.

From January 1, 2019 to December 31, 2019, the Company redeemed the August 2019 Senior Secured Notes for a total principal amount of US$288.1 million. The Company recognized loss on extinguishment of debt amounting to US$1,111,583 in 2019, consisting of the loss from the difference between repurchase price and principal amount of the debt amounting to US$125,165 and the loss from unamortized deferred debt issuance costs amounting to US$986,418.

February 2021 Senior Secured Notes

On February 28, 2017, the Company issued an aggregate principal amount of US$300,000,000 of the February 2021 Senior Secured Notes. The February 2021 Senior Secured Notes bear interest at 7.75% per annum payable semi-annually. Interest will be payable on February 28 and August 28 of each year, commencing August 28, 2017. The February 2021 Senior Secured Notes have a four year term maturing on February 28, 2021.

The effective interest rate of February 2021 Senior Secured Notes is 8.68%.

The February 2021 Senior Secured Notes were issued pursuant to an indenture, dated February 28, 2017, between the Company, the “Subsidiary Guarantors” identified below and Citicorp International Limited, as trustee and collateral agent (the “February 2021 Indenture”). The Company’s obligations under the February 2021 Indenture and the February 2021 Senior Secured Notes have been guaranteed by certain of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Ltd., South Glory International Ltd., Elite Quest Holdings Ltd. and Xinyuan International (HK) Property Investment Co., Limited (the “Subsidiary Guarantors”) and will be guaranteed by such other future subsidiaries of the Company as is set forth in and in accordance with the terms of the February 2021 Indenture. The Company’s obligations under the February 2021 Indenture and the February 2021 Senior Secured Notes are secured by a pledge of the capital stock of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Limited, South Glory International Limited and Elite Quest Holdings Ltd.

At any time prior to February 28, 2021, the Company may at its option redeem the February 2021 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the February 2021 Senior Secured Notes plus

the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. “Applicable Premium” means with respect to any February 2021 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such February 2021 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such February 2021 Senior Secured Note, plus all required remaining scheduled interest payments due on such February 2021 Senior Secured Note through the maturity date of the February 2021 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the February 2021 Indenture) plus 100 basis points, over (B) the principal amount of such February 2021 Senior Secured Note on such redemption date.

At any time prior to February 28, 2021, the Company may redeem up to 35% of the aggregate principal amount of the February 2021 Senior Secured Notes with the net cash proceeds of one or more sales of our common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 107.75% of the principal amount of the February 2021 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the February 2021 Senior Secured Notes issued on February 28, 2017 remain outstanding after each such redemption.

The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the February 2021 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the February 2021 Secured Senior Notes.

The February 2021 Indenture, contains certain covenants that, among others, restrict the Company’s ability and the ability of the Company’s Restricted Subsidiaries (as defined in the February 2021 Indenture) to incur additional debt or to issue preferred stock, to make certain payments or investments, to pay dividends or purchase or redeem capital stock, to sell assets (including limitations on the use of proceeds of asset sales), to grant liens on the collateral securing the February 2021 Senior Secured Notes or other assets, to make certain other payments or to engage in transactions with affiliates and holders of more than 10% of the Company’s Common Shares, subject to certain qualifications and exceptions and satisfaction, in certain circumstances of specified conditions, such as a Fixed Charge Coverage Ratio (as defined in the February 2021 Indenture) of 2.0 to 1.0.

From August 31, 2018 to December 31, 2018, the Company redeemed the February 2021 Senior Secured Notes for a total principal amount of US$25.4 million. The Company recognized gain on extinguishment of debt amounting to US$2,642,710, consisting of the gain from the difference between repurchase price and principal amount of the debt amounting to US$3,043,135 and the loss from unamortized deferred debt issuance costs amounting to US$400,425.

From January 1, 2019 to December 31, 2019, the Company redeemed the February 2021 Senior Secured Notes for a total principal amount of US$10.6 million. The Company recognized gain on extinguishment of debt amounting to US$1,126,617, consisting of the gain from the difference between repurchase price and principal amount of the debt amounting to US$1,246,256 and the loss from unamortized deferred debt issuance costs amounting to US$119,639.

From January 1, 2020 to December 31, 2020, the Company redeemed the February 2021 Senior Secured Notes for a total principal amount of US$41 million. The Company recognized loss on extinguishment of debt amounting to US$588,507, consisting of the loss from the difference between repurchase price and principal amount of the debt amounting to US$348,581 and the loss from unamortized deferred debt issuance costs amounting to US$239,926.

November 2020 Senior Secured Notes

On November 22, 2017 and December 1, 2017, the Company issued an aggregate principal amount of US$200,000,000 and US$100,000,000 of the November 2020 Senior Secured Notes, respectively. The November 2020 Senior Secured Notes bear interest at 8.875% per annum payable semi-annually. Interest will be payable on May 22 and November 22 of each year, commencing May 22, 2018. The November 2020 Senior Secured Notes have a three year term maturing on November 22, 2020.

The effective interest rate of November 2020 Senior Secured Notes is 9.95%.

The November 2020 Senior Secured Notes were issued pursuant to an indenture, dated November 22, 2017, between the Company, the “Subsidiary Guarantors” identified below and Citicorp International Limited, as trustee and collateral agent (the “November 2020 Indenture”). The Company’s obligations under the November 2020 Indenture and the November 2020 Senior Secured Notes have been guaranteed by certain of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Ltd., South Glory International Ltd., Elite Quest Holdings Ltd. and Xinyuan International (HK) Property Investment Co., Limited (the “Subsidiary Guarantors”) and will be guaranteed by such other future subsidiaries of the Company as is set forth in and in accordance with the terms of the November 2020 Indenture. The Company’s obligations under the November 2020 Indenture and the November 2020 Senior Secured Notes are secured by a pledge of the capital stock of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Limited, South Glory International Limited and Elite Quest Holdings Ltd.

At any time prior to November 22, 2020, the Company may at its option redeem the November 2020 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the November 2020 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. “Applicable Premium” means with respect to any November 2020 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such November 2020 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such November 2020 Senior Secured Note, plus all required remaining scheduled interest payments due on such November 2020 Senior Secured Note through the maturity date of the November 2020 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the November 2020 Indenture) plus 100 basis points, over (B) the principal amount of such November 2020 Senior Secured Note on such redemption date.

At any time prior to November 22, 2020, the Company may redeem up to 35% of the aggregate principal amount of the November 2020 Senior Secured Notes with the net cash proceeds of one or more sales of our common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 108.875% of the principal amount of the November 2020 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the November 2020 Senior Secured Notes issued on November 22, 2017 remain outstanding after each such redemption.

The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the November 2020 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the November 2020 Secured Senior Notes.

The November 2020 Indenture, contains certain covenants that, among others, restrict the Company’s ability and the ability of the Company’s Restricted Subsidiaries (as defined in the November 2020 Indenture) to incur additional debt or to issue preferred stock, to make certain payments or investments, to pay dividends or purchase or redeem capital stock, to sell assets (including limitations on the use of proceeds of asset sales), to grant liens on the collateral securing the November 2020 Senior Secured Notes or other assets, to make certain other payments or to engage in transactions with affiliates and holders of more than 10% of the Company’s Common Shares, subject to certain qualifications and exceptions and satisfaction, in certain circumstances of specified conditions, such as a Fixed Charge Coverage Ratio (as defined in the November 2020 Indenture) of 2.0 to 1.0.

From January 1, 2019 to December 31, 2019, the Company redeemed the November 2020 Senior Secured Notes for a total principal amount of US$0.9 million. The Company recognized gain on extinguishment of debt amounting to US$38,136, consisting of the gain from the difference between repurchase price and principal amount of the debt amounting to US$47,200 and the loss from unamortized deferred debt issuance costs amounting to US$9,064.

From January 1, 2020 to December 31, 2020, the Company redeemed the November 2020 Senior Secured Notes for a total principal amount of US$299.1 million. The Company recognized loss on extinguishment of debt amounting to US$216,290, consisting of the loss from the difference between repurchase price and principal amount of the debt amounting to US$42,214 and the loss from unamortized deferred debt issuance costs amounting to US$174,076.

March 2020 Senior Secured Notes

On March 19, 2018, the Company issued an aggregate principal amount of US$200,000,000 of the March 2020 Senior Secured Notes. The March 2020 Senior Secured Notes bear interest at 9.875% per annum payable semi-annually. Interest will be payable on March 19 and September 19 of each year, commencing September 19, 2018. The March 2020 Senior Secured Notes have a two year term maturing on March 19, 2020.

The effective interest rate of March 2020 Senior Secured Notes is 11.34%.

The March 2020 Senior Secured Notes were issued pursuant to an indenture, dated March 19, 2017, between the Company, the “Subsidiary Guarantors” identified below and Citicorp International Limited, as trustee and collateral agent (the “March 2020 Indenture”). The Company’s obligations under the March 2020 Indenture and the March 2020 Senior Secured Notes have been guaranteed by certain of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Ltd., South Glory International Ltd., Elite Quest Holdings Ltd. and Xinyuan International (HK) Property Investment Co., Limited (the “Subsidiary Guarantors”) and will be guaranteed by such other future subsidiaries of the Company as is set forth in and in accordance with the terms of the March 2020 Indenture. The Company’s obligations under the March 2020 Indenture and the March 2020 Senior Secured Notes are secured by a pledge of the capital stock of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Limited, South Glory International Limited and Elite Quest Holdings Ltd.

At any time prior to March 19, 2020, the Company may at its option redeem the March 2020 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the March 2020 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. “Applicable Premium” means with respect to any March 2020 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such March 2020 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such March 2020 Senior Secured Note, plus all required remaining scheduled interest payments due on such March 2020 Senior Secured Note through the maturity date of the March 2020 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the March 2020 Indenture) plus 100 basis points, over (B) the principal amount of such March 2020 Senior Secured Note on such redemption date.

At any time prior to March 19, 2020, the Company may redeem up to 35% of the aggregate principal amount of the March 2020 Senior Secured Notes with the net cash proceeds of one or more sales of our common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 109.875% of the principal amount of the March 2020 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the March 2020 Senior Secured Notes issued on March 19, 2018 remain outstanding after each such redemption.

The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the March 2020 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the March 2020 Senior Secured Notes.

The March 2020 Indenture, contains certain covenants that, among others, restrict the Company’s ability and the ability of the Company’s Restricted Subsidiaries (as defined in the March 2020 Indenture) to incur additional debt or to issue preferred stock, to make certain payments or investments, to pay dividends or purchase or redeem capital stock, to sell assets (including limitations on the use of proceeds of asset sales), to grant liens on the collateral securing the March 2020 Senior Secured Notes or other assets, to make certain other payments or to engage in transactions with affiliates and holders of more than 10% of the Company’s Common Shares, subject to certain qualifications and exceptions and satisfaction, in certain circumstances of specified conditions, such as a Fixed Charge Coverage Ratio (as defined in the March 2020 Indenture) of 2.0 to 1.0.

From January 1, 2019 to December 31, 2019, the Company redeemed the March 2020 Senior Secured Notes for a total principal amount of US$75.7 million. The Company recognized loss on extinguishment of debt amounting to US$563,941, mainly consisting of the loss from unamortized deferred debt issuance costs amounting to US$563,941.

From January 1, 2020 to December 31, 2020, the Company redeemed the March 2020 Senior Secured Notes for a total principal amount of US$124.3 million.

October 2021 Senior Secured Notes

On April 15, 2019 and April 26, 2019, the Company issued Senior Notes with an aggregate principal amount of US$300,000,000 due on October 15, 2021 (the “October 2021 Notes”). The October 2021 Notes bear interest at 14.2% per annum, payable semi-annually. Interest will be payable on April 15 and October 15 of each year, commencing October 15, 2019. The October 2021 Notes have a two and a half year (thirty month) term maturing on October 15, 2021.

The October 2021 Notes were issued pursuant to an indenture, dated as of April 15, 2019, between the Company, the Subsidiary Guarantors (as defined below) and Citicorp International Limited, as trustee and shared security agent (the “October 2021 Indenture”). The Company’s obligations under the October 2021 Indenture and the October 2021 Notes are guaranteed initially by certain of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Limited, South Glory International Limited, Elite Quest Holdings Limited and Xinyuan International (HK) Property Investment Co., Limited (the “Subsidiary Guarantors”) and will be guaranteed by such other future subsidiaries of the Company as is set forth in and in accordance with the terms of the October 2021 Indenture. The Company’s obligations under the October 2021 Indenture and the October 2021 Notes are secured by a pledge of the capital stock of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Limited, South Glory International Limited and Elite Quest Holdings Limited.

At any time prior to October 15, 2021, the Company may at its option redeem the October 2021 Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the October 2021 Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. “Applicable Premium” means with respect to any October 2021 Note at any redemption date, the greater of (i) 1.00% of the principal amount of such Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such Note, plus all required remaining scheduled interest payments due on such Note through the maturity date of the October 2021 Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the Indenture) plus 100 basis points, over (B) the principal amount of such Note on such redemption date.

At any time prior to October 15, 2021, the Company may redeem up to 35% of the aggregate principal amount of the October 2021 Notes with the net cash proceeds of one or more sales of the Company’s common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 114.2% the principal amount of the October 2021 Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the October 2021 Notes issued on April 15, 2019 remain outstanding after each such redemption and any such redemption takes place within 60 days after the closing of the related equity offering.

Following a Change of Control (as defined in the October 2021 Indenture), the Company must make an offer to purchase all outstanding October 2021 Notes at a purchase price equal to 101.0% of the principal amount thereof plus accrued and unpaid interest, if any, to (but not including) the offer to purchase payment date.

The October 2021 Indenture contains certain covenants that, among others, restrict the Company’s ability and the ability of the Company’s Restricted Subsidiaries (as defined in the October 2021 Indenture) to incur additional debt or to issue preferred stock, to make certain payments or investments, to pay dividends or purchase or redeem capital stock, sell assets, or make certain other payment, subject to certain qualifications and exceptions and satisfaction, in certain circumstances of specified conditions, such as a Fixed Charge Coverage Ratio (as defined in the October 2021 Indenture) of 2.0 to 1.0.

From January 1, 2019 to December 31, 2019, the Company redeemed the October 2021 Senior Secured Notes for a total principal amount of US$2.5 million. The Company recognized loss on extinguishment of debt amounting to US$25,240, consisting of the gain from the difference between repurchase price and principal amount of the debt amounting to US$52,500 and the loss from unamortized deferred debt issuance costs amounting to US$77,740.

From January 1, 2020 to December 31, 2020, the Company redeemed the October 2021 Senior Secured Notes for a total principal amount of US$43.5 million. The Company recognized loss on extinguishment of debt amounting to US$176,209, consisting of the loss from the difference between repurchase price and principal amount of the debt amounting to US$176,209.

June 2022 Senior Secured Notes

On June 29, 2020, the Company issued an aggregate principal amount of RMB514.5 million (US$75 million) of the June 2022 Senior Secured Notes. The June 2022 Senior Secured Notes bear interest at 12.00% per annum payable semi-annually. Interest will be payable on December 29 and June 29 of each year, commencing December 29, 2020. The June 2022 Senior Secured Notes have a two years term maturing on June 29, 2022.

The effective interest rate of June 2022 Senior Secured Notes is 15.69%.

The June 2022 Senior Secured Notes were issued pursuant to an indenture, dated June 29, 2020, between the Company, the “Subsidiary Guarantors” identified below and Citicorp International Limited, as trustee and collateral agent (the “June 2022 Indenture”). The Company’s obligations under the June 2022 Indenture and the June 2022 Senior Secured Notes have been guaranteed by certain of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Ltd., South Glory International Ltd., Elite Quest Holdings Ltd. and Xinyuan International (HK) Property Investment Co., Limited (the “Subsidiary Guarantors”) and will be guaranteed by such other future subsidiaries of the Company as is set forth in and in accordance with the terms of the June 2022 Indenture. The Company’s obligations under the June 2022 Indenture and the June 2022 Senior Secured Notes are secured by a pledge of the capital stock of the Company’s wholly-owned subsidiaries, Xinyuan Real Estate, Ltd., Xinyuan International Property Investment Co., Ltd., Victory Good Development Limited, South Glory International Limited and Elite Quest Holdings Ltd.

At any time prior to June 29, 2022, the Company may at its option redeem the June 2022 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the June 2022 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. “Applicable Premium” means with respect to any June 2022 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such June 2022 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such June 2022 Senior Secured Note, plus all required remaining scheduled interest payments due on such June 2022 Senior Secured Note through the maturity date of the June 2022 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the June 2022 Indenture) plus 100 basis points, over (B) the principal amount of such June 2022 Senior Secured Note on such redemption date.

At any time prior to June 29, 2022, the Company may redeem up to 35% of the aggregate principal amount of the June 2022 Senior Secured Notes with the net cash proceeds of one or more sales of our common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 112% of the principal amount of the June 2022 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the June 2022 Senior Secured Notes issued on June 29, 2020 remain outstanding after each such redemption.

The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the June 2022 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the June 2022 Senior Secured Notes.

The June 2022 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 June 2022 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 2022 Senior Secured Notes or other assets, to make certain other payments or to engage in transactions with affiliates and holders of more than 10% of the Company’s Common Shares, subject to certain qualifications and exceptions and satisfaction, in certain circumstances of specified conditions, such as a Fixed Charge Coverage Ratio (as defined in the June 2022 Indenture) of 2.0 to 1.0.

September 2023 Senior Secured Notes

On September 17, 2020, the Company issued an aggregate principal amount of US$300 million of the September 2023 Senior Secured Notes. The September 2023 Senior Secured Notes bear interest at 14.50% per annum payable semi-annually. Interest will be payable on March 17 and September 17 of each year, commencing March 17, 2021. The September 2023 Senior Secured Notes have a three years term maturing on September 17, 2023.

The effective interest rate of September 2023 Senior Secured Notes is 15.69%.

The September 2023 Senior Secured Notes were issued pursuant to an indenture, dated September 17, 2020, between the Company, the “Subsidiary Guarantors” identified below and Citicorp International Limited, as trustee and collateral agent (the “September 2023 Indenture”). The Company’s obligations under the September 2023 Indenture and the September 2023 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 September 2023 Indenture. The Company’s obligations under the September 2023 Indenture and the September 2023 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 September 17, 2023, the Company may at its option redeem the September 2023 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the September 2023 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. “Applicable Premium” means with respect to any September 2023 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such September 2023 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such September 2023 Senior Secured Note, plus all required remaining scheduled interest payments due on such September 2023 Senior Secured Note through the maturity date of the September 2023 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the September 2023 Indenture) plus 100 basis points, over (B) the principal amount of such September 2023 Senior Secured Note on such redemption date.

At any time prior to September 17, 2023, the Company may redeem up to 35% of the aggregate principal amount of the September 2023 Senior Secured Notes with the net cash proceeds of one or more sales of our common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 114.5% of the principal amount of the September 2023 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the September 2023 Senior Secured Notes issued on September 17, 2020 remain outstanding after each such redemption.

The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from the September 2023 Senior Secured Notes under the requirements of ASC 815. The embedded redemption options and repurchase features did not qualify for derivative accounting because the embedded derivatives were considered clearly and closely related to the characteristics of the September 2023 Senior Secured Notes.

The September 2023 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 September 2023 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 September 2023 Senior Secured Notes or other assets, to make certain other payments or to engage in transactions with affiliates and holders of more than 10% of the Company’s Common Shares, subject to certain qualifications and exceptions and satisfaction, in certain circumstances of specified conditions, such as a Fixed Charge Coverage Ratio (as defined in the September 2023 Indenture) of 2.0 to 1.0.

From January 1, 2020 to December 31, 2020, the Company redeemed the September 2023 Senior Secured Notes for a total principal amount of US$1 million. The Company recognized loss on extinguishment of debt amounting to US$7,334, consisting of the loss from the difference between repurchase price and principal amount of the debt amounting to US$7,334.

Onshore Corporate Bonds

On December 28, 2015, Xinyuan China issued the first tranche of the onshore corporate bonds with an aggregate principal amount of RMB 1 billion (US$154 million) due on December 28, 2020 (the “First Tranche Bonds”) at a coupon rate of 7.5% per annum payable annually. Interest is payable on December 28 of each year, commencing December 28, 2016.

From November 19, 2018 to November 30, 2018, the Company redeemed the First Tranche Bonds for a total principal amount of RMB 0.6 billion (US$87 million). The Company recognized loss on extinguishment of debt amounting to US$6,518,487, consisting of both the debt redemption price amounting to US$6,509,574 and unamortized deferred debt issuance costs amounting to US$8,913.

From August 14, 2019 to November 12, 2019, the Company redeemed the First Tranche Bonds for a total principal amount of RMB 0.4 billion (US$57 million). The Company recognized loss on extinguishment of debt amounting to US$1,484, consisting of both the debt redemption price amounting to US$175 and unamortized deferred debt issuance costs amounting to US$1,659.

On January 27, 2016, Xinyuan China issued the second tranche of the onshore corporate bonds with an aggregate principal amount of RMB 0.7 billion (US$107 million) due on January 27, 2021 (the “Second Tranche Bonds”) at a coupon rate of 7.47% per annum payable annually. Interest is payable on January 27 of each year, commencing January 27, 2017.

From December 14, 2018 to December 21, 2018, the Company redeemed the Second Tranche Bonds for a total principal amount of RMB 0.4 billion (US$58 million). The Company recognized loss on extinguishment of debt amounting to US$4,775,500, consisting of both the debt redemption price amounting to US$4,773,284 and unamortized deferred debt issuance costs amounting to US$2,216.

From June 21, 2019 to August 12, 2019, the Company redeemed the Second Tranche Bonds for a total principal amount of RMB90 million (US$13 million). The Company recognized gain on extinguishment of debt amounting to US$127,864, consisting of both the debt redemption price amounting to US$128,426 and unamortized deferred debt issuance costs amounting to US$562.

From February 15, 2020 to November 30, 2020, the Company redeemed the remaining amount of Second Tranche Bonds for a total principal amount of RMB210 million (US$30 million).

On March 14, 2016, Xinyuan China issued the third tranche of the onshore corporate bonds with an aggregate principal amount of RMB0.5 billion (US$77 million) due on March 14, 2021 (the “Third Tranche Bonds”) at a coupon rate of 7.09% per annum payable annually. Interest is payable on March 14 of each year, commencing March 14, 2017.

From March 14, 2019 to August 14, 2019, the Company redeemed the Third Tranche Bonds for a total principal amount of RMB497.9 million (US$71 million). The Company recognized loss on extinguishment of debt amounting to US$743,034, consisting of both the debt redemption price amounting to US$740,934 and unamortized deferred debt issuance costs amounting to US$2,100.

From February 15, 2020 to November 30, 2020 the Company redeemed the remaining amount of the Third Tranche Bonds for a total principal amount of RMB2.1 million (US$0.3 million).

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. Upon the third anniversary on January 27, 2018, the second tranche of the onshore corporate bonds have been reclassified to current liabilities. Upon the third anniversary on March 14, 2018, the third tranche of the onshore corporate bonds have been reclassified

to current liabilities. On December 28, 2018, Xinyuan China adjusted the annual interest rate of the First Tranche Bonds to 8.2% from 7.5%.

On August 15, 2016, Xinyuan China issued a new tranche of onshore corporate bonds with an aggregate principal amount of RMB 1.5 billion (US$216 million) due on August 15, 2019 (the “New Tranche”) at a coupon rate of 7.5% per annum payable annually. Interest is payable on August 15 of each year, commencing August 15, 2017.

On April 7, 2017, Xinyuan China issued a new second tranche of onshore corporate bonds with an aggregate principal amount of RMB 1.13 billion (US$173 million) due on April 7, 2020 (the “2017 Tranche”) at a coupon rate of 8.2% per annum payable annually. Interest is payable on April 7 of each year, commencing April 7, 2018.

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. On August 15, 2017, Xinyuan China adjusted the annual interest rate of the New Tranche Bonds to 8.2% from 7.5%. The annual interest rate of the 2017 Tranche Bonds remained unchanged, at 8.2%.

From August 1, 2018 to August 3, 2018, the Company redeemed the New Tranche for a total principal amount of RMB1.05 billion (US$153 million). The Company recognized loss on extinguishment of debt amounting to US$5,989,710, consisting of both the debt redemption price amounting to US$5,710,866 and unamortized deferred debt issuance costs amounting to US$278,844.

On August 15, 2019, the Company redeemed the New Tranche for a total principal amount of RMB 0.45 billion (US$64 million).

On March 20, 2018, the Company redeemed the 2017 Tranche for a total principal amount of RMB 0.5 billion (US$73 million). The Company recognized loss on extinguishment of debt amounting to US$3,782,353, consisting of both the debt redemption price amounting to US$3,494,557 and unamortized deferred debt issuance costs amounting to US$287,796.

On April 7, 2019, the Company redeemed the remaining amount of RMB 0.63 billion (US$90 million) 2017 Tranche, recognizing loss on extinguishment of debt amounting to US$1,535,132 in 2019, consisting of the debt redemption price amounting to US$1,535,132.

On September 20, 2018, Xinyuan China issued a new tranche of onshore corporate bonds with an aggregate principal amount of RMB 600 million (US$87 million) due on September 21, 2020 (the “2018 Tranche”) at a coupon rate of 8.5% per annum payable annually. Interest is payable on September 21 of each year, commencing September 21, 2019. The above tranches of onshore corporate bonds were issued at par.

On September 21, 2018, the Company redeemed the 2018 Tranche for a total principal amount of RMB400 million (US$58 million). The Company recognized loss on extinguishment of debt amounting to US$3,599,937, consisting of both the debt redemption price amounting to US$3,291,086 and unamortized deferred debt issuance costs amounting to US$308,851.

From August 26, 2019 to September 23, 2019, the Company redeemed the 2018 Tranche for a total principal amount of RMB76 million (US$11 million). The Company recognized loss on extinguishment of debt amounting to US$20,958, consisting of unamortized deferred debt issuance costs amounting to US$20,958.

From February 15, 2020 to November 30, 2020 the Company redeemed the remaining amount of the 2018 Tranche for a total principal amount of RMB124 million (US$18 million). The Company recognized gain on extinguishment of debt amounting to US$132,897, consisting of both the debt redemption price amounting to US $164,060 and unamortized deferred debt issuance costs amounting to US$296,957.

On January 4, 2019, Xinyuan (China) Real Estate, Ltd. issued a new tranche of the onshore corporate bonds with an aggregate principal amount of RMB600 million (US$87 million) due on January 4, 2022 (the “2019 Tranche”) at a coupon rate of 8.5% per annum payable annually. Interest is payable on January 4 of each year, commencing January 4, 2020.

From January 4, 2019 to June 21, 2019, the Company redeemed the 2019 Tranche for a total principal amount of RMB591 million (US$85 million). The Company recognized loss on extinguishment of debt amounting to US$1,894,262 in 2019, consisting of both the debt redemption price amounting to US$1,428,945 and unamortized deferred debt issuance costs amounting to US$465,317.

From February 15, 2020 to November 30, 2020 the Company redeemed the remaining amount of the 2019 Tranche for a total principal amount of RMB9 million (US$1.3 million). The Company recognized loss on extinguishment of debt amounting to US$303,532, consisting of both the debt redemption price amounting to US $165,243 and unamortized deferred debt issuance costs amounting to US$138,289.

On April 1, 2019, Xinyuan (China) Real Estate, Ltd. issued another new tranche of the onshore corporate bonds with an aggregate principal amount of RMB 980 million (US$146 million) due on April 1, 2024 (the “2019 First Tranche Bonds”) at a coupon rate of 8.4% per annum payable annually. Interest is payable on April 1 of each year, commencing April 1, 2020.

From April 1, 2019 to June 21, 2019, the Company redeemed the 2019 First Tranche Bonds for a total principal amount of RMB637 million (US$91 million). The Company recognized loss on extinguishment of debt amounting to US$3,977,493 in 2019, consisting of both the debt redemption price amounting to US$3,494,668 and unamortized deferred debt issuance costs amounting to US$482,825.

From February 15, 2020 to November 30, 2020 the Company redeemed the remaining amount of the 2019 First Tranche Bonds for a total principal amount of RMB343 million (US$49 million). The Company recognized loss on extinguishment of debt amounting to US$423,011, consisting of both the debt redemption price amounting to US$72,640 and unamortized deferred debt issuance costs amounting to US$350,371.

On November 12, 2020 Xinyuan (China) Real Estate, Ltd. issued a new tranche of the onshore corporate bonds with an aggregate principal amount of RMB900 million (US$130 million) due on November 13, 2025 (the “2020 Tranche”) at a coupon rate of 8.35% per annum payable annually. Interest is payable on November 13 of each year, commencing November 13, 2020.

On November 30,2020, the Company redeemed the 2020 Tranche for a total principal amount of RMB646 million (US$94 million). The Company recognized loss on extinguishment of debt amounting to US$ 261,320, consisting of both the debt redemption price amounting to US$492 and unamortized deferred debt issuance costs amounting to US$260,828.

Leases

12 Months Ended

Dec. 31, 2020

Leases

Leases

13. Leases

Lessee

The Group has operating and finance leases, which primarily consist of corporate aircraft, office space and equipment. The Group’s leases include options to extend the lease term. The Group’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Group has operating leases for office and dormitory in the United States and China. The leases have remaining lease terms of up to 2 years.

Leases recorded on the consolidated balance sheets are summarized as follows:


	December 31,	December 31,
	2019	2020
	US$	US$
Lease Assets
Finance lease assets
Property and equipment, net	22,285,997	20,266,967
Real estate properties held for lease, net	7,020,033	7,370,716
Total	29,306,030	27,637,683
Operating lease ROU assets	11,801,491	8,516,756

Lease Liabilities
Current
Current portion of finance lease	6,409,827	1,685,850
Current portion of operating lease	4,873,897	5,298,153
Total	11,283,724	6,984,003
Non-current
Finance lease, net of current portion	3,839,456	—
Operating lease, net of current portion	6,348,249	3,159,780
Total	10,187,705	3,159,780

The components of lease expenses recognized as follows:


	Year ended	Year ended
	December 31,	December 31,
	2019	2020
	US$	US$
Operating lease cost:
Operating lease cost	6,480,093	6,487,116
Short-term lease cost	2,612,901	1,384,416
Finance lease cost:
Amortization of ROU assets	2,465,268	3,494,618
Interest on the lease liabilities	1,019,758	489,581

Total lease cost	12,578,020	11,855,731

Supplemental cash flow information related to leases was as follows:


	Year ended	Year ended
	December 31,	December 31,
	2019	2020
	US$	US$
Operating cash flows for operating leases	6,275,565	6,354,922
Operating cash flows for finance leases	1,393,198	155,188
Financing cash flows for finance leases	6,135,547	8,476,338

Maturities of lease liabilities are as follows:


	December 31,
	2020
	Finance Leases	Operating Leases
	US$	US$
Year ending December 31, 2021	1,749,669	5,639,638
Year ending December 31, 2022	—	2,219,038
Year ending December 31, 2023	—	1,169,276
Year ending December 31, 2024	—	—
Total lease payments	1,749,669	9,027,952
Less: imputed interest	(63,819)	(570,019)
Present value of lease liabilities	1,685,850	8,457,933

Other supplemental information related to lease term and discount rate is summarized below:


	December		December
	31,		31,
	2019		2020
Weighted-average remaining lease term (years)
Operating leases	2.32		1.99
Finance leases	1.63		0.91
Weighted-average discount rate
Operating leases	4.35	%	6.91	%
Finance leases	8.05	%	6.95	%

Customer deposits

12 Months Ended

Dec. 31, 2020

Customer deposits

Customer deposits

14. Customer deposits

Advances for real estate properties comprise sales proceeds received from customers for the pre-sale of residential units in PRC. Advances for real estate properties are typically funded up to 40% - 80% by mortgage loans made by banks to the customers. The Group holds certain cash balances in restricted cash accounts at the relevant banks (Note 2 (f)). The Group, in return, has a right to withhold transfer of title to the customer until outstanding amounts are fully settled.


	December 31,	December 31,
	2019	2020
	US$	US$
Advances for real estate properties	2,616,487,072	2,332,850,810
Add: increase in revenue recognized in excess of amounts received from customers	25,665,783	59,622,703
Less: recognized as progress billings	(1,536,054,208)	(1,439,534,129)
Customer deposits (Note 2(h))	1,106,098,647	952,939,384

Income taxes

12 Months Ended

Dec. 31, 2020

Income taxes

Income taxes

15. Income taxes

(a) Corporate income tax (“CIT”)

Under the current law of the Cayman Islands, the Company is not subject to income tax and withholding tax.

The Company’s PRC subsidiaries are subject to income tax at the statutory rate of 25% in accordance with PRC corporate income tax laws and regulations. Further, under the same tax laws and regulations, dividends paid by PRC enterprises out of profits earned post-2007 to non-PRC tax resident investors are subject to PRC dividend withholding tax of 10%. A lower withholding tax rate may be applied based on applicable tax treaties with certain jurisdictions.

The Company’s HK subsidiaries are subject to income tax at the statutory rate of 16.5% in accordance with the HK profits tax laws and regulations. The Company did not make any provisions for Hong Kong Profits Tax as there were no assessable profits arising in or derived from Hong Kong for any of the periods presented. Under the Hong Kong tax law, the Company’s HK subsidiaries are exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends.

The Company’s US subsidiaries are subject to income tax at the statutory rate of approximately 21% in accordance with US corporate income tax laws and regulations. Dividends and interests paid by US enterprises to non-US tax resident enterprises are subject to US withholding tax of 30%.

Income before income tax expense consist of:


	Year ended December 31,
	2018	2019	2020
	US$	US$	US$
PRC	355,674,888	355,606,696	162,967,377
Non PRC	(105,275,621)	(122,099,522)	(95,392,067)
Total	250,399,267	233,507,174	67,575,310

Income tax expense for the years ended December 31, 2018, 2019 and 2020 is summarized as follows:


	Year ended December 31,
	2018	2019	2020
	US$	US$	US$
Current:
CIT tax expense	141,399,866	133,862,272	(21,471,662)
Land Appreciation Tax ("LAT") expense	62,996,403	68,631,338	90,907,634
Deferred tax benefit	(59,949,022)	(52,015,238)	65,623,218
Income tax expense	144,447,247	150,478,372	135,059,190

The Group’s income tax expense differs from the tax expense computed by applying PRC statutory CIT rate of 25% for the years ended December 31, 2018, 2019 and 2020 as follows:


	Year ended December 31,
	2018	2019	2020
	US$	US$	US$
CIT at rate of 25%	62,599,817	58,376,794	16,893,828
Tax effect of non-deductible expenses	5,799,761	8,867,037	18,115,751
LAT expense	62,996,403	68,631,338	90,907,634
CIT benefit of LAT	(15,749,101)	(17,157,834)	(22,726,908)
Changes in valuation allowance	(491,075)	23,073,210	5,463,801
International rate differences	18,224,012	17,351,758	15,736,526
Dividend and interest withholding taxes	15,403,663	(3,816,800)	13,132,901
Adjustment of estimated income tax accruals	(3,952,396)	(4,285,329)	(2,850,373)
Others	(383,837)	(561,802)	386,030
Income tax expense	144,447,247	150,478,372	135,059,190

(b) Unrecognized tax benefit

The following table summarizes the activities related to the Group’s unrecognized tax benefits:


	2018	2019	2020
	US$	US$	US$
Balance at January 1	31,231,376	45,939,234	73,605,084
Additions for tax positions of current year	15,500,052	14,547,590	26,350,344
Reclassification from prior year tax payable	—	13,118,260	14,361,802
Reductions for tax positions of prior years	—	—	(13,118,260)
Reduction due to company liquidation	(792,194)	—	—
Balance at December 31	45,939,234	73,605,084	101,198,970

The movement in the liability for unrecognized tax benefits of US$15,500,052 in 2018 was due to deemed interest income from subsidiaries of the Company during the year. The change of US$792,194 was recognized mainly due to the liquidation of a company.

The movement in the liability for unrecognized tax benefits in 2019 included an amount of US$12,713,235 and related late payment interests of US$1,834,355 which was due to deemed interest income from subsidiaries of the Company during the year. Reclassification from the prior year tax payable included an amount of US$12,793,498 and related late payment interests of US$324,762, which were due to an uncertain tax position in respect of investment loss deduction claimed in the 2018 tax return filed in 2019.

The movement in the liability for unrecognized tax benefits in 2020 included an amount of US$23,871,685 and related late payment interests of US$2,478,659 which were due to deemed interest income from subsidiaries of the Company during the year. Reclassification from the prior year tax payable included an amount of US$13,678,371 and related late payment interests of US$683,431, which were due to an uncertain tax position in respect of investment loss deduction claimed in the 2019 tax return filed in 2020.

As of December 31, 2019 and 2020, unrecognized tax benefits of US$12,793,498 and US$13,678,371, 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, 2020. It is possible that the amount of uncertain tax positions will change in the next twelve months, however, an estimate of the range of the possible outcomes cannot be made at this time.

The Group’s income tax returns for fiscal year 2009 through fiscal year 2020 remain open to potential examination. In addition, local tax authorities may exercise broad discretion in applying the tax law, thus potentially exposing the subsidiaries to audits of tax years outside the general statute of limitations.

LAT is applicable at progressive tax rates ranging from 30% to 60% on the appreciation of land values, with an exemption provided for the sales of ordinary residential properties if the appreciation values do not exceed certain thresholds specified in the relevant tax laws.

For all periods presented, the Group has made provision for LAT with respect to properties sold up to the respective reporting date in accordance with the requirements set forth in the relevant PRC tax laws and regulations.

(d) Deferred tax

The tax effects of temporary differences that give rise to the Group’s deferred tax assets and liabilities as of December 31, 2019 and 2020 are as follows:


	December 31,	December 31,
	2019	2020
	US$	US$
Deferred tax assets:
Tax loss carried forward	50,163,293	66,153,464
Accruals and provisions	62,936,343	96,041,259
Capitalized expenses	50,288,336	67,506,415
Revenue recognition at a point in time less tax paid under deemed profit method	127,927,710	29,232,706
Revenue recognition of real estate lease income on a straight-line basis	17,164,019	12,394,780
Deemed interest expense	55,979,839	79,851,523
Valuation allowance	(28,022,499)	(25,978,488)
Operating lease liability	2,805,537	2,114,483
Others	418,310	—
Total deferred tax assets	339,660,888	327,316,142
Deferred tax liabilities:
Revenue recognition over time	(84,241,946)	(140,019,916)
Real estate properties accelerated cost deduction	(1,193,345)	—
Taxable temporary differences arising from asset acquisitions	(280,540,093)	(240,306,881)
Dividend and interest withholding taxes	(49,174,479)	(62,292,677)
Operating lease right-of-use assets	(2,950,373)	(2,129,188)
Others	—	—
Total deferred tax liabilities	(418,100,236)	(444,748,662)

Certain of the Company’s PRC subsidiaries have PRC tax net operating loss carry forwards of US$244.5 million (2019: US$173.4 million) which will expire in one to ten years, if unutilized. Losses incurred in the U.S. amounting to US$15.1 million (2019: US$10.3 million) can be carried forward for 20 years.

During 2019 and 2020, the Company has considered its operational funding needs, future development initiatives and its dividend distribution plan and is permanently reinvesting all but US$491.7 million and US$623.1 million of its PRC subsidiaries earnings as at December 31, 2019 and 2020 respectively. Accordingly, the Company accrued deferred income tax liabilities of US$49.2 million and US$62.3 million for the withholding tax liability associated with the distribution of retained earnings that are not permanently reinvested as at December 31, 2019 and 2020, respectively. As of December 31, 2019 and 2020, the total amount of undistributed earnings from the Company’s PRC subsidiaries that are considered to be permanently reinvested were US$283.7 million and US$131.3 million, and the related unrecognized deferred tax liabilities were approximately US$28.4 million and US$13.1 million, respectively. The Company’s remaining subsidiaries do not have retained earnings for all the periods presented.

In assessing the ability to realize the deferred tax assets, the Group has considered whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Accordingly, the Group recorded valuation allowances amounting US$28,022,499 and US$25,978,488 as of December 31, 2019 and 2020, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Share-based compensation

12 Months Ended

Dec. 31, 2020

Share-based compensation

Share-based compensation

16. Share-based compensation

As of December 31, 2020, the Company primarily has three share-based compensation plans under which awards may be granted to both employees and non-employees, namely, the 2007 Long Term Incentive Plan (the “2007 Plan”), 2015 Long Term Incentive Plan (the “2015 Plan”), 2014 Restricted Stock Unit Plan (the “2014 RSU Plan”) and 2020 Restricted Stock Unit Plan (the “2020 RSU Plan”). On January 31, 2019, Cayman Property Management Service (Cayman) Ltd., a subsidiary of the Company, approved

a restricted share award scheme (the “Scheme”). On September 28, 2019, the Company approved the employee stock option plan of Xinchuang Technology Co. Ltd. (“Xinchuang Technology”). Compensation cost of US$4,511,190 (2018: US$3,382,628, 2019: US$5,621,588) was recorded in general and administrative expenses with a corresponding credit to additional paid-in capital in the year ended December 31, 2020. The compensation cost is primarily regarded as a permanent difference for income tax purposes as relevant equity awards were mainly granted by the Company and a subsidiary, which are registered in the Cayman Islands, a tax-free jurisdiction. Hence, no tax benefit was recognized upon the recognition of compensation cost. The Company has a policy of using authorized shares in the existing pool to satisfy any future exercise of share options and shares repurchased held by a third party trustee to satisfy the RSUs granted under the 2014 RSU Plan and 2020 RSU plan.

2007 Plan

In November 2007, the Company adopted the 2007 Plan which provides for the grant of options, restricted shares, restricted stock units, stock appreciation rights and other stock-based awards to purchase its common shares. The maximum aggregate number of common shares which may be issued pursuant to all awards, including options, is 10 million common shares, subject to adjustment to account for changes in the capitalization of the Company.

Under the 2007 Plan, the Company granted share options with service conditions to purchase common shares to employees, at an exercise price ranging from US$1.085 to US$1.81 per option. These options have a weighted average grant date fair value of US$0.36 ~ US$0.61 per option and the total expected compensation cost has considered the expected forfeitures. These options generally have vesting periods based on length of service of 36 months and will expire no later than 2025.

2015 Plan

In June 2015, the Company approved the 2015 Plan to provide grant of options to purchase shares of Company stock with maximum aggregate number of 20 million common shares, subject to adjustment to account for changes in the capitalization of the Company.

On July 1, 2015, under the 2015 Plan, the Company granted share options with service conditions to purchase up to 6,574,600 common shares to twenty-two employees, at an exercise price of US$1.71 per share. These options have a weighted average grant date fair value of US$0.48 per option and a total expected compensation cost, net of expected forfeitures, of US$3,165,867. These options have vesting periods based on length of service of 34 months and will expire no later than July 1, 2025.

On July 29, 2015, under the 2015 Plan, the Company granted share options with service conditions to purchase up to 81,600 common shares to one employee, at an exercise price of US$1.71 per share. These options have a weighted average grant date fair value of US$0.42 per option and a total expected compensation cost, net of expected forfeitures, of US$34,294. These options have vesting periods based on length of service of 33 months and will expire no later than July 29, 2025.

No options were granted during the years ended December 31, 2019 and 2020, for 2007 Plan and 2015 Plan.

Assumptions

The fair value of each option is estimated on the date of grant using the Dividend Adjusted Black-Scholes option-pricing model that uses the assumptions noted below.


	Options		Options
	Granted in		Granted in
	2015		2015
	Under the		Under the
	2007 Plan		2015 Plan
Average risk-free rate of return	1.82‑1.92	%	1.57‑1.92	%
Expected term	6 Years		6 Years
Volatility rate	46.3‑55.2	%	55.0‑55.9	%
Dividend yield	5	%	5	%

The risk-free rate for periods within the expected life of the option is based on the implied yield rates of U.S treasury yield curve in effect at the time of grant. The expected life of options represents the period of time the granted options are expected to be outstanding. The Company had limited historical exercise data. Therefore, the expected life was estimated as the average of the contractual term and the vesting period. The dividend yield was based on the Company’s dividend distribution plan. The expected volatility was based on the historical daily stock price of the Company, annualized.

Share Option Activity

As of January 1, 2020, all options granted under 2007 plan were fully vested. The following table is a summary of the Company’s share option activity under the 2007 Plan (in US$, except options):


		Weighted	Weighted
		Average	Remaining
	Number of	Exercise	Contractual	Aggregate
Options Under the 2007 Plan	Options	Price	Life (Years)	Intrinsic Value

Outstanding, January 1, 2020
1.21 (exercise price)	12,738	1.21	0.95	8,662
1.085 (exercise price)	60,000	1.085	1.50	48,300
1.64 (exercise price)	100,000	1.64	2.87	25,000
1.21 (exercise price)	39,400	1.21	4.50	26,792

Granted	—	—	—	—
Exercised	—	—	—	—
Forfeited	—	—	—	—
Expired	12,738	1.21	0.95	8,662
Outstanding and Exercisable, December 31, 2020
1.085 (exercise price)	60,000	1.085	0.50	900
1.64 (exercise price)	100,000	1.64	1.87	—
1.21 (exercise price)	39,400	1.21	3.50	—

The aggregate intrinsic value in the table above represents the total intrinsic value (the aggregate difference between the Company’s closing stock price of US$1.10 per common share as of December 31, 2020 and the exercise price for in-the-money options) that would have been received by the option holders if all in-the-money options had been exercised on December 31, 2020. As of December 31, 2020, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted to employees, under the 2007 Plan. Total fair value of options vested during the year ended December 31, 2018, 2019 and 2020 was US$33,919, nil and nil, respectively.

As of January 1, 2020, all options granted under 2015 plan were fully vested, with no option exercised or forfeited during 2020. There were no new granted during the year ended December 31, 2020. The following table is a summary of the Company’s share option activity under the 2015 Plan (in US$, except options):


		Weighted	Weighted
		Average	Remaining
	Number of	Exercise	Contractual	Aggregate
Options Under the 2015 Plan	Options	Price	Life (Years)	Intrinsic Value

Outstanding, January 1, 2020
1.71(exercise price)	2,796,734	1.71	5.50	5,789,239
Outstanding and Exercisable, December 31, 2020
1.71(exercise price)	2,796,734	1.71	4.50	—

The aggregate intrinsic value in the table above represents the total intrinsic value (the aggregate difference between the Company’s closing stock price of US$1.10 per common share as of December 31, 2020 and the exercise price for in-the-money options) that would have been received by the option holders if all in-the-money options had been exercised on December 31, 2020. As of December 31, 2020, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted to employees, under the 2015 Plan. Total fair value of options vested during the year ended December 31, 2018, 2019 and 2020 was US$228,534, nil and nil, respectively.

2014 RSU Plan

On May 23, 2014, the Board of Directors approved the 2014 RSU Plan, which is administered by the Compensation Committee of the Board of Directors. The 2014 RSU Plan provides for discretionary grants of restricted stock units, or RSUs, to or for the benefit of participating employees. The maximum number of common shares that may be delivered to 2014 RSU Plan participants in connection with RSUs granted under the 2014 RSU Plan is 10,000,000, subject to adjustment if the Company’s outstanding common shares are increased, decreased, changed into or exchanged for a different number or kind of shares or securities of the Company through a reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar transaction.

On May 23, 2014, the Company established a trust that is governed by a third party trustee and deposited US$7,042,725 into the trust. The trustee used the funds to acquire 4,234,884 common shares in the open market. Repurchased shares were granted to certain employees and awards vest ratably over a three year service vesting period. The aggregate fair value of the restricted shares granted at the grant date shall be recognized as compensation expense using the straight-line method.

On April 10, 2015, under the 2014 RSU Plan, the Company deposited US$3,259,998 into the trust. The trustee used the funds to acquire 2,076,964 common shares from the open market. The awards vest ratably over a three year service vesting period. The aggregate fair value of the restricted shares granted at the grant date shall be recognized as compensation expense using the straight-line method.

On April 18, 2016, under the 2014 RSU Plan, the Company deposited US$4,003,999 into the trust. The trustee used the funds to acquire 1,614,220 common shares from the open market. The awards vest ratably over a three year service vesting period. The aggregate fair value of the restricted shares granted at the grant date shall be recognized as compensation expense using the straight-line method.

On July 27, 2017, under the 2014 RSU Plan, the Company deposited US$3,485,952 into the trust. The trustee has not used the funds to acquire any common shares from the open market as of December 31, 2017. The awards vest ratably over a three year service vesting period. The aggregate fair value of the restricted shares granted at the grant date shall be recognized as compensation expense using the straight-line method. The trustee has used the funds to acquire 1,356,584 common shares from the open market as of December 31, 2018.

On July 30, 2018, under the 2014 RSU Plan, the Company deposited US$3,976,660 into the trust. The trustee has used the funds to acquire 1,732,466 common shares from the open market as of December 31, 2018. The awards vest ratably over a three-year

service vesting period. The aggregate fair value of the restricted shares granted at the grant date shall be recognized as compensation expense using the straight-line method.

On August 30, 2019, under the 2014 RSU Plan, the Company deposited US$2,912,539 into the trust. The trustee has used the funds to acquire 1,438,076 common shares from the open market as of December 31, 2019. The awards vest ratably over a three-year service vesting period. The aggregate fair value of the restricted shares granted at the grant date shall be recognized as compensation expense using the straight-line method.

The weighted average grant-date fair value of restricted shares granted during the years ended December 31, 2018, 2019 and 2020 was US$2.21, US$2.12 and US$2.12, respectively, which was derived from the fair value of the underlying ordinary shares.

2020 RSU Plan

On June 30, 2020, the Board of Directors approved the 2020 RSU Plan, which is administered by the Compensation Committee of the Board of Directors. The 2020 RSU Plan provides for discretionary grants of restricted stock units, or RSUs, to or for the benefit of participating employees. The maximum number of common shares that may be delivered to 2020 RSU Plan participants in connection with RSUs granted under the 2020 RSU Plan is 10,000,000, subject to adjustment if the Company's outstanding common shares are increased, decreased, changed into or exchanged for a different number or kind of shares or securities of the Company through a reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar transaction.

Other awards

On September 28, 2019, the Board of Directors of the Company approved the employee stock option plan of Xinchuang Technology Co., Ltd. (“Xinchuang Technology”), a subsidiary of the Company. Under the plan, the Company reserved 150 million shares, representing 30% of Xinchuang Technology’s issued capital for purpose of providing share option awards to the Company’s senior management and employees. In November 2019, the Company granted a total of 100 million share options to certain employees of the Group with an exercise price of US$0.14 (RMB 1). The options become vested in 5 tranches subject to achievement of certain performance conditions as follows: (i) 5% on the grant date with no performance condition; (ii) 5% for each of the first, second, and third anniversary of the grant date, respectively; and (iii) the remaining 80% shall vest upon the completion of the initial public offering of Xinchuang. The total fair value of the share options granted in October 2019 is US$3.5 million, which shall be recognized as compensation expense using the accelerated method. The fair value is determined by an external valuer using the discounted cash flow method to determine the underlying equity fair value of Xinchuang Technology. Key assumptions, such as the discount rate, cash flow projections and the discount for lack of marketability, are determined by the Group with best estimates.

As of December 31, 2020 there were no shares expired and the expense recognized is immaterial (2019: nil, 2018: nil).

Xinyuan Property Management Service (Cayman) Ltd., a subsidiary of the Company, operates a restricted share award scheme (the “Scheme”) for the purpose of providing incentives and rewards to eligible participants (the “Participants”) who contribute to the success of its operations. The Participants of the Scheme include its directors and senior executives. The Scheme was adopted by its board on January 31, 2019 (the “Adoption Date”). Pursuant to the Scheme, an award of 56,250 restricted shares (subdivided into 56,250,000 restricted shares in August 2019), representing 15% of its share capital, was granted to the Participants with a total exercise price at an aggregate consideration of US$1,204,094 (RMB8,400,000).

The consideration was fully settled in cash upon the issuance of restricted shares. The restricted shares vest in three tranches of 2%, 18% and 80% on January 1, 2020, January 1, 2021 and January 1, 2022, respectively, in accordance with certain vesting conditions, that is, performance condition based on the completion of IPO which requires recognition on an accelerated basis.

On June 14, 2019, Mr. Zhang Lizhou (one of the participants) resigned as an executive director. Upon the resignation of Mr. Zhang Lizhou, the Company repurchased the 18,750 shares granted to him at a consideration of US$401,365 (RMB2,800,000) which was equal to the amount paid by Mr. Zhang Lizhou to the Company at the issuance date. The remaining settled aggregate consideration of US$802,729 (RMB5,600,000) according to the Scheme was recognized as liability because the restricted shares will be repurchased by the Company at the original amount paid by participants upon the termination of employment.

The aggregate fair value of the restricted shares granted at the grant date amounting to US$4,931,051 (RMB34,400,000) is recognized as compensation expense using the accelerated method. The fair value is determined by an external valuer using the discounted cash flow method to determine the underlying equity fair value of Xinyuan Property Management Service (Cayman) Ltd. Key assumptions, such as the discount rate, cash flow projections and the discount for lack of marketability, are determined by the Group using its best estimates.

As of December 31, 2020, there were no shares vested or expired and the Group recognized expense relating to the Scheme of US$2,031,330 (RMB13,667,081) (2019: US$1,762,927, 2018: nil) in profit or loss during the period.

Other payables and accrued liabilities

12 Months Ended

Dec. 31, 2020

Other payables and accrued liabilities

Other payables and accrued liabilities

17. Other payables and accrued liabilities

The components of other payables and accrued liabilities are as follows:


	December 31,	December 31,
	2019	2020
	US$	US$
Contract deposit	98,280,724	362,269,545
Accrued expenses	47,003,084	53,680,543
Debt extinguishment costs	11,665,069	404,042
Deed tax and maintenance fund withheld for customers	8,272,296	35,913,618
Bidding deposit	4,213,479	4,504,908
Welfare payable	1,480,963	1,583,453
Other tax payable	26,734,901	32,595,593
Accrued aircraft operating expense	1,654,945	1,599,639
Accrued interest expense	38,893,375	20,935,671
Purchase consideration payable for asset acquisitions and business combinations	66,868,333	38,624,175
Others	18,096,825	43,365,254

Total	323,163,994	595,476,441

Related party and employee transactions

12 Months Ended

Dec. 31, 2020

Related party and employee transactions

18. Related party and employee transactions

(a)	Amounts due from related parties


	December 31,	December 31,
	2019	2020
	US$	US$
Current:
Henan Hongguang Olympic Real Estate Co., Ltd.	84,031,006	90,330,257
Qingdao Huiju	84,455,456	56,469,394
Guangzhou Huanglong Information Technology Co., Ltd.	—	16,324,735
Xinzheng Meihang Network Technology Co., Ltd.	22,578,925	2,789,265
Madison Development Limited	—	33,231,243
Suzhou Wanzhuo's non-controlling interest holders	—	20,160,872
Taicang Pengchi's non-controlling interest holders	—	12,129,962
Others	9,692,236	2,005,731
Total current amounts due from related party	200,757,623	233,441,459

Non current:
Madison Development Limited	27,739,567	—
Suzhou Wanzhuo’s non-controlling interest holders	18,856,638	—
Taicang Pengchi’s non-controlling interest holders	24,624,693	—
Suzhou Yefang’s non-controlling interest holders	11,466,128	12,259,192
Others	—	2,674,370
Total non-current amounts due from related party	82,687,026	14,933,562
Total	283,444,649	248,375,021

As of December 31, 2019 and December 31, 2020, the balances due from Qingdao Huiju, the Company’s equity method investee, are related to advances for operational needs without any fixed payment terms. This balance is unsecured, bears no interest, and is expected to be repaid in one year.

As of December 31, 2020, the balances due from Guangzhou Huanglong Information Technology Co., Ltd., a wholly-owned subsidiary of the Company’s equity method investee, are related to advances for operational needs without any fixed payment terms. This balance is unsecured, bears no interest and expected to be repaid in one year.

Henan Hongguang Olympic Real Estate Co., Ltd. (“Henan Hongguang”) is the non-controlling shareholder of Henan Renxin (Note1), one of the Company’s subsidiaries. As of December 31, 2020, the balance due from Henan Hongguang is related to advances for operational needs without any fixed payment terms. This balance is unsecured, bears no interest, and is expected to be repaid in one year.

Xinzheng Meihang Network Technology Co., Ltd. (“Meihang”) is the non-controlling shareholder of Zhengzhou Hangmei Technology Development Co., Ltd. (“Zhengzhou Hangmei”), one of the Company's subsidiaries. As of December 31, 2019, and December 31, 2020, the balances due from Meihang are US$22,578,925 and US$2,789,265, respectively, which have a three year payment term, and bear interest at 11.5%. In 2020, the Company received interest amounting to nil. Accrued interest amounted to nil and nil as of December 31, 2019 and December 31, 2020, respectively.

As of December 31, 2020, the balance due from Madison Development Limited, an equity method investee, amounting to US$33,231,243 is related to advances for operational needs. This balance is unsecured, bears interest at 15%, and has no fixed repayment term. Accrued interest amounted to US$5,491,676 as of December 31, 2020.

On September 12, 2017, the Company sold 80% of its equity interest in Suzhou Wanzhuo to four non-affiliated passive investors for an aggregate cash consideration of US$23,687,327. Pursuant to the updated articles of association, the Company still

exercises control over the relevant principal activities of Suzhou Wanzhuo and therefore, continues to consolidate it in its financial statements. As of December 31, 2020, the balances due from the non-controlling interest holders amounting to US$20,160,872 are related to advances for working capital funds. The balances are in the form of an unsecured interest bearing loan, which has no fixed payment terms, and bears interest at 4.75%. Accrued interest is immaterial as of December 31, 2020.

On December 1, 2017, the Company together with seven other non-affiliated companies acquired 100% of Taicang Pengchi for an aggregate cash consideration of US$28,836,311. The Company accounted for the acquisition of Taicang Pengchi as an asset acquisition because the only asset of Taicang Pengchi is the land. Pursuant to the articles of association, the Company exercises control over the relevant significant activities of Taicang Pengchi and therefore, consolidates it in its financial statements. As of December 31, 2020, the balance due from the non-controlling interest holders amounting to US$12,129,962 are related to advances for working capital funds. This balance is unsecured and bears no interest.

As of December 31, 2020, the balance due from Suzhou Yefang amounting to US$12,259,192 is related to advances for working capital funds. This balance is unsecured, bears no interest, and is expected to be repaid over one year.

In evaluating the collectability of the amounts due from related parties balance, the Group considers many factors, including the related parties’ repayment history and their credit-worthiness. An allowance for doubtful accounts is made when collection of the full amount is no longer probable. For the periods presented, based on management’s evaluation, no allowance of credit loss was provided.

(b) Amounts due to related party


	December 31,	December 31,
	2019	2020
	US$	US$
Current:
Suzhou Yefang’s non-controlling interest holders	1,496,762	1,632,968
Suzhou Wanzhuo's non-controlling interest shareholders	15,997,603	16,272,639
Xinzheng Meihang Network Technology Co., Ltd.	27,133,055	2,632,678
Henan Qingning Apartment Management Co., Ltd.	—	444,409
Others	9,054,876	10,529,235
Total current amounts due to related party	53,682,296	31,511,929
Non current:
Henan Qingning Apartment Management Co., Ltd.	—	10,728,133
Total	53,682,296	42,240,062

As of December 31, 2019 and December 31, 2020, Suzhou Wanzhuo’s non-controlling interest shareholders advanced US$11,397,546 and US$2,397,436 of working capital funds in aggregate to Suzhou Wanzhuo in the form of an unsecured interest-bearing loan, which has no fixed payment terms, and bears annual interest from 4.25% to 4.75%, respectively. Accrued interest amounted to US$3,131,821 and US$10,981,256 as of December 31, 2019 and December 31, 2020, respectively. The remaining advance amounting to US$2,893,947 for shareholder service is unsecured, bears no interest, and is expected to be paid in one year.

On June 6, 2018, the Company together with 4 other non-affiliated companies acquired 100% of Suzhou Yefang for an aggregate cash consideration of US$15,615,240. The Company accounted for the acquisition of Suzhou Yefang as an asset acquisition because the only asset of Suzhou Yefang is the land. Pursuant to the articles of association, the Company exercises control over the relevant significant activities of Suzhou Yefang and therefore, consolidates it in its financial statements.

Meihang is the non-controlling shareholder of Zhengzhou Hangmei, one of the Company’s subsidiaries. As of December 31, 2019, and December 31, 2020, Meihang advanced US$27,133,055 and US$2,632,678 of working capital funds to Zhengzhou Hangmei in the form of an unsecured interest (10%) bearing loan with a three year payment term. In 2020, the Company repaid interest amounting to nil. Accrued interest amounted to nil and nil as of December 31, 2019 and December 31, 2020, respectively.


	December 31,	December 31,
	2019	2020
	US$	US$
Advances to employees	2,350,852	529,055

The balance represents cash advances to employees for traveling expenses and other expenses. The balances are unsecured, bear no interest and have no fixed payment terms.

(d) Others

In 2018, the Company sold a small percentage of the equity interests (ranging from 0.50% to 5.54%) in eight real estate project companies to senior management and employees for a total consideration of US$8,720,772. In 2019, the Company sold an additional percentage of the equity interests in the eight real estate project companies to senior management and employees for a total consideration of US$604,914 and the total sold equity interests ranges from 0.57% to 5.59% as of December 31, 2019. According to the equity transfer agreement, the Company is obligated to repurchase the equity interest back from management. Therefore, the non-controlling interest is mandatorily redeemable and is accounted for as a liability.

In 2019, the Company sold 6.03% of the equity interests in one real estate project company to senior management and employees for a total consideration of US$1,300,135. According to the equity transfer agreement, the Company is obligated to repurchase the equity interest back from management. Therefore, the non-controlling interest is mandatorily redeemable and is accounted for as a liability.

On June 24, 2017, Beijing Wanzhong, one of the Company’s subsidiaries, invested US$2,142,573 in the Xin Future No.1 Private Equity Fund. The fund is operated by Beijing Xinyuan Future Investment Management Limited, an investment company controlled by the Company’s senior management. Management accounted for this investment at fair value using the net asset value practical expedient. The Company can redeem its investment on the last trading day of each quarter by providing written notice in advance. On September 26, 2018, the Company redeemed its investment resulting in US$59,970 gain recorded in net realized gain on short-term investments during the year ended December 31, 2018.

In 2020, the Company sold 6.03% of the equity interests in one real estate project company to senior management and employees for a total consideration of US$1,300,135. According to the equity transfer agreement, as this arrangement is a form of an incentive plan, the Company is obligated to repurchase the equity interest back from senior management and employees.

For the year ended December 31, 2020, total directors’ remuneration amounted to US$6,447,214(2018: US$7,056,388; 2019: US$7,036,954).

Equity

12 Months Ended

Dec. 31, 2020

Equity

Equity

19. Equity

(i)

As at December 31, 2020, the Company’s authorized share capital was 500 million common shares, par value US$0.0001 per share (December 31, 2019: 500 million common shares).

(ii)

During the year ended December 31, 2020, 2,127,050 common shares were repurchased at a total cost of US$2,341,613.

(iii)

During the year ended December 31, 2020, the Company distributed quarterly dividends of US$0.025 per common share to common shareholders amounting to a total of US$11,123,395.

All other equity transactions have been disclosed in consolidated statement of changes in shareholders' equity.

Earnings per share

12 Months Ended

Dec. 31, 2020

Earnings per share

Earnings per share

20. Earnings per share

Basic and diluted net earnings per share for each period presented are calculated as follows:


	December 31,
	2018	2019	2020
	US$	US$	US$
Numerator:
Net income/(loss) attributable to Xinyuan Real Estate Co., Ltd. Shareholders - basic and diluted	73,034,549	68,344,527	(81,040,908)
Denominator:
Weighted average number of shares outstanding-basic*	127,129,478	113,482,239	107,558,506
Stock options	1,728,058	618,657	10,674
Restricted stock units	283,294	—	—
Weighted average number of shares outstanding-diluted	129,140,830	114,100,896	107,569,181
Basic earnings per share	0.57	0.60	(0.75)
Diluted earnings per share	0.57	0.60	(0.75)

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, 2020, nil (2018: nil; 2019: nil) stock options, and 803,427 (2018: 1,019,128; 2019: 876,400) RSUs, were excluded from the calculation of earnings per share, respectively, because their effect would be anti-dilutive.

Segment reporting

12 Months Ended

Dec. 31, 2020

Segment reporting

Segment reporting

21. Segment reporting

The Group’s long-lived assets and revenue are mainly located in and derived from PRC. Starting in 2012, a relatively smaller portion of the Group’s long-lived assets and revenue are located in and derived from the United States. The Group considers that each of its individual property developments is a discrete operating segment. The Group has aggregated its segments on a geographical basis as property development projects undertaken within a region having similar expected economic characteristics, type of properties offered, customers and market and regulatory environment. The Group’s reportable operating segments are comprised of Henan Region, Shandong Region, Shanghai Region (including Shanghai and Jiangsu Province), Sichuan Region, Beijing Region (including Beijing and Tianjin), Hainan Region, Hunan Region, Shaanxi Region, Guangdong Region, Hubei Region, and Liaoning Region in PRC; and the United States.

Each geographic operating segment is principally engaged in the construction and development of residential real estate units. The “property management” category relates to property management services. The “other” category relates to investment holdings, landscaping, engineering and management, real estate sale, purchase and lease activities. The accounting policies of the various segments are the same as those described in Note 2, “Summary of Significant Accounting Policies”.

The Group’s chief operating decision maker relies upon net sales, gross profit and net income when making decisions about allocating resources and assessing performance of the Group. Net sales for geographic segments are generally based on the location of the project development. Net income for each segment includes net sales to third parties, related cost of sales and operating expenses directly attributable to the segment. Capital expenditures for each segment includes cost for acquisition of subsidiaries, vehicles, and fixtures and furniture.

No single customer accounted for more than 10% of net sales for the years ended December 31, 2018, 2019 and 2020.

Summary information by operating segment is as follows:


December 31, 2019	Henan	Shandong	Shanghai	Sichuan	Beijing	Hainan	Hunan	Shaanxi	United States	Guangdong	Hubei	Liaoning	Property Management	Others	Consolidated
	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$
Net real estate sales	1,382,533,759	275,120,959	279,731,401	85,189,227	126,540,125	43,820,016	157,938,663	6,917,948	750,000	9,738,197	—	18,621,886	—	129,387	2,387,031,568
Real estate lease income	6,630,994	321,819	2,920,280	728,016	657,451	—	135,279	3,301,027	893,982	—	—	—	483,944	55,979	16,128,771
Real estate management services income	7,578,862	—	—	—	—	—	—	2,783,091	—	—	—	—	57,126,216	—	67,488,169
Other revenue	151,102	700,044	823,150	1,063,557	3,269,965	—	583,737	—	296,091	—	—	—	1,187,948	3,908,710	11,984,304

Total revenue	1,396,894,717	276,142,822	283,474,831	86,980,800	130,467,541	43,820,016	158,657,679	13,002,066	1,940,073	9,738,197	—	18,621,886	58,798,108	4,094,076	2,482,632,812
Cost of real estate sales	(1,082,472,232)	(220,925,677)	(201,704,497)	(81,765,082)	(92,849,397)	(31,764,435)	(110,346,111)	(6,510,485)	(1,444,563)	(6,821,557)	(23,397)	(13,440,458)	—	(1,751,402)	(1,851,819,293)
Cost of real estate lease income	(2,348,963)	(561,264)	(2,565,142)	(799,359)	(481,276)	—	(1,693,085)	(2,913,152)	(1,348,218)	—	—	—	—	(46,792)	(12,757,251)
Cost of real estate management services	(4,716,112)	—	—	—	—	—	—	(561,329)	—	—	—	—	(35,611,790)	—	(40,889,231)
Other costs	(2,449,683)	(1,267,950)	—	(3,672)	(4,794,719)	(2,192)	(362,009)	—	—	—	—	—	(1,124,118)	(6,853,073)	(16,857,416)

Total cost of revenue	(1,091,986,990)	(222,754,891)	(204,269,639)	(82,568,113)	(98,125,392)	(31,766,627)	(112,401,205)	(9,984,966)	(2,792,781)	(6,821,557)	(23,397)	(13,440,458)	(36,735,908)	(8,651,267)	(1,922,323,191)
Gross profit	304,907,727	53,387,931	79,205,192	4,412,687	32,342,149	12,053,389	46,256,474	3,017,100	(852,708)	2,916,640	(23,397)	5,181,428	22,062,200	(4,557,191)	560,309,621
Operating expenses	(70,839,873)	(14,770,303)	(18,080,374)	(8,011,273)	(73,333,124)	(2,514,263)	(3,991,323)	(5,808,638)	(9,414,601)	(1,966,796)	(3,429,583)	(2,801,220)	(7,076,960)	(28,409,288)	(250,447,619)

Operating income/(loss)	234,067,854	38,617,628	61,124,818	(3,598,586)	(40,990,975)	9,539,126	42,265,151	(2,791,538)	(10,267,309)	949,844	(3,452,980)	2,380,208	14,985,240	(32,966,479)	309,862,002
Interest income	42,379,712	436,165	306,228	493,469	2,241,516	3,208	182,529	12,795	48,285	13,533	1,695	13,240	681,464	4,679,756	51,493,595
Interest expense	(14,805,529)	(3,061,587)	(1,066,270)	—	(7,385,692)	(11,507)	—	(138,107)	(3,472,559)	—	—	—	—	(83,834,109)	(113,775,360)
Net realized gain on short-term investments	183,450	—	—	—	—	—	—	—	—	—	—	—	—	2,891,564	3,075,014
Share of (loss)/gain in an equity investee	(1,370,440)	(922,281)	(613,155)	—	—	—	—	—	—	(2,903,841)	—	—	(630,775)	1,024,021	(5,416,471)
Loss on extinguishment of debt	(8,044,499)	—	—	—	—	—	—	—	—	—	—	—	—	(536,011)	(8,580,510)
Exchange gains/(loss)	12,524,863	—	—	—	—	—	—	—	—	—	—	—	(236,736)	(19,664,136)	(7,376,009)
Unrealized loss on short-term investments	—	—	—	—	—	—	—	—	—	—	—	—	—	(1,623,814)	(1,623,814)
Other income/(loss)	4,536,260	866	47,762	246,927	909,298	156,235	(17,844)	(199,670)	—	(289,485)	—	64,155	124,295	269,928	5,848,727

Income/(loss) before income taxes	269,471,671	35,070,791	59,799,383	(2,858,190)	(45,225,853)	9,687,062	42,429,836	(3,116,520)	(13,691,583)	(2,229,949)	(3,451,285)	2,457,603	14,923,488	(129,759,280)	233,507,174
Income tax(expense)/ benefit	(69,803,421)	(23,020,472)	(28,043,624)	(2,864,732)	(9,456,395)	(4,643,587)	(16,123,072)	2,210,548	2,921,151	(1,017,315)	704,284	(717,299)	(241,601)	(382,837)	(150,478,372)

Net income/(loss)	199,668,250	12,050,319	31,755,759	(5,722,922)	(54,682,248)	5,043,475	26,306,764	(905,972)	(10,770,432)	(3,247,264)	(2,747,001)	1,740,304	14,681,887	(130,142,117)	83,028,802

Depreciation and amortization	5,553,392	433,948	2,622,483	635,494	2,732,083	29,414	1,668,279	1,873,910	1,665,384	41,616	46,012	16,987	189,503	75,938	17,584,443
Capital expenditure	6,263,956	64,816	2,579	26,254	1,142,809	3,712	44,058	16,761	3,579,071	—	4,821	25,188	352,073	119,575	11,645,673
Real estate properties development completed	133,572,883	34,351,045	106,796,363	64,327,235	60,683,848	6,627,299	7,540,854	43,103,208	1,201,783	—	—	—	—	—	458,204,518
Real estate properties under development	886,160,682	359,079,121	123,381,923	619,020,458	266,984,229	—	6,433,260	162,947,850	230,860,737	372,170,620	141,707,492	58,153,297	—	27,488,080	3,254,387,749
Real estate properties held for lease	109,809,942	6,954,550	40,675,960	34,515,933	7,520,601	888,150	60,967,850	91,474,049	162,599,274	—	—	—	—	462,599	515,868,908

Total long-lived assets	524,367,010	509,819,916	183,400,846	44,244,900	61,281,191	6,664,536	62,686,470	100,419,560	176,115,157	18,237,255	934,102	1,084,510	8,335,524	79,010,347	1,776,601,324
Total assets	2,882,024,764	573,869,426	752,136,052	897,210,854	470,434,500	27,393,755	107,134,983	338,107,052	439,770,834	414,319,137	148,165,478	73,223,300	106,315,123	191,559,175	7,421,664,433


December 31, 2020	Henan	Shandong	Shanghai	Sichuan	Beijing	Hainan	Hunan	Shaanxi	United States	Guangdong	Hubei	Liaoning	Property Management	Others	Consolidated
	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$
Net real estate sales	766,314,384	285,706,736	120,260,357	222,959,432	62,401,289	10,084,944	27,721,542	10,991,930	927,700	47,787,761	—	49,168,045	567,819	—	1,604,891,939
Real estate lease income	26,054,475	(965,131)	772,402	379,175	695,548	—	741,527	2,353,682	4,723,438	—	—	—	—	37,369	34,792,485
Real estate management services income	7,606,378	—	—	—	—	—	—	2,358,631	—	—	—	—	81,243,298	—	91,208,307
Other revenue	(1,004,342)	127,190	3,068,486	511,576	2,144,591	7,288	526,852	(116,072)	605,337	—	—	—	7,236,334	1,763,220	14,870,460

Total revenue	798,970,895	284,868,795	124,101,245	223,850,183	65,241,428	10,092,232	28,989,921	15,588,171	6,256,475	47,787,761	—	49,168,045	89,047,451	1,800,589	1,745,763,191
Cost of real estate sales	(639,601,377)	(260,651,654)	(93,074,146)	(214,523,020)	(45,575,813)	(5,503,574)	(4,404,236)	(14,731,175)	(778,663)	(34,034,932)	(23,616)	(38,572,816)	(505,804)	—	(1,351,980,826)
Cost of real estate lease income	(27,204,779)	(292,726)	(736,537)	(606,323)	(805,353)	(44,900)	(1,046,888)	(1,623,994)	(3,740,076)	—	(19,723)	—	—	(798)	(36,122,097)
Cost of real estate management services	(6,675,680)	—	—	(13,189)	—	—	(4,957)	(1,707,785)	—	—	—	—	(47,036,367)	—	(55,437,978)
Other costs	(1,145,928)	(39,105)	(123,291)	(111,879)	(711,424)	(226)	(272,479)	—	—	(2,152)	—	—	(6,885,687)	(463,371)	(9,755,542)

Total cost of revenue	(674,627,764)	(260,983,485)	(93,933,974)	(215,254,411)	(47,092,590)	(5,548,700)	(5,728,560)	(18,062,954)	(4,518,739)	(34,037,084)	(43,339)	(38,572,816)	(54,427,858)	(464,169)	(1,453,296,443)
Gross profit	124,343,131	23,885,310	30,167,271	8,595,772	18,148,838	4,543,532	23,261,361	(2,474,783)	1,737,736	13,750,677	(43,339)	10,595,229	34,619,593	1,336,420	292,466,748
Operating expenses	(59,958,497)	(15,211,169)	(10,679,950)	(7,677,029)	(73,902,008)	(1,355,382)	(1,608,076)	(4,061,452)	(6,198,996)	(3,423,234)	(1,391,277)	(4,897,483)	(9,390,896)	(27,707,634)	(227,463,083)

Gain on disposal of property held for lease	82,805,785	—	—	—	—	—	—	—	—	—	—	—	—	—	82,805,785
Operating income/(loss)	147,190,419	8,674,141	19,487,321	918,743	(55,753,170)	3,188,150	21,653,285	(6,536,235)	(4,461,260)	10,327,443	(1,434,616)	5,697,746	25,228,697	(26,371,214)	147,809,450
Interest income	23,921,003	1,919,529	2,068,141	1,288,256	103,788	4,817	38,096	8,130	41,143	44,417	885	31,849	755,677	3,179,879	33,405,610
Interest expense	(14,568,255)	(3,043,955)	(987,612)	(18,381,805)	(3,659,832)	—	—	—	(5,316,337)	—	—	—	(5,708)	(83,523,901)	(129,487,405)
Net realized gain on short-term investments	183,450	—	—	—	—	—	—	—	—	—	—	—	—	4,869,494	5,052,944
Share of (loss)/gain in an equity investee	(3,539,268)	11,483,448	7,795,833	—	—	—	—	67,698	—	(1,602,617)	—	—	(152,121)	2,975,328	17,028,301
Loss on extinguishment of debt	—	—	—	—	—	—	—	—	—	—	—	—	—	(1,843,306)	(1,843,306)
Exchange gains/(loss)	1,987,139	—	—	—	—	—	—	—	—	—	—	—	100,523	(5,181,569)	(3,093,907)
Unrealized loss on short-term investments	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other income/(loss)	(4,041,056)	90,325	(415,481)	(8,773)	684,530	43,136	43,576	289,746	—	52,058	12,620	7,341	934,711	1,010,890	(1,296,377)

Income/(loss) before income taxes	151,133,432	19,123,488	27,948,202	(16,183,579)	(58,624,684)	3,236,103	21,734,957	(6,170,661)	(9,736,454)	8,821,301	(1,421,111)	5,736,936	26,861,779	(104,884,399)	67,575,310
Income tax (expense)/benefit	(36,907,073)	(12,299,796)	(39,723,025)	2,875,576	(8,431,043)	(4,482,485)	(14,391,424)	589,659	—	(9,482,301)	(2,458,177)	(2,591,042)	(8,191,925)	433,866	(135,059,190)

Net income/(loss)	114,226,359	6,823,692	(11,774,823)	(13,308,003)	(67,055,727)	(1,246,382)	7,343,533	(5,581,002)	(9,736,454)	(661,000)	(3,879,288)	3,145,894	18,669,854	(104,450,533)	(67,483,880)

Depreciation and amortization	5,814,086	887,005	2,556,696	631,421	5,832,130	56,888	174,291	20,375	46,680	17,042	1,234,539	232,220	—	—	17,503,373
Capital expenditure	8,655,565	—	15,874	5,106	716,935	—	—	—	—	—	—	376,871	1	—	9,770,352
Real estate properties completed and under development	897,218,594	240,527,766	215,890,331	547,932,945	378,408,484	2,162,115	12,433,669	224,821,947	283,124,970	395,376,646	165,423,590	52,622,159	—	33,885,876	3,449,829,092
Real estate properties held for lease	74,613,257	7,126,028	35,512,059	36,262,110	8,438,206	—	66,684,905	96,083,662	157,975,249	—	—	—	—	412,731	483,108,207

Total long-lived assets	526,045,585	553,491,246	133,733,839	46,741,993	50,734,107	5,863,831	75,248,369	105,461,495	171,374,723	23,549,642	566,337	930,819	9,062,110	365,609,346	2,068,413,442
Total assets	2,838,641,480	602,982,670	751,266,943	734,426,656	473,659,055	23,560,573	92,009,978	362,198,503	474,896,649	478,343,726	175,174,331	73,164,781	160,332,607	428,665,624	7,669,323,576

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Commitments and contingencies

12 Months Ended

Dec. 31, 2020

Commitments and contingencies

Commitments and contingencies

22. Commitments and contingencies

Other commitments

As of December 31, 2020, 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$
2021		686,118,175
2022		539,016,446
2023		322,744,149
2024		130,318,825
2025 and thereafter		9,860,817
Total		1,688,058,412

Contingencies

As of December 31, 2020, the Group provided guarantees of US$2,306,911,350 (2019: US$2,617,194,854), in favor of its customers in respect of mortgage loans granted by banks to such customers for their purchases of the Group’s properties where the underlying real estate ownership certificates can only be provided to the banks on a time delay manner due to administrative procedures in PRC. Pursuant to the terms of the guarantees, upon default in mortgage payments by these purchasers, the Group is responsible to repay the outstanding mortgage principal together with the accrued interest and penalty owed by the defaulted purchasers to the bank and the Group is entitled to take over the legal titles and possession of the related properties. The Group’s guarantee period starts from the date of grant of the relevant mortgage loan and ends upon issuance of real estate ownership certificate which will generally be available within six to twelve months after the purchaser takes possession of the relevant property. The Group paid US$1,659,652, US$1,782,038, and US$4,557,522 to satisfy guarantee obligations related to customer defaults for the years ended December 2018, 2019 and 2020, respectively.

The fair value of the guarantees is not significantly different than the net realizable value of the properties and management considers that in case of default in payments, the net realizable value of the related properties can cover the repayment of the outstanding mortgage principal together with the accrued interest and penalty and therefore no provision has been made for the guarantees.

In May 2019, an authorized entity of local government (the “Government Entity”) sued Beijing Huiju, the original controlling and existing shareholder of one of the Group’s equity method investees, Qingdao Huiju, for disputes in a construction contract entered into between the Government Entity and Beijing Huiju. The Government Entity also claimed that Qingdao Huiju is jointly liable for the aforementioned construction contract and a commitment letter issued by Beijing Huiju, and sued both Beijing Huiju and Qingdao Huiju to be jointly and severally liable to a liquidated damage of US$230.9 million stipulated in the commitment letter. Qingdao Huiju received the local court verdict of the first instance in April 2020 which held that Qingdao Huiju shall be jointly and severally liable to the liquidated damages of US$230.9 million, and court costs of US$1,167,369. Qingdao Huiju appealed to the verdict in April 2020. In September 2020, the High Court of Shandong Province affirmed the local court verdict. Management noted that the assets that are currently subject to the preservation and enforcement actions taken by the court upon the application of the plaintiff do not involve the Company’s interests in Qingdao Huiju and management does not expect the legal proceedings mentioned above will have a material adverse effect on the Company’s interests in Qingdao Huiju based on current progress.

At December 31, 2020, the Group provided financial guarantees for bank loans of three of its equity method investees. The Group could incur losses in the event of defaults under or foreclosure of these loans and its maximum exposure to credit losses is US$250,425,294 (2019: US$202,115,765). The fair value of the guarantees is not significant and the Group considers that in case of default in payments, the net realizable value of the related properties can cover the repayment of the outstanding bank loans together with the accrued interest and penalty and therefore, no provision has been made for the guarantees in the consolidated financial statements.

In December 2016, 421 Kent Development LLC (“421 Kent”), the property company for the Group’s Oosten project, terminated its contract with its general contractor. The general contractor and various subcontractors have filed lawsuits against 421 Kent and the Company for approximately US$22.0 million, in aggregate, plus punitive damages. In addition, the general contractor filed mechanic’s liens against 421 Kent and the Company for approximately US$8.0 million. On December 20, 2021, 421 Kent, the general contractor, and a subcontractor asserting claims against the general contractor attended a mediation and executed a three-way confidential settlement agreement resolving all disputes and controversies. As of the date of this annual report, 421 Kent has paid US$1,300,000 pursuant to a negotiated settlement and has been released from all claims and liens against it and the Company.

In May 2015, XIN Development Management East, LLC (“XDME”) filed an arbitration claim for not less than US$10.0 million which was subsequently reduced for the purpose of a prior mediation to US$8 million against Wanks Adams Slavin Associates LLP (“WASA”), the design company for the Group’s Oosten project. WASA has asserted a total of approximately US$2.0 million in counterclaims. XDME believes WASA’s counterclaims are without merit and intends to contest vigorously such claims. On November 26, 2018, XDME reconciled with the design company WASA and settled the claim.

Concentration of risk

12 Months Ended

Dec. 31, 2020

Concentration of risk

Concentration of risk

23. Concentration of risk

The Group’s operations are conducted mainly in PRC. Starting in 2012, a relatively smaller portion of the Group’s operations is conducted in the United States. Accordingly, the Group’s business, financial condition and results of operations is primarily influenced by the political, economic and legal environments in PRC and by the general state of PRC economy.

The Group’s operations in PRC are subject to special considerations and significant risks. These include risks associated with, among others, the political, economic and legal environments and foreign currency exchange. The Group’s results may be adversely affected by changes in the political and social conditions in PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.

The Group transacts most of its business in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts.

On July 21, 2005, PRC government changed its decade-old policy of pegging the value of the RMB to the US$. Under the new policy, the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. This change in policy has resulted in a 21.2% appreciation of the RMB against the US$ from July 21, 2005 to December 31, 2020.

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, 2019 and 2020, there is no concentration of credit risk with respect to receivables and the Group does not have a significant exposure to any individual debtor.

In 2013, PRC banks tightened the conditions on which mortgage loans are extended to homebuyers. Therefore, mortgage loans for homebuyers have been subject to longer processing periods or even denied by the banks. The Group monitors its homebuyers’ outstanding mortgage loans on an ongoing basis via the Group’s management reporting procedures and took the position that contracts with underlying mortgage loans with processing periods exceeding one year shall not be considered when recognizing revenue on an

over time basis (Note 2(h) for further detail). As a result, sales contracts of 299 apartments were excluded when determining revenue to be recognized in 2020.

In addition, no single customer or supplier accounted for more than 10% of revenue or project expenditures for the years ended December 31, 2018, 2019 and 2020.

Non-controlling interests

12 Months Ended

Dec. 31, 2020

Non-controlling interests

Non-controlling interests

24. Non-controlling interests

As of December 31, 2019, the non-controlling interests consisted of the following:


			December 31,
	Ownership		2019
			US$
Shaanxi Zhongmao Economy Development Co., Ltd.	34.02	%	6,285,895
Xinyuan Property Management Service (Cayman) Ltd.	32.50	%	(28,398,921)
Taicang Pengchi Real Estate Co., Limited. (Note 18 (a))	83.00	%	(31,228,046)
Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. (Note 18 (a.b))	80.00	%	(34,280,307)
Henan Renxin Real Estate Co., Ltd.	49.00	%	—
Suzhou Yefang Real Estate Co., Limited. (Note 18(a.b))	79.99	%	(11,463,297)
Others			(2,565,707)

Total			(101,650,383)

As of December 31, 2020, the non-controlling interests consisted of the following:


			December 31,
	Ownership		2020
			US$
Shaanxi Zhongmao Economy Development Co., Ltd.	34.02	%	—
Xinyuan Property Management Service (Cayman) Ltd.	32.50	%	(44,142,857)
Taicang Pengchi Real Estate Co., Limited. (Note 18 (a))	83.00	%	(35,235,533)
Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. (Note 18 (a.b))	80.00	%	(42,530,617)
Henan Renxin Real Estate Co., Ltd.	49.00	%	—
Suzhou Yefang Real Estate Co., Limited. (Note 18(a.b))	79.99	%	(12,256,043)
Henan Yanchuang Enterprise Management Consulting Co. Ltd	49.00	%	(225,290,809)
Zhengzhou Xinhe Real Estate Co., Ltd	20.00	%	(2,257,587)
Others			1,282,244

Total			(360,431,202)

Subsequent events

12 Months Ended

Dec. 31, 2020

Subsequent events

Subsequent events

25. Subsequent events

Disposal of an equity method investee

As of December 31, 2020, US$225,290,809 has been paid and a 49% equity interest of Jiazhaoye Health has been transferred to the Company. Based on the articles of association, the Company cannot exercise control of Jiazhaoye Health, but has the ability to

exercise significant influence over Jiazhaoye Health’s operating and financial decisions and accounted for it as an equity method investment.

Since neither project company has successfully bid for any projects till October 2021, the Company and Kaisa Group began a negotiation to terminate the cooperative development framework agreement. In November 2021, they entered into an equity interest swap agreement. According to the agreement, the Company’s 49% equity interest in Jiazhaoye Health will be exchanged to 49% equity interest in Henan Yanchuang with no extra consideration. The change of business registration of Jiazhaoye Health has been completed as at the date of this financial statement.

Exchange of October 2021 Notes

On October 15, 2021, eligible holders of the October 2021 Notes in the aggregate principal amount of US$207,680,000 exchanged their notes and the Company delivered new notes in the aggregate principal amount of US$205,401,000 and US$19,101,080 in cash consideration in full satisfaction of the exchange consideration to those eligible holders. The new notes bear interest at 14.2% per annum, payable semi-annually. The new notes have a two-year term maturing on October 15, 2023.

Condensed financial information of the Company

12 Months Ended

Dec. 31, 2020

Condensed financial information of the Company

Condensed financial information of the Company

26. Condensed financial information of the Company

The condensed financial statements of Xinyuan Real Estate Co., Ltd. have been prepared in accordance with U.S. GAAP. Under the PRC laws and regulations, the Company’s PRC subsidiaries are restricted in their ability to transfer certain of their net assets to the Company in the form of dividend payments, loans or advances. The amounts restricted include paid-in capital and statutory reserves, as determined pursuant to PRC generally accepted accounting principles, totaling US$992,290,000 as of December 31, 2020 (2019: US$879,070,803).

Condensed Balance Sheets


	Year ended December 31
	2019	2020
	US$	US$

ASSETS

Current assets
Cash and cash equivalents	28,591,381	2,463,042
Other receivables	10,928	189,494
Other current assets	77,649	—
Due from subsidiaries	455,222,231	230,448,376
Total current assets	483,902,189	233,100,912
Investments in subsidiaries	1,338,730,125	1,459,241,231
TOTAL ASSETS	1,822,632,314	1,692,342,143
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term bank loan	19,900,000	—
PRC income tax payable	13,388	13,388
PRC other tax payable	902,190	902,190
Other payable and accrued liabilities	27,612,109	31,210,541
Current portion of long-term bank loan and other debt	423,131,157	606,490,929
Payroll and welfare payables	2,220,113	2,622,544
Total current liabilities	473,778,957	641,239,592
Long term bank loan	100,440,000	—
Other long-term debt	558,111,718	373,994,646
Total liabilities	1,132,330,675	1,015,234,238
Shareholders' equity
Common shares, $0.0001 par value:
Authorized‑500,000,000 shares, issued and outstanding- 106,932,017 shares for 2020 (2019: 107,875,468 shares)	16,410	16,415
Treasury shares	(113,719,964)	(116,061,577)
Additional paid-in capital	543,290,577	552,215,071
Retained earnings	260,714,616	240,937,996
Total shareholders' equity	690,301,639	677,107,905

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	1,822,632,314	1,692,342,143

Condensed Statements of Comprehensive Income


	Year ended December 31
	2018	2019	2020
	US$	US$	US$
General and administrative expenses	(9,877,059)	(9,509,893)	(7,211,678)

Operating loss	(9,877,059)	(9,509,893)	(7,211,678)
Interest expense	(105,990,420)	(107,382,764)	(112,996,759)
Interest income	1,221,465	1,682,189	599,544
Net gain on debt extinguishment	3,267,457	536,011	—
Gain/(loss) on short-term investments	—	27,099	(27,077)
Other expenses	(11,135,488)	(20,106,250)	(4,277,443)
Equity in profit of subsidiaries, net	195,548,594	203,098,135	41,999,605
Income/(loss) from operations before income taxes	73,034,549	68,344,527	(81,913,808)
Income taxes	—	—	—
Net income/(loss) attributable to common shareholders	73,034,549	68,344,527	(81,913,808)
Other comprehensive income/(loss), net of tax of nil
Foreign currency translation adjustments	(59,347,915)	(20,044,827)	73,327,128
Comprehensive income/(loss) attributable to shareholders	13,686,634	48,299,700	(8,586,680)

Condensed Statements of Cash Flows


	Year ended December 31
	2018	2019	2020
	US$	US$	US$
Cash flows from operating activities:
Net income/(loss)	73,034,549	68,344,527	(81,913,808)
Adjustment to reconcile net income to net cash used in operating activities:
Equity in profit of subsidiaries, net	(195,548,594)	(203,098,135)	(41,999,605)
Stock based compensation expense	3,152,908	3,782,307	2,848,897
Amortization of deferred charges	7,415,821	7,445,276	5,488,205
(Gain)/loss on extinguishment of debt	(3,267,457)	(536,011)	5,911,528
Other receivables	(665,428)	654,500	(178,566)
Other current assets	(203,789)	172,920	—
Other payable and accrued liabilities	7,342,974	(291,915)	77,648
Payroll and welfare payables	(590,356)	(597,023)	7,281,565
Amount due from related parties	213,796	348,076	402,431
Net cash used in operating activities	(109,115,576)	(123,775,478)	(102,081,705)
Cash flows from financing activities:
Changes in due from subsidiaries	53,143,354	212,589,733	224,773,858
Proceeds from short-term bank loans	—	19,900,000	28,080,000
Repayments of long-term bank loans	(13,250,000)	(110,311,908)	(23,078,000)
Proceeds from long-term bank loans	3,178,000	100,440,000	—
Proceeds from other long-term debts	200,000,000	300,000,000	378,852,273
Repayment of other long-term debts	—	(413,300,000)	(508,900,000)
Purchase of treasury shares	(19,846,720)	(26,080,876)	(2,483,896)
Dividends to shareholders	(25,739,147)	(19,647,356)	(14,284,148)
Payment of financing cost	(4,082,815)	(2,075,789)	(7,141,511)
Purchase of shares under RSU plan	(7,797,949)	(2,920,216)	—
Proceeds from exercise of stock options	1,390,666	166,480	134,790
Net cash provided by financing activities	186,995,389	58,760,068	75,953,366
Net increase/ (decrease) in cash and cash equivalents	77,879,813	(65,015,410)	(26,128,339)
Cash and cash equivalents, at the beginning of the year	15,726,978	93,606,791	28,591,381

Cash and cash equivalents, at end of the period	93,606,791	28,591,381	2,463,042

(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, 2019 and 2020, the Company had US$338,566,142 and US$181,346,497 due from its wholly-owned subsidiaries. These amounts mainly reflect intercompany loans from the Company to Xinyuan Real Estate, Ltd. While intercompany

loans have no fixed payments terms, the Company has a legal enforceable right to demand payment at any time, and Xinyuan Real Estate, Ltd. has the ability to repay the outstanding balance on demand.

In 2013, the Company also entered into a separate loan facility agreement with XIN Development Group International Inc. Pursuant to the agreement, the Company will provide a loan facility to XIN Development for the period from July 1, 2013 to January 18, 2018 amounting to US$50,000,000 at 17.5% per annum. As of December 31, 2020, the Company has US$116,656,089 (2019: US$116,656,089) including accrued interest of US$67,554,210 (2019: US$67,554,210), due from XIN Development under this loan facility.

Except for those disclosed in the Company’s condensed financial information, the Company does not have significant commitments or long-term obligations as of the period end presented.

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2020

Summary of significant accounting policies

The Company and basis of presentation and consolidation

(a) The Company and basis of presentation and consolidation

Ruihao Rongtong

Yuzhouyun

The carrying amounts and classifications of the assets and liabilities of Yuzhouyun are as follows:


	December 31,	December 31,
	2019	2020
	US$	US$
Current assets	2,214,155	768,166
Non-current assets	4,244,195	2,771,533
Total assets	6,458,350	3,539,699

Current liabilities	13,967,333	4,801,975
Non-current liabilities	—	14,099,833

Total liabilities	13,967,333	18,901,808

The financial performance and cash flows of Yuzhouyun are as follows:


	Year ended	Year ended
	December 31,	December 31,
	2019	2020
	US$	US$
Revenue	12,555,974	3,525,255
Cost of revenue	(3,682,899)	(2,529,935)
Net loss	(1,796,997)	(6,935,441)
Net cash provided by/(used in) operating activities	368,379	(12,982,505)
Net cash used in investing activities	(1,885)	(13,837)
Net cash (used in)/provided by financing activities	(52,503)	12,256,166

Yuzhouyun contributed US$2,558,430 and US$238,162 of the Company’s consolidated revenues for the year ended December 31, 2019 and December 31, 2020, respectively.

Ruizhuo Xihui

The carrying amounts and classifications of the assets and liabilities of Ruizhuo Xihui are as follows:


		December 31,
		2020
		US$
Current assets		3,167,587
Non-current assets		—
Total assets		3,167,587

Current liabilities		3,572,451
Non-current liabilities		—

Total liabilities		3,572,451

The financial performance and cash flows of Ruizhuo Xihui are as follows:


		Year ended
		December 31,
		2020
		US$
Revenue		81,984
Cost of revenue		—
Net loss		(382,874)
Net cash provided by operating activities		36,807
Net cash used in investing activities		—
Net cash used in financing activities		—

Ruizhuo Xihui contributed US$81,984 of the Company’s consolidated revenues for the year ended December 31, 2020.

Use of Estimates

(b) Use of Estimates

Fair value of financial instruments

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

Foreign currency translation

(d) Foreign currency translation

Cash and cash equivalents

(e) Cash and cash equivalents

Restricted cash

(f) Restricted cash

As of December 31, 2020, the Group held US$229,666,355 (December 31, 2019: US$112,998,481) in its bank accounts with withdrawal restriction for its long-term loans (Note 11).

Real estate properties development completed and under development

(g) Real estate properties development completed and under development

For the periods presented, the Group recognized impairment loss of US$9,641,537 for real estate properties completed and under development.

Revenue recognition

(h) Revenue recognition

Real estate sales

Real estate management services income

Real estate lease income

Other revenue

For the years ended December 31, 2018, 2019 and 2020, revenue is recognized and disaggregated by major source as below:


	2018	2019	2020
	US$	US$	US$
Real estate sales	2,139,370,792	2,387,031,568	1,604,891,939
Real estate management services income	63,447,420	67,488,169	91,208,307
Other revenue	5,148,101	11,984,304	14,870,460
Revenue from contracts with customers	2,207,966,313	2,466,504,041	1,710,970,706

Real estate lease income	9,584,972	16,128,771	34,792,485

Total revenue	2,217,551,285	2,482,632,812	1,745,763,191

Contract assets

Contract liabilities

The following table presents the Group’s contract balances as of December 31, 2019 and 2020:


	December 31,	December 31,
	2019	2020
Contract assets	23,093,235	28,708,229
Customer deposits (note 14)	1,106,098,647	952,939,384

The amount of revenue recognized during the year ended December 31, 2020 and included in the customer deposits as of December 31, 2019 is US$439,003,168.

Accounts receivable and allowance for credit losses

(i) Accounts receivable and allowance for credit losses


	As previously	Effects of
	reported at	adoption
	December 31,	of Credit Loss	As adjusted at
	2019	ASUs	January 1, 2020
Consolidated balance sheets
Accounts receivable	97,911,510	(2,829,696)	95,081,814
Other deposits and prepayments	277,463,137	(1,908,929)	275,554,208
Amounts due from related parties	200,757,623	(1,781,767)	198,975,856
Total current assets	5,645,063,109	(6,520,392)	5,638,542,717
Total assets	7,421,664,433	(6,520,392)	7,415,144,041
Total equity	791,952,022	(6,520,392)	785,431,630

Other receivables

(j) Other receivables

Other receivables consist of various cash advances to unrelated companies and individuals with which the Group has business relationships.

The allowance for credit losses reflects the Company’s current estimate of credit losses expected to be incurred over the life of the receivables. The Company considers various factors in establishing, monitoring, and adjusting its allowance for credit losses including the aging of receivables and aging trends, customer creditworthiness and specific exposures related to particular customers. The Company also monitors other risk factors and forward-looking information, such as country specific risks and economic factors that may affect a customer’s ability to pay in establishing and adjusting its allowance for credit losses. As of December 31, 2020, there was US$12,609,405 allowance for credit loss.

Deposits for land use rights

(k) Deposits for land use rights

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.

Advances to suppliers

(m) Advances to suppliers

Customer deposits

(n) Customer deposits

Notes payable and other payables

(o) Notes payable and other payables

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

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.

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


Corporate aircraft		15 years
Vehicles		5 years
Furniture and fixtures		5 years
Office buildings		20‑60 years

Maintenance, repairs and minor renewals are charged directly to expense as incurred unless such expenditures extend the useful life or represent a betterment, in which case they are capitalized.

Long-term Investments

(r) Long-term Investments

The Group’s long-term investments consist of equity method investments and equity investments without readily determinable fair value.

Equity method Investments

Nonmarketable equity securities

Nonmarketable equity securities are investments in privately held companies without readily determinable market values.

Capitalized interest

(s) Capitalized interest

The Group capitalizes interest as a component of building construction costs in accordance with ASC 835, Interest (“ASC 835”).

As a result of the total interest costs capitalized during the period, the interest expense for the years ended December 31, 2018, 2019 and 2020, was as follows:


	2018	2019	2020
	US$	US$	US$
Amortization of issuance cost related to long-term debt	8,624,334	8,132,103	116,249
Interest expense of finance leases	1,385,292	973,842	31,286,261
Interest on borrowings	271,831,465	308,747,957	312,779,581
Total interest costs	281,841,091	317,853,902	344,182,091
Total interest costs capitalized	(182,595,395)	(204,078,542)	(214,694,686)
Interest expense, net	99,245,696	113,775,360	129,487,405

Retirement benefits

(t) Retirement benefits

Distribution of earnings and reserve fund

(u) Distribution of earnings and reserve fund

Income taxes

(v) Income taxes

Land Appreciation Tax ("LAT")

(w) Land Appreciation Tax (“LAT”)

Comprehensive income

(x) Comprehensive income

Advertising and promotion expenses

(y) Advertising and promotion expenses

Leases

(z) Leases

Lessee

Lessor

Property warranty

(aa) Property warranty

Earnings per share

(ab) Earnings per share

Treasury Shares

(ac) Treasury Shares

Senior Secured Notes

(ad) Senior Secured Notes

Onshore corporate bonds

Short-term investments

(ae) Short-term investments

Assets acquisition and business combinations

(af) Assets acquisition and business combinations

Non-controlling interests

(ag) Non-controlling interests

Effect of change in estimate

(ah) Effect of change in estimate

Share-based compensation

(ai) Share-based compensation

Segment Reporting

(aj) 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

Background information of business and organization (Tables)

12 Months Ended

Dec. 31, 2020

Background information of business and organization

Schedule of Subsidiaries and its Consolidated Variable Interest Entities

As of December 31, 2020, principal subsidiaries of the Company and its consolidated variable interest entities included the following entities:


				Percentage of
	Registered Place			Equity
	and Date of	Registered		Attributable		Principal
Company Name	Incorporation	Capital		to the Group		Activities
Subsidiary companies:
Xinyuan International Property Investment Co., Ltd.	Cayman Islands October 6, 2011	US$	500,000	100	%	Investment holding company

Xinyuan International (HK) Property Investment Co., Ltd.	Hong Kong October 26, 2011	HK$	3,000,000	100	%	Investment holding company

XIN Development Group International Inc.	United States November 10, 2011	US$	—	100	%	Investment holding company

Xinyuan Real Estate, Ltd.	Cayman Islands January 27, 2006	US$	50,000,000	100	%	Investment holding company

XIN Development Management East, LLC	United States August 28, 2012	US$	1,000	100	%	Property management services

XIN NY Holding, LLC	United States August 29, 2012	US$	1,000	100	%	Investment holding company

421 Kent Development, LLC	United States August 29, 2012	US$	1,000	100	%	Real estate development

Xinyuan Sailing Co., Ltd.	Hong Kong June 21, 2013	HK$	3,000,000	100	%	Investment holding company

AWAN Plasma Sdn Bhd	Malaysia April 16, 2007	MYR	33,577,000	100	%	Real estate development

XIN Eco Marine Group Properties Sdn Bhd	Malaysia July 9, 2014	MYR	33,217,000	100	%	Investment holding company

Zhengzhou Jiasheng Real Estate Co., Ltd.	PRC December 2, 2013	US$	60,000,000	100	%	Real estate development

Xinyuan (China) Real Estate, Ltd. ("Xinyuan China")	PRC April 10, 2006	US$	307,000,000	100	%	Investment holding company

Henan Xinyuan Real Estate Co., Ltd. ("Henan Xinyuan")	PRC May 19, 1997	RMB	200,000,000	100	%	Real estate development

Qingdao Xinyuan Xiangrui Real Estate Co., Ltd.	PRC February 9, 2006	RMB	10,000,000	100	%	Real estate development

Shandong Xinyuan Real Estate Co., Ltd.	PRC June 2, 2006	RMB	300,000,000	100	%	Real estate development

Xinyuan Property Management Service(Cayman) Ltd.	Cayman Islands December 13, 2018	HKD	50,000	67.5	%	Investment holding company

Xinyuan Property Management Service (BVI) Ltd	British Virgin Islands January 2, 2019	USD	-	67.5	%	Investment holding company

Xinyuan Property Management Service (HK) Limited	HK January 8, 2019	HKD	1	67.5	%	Investment holding company

Xinyuan Science and Technology Service Group Co., Ltd.	PRC December 28, 1998	RMB	50,000,000	67.5	%	Property management services

Mingyuan Landscape Engineering Co., Ltd.	PRC February 17, 2004	RMB	50,000,000	100	%	Landscaping engineering and management

Henan Xinyuan Wanzhuo Real Estate Co., Ltd.	PRC December 29, 2011	RMB	20,000,000	100	%	Real estate development

Suzhou Xinyuan Real Estate Development Co., Ltd.	PRC November 24, 2006	RMB	200,000,000	100	%	Real estate development

Anhui Xinyuan Real Estate Co., Ltd.	PRC December 7, 2006	RMB	50,000,000	100	%	Real estate development

Kunshan Xinyuan Real Estate Co., Ltd.	PRC January 31, 2008	RMB	200,000,000	100	%	Real estate development

Xinyuan Real Estate (Chengdu) Co., Ltd.	PRC June 12, 2007	RMB	220,000,000	100	%	Real estate development

Xuzhou Xinyuan Real Estate Co., Ltd.	PRC November 9, 2009	RMB	200,000,000	100	%	Real estate development

Henan Xinyuan Jiye Real Estate Co., Ltd.	PRC November 15, 2009	RMB	50,000,000	100	%	Real estate development

Beijing Xinyuan Wanzhong Real Estate Co., Ltd. ("Beijing Wanzhong")	PRC March 4, 2008	RMB	900,000,000	100	%	Real estate development


				Percentage of
	Registered Place			Equity
	and Date of	Registered		Attributable		Principal
Company Name	Incorporation	Capital		to the Group		Activities

Xinyuan Renju (Beijing) Asset Management Co., Ltd.	PRC January 16, 2009	RMB	30,000,000	100	%	Management consulting service

Beijing Xinyuan Priority Real Estate Consulting Co., Ltd.	PRC March 8, 2012	RMB	30,000,000	100	%	Real estate consulting services

Henan Xinyuan Priority Commercial Management Co., Ltd.	PRC August 10, 2012	RMB	2,000,000	100	%	Leasing management services

Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. ("Suzhou Wanzhuo") (Note 18(a))	PRC September 20, 2012	RMB	200,000,000	20	%	Real estate development

Jiangsu Jiajing Real Estate Co., Ltd.	PRC March 28, 2005	RMB	150,000,000	100	%	Real estate development

Xingyang Xinyuan Real Estate Co., Ltd.	PRC July 25, 2013	RMB	200,000,000	100	%	Real estate development

Jinan Xinyuan Wanzhuo Real Estate Co., Ltd.	PRC December 4, 2013	RMB	300,000,000	100	%	Real estate development

Sanya Beida Science and Technology Park Industrial Development Co., Ltd.	PRC January 10, 2014	RMB	200,000,000	100	%	Real estate development

Chengdu Xinyuan Wanzhuo Real Estate Co., Ltd.	PRC February 21, 2014	RMB	50,000,000	100	%	Real estate development

Tianjin Xinyuan Real Estate Co., Ltd.	PRC September 17, 2014	RMB	100,000,000	100	%	Real estate development

Xi'an Yinghuai Square Commerce Management Co., Ltd.	PRC November 25, 2014	RMB	3,000,000	100	%	Retail store

Subsidiary companies:
Changsha Xinyuan Wanzhuo Real Estate Co., Ltd.	PRC April 3, 2014	RMB	100,000,000	100	%	Real estate development

Shanghai Junxin Real Estate Co., Ltd.	PRC January 16, 2014	RMB	5,000,000	100	%	Real estate development

Beijing Yinghuai Commerce and Trade Co., Ltd.	PRC January 5, 2015	RMB	30,000,000	100	%	Retail store

Beijing Xinhe Investment Development Co., Ltd.	PRC May 5, 2015	RMB	5,000,000	100	%	Investment holding company

Henan Yinghuai Commerce and Trade Co., Ltd.	PRC March 23, 2015	RMB	10,000,000	100	%	Retail store

Henan Xinyuan Guangsheng Real Estate Co., Ltd.	PRC July 27, 2015	RMB	200,000,000	100	%	Real estate development

Shanghai Hexinli Property Management Center. (Limited partnership)	PRC July 28, 2015	RMB	10,640,000	100	%	Property management services

Shandong Xinyuan Renju Real Estate Co., Ltd.	PRC November 19, 2011	RMB	50,000,000	100	%	Real estate development

Shaanxi Zhongmao Economy Development Co., Ltd.	PRC June 22, 1998	RMB	22,500,000	65.98	%	Real estate development

421 Kent Holding Co, Ltd.	United States May 2, 2014	US$	1,000	100	%	Investment holding company

Hudson 888 Owner LLC	United States October 22, 2015	US$	1,000	100	%	Real estate development

XIN Manhattan Holding LLC	United States December 9, 2015	US$	1,000	100	%	Investment holding company

Hudson 888 Holding LLC	United States December 9, 2015	US$	1,000	100	%	Investment holding company

Shenzhen Xinchuang Investment Consulting Co., Ltd.	PRC January 20, 2016	RMB	10,000,000	100	%	Investment


				Percentage of
	Registered Place			Equity
	and Date of	Registered		Attributable		Principal
Company Name	Incorporation	Capital		to the Group		Activities
Subsidiary companies:
Henan Xinyuan Quansheng Real Estate Co., Ltd.	PRC January 14, 2015	RMB	40,000,000	100	%	Real estate development

Zhengzhou Shengdao Real Estate Co., Ltd.	PRC October 14, 2013	RMB	20,000,000	100	%	Real estate development

Henan Xinyuan Shunsheng Real Estate Co., Ltd.	PRC January 13, 2016	RMB	30,000,000	100	%	Real estate development

Hunan Erli Real Estate Co., Ltd.	PRC January 4, 2008	RMB	50,000,000	100	%	Real estate development

XIN Queens Holding LLC	United States July 6, 2016	US$	1,000	100	%	Investment holding company

Queens Theatre Holdco LLC	United States July 6, 2016	US$	1,000	100	%	Investment holding company

Queens Theatre Owner LLC	United States July 6, 2016	US$	1,000	100	%	Real estate development

Zhengzhou Xinnan Real Estate Co., Ltd.	PRC January 21, 2016	RMB	50,000,000	100	%	Real estate development

Xinyan Investment Management Co., Limited.	PRC April 8, 2016	RMB	100,000,000	90	%	Investment

Hunan Xintian Real Estate Co., Ltd.	PRC September 28, 2009	RMB	20,000,000	100	%	Real estate development

Zhengzhou Hangmei Technology Development Co., Ltd.	PRC November 25, 2014	RMB	50,000,000	51	%	Real estate development

Zhengzhou Hangmei Zhengxing Technology Co., Ltd. (1)	PRC March 28, 2016	RMB	50,000,000	30	%	Real estate consulting services

Xi’an Dingrun Real Estate Co., Ltd.	PRC June 1, 2011	RMB	20,000,000	100	%	Real estate development

Zhengzhou Kangshengboda Real Estate Co., Ltd.	PRC July 29, 2016	RMB	50,000,000	100	%	Real estate development

Xinjiang Xinyuan Renju Equity Investment., Ltd.	PRC February 24, 2017	RMB	10,000,000	100	%	Real estate consulting services

Zhuhai Prince Real Estate Co., Ltd.	PRC September 13, 1990	RMB	307,000,000	100	%	Real estate development

Henan Renxin Real Estate Co., Ltd. ("Henan Renxin")	PRC July 11, 2008	RMB	200,000,000	51	%	Real estate development

Xinchuang Technology Co., Ltd. ("Xinchuang Technology")	PRC May 2, 2017	RMB	100,000,000	100	%	Management consulting services

Hangzhou Huiyuan Investment Management Partnership Enterprise. (Limited partnership)	PRC May 23, 2017	RMB	5,000,000	100	%	Investment holding company

Guangdong Xinyuan Real Estate Co., Ltd.	PRC October 18, 2017	RMB	100,000,000	100	%	Real estate development

Taicang Pengchi Real Estate Co., Limited. ("Taicang Pengchi") (Note 18(a))	PRC June 16, 2017	RMB	200,000,000	17	%	Real estate development

Khorgos XinYan Enterprise Management Consulting Co., Ltd.	PRC December 4, 2017	RMB	5,000,000	100	%	Management consulting services

Jinan Xinyuan Quansheng Real Estate Co., Ltd.	PRC May 25, 2018	RMB	50,000,000	100	%	Real estate development


				Percentage of
	Registered Place			Equity
	and Date of	Registered		Attributable		Principal
Company Name	Incorporation	Capital		to the Group		Activities
Subsidiary companies:
Suzhou Yuxi Real Estate Co., Limited.	PRC March 5, 2018	RMB	100,000,000	20	%	Real estate development

Xinchuang Sailing (Dalian) Healthy Technology Industrial Investment Co., Ltd.	PRC June 5, 2018	RMB	600,000,000	100	%	Real estate development

Dalian Xinyi Renju Real Estate Co., Ltd.	PRC June 26, 2018	RMB	100,000,000	100	%	Real estate development

Jiangxi Xinkai Renju Management Consulting Service., Ltd.	PRC August 28, 2018	RMB	10,000,000	100	%	Real estate consulting services

Beijing Xinyuan Huicheng Technology Development Co., Ltd.	PRC January 26, 2018	RMB	100,000,000	100	%	Technical services

Suzhou Yefang Real Estate Co., Limited. ("Suzhou Yefang") (Note 18(b))	PRC April 14, 2017	RMB	100,000,000	20	%	Real estate development

Chengdu Xinyuan Renju Enterprise Management Co., Ltd. ("Chengdu Renju")	PRC October 26, 2017	RMB	50,000,000	100	%	Real estate development

Chengdu Guohongteng Real Estate Co., Ltd.	PRC July 16, 2010	RMB	1,673,179,200	100	%	Real estate development

Qingdao Keda Real Estate Co., Ltd. ("Qingdao Keda")	PRC September 20, 2010	RMB	50,000,000	100	%	Real estate development

Wuhan Yinghexin Real Estate Co., Ltd. ("Wuhan Yinghexin")	PRC January 15, 2014	RMB	100,000,000	100	%	Real estate development

Henan Xinyuan Property Management Co., Ltd.	PRC December 1, 2016	RMB	10,000,000	100	%	Property management services

Subsidiary companies:

Wuhu Xinyansuifeng NO.1 Investment Center (Limited partnership)	PRC November 22, 2017	RMB	1,501,000,000	100	%	Investment holding company

Zhuhai Xinyuan Real Estate Co., Ltd.	PRC December 31, 2018	RMB	100,000,000	100	%	Real estate development

Jinan Renju Building Material Co., Ltd.	PRC January 2, 2019	RMB	50,000,000	100	%	Sales of construction material

Dalian Xinyi Yaju Real Estate Co., Ltd.	PRC January 16, 2019	RMB	100,000,000	100	%	Real estate development

Guangdong Xinchuang Kechuang Zhigu Development Co., Ltd.	PRC February 27,2019	RMB	100,000,000	100	%	Real estate development

Jiangxi Xinyuan Heju Enterprise Management Consulting Service Co., Ltd.	PRC April 2,2019	RMB	10,000,000	100	%	Management consulting services

Beijing I-Journey Science and Technology Development Co., Ltd.("I-Journey")	PRC October 20,2015	RMB	40,000,000	93	%	Development and sales of robots

Beijing Ruizhuo Xichuang Technology Development Co., Ltd.("Xichuang")	PRC July 16,2015	RMB	30,000,000	93	%	Real estate brokerage

Beijing Ruizhuo Xitou Development Co., Ltd. (" Xitou")	PRC July 16,2015	RMB	30,000,000	85	%	Internet platform for real estate property financing

Beijing Future Xinzhihui Technology Development Center (Limited Partnership) (" Xinzhihui")	PRC December 16,2016	RMB	30,000,000	90.67	%	Investment holding company

Beijing Future Xinhujin Technology Development Center (Limited Partnership) ("Xinhujin")	PRC December 30,2016	RMB	20,000,000	89.5	%	Investment holding company

Beijing Future Xinruifeng Technology Development Center (Limited Partnership) ("Xinruifeng")	PRC February 23,2017	RMB	20,000,000	77.5	%	Investment holding company

Beijing Ruihao Rongtong Real Estate Co., Ltd. ("Ruihao Rongtong")	PRC June 15, 2006	RMB	250,000,000	100	%	Real estate development

Henan Xintuo Real Estate Co. Ltd.	PRC December 8,2020	RMB	20,000,000	100	%	Real estate development

Zhengzhou Xinhe Real Estate Co., Ltd	PRC January 8,2020	RMB	50,000,000	80	%	Real estate development

Zhengzhou Xinying Real Estate Co., Ltd.	PRC May 19,2020	RMB	30,000,000	100	%	Real estate development

Zhengzhou Xinyuan Xinsheng Business Management Co. Ltd.	PRC November 2,2020	RMB	1,000,000	100	%	Real estate development

Dalian Xinsheng Industrial Co., Ltd.	PRC December 16,2020	RMB	20,000,000	100	%	Leasing management services

Guoxin Chuangxiang (Tianjin) Enterprise Management Consulting Partnership (Limited Partnership)	PRC January 2,2020	RMB	15,000,000	95.22	%	Management consulting service

Guoxin Chuangzhi (Tianjin) Enterprise Management Consulting Partnership (Limited Partnership)	PRC June 23,2020	RMB	135,000,000	94.41	%	Management consulting service

VIE:
Beijing Yuzhouyun Technology Development Center (Limited partnership)) and its subsidiary (“Yuzhouyun”) (Note 2(a))	PRC March 2, 2018	RMB	18,388,300	51	%	Technical services

Beijing Ruizhuo Xihui Technology Development Centre Co., Ltd (Note 2(a))	PRC January 22,2017	RMB	10,000,000	1	%	Technical services

(1)	Controlled by Zhengzhou Hangmei Technology Development Co., Ltd. which is a 51% owned subsidiary of the Group.

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of disaggregation of Revenue

For the years ended December 31, 2018, 2019 and 2020, revenue is recognized and disaggregated by major source as below:


	2018	2019	2020
	US$	US$	US$
Real estate sales	2,139,370,792	2,387,031,568	1,604,891,939
Real estate management services income	63,447,420	67,488,169	91,208,307
Other revenue	5,148,101	11,984,304	14,870,460
Revenue from contracts with customers	2,207,966,313	2,466,504,041	1,710,970,706

Real estate lease income	9,584,972	16,128,771	34,792,485

Total revenue	2,217,551,285	2,482,632,812	1,745,763,191

Schedule of contract with customer, asset and liability

The following table presents the Group’s contract balances as of December 31, 2019 and 2020:


	December 31,	December 31,
	2019	2020
Contract assets	23,093,235	28,708,229
Customer deposits (note 14)	1,106,098,647	952,939,384

Schedule of impact of adopting ASC 606 on consolidated statement of comprehensive income


	As previously	Effects of
	reported at	adoption
	December 31,	of Credit Loss	As adjusted at
	2019	ASUs	January 1, 2020
Consolidated balance sheets
Accounts receivable	97,911,510	(2,829,696)	95,081,814
Other deposits and prepayments	277,463,137	(1,908,929)	275,554,208
Amounts due from related parties	200,757,623	(1,781,767)	198,975,856
Total current assets	5,645,063,109	(6,520,392)	5,638,542,717
Total assets	7,421,664,433	(6,520,392)	7,415,144,041
Total equity	791,952,022	(6,520,392)	785,431,630

Schedule of useful lives


Corporate aircraft		15 years
Vehicles		5 years
Furniture and fixtures		5 years
Office buildings		20‑60 years

Schedule of interest expense

As a result of the total interest costs capitalized during the period, the interest expense for the years ended December 31, 2018, 2019 and 2020, was as follows:


	2018	2019	2020
	US$	US$	US$
Amortization of issuance cost related to long-term debt	8,624,334	8,132,103	116,249
Interest expense of finance leases	1,385,292	973,842	31,286,261
Interest on borrowings	271,831,465	308,747,957	312,779,581
Total interest costs	281,841,091	317,853,902	344,182,091
Total interest costs capitalized	(182,595,395)	(204,078,542)	(214,694,686)
Interest expense, net	99,245,696	113,775,360	129,487,405

Beijing Yuzhouyun Technology Development Center [Member]

Schedule of information related to VIE's

The carrying amounts and classifications of the assets and liabilities of Yuzhouyun are as follows:


	December 31,	December 31,
	2019	2020
	US$	US$
Current assets	2,214,155	768,166
Non-current assets	4,244,195	2,771,533
Total assets	6,458,350	3,539,699

Current liabilities	13,967,333	4,801,975
Non-current liabilities	—	14,099,833

Total liabilities	13,967,333	18,901,808

The financial performance and cash flows of Yuzhouyun are as follows:


	Year ended	Year ended
	December 31,	December 31,
	2019	2020
	US$	US$
Revenue	12,555,974	3,525,255
Cost of revenue	(3,682,899)	(2,529,935)
Net loss	(1,796,997)	(6,935,441)
Net cash provided by/(used in) operating activities	368,379	(12,982,505)
Net cash used in investing activities	(1,885)	(13,837)
Net cash (used in)/provided by financing activities	(52,503)	12,256,166

RuizhuoXihui [Member]

Schedule of information related to VIE's

The carrying amounts and classifications of the assets and liabilities of Ruizhuo Xihui are as follows:


		December 31,
		2020
		US$
Current assets		3,167,587
Non-current assets		—
Total assets		3,167,587

Current liabilities		3,572,451
Non-current liabilities		—

Total liabilities		3,572,451

The financial performance and cash flows of Ruizhuo Xihui are as follows:


		Year ended
		December 31,
		2020
		US$
Revenue		81,984
Cost of revenue		—
Net loss		(382,874)
Net cash provided by operating activities		36,807
Net cash used in investing activities		—
Net cash used in financing activities		—

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Short-term investments (Tables)

12 Months Ended

Dec. 31, 2020

Short-term investments

Schedule of Short-term Investments


	December 31, 2019
	US$
	Fair		Unrealized
	value	Cost	loss in profit and loss
Level 1
Equity securities with readily determinable fair value	2,076,443	3,700,257	(1,623,814)
Level 3
Equity securities without readily determinable fair value	3,519,182	3,519,182	—
Total	5,595,625	7,219,439	(1,623,814)


	December 31, 2020
	US$
	Fair		Unrealized
	value	Cost	gain in profit and loss
Level 1
Equity securities with readily determinable fair value	6,108,322	2,049,344	4,058,978
Level 3
Equity securities without readily determinable fair value	2,807	29,884	(27,077)
Total	6,111,129	2,079,228	4,031,901

Other receivables (Tables)

12 Months Ended

Dec. 31, 2020

Other receivables

Schedule of Other Receivables


	December 31,	December 31,
	2019	2020
	US$	US$
Henan Derun Real Estate Co. Ltd (“Henan Derun”)	124,436,299	139,364,804
Zhengzhou Jiahe Real Estate Co. Ltd (“Zhengzhou Jiahe”)	67,429,462	101,361,020
Zhengzhou Yongzhi Jianxin Meiyu Private Equity Fund (“Zhengzhou Yongzhi”)	—	24,521,449
Zhangjiakou Xingyuan City Construction Development Co., Ltd	19,696,568	—
Huzhou Xinhong Jingcheng Construction and Development Co., Ltd	16,369,944	—
Due from contractors	24,444,823	16,322,092
Others	34,923,080	54,271,287

Other receivables	287,300,176	335,840,652

Real estate properties development completed and under development (Tables)

12 Months Ended

Dec. 31, 2020

Real estate properties development completed and under development

Schedule of components of real estate properties development completed and under development

The following summarizes the components of real estate properties development completed and under development at December 31, 2019 and 2020:


	December 31,	December 31,
	2019	2020
	US$	US$
Real estate properties development completed	458,204,518	439,204,753
Real estate properties under development	3,254,387,749	3,010,624,339
Total real estate properties development completed and under development	3,712,592,267	3,449,829,092

Real estate properties held for lease, net (Tables)

12 Months Ended

Dec. 31, 2020

Real estate properties held for lease, net

Schedule of real estate properties held for lease, net


	December 31,	December 31,
	2019	2020
	US$	US$
Elementary schools	3,057,371	3,268,838
Basement parking	14,694,085	9,081,394
Kindergartens	10,049,512	11,098,383
Parking facilities	100,036,672	99,897,514
Clubhouses	8,574,329	8,217,800
Shopping mall	290,610,416	277,532,448
Residential properties	124,280,030	121,855,248
Others	2,924,658	—
Total costs	554,227,073	530,951,625
Accumulated depreciation	(38,358,165)	(47,843,418)
Real estate properties held for lease, net	515,868,908	483,108,207

Schedule of minimum future rental income on non-cancellable leases


Year		Amount
		US$
2021		16,115,426
2022		14,280,321
2023		13,368,863
2024		13,726,296
2025 and thereafter		119,415,537
Total		176,906,443

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2020

Property and equipment, net

Schedule of Property and equipment, net


	December 31,	December 31,
	2019	2020
	US$	US$
Finance lease right-of-use asset -Corporate aircraft	36,887,168	39,438,499
Vehicles	5,069,515	5,825,039
Furniture and fixtures	10,523,537	10,895,581
Office buildings	21,842,187	23,726,382
Total	74,322,407	79,885,501
Accumulated depreciation	(31,318,028)	(37,125,590)
Property and equipment, net	43,004,379	42,759,911

Long-term investment (Tables)

12 Months Ended

Dec. 31, 2020

Long-term investment

Schedule of Long-term Investment

As of December 31, 2019 and 2020, the long-term investment consisted of the following:


				December 31,
	Initial Cost	Ownership		2019
	US$			US$
Nonmarketable equity securities
Zhengzhou Lianhe Real Estate Co., Ltd.	241,648	1.85	%	286,689
Zhengzhou Taike Real Estate Co., Ltd.	738,073	3.75	%	716,723
Equity method investees
Qingdao Huiju Zhihui City Industrial Development Co., Ltd.	523,459,957	49	%	488,227,667
Wuhu Penghong Investment Center (Limited Partnership)	30,608,185	n/a		18,333,122
Madison Developments Limited.	19,095,969	50	%	16,294,996
Suzhou Rongjingchen Real Estate Co., Ltd	42,041,464	24	%	41,452,466
Others	69,160,051	n/a		48,308,262
Total				613,619,925


				December 31,
	Initial Cost	Ownership		2020
	US$			US$
Nonmarketable equity securities
Zhengzhou Lianhe Real Estate Co., Ltd.	241,648	1.85	%	306,518
Zhengzhou Taike Real Estate Co., Ltd.	738,073	3.75	%	766,295
Equity method investees
Qingdao Huiju Zhihui City Industrial Development Co., Ltd.	523,459,957	49	%	532,385,009
Jiazhaoye Health Industry (Sanya) Investment Co., Ltd	225,290,809	49	%	225,290,809
Wuhu Penghong Investment Center (Limited Partnership)	30,608,185	n/a		18,337,862
Madison Developments Limited.	19,095,969	50	%	15,766,779
Suzhou Rongjingchen Real Estate Co., Ltd	42,041,464	24	%	21,266,345
Others	69,160,051	n/a		60,157,239
Total				874,276,856

Schedule of equity method investees


		December 31,
		2020
		US$
		(in thousands)
Current assets		1,033,115
Non-current assets		474,450
Current liabilities		695,446
Non-current liabilities		414,178
Non-controlling interest		(2,735)
Gross revenue		345,886
Gross profit		86,073
Income from continuing operations		65,222
Net gain		44,497
Net gain attributable to the Company		17,028

Acquisition of subsidiaries (Tables)

12 Months Ended

Dec. 31, 2020

2018 Acquisitions Activity [Member]

Schedule of Fair Value of Assets Acquired and Liabilities Assumed


		US$
Carrying amount of previously held equity interests		202,354,932
Remeasurement gain		4,384,563
Fair value of previously held equity interests(i)		206,739,495
Less: Goodwill		534,697
		206,204,798
Fair value of net identifiable assets acquired:
Cash and cash equivalents		11,761,992
Real estate properties under development		538,393,230
Current assets		7,471,403
Current liabilities		(57,705,079)
Deferred tax liabilities		(534,697)
Long-term bank loan		(293,182,051)
Net assets acquired		206,204,798

2019 Acquisitions Activity [Member]

Schedule of Fair Value of Assets Acquired and Liabilities Assumed


	Xinruifeng	Xinhujin	Xinzhihui
	subgroup	subgroup	subgroup	Total
	US$	US$	US$	US$
Cash and cash equivalents	472,974	276,511	77,526	827,011
Intangible assets (1)
Technology	9,446,403	5,877,125	6,249,820	21,573,348
Trade mark	—	—	2,623,205	2,623,205
Other current assets	262,373	164,373	691,872	1,118,618
Deferred tax assets	1,057,527	1,170,995	658,831	2,887,353
Other non-current assets	29,935	14,176	43,115	87,226
Goodwill	6,624,594	5,159,916	12,927,103	24,711,613
Current liabilities	(269,349)	(241,318)	(1,499,623)	(2,010,290)
Deferred tax liabilities	(1,057,527)	(1,170,995)	(658,831)	(2,887,353)
Non-controlling interest	(80,631)	(37,986)	(50,171)	(168,788)
Total Consideration	16,486,299	11,212,797	21,062,847	48,761,943

(1)	Intangible assets acquired in 2019 have estimated useful lives between six and ten years.

(2)	Xinruifeng, Xinhujin and Xinzhihui are parents of Xitou, Xichuang and I-journey, respectively.

There were no significant acquisitions of subsidiaries for the year ended December 31, 2020.

Short-term bank loans and other debt (Tables)

12 Months Ended

Dec. 31, 2020

Short-term bank loans and other debt

Schedule of short-term bank loans and other debt


	December 31,	December 31,
	2019	2020
	US$	US$
Loan from The Bank of East Asia
Due January 2, 2020, at 1.10% plus 1 month LIBOR	19,900,000	—

Loan from Zhongyuan Aviation Finance Leasing Co.,Ltd.
Due December 20 2020, at 10.00% per annum	11,467,562	—

Loan from Hua Xia Bank Co., Ltd.
Due May 30, 2020, at 6.5250% per annum	8,600,671	—
Due December 28, 2021, at 8.00% per annum	—	9,195,543

Loan from Shandong Rongyue Finance Leasing Co., Ltd.
Due December 24, 2020, at 5.00% per annum	4,300,335	—

Loan from Zhongyuan Commercial Factoring Co., Ltd.
Due January 30, 2020, at 10.00% per annum	28,668,902	—

Loan from Tianjin financial exchange center Co., Ltd. at 9.00% per annum	189,215	—
Loan from Tianjin financial exchange center Co., Ltd. at 8.50% per annum	51,604	—
Loan from Tianjin financial exchange center Co., Ltd. at 8.00% per annum	240,819	2,896,595

Loan from Shenzhen Zhong’an Finance Leasing Co.,Ltd.
Due December 26, 2021, at 5.89% per annum	—	1,532,592

Total short-term bank loans and other debt	73,419,108	13,624,730

Long-term bank loans (Tables)

12 Months Ended

Dec. 31, 2020

Debt Instrument [Line Items]

Schedule of Long-Term Bank Loans


	December 31,	December 31,
	2019	2020
	US$	US$
Loan from ICBC
Due December 26, 2021, at 6.175% per annum	66,890,284	25,539,089
Due December 22, 2021, at 6.175% per annum	33,448,009	12,772,610
Due December 30, 2021, at 6.60% per annum	30,770,333	11,748,839
Due December 22, 2021, at 9.80% per annum	33,448,009	12,772,610
Due July 23, 2022, at 4.75% per annum	14,334,451	5,823,844
	178,891,086	68,656,992
Loan from China Guangfa Bank
Due July 17, 2021, at 6.175% per annum	18,048,508	—

Loan from Bank of China
Due March 30, 2020, at 6.65% per annum	7,167,226	—
Due October 31, 2021 at 4.75% per annum	50,457,269	23,847,109
Due March 19, 2022 at 5.225% per annum	—	27,586,630
	57,624,495	51,433,739
Loan from Bank of Beijing
Due February 14, 2020 at 4.75% per annum	32,372,065	—

Loan from The Bank of East Asia
Due January 9, 2020, at 1.10% plus 1 month LIBOR	3,178,000	—
Due June 4, 2021, at 1.10% plus 1 month LIBOR	22,500,000	22,500,000
Due June 6, 2021, at 1.10% plus 1 month LIBOR	30,000,000	30,000,000
Due August 20, 2021, at 1.10% plus 1 month LIBOR	19,170,000	19,170,000
Due September 27, 2021, at 1.10% plus 1 month LIBOR	9,100,000	9,100,000
Due October 20, 2021, at 1.10% plus 1 month LIBOR	2,100,000	2,100,000
Due October 27, 2021, at 1.10% plus 1 month LIBOR	17,570,000	17,570,000
Due January 14, 2022, at 1.10% plus 1 month LIBOR	—	3,000,000
Due January 5, 2022, at 1.10% plus 1 month LIBOR	—	16,340,000
Due January 5, 2022, at 1.10% plus 1 month LIBOR	—	3,240,000
Due September 30, 2022, at 1.10% plus 1 month LIBOR	—	5,500,000
	103,618,000	128,520,000

Loan from Ping An Bank Co., Ltd.
Due April 22, 2021, at 6.8875% per annum	80,272,928	53,487,410
Due May 27, 2021, at 7.3625% per annum	9,890,771	4,597,772
Due March 18, 2022, at 6.5075% per annum	39,405,407	33,716,992
	129,569,106	91,802,174

Loan from China Construction Bank
Due August 1, 2021, at 4.35% per annum	44,723,488	47,816,825
Due August 1, 2021, at 4.75% per annum	11,180,872	11,187,911
Due August 1, 2021, at 4.75% per annum	17,201,343	—
	73,105,703	59,004,736
Loan from Bank of Minsheng
Due May 30, 2031, at 8.07% per annum	59,487,973	60,384,067
Due March 16, 2023 at 8.8825% per annum	286,402,339	208,125,795
	345,890,312	268,509,862
Loan from Bank of Hengfeng
Due September 20, 2021, at 8.0009% per annum	65,150,082	—

Loan from Zheshang Bank Co., Ltd
Due September 21, 2021, at 7.60% per annum	17,344,686	—

Loan from Bank of Communications Co., Ltd
Due March 18, 2022, at 7.600% per annum	37,104,728	18,716,226

Loan from Bank of Zhengzhou Co., Ltd
Due September 26, 2021, at 7.000075% per annum	64,505,031	61,916,658
Due August 30, 2023, at 6.50% per annum	—	114,944,290
	64,505,031	176,860,948
Loan from Bank of Huaxia Co., Ltd
Due December 27, 2021, at 5.08% per annum	11,610,908	—
Due May 28, 2023, at 5.08% per annum	—	18,391,086
	11,610,908	18,391,086
Loan from Xiamen International Bank Co., Ltd
Due February 20, 2023, at 10.00% per annum	—	9,195,543
Due April 30, 2023, at 6.80% per annum	—	4,904,290
	—	14,099,833

Loan from Bank of Guangzhou Co., Ltd
Due September 3, 2024, at 7.30% per annum	—	98,577,756

Loan from Luso International Banking Ltd
Due January 13, 2022, at 2.82% per annum	—	2,567,812
Due January 19, 2022, at 2.82% per annum	—	16,808,448
Due February 26, 2022, at 2.82% per annum	—	19,320,740
Due January 1, 2022, at 2.90% per annum	—	1,350,000
Due November 10, 2022, at 2.90% per annum	—	36,500,000
	—	76,547,000
Total	1,134,834,710	1,071,120,352
Less: current portion of long-term bank loans	(448,770,014)	(482,102,433)
Total long-term bank loans	686,064,696	589,017,919

Long-term Debt [Member]

Debt Instrument [Line Items]

Schedule of Maturities

As of December 31, 2020, the contractual maturities of these loans are as follows:


Year		Amount
		US$
2021		482,102,433
2022		244,614,175
2023		258,854,542
2024		42,330,150
2025 and thereafter		43,219,052
Less: current portion of long-term bank loans		(482,102,433)
Total: long-term bank loans		589,017,919

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Other long-term debt (Tables) - Other Long-Term Debt [Member]

12 Months Ended

Dec. 31, 2020

Debt Instrument [Line Items]

Schedule of Other Long-term Debt


	December 31,	December 31,
	2019	2020
	US$	US$
Senior notes
November 2020 Senior Secured notes due on November 22, 2020 at 8.875%	296,897,742	—
February 2021 Senior notes due on February 28, 2021 at 7.75%	261,941,119	224,952,688
March 2020 Senior Secured Notes due on March 12, 2020 at 9.875%	123,055,415	—
October 2021 Senior Secured Notes due on October 16, 2021 at 14.20%	295,968,740	253,678,567
June 2022 Senior notes due on June 29, 2022 at 14.00%	—	71,101,480
September 2023 Senior notes due on September 17, 2023 at 14.50%	—	296,902,963

Corporate bonds
Due December 28, 2020 at 8.20%	1,962,386	—
Due January 27, 2021 at 7.47%	8,213,641	—
Due March 14, 2021 at 7.09%	7,551,597	—
Due September 21, 2020 at 8.50%	21,947,434	—
Due April 1, 2024 at 8.40%	58,887,016	—
Due January 4, 2022 at 8.50%	650,673	—
Due November 13, 2025 at 8.35%	—	40,142,724

Loan from Ping An Trust Co., Ltd
Due May 22, 2020 at 10.3192%	43,003,354	—
Due November 23, 2020 at 11.20%	200,682,320	—
Due May 22, 2021 at 15.00%	42,989,020	—
Due May 29, 2021 at 11.50%	85,863,364	—
Due April 26, 2021 at 11.50%	24,248,158	—
Due May 31. 2022 at 12.80%	—	102,223,789

Kunlun Trust Co., Ltd
Due March 17, 2020 at 7.62%	21,501,677	—

Loan from Wanxiang Trust Co., Ltd
Due April 30, 2021 at 12.00%	28,668,903	30,651,811
Due January 4, 2020 at 12.00%	12,929,675	—
Due July 18, 2020 at 12.00%	21,501,677	—

Loan from China Huarong Asset Management Co., Ltd
Due November 27, 2020 at 11.50%	10,894,183	—
Due October 30, 2020 at 11.50%	28,095,525	—
Due November 8, 2021 at 12.00%	30,145,351	24,671,642
Due April 20, 2022 at 12.00%	—	41,379,945

Loan from China Resources Investment Trust Co., Ltd
Due November 9, 2020 at 9.405%	42,286,632	—

Loan from Chang An International Trust Co., Ltd
Due December 10, 2023 at 9.00%	172,013,417	274,180,447

Loan from Henan Zhongyuan Microfinance Co., Ltd
Due July 23, 2021 at 11.60%	6,880,537	6,130,362

Loan from Min Sheng Finance Lease Co., Ltd
Due July 15, 2023 at 5.85%	—	10,213,324

Loan from Zhongrong International Trust Co. Ltd.
Due May 13, 2022 at 13.00%	—	229,888,577

Loan from Daye Trust Co., Ltd
Due August 31, 2022 at 11.50%	—	91,955,432

Loan from Hubei Tian Qian Asset Management Co., Ltd
Due July 14, 2022 at 13.00%	—	50,575,488

Loan from Kent EB-5 LLC
Due January 23, 2020 at 5.95%	9,500,000	—
Due April 30, 2020 at 5.95%	5,000,000	—
Due June 25, 2020 at 5.95%	5,000,000	—
Due August 4, 2020 at 5.95%	5,000,000	—
Due August 20, 2020 at 5.95%	5,000,000	—
Due October 1, 2020 at 5.95%	10,000,000	—
Due November 23, 2020 at 5.95%	10,000,000	—
Due March 15, 2021 at 5.95%	9,500,000	—
Due September 12, 2021 at 5.95%	500,000	—
Due January 23, 2022 at 5.95%	—	53,000,000

Loan from Bank of Ozark
Due March 24, 2021 at 4.50% plus 1 month LIBOR	50,157,305	92,851,951

Loan from Bank Direct Capital Finance
Due November 1, 2020 at 5.5%	822,506	—

Loan from CMGT Lender 35 LLC
Due May 24, 2021 at 12.26%	18,660,737	—

Loan from 135-35 NORTHERN BLVD 1&2 LLC
Due May 1, 2021 at 8.5%	28,955,968	30,000,000

Total principal of other long-term debt	2,006,876,072	1,924,501,190
Less: current portion of other long-term debt	(970,185,445)	(911,485,562)
Total other long-term debt	1,036,690,627	1,013,015,628

Schedule of Maturities

As of December 31, 2020, the contractual maturities of these debts are as follows:


Year		Amount
		US$
2021		911,485,562
2022		581,851,524
2023		391,021,380
2024		—
2025 and thereafter		40,142,724
Less: current portion of other long term debt		(911,485,562)
Total: Other long-term debt		1,013,015,628

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases

Schedule of lease recorded on the consolidated balance sheets


	December 31,	December 31,
	2019	2020
	US$	US$
Lease Assets
Finance lease assets
Property and equipment, net	22,285,997	20,266,967
Real estate properties held for lease, net	7,020,033	7,370,716
Total	29,306,030	27,637,683
Operating lease ROU assets	11,801,491	8,516,756

Lease Liabilities
Current
Current portion of finance lease	6,409,827	1,685,850
Current portion of operating lease	4,873,897	5,298,153
Total	11,283,724	6,984,003
Non-current
Finance lease, net of current portion	3,839,456	—
Operating lease, net of current portion	6,348,249	3,159,780
Total	10,187,705	3,159,780

Schedule of components of lease expense


	Year ended	Year ended
	December 31,	December 31,
	2019	2020
	US$	US$
Operating lease cost:
Operating lease cost	6,480,093	6,487,116
Short-term lease cost	2,612,901	1,384,416
Finance lease cost:
Amortization of ROU assets	2,465,268	3,494,618
Interest on the lease liabilities	1,019,758	489,581

Total lease cost	12,578,020	11,855,731

Schedule of supplemental cash flow information


	Year ended	Year ended
	December 31,	December 31,
	2019	2020
	US$	US$
Operating cash flows for operating leases	6,275,565	6,354,922
Operating cash flows for finance leases	1,393,198	155,188
Financing cash flows for finance leases	6,135,547	8,476,338

Schedule of operating lease liabilities


	December 31,
	2020
	Finance Leases	Operating Leases
	US$	US$
Year ending December 31, 2021	1,749,669	5,639,638
Year ending December 31, 2022	—	2,219,038
Year ending December 31, 2023	—	1,169,276
Year ending December 31, 2024	—	—
Total lease payments	1,749,669	9,027,952
Less: imputed interest	(63,819)	(570,019)
Present value of lease liabilities	1,685,850	8,457,933

Schedule of weighted average remaining lease term and discount rate information


	December		December
	31,		31,
	2019		2020
Weighted-average remaining lease term (years)
Operating leases	2.32		1.99
Finance leases	1.63		0.91
Weighted-average discount rate
Operating leases	4.35	%	6.91	%
Finance leases	8.05	%	6.95	%

Customer deposits (Tables)

12 Months Ended

Dec. 31, 2020

Customer deposits

Schedule of Customer deposits


	December 31,	December 31,
	2019	2020
	US$	US$
Advances for real estate properties	2,616,487,072	2,332,850,810
Add: increase in revenue recognized in excess of amounts received from customers	25,665,783	59,622,703
Less: recognized as progress billings	(1,536,054,208)	(1,439,534,129)
Customer deposits (Note 2(h))	1,106,098,647	952,939,384

Income taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income taxes

Schedule of income/(loss) before income tax expenses

Income before income tax expense consist of:


	Year ended December 31,
	2018	2019	2020
	US$	US$	US$
PRC	355,674,888	355,606,696	162,967,377
Non PRC	(105,275,621)	(122,099,522)	(95,392,067)
Total	250,399,267	233,507,174	67,575,310

Schedule of income tax expenses

Income tax expense for the years ended December 31, 2018, 2019 and 2020 is summarized as follows:


	Year ended December 31,
	2018	2019	2020
	US$	US$	US$
Current:
CIT tax expense	141,399,866	133,862,272	(21,471,662)
Land Appreciation Tax ("LAT") expense	62,996,403	68,631,338	90,907,634
Deferred tax benefit	(59,949,022)	(52,015,238)	65,623,218
Income tax expense	144,447,247	150,478,372	135,059,190

Schedule of Effective Income Tax Rate Reconciliation

The Group’s income tax expense differs from the tax expense computed by applying PRC statutory CIT rate of 25% for the years ended December 31, 2018, 2019 and 2020 as follows:


	Year ended December 31,
	2018	2019	2020
	US$	US$	US$
CIT at rate of 25%	62,599,817	58,376,794	16,893,828
Tax effect of non-deductible expenses	5,799,761	8,867,037	18,115,751
LAT expense	62,996,403	68,631,338	90,907,634
CIT benefit of LAT	(15,749,101)	(17,157,834)	(22,726,908)
Changes in valuation allowance	(491,075)	23,073,210	5,463,801
International rate differences	18,224,012	17,351,758	15,736,526
Dividend and interest withholding taxes	15,403,663	(3,816,800)	13,132,901
Adjustment of estimated income tax accruals	(3,952,396)	(4,285,329)	(2,850,373)
Others	(383,837)	(561,802)	386,030
Income tax expense	144,447,247	150,478,372	135,059,190

Schedule of Reconciliation of Unrecognized Tax Benefits

The following table summarizes the activities related to the Group’s unrecognized tax benefits:


	2018	2019	2020
	US$	US$	US$
Balance at January 1	31,231,376	45,939,234	73,605,084
Additions for tax positions of current year	15,500,052	14,547,590	26,350,344
Reclassification from prior year tax payable	—	13,118,260	14,361,802
Reductions for tax positions of prior years	—	—	(13,118,260)
Reduction due to company liquidation	(792,194)	—	—
Balance at December 31	45,939,234	73,605,084	101,198,970

Schedule of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to the Group’s deferred tax assets and liabilities as of December 31, 2019 and 2020 are as follows:


	December 31,	December 31,
	2019	2020
	US$	US$
Deferred tax assets:
Tax loss carried forward	50,163,293	66,153,464
Accruals and provisions	62,936,343	96,041,259
Capitalized expenses	50,288,336	67,506,415
Revenue recognition at a point in time less tax paid under deemed profit method	127,927,710	29,232,706
Revenue recognition of real estate lease income on a straight-line basis	17,164,019	12,394,780
Deemed interest expense	55,979,839	79,851,523
Valuation allowance	(28,022,499)	(25,978,488)
Operating lease liability	2,805,537	2,114,483
Others	418,310	—
Total deferred tax assets	339,660,888	327,316,142
Deferred tax liabilities:
Revenue recognition over time	(84,241,946)	(140,019,916)
Real estate properties accelerated cost deduction	(1,193,345)	—
Taxable temporary differences arising from asset acquisitions	(280,540,093)	(240,306,881)
Dividend and interest withholding taxes	(49,174,479)	(62,292,677)
Operating lease right-of-use assets	(2,950,373)	(2,129,188)
Others	—	—
Total deferred tax liabilities	(418,100,236)	(444,748,662)

Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Assumptions Used to Estimate Fair Value of Stock Option Award Using Black-Scholes Valuation Model


	Options		Options
	Granted in		Granted in
	2015		2015
	Under the		Under the
	2007 Plan		2015 Plan
Average risk-free rate of return	1.82‑1.92	%	1.57‑1.92	%
Expected term	6 Years		6 Years
Volatility rate	46.3‑55.2	%	55.0‑55.9	%
Dividend yield	5	%	5	%

2007 Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Stock Option Activity Under Stock Option and Incentive Plans

As of January 1, 2020, all options granted under 2007 plan were fully vested. The following table is a summary of the Company’s share option activity under the 2007 Plan (in US$, except options):


		Weighted	Weighted
		Average	Remaining
	Number of	Exercise	Contractual	Aggregate
Options Under the 2007 Plan	Options	Price	Life (Years)	Intrinsic Value

Outstanding, January 1, 2020
1.21 (exercise price)	12,738	1.21	0.95	8,662
1.085 (exercise price)	60,000	1.085	1.50	48,300
1.64 (exercise price)	100,000	1.64	2.87	25,000
1.21 (exercise price)	39,400	1.21	4.50	26,792

Granted	—	—	—	—
Exercised	—	—	—	—
Forfeited	—	—	—	—
Expired	12,738	1.21	0.95	8,662
Outstanding and Exercisable, December 31, 2020
1.085 (exercise price)	60,000	1.085	0.50	900
1.64 (exercise price)	100,000	1.64	1.87	—
1.21 (exercise price)	39,400	1.21	3.50	—

2015 Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Stock Option Activity Under Stock Option and Incentive Plans


		Weighted	Weighted
		Average	Remaining
	Number of	Exercise	Contractual	Aggregate
Options Under the 2015 Plan	Options	Price	Life (Years)	Intrinsic Value

Outstanding, January 1, 2020
1.71(exercise price)	2,796,734	1.71	5.50	5,789,239
Outstanding and Exercisable, December 31, 2020
1.71(exercise price)	2,796,734	1.71	4.50	—

Other payables and accrued liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Other payables and accrued liabilities

Schedule of Other payables and accrued liabilities


	December 31,	December 31,
	2019	2020
	US$	US$
Contract deposit	98,280,724	362,269,545
Accrued expenses	47,003,084	53,680,543
Debt extinguishment costs	11,665,069	404,042
Deed tax and maintenance fund withheld for customers	8,272,296	35,913,618
Bidding deposit	4,213,479	4,504,908
Welfare payable	1,480,963	1,583,453
Other tax payable	26,734,901	32,595,593
Accrued aircraft operating expense	1,654,945	1,599,639
Accrued interest expense	38,893,375	20,935,671
Purchase consideration payable for asset acquisitions and business combinations	66,868,333	38,624,175
Others	18,096,825	43,365,254

Total	323,163,994	595,476,441

Related party and employee transactions (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Related Party Transactions

(a)	Amounts due from related parties


	December 31,	December 31,
	2019	2020
	US$	US$
Current:
Henan Hongguang Olympic Real Estate Co., Ltd.	84,031,006	90,330,257
Qingdao Huiju	84,455,456	56,469,394
Guangzhou Huanglong Information Technology Co., Ltd.	—	16,324,735
Xinzheng Meihang Network Technology Co., Ltd.	22,578,925	2,789,265
Madison Development Limited	—	33,231,243
Suzhou Wanzhuo's non-controlling interest holders	—	20,160,872
Taicang Pengchi's non-controlling interest holders	—	12,129,962
Others	9,692,236	2,005,731
Total current amounts due from related party	200,757,623	233,441,459

Non current:
Madison Development Limited	27,739,567	—
Suzhou Wanzhuo’s non-controlling interest holders	18,856,638	—
Taicang Pengchi’s non-controlling interest holders	24,624,693	—
Suzhou Yefang’s non-controlling interest holders	11,466,128	12,259,192
Others	—	2,674,370
Total non-current amounts due from related party	82,687,026	14,933,562
Total	283,444,649	248,375,021

(b) Amounts due to related party


	December 31,	December 31,
	2019	2020
	US$	US$
Current:
Suzhou Yefang’s non-controlling interest holders	1,496,762	1,632,968
Suzhou Wanzhuo's non-controlling interest shareholders	15,997,603	16,272,639
Xinzheng Meihang Network Technology Co., Ltd.	27,133,055	2,632,678
Henan Qingning Apartment Management Co., Ltd.	—	444,409
Others	9,054,876	10,529,235
Total current amounts due to related party	53,682,296	31,511,929
Non current:
Henan Qingning Apartment Management Co., Ltd.	—	10,728,133
Total	53,682,296	42,240,062


	December 31,	December 31,
	2019	2020
	US$	US$
Advances to employees	2,350,852	529,055

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings per share

Schedule of Basic and diluted net earning per share

Basic and diluted net earnings per share for each period presented are calculated as follows:


	December 31,
	2018	2019	2020
	US$	US$	US$
Numerator:
Net income/(loss) attributable to Xinyuan Real Estate Co., Ltd. Shareholders - basic and diluted	73,034,549	68,344,527	(81,040,908)
Denominator:
Weighted average number of shares outstanding-basic*	127,129,478	113,482,239	107,558,506
Stock options	1,728,058	618,657	10,674
Restricted stock units	283,294	—	—
Weighted average number of shares outstanding-diluted	129,140,830	114,100,896	107,569,181
Basic earnings per share	0.57	0.60	(0.75)
Diluted earnings per share	0.57	0.60	(0.75)

Segment reporting (Tables)

12 Months Ended

Dec. 31, 2020

Segment reporting

Schedule of operating segment

Summary information by operating segment is as follows:


December 31, 2019	Henan	Shandong	Shanghai	Sichuan	Beijing	Hainan	Hunan	Shaanxi	United States	Guangdong	Hubei	Liaoning	Property Management	Others	Consolidated
	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$
Net real estate sales	1,382,533,759	275,120,959	279,731,401	85,189,227	126,540,125	43,820,016	157,938,663	6,917,948	750,000	9,738,197	—	18,621,886	—	129,387	2,387,031,568
Real estate lease income	6,630,994	321,819	2,920,280	728,016	657,451	—	135,279	3,301,027	893,982	—	—	—	483,944	55,979	16,128,771
Real estate management services income	7,578,862	—	—	—	—	—	—	2,783,091	—	—	—	—	57,126,216	—	67,488,169
Other revenue	151,102	700,044	823,150	1,063,557	3,269,965	—	583,737	—	296,091	—	—	—	1,187,948	3,908,710	11,984,304

Total revenue	1,396,894,717	276,142,822	283,474,831	86,980,800	130,467,541	43,820,016	158,657,679	13,002,066	1,940,073	9,738,197	—	18,621,886	58,798,108	4,094,076	2,482,632,812
Cost of real estate sales	(1,082,472,232)	(220,925,677)	(201,704,497)	(81,765,082)	(92,849,397)	(31,764,435)	(110,346,111)	(6,510,485)	(1,444,563)	(6,821,557)	(23,397)	(13,440,458)	—	(1,751,402)	(1,851,819,293)
Cost of real estate lease income	(2,348,963)	(561,264)	(2,565,142)	(799,359)	(481,276)	—	(1,693,085)	(2,913,152)	(1,348,218)	—	—	—	—	(46,792)	(12,757,251)
Cost of real estate management services	(4,716,112)	—	—	—	—	—	—	(561,329)	—	—	—	—	(35,611,790)	—	(40,889,231)
Other costs	(2,449,683)	(1,267,950)	—	(3,672)	(4,794,719)	(2,192)	(362,009)	—	—	—	—	—	(1,124,118)	(6,853,073)	(16,857,416)

Total cost of revenue	(1,091,986,990)	(222,754,891)	(204,269,639)	(82,568,113)	(98,125,392)	(31,766,627)	(112,401,205)	(9,984,966)	(2,792,781)	(6,821,557)	(23,397)	(13,440,458)	(36,735,908)	(8,651,267)	(1,922,323,191)
Gross profit	304,907,727	53,387,931	79,205,192	4,412,687	32,342,149	12,053,389	46,256,474	3,017,100	(852,708)	2,916,640	(23,397)	5,181,428	22,062,200	(4,557,191)	560,309,621
Operating expenses	(70,839,873)	(14,770,303)	(18,080,374)	(8,011,273)	(73,333,124)	(2,514,263)	(3,991,323)	(5,808,638)	(9,414,601)	(1,966,796)	(3,429,583)	(2,801,220)	(7,076,960)	(28,409,288)	(250,447,619)

Operating income/(loss)	234,067,854	38,617,628	61,124,818	(3,598,586)	(40,990,975)	9,539,126	42,265,151	(2,791,538)	(10,267,309)	949,844	(3,452,980)	2,380,208	14,985,240	(32,966,479)	309,862,002
Interest income	42,379,712	436,165	306,228	493,469	2,241,516	3,208	182,529	12,795	48,285	13,533	1,695	13,240	681,464	4,679,756	51,493,595
Interest expense	(14,805,529)	(3,061,587)	(1,066,270)	—	(7,385,692)	(11,507)	—	(138,107)	(3,472,559)	—	—	—	—	(83,834,109)	(113,775,360)
Net realized gain on short-term investments	183,450	—	—	—	—	—	—	—	—	—	—	—	—	2,891,564	3,075,014
Share of (loss)/gain in an equity investee	(1,370,440)	(922,281)	(613,155)	—	—	—	—	—	—	(2,903,841)	—	—	(630,775)	1,024,021	(5,416,471)
Loss on extinguishment of debt	(8,044,499)	—	—	—	—	—	—	—	—	—	—	—	—	(536,011)	(8,580,510)
Exchange gains/(loss)	12,524,863	—	—	—	—	—	—	—	—	—	—	—	(236,736)	(19,664,136)	(7,376,009)
Unrealized loss on short-term investments	—	—	—	—	—	—	—	—	—	—	—	—	—	(1,623,814)	(1,623,814)
Other income/(loss)	4,536,260	866	47,762	246,927	909,298	156,235	(17,844)	(199,670)	—	(289,485)	—	64,155	124,295	269,928	5,848,727

Income/(loss) before income taxes	269,471,671	35,070,791	59,799,383	(2,858,190)	(45,225,853)	9,687,062	42,429,836	(3,116,520)	(13,691,583)	(2,229,949)	(3,451,285)	2,457,603	14,923,488	(129,759,280)	233,507,174
Income tax(expense)/ benefit	(69,803,421)	(23,020,472)	(28,043,624)	(2,864,732)	(9,456,395)	(4,643,587)	(16,123,072)	2,210,548	2,921,151	(1,017,315)	704,284	(717,299)	(241,601)	(382,837)	(150,478,372)

Net income/(loss)	199,668,250	12,050,319	31,755,759	(5,722,922)	(54,682,248)	5,043,475	26,306,764	(905,972)	(10,770,432)	(3,247,264)	(2,747,001)	1,740,304	14,681,887	(130,142,117)	83,028,802

Depreciation and amortization	5,553,392	433,948	2,622,483	635,494	2,732,083	29,414	1,668,279	1,873,910	1,665,384	41,616	46,012	16,987	189,503	75,938	17,584,443
Capital expenditure	6,263,956	64,816	2,579	26,254	1,142,809	3,712	44,058	16,761	3,579,071	—	4,821	25,188	352,073	119,575	11,645,673
Real estate properties development completed	133,572,883	34,351,045	106,796,363	64,327,235	60,683,848	6,627,299	7,540,854	43,103,208	1,201,783	—	—	—	—	—	458,204,518
Real estate properties under development	886,160,682	359,079,121	123,381,923	619,020,458	266,984,229	—	6,433,260	162,947,850	230,860,737	372,170,620	141,707,492	58,153,297	—	27,488,080	3,254,387,749
Real estate properties held for lease	109,809,942	6,954,550	40,675,960	34,515,933	7,520,601	888,150	60,967,850	91,474,049	162,599,274	—	—	—	—	462,599	515,868,908

Total long-lived assets	524,367,010	509,819,916	183,400,846	44,244,900	61,281,191	6,664,536	62,686,470	100,419,560	176,115,157	18,237,255	934,102	1,084,510	8,335,524	79,010,347	1,776,601,324
Total assets	2,882,024,764	573,869,426	752,136,052	897,210,854	470,434,500	27,393,755	107,134,983	338,107,052	439,770,834	414,319,137	148,165,478	73,223,300	106,315,123	191,559,175	7,421,664,433


December 31, 2020	Henan	Shandong	Shanghai	Sichuan	Beijing	Hainan	Hunan	Shaanxi	United States	Guangdong	Hubei	Liaoning	Property Management	Others	Consolidated
	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$
Net real estate sales	766,314,384	285,706,736	120,260,357	222,959,432	62,401,289	10,084,944	27,721,542	10,991,930	927,700	47,787,761	—	49,168,045	567,819	—	1,604,891,939
Real estate lease income	26,054,475	(965,131)	772,402	379,175	695,548	—	741,527	2,353,682	4,723,438	—	—	—	—	37,369	34,792,485
Real estate management services income	7,606,378	—	—	—	—	—	—	2,358,631	—	—	—	—	81,243,298	—	91,208,307
Other revenue	(1,004,342)	127,190	3,068,486	511,576	2,144,591	7,288	526,852	(116,072)	605,337	—	—	—	7,236,334	1,763,220	14,870,460

Total revenue	798,970,895	284,868,795	124,101,245	223,850,183	65,241,428	10,092,232	28,989,921	15,588,171	6,256,475	47,787,761	—	49,168,045	89,047,451	1,800,589	1,745,763,191
Cost of real estate sales	(639,601,377)	(260,651,654)	(93,074,146)	(214,523,020)	(45,575,813)	(5,503,574)	(4,404,236)	(14,731,175)	(778,663)	(34,034,932)	(23,616)	(38,572,816)	(505,804)	—	(1,351,980,826)
Cost of real estate lease income	(27,204,779)	(292,726)	(736,537)	(606,323)	(805,353)	(44,900)	(1,046,888)	(1,623,994)	(3,740,076)	—	(19,723)	—	—	(798)	(36,122,097)
Cost of real estate management services	(6,675,680)	—	—	(13,189)	—	—	(4,957)	(1,707,785)	—	—	—	—	(47,036,367)	—	(55,437,978)
Other costs	(1,145,928)	(39,105)	(123,291)	(111,879)	(711,424)	(226)	(272,479)	—	—	(2,152)	—	—	(6,885,687)	(463,371)	(9,755,542)

Total cost of revenue	(674,627,764)	(260,983,485)	(93,933,974)	(215,254,411)	(47,092,590)	(5,548,700)	(5,728,560)	(18,062,954)	(4,518,739)	(34,037,084)	(43,339)	(38,572,816)	(54,427,858)	(464,169)	(1,453,296,443)
Gross profit	124,343,131	23,885,310	30,167,271	8,595,772	18,148,838	4,543,532	23,261,361	(2,474,783)	1,737,736	13,750,677	(43,339)	10,595,229	34,619,593	1,336,420	292,466,748
Operating expenses	(59,958,497)	(15,211,169)	(10,679,950)	(7,677,029)	(73,902,008)	(1,355,382)	(1,608,076)	(4,061,452)	(6,198,996)	(3,423,234)	(1,391,277)	(4,897,483)	(9,390,896)	(27,707,634)	(227,463,083)

Gain on disposal of property held for lease	82,805,785	—	—	—	—	—	—	—	—	—	—	—	—	—	82,805,785
Operating income/(loss)	147,190,419	8,674,141	19,487,321	918,743	(55,753,170)	3,188,150	21,653,285	(6,536,235)	(4,461,260)	10,327,443	(1,434,616)	5,697,746	25,228,697	(26,371,214)	147,809,450
Interest income	23,921,003	1,919,529	2,068,141	1,288,256	103,788	4,817	38,096	8,130	41,143	44,417	885	31,849	755,677	3,179,879	33,405,610
Interest expense	(14,568,255)	(3,043,955)	(987,612)	(18,381,805)	(3,659,832)	—	—	—	(5,316,337)	—	—	—	(5,708)	(83,523,901)	(129,487,405)
Net realized gain on short-term investments	183,450	—	—	—	—	—	—	—	—	—	—	—	—	4,869,494	5,052,944
Share of (loss)/gain in an equity investee	(3,539,268)	11,483,448	7,795,833	—	—	—	—	67,698	—	(1,602,617)	—	—	(152,121)	2,975,328	17,028,301
Loss on extinguishment of debt	—	—	—	—	—	—	—	—	—	—	—	—	—	(1,843,306)	(1,843,306)
Exchange gains/(loss)	1,987,139	—	—	—	—	—	—	—	—	—	—	—	100,523	(5,181,569)	(3,093,907)
Unrealized loss on short-term investments	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other income/(loss)	(4,041,056)	90,325	(415,481)	(8,773)	684,530	43,136	43,576	289,746	—	52,058	12,620	7,341	934,711	1,010,890	(1,296,377)

Income/(loss) before income taxes	151,133,432	19,123,488	27,948,202	(16,183,579)	(58,624,684)	3,236,103	21,734,957	(6,170,661)	(9,736,454)	8,821,301	(1,421,111)	5,736,936	26,861,779	(104,884,399)	67,575,310
Income tax (expense)/benefit	(36,907,073)	(12,299,796)	(39,723,025)	2,875,576	(8,431,043)	(4,482,485)	(14,391,424)	589,659	—	(9,482,301)	(2,458,177)	(2,591,042)	(8,191,925)	433,866	(135,059,190)

Net income/(loss)	114,226,359	6,823,692	(11,774,823)	(13,308,003)	(67,055,727)	(1,246,382)	7,343,533	(5,581,002)	(9,736,454)	(661,000)	(3,879,288)	3,145,894	18,669,854	(104,450,533)	(67,483,880)

Depreciation and amortization	5,814,086	887,005	2,556,696	631,421	5,832,130	56,888	174,291	20,375	46,680	17,042	1,234,539	232,220	—	—	17,503,373
Capital expenditure	8,655,565	—	15,874	5,106	716,935	—	—	—	—	—	—	376,871	1	—	9,770,352
Real estate properties completed and under development	897,218,594	240,527,766	215,890,331	547,932,945	378,408,484	2,162,115	12,433,669	224,821,947	283,124,970	395,376,646	165,423,590	52,622,159	—	33,885,876	3,449,829,092
Real estate properties held for lease	74,613,257	7,126,028	35,512,059	36,262,110	8,438,206	—	66,684,905	96,083,662	157,975,249	—	—	—	—	412,731	483,108,207

Total long-lived assets	526,045,585	553,491,246	133,733,839	46,741,993	50,734,107	5,863,831	75,248,369	105,461,495	171,374,723	23,549,642	566,337	930,819	9,062,110	365,609,346	2,068,413,442
Total assets	2,838,641,480	602,982,670	751,266,943	734,426,656	473,659,055	23,560,573	92,009,978	362,198,503	474,896,649	478,343,726	175,174,331	73,164,781	160,332,607	428,665,624	7,669,323,576

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and contingencies

Schedule of non-cancellable construction contracts for real estate development and land use rights purchases

As of December 31, 2020, 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$
2021		686,118,175
2022		539,016,446
2023		322,744,149
2024		130,318,825
2025 and thereafter		9,860,817
Total		1,688,058,412

Non-controlling interests (Tables)

12 Months Ended

Dec. 31, 2020

Non-controlling interests

Schedule of non-controlling interests

As of December 31, 2019, the non-controlling interests consisted of the following:


			December 31,
	Ownership		2019
			US$
Shaanxi Zhongmao Economy Development Co., Ltd.	34.02	%	6,285,895
Xinyuan Property Management Service (Cayman) Ltd.	32.50	%	(28,398,921)
Taicang Pengchi Real Estate Co., Limited. (Note 18 (a))	83.00	%	(31,228,046)
Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. (Note 18 (a.b))	80.00	%	(34,280,307)
Henan Renxin Real Estate Co., Ltd.	49.00	%	—
Suzhou Yefang Real Estate Co., Limited. (Note 18(a.b))	79.99	%	(11,463,297)
Others			(2,565,707)

Total			(101,650,383)

As of December 31, 2020, the non-controlling interests consisted of the following:


			December 31,
	Ownership		2020
			US$
Shaanxi Zhongmao Economy Development Co., Ltd.	34.02	%	—
Xinyuan Property Management Service (Cayman) Ltd.	32.50	%	(44,142,857)
Taicang Pengchi Real Estate Co., Limited. (Note 18 (a))	83.00	%	(35,235,533)
Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. (Note 18 (a.b))	80.00	%	(42,530,617)
Henan Renxin Real Estate Co., Ltd.	49.00	%	—
Suzhou Yefang Real Estate Co., Limited. (Note 18(a.b))	79.99	%	(12,256,043)
Henan Yanchuang Enterprise Management Consulting Co. Ltd	49.00	%	(225,290,809)
Zhengzhou Xinhe Real Estate Co., Ltd	20.00	%	(2,257,587)
Others			1,282,244

Total			(360,431,202)

Condensed financial information of the Company (Tables)

12 Months Ended

Dec. 31, 2020

Condensed financial information of the Company

Schedule of Condensed Balance Sheet

Condensed Balance Sheets


	Year ended December 31
	2019	2020
	US$	US$

ASSETS

Current assets
Cash and cash equivalents	28,591,381	2,463,042
Other receivables	10,928	189,494
Other current assets	77,649	—
Due from subsidiaries	455,222,231	230,448,376
Total current assets	483,902,189	233,100,912
Investments in subsidiaries	1,338,730,125	1,459,241,231
TOTAL ASSETS	1,822,632,314	1,692,342,143
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term bank loan	19,900,000	—
PRC income tax payable	13,388	13,388
PRC other tax payable	902,190	902,190
Other payable and accrued liabilities	27,612,109	31,210,541
Current portion of long-term bank loan and other debt	423,131,157	606,490,929
Payroll and welfare payables	2,220,113	2,622,544
Total current liabilities	473,778,957	641,239,592
Long term bank loan	100,440,000	—
Other long-term debt	558,111,718	373,994,646
Total liabilities	1,132,330,675	1,015,234,238
Shareholders' equity
Common shares, $0.0001 par value:
Authorized‑500,000,000 shares, issued and outstanding- 106,932,017 shares for 2020 (2019: 107,875,468 shares)	16,410	16,415
Treasury shares	(113,719,964)	(116,061,577)
Additional paid-in capital	543,290,577	552,215,071
Retained earnings	260,714,616	240,937,996
Total shareholders' equity	690,301,639	677,107,905

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	1,822,632,314	1,692,342,143

Schedule of Condensed Statement of Comprehensive Income

Condensed Statements of Comprehensive Income


	Year ended December 31
	2018	2019	2020
	US$	US$	US$
General and administrative expenses	(9,877,059)	(9,509,893)	(7,211,678)

Operating loss	(9,877,059)	(9,509,893)	(7,211,678)
Interest expense	(105,990,420)	(107,382,764)	(112,996,759)
Interest income	1,221,465	1,682,189	599,544
Net gain on debt extinguishment	3,267,457	536,011	—
Gain/(loss) on short-term investments	—	27,099	(27,077)
Other expenses	(11,135,488)	(20,106,250)	(4,277,443)
Equity in profit of subsidiaries, net	195,548,594	203,098,135	41,999,605
Income/(loss) from operations before income taxes	73,034,549	68,344,527	(81,913,808)
Income taxes	—	—	—
Net income/(loss) attributable to common shareholders	73,034,549	68,344,527	(81,913,808)
Other comprehensive income/(loss), net of tax of nil
Foreign currency translation adjustments	(59,347,915)	(20,044,827)	73,327,128
Comprehensive income/(loss) attributable to shareholders	13,686,634	48,299,700	(8,586,680)

Schedule of Condensed Statement of Cash Flows

Condensed Statements of Cash Flows


	Year ended December 31
	2018	2019	2020
	US$	US$	US$
Cash flows from operating activities:
Net income/(loss)	73,034,549	68,344,527	(81,913,808)
Adjustment to reconcile net income to net cash used in operating activities:
Equity in profit of subsidiaries, net	(195,548,594)	(203,098,135)	(41,999,605)
Stock based compensation expense	3,152,908	3,782,307	2,848,897
Amortization of deferred charges	7,415,821	7,445,276	5,488,205
(Gain)/loss on extinguishment of debt	(3,267,457)	(536,011)	5,911,528
Other receivables	(665,428)	654,500	(178,566)
Other current assets	(203,789)	172,920	—
Other payable and accrued liabilities	7,342,974	(291,915)	77,648
Payroll and welfare payables	(590,356)	(597,023)	7,281,565
Amount due from related parties	213,796	348,076	402,431
Net cash used in operating activities	(109,115,576)	(123,775,478)	(102,081,705)
Cash flows from financing activities:
Changes in due from subsidiaries	53,143,354	212,589,733	224,773,858
Proceeds from short-term bank loans	—	19,900,000	28,080,000
Repayments of long-term bank loans	(13,250,000)	(110,311,908)	(23,078,000)
Proceeds from long-term bank loans	3,178,000	100,440,000	—
Proceeds from other long-term debts	200,000,000	300,000,000	378,852,273
Repayment of other long-term debts	—	(413,300,000)	(508,900,000)
Purchase of treasury shares	(19,846,720)	(26,080,876)	(2,483,896)
Dividends to shareholders	(25,739,147)	(19,647,356)	(14,284,148)
Payment of financing cost	(4,082,815)	(2,075,789)	(7,141,511)
Purchase of shares under RSU plan	(7,797,949)	(2,920,216)	—
Proceeds from exercise of stock options	1,390,666	166,480	134,790
Net cash provided by financing activities	186,995,389	58,760,068	75,953,366
Net increase/ (decrease) in cash and cash equivalents	77,879,813	(65,015,410)	(26,128,339)
Cash and cash equivalents, at the beginning of the year	15,726,978	93,606,791	28,591,381

Cash and cash equivalents, at end of the period	93,606,791	28,591,381	2,463,042

Background information of business and organization (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 MYR (RM)	Dec. 31, 2020 HKD ($)
Xinyuan International Property Investment Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Oct. 06, 2011
Registered Capital \| $	$ 500,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Xinyuan International (HK) Property Investment Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Oct. 26, 2011
Registered Capital \| $				$ 3,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
XIN Development Group International Inc [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Nov. 10, 2011
Registered Capital \| $	$ 0
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Xinyuan Real Estate, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jan. 27, 2006
Registered Capital \| $	$ 50,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
XIN Development Management East, LLC [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Aug. 28, 2012
Registered Capital \| $	$ 1,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
XIN NY Holding, LLC [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Aug. 29, 2012
Registered Capital \| $	$ 1,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
421 Kent Development, LLC [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Aug. 29, 2012
Registered Capital \| $	$ 1,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Xinyuan Sailing Co., Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jun. 21, 2013
Registered Capital \| $				$ 3,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
AWAN Plasma Sdn Bhd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Apr. 16, 2007
Registered Capital \| RM			RM 33,577,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
XIN Eco Marine Group Properties Sdn Bhd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jul. 09, 2014
Registered Capital \| RM			RM 33,217,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Zhengzhou Jiasheng Real Estate Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Dec. 02, 2013
Registered Capital \| $	$ 60,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Xinyuan (China) Real Estate, Ltd ("Xinyuan China") [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Apr. 10, 2006
Registered Capital \| $	$ 307,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Henan Xinyuan Real Estate Co, Ltd ("Henan Xinyuan") [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	May 19, 1997
Registered Capital		¥ 200,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Qingdao Xinyuan Xiangrui Real Estate Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Feb. 09, 2006
Registered Capital		¥ 10,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Shandong Xinyuan Real Estate Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jun. 02, 2006
Registered Capital		¥ 300,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Xinyuan Property Management Service(Cayman) Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Dec. 13, 2018
Registered Capital \| $				$ 50,000
Percentage of Equity Attributable to the Group	67.50%	67.50%	67.50%	67.50%
Xinyuan Property Management Service (BVI) Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jan. 02, 2019
Registered Capital \| $	$ 0
Percentage of Equity Attributable to the Group	67.50%	67.50%	67.50%	67.50%
Xinyuan Property Management Service (HK) Limited [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jan. 08, 2019
Registered Capital \| $				$ 1
Percentage of Equity Attributable to the Group	67.50%	67.50%	67.50%	67.50%
Xinyuan Science and Technology Service Group Co,Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Dec. 28, 1998
Registered Capital		¥ 50,000,000
Percentage of Equity Attributable to the Group	67.50%	67.50%	67.50%	67.50%
Mingyuan Landscape Engineering Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Feb. 17, 2004
Registered Capital		¥ 50,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Henan Xinyuan Wanzhuo Real Estate Co,Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Dec. 29, 2011
Registered Capital		¥ 20,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Suzhou Xinyuan Real Estate Development Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Nov. 24, 2006
Registered Capital		¥ 200,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Anhui Xinyuan Real Estate Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Dec. 07, 2006
Registered Capital		¥ 50,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Kunshan Xinyuan Real Estate Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jan. 31, 2008
Registered Capital		¥ 200,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Xinyuan Real Estate (Chengdu) Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jun. 12, 2007
Registered Capital		¥ 220,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Xuzhou Xinyuan Real Estate Co Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Nov. 09, 2009
Registered Capital		¥ 200,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Henan Xinyuan Jiye Real Estate Co Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Nov. 15, 2009
Registered Capital		¥ 50,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Beijing Xinyuan Wanzhong Real Estate Co, Ltd ("Beijing Wanzhong") [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Mar. 04, 2008
Registered Capital		¥ 900,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Xinyuan Renju (Beijing) Asset Management Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jan. 16, 2009
Registered Capital		¥ 30,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Beijing Xinyuan Priority Real Estate Consulting Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Mar. 08, 2012
Registered Capital		¥ 30,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Henan Xinyuan Priority Commercial Management Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Aug. 10, 2012
Registered Capital		¥ 2,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. ("Suzhou Wanzhuo") [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Sep. 20, 2012
Registered Capital		¥ 200,000,000
Percentage of Equity Attributable to the Group	20.00%	20.00%	20.00%	20.00%
Jiangsu Jiajing Real Estate Co,, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Mar. 28, 2005
Registered Capital		¥ 150,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Xingyang Xinyuan Real Estate Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jul. 25, 2013
Registered Capital		¥ 200,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Zhengzhou Xinnan Real Estate Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jan. 21, 2016
Registered Capital		¥ 50,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Jinan Xinyuan Wanzhuo Real Estate Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Dec. 04, 2013
Registered Capital		¥ 300,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Sanya Beida Science and Technology Park Industrial Development Co., Ltd. [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jan. 10, 2014
Registered Capital		¥ 200,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Chengdu Xinyuan Wanzhuo Real Estate Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Feb. 21, 2014
Registered Capital		¥ 50,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Tianjin Xinyuan Real Estate Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Sep. 17, 2014
Registered Capital		¥ 100,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Xi'an Yinghuai Square Commerce Management Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Nov. 25, 2014
Registered Capital		¥ 3,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Changsha Xinyuan Wanzhuo Real Estate Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Apr. 03, 2014
Registered Capital		¥ 100,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Shanghai Junxin Real Estate Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jan. 16, 2014
Registered Capital		¥ 5,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Beijing Yinghuai Commerce And Trade Co Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jan. 05, 2015
Registered Capital		¥ 30,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Beijing Xinhe Investment Development Co Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	May 05, 2015
Registered Capital		¥ 5,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Henan Yinghuai Commerce and Trade Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Mar. 23, 2015
Registered Capital		¥ 10,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Henan Xinyuan Guangsheng Real Estate Co Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jul. 27, 2015
Registered Capital		¥ 200,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Shanghai Hexinli Property Management Center. (Limited partnership) [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jul. 28, 2015
Registered Capital		¥ 10,640,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Shandong Xinyuan Renju Real Estate Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Nov. 19, 2011
Registered Capital		¥ 50,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Shaanxi Zhongmao Economy Development Co Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jun. 22, 1998
Registered Capital		¥ 22,500,000
Percentage of Equity Attributable to the Group	65.98%	65.98%	65.98%	65.98%
421 Kent Holding Co Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	May 02, 2014
Registered Capital \| $	$ 1,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Hudson 888 Owner LLC [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Oct. 22, 2015
Registered Capital \| $	$ 1,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
XIN Manhattan Holding LLC [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Dec. 09, 2015
Registered Capital \| $	$ 1,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Hudson 888 Holding LLC [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Dec. 09, 2015
Registered Capital \| $	$ 1,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Shenzhen Xinchuang Investment Consulting Co Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jan. 20, 2016
Registered Capital		¥ 10,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Henan Xinyuan Quansheng Real Estate Co Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jan. 14, 2015
Registered Capital		¥ 40,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Zhengzhou Shengdao Real Estate Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Oct. 14, 2013
Registered Capital		¥ 20,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Henan Xinyuan Shunsheng Real Estate Co, Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jan. 13, 2016
Registered Capital		¥ 30,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Hunan Erli Real Estate Co., Ltd. [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jan. 04, 2008
Registered Capital		¥ 50,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
XIN Queens Holding LLC [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jul. 06, 2016
Registered Capital \| $	$ 1,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Queens Theatre Holdco LLC [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jul. 06, 2016
Registered Capital \| $	$ 1,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Queens Theatre Owner LLC [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jul. 06, 2016
Registered Capital \| $	$ 1,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Xinyan Investment Management Co., Limited. [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Apr. 08, 2016
Registered Capital		¥ 100,000,000
Percentage of Equity Attributable to the Group	90.00%	90.00%	90.00%	90.00%
Hunan Xintian Real Estate Co., Ltd. [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Sep. 28, 2009
Registered Capital		¥ 20,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Zhengzhou Hangmei Technology Development Co., Ltd. [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Nov. 25, 2014
Registered Capital		¥ 50,000,000
Percentage of Equity Attributable to the Group	51.00%	51.00%	51.00%	51.00%
Zhengzhou Hangmei Zhengxing Technology Co., Ltd. Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Mar. 28, 2016
Registered Capital		¥ 50,000,000
Percentage of Equity Attributable to the Group	30.00%	30.00%	30.00%	30.00%
Xi'an Dingrun Real Estate Co., Ltd. ("Xi'an Dingrun") [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jun. 01, 2011
Registered Capital		¥ 20,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Zhengzhou Kangshengboda Real Estate Co Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jul. 29, 2016
Registered Capital		¥ 50,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Xinjiang Xinyuan Renju Equity Investment., Ltd. [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Feb. 24, 2017
Registered Capital		¥ 10,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Zhuhai Prince Real Estate Co., Ltd. [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Sep. 13, 1990
Registered Capital		¥ 307,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Henan Renxin Real Estate Co., Ltd. ("Henan Renxin") [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jul. 11, 2008
Registered Capital		¥ 200,000,000
Percentage of Equity Attributable to the Group	51.00%	51.00%	51.00%	51.00%
Xinchuang Technology Co., Ltd. ("Xinchuang Technology ") [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	May 02, 2017
Registered Capital		¥ 100,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Hangzhou Huiyuan Investment Management Partnership Enterprise (Limited partnership) [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	May 23, 2017
Registered Capital		¥ 5,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Guangdong Xinyuan Real Estate Co., Ltd. [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Oct. 18, 2017
Registered Capital		¥ 100,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Taicang Pengchi Real Estate Co., Limited. ("Taicang Pengchi") [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jun. 16, 2017
Registered Capital		¥ 200,000,000
Percentage of Equity Attributable to the Group	17.00%	17.00%	17.00%	17.00%
Khorgos XinYan Enterprise Management Consulting Co., Ltd. [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Dec. 04, 2017
Registered Capital		¥ 5,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Jinan Xinyuan Quansheng Real Estate Co., Ltd. [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	May 25, 2018
Registered Capital		¥ 50,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Suzhou Yuxi Real Estate Co., Limited. ("Suzhou Yuxi") (2) [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Mar. 05, 2018
Registered Capital		¥ 100,000,000
Percentage of Equity Attributable to the Group	20.00%	20.00%	20.00%	20.00%
Xinchuang Sailing (Dalian) Healthy Technology Industrial Investment Co., Ltd. [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jun. 05, 2018
Registered Capital		¥ 600,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Dalian Xinyi Renju Real Estate Co., Ltd. [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jun. 26, 2018
Registered Capital		¥ 100,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Jiangxi Xinkai Renju Management Consulting Service., Ltd. [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Aug. 28, 2018
Registered Capital		¥ 10,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Beijing Xinyuan Huicheng Technology Development Co., Ltd. [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jan. 26, 2018
Registered Capital		¥ 100,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Suzhou Yefang Real Estate Co., Limited. ("Suzhou Yefang") [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Apr. 14, 2017
Registered Capital		¥ 100,000,000
Percentage of Equity Attributable to the Group	20.00%	20.00%	20.00%	20.00%
Chengdu Xinyuan Renju Enterprise Management Co., Ltd. ("Chengdu Renju") [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Oct. 26, 2017
Registered Capital		¥ 50,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Chengdu Guohongteng Real Estate Co., Ltd. [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jul. 16, 2010
Registered Capital		¥ 1,673,179,200
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Qingdao Keda Real Estate Co., Ltd. ("Qingdao Keda") [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Sep. 20, 2010
Registered Capital		¥ 50,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Wuhan Yinghexin Real Estate Co., Ltd. ("Wuhan Yinghexin") [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jan. 15, 2014
Registered Capital		¥ 100,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Henan Xinyuan Property Management Co., Ltd. [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Dec. 01, 2016
Registered Capital		¥ 10,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Wuhu Xinyansuifeng NO.1 Investment Center (Limited partnership) [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Nov. 22, 2017
Registered Capital		¥ 1,501,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Zhuhai Xinyuan Real Estate Co Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Dec. 31, 2018
Registered Capital		¥ 100,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Jinan Renju Building Material Co., Ltd.
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jan. 02, 2019
Registered Capital		¥ 50,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Dalian Xinyi Yaju Real Estate Co., Ltd.
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jan. 16, 2019
Registered Capital		¥ 100,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Guangdong Xinchuang Kechuang Zhigu Development Co., Ltd.
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Feb. 27, 2019
Registered Capital		¥ 100,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Jiangxi Xinyuan Heju Enterprise Management Consulting Service Co., Ltd.
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Apr. 02, 2019
Registered Capital		¥ 10,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Beijing I-Journey Science and Technology Development Co., Ltd. (I-Journey) [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Oct. 20, 2015
Registered Capital		¥ 40,000,000
Percentage of Equity Attributable to the Group	93.00%	93.00%	93.00%	93.00%
Beijing Ruizhuo Xichuang Technology Development Co., Ltd.("Xichuang") [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jul. 16, 2015
Registered Capital		¥ 30,000,000
Percentage of Equity Attributable to the Group	93.00%	93.00%	93.00%	93.00%
Beijing Ruizhuo Xitou Development Co., Ltd. ("Xitou")
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jul. 16, 2015
Registered Capital		¥ 30,000,000
Percentage of Equity Attributable to the Group	85.00%	85.00%	85.00%	85.00%
Beijing Future Xinzhihui Technology Development Center (Limited Partnership) ("Xinzhihui") [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Dec. 16, 2016
Registered Capital		¥ 30,000,000
Percentage of Equity Attributable to the Group	90.67%	90.67%	90.67%	90.67%
Beijing Future Xinhujin Technology Development Center (Limited Partnership) ("Xinhujin") [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Dec. 30, 2016
Registered Capital		¥ 20,000,000
Percentage of Equity Attributable to the Group	89.50%	89.50%	89.50%	89.50%
Beijing Future Xinruifeng Technology Development Center (Limited Partnership) (Xinruifeng) [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Feb. 23, 2017
Registered Capital		¥ 20,000,000
Percentage of Equity Attributable to the Group	77.50%	77.50%	77.50%	77.50%
Beijing Ruihao Rongtong Real Estate Co., Ltd. ("Ruihao Rongtong") [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jun. 15, 2006
Registered Capital		¥ 250,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Henan Xintuo Real Estate Co. Ltd. [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Dec. 08, 2020
Registered Capital		¥ 20,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Zhengzhou Xinhe Real Estate Co., Ltd [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jan. 08, 2020
Registered Capital		¥ 50,000,000
Percentage of Equity Attributable to the Group	80.00%	80.00%	80.00%	80.00%
Zhengzhou Xinying Real Estate Co., Ltd. [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	May 19, 2020
Registered Capital		¥ 30,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Zhengzhou Xinyuan Xinsheng Business Management Co. Ltd. [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Nov. 02, 2020
Registered Capital		¥ 1,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Dalian Xinsheng Industrial Co., Ltd. [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Dec. 16, 2020
Registered Capital		¥ 20,000,000
Percentage of Equity Attributable to the Group	100.00%	100.00%	100.00%	100.00%
Guoxin Chuangxiang (Tianjin) Enterprise Management Consulting Partnership (Limited Partnership) [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jan. 02, 2020
Registered Capital		¥ 15,000,000
Percentage of Equity Attributable to the Group	95.22%	95.22%	95.22%	95.22%
Guoxin Chuangzhi (Tianjin) Enterprise Management Consulting Partnership (Limited Partnership) [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jun. 23, 2020
Registered Capital		¥ 135,000,000
Percentage of Equity Attributable to the Group	94.41%	94.41%	94.41%	94.41%
Beijing Yuzhouyun Technology Development Center (Limited partnership) ("Yuzhouyun") (Note 2(a)) [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Mar. 02, 2018
Registered Capital		¥ 18,388,300
Percentage of Equity Attributable to the Group	51.00%	51.00%	51.00%	51.00%
Beijing Ruizhuo Xihui Technology Development Centre Co., Ltd (Note 2(a)) [Member]
Schedule of Equity Method Investments
Registered Place and Date of Incorporation	Jan. 22, 2017
Registered Capital		¥ 10,000,000
Percentage of Equity Attributable to the Group	1.00%	1.00%	1.00%	1.00%

Summary of significant accounting policies - Additional Information (Details) ¥ in Millions	1 Months Ended				12 Months Ended
	May 23, 2017 USD ($)	May 23, 2017 CNY (¥)	Sep. 18, 2016 USD ($)	Sep. 18, 2016 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) item	Jun. 21, 2019	Mar. 02, 2018	Feb. 28, 2017	Jun. 28, 2016	Mar. 01, 2016	May 06, 2015 USD ($)	May 06, 2015 CNY (¥)
Summary of significant accounting policies
Current assets					$ 5,600,910,134	$ 5,645,063,109
TOTAL ASSETS					7,669,323,576	7,421,664,433
Current liabilities					4,536,333,378	4,484,571,512
Total liabilities					6,643,420,414	6,629,712,411
Revenue					1,745,763,191	2,482,632,812	$ 2,217,551,285
costs of revenue					(1,453,296,443)	(1,922,323,191)	(1,602,072,983)
Net loss					(81,040,908)	68,344,527	73,034,549
Net cash provided by/(used in) operating activities					336,766,542	272,256,758	(22,901,923)
Net cash used in investing activities					(104,155,960)	(43,030,099)	34,562,924
Net cash (used in)/provided by financing activities					(190,069,001)	(278,472,789)	$ (189,581,282)
Amounts due to subsidiaries of the Group					31,511,929	53,682,296
Due from subsidiaries					2,789,265	22,578,925
Impairment loss on goodwill					6,400,262
Impairment of loss on real estate					9,641,537
RuizhuoXihui [Member]
Summary of significant accounting policies
Current assets					3,167,587
Non-current assets					0
TOTAL ASSETS					3,167,587
Current liabilities					3,572,451
Non-current liabilities					0
Total liabilities					3,572,451
Revenue					81,984
costs of revenue					0
Net loss					(382,874)
Net cash provided by/(used in) operating activities					36,807
Net cash used in investing activities					0
Net cash (used in)/provided by financing activities					0
Consolidation, Eliminations [Member] \| Beijing Yuzhouyun Technology Development Center [Member]
Summary of significant accounting policies
Revenue					3,287,093	9,997,544
Amounts due to subsidiaries of the Group					1,928,834	10,867,898
Consolidation, Eliminations [Member] \| RuizhuoXihui [Member]
Summary of significant accounting policies
Due from subsidiaries					3,039,549
Beijing Ruihao Rongtong Real Estate Co., Ltd. ("Ruihao Rongtong") [Member]
Summary of significant accounting policies
Registered Capital													$ 37,600,000	¥ 250.0
Number of projects under construction \| item							1
Beijing Ruihao Rongtong Real Estate Co., Ltd. ("Ruihao Rongtong") [Member] \| Ping An trust Co., Ltd. ("Ping'an trust") [Member]
Summary of significant accounting policies
Amount of loan in aggregate to the Group	$ 246,800,000	¥ 1,610.0	$ 124,300,000	¥ 862.5
Beijing Yuzhouyun Technology Development Center [Member]
Summary of significant accounting policies
Current assets					768,166	2,214,155
Non-current assets					2,771,533	4,244,195
TOTAL ASSETS					3,539,699	6,458,350
Current liabilities					4,801,975	13,967,333
Non-current liabilities					14,099,833	0
Total liabilities					18,901,808	13,967,333
Revenue					3,525,255	12,555,974
Revenue					238,162	2,558,430
costs of revenue					(2,529,935)	(3,682,899)
Net loss					(6,935,441)	(1,796,997)
Net cash provided by/(used in) operating activities					(12,982,505)	368,379
Net cash used in investing activities					(13,837)	(1,885)
Net cash (used in)/provided by financing activities					12,256,166	$ (52,503)
Percentage of Share of Profit or Loss									51.00%
Beijing Yuzhouyun Technology Development Center [Member] \| Senior Management Members [Member]
Summary of significant accounting policies
Percentage of Share of Profit or Loss									49.00%
RuizhuoXihui [Member]
Summary of significant accounting policies
Revenue					81,984
Amounts due to subsidiaries of the Group					$ 1,928,834
Beijing Ruihao Rongtong Real Estate Co., Ltd. ("Ruihao Rongtong") [Member]
Summary of significant accounting policies
Percentage of non-controlling equity interest that will be repurchased by the entity							35.00%
Percentage of Equity Directly Attributable to the Group							65.00%
Beijing Ruihao Rongtong Real Estate Co., Ltd. ("Ruihao Rongtong") [Member] \| Ping An trust Co., Ltd. ("Ping'an trust") [Member]
Summary of significant accounting policies
Noncontrolling owners interest (percentage)	35.00%	35.00%	10.00%	10.00%			35.00%	35.00%		35.00%	5.00%	20.00%

Summary of significant accounting policies (Details) ¥ in Millions															1 Months Ended		12 Months Ended
	Nov. 22, 2020	Sep. 17, 2020 USD ($)	Jun. 29, 2020 USD ($)	Apr. 26, 2019 USD ($)	Apr. 16, 2019	Apr. 15, 2019 USD ($)	Mar. 19, 2018 USD ($)	Dec. 01, 2017 USD ($)	Dec. 01, 2017 USD ($)	Nov. 30, 2017	Nov. 22, 2017 USD ($)	Feb. 28, 2017 USD ($)	Aug. 30, 2016 USD ($)	Aug. 30, 2016 USD ($)	Nov. 30, 2017	Feb. 28, 2017 USD ($)	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($)	Jun. 29, 2020 CNY (¥)	May 20, 2019 USD ($)	Jan. 20, 2019 USD ($)	Aug. 14, 2018 USD ($)	Mar. 21, 2017 USD ($)	Dec. 28, 2015 USD ($)	Jul. 12, 2013 USD ($)
Cash and cash equivalents:
Cash and cash equivalents																	$ 926,809,581	$ 662,606,063	$ 674,141,554
Restricted cash																	83,613,204	270,714,930
Restricted Cash and Cash Equivalents, Noncurrent																	232,134,183	112,998,481
Asset Impairment Charges																	0	0	$ 0
Amounts included in the customer deposits balance at the beginning of the year																	439,003,168
Allowance for Doubtful Accounts Receivable																	4,099,011
Allowance for credit loss																	12,609,405
Allowance for doubtful other receivable																	1,908,929
Allowance for suppliers																	$ 0	$ 0
Retirement benefits
Employer match of eligible compensation of employees, percent of average salary																	40.00%	40.00%	45.00%
Retirement benefits expense																	$ 11,781,673	$ 20,420,474	$ 18,422,330
Required repatriation																	10.00%
Minimum percentage of Statutory Surplus Reserve																	50.00%
Advertising and promotion expenses																	$ 41,972,661	62,341,805	$ 56,575,316
Contract cost withholding term																	12 months
Recognized ROU assets																	$ 8,516,756	11,801,491
Total lease liabilities (including current and non-current) for operating lease																	8,457,933
Operating Lease, Liability, Current																	$ 5,298,153	$ 4,873,897
Warranty term																	3 months
Share Repurchase Program
Treasury shares, shares \| shares																	54,977,586	52,850,536
Treasury stock, value																	$ 116,061,577	$ 113,719,964
Selling and Marketing Expense [Member]
Cash and cash equivalents:
Capitalized Contract Cost, Amortization																	$ 8,900,000	14,900,000
Minimum [Member]
Notes payable and other payables
Estimated useful lives of the real estate properties held for lease																	20
Retirement benefits
Required percentage of Statutory Reserve prior to distributions																	25.00%
LAT Progressive Rate																	30.00%
Contract cost withholding term																	2 years
Warranty term																	2 months
Maximum [Member]
Notes payable and other payables
Estimated useful lives of the real estate properties held for lease																	60 years
Retirement benefits
LAT Progressive Rate																	60.00%
Contract cost withholding term																	5 years
Warranty term																	3 years
Percentage of contract cost withheld																	5.00%
Share Repurchase Program
Stock repurchase program authorized amount																					$ 50,000,000		$ 50,000,000	$ 40,000,000	$ 40,000,000	$ 60,000,000
ASU 2016-02
Retirement benefits
Recognized ROU assets																	$ 8,500,000					$ 15,000,000.0
Total lease liabilities (including current and non-current) for operating lease																	8,500,000					$ 14,400,000
Operating Lease, Liability, Current																	$ 5,300,000
August 2019 Senior Notes due on August 30, 2019 at 8.125% [Member]
Senior Secured Notes
Debt issuance date													Aug. 30, 2016	Aug. 30, 2016
Debt instrument, aggregate principal amount													$ 300,000,000	$ 300,000,000
Maturity date													Aug. 30, 2019
Bears interest													8.125%	8.125%
February 2021 Senior notes due on February 28, 2021 at 7.75% [Member]
Notes payable and other payables
Debt term												4 years
Senior Secured Notes
Debt issuance date												Feb. 28, 2017				Feb. 28, 2017
Debt instrument, aggregate principal amount												$ 300,000,000				$ 300,000,000
Maturity date												Feb. 28, 2021				Feb. 28, 2021	Feb. 28, 2021
Bears interest												7.75%				7.75%	7.75%
November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member]
Notes payable and other payables
Debt term	3 years							3 years
Senior Secured Notes
Debt issuance date									Dec. 01, 2017	Nov. 22, 2017	Nov. 22, 2017
Debt instrument, aggregate principal amount								$ 100,000,000	$ 100,000,000		$ 200,000,000
Maturity date								Nov. 22, 2020							Nov. 22, 2020		Nov. 22, 2020
Bears interest										8.875%	8.875%				8.875%		8.875%
March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% [Member]
Notes payable and other payables
Debt term							2 years
Senior Secured Notes
Debt issuance date							Mar. 19, 2018
Debt instrument, aggregate principal amount							$ 200,000,000
Maturity date							Mar. 19, 2020										Mar. 12, 2020
Bears interest							9.875%										9.875%
October 2021 Senior Secured Notes due on October 16, 2021 at 14.20% [Member]
Notes payable and other payables
Debt term				2 years 6 months		2 years 6 months
Senior Secured Notes
Debt issuance date				Apr. 26, 2019		Apr. 15, 2019
Debt instrument, aggregate principal amount				$ 100,000,000		$ 200,000,000
Maturity date				Oct. 15, 2021	Oct. 15, 2021	Oct. 15, 2021											Oct. 16, 2021
Bears interest				14.20%		14.20%											14.20%
June 2022 Senior Secured Notes Due On June 29 2022 At 12% [Member]
Senior Secured Notes
Debt issuance date			Jun. 29, 2020
Debt instrument, aggregate principal amount			$ 75,000,000																	¥ 514.5
Maturity date			Jun. 29, 2022
Bears interest			12.00%																	12.00%
September 2022 Senior Secured Notes Due on September 17 2022 at 12 [Member]
Senior Secured Notes
Debt issuance date		Sep. 17, 2020
Debt instrument, aggregate principal amount		$ 300,000,000
Maturity date		Sep. 17, 2023
Bears interest		14.50%
Short-term bank acceptance notes [Member]
Notes payable and other payables
Notes payable																	$ 171,795,040	271,096,538
Short-term bank acceptance notes [Member] \| Maximum [Member]
Notes payable and other payables
Debt term																	6 months
Withdrawal Restrictions [Member]
Cash and cash equivalents:
Restricted cash																	$ 19,892,994	32,420,073
Restricted Cash and Cash Equivalents, Noncurrent																	229,666,355	112,998,481
Restricted Cash Related to Short Term Loans [Member]
Cash and cash equivalents:
Restricted cash																	0	20,691,781
Restricted Cash Related to Long Term Loans [Member]
Cash and cash equivalents:
Restricted cash																	$ 0	$ 3,153,579

Summary of significant accounting policies - Revenue is recognized and disaggregated (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summary of significant accounting policies
Revenue from Contract with Customer	$ 1,710,970,706	$ 2,466,504,041	$ 2,207,966,313
Lease Income	34,792,485	16,128,771	9,584,972
Total revenue	1,745,763,191	2,482,632,812	2,217,551,285
Real Estate Sales [Member]
Summary of significant accounting policies
Revenue from Contract with Customer	1,604,891,939	2,387,031,568	2,139,370,792
Real estate management services income [Member]
Summary of significant accounting policies
Revenue from Contract with Customer	91,208,307	67,488,169	63,447,420
Other revenue [Member]
Summary of significant accounting policies
Revenue from Contract with Customer	$ 14,870,460	$ 11,984,304	$ 5,148,101

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Subparagraph (a)
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+ Details

Summary of significant accounting policies - Contract balance (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Summary of significant accounting policies
Contract assets	$ 28,708,229	$ 23,093,235
Customer deposits (note 14)	$ 952,939,384	$ 1,106,098,647

Summary of significant accounting policies - Accounts receivable and Allowance for Credit Losses (Details) - USD ($)	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts receivable	$ 96,119,056		$ 97,911,510
Other deposits and prepayments	323,322,007		277,463,137
Amounts due from related parties	233,441,459		200,757,623
Total current assets	5,600,910,134		5,645,063,109
Total assets	7,669,323,576		7,421,664,433
Total equity	$ 1,025,903,162		791,952,022	$ 745,645,149	$ 1,057,013,126
ASU No. 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts receivable			97,911,510
Other deposits and prepayments			277,463,137
Amounts due from related parties			200,757,623
Total current assets			5,645,063,109
Total assets			7,421,664,433
Total equity			$ 791,952,022
Effects of adoption of Credit Loss ASUs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts receivable		$ (2,829,696)
Other deposits and prepayments		(1,908,929)
Amounts due from related parties		(1,781,767)
Total current assets		(6,520,392)
Total assets		(6,520,392)
Total equity		(6,520,392)
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts receivable		95,081,814
Other deposits and prepayments		275,554,208
Amounts due from related parties		198,975,856
Total current assets		5,638,542,717
Total assets		7,415,144,041
Total equity		$ 785,431,630

Summary of significant accounting policies - Estimated Useful Life (Details)	12 Months Ended
	Dec. 31, 2020
Corporate aircraft [Member]
Summary of significant accounting policies
Property, Plant and Equipment, Useful Life	15 years
Vehicles [Member]
Summary of significant accounting policies
Property, Plant and Equipment, Useful Life	5 years
Furniture and Fixtures [Member]
Summary of significant accounting policies
Property, Plant and Equipment, Useful Life	5 years
Office buildings [Member] \| Minimum [Member]
Summary of significant accounting policies
Property, Plant and Equipment, Useful Life	20 years
Office buildings [Member] \| Maximum [Member]
Summary of significant accounting policies
Property, Plant and Equipment, Useful Life	60 years

Summary of significant accounting policies - Interest Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summary of significant accounting policies
Amortization of issuance cost related to long-term debt	$ 116,249	$ 8,132,103	$ 8,624,334
Interest expense of finance leases	31,286,261	973,842	1,385,292
Interest on borrowings	312,779,581	308,747,957	271,831,465
Total interest costs	344,182,091	317,853,902	281,841,091
Total interest costs capitalized	(214,694,686)	(204,078,542)	(182,595,395)
Interest expense, net	$ 129,487,405	$ 113,775,360	$ 99,245,696

Summary of significant accounting policies - Effect of change in estimate (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summary of significant accounting policies
Gross profit	$ 292,466,748	$ 560,309,621	$ 615,478,302
Net income loss	$ (81,040,908)	$ 68,344,527	$ 73,034,549
Basic	$ (0.75)	$ 0.60	$ 0.57
Diluted	$ (0.75)	$ 0.60	$ 0.57
Contracts Accounted for under Percentage of Completion [Member] \| Certain Real Estate Development Projects [Member]
Summary of significant accounting policies
Gross profit	$ 94,500,000	$ 59,100,000	$ 34,500,000
Net income loss	$ 70,900,000	$ 44,300,000	$ 25,900,000
Basic	$ 0.66	$ 0.39	$ 0.20
Diluted	$ 0.66	$ 0.39	$ 0.20

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Short-term investments (Details) - USD ($)	12 Months Ended
Short-term investments (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Trading securities:
Fair Value	$ 6,111,129	$ 5,595,625
Cost	2,079,228	7,219,439
Unrealized (loss) gain in profit and loss	4,031,901	(1,623,814)
Net realized gain on short-term investments	1,021,043	3,075,014
Level 1
Trading securities:
Unrealized (loss) gain in profit and loss		(1,623,814)
Level 3
Trading securities:
Unrealized (loss) gain in profit and loss	(27,077)
Fair Value, Equity securities without readily determinable fair value	2,807
Cost, Equity securities without readily determinable fair value	29,884
Equity Securities without Readily Determinable Fair Value, Carrying Value	3,519,182
Investment product [Member] \| Level 1
Trading securities:
Unrealized (loss) gain in profit and loss	4,058,978
REITs [Member] \| Level 1
Trading securities:
Fair Value		2,076,443
Cost		3,700,257
Unrealized (loss) gain in profit and loss		(1,623,814)
REITs [Member] \| Level 3
Trading securities:
Fair Value		3,519,182
Cost		3,519,182
Unrealized (loss) gain in profit and loss		$ 0
Equity securities [Member] \| Level 1
Trading securities:
Fair Value	6,108,322
Cost	$ 2,049,344

Other receivables (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Other receivables
Other receivables	$ 335,840,652	$ 287,300,176
Real estate properties held for lease, net
Other receivables
Other receivables	335,840,652	287,300,176
Henan Derun Real Estate Co Ltd [Member]
Other receivables
Other receivables	139,364,804	124,436,299
Zhengzhou Jiahe Real Estate Co., Ltd [Member]
Other receivables
Other receivables	101,361,020	67,429,462
Zhengzhou Yongzhi Jianxin Meiyu Private Equity Fund
Other receivables
Other receivables	24,521,449	0
Zhangjiakou Xingyuan City Construction Development Co. Ltd
Other receivables
Other receivables	0	19,696,568
Huzhou Xinhong Jingcheng Construction And Development Co Ltd [Member]
Other receivables
Other receivables	0	16,369,944
Due from contractors
Other receivables
Other receivables	16,322,092	24,444,823
Others
Other receivables
Other receivables	$ 54,271,287	$ 34,923,080

Other receivables - Additional Information (Details) - USD ($)	1 Months Ended			12 Months Ended
	May 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020
Other receivables
Other receivables			$ 287,300,176	$ 335,840,652	$ 287,300,176
Credit loss				12,609,405
Real estate properties held for lease, net
Other receivables
Other receivables			$ 287,300,176	335,840,652	287,300,176
Henan Derun Real Estate Co Ltd [Member]
Other receivables
Interest rate			18.00%
Percentage of ownership interest used to settle receivables through transfer of certain parcels of land properties		80.00%
Settlement of bank loans to release the land pledged in bank		$ 77,100,000
Other receivables			$ 124,436,299	139,364,804	124,436,299
Zhengzhou Jiahe Real Estate Co., Ltd [Member]
Other receivables
Percentage of ownership interest used to settle receivables through transfer of certain parcels of land properties	80.00%
Other receivables			67,429,462	101,361,020	$ 67,429,462
Zhengzhou Jiahe Real Estate Co., Ltd [Member] \| Minimum [Member]
Other receivables
Interest rate					15.00%
Zhengzhou Jiahe Real Estate Co., Ltd [Member] \| Maximum [Member]
Other receivables
Interest rate					18.00%
Zhengzhou Yongzhi Jianxin Meiyu Private Equity Fund
Other receivables
Other receivables			$ 0	24,521,449	$ 0
Equity interest transferred (in percent)						98.00%
Consideration for transfer of equity interest						$ 122,607,243
Payments received for transfer of equity interest				98,085,794
Credit loss				$ 0

Real estate properties development completed and under development (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Real estate properties development completed	$ 439,204,753	$ 458,204,518
Real estate properties under development	3,010,624,339	3,254,387,749
Total real estate properties development completed and under development	3,449,829,092	3,712,592,267
Collateral Pledged [Member]
Real Estate Properties [Line Items]
Land use rights net	418,658,396	798,910,332
Land use rights [Member]
Real Estate Properties [Line Items]
Total real estate properties development completed and under development	$ 1,171,226,276	$ 2,179,888,833

Real estate properties held for lease, net - Properties Held for Lease (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property Subject to or Available for Operating Lease [Line Items]
Total costs	$ 530,951,625	$ 554,227,073
Accumulated depreciation	(47,843,418)	(38,358,165)
Real estate properties held for lease, net	483,108,207	515,868,908
Depreciation expense	$ 6,980,064	8,625,765	$ 7,963,627
Minimum [Member]
Property Subject to or Available for Operating Lease [Line Items]
Remaining lease periods	25 days
Maximum [Member]
Property Subject to or Available for Operating Lease [Line Items]
Remaining lease periods	20 years
Collateral Pledged [Member]
Property Subject to or Available for Operating Lease [Line Items]
Real estate properties held for lease, net	$ 180,481,463	206,516,986
Elementary schools [Member]
Property Subject to or Available for Operating Lease [Line Items]
Total costs	3,268,838	3,057,371
Basement parking [Member]
Property Subject to or Available for Operating Lease [Line Items]
Total costs	9,081,394	14,694,085
Kindergartens [Member]
Property Subject to or Available for Operating Lease [Line Items]
Total costs	11,098,383	10,049,512
Parking facilities [Member]
Property Subject to or Available for Operating Lease [Line Items]
Total costs	99,897,514	100,036,672
Clubhouses [Member]
Property Subject to or Available for Operating Lease [Line Items]
Total costs	8,217,800	8,574,329
Shopping mall [Member]
Property Subject to or Available for Operating Lease [Line Items]
Total costs	277,532,448	290,610,416
Shopping mall equipment [Member]
Property Subject to or Available for Operating Lease [Line Items]
Equipment acquired under finance lease, gross	7,643,588	7,149,114
Residential Properties [Member]
Property Subject to or Available for Operating Lease [Line Items]
Total costs	121,855,248	124,280,030
Others
Property Subject to or Available for Operating Lease [Line Items]
Total costs	$ 0	$ 2,924,658

Real estate properties held for lease, net - Minimum Future Rental Income (Details)	Dec. 31, 2020 USD ($)
Real estate properties held for lease, net
2021	$ 16,115,426
2022	14,280,321
2023	13,368,863
2024	13,726,296
2025 and thereafter	119,415,537
Total	$ 176,906,443

Property and equipment, net (Details)			12 Months Ended			108 Months Ended
Property and equipment, net (Details)	Sep. 15, 2021 payment	Jun. 15, 2020 USD ($) payment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2021 USD ($)	Oct. 23, 2012
Property and equipment, net
Total			$ 79,885,501	$ 74,322,407
Accumulated depreciation			(37,125,590)	(31,318,028)
Property and equipment, net			42,759,911	43,004,379
Depreciation expense			4,696,140	5,904,454	$ 4,908,299
Accumulated depreciation expense			37,125,590	31,318,028	28,063,724
Amortization of ROU assets			3,494,618	2,465,268
Lessee, Finance Lease, Term of Contract		3 years
Number of quarterly lease payments \| payment		12
Quarterly lease payments, amount		$ 1,105,274
Corporate aircraft [Member]
Property and equipment, net
Amortization of ROU assets			2,486,630	2,336,187	2,582,340
Accumulated amortization expense related to the corporate aircraft capital lease			16,579,927	14,601,171	$ 13,238,949
Finance lease right-of-use asset -Corporate aircraft
Property and equipment, net
Total			39,438,499	36,887,168
Vehicles [Member]
Property and equipment, net
Total			5,825,039	5,069,515
Furniture and Fixtures [Member]
Property and equipment, net
Total			10,895,581	10,523,537
Office buildings [Member]
Property and equipment, net
Total			23,726,382	$ 21,842,187
Assets Held under Capital Leases [Member]
Property and equipment, net
Lessee, Finance Lease, Term of Contract							8 years
Number of quarterly lease payments \| payment	32
Quarterly lease payments, amount						$ 1,426,000
Deposit used as full and final payment			$ 6,700,000

Long-term investment (Details) - USD ($)	12 Months Ended
Long-term investment (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jul. 31, 2019	Mar. 21, 2018	Sep. 04, 2017	Apr. 19, 2017
Long Term Investment [Line Items]
Equity method investees, Initial Cost	$ 225,290,809
Total	874,276,856	$ 613,619,925
Share of loss/(gain) of equity investees	(17,028,301)	5,416,471	$ 9,374,451
Equity Method Investment Difference Between Aggregate Investment And Proportionate Share Of Net Assets	0	0
Zhengzhou Lianhe Real Estate Co., Ltd.
Long Term Investment [Line Items]
Nonmarketable equity securities, Initial Cost	$ 241,648	$ 241,648
Nonmarketable equity securities, Ownership	1.85%	1.85%
Nonmarketable equity securities	$ 306,518	$ 286,689
Zhengzhou Taike Real Estate Co., Ltd.
Long Term Investment [Line Items]
Nonmarketable equity securities, Initial Cost	$ 738,073	$ 738,073
Nonmarketable equity securities, Ownership	3.75%	3.75%
Nonmarketable equity securities	$ 766,295	$ 716,723
Qingdao Huiju Zhihui City Industrial Development Co., Ltd.
Long Term Investment [Line Items]
Equity method investees, Initial Cost	523,459,957	523,459,957					$ 505,200,000
Equity method investees	$ 532,385,009	$ 488,227,667
Equity Method Investees, Ownership	49.00%	49.00%
Payments to acquire equity method	$ 505,200,000
Qingdao Huiju Zhihui City Industrial Development Co., Ltd. \| Maximum [Member]
Long Term Investment [Line Items]
Equity Method Investees, Ownership							70.00%
Qingdao Huiju Zhihui City Industrial Development Co., Ltd. \| Beijing Huiju [Member]
Long Term Investment [Line Items]
Transfer of remaining ownership percentage, as required by the legal action (as a percent)	21.00%
Refund of unauthorized transfer of cash, as required by the legal action	$ 98,700,000
Legal action final refund unauthorized cash	98,700,000
Cash frozen	98,700,000
Wuhu Penghong Investment Center (Limited Partnership)
Long Term Investment [Line Items]
Equity method investees, Initial Cost	30,608,185	$ 30,608,185				$ 30,600,000
Equity method investees	$ 18,337,862	18,333,122
Wuhu Penghong Investment Center (Limited Partnership) \| Partner One [Member]
Long Term Investment [Line Items]
Equity method investees, Initial Cost						91,800,000
Wuhu Penghong Investment Center (Limited Partnership) \| Partner Two [Member]
Long Term Investment [Line Items]
Equity method investees, Initial Cost						$ 3,100,000
Henan Yanchuang Enterprise Management Consulting Co. Ltd
Long Term Investment [Line Items]
Equity Method Investees, Ownership	49.00%
Jiazhaoye Health Industry (Sanya) Investment Co., Ltd
Long Term Investment [Line Items]
Equity method investees, Initial Cost	$ 225,290,809
Equity method investees	$ 225,290,809
Equity Method Investees, Ownership	49.00%
Madison Development Limited
Long Term Investment [Line Items]
Equity method investees, Initial Cost	$ 19,095,969	19,095,969			$ 19,100,000
Equity method investees	$ 15,766,779	$ 16,294,996
Equity Method Investees, Ownership	50.00%	50.00%			50.00%
Suzhou Rongjingchen Real Estate Co., Ltd
Long Term Investment [Line Items]
Equity method investees, Initial Cost	$ 42,041,464	$ 42,041,464		$ 42,000,000.0
Equity method investees	$ 21,266,345	$ 41,452,466
Equity Method Investees, Ownership	24.00%	24.00%		24.00%
Others
Long Term Investment [Line Items]
Equity method investees, Initial Cost	$ 69,160,051	$ 69,160,051
Equity method investees	$ 60,157,239	$ 48,308,262

Long-term investment - Summarized combined financial information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Long Term Investment [Line Items]
Current assets	$ 5,600,910,134	$ 5,645,063,109
Current liabilities	4,536,333,378	4,484,571,512
Non-controlling interest	360,431,202	101,650,383
Total revenue	1,745,763,191	2,482,632,812	$ 2,217,551,285
Gross profit	292,466,748	560,309,621	615,478,302
Net income loss	(67,483,880)	$ 83,028,802	$ 105,952,020
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Long Term Investment [Line Items]
Current assets	1,033,115,000
Non-current assets	474,450,000
Current liabilities	695,446,000
Non-current liabilities	414,178,000
Non-controlling interest	(2,735,000)
Total revenue	345,886,000
Gross profit	86,073,000
Income from continuing operations	65,222,000
Net income loss	44,497,000
Net gain attributable to the Company	$ 17,028,000

Acquisition of subsidiaries - Fair values of the assets acquired and liabilities assumed on Acquisition Date (Details) - USD ($)

12 Months Ended

Sep. 06, 2018

Dec. 31, 2018

Dec. 31, 2020

Dec. 31, 2019

Total consideration:

Remeasurement gain

$ 4,384,563

Fair value of net identifiable assets acquired:

Real estate properties under development

$ 3,010,624,339

$ 3,254,387,749

Wuhu Penghua Tenth Investment Center (Limited Partnership)

Total consideration:

Carrying amount of previously held equity interests

$ 202,354,932

Remeasurement gain

4,384,563

$ 4,384,563

Fair value of previously held equity interests (i)

^[1]

206,739,495

Less: Goodwill

534,697

Total Consideration

206,204,798

Fair value of net identifiable assets acquired:

Cash and cash equivalents

11,761,992

Real estate properties under development

538,393,230

Current assets

7,471,403

Current liabilities

(57,705,079)

Deferred tax liabilities

(534,697)

Long-term bank loan

(293,182,051)

Net assets acquired

$ 206,204,798

[1]

The business combination was achieved without the transfer of consideration. The difference between the fair value of previously held equity interest and the fair value of net identifiable assets acquired was recognized as goodwill. As the Wuhu Group were private companies, the fair value of the Group’s previously held equity interest is estimated based on asset-based approach using significant unobservable inputs that market participants would consider, which mainly include estimated revenue and estimated cost for the construction project.

Acquisition of subsidiaries - 2019 Acquisition Activity (Details) - USD ($)	1 Months Ended	4 Months Ended	12 Months Ended
	Nov. 30, 2019	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue			$ 1,710,970,706	$ 2,466,504,041	$ 2,207,966,313
Xitou [Member]
Business Combination, Consideration Transferred	$ 16,486,299
Goodwill	6,624,594
Xichuang
Business Combination, Consideration Transferred	11,212,797
Goodwill	5,159,916
Goodwill, tax deductible amount			0
I-Journey [Member]
Business Combination, Consideration Transferred	21,062,847
Goodwill	$ 12,927,103
Goodwill, tax deductible amount			$ 0
Wuhu Penghua and Chengdu Renju and Chengdu Guohongteng [Member]
Revenue		$ 30,248,316

- Definition

+ References

+ Details

Acquisition of subsidiaries - Fair value of assets and liabilities (Details)		1 Months Ended
	Nov. 30, 2019 USD ($)	Nov. 30, 2019 USD ($)
Minimum [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	6 years
Maximum [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		10 years
Xitou, Xichuang and I-journey
Cash and cash equivalents	$ 827,011	$ 827,011
Other current assets	1,118,618	1,118,618
Deferred tax assets	2,887,353	2,887,353
Other non-current assets	87,226	87,226
Goodwill	24,711,613	24,711,613
Current liabilities	(2,010,290)	(2,010,290)
Deferred tax liabilities	(2,887,353)
Non-controlling interest	(168,788)	(168,788)
Total Consideration	48,761,943
Xitou, Xichuang and I-journey \| Technology [Member]
Intangible assets	21,573,348	21,573,348
Xitou, Xichuang and I-journey \| Trademarks [Member]
Intangible assets	2,623,205	2,623,205
Xitou, Xichuang and I-journey \| Xinruifeng subgroup
Cash and cash equivalents	472,974	472,974
Other current assets	262,373	262,373
Deferred tax assets	1,057,527	1,057,527
Other non-current assets	29,935	29,935
Goodwill	6,624,594	6,624,594
Current liabilities	(269,349)	(269,349)
Deferred tax liabilities	(1,057,527)
Non-controlling interest	(80,631)	(80,631)
Total Consideration	16,486,299
Xitou, Xichuang and I-journey \| Xinruifeng subgroup \| Technology [Member]
Intangible assets	9,446,403	9,446,403
Xitou, Xichuang and I-journey \| Xinruifeng subgroup \| Trademarks [Member]
Intangible assets	0	0
Xitou, Xichuang and I-journey \| Xinhujin subgroup
Cash and cash equivalents	276,511	276,511
Other current assets	164,373	164,373
Deferred tax assets	1,170,995	1,170,995
Other non-current assets	14,176	14,176
Goodwill	5,159,916	5,159,916
Current liabilities	(241,318)	(241,318)
Deferred tax liabilities	(1,170,995)
Non-controlling interest	(37,986)	(37,986)
Total Consideration	11,212,797
Xitou, Xichuang and I-journey \| Xinhujin subgroup \| Technology [Member]
Intangible assets	5,877,125	5,877,125
Xitou, Xichuang and I-journey \| Xinhujin subgroup \| Trademarks [Member]
Intangible assets	0	0
Xitou, Xichuang and I-journey \| Xinzhihui subgroup
Cash and cash equivalents	77,526	77,526
Other current assets	691,872	691,872
Deferred tax assets	658,831	658,831
Other non-current assets	43,115	43,115
Goodwill	12,927,103	12,927,103
Current liabilities	(1,499,623)	(1,499,623)
Deferred tax liabilities	(658,831)
Non-controlling interest	(50,171)	(50,171)
Total Consideration	21,062,847
Xitou, Xichuang and I-journey \| Xinzhihui subgroup \| Technology [Member]
Intangible assets	6,249,820	6,249,820
Xitou, Xichuang and I-journey \| Xinzhihui subgroup \| Trademarks [Member]
Intangible assets	$ 2,623,205	$ 2,623,205

Acquisition of subsidiaries - Additional Information (Details) - USD ($)		4 Months Ended	12 Months Ended
	Sep. 06, 2018	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Remeasurement gain					$ 4,384,563
Net income loss			$ (81,040,908)	$ 68,344,527	73,034,549
Wuhu Penghua Tenth Investment Center (Limited Partnership)
Payments to Acquire Additional Interest in Subsidiaries	$ 146,600,000
Remeasurement gain	4,384,563				$ 4,384,563
Goodwill	$ 534,697
Business Acquisition, Goodwill, Expected Tax Deductible Amount			$ 0
Wuhu Penghua and Chengdu Renju and Chengdu Guohongteng [Member]
Net income loss		$ 6,710,751

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Short-term bank loans and other debt - Short-term bank loans and other debt (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Short-term bank loans and other debt
Short-term bank loans and other debt	$ 13,624,730	$ 73,419,108
Loan from The Bank of East Asia [Member] \| Loan from The Bank of East Asia, Due January 2, 2020, at 1.10% plus 1 month LIBOR [Member]
Short-term bank loans and other debt
Short-term bank loans and other debt	$ 0	19,900,000
Maturity date	Jan. 02, 2020
Stated spread over variable rate	1.10%
Loan from Zhongyuan Aviation Finance Leasing Co.,Ltd. [Member] \| Loan from Zhongyuan Aviation Leasing Co.,Ltd., Due December 20, 2020, at 10.00% per annum [Member]
Short-term bank loans and other debt
Short-term bank loans and other debt	$ 0	11,467,562
Maturity date	Dec. 20, 2020
Stated rate	10.00%
Loan from Hua Xia Bank Co., Ltd. [Member] \| Loan from Hua Xia Bank Co., Ltd. Due May 30, 2020, at 6.5250% per annum [Member]
Short-term bank loans and other debt
Short-term bank loans and other debt	$ 0	8,600,671
Maturity date	May 30, 2020
Stated rate	6.525%
Loan from Hua Xia Bank Co., Ltd. [Member] \| Loan From Hua Xia Bank Co Ltd Due December 28, 2021, at 8.00% per annum [Member]
Short-term bank loans and other debt
Short-term bank loans and other debt	$ 9,195,543	0
Maturity date	Dec. 28, 2021
Stated rate	8.00%
Loan From Zhongyuan Commercial Factoring Co Ltd [Member] \| Loan from Zhongyuan Commercial Factoring Co., Ltd.Due January 30, 2020, at 10.00% per annum [Member]
Short-term bank loans and other debt
Short-term bank loans and other debt	$ 0	28,668,902
Maturity date	Jan. 30, 2020
Stated rate	10.00%
Loan from Shandong Rongyue Finance Leasing Co., Ltd. [Member] \| Loan from Shandong Rongyue Finance Leasing Co., Ltd. Due December 24, 2020, at 5.00% per annum [Member]
Short-term bank loans and other debt
Short-term bank loans and other debt	$ 0	4,300,335
Maturity date	Dec. 24, 2020
Stated rate	5.00%
Loan from Tianjin Financial Exchange Center Co., Ltd. [Member] \| Loan from Tianjin Financial Exchange Center Co., Ltd. at 9.00% Per Annum [Member]
Short-term bank loans and other debt
Short-term bank loans and other debt	$ 0	189,215
Stated rate	9.00%
Loan from Tianjin Financial Exchange Center Co., Ltd. [Member] \| Loan from Tianjin Financial Exchange Center Co., Ltd. at 8.50% Per Annum [Member]
Short-term bank loans and other debt
Short-term bank loans and other debt	$ 0	51,604
Stated rate	8.50%
Loan from Tianjin Financial Exchange Center Co., Ltd. [Member] \| Loan from Tianjin Financial Exchange Center Co., Ltd. at 8.00% Per Annum [Member]
Short-term bank loans and other debt
Short-term bank loans and other debt	$ 2,896,595	240,819
Stated rate	8.00%
Loan from Shenzhen Zhong'an Finance Leasing Co.,Ltd. [Member] \| Loan from Shenzhen Zhong'an Finance Leasing Co.,Ltd. Due December 26, 2021, at 5.89% Per Annum [Member]
Short-term bank loans and other debt
Short-term bank loans and other debt	$ 1,532,592	$ 0
Maturity date	Dec. 26, 2021
Stated rate	5.89%

Short-term bank loans and other debt - Additional Information (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Short-term bank loans and other debt
Real estate properties held for lease	$ 483,108,207	$ 515,868,908
Real estate properties development completed	439,204,753	458,204,518
Restricted cash	$ 83,613,204	$ 270,714,930
Weighted average interest rate on short-term bank loans and other debts	7.76%	8.33%
Collateral Pledged [Member]
Short-term bank loans and other debt
Real estate properties held for lease	$ 180,481,463	$ 206,516,986
Short-term Debt [Member] \| Collateral Pledged [Member]
Short-term bank loans and other debt
Real estate properties held for lease	0	14,899,171
Real estate properties development completed	4,257,537	10,168,195
Restricted cash	$ 0	$ 20,691,781

Long-term bank loans (Details) - USD ($)	12 Months Ended
Long-term bank loans (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total	$ 1,071,120,352	$ 1,134,834,710
Less: current portion of long-term bank loans	(482,102,433)	(448,770,014)
Total long-term bank loans	589,017,919	686,064,696
Real estate properties under development	3,010,624,339	3,254,387,749
Real estate properties held for lease	483,108,207	515,868,908
Real estate properties development completed	439,204,753	458,204,518
Property and equipment, net	42,759,911	43,004,379
Restricted cash	83,613,204	270,714,930
Collateral Pledged [Member]
Debt Instrument [Line Items]
Land use rights	418,658,396	798,910,332
Real estate properties held for lease	$ 180,481,463	$ 206,516,986
Long Term Bank Loan [Member]
Debt Instrument [Line Items]
weighted average interest rate	6.19%	6.94%
Long Term Bank Loan [Member] \| Collateral Pledged [Member]
Debt Instrument [Line Items]
Real estate properties under development	$ 178,303,075	$ 78,726,065
Land use rights	301,626,788	382,772,544
Real estate properties held for lease	145,121,736	144,272,409
Real estate properties development completed	392,880	457,032
Property and equipment, net	9,765,150	0
Restricted cash	$ 229,666,355	116,152,060
Minimum [Member] \| Long Term Bank Loan [Member]
Debt Instrument [Line Items]
Debt Instrument Prime Rate Range	100.00%
Maximum [Member] \| Long Term Bank Loan [Member]
Debt Instrument [Line Items]
Debt Instrument Prime Rate Range	211.00%
Loan from ICBC [Member]
Debt Instrument [Line Items]
Total	$ 68,656,992	178,891,086
Loan from ICBC [Member] \| Loan from ICBC, Due December 26, 2021, at 6.175% per annum [Member]
Debt Instrument [Line Items]
Total	$ 25,539,089	66,890,284
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	$ 12,772,610	33,448,009
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	$ 11,748,839	30,770,333
Maturity date	Dec. 30, 2021
Stated rate	6.60%
Loan from ICBC [Member] \| Loan from ICBC, Due December 22, 2021, at 9.80% per annum [Member]
Debt Instrument [Line Items]
Total	$ 12,772,610	33,448,009
Maturity date	Dec. 22, 2021
Stated rate	9.80%
Loan from ICBC [Member] \| Loan from ICBC, Due July 23, 2022, at 4.75% per annum [Member]
Debt Instrument [Line Items]
Total	$ 5,823,844	14,334,451
Maturity date	Jul. 23, 2022
Stated rate	4.75%
Loan from China Guangfa Bank [Member] \| Loan from China Guangfa Bank, Due July 17, 2021, at 6.175% per annum [Member]
Debt Instrument [Line Items]
Total		18,048,508
Maturity date	Jul. 17, 2021
Stated rate	6.175%
Loan from Bank of China [Member]
Debt Instrument [Line Items]
Total	$ 51,433,739	57,624,495
Loan from Bank of China [Member] \| Loan from Bank of China, Due March 30, 2020, at 6.65% per annum [Member]
Debt Instrument [Line Items]
Total		7,167,226
Maturity date	Mar. 30, 2020
Stated rate	6.65%
Loan from Bank of China [Member] \| Loan from Bank of China, Due October 31, 2021 at 4.75% per annum [Member]
Debt Instrument [Line Items]
Total	$ 23,847,109	50,457,269
Maturity date	Oct. 31, 2021
Stated rate	4.75%
Loan from Bank of China [Member] \| Loan From Bank Of China Due March 19, 2022 At 5.225% per Annum [Member]
Debt Instrument [Line Items]
Total	$ 27,586,630
Maturity date	Mar. 19, 2022
Stated rate	5.225%
Loan from Bank of Beijing [Member] \| Loan from Bank of Beijing, Due February 14, 2020 at 4.75% per annum [Member]
Debt Instrument [Line Items]
Total		32,372,065
Maturity date	Feb. 14, 2020
Stated rate	4.75%
Loan from Bank of Beijing [Member] \| Loan from The Bank of East Asia Due June 6, 2021, at 1.10% plus 1 month LIBOR [Member]
Debt Instrument [Line Items]
Stated rate	1.10%
Loan from The Bank of East Asia [Member]
Debt Instrument [Line Items]
Total	$ 128,520,000	103,618,000
Loan from The Bank of East Asia [Member] \| Loan from The Bank of East Asia, Due January 09, 2020, at 1.10% plus 1 month LIBOR [Member]
Debt Instrument [Line Items]
Total		3,178,000
Maturity date	Jan. 09, 2020
Stated rate	1.10%
Loan from The Bank of East Asia [Member] \| Loan from The Bank of East Asia Due June 4, 2021, at 1.10% plus 1 month LIBOR [Member]
Debt Instrument [Line Items]
Total	$ 22,500,000	22,500,000
Maturity date	Jun. 04, 2021
Stated rate	1.10%
Loan from The Bank of East Asia [Member] \| Loan from The Bank of East Asia Due June 6, 2021, at 1.10% plus 1 month LIBOR [Member]
Debt Instrument [Line Items]
Total	$ 30,000,000	30,000,000
Maturity date	Jun. 06, 2021
Loan from The Bank of East Asia [Member] \| Loan from The Bank of East Asia, Due August 20, 2021, at 1.10% plus 1 month LIBOR [Member]
Debt Instrument [Line Items]
Total	$ 19,170,000	19,170,000
Maturity date	Aug. 20, 2021
Stated rate	1.10%
Loan from The Bank of East Asia [Member] \| Loan from The Bank of East Asia, Due September 27, 2021, at 1.10% plus 1 month LIBOR [Member]
Debt Instrument [Line Items]
Total	$ 9,100,000	9,100,000
Maturity date	Sep. 27, 2021
Stated rate	1.10%
Loan from The Bank of East Asia [Member] \| Loan from The Bank of East Asia, Due October 20, 2021, at 1.10% plus 1 month LIBOR [Member]
Debt Instrument [Line Items]
Total	$ 2,100,000	2,100,000
Maturity date	Oct. 20, 2021
Stated rate	1.10%
Loan from The Bank of East Asia [Member] \| Loan from The Bank of East Asia, Due October 27, 2021, at 1.10% plus 1 month LIBOR [Member]
Debt Instrument [Line Items]
Total	$ 17,570,000	17,570,000
Maturity date	Oct. 27, 2021
Stated rate	1.10%
Loan from The Bank of East Asia [Member] \| Loan From The Bank Of East Asia Due January 14 2022 At 110 Plus 1 Month LIBOR [Member]
Debt Instrument [Line Items]
Total	$ 3,000,000
Maturity date	Jan. 14, 2022
Stated rate	1.10%
Loan from The Bank of East Asia [Member] \| Loan From The Bank Of East Asia Due January 05 2022 At 110 Plus 1 Month LIBOR [Member]
Debt Instrument [Line Items]
Total	$ 16,340,000
Maturity date	Jan. 05, 2022
Stated rate	1.10%
Loan from The Bank of East Asia [Member] \| Loan From The Bank Of East Asia Due January 5 2022 At 110 Plus 1 Month LIBOR [Member]
Debt Instrument [Line Items]
Total	$ 3,240,000
Maturity date	Jan. 05, 2022
Stated rate	1.10%
Loan from The Bank of East Asia [Member] \| Loan From The Bank Of East Asia Due September 30 2022 At 110 Plus 1 Month LIBOR [Member]
Debt Instrument [Line Items]
Total	$ 5,500,000
Maturity date	Sep. 30, 2022
Stated rate	1.10%
Loan from Ping An Bank Co., Ltd [Member]
Debt Instrument [Line Items]
Total	$ 91,802,174	129,569,106
Loan from Ping An Bank Co., Ltd [Member] \| Loan from Ping An Bank Co., Ltd. Due April 22, 2021, at 6.8875% per annum [Member]
Debt Instrument [Line Items]
Total	$ 53,487,410	80,272,928
Maturity date	Apr. 22, 2021
Stated rate	6.8875%
Loan from Ping An Bank Co., Ltd [Member] \| Loan from Ping An Bank Co., Ltd Due May 27, 2021, at 7.3625% Per Annum [Member]
Debt Instrument [Line Items]
Total	$ 4,597,772	9,890,771
Maturity date	May 27, 2021
Stated rate	7.3625%
Loan from Ping An Bank Co., Ltd [Member] \| Loan from Ping An Bank Co., Ltd.Due March 18, 2022, at 6.5075% per annum [Member]
Debt Instrument [Line Items]
Total	$ 33,716,992	39,405,407
Maturity date	Mar. 18, 2022
Stated rate	6.5075%
Loan from China Construction Bank [Member]
Debt Instrument [Line Items]
Total	$ 59,004,736	73,105,703
Loan from China Construction Bank [Member] \| Loan from China Construction Bank, Due August 1, 2021, at 4.35% per annum [Member]
Debt Instrument [Line Items]
Total	$ 47,816,825	44,723,488
Maturity date	Aug. 01, 2021
Stated rate	4.35%
Loan from China Construction Bank [Member] \| Loan from China Construction Bank, Due August 1, 2021, at 4.75% per annum, One [Member]
Debt Instrument [Line Items]
Total	$ 11,187,911	11,180,872
Maturity date	Aug. 01, 2021
Stated rate	4.75%
Loan from China Construction Bank [Member] \| Loan from China Construction Bank, Due August 1, 2021, at 4.75% per annum Two [Member]
Debt Instrument [Line Items]
Total		17,201,343
Maturity date	Aug. 01, 2021
Stated rate	4.75%
Loan from Bank of Minsheng [Member]
Debt Instrument [Line Items]
Total	$ 268,509,862	345,890,312
Loan from Bank of Minsheng [Member] \| Loan from Bank of Minsheng Due May 30, 2031, at 8.07% per annum [Member]
Debt Instrument [Line Items]
Total	$ 60,384,067	59,487,973
Maturity date	May 30, 2031
Stated rate	8.07%
Loan from Bank of Minsheng [Member] \| Loan from Bank of Minsheng Due March 16 2023 at 8.8825 per annum [Member]
Debt Instrument [Line Items]
Total	$ 208,125,795	286,402,339
Maturity date	Mar. 16, 2023
Stated rate	8.8825%
Loan from Bank of Hengfeng [Member] \| Loan from Bank of Hengfeng, Due September 20, 2021, at 8.0009% Per Annum [Member]
Debt Instrument [Line Items]
Total		65,150,082
Maturity date	Sep. 20, 2021
Stated rate	8.0009%
Loan From Zheshang Bank Co., Ltd [Member] \| Loan from Zheshang Bank Co., Ltd, Due September 21, 2021, at 7.60% per annum [Member]
Debt Instrument [Line Items]
Total		17,344,686
Maturity date	Sep. 21, 2021
Stated rate	7.60%
Loan from Bank of Communications Co., Ltd [Member] \| Loan from Bank of Communications Co., Ltd, Due March 18, 2022, at 7.600% per annum [Member]
Debt Instrument [Line Items]
Total	$ 18,716,226	37,104,728
Maturity date	Mar. 18, 2022
Stated rate	7.60%
Loan from Bank of Zhengzhou Co., Ltd [Member]
Debt Instrument [Line Items]
Total	$ 176,860,948	64,505,031
Loan from Bank of Zhengzhou Co., Ltd [Member] \| Loan from Bank of Zhengzhou Co., Ltd, Due September 26, 2021, at 7.000075% per annum [Member]
Debt Instrument [Line Items]
Total	$ 61,916,658	64,505,031
Maturity date	Sep. 26, 2021
Stated rate	7.00008%
Loan from Bank of Zhengzhou Co., Ltd [Member] \| Loan from Bank of Zhengzhou Co., Ltd, Due August 30, 2023, at 6.50% per annum [Member]
Debt Instrument [Line Items]
Total	$ 114,944,290
Maturity date	Aug. 30, 2023
Stated rate	6.50%
Loan from Bank of Huaxia Co., Ltd [Member]
Debt Instrument [Line Items]
Total	$ 18,391,086	11,610,908
Loan from Bank of Huaxia Co., Ltd [Member] \| Loan from Bank of Huaxia Co., Ltd, Due December 27, 2021, at 5.08% per annum [Member]
Debt Instrument [Line Items]
Total		$ 11,610,908
Maturity date	Dec. 27, 2021
Stated rate	5.08%
Loan from Bank of Huaxia Co., Ltd [Member] \| Loan from Bank of Huaxia Co., Ltd Due Due May 28, 2023, at 5.08% per annum [Member]
Debt Instrument [Line Items]
Maturity date	May 28, 2023
Stated rate	5.08%
Loan from Bank of Huaxia Co., Ltd [Member] \| Loan from Xiamen International Bank Co., Ltd Due April 30, 2023, at 6.80% Per Annum [Member]
Debt Instrument [Line Items]
Total	$ 18,391,086
Loan from Xiamen International Bank Co., Ltd [Member]
Debt Instrument [Line Items]
Total	14,099,833
Loan from Xiamen International Bank Co., Ltd [Member] \| Loan from Xiamen International Bank Co., Ltd Due February 20, 2023, at 10.00% Per Annum [Member]
Debt Instrument [Line Items]
Total	$ 9,195,543
Maturity date	Feb. 20, 2023
Stated rate	10.00%
Loan from Xiamen International Bank Co., Ltd [Member] \| Loan from Xiamen International Bank Co., Ltd Due April 30, 2023, at 6.80% Per Annum [Member]
Debt Instrument [Line Items]
Total	$ 4,904,290
Maturity date	Apr. 30, 2023
Stated rate	6.80%
Loan from Bank of Guangzhou Co., Ltd [Member] \| Loan from Bank of Guangzhou Co., Ltd Due September 3, 2024, at 7.30% per annum [Member]
Debt Instrument [Line Items]
Total	$ 98,577,756
Maturity date	Sep. 03, 2024
Stated rate	7.30%
Loan from Luso International Banking Ltd [Member]
Debt Instrument [Line Items]
Total	$ 76,547,000
Loan from Luso International Banking Ltd [Member] \| Loan from Luso International Banking Ltd Due January 13, 2022, at 2.82% per annum [Member]
Debt Instrument [Line Items]
Total	$ 2,567,812
Maturity date	Jan. 13, 2022
Stated rate	2.82%
Loan from Luso International Banking Ltd [Member] \| Loan from Luso International Banking Ltd Due January 19, 2022, at 2.82% per annum [Member]
Debt Instrument [Line Items]
Total	$ 16,808,448
Maturity date	Jan. 19, 2022
Stated rate	2.82%
Loan from Luso International Banking Ltd [Member] \| Loan from Luso International Banking Ltd Due February 26, 2022, at 2.82% per annum [Member]
Debt Instrument [Line Items]
Total	$ 19,320,740
Maturity date	Feb. 26, 2022
Stated rate	2.82%
Loan from Luso International Banking Ltd [Member] \| Loan from Luso International Banking Ltd Due January 1, 2022, at 2.90% per annum [Member]
Debt Instrument [Line Items]
Less: current portion of long-term bank loans	$ (1,350,000)
Stated rate	2.90%
Loan from Luso International Banking Ltd [Member] \| Loan from Luso International Banking Ltd Due November 10, 2022, at 2.90% per annum [Member]
Debt Instrument [Line Items]
Total long-term bank loans	$ 36,500,000
Maturity date	Nov. 10, 2022
Stated rate	2.90%

Long-term bank loans - Maturities of Long-term Debt (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Less: current portion of long-term bank loans	$ (482,102,433)	$ (448,770,014)
Total long-term bank loans	589,017,919	$ 686,064,696
Long Term Bank Loan [Member]
Debt Instrument [Line Items]
2021	482,102,433
2022	244,614,175
2023	258,854,542
2024	42,330,150
2025 and thereafter	$ 43,219,052

Other long-term debt - Other Long Term Debt (Details) - USD ($)							1 Months Ended		12 Months Ended
	Apr. 26, 2019	Apr. 16, 2019	Apr. 15, 2019	Mar. 19, 2018	Dec. 01, 2017	Feb. 28, 2017	Nov. 30, 2017	Feb. 28, 2017	Dec. 31, 2020	Dec. 31, 2019	Nov. 22, 2017
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 1,924,501,190	$ 2,006,876,072
Less: current portion of other long-term debt									(911,485,562)	(970,185,445)
Total other long-term debt									1,013,015,628	1,036,690,627
Real estate properties under development									3,010,624,339	3,254,387,749
Real estate properties held for lease									483,108,207	515,868,908
Real estate properties development completed									439,204,753	458,204,518
Property and equipment, net									42,759,911	43,004,379
Collateral Pledged [Member]
Debt Instrument [Line Items]
Land use rights									418,658,396	798,910,332
Real estate properties held for lease									180,481,463	206,516,986
Other Long-Term Debt [Member]
Debt Instrument [Line Items]
Less: current portion of other long-term debt									(911,485,562)
Total other long-term debt									1,013,015,628
Other Long-Term Debt [Member] \| Collateral Pledged [Member]
Debt Instrument [Line Items]
Real estate properties under development									23,841,896	1,445,969
Land use rights									117,031,608	416,137,788
Real estate properties held for lease									35,359,727	47,345,406
Real estate properties development completed									44,949,795	50,301,375
Property and equipment, net \| Other Long-Term Debt [Member] \| Collateral Pledged [Member]
Debt Instrument [Line Items]
Property and equipment, net									20,266,967	0
November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 0	296,897,742
Maturity date					Nov. 22, 2020		Nov. 22, 2020		Nov. 22, 2020
Stated rate							8.875%		8.875%		8.875%
February 2021 Senior notes due on February 28, 2021 at 7.75% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 224,952,688	261,941,119
Maturity date						Feb. 28, 2021		Feb. 28, 2021	Feb. 28, 2021
Stated rate						7.75%		7.75%	7.75%
March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 0	123,055,415
Maturity date				Mar. 19, 2020					Mar. 12, 2020
Stated rate				9.875%					9.875%
October 2021 Senior Secured Notes due on October 16, 2021 at 14.20% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 253,678,567	295,968,740
Maturity date	Oct. 15, 2021	Oct. 15, 2021	Oct. 15, 2021						Oct. 16, 2021
Stated rate	14.20%		14.20%						14.20%
June 2022 Senior notes due on June 29, 2022 at 14.00% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 71,101,480	0
Maturity date									Jun. 29, 2022
Stated rate									14.00%
September 2022 Senior notes due on September 17, 2023 at 14.50% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 296,902,963	0
Maturity date									Sep. 17, 2023
Stated rate									14.50%
Corporate Bonds Due On December 28, 2020 at 8.20% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 0	1,962,386
Maturity date									Dec. 28, 2020
Stated rate									8.20%
Corporate bonds due on January 27, 2021 at 7.47% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 0	8,213,641
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									$ 0	7,551,597
Maturity date									Mar. 14, 2021
Stated rate									7.09%
Corporate bonds due on September 21, 2020 at 8.5% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 0	21,947,434
Maturity date									Sep. 21, 2020
Stated rate									8.50%
Corporate bonds due on April 1, 2024 at 8.40%
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 0	58,887,016
Maturity date									Apr. 01, 2024
Stated rate									8.40%
Corporate bonds due on January 4, 2022 at 8.50% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 0	650,673
Maturity date									Jan. 04, 2022
Stated rate									8.50%
Corporate bonds due on November 13, 2025 at 8.35% [Member]
Debt Instrument [Line Items]
Maturity date									Nov. 13, 2025
Stated rate									8.35%
Corporate Bonds Due On November 13 2025 At 8.35% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 40,142,724	0
Loan from Ping An Trust Co., Ltd, Due May 22, 2020 at 10.3192% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 0	43,003,354
Maturity date									May 22, 2020
Stated rate									10.3192%
Loan from Ping An Trust Co., Ltd, Due November 23, 2020 at 11.20% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 0	200,682,320
Maturity date									Nov. 23, 2020
Stated rate									11.20%
Loan from Ping An Trust Co., Ltd, Due May 22, 2021 at 15.00% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 0	42,989,020
Maturity date									May 22, 2021
Stated rate									15.00%
Loan from Ping An Trust Co., Ltd, Due May 29, 2021 at 11.50% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 0	85,863,364
Maturity date									May 29, 2021
Stated rate									11.50%
Loan from Ping An Trust Co., Ltd, Due April 26, 2021 at 11.50% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 0	24,248,158
Maturity date									Apr. 26, 2021
Stated rate									11.50%
Loan from Ping Trust Co. Ltd Due May 31.2022 At 12.80 [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 102,223,789	0
Maturity date									May 31, 2022
Stated rate									12.80%
Kunlun Trust Co., Ltd, Due March 17, 2020 at 7.62% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 0	21,501,677
Maturity date									Mar. 17, 2020
Stated rate									7.62%
Loan from Wanxiang Trust Co., Ltd, Due April 30, 2021 at 12.00%
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 30,651,811	28,668,903
Maturity date									Apr. 30, 2021
Stated rate									12.00%
Loan from Wanxiang Trust Co., Ltd, Due January 4, 2020 at 12.00%
Debt Instrument [Line Items]
Total principal of other long-term debt										12,929,675
Maturity date									Jan. 04, 2020
Stated rate									12.00%
Loan from Wanxiang Trust Co., Ltd, Due July 18, 2020 at 12.00%
Debt Instrument [Line Items]
Total principal of other long-term debt										21,501,677
Maturity date									Jul. 18, 2020
Stated rate									12.00%
Loan from China huarong asset management Co., Ltd, Due November 27, 2020 at 11.50%
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 0	10,894,183
Maturity date									Nov. 27, 2020
Stated rate									11.50%
Loan from China huarong asset management Co., Ltd, Due October 30, 2020 at 11.50%
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 0	28,095,525
Maturity date									Oct. 30, 2020
Stated rate									11.50%
Loan from China huarong asset management Co., Ltd, Due November 8, 2021 at 12.00%
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 24,671,642	30,145,351
Maturity date									Nov. 08, 2021
Stated rate									12.00%
China Huarong Asset Management Co., Ltd, Due April 20, 2022 at 12.00% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 41,379,945	0
Maturity date									Apr. 20, 2022
Stated rate									12.00%
Loan From China Resources Investment Trust Co Ltd, Due November 9, 2020 At 9.405% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 0	42,286,632
Maturity date									Nov. 09, 2020
Stated rate									9.405%
Loan from Chang 'an international trust Co., Ltd, Due December 10, 2023 at 9.00% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 274,180,447	172,013,417
Maturity date									Dec. 10, 2023
Stated rate									9.00%
Loan from Henan Zhongyuan Microfinance Co., Ltd, Due July 23, 2021 at 11.60% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 6,130,362	6,880,537
Maturity date									Jul. 23, 2021
Stated rate									11.60%
Loan from Min Sheng Finance Lease Co., Ltd Due July 15, 2023 at 5.85% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 10,213,324	0
Maturity date									Jul. 15, 2023
Stated rate									5.85%
Loan from Zhongrong International Trust Co. Ltd. Due May 13, 2022 at 13.00% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 229,888,577	0
Maturity date									May 13, 2022
Stated rate									13.00%
Loan from Daye Trust Co., Ltd Due August 31, 2022 at 11.50% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 91,955,432	0
Maturity date									Aug. 31, 2022
Stated rate									11.50%
Loan from Hubei Tian Qian Asset Management Co., Ltd Due July 14, 2022 at 13.00% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 50,575,488	0
Maturity date									Jul. 14, 2022
Stated rate									13.00%
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									$ 0	9,500,000
Maturity date									Jan. 23, 2020
Stated rate									5.95%
Kent EB-5 LLC loan due on April 30, 2020 at 5.95% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 0	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									$ 0	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									$ 0	5,000,000
Maturity date									Aug. 04, 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									$ 0	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									$ 0	10,000,000
Maturity date									Oct. 01, 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									$ 0	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									$ 0	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									$ 0	500,000
Maturity date									Sep. 12, 2021
Stated rate									5.95%
Kent EB-5 LLC Loan due on January 23, 2022 at 5.95%
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 53,000,000	0
Maturity date									Jan. 23, 2022
Stated rate									5.95%
Ozarks loan due on March 24, 2021 at 4.50% plus 1 month LIBOR [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 92,851,951	50,157,305
Maturity date									Mar. 24, 2021
Debt Instrument, Description of Variable Rate Basis									1 month LIBOR
Debt Instrument, Basis Spread on Variable Rate									4.50%
Loan from Bank Direct Capital Finance, Due November 1, 2020 at 5.5% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 0	822,506
Maturity date									Nov. 01, 2020
Stated rate									5.50%
Loan from CMGT Lender 35 LLC, Due May 24, 2021 at 12.26%
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 0	18,660,737
Maturity date									May 24, 2021
Stated rate									12.26%
Loan from 135-35 NORTHERN BLVD 1&2 LLC, Due May 1, 2021 at 8.5% [Member]
Debt Instrument [Line Items]
Total principal of other long-term debt									$ 30,000,000	$ 28,955,968
Maturity date									May 01, 2021
Stated rate									8.50%

Other long-term debt - Maturities of Long-term Debt (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Less: current portion of other long-term debt	$ (911,485,562)	$ (970,185,445)
Total other long-term debt	1,013,015,628	$ 1,036,690,627
Other Long-Term Debt [Member]
Debt Instrument [Line Items]
2021	911,485,562
2022	581,851,524
2023	391,021,380
2024	0
2025 and thereafter	40,142,724
Less: current portion of other long-term debt	(911,485,562)
Total other long-term debt	$ 1,013,015,628

Other long-term debt - Additional Information (Details) ¥ in Millions																																1 Months Ended			2 Months Ended	3 Months Ended		4 Months Ended	5 Months Ended	6 Months Ended	10 Months Ended	12 Months Ended
	Nov. 30, 2020 USD ($)	Nov. 22, 2020	Nov. 16, 2020 USD ($)	Nov. 12, 2020 USD ($)	Sep. 17, 2020 USD ($)	Jun. 29, 2020 USD ($)	Apr. 26, 2019 USD ($)	Apr. 16, 2019	Apr. 15, 2019 USD ($)	Apr. 07, 2019 USD ($)	Apr. 01, 2019 USD ($)	Jan. 04, 2019 USD ($)	Dec. 21, 2018 USD ($)	Nov. 30, 2018 USD ($)	Sep. 21, 2018 USD ($)	Sep. 20, 2018 USD ($)	Aug. 03, 2018 USD ($)	Mar. 20, 2018 USD ($)	Mar. 19, 2018 USD ($)	Dec. 01, 2017 USD ($)	Dec. 01, 2017 USD ($)	Nov. 30, 2017	Nov. 22, 2017 USD ($)	Apr. 07, 2017 USD ($)	Feb. 28, 2017 USD ($)	Aug. 30, 2016 USD ($)	Aug. 30, 2016 USD ($)	Aug. 15, 2016 USD ($)	Mar. 14, 2016 USD ($)	Jan. 27, 2016 USD ($)	Dec. 28, 2015 USD ($)	Sep. 23, 2019 USD ($)	Nov. 30, 2017	Feb. 28, 2017 USD ($)	Aug. 12, 2019 USD ($)	Nov. 12, 2019 USD ($)	Jun. 21, 2019 USD ($)	Dec. 31, 2018 USD ($)	Aug. 14, 2019 USD ($)	Jun. 21, 2019 USD ($)	Nov. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Nov. 30, 2020 CNY (¥)	Nov. 12, 2020 CNY (¥)	Jun. 29, 2020 CNY (¥)	Nov. 12, 2019 CNY (¥)	Sep. 23, 2019 CNY (¥)	Aug. 15, 2019 USD ($)	Aug. 15, 2019 CNY (¥)	Aug. 14, 2019 CNY (¥)	Aug. 12, 2019 CNY (¥)	Jun. 21, 2019 CNY (¥)	Apr. 07, 2019 CNY (¥)	Apr. 01, 2019 CNY (¥)	Jan. 04, 2019 CNY (¥)	Dec. 28, 2018	Dec. 21, 2018 CNY (¥)	Nov. 30, 2018 CNY (¥)	Sep. 21, 2018 CNY (¥)	Sep. 20, 2018 CNY (¥)	Aug. 03, 2018 CNY (¥)	Mar. 20, 2018 CNY (¥)	Aug. 15, 2017	Apr. 07, 2017 CNY (¥)	Aug. 15, 2016 CNY (¥)	Mar. 14, 2016 CNY (¥)	Jan. 27, 2016 CNY (¥)	Dec. 28, 2015 CNY (¥)
Debt Instrument [Line Items]
Net (loss)/gain on debt extinguishment																																										$ (1,843,306)	$ (8,580,510)	$ (21,443,949)
First Tranche Bonds [Member]
Debt Instrument [Line Items]
Stated rate																																																										8.20%
Debt Instrument Redemption Amount														$ 87,000,000																						$ 57,000,000												¥ 400.0												¥ 600.0
Net (loss)/gain on debt extinguishment														(6,518,487)																						(1,484)
Unamortized Debt Issuance Expense														8,913																						1,659
Debt Instrument Redemption Price														$ 6,509,574																						$ 175
First Tranche Bonds [Member] \| Previously Reported [Member]
Debt Instrument [Line Items]
Stated rate																																																										7.50%
Second Tranche Bonds [Member]
Debt Instrument [Line Items]
Debt Instrument Redemption Amount	$ 30,000,000												$ 58,000,000																						$ 13,000,000						$ 30,000,000				¥ 210.0								¥ 90.0						¥ 400.0
Net (loss)/gain on debt extinguishment													(4,775,500)																						127,864
Unamortized Debt Issuance Expense													2,216																						562
Debt Instrument Redemption Price													$ 4,773,284																						$ 128,426
Third Tranche Bonds [Member]
Debt Instrument [Line Items]
Debt Instrument Redemption Amount	300,000																																						$ 71,000,000		300,000				2.1							¥ 497.9
Net (loss)/gain on debt extinguishment																																							(743,034)
Unamortized Debt Issuance Expense																																							2,100
Debt Instrument Redemption Price																																							$ 740,934
New Tranche [Member]
Debt Instrument [Line Items]
Stated rate																																																																	8.20%
Debt Instrument Redemption Amount																	$ 153,000,000																																	$ 64,000,000	¥ 450.0												¥ 1,050.0
Net (loss)/gain on debt extinguishment																	(5,989,710)
Unamortized Debt Issuance Expense																	278,844
Debt Instrument Redemption Price																	$ 5,710,866
Two thousand seventeen Tranche [Member]
Debt Instrument [Line Items]
Stated rate																																																																	8.20%
Debt Instrument Redemption Amount										$ 90,000,000								$ 73,000,000																																					¥ 630.0									¥ 500.0
Net (loss)/gain on debt extinguishment										(1,535,132)								(3,782,353)
Unamortized Debt Issuance Expense																		287,796
Debt Instrument Redemption Price										$ 1,535,132								$ 3,494,557
Two Thousand Eighteen Tranche [Member]
Debt Instrument [Line Items]
Debt Instrument Redemption Amount	18,000,000														$ 58,000,000																	$ 11,000,000									18,000,000				124.0				¥ 76.0												¥ 400.0
Net (loss)/gain on debt extinguishment															(3,599,937)																	(20,958)									132,897
Unamortized Debt Issuance Expense	296,957														308,851																	$ 20,958									296,957
Debt Instrument Redemption Price	164,060														$ 3,291,086																										164,060
2019 Tranche [Member]
Debt Instrument [Line Items]
Debt Instrument Redemption Amount	1,300,000																																				$ 85,000,000			$ 85,000,000	1,300,000				9.0									¥ 591.0
Net (loss)/gain on debt extinguishment																																								(1,894,262)	(303,532)
Unamortized Debt Issuance Expense	138,289																																				465,317			465,317	138,289
Debt Instrument Redemption Price	165,243																																				1,428,945			1,428,945	165,243
Two Thousand Nineteen First Tranche
Debt Instrument [Line Items]
Debt Instrument Redemption Amount	49,000,000																																				91,000,000			91,000,000	49,000,000				343.0									¥ 637.0
Net (loss)/gain on debt extinguishment																																					(3,977,493)				(423,011)
Unamortized Debt Issuance Expense	350,371																																				482,825			482,825	350,371
Debt Instrument Redemption Price	72,640																																				$ 3,494,668			$ 3,494,668	72,640
2020 Tranche
Debt Instrument [Line Items]
Debt Instrument Redemption Amount	94,000,000																																								94,000,000				¥ 646.0
Net (loss)/gain on debt extinguishment	(261,320)
Unamortized Debt Issuance Expense	260,828																																								260,828
Debt Instrument Redemption Price	$ 492																																								$ 492
Maximum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio																																										2.0
Minimum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio																																										1.0
November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member]
Debt Instrument [Line Items]
Debt issuance date																					Dec. 01, 2017	Nov. 22, 2017	Nov. 22, 2017
Debt instrument, aggregate principal amount																				$ 100,000,000	$ 100,000,000		$ 200,000,000
Maturity date																				Nov. 22, 2020													Nov. 22, 2020									Nov. 22, 2020
Stated rate																						8.875%	8.875%										8.875%									8.875%
Debt Instrument, Frequency of Periodic Payment																							semi-annually
Effective interest rate																																										9.95%
Minimum Percentage of Common Shares Owned By Subject To Certain Qualifications And Exceptions And Satisfaction																																										10.00%
Debt Instrument Redemption Amount																																										$ 299,100,000	900,000
Net (loss)/gain on debt extinguishment																																										(216,290)	38,136
Debt instruments redemption difference between repurchase price and principal amount																																										42,214	47,200
Unamortized Debt Issuance Expense																																										$ 174,076	9,064
Debt term		3 years																		3 years
November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio																																										2.0
November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio																																										1.0
Corporate Bonds Due On December 28, 2020 at 8.20% [Member]
Debt Instrument [Line Items]
Maturity date																																										Dec. 28, 2020
Stated rate																																										8.20%
Corporate Bonds Due On December 28, 2020 at 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																																							¥ 1,000.0
Maturity date																															Dec. 28, 2020
Stated rate																															7.50%																																							7.50%
Corporate bonds due on January 27, 2021 at 7.47% [Member]
Debt Instrument [Line Items]
Maturity date																																										Jan. 27, 2021
Stated rate																																										7.47%
Corporate bonds due on January 27, 2021 at 7.47% [Member] \| Second Tranche Bonds [Member]
Debt Instrument [Line Items]
Debt issuance date																														Jan. 27, 2016
Debt instrument, aggregate principal amount																														$ 107,000,000																																							¥ 700.0
Maturity date																														Jan. 27, 2021
Stated rate																														7.47%																																							7.47%
Corporate Bonds Due on August 15 2019 at 7.5% [Member] \| New Tranche [Member]
Debt Instrument [Line Items]
Debt issuance date																												Aug. 15, 2016
Debt instrument, aggregate principal amount																												$ 216,000,000																																							¥ 1,500.0
Maturity date																												Aug. 15, 2019
Stated rate																												7.50%																																					7.50%		7.50%
February 2021 Senior notes due on February 28, 2021 at 7.75% [Member]
Debt Instrument [Line Items]
Debt issuance date																									Feb. 28, 2017									Feb. 28, 2017
Debt instrument, aggregate principal amount																									$ 300,000,000									$ 300,000,000
Maturity date																									Feb. 28, 2021									Feb. 28, 2021								Feb. 28, 2021
Stated rate																									7.75%									7.75%								7.75%
Debt Instrument, Frequency of Periodic Payment																									semi-annually
Effective interest rate																									8.68%									8.68%
Minimum Percentage of Common Shares Owned By Subject To Certain Qualifications And Exceptions And Satisfaction																																										10.00%
Debt Instrument Redemption Amount																																						$ 25,400,000				$ 41,000,000	10,600,000	25,400,000
Net (loss)/gain on debt extinguishment																																						2,642,710				(588,507)	1,126,617
Debt instruments redemption difference between repurchase price and principal amount																																						3,043,135				348,581	1,246,256
Unamortized Debt Issuance Expense																																						400,425				$ 239,926	119,639	400,425
Debt term																									4 years
February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio																																										2.0
February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio																																										1.0
August 2019 Senior Notes due on August 30, 2019 at 8.125% [Member]
Debt Instrument [Line Items]
Debt issuance date																										Aug. 30, 2016	Aug. 30, 2016
Debt instrument, aggregate principal amount																										$ 300,000,000	$ 300,000,000
Maturity date																											Aug. 30, 2019
Stated rate																										8.125%	8.125%
Debt Instrument, Frequency of Periodic Payment																											semi-annually
Effective interest rate																																										9.06%
Minimum Percentage of Common Shares Owned By Subject To Certain Qualifications And Exceptions And Satisfaction																																										10.00%
Debt Instrument Redemption Amount																																						11,900,000					288,100,000	11,900,000
Net (loss)/gain on debt extinguishment																																						511,919					(1,111,583)
Debt instruments redemption difference between repurchase price and principal amount																																						577,449					125,165
Unamortized Debt Issuance Expense																																						$ 65,530					986,418	$ 65,530
August 2019 Senior Notes due on August 30, 2019 at 8.125% [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio																																										2.50
August 2019 Senior Notes due on August 30, 2019 at 8.125% [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio																																										1.0
Corporate bonds due on March 14, 2021 at 7.09% [Member]
Debt Instrument [Line Items]
Maturity date																																										Mar. 14, 2021
Stated rate																																										7.09%
Corporate bonds due on March 14, 2021 at 7.09% [Member] \| Third Tranche Bonds [Member]
Debt Instrument [Line Items]
Debt issuance date																													Mar. 14, 2016
Debt instrument, aggregate principal amount																													$ 77,000,000																																							¥ 500.0
Maturity date																													Mar. 14, 2021
Stated rate																													7.09%																																							7.09%
Corporate bonds due on September 21, 2020 at 8.5% [Member]
Debt Instrument [Line Items]
Maturity date																																										Sep. 21, 2020
Stated rate																																										8.50%
Corporate bonds due on September 21, 2020 at 8.5% [Member] \| Two Thousand Eighteen Tranche [Member]
Debt Instrument [Line Items]
Debt issuance date																Sep. 20, 2018
Debt instrument, aggregate principal amount																$ 87,000,000																																														¥ 600.0
Maturity date																Sep. 21, 2020
Stated rate																8.50%																																														8.50%
Corporate Bonds Due in April 7, 2020 at 8.2% [Member] \| Two thousand seventeen Tranche [Member]
Debt Instrument [Line Items]
Debt issuance date																								Apr. 07, 2017
Debt instrument, aggregate principal amount																								$ 173,000,000																																										¥ 1,130.0
Maturity date																								Apr. 07, 2018
Stated rate																								8.20%																																										8.20%
March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% [Member]
Debt Instrument [Line Items]
Debt issuance date																			Mar. 19, 2018
Debt instrument, aggregate principal amount																			$ 200,000,000
Maturity date																			Mar. 19, 2020																							Mar. 12, 2020
Stated rate																			9.875%																							9.875%
Debt Instrument, Frequency of Periodic Payment																			semi-annually
Effective interest rate																																						11.34%						11.34%
Minimum Percentage of Common Shares Owned By Subject To Certain Qualifications And Exceptions And Satisfaction																																										10.00%
Debt Instrument Redemption Amount																																										$ 124,300,000	75,700,000
Net (loss)/gain on debt extinguishment																																											(563,941)
Unamortized Debt Issuance Expense																																											563,941
Debt term																			2 years
March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio																																										2.0
March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio																																										1.0
October 2021 Senior Secured Notes due on October 16, 2021 at 14.20% [Member]
Debt Instrument [Line Items]
Debt issuance date							Apr. 26, 2019		Apr. 15, 2019
Debt instrument, aggregate principal amount							$ 100,000,000		$ 200,000,000
Debt instrument, aggregate face amount							$ 300,000,000		$ 300,000,000
Maturity date							Oct. 15, 2021	Oct. 15, 2021	Oct. 15, 2021																																	Oct. 16, 2021
Stated rate							14.20%		14.20%																																	14.20%
Debt Instrument, Frequency of Periodic Payment							semi-annually		semi-annually
Redemption price																																										101.00%
Debt Instrument Redemption Amount																																										$ 43,500,000	2,500,000
Net (loss)/gain on debt extinguishment																																										(176,209)	(25,240)
Debt instruments redemption difference between repurchase price and principal amount																																										$ 176,209	52,500
Unamortized Debt Issuance Expense																																											$ 77,740
Debt term							2 years 6 months		2 years 6 months
October 2021 Senior Secured Notes due on October 16, 2021 at 14.20% [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio																																										2.0
October 2021 Senior Secured Notes due on October 16, 2021 at 14.20% [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio																																										1.0
June 2022 Senior Secured Notes at 14.00% [Member]
Debt Instrument [Line Items]
Debt issuance date						Jun. 29, 2020
Debt instrument, aggregate principal amount						$ 75,000,000																																									¥ 514.5
Maturity date						Jun. 29, 2022
Stated rate						12.00%																																									12.00%
Debt Instrument, Frequency of Periodic Payment						semi-annually
Effective interest rate																																										15.69%
Minimum Percentage of Common Shares Owned By Subject To Certain Qualifications And Exceptions And Satisfaction																																										10.00%
Debt term						2 years
September 2023 Senior Secured Notes at 14.50% [Member]
Debt Instrument [Line Items]
Debt issuance date					Sep. 17, 2020
Debt instrument, aggregate principal amount					$ 300,000,000
Maturity date					Sep. 17, 2023
Stated rate					14.50%
Debt Instrument, Frequency of Periodic Payment					semi-annually
Effective interest rate																																										15.69%
Minimum Percentage of Common Shares Owned By Subject To Certain Qualifications And Exceptions And Satisfaction																																										10.00%
Debt Instrument Redemption Amount																																										$ 1,000,000
Net (loss)/gain on debt extinguishment																																										(7,334)
Debt instruments redemption difference between repurchase price and principal amount																																										$ 7,334
Debt term					3 years
September 2023 Senior Secured Notes at 14.50% [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio																																										2.0
September 2023 Senior Secured Notes at 14.50% [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio																																										1.0
Corporate Bonds Due in January 4, 2022 at 8.5% \| 2019 Tranche [Member]
Debt Instrument [Line Items]
Debt issuance date												Jan. 04, 2019
Debt instrument, aggregate principal amount												$ 87,000,000																																													¥ 600.0
Maturity date												Jan. 04, 2022
Stated rate												8.50%																																													8.50%
Corporate Bonds Due in April 1, 2024 at 8.4% \| Two Thousand Nineteen First Tranche
Debt Instrument [Line Items]
Debt issuance date											Apr. 01, 2019
Debt instrument, aggregate principal amount											$ 146,000,000																																													¥ 980.0
Maturity date											Apr. 01, 2024
Stated rate											8.40%																																													8.40%
Corporate bonds due on November 13, 2025 at 8.35% [Member]
Debt Instrument [Line Items]
Debt instrument, aggregate face amount				$ 130,000,000
Maturity date																																										Nov. 13, 2025
Stated rate																																										8.35%
Corporate bonds due on November 13, 2025 at 8.35% [Member] \| 2020 Tranche
Debt Instrument [Line Items]
Debt issuance date			Nov. 12, 2020
Debt instrument, aggregate principal amount			$ 130,000,000																																											¥ 900.0
Maturity date				Nov. 13, 2025
Stated rate			8.35%
Debt Instrument, Redemption, Period One [Member] \| November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member]
Debt Instrument [Line Items]
Redemption terms																																										At any time prior to November 22, 2020, the Company may at its option redeem the November 2020 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the November 2020 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. “Applicable Premium” means with respect to any November 2020 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such November 2020 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such November 2020 Senior Secured Note, plus all required remaining scheduled interest payments due on such November 2020 Senior Secured Note through the maturity date of the November 2020 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the November 2020 Indenture) plus 100 basis points, over (B) the principal amount of such November 2020 Senior Secured Note on such redemption date.
Redemption price																																										100.00%
Debt Instrument, Description of Variable Rate Basis																																										the Adjusted Treasury Rate (as defined in the November 2020 Indenture)
Debt Instrument, Basis Spread on Variable Rate																																										100.00%
Debt Instrument, Redemption, Period One [Member] \| November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member] \| Applicable Premium [Member]
Debt Instrument [Line Items]
Redemption price																																										1.00%
Debt Instrument, Redemption, Period One [Member] \| February 2021 Senior notes due on February 28, 2021 at 7.75% [Member]
Debt Instrument [Line Items]
Redemption terms																																										At any time prior to February 28, 2021, the Company may at its option redeem the February 2021 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the February 2021 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. “Applicable Premium” means with respect to any February 2021 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such February 2021 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such February 2021 Senior Secured Note, plus all required remaining scheduled interest payments due on such February 2021 Senior Secured Note through the maturity date of the February 2021 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the February 2021 Indenture) plus 100 basis points, over (B) the principal amount of such February 2021 Senior Secured Note on such redemption date.
Redemption price																																										100.00%
Debt Instrument, Description of Variable Rate Basis																																										the Adjusted Treasury Rate (as defined in the February 2021 Indenture)
Debt Instrument, Basis Spread on Variable Rate																																										100.00%
Debt Instrument, Redemption, Period One [Member] \| February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] \| Applicable Premium [Member]
Debt Instrument [Line Items]
Redemption price																																										1.00%
Debt Instrument, Redemption, Period One [Member] \| August 2019 Senior Notes due on August 30, 2019 at 8.125% [Member]
Debt Instrument [Line Items]
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.
Redemption price																																										100.00%
Debt Instrument, Description of Variable Rate Basis																																										the Adjusted Treasury Rate (as defined in the August 2019 Indenture)
Debt Instrument, Basis Spread on Variable Rate																																										100.00%
Debt Instrument, Redemption, Period One [Member] \| August 2019 Senior Notes due on August 30, 2019 at 8.125% [Member] \| Applicable Premium [Member]
Debt Instrument [Line Items]
Redemption price																																										1.00%
Debt Instrument, Redemption, Period One [Member] \| March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% [Member]
Debt Instrument [Line Items]
Redemption terms																																										At any time prior to March 19, 2020, the Company may at its option redeem the March 2020 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the March 2020 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. “Applicable Premium” means with respect to any March 2020 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such March 2020 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such March 2020 Senior Secured Note, plus all required remaining scheduled interest payments due on such March 2020 Senior Secured Note through the maturity date of the March 2020 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the March 2020 Indenture) plus 100 basis points, over (B) the principal amount of such March 2020 Senior Secured Note on such redemption date.
Redemption price																																										100.00%
Debt Instrument, Description of Variable Rate Basis																																										the Adjusted Treasury Rate (as defined in the March 2020 Indenture)
Debt Instrument, Basis Spread on Variable Rate																																										100.00%
Debt Instrument, Redemption, Period One [Member] \| March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% [Member] \| Applicable Premium [Member]
Debt Instrument [Line Items]
Redemption price																																										1.00%
Debt Instrument, Redemption, Period One [Member] \| October 2021 Senior Secured Notes due on October 16, 2021 at 14.20% [Member]
Debt Instrument [Line Items]
Redemption terms																																										At any time prior to October 15, 2021, the Company may at its option redeem the October 2021 Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the October 2021 Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. “Applicable Premium” means with respect to any October 2021 Note at any redemption date, the greater of (i) 1.00% of the principal amount of such Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such Note, plus all required remaining scheduled interest payments due on such Note through the maturity date of the October 2021 Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the Indenture) plus 100 basis points, over (B) the principal amount of such Note on such redemption date.
Redemption price																																										100.00%
Debt Instrument, Description of Variable Rate Basis																																										the Adjusted Treasury Rate (as defined in the Indenture)
Debt Instrument, Basis Spread on Variable Rate																																										100.00%
Debt Instrument, Redemption, Period One [Member] \| October 2021 Senior Secured Notes due on October 16, 2021 at 14.20% [Member] \| Applicable Premium [Member]
Debt Instrument [Line Items]
Redemption price																																										1.00%
Debt Instrument, Redemption, Period One [Member] \| June 2022 Senior Secured Notes at 14.00% [Member]
Debt Instrument [Line Items]
Redemption terms																																										At any time prior to June 29, 2022, the Company may at its option redeem the June 2022 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the June 2022 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. “Applicable Premium” means with respect to any June 2022 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such June 2022 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such June 2022 Senior Secured Note, plus all required remaining scheduled interest payments due on such June 2022 Senior Secured Note through the maturity date of the June 2022 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the June 2022 Indenture) plus 100 basis points, over (B) the principal amount of such June 2022 Senior Secured Note on such redemption date.
Redemption price																																										100.00%
Debt Instrument, Description of Variable Rate Basis																																										the Adjusted Treasury Rate (as defined in the June 2022 Indenture)
Debt Instrument, Basis Spread on Variable Rate																																										100.00%
Debt Instrument, Redemption, Period One [Member] \| June 2022 Senior Secured Notes at 14.00% [Member] \| Applicable Premium [Member]
Debt Instrument [Line Items]
Redemption price																																										1.00%
Debt Instrument, Redemption, Period One [Member] \| September 2023 Senior Secured Notes at 14.50% [Member]
Debt Instrument [Line Items]
Redemption terms																																										At any time prior to September 17, 2023, the Company may at its option redeem the September 2023 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the September 2023 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. “Applicable Premium” means with respect to any September 2023 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such September 2023 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such September 2023 Senior Secured Note, plus all required remaining scheduled interest payments due on such September 2023 Senior Secured Note through the maturity date of the September 2023 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the September 2023 Indenture) plus 100 basis points, over (B) the principal amount of such September 2023 Senior Secured Note on such redemption date.
Redemption price																																										100.00%
Debt Instrument, Description of Variable Rate Basis																																										the Adjusted Treasury Rate (as defined in the September 2023 Indenture)
Debt Instrument, Basis Spread on Variable Rate																																										100.00%
Debt Instrument, Redemption, Period One [Member] \| September 2023 Senior Secured Notes at 14.50% [Member] \| Applicable Premium [Member]
Debt Instrument [Line Items]
Redemption price																																										1.00%
Debt Instrument, Redemption, Period Two [Member] \| November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member]
Debt Instrument [Line Items]
Redemption terms																																										At any time prior to November 22, 2020, the Company may redeem up to 35% of the aggregate principal amount of the November 2020 Senior Secured Notes with the net cash proceeds of one or more sales of our common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 108.875% of the principal amount of the November 2020 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the November 2020 Senior Secured Notes issued on November 22, 2017 remain outstanding after each such redemption.
Redemption price																																										108.875%
Debt Instrument, Redemption, Period Two [Member] \| November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Percentage of principal redeemable																																										35.00%
Debt Instrument, Redemption, Period Two [Member] \| November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Carrying Amount Percentage																																										65.00%
Debt Instrument, Redemption, Period Two [Member] \| February 2021 Senior notes due on February 28, 2021 at 7.75% [Member]
Debt Instrument [Line Items]
Redemption terms																																										At any time prior to February 28, 2021, the Company may redeem up to 35% of the aggregate principal amount of the February 2021 Senior Secured Notes with the net cash proceeds of one or more sales of our common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 107.75% of the principal amount of the February 2021 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the February 2021 Senior Secured Notes issued on February 28, 2017 remain outstanding after each such redemption.
Debt Instrument, Redemption, Period Two [Member] \| February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Percentage of principal redeemable																																										35.00%
Debt Instrument, Redemption, Period Two [Member] \| February 2021 Senior notes due on February 28, 2021 at 7.75% [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Redemption price																																										107.75%
Debt Instrument Carrying Amount Percentage																																										65.00%
Debt Instrument, Redemption, Period Two [Member] \| August 2019 Senior Notes due on August 30, 2019 at 8.125% [Member]
Debt Instrument [Line Items]
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.
Redemption price																																										108.125%
Debt Instrument, Redemption, Period Two [Member] \| August 2019 Senior Notes due on August 30, 2019 at 8.125% [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Percentage of principal redeemable																																										35.00%
Debt Instrument, Redemption, Period Two [Member] \| August 2019 Senior Notes due on August 30, 2019 at 8.125% [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Carrying Amount Percentage																																										65.00%
Debt Instrument, Redemption, Period Two [Member] \| March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% [Member]
Debt Instrument [Line Items]
Redemption terms																																										At any time prior to March 19, 2020, the Company may redeem up to 35% of the aggregate principal amount of the March 2020 Senior Secured Notes with the net cash proceeds of one or more sales of our common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 109.875% of the principal amount of the March 2020 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the March 2020 Senior Secured Notes issued on March 19, 2018 remain outstanding after each such redemption
Redemption price																																										109.875%
Debt Instrument, Redemption, Period Two [Member] \| March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Percentage of principal redeemable																																										35.00%
Debt Instrument, Redemption, Period Two [Member] \| March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Carrying Amount Percentage																																										65.00%
Debt Instrument, Redemption, Period Two [Member] \| October 2021 Senior Secured Notes due on October 16, 2021 at 14.20% [Member]
Debt Instrument [Line Items]
Redemption terms																																										At any time prior to October 15, 2021, the Company may redeem up to 35% of the aggregate principal amount of the October 2021 Notes with the net cash proceeds of one or more sales of the Company’s common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 114.2% the principal amount of the October 2021 Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the October 2021 Notes issued on April 15, 2019 remain outstanding after each such redemption and any such redemption takes place within 60 days after the closing of the related equity offering.
Redemption price																																										114.20%
Debt Instrument, Redemption, Period Two [Member] \| October 2021 Senior Secured Notes due on October 16, 2021 at 14.20% [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Percentage of principal redeemable																																										35.00%
Debt Instrument, Redemption, Period Two [Member] \| October 2021 Senior Secured Notes due on October 16, 2021 at 14.20% [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Carrying Amount Percentage																																										65.00%
Debt Instrument, Redemption, Period Two [Member] \| June 2022 Senior Secured Notes at 14.00% [Member]
Debt Instrument [Line Items]
Redemption terms																																										At any time prior to June 29, 2022, the Company may redeem up to 35% of the aggregate principal amount of the June 2022 Senior Secured Notes with the net cash proceeds of one or more sales of our common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 112% of the principal amount of the June 2022 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the June 2022 Senior Secured Notes issued on June 29, 2020 remain outstanding after each such redemption.
Redemption price																																										112.00%
Debt Instrument, Redemption, Period Two [Member] \| June 2022 Senior Secured Notes at 14.00% [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Percentage of principal redeemable																																										35.00%
Debt Instrument, Redemption, Period Two [Member] \| June 2022 Senior Secured Notes at 14.00% [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Carrying Amount Percentage																																										65.00%
Debt Instrument, Redemption, Period Two [Member] \| September 2023 Senior Secured Notes at 14.50% [Member]
Debt Instrument [Line Items]
Redemption terms																																										At any time prior to September 17, 2023, the Company may redeem up to 35% of the aggregate principal amount of the September 2023 Senior Secured Notes with the net cash proceeds of one or more sales of our common shares in certain equity offerings, within a specified period after the equity offering, at a redemption price of 114.5% of the principal amount of the September 2023 Senior Secured Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date, provided that at least 65% of the aggregate principal amount of the September 2023 Senior Secured Notes issued on September 17, 2020 remain outstanding after each such redemption.
Redemption price																																										114.50%
Debt Instrument, Redemption, Period Two [Member] \| September 2023 Senior Secured Notes at 14.50% [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Percentage of principal redeemable																																										35.00%
Debt Instrument, Redemption, Period Two [Member] \| September 2023 Senior Secured Notes at 14.50% [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Carrying Amount Percentage																																										65.00%

Leases (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Lease Assets
Finance lease assets	$ 27,637,683	$ 29,306,030
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant, And Equipment, And Finance Right Of Use Asset, Excluding Lessor Asset Under Operating Lease, After Accumulated Depreciation	Property, Plant, And Equipment, And Finance Right Of Use Asset, Excluding Lessor Asset Under Operating Lease, After Accumulated Depreciation
Operating lease ROU assets	$ 8,516,756	$ 11,801,491
Current
Current portion of finance lease	$ 1,685,850	$ 6,409,827
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total	Total
Current portion of operating lease	$ 5,298,153	$ 4,873,897
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total	Total
Total	$ 6,984,003	$ 11,283,724
Non-current
Finance lease, net of current portion	$ 0	$ 3,839,456
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Total	Total
Operating lease, net of current portion	$ 3,159,780	$ 6,348,249
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Total	Total
Total	$ 3,159,780	$ 10,187,705
Property and equipment, net
Lease Assets
Finance lease assets	20,266,967	22,285,997
Real estate properties held for lease, net
Lease Assets
Finance lease assets	$ 7,370,716	$ 7,020,033

Leases - lease expense (Details) - USD ($)	12 Months Ended
Leases - lease expense (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating lease cost:
Operating lease cost	$ 6,487,116	$ 6,480,093
Short-term lease cost	1,384,416	2,612,901
Finance lease cost:
Amortization of ROU assets	3,494,618	2,465,268
Interest on the lease liabilities	489,581	1,019,758
Total lease cost	11,855,731	12,578,020
Supplemental cash flow information related to leases
Operating cash flows for operating leases	6,354,922	6,275,565
Operating cash flows for finance leases	155,188	1,393,198
Financing cash flows for finance leases	$ 8,476,338	$ 6,135,547	$ 7,521,441

Leases - Maturities of lease liabilities (Details)	Dec. 31, 2020 USD ($)
Finance lease
Year ending December 31, 2021	$ 1,749,669
Year ending December 31, 2022	0
Year ending December 31, 2023	0
Year ending December 31, 2024	0
Total lease payments	1,749,669
Less: imputed interest	(63,819)
Present value of lease liabilities	1,685,850
Operating leases
Year ending December 31, 2021	5,639,638
Year ending December 31, 2022	2,219,038
Year ending December 31, 2023	1,169,276
Year ending December 31, 2024	0
Total lease payments	9,027,952
Less: imputed interest	(570,019)
Present value of lease liabilities	$ 8,457,933

Leases - Weighted-average remaining lease term (Details)	Dec. 31, 2020	Dec. 31, 2019
Leases
Operating leases, weighted-average remaining lease term (Years)	1 year 11 months 26 days	2 years 3 months 25 days
Finance leases, weighted-average remaining lease term (Years)	10 months 28 days	1 year 7 months 17 days
Operating leases, weighted-average discount rate	6.91%	4.35%
Finance leases, weighted-average discount rate	6.95%	8.05%

Leases - Additional information (Details)	12 Months Ended
Leases - Additional information (Details)	Dec. 31, 2020
Maximum [Member]
Lease
Remaining lease terms	2 years

Customer deposits (Details) - USD ($)	12 Months Ended
Customer deposits (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Customer Deposits [Line Items]
Advances for real estate properties	$ 2,332,850,810	$ 2,616,487,072
Add: increase in revenue recognized in excess of amounts received from customers	59,622,703	25,665,783
Less: recognized as progress billings	(1,439,534,129)	(1,536,054,208)
Customer deposits (Note 2(h))	$ 952,939,384	$ 1,106,098,647
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 Taxes (Details) - USD ($)	12 Months Ended
Income taxes - Income Before Taxes (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income taxes [Line Items]
CIT tax rate	25.00%	25.00%	25.00%
PRC	$ 162,967,377	$ 355,606,696	$ 355,674,888
Non PRC	(95,392,067)	(122,099,522)	(105,275,621)
Income from operations before income taxes	$ 67,575,310	233,507,174	$ 250,399,267
PRC subsidiaries [Member]
Income taxes [Line Items]
CIT tax rate	25.00%
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	21.00%
Withholding tax rate on dividend distributed by domestic enterprise to foreign tax resident investors (as a percent)	30.00%
Income from operations before income taxes	$ (9,736,454)	$ (13,691,583)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68072869&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income taxes - Income Tax Expense (Detail) - USD ($)	12 Months Ended
Income taxes - Income Tax Expense (Detail) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
CIT tax expense	$ (21,471,662)	$ 133,862,272	$ 141,399,866
Land Appreciation Tax ("LAT") expense	90,907,634	68,631,338	62,996,403
Deferred tax benefit	65,623,218	(52,015,238)	(59,949,022)
Income tax expense	$ 135,059,190	$ 150,478,372	$ 144,447,247

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income taxes - CIT Reconciliation (Details) - USD ($)	12 Months Ended
Income taxes - CIT Reconciliation (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income taxes
CIT tax rate	25.00%	25.00%	25.00%
CIT at rate of 25%	$ 16,893,828	$ 58,376,794	$ 62,599,817
Tax effect of non-deductible expenses	18,115,751	8,867,037	5,799,761
LAT expense	90,907,634	68,631,338	62,996,403
CIT benefit of LAT	(22,726,908)	(17,157,834)	(15,749,101)
Changes in valuation allowance	5,463,801	23,073,210	(491,075)
International rate differences	15,736,526	17,351,758	18,224,012
Dividend and interest withholding taxes	13,132,901	(3,816,800)	15,403,663
Adjustment of estimated income tax accruals	(2,850,373)	(4,285,329)	(3,952,396)
Others	386,030	(561,802)	(383,837)
Income tax expense	$ 135,059,190	$ 150,478,372	$ 144,447,247

Income taxes - Unrecognized tax benefit and LAT (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Unrecognized tax benefit
Balance at January 1	$ 73,605,084	$ 45,939,234	$ 31,231,376
Additions for tax positions of current year	26,350,344	14,547,590	15,500,052
Reclassification from prior year tax payable	14,361,802	13,118,260	0
Reductions for tax positions of prior years	(13,118,260)	0	0
Reduction due to company liquidation	0	0	(792,194)
Balance at December 31	101,198,970	73,605,084	$ 45,939,234
Unrecognized Tax Benefits, Interest on Income Taxes Expense	23,871,685	12,713,235
Unrecognized tax benefits, Late payment interests	2,478,659	1,834,355
Unrecognized tax benefits, investment loss deduction claim	13,678,371	12,793,498
Unrecognized tax benefits, Late payment interests from prior period	683,431	324,762
Unrecognized tax benefits	$ 13,678,371	$ 12,793,498
Minimum [Member]
Unrecognized tax benefit
LAT Progressive Rate	30.00%
Maximum [Member]
Unrecognized tax benefit
LAT Progressive Rate	60.00%

Income taxes - Deferred Tax Assets And Liabilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Tax loss carried forward	$ 66,153,464	$ 50,163,293
Accruals and provisions	96,041,259	62,936,343
Capitalized expenses	67,506,415	50,288,336
Revenue recognition at a point in time less tax paid under deemed profit method	29,232,706	127,927,710
Revenue recognition of real estate lease income on a straight-line basis	12,394,780	17,164,019
Deemed interest expense	79,851,523	55,979,839
Valuation allowance	(25,978,488)	(28,022,499)
Operating lease liability	2,114,483	2,805,537
Others	0	418,310
Total deferred tax assets	327,316,142	339,660,888
Deferred tax liabilities:
Revenue recognition over time	(140,019,916)	(84,241,946)
Real estate properties accelerated cost deduction	0	(1,193,345)
Taxable temporary differences arising from asset acquisitions	(240,306,881)	(280,540,093)
Dividend and interest withholding taxes	(62,292,677)	(49,174,479)
Operating lease right-of-use assets	(2,129,188)	(2,950,373)
Others	0	0
Total deferred tax liabilities	(444,748,662)	(418,100,236)
Undistributed earnings from subsidiaries	623,100,000	491,700,000
Accrued deferred income tax liabilities	62,300,000	49,200,000
Remaining undistributed earnings	131,300,000	283,700,000
Unrecognized deferred tax liabilities	13,100,000	28,400,000
Consolidation, Eliminations [Member] \| U.S. [Member]
Deferred tax liabilities:
Net operating loss carry forwards	15,100,000	10,300,000
Consolidation, Eliminations [Member] \| PRC [Member]
Deferred tax liabilities:
Net operating loss carry forwards	$ 244,500,000	$ 173,400,000
Operating loss carryforwards expiration period	20 years
Consolidation, Eliminations [Member] \| PRC [Member] \| Maximum [Member]
Deferred tax liabilities:
Operating loss carryforwards expiration period	10 years
Consolidation, Eliminations [Member] \| PRC [Member] \| Minimum [Member]
Deferred tax liabilities:
Operating loss carryforwards expiration period	1 year

Share-based compensation (Details)	12 Months Ended
Share-based compensation (Details)	Dec. 31, 2020 USD ($) item	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Share-based compensation
Number of share based compensation plans \| item	3
Compensation cost	$ 4,511,190	$ 5,621,588	$ 3,382,628
Tax benefit recognized upon the recognition of compensation cost	$ 0

Share-based compensation - Equity Incentive Plan, 2007 Long Term Incentive Plan, 2015 Long Term Incentive Plan and 2014 Restricted Stock Unit Plan and 2020 Restricted Stock Unit Plan (Details)						1 Months Ended				12 Months Ended
	Aug. 30, 2019 USD ($) shares	Jul. 29, 2015 USD ($) employee $ / shares shares	Jul. 01, 2015 USD ($) employee $ / shares shares	Apr. 10, 2015 USD ($) shares	May 23, 2014 USD ($) shares	Jul. 30, 2018 USD ($) shares	Jul. 27, 2017 USD ($) shares	Apr. 18, 2016 USD ($) shares	Nov. 30, 2007 $ / shares shares	Dec. 31, 2020 $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Jun. 30, 2020 shares	Jun. 30, 2015 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of shares repurchased \| $											$ 2,920,216	$ 3,937,057
2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted										0	0
2007 Plan [Member] \| Service Condition Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for plan									36 months
2007 Plan [Member] \| Minimum [Member] \| Service Condition Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of options granted \| $ / shares									$ 1.085
Weighted-average fair value of options granted \| $ / shares									$ 0.36
2007 Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares authorized									10,000,000
2007 Plan [Member] \| Maximum [Member] \| Service Condition Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of options granted \| $ / shares									$ 1.81
Weighted-average fair value of options granted \| $ / shares									$ 0.61
2014 RSU Plan [member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for plan	3 years			3 years	3 years	3 years	3 years	3 years
Value of shares repurchased \| $	$ 2,912,539			$ 3,259,998	$ 7,042,725	$ 3,976,660	$ 3,485,952	$ 4,003,999
Shares repurchased	1,438,076			2,076,964	4,234,884	1,732,466	0	1,614,220				1,356,584
Weighted average grant-date fair value of restricted shares granted \| $ / shares										$ 2.12	$ 2.12	$ 2.21
2014 RSU Plan [member] \| Maximum [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares authorized					10,000,000
2015 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted										0	0
2015 Plan [Member] \| Service Condition Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted		81,600	6,574,600
Option granted, number of employees \| employee		1	22
Exercise price of options granted \| $ / shares		$ 1.71	$ 1.71
Weighted-average fair value of options granted \| $ / shares		$ 0.42	$ 0.48
Total expected compensation cost, net of expected forfeitures \| $		$ 34,294	$ 3,165,867
Vesting period for plan		33 months	34 months
Stock options granted, expiration date		Jul. 29, 2025	Jul. 01, 2025
2015 Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares authorized														20,000,000
2020 RSU Plan [Member] \| Maximum [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares authorized													10,000,000

Share-based compensation - Assumptions (Details)	12 Months Ended
Share-based compensation - Assumptions (Details)	Dec. 31, 2015
2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	6 years
Dividend yield	5.00%
2007 Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free rate of return	1.82%
Volatility rate	46.30%
2007 Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free rate of return	1.92%
Volatility rate	55.20%
2015 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	6 years
Dividend yield	5.00%
2015 Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free rate of return	1.57%
Volatility rate	55.00%
2015 Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free rate of return	1.92%
Volatility rate	55.90%

Share-based compensation - Share Option Activity 2007 Plan and 2015 Long Term Incentive Plan (Details)	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($)
Aggregate Intrinsic Value
Recognized share-based compensation expense	$ 2,031,330	¥ 13,667,081	$ 1,762,927	$ 0
Employee Stock Option [Member]
Aggregate Intrinsic Value
Recognized share-based compensation expense			$ 0	0
2007 Plan [Member]
Number of Options
Granted \| shares	0	0	0
Exercised \| shares	0	0
Forfeited \| shares	0	0
Expired \| shares	12,738	12,738
Weighted Average Exercise Price
Granted \| $ / shares	$ 0
Exercised \| $ / shares	0
Forfeited \| $ / shares	0
Expired \| $ / shares	$ 1.21
Weighted Remaining Contractual Life (Years)
Granted	0 years	0 years
Exercised	0 years	0 years
Forfeited	0 years	0 years
Expired	11 months 12 days	11 months 12 days
Aggregate Intrinsic Value
Granted	$ 0
Exercised	0
Forfeited	0
Expired	8,662
Total fair value of options vested	$ 0		$ 0	33,919
Common stock, closing share price \| $ / shares	$ 1.10
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 0
2007 Plan [Member] \| 1.21 (exercise price) [Member]
Number of Options
Outstanding \| shares			12,738
Weighted Average Exercise Price
Outstanding \| $ / shares			$ 1.21
Weighted Remaining Contractual Life (Years)
Outstanding			11 months 12 days
Aggregate Intrinsic Value
Outstanding			$ 8,662
2007 Plan [Member] \| 1.085 (exercise price) [Member]
Number of Options
Outstanding \| shares			60,000
Outstanding and Exercisable, December 31, 2020 \| shares	60,000
Weighted Average Exercise Price
Outstanding \| $ / shares			$ 1.085
Outstanding and Exercisable, December 31, 2020 \| $ / shares	$ 1.085
Weighted Remaining Contractual Life (Years)
Outstanding			1 year 6 months
Outstanding and Exercisable, December 31, 2020	6 months	6 months
Aggregate Intrinsic Value
Outstanding			$ 48,300
Outstanding and Exercisable, December 31, 2020	$ 900
2007 Plan [Member] \| 1.64 (exercise price) [Member]
Number of Options
Outstanding \| shares			100,000
Outstanding and Exercisable, December 31, 2020 \| shares	100,000
Weighted Average Exercise Price
Outstanding \| $ / shares			$ 1.64
Outstanding and Exercisable, December 31, 2020 \| $ / shares	$ 1.64
Weighted Remaining Contractual Life (Years)
Outstanding			2 years 10 months 13 days
Outstanding and Exercisable, December 31, 2020	1 year 10 months 13 days	1 year 10 months 13 days
Aggregate Intrinsic Value
Outstanding			$ 25,000
Outstanding and Exercisable, December 31, 2020	$ 0
2007 Plan [Member] \| 1.21 (exercise price) [Member]
Number of Options
Outstanding \| shares			39,400
Outstanding and Exercisable, December 31, 2020 \| shares	39,400
Weighted Average Exercise Price
Outstanding \| $ / shares			$ 1.21
Outstanding and Exercisable, December 31, 2020 \| $ / shares	$ 1.21
Weighted Remaining Contractual Life (Years)
Outstanding			4 years 6 months
Outstanding and Exercisable, December 31, 2020	3 years 6 months	3 years 6 months
Aggregate Intrinsic Value
Outstanding			$ 26,792
Outstanding and Exercisable, December 31, 2020	$ 0
2015 Plan [Member]
Number of Options
Granted \| shares	0	0	0
Aggregate Intrinsic Value
Exercised	$ 0
Forfeited	0
Total fair value of options vested	$ 0		$ 0	$ 228,534
Common stock, closing share price \| $ / shares	$ 1.10
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 0
2015 Plan [Member] \| 1.71 (exercise price) [Member]
Number of Options
Outstanding \| shares			2,796,734
Outstanding and Exercisable, December 31, 2020 \| shares	2,796,734
Weighted Average Exercise Price
Outstanding \| $ / shares			$ 1.71
Outstanding and Exercisable, December 31, 2020 \| $ / shares	$ 1.71
Weighted Remaining Contractual Life (Years)
Outstanding			5 years 6 months
Outstanding and Exercisable, December 31, 2020	4 years 6 months	4 years 6 months
Aggregate Intrinsic Value
Outstanding			$ 5,789,239
Outstanding and Exercisable, December 31, 2020	$ 0

Share-based compensation - Other awards (Details)						1 Months Ended				12 Months Ended
Share-based compensation - Other awards (Details)	Sep. 28, 2019 shares	Jun. 14, 2019 USD ($) shares	Jun. 14, 2019 CNY (¥) shares	Jan. 31, 2019 USD ($) shares	Jan. 31, 2019 CNY (¥) shares	Nov. 30, 2019 item $ / shares shares	Nov. 30, 2019 item ¥ / shares shares	Oct. 31, 2019 shares	Aug. 31, 2019 shares	Dec. 31, 2020 USD ($) item	Dec. 31, 2020 CNY (¥)	Jun. 14, 2019 CNY (¥)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches \| item										3
Mr. Zhang Lizhou [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Consideration recognized as liability										$ 802,729	¥ 5,600,000
Restricted Stock [Member] \| Mr. Zhang Lizhou [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards transferred back (in shares)		18,750	18,750
Consideration refunded for shares transferred back		$ 401,365	¥ 2,800,000
Percentage of share capital granted as restricted shares transferred to group (as a percent)		5.00%	5.00%
Xinchuang Technology Co., Ltd. ("Xinchuang Technology ") [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance under employee stock option plan (in shares)	150,000,000
Shares reserved for issuance under the employee stock option plan (as a percent)	30.00%
Options granted						100,000,000	100,000,000	3,500,000
Exercise price of share options granted (in dollars per share) \| (per share)						$ 0.14	¥ 1
Number of tranches \| item						5	5
Xinchuang Technology Co., Ltd. ("Xinchuang Technology ") [Member] \| Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)						5.00%	5.00%
Xinchuang Technology Co., Ltd. ("Xinchuang Technology ") [Member] \| Share-based Payment Arrangement, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)						5.00%	5.00%
Xinchuang Technology Co., Ltd. ("Xinchuang Technology ") [Member] \| Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)						5.00%	5.00%
Xinchuang Technology Co., Ltd. ("Xinchuang Technology ") [Member] \| Share-based Payment Arrangement, Tranche Five [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)						80.00%	80.00%
Xinyuan Property Management Service(Cayman) Ltd [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total awards granted				56,250	56,250
Restricted shares granted (in shares)									56,250,000
Percentage of share capital granted as restricted shares (as a percent)				15.00%	15.00%
Aggregate consideration				$ 1,204,094	¥ 8,400,000
Aggregate fair value of the restricted shares granted at the grant date		$ 4,931,051										¥ 34,400,000
Xinyuan Property Management Service(Cayman) Ltd [Member] \| Restricted Stock [Member] \| Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)		2.00%	2.00%
Xinyuan Property Management Service(Cayman) Ltd [Member] \| Restricted Stock [Member] \| Share-based Payment Arrangement, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)		80.00%	80.00%
Xinyuan Property Management Service(Cayman) Ltd [Member] \| Restricted Stock [Member] \| Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)		18.00%	18.00%

Other payables and accrued liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Other payables and accrued liabilities
Contract deposit	$ 362,269,545	$ 98,280,724
Accrued expenses	53,680,543	47,003,084
Debt extinguishment costs	404,042	11,665,069
Deed tax and maintenance fund withheld for customers	35,913,618	8,272,296
Bidding deposit	4,504,908	4,213,479
Welfare payable	1,583,453	1,480,963
Other tax payable	32,595,593	26,734,901
Accrued aircraft operating expense	1,599,639	1,654,945
Accrued interest expense	20,935,671	38,893,375
Purchase consideration payable for asset acquisitions and business combinations	38,624,175	66,868,333
Others	43,365,254	18,096,825
Total	$ 595,476,441	$ 323,163,994

Related party and employee transactions (Details) - USD ($)				12 Months Ended
	Jun. 06, 2018	Dec. 01, 2017	Sep. 12, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Total current amounts due from related party				$ 233,441,459	$ 200,757,623
Total non-current amounts due from related party				14,933,562	82,687,026
Due from Related Parties, Total				248,375,021	283,444,649
Total current amounts due to related party				31,511,929	53,682,296
Total non current amounts due to related party				10,728,133
Amounts due to related party				$ 42,240,062	$ 53,682,296
Interest rate (as a percent)				4.25%	4.25%
Due from subsidiaries				$ 2,789,265	$ 22,578,925
Accrued interest expense				$ 20,935,671	$ 38,893,375
Gain (Loss) on Investments						$ 59,970
Maximum [Member]
Related Party Transaction [Line Items]
Percentage of ownership sold				5.54%
Unsecured Debt [Member]
Related Party Transaction [Line Items]
Interest rate (as a percent)				10.00%	10.00%
Accrued interest expense				$ 0	$ 0
Working capital funds advanced from related parties current				$ 2,632,678	27,133,055
Debt term				3 years
Interest repaid				$ 0
Taicang Pengchi's non-controlling interest holders
Related Party Transaction [Line Items]
Ownership interest acquired (as a percent)		100.00%
Suzhou Yefangs noncontrolling interest holders
Related Party Transaction [Line Items]
Total current amounts due to related party				1,632,968	1,496,762
Ownership interest acquired (as a percent)	100.00%
Qingdao Huiju
Related Party Transaction [Line Items]
Total current amounts due from related party				56,469,394	84,455,456
Henan Hongguang Olympic Real Estate Co Ltd
Related Party Transaction [Line Items]
Total current amounts due from related party				90,330,257	84,031,006
Madison Development Limited
Related Party Transaction [Line Items]
Total current amounts due from related party				33,231,243	0
Total non-current amounts due from related party				0	27,739,567
Advances for operational needs				33,231,243
Madison Development Limited \| Loans Receivable [Member]
Related Party Transaction [Line Items]
Accrued interest receivable				$ 5,491,676
Interest rate (as a percent)				15.00%
Suzhou Wanzhuo's non-controlling interest holders
Related Party Transaction [Line Items]
Total current amounts due from related party				$ 20,160,872	0
Total non-current amounts due from related party				0	18,856,638
Total current amounts due to related party				16,272,639	15,997,603
Suzhou Wanzhuo's non-controlling interest holders \| Loans Payable [Member]
Related Party Transaction [Line Items]
Accrued interest expense				10,981,256	3,131,821
Working capital funds advanced from related parties current				$ 2,397,436	$ 11,397,546
Suzhou Wanzhuo's non-controlling interest holders \| Minimum [Member] \| Loans Payable [Member]
Related Party Transaction [Line Items]
Interest rate (as a percent)				4.25%	4.25%
Suzhou Wanzhuo's non-controlling interest holders \| Maximum [Member] \| Loans Payable [Member]
Related Party Transaction [Line Items]
Interest rate (as a percent)				4.75%	4.75%
Suzhou Wanzhuo's non-controlling interest holders \| Unsecured Debt [Member]
Related Party Transaction [Line Items]
Interest rate (as a percent)				0.00%
Suzhou Wanzhuo's non-controlling interest holders \| Loans Receivable [Member]
Related Party Transaction [Line Items]
Working capital funds, noncurrent				$ 20,160,872
Suzhou Wanzhuo's non-controlling interest holders \| Shareholder Service \| Unsecured Debt [Member]
Related Party Transaction [Line Items]
Working capital funds advanced from related parties current				2,893,947
Taicang Pengchi's non-controlling interest holders
Related Party Transaction [Line Items]
Total current amounts due from related party				12,129,962	$ 0
Total non-current amounts due from related party				0	24,624,693
Cash consideration		$ 28,836,311
Taicang Pengchi's non-controlling interest holders \| Loans Receivable [Member]
Related Party Transaction [Line Items]
Working capital funds, noncurrent					12,129,962
Guangzhou Huanglong Information Technology Co., Ltd.
Related Party Transaction [Line Items]
Total current amounts due from related party				16,324,735	0
Xinzheng Meihang Network Technology Co., Ltd.
Related Party Transaction [Line Items]
Total current amounts due from related party				2,789,265	22,578,925
Total current amounts due to related party				$ 2,632,678	27,133,055
Xinzheng Meihang Network Technology Co., Ltd. \| Loans Receivable [Member]
Related Party Transaction [Line Items]
Interest rate (as a percent)				11.50%
Related party debt term				3 years
Interest received				$ 0
Accrued interest				0	0
Henan Qingning Apartment Management Co., Ltd.
Related Party Transaction [Line Items]
Total current amounts due to related party				444,409	0
Total non current amounts due to related party				10,728,133	0
Others
Related Party Transaction [Line Items]
Total current amounts due from related party				2,005,731	9,692,236
Total non-current amounts due from related party				2,674,370	0
Total current amounts due to related party				10,529,235	9,054,876
Suzhou Yefangs noncontrolling interest holders
Related Party Transaction [Line Items]
Total non-current amounts due from related party				$ 12,259,192	$ 11,466,128
Cash consideration	$ 15,615,240
Suzhou Wanzhuos
Related Party Transaction [Line Items]
Percentage of ownership sold			80.00%
Proceed from equity interest sold			$ 23,687,327
Suzhou Wanzhuos \| Loans Receivable [Member]
Related Party Transaction [Line Items]
Interest rate (as a percent)				4.75%
Suzhou Yefang
Related Party Transaction [Line Items]
Working capital funds, noncurrent				$ 12,259,192

Related party and employee transactions - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) item	Dec. 31, 2018 USD ($) item	Jun. 24, 2017 USD ($)
Related Party Transaction [Line Items]
Advances to employees	$ 529,055	$ 2,350,852
Total consideration		604,914	$ 8,720,772
Net gain			59,970
Director [Member]
Related Party Transaction [Line Items]
Director's remuneration amount	$ 6,447,214	$ 7,036,954	$ 7,056,388
Maximum [Member]
Related Party Transaction [Line Items]
Percentage of ownership sold	5.54%
Beijing Xinyuan Wanzhong Real Estate Co, Ltd ("Beijing Wanzhong") [Member]
Related Party Transaction [Line Items]
Long-term investment				$ 2,142,573
Key Management Personnel [Member] \| Eight real estate project companies sold
Related Party Transaction [Line Items]
Number of real estate project companies sold \| item		8	8
Key Management Personnel [Member] \| Eight real estate project companies sold \| Maximum [Member]
Related Party Transaction [Line Items]
Percentage of ownership sold		5.59%	5.54%
Key Management Personnel [Member] \| Eight real estate project companies sold \| Minimum [Member]
Related Party Transaction [Line Items]
Percentage of ownership sold		0.57%	0.50%
Key Management Personnel [Member] \| One real estate project companies sold
Related Party Transaction [Line Items]
Percentage of ownership sold	6.03%	6.03%
Total consideration	$ 1,300,135	$ 1,300,135

Equity (Details) - USD ($)	12 Months Ended
Equity (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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
Common share repurchased, shares	2,127,050
Common share repurchased	$ 2,483,896	$ 26,080,876	$ 19,846,720
Dividends per share	$ 0.025
Distribution of dividends to common shareholders	$ 11,123,395
Treasury Shares
Class of Stock [Line Items]
Common share repurchased	$ 2,341,613	$ 26,080,876	$ 19,846,720

Earnings per share (Details) - USD ($)	12 Months Ended
Earnings per share (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net income/(loss) attributable to Xinyuan Real Estate Co., Ltd. Shareholders - basic and diluted	$ (81,040,908)	$ 68,344,527	$ 73,034,549
Denominator:
Weighted average number of shares outstanding, basic	107,558,506	113,482,239	127,129,478
Weighted average number of shares outstanding-diluted	107,569,181	114,100,896	129,140,830
Basic earnings per share	$ (0.75)	$ 0.60	$ 0.57
Diluted earnings per share	$ (0.75)	$ 0.60	$ 0.57
Employee Stock Option [Member]
Denominator:
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	10,674	618,657	1,728,058
Anti-dilutive shares	0	0	0
Restricted Stock [Member]
Denominator:
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0	0	283,294
Anti-dilutive shares	803,427	876,400	1,019,128

Segment reporting (Details) - USD ($)	12 Months Ended
Segment reporting (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information
Revenue	$ 1,710,970,706	$ 2,466,504,041	$ 2,207,966,313
Real estate lease income (loss)	34,792,485	16,128,771
Total revenue	1,745,763,191	2,482,632,812	2,217,551,285
Cost of real estate lease income	(36,122,097)	(12,757,251)	(9,348,616)
Total cost of revenue	(1,453,296,443)	(1,922,323,191)	(1,602,072,983)
Gross profit	292,466,748	560,309,621	615,478,302
Operating expenses	(227,463,083)	(250,447,619)
Gain on disposal of property held for lease	82,805,785
Operating income	147,809,450	309,862,002	375,430,481
Interest income	33,405,610	51,493,595	31,225,694
Interest expense	(129,487,405)	(113,775,360)	(99,245,696)
Net realized gain on short-term investments	5,052,944	3,075,014
Share of (loss)/gain in equity investee	17,028,301	(5,416,471)	(9,374,451)
Net loss on debt extinguishment	(1,843,306)	(8,580,510)	(21,443,949)
Exchange loss	(3,093,907)	(7,376,009)	(25,677,654)
Unrealized income on short-term investments	0	(1,623,814)
Other income/ (loss)	(1,296,377)	5,848,727	1,741,732
Income from operations before income taxes	67,575,310	233,507,174	250,399,267
Income tax benefit/(expense)	(135,059,190)	(150,478,372)	(144,447,247)
Net income /(loss)	(67,483,880)	83,028,802	105,952,020
Depreciation and amortization	17,503,373	17,584,443	15,132,875
Capital expenditure	9,770,352	11,645,673
Real estate properties development completed	439,204,753	458,204,518
Real estate properties under development	3,010,624,339	3,254,387,749
Real estate properties development completed and under development	3,449,829,092	3,712,592,267
Real estate properties held for lease	483,108,207	515,868,908
Total long-lived assets	2,068,413,442	1,776,601,324
Total assets	7,669,323,576	7,421,664,433
Real Estate Sales [Member]
Segment Reporting Information
Revenue	1,604,891,939	2,387,031,568	2,139,370,792
Cost of revenue	(1,351,980,826)	(1,851,819,293)	(1,543,974,061)
Real estate management services income [Member]
Segment Reporting Information
Revenue	91,208,307	67,488,169	63,447,420
Cost of revenue	(55,437,978)	(40,889,231)	(44,619,783)
Other revenue [Member]
Segment Reporting Information
Revenue	14,870,460	11,984,304	5,148,101
Cost of revenue	(9,755,542)	(16,857,416)	$ (4,130,523)
Henan [Member]
Segment Reporting Information
Real estate lease income (loss)	26,054,475	6,630,994
Total revenue	798,970,895	1,396,894,717
Cost of real estate lease income	(27,204,779)	(2,348,963)
Total cost of revenue	(674,627,764)	(1,091,986,990)
Gross profit	124,343,131	304,907,727
Operating expenses	(59,958,497)	(70,839,873)
Gain on disposal of property held for lease	82,805,785
Operating income	147,190,419	234,067,854
Interest income	23,921,003	42,379,712
Interest expense	(14,568,255)	(14,805,529)
Net realized gain on short-term investments	183,450	183,450
Share of (loss)/gain in equity investee	(3,539,268)	(1,370,440)
Net loss on debt extinguishment	0	(8,044,499)
Exchange loss	1,987,139	12,524,863
Unrealized income on short-term investments	0	0
Other income/ (loss)	(4,041,056)	4,536,260
Income from operations before income taxes	151,133,432	269,471,671
Income tax benefit/(expense)	(36,907,073)	(69,803,421)
Net income /(loss)	114,226,359	199,668,250
Depreciation and amortization	5,814,086	5,553,392
Capital expenditure	8,655,565	6,263,956
Real estate properties development completed		133,572,883
Real estate properties under development		886,160,682
Real estate properties development completed and under development	897,218,594
Real estate properties held for lease	74,613,257	109,809,942
Total long-lived assets	526,045,585	524,367,010
Total assets	2,838,641,480	2,882,024,764
Henan [Member] \| Real Estate Sales [Member]
Segment Reporting Information
Revenue	766,314,384	1,382,533,759
Cost of revenue	(639,601,377)	(1,082,472,232)
Henan [Member] \| Real estate management services income [Member]
Segment Reporting Information
Revenue	7,606,378	7,578,862
Cost of revenue	(6,675,680)	(4,716,112)
Henan [Member] \| Other revenue [Member]
Segment Reporting Information
Revenue	(1,004,342)	151,102
Cost of revenue	(1,145,928)	(2,449,683)
Shandong [Member]
Segment Reporting Information
Real estate lease income (loss)	(965,131)	321,819
Total revenue	284,868,795	276,142,822
Cost of real estate lease income	(292,726)	(561,264)
Total cost of revenue	(260,983,485)	(222,754,891)
Gross profit	23,885,310	53,387,931
Operating expenses	(15,211,169)	(14,770,303)
Gain on disposal of property held for lease	0
Operating income	8,674,141	38,617,628
Interest income	1,919,529	436,165
Interest expense	(3,043,955)	(3,061,587)
Net realized gain on short-term investments	0	0
Share of (loss)/gain in equity investee	11,483,448	(922,281)
Net loss on debt extinguishment	0	0
Exchange loss	0	0
Unrealized income on short-term investments	0	0
Other income/ (loss)	90,325	866
Income from operations before income taxes	19,123,488	35,070,791
Income tax benefit/(expense)	(12,299,796)	(23,020,472)
Net income /(loss)	6,823,692	12,050,319
Depreciation and amortization	887,005	433,948
Capital expenditure	0	64,816
Real estate properties development completed		34,351,045
Real estate properties under development		359,079,121
Real estate properties development completed and under development	240,527,766
Real estate properties held for lease	7,126,028	6,954,550
Total long-lived assets	553,491,246	509,819,916
Total assets	602,982,670	573,869,426
Shandong [Member] \| Real Estate Sales [Member]
Segment Reporting Information
Revenue	285,706,736	275,120,959
Cost of revenue	(260,651,654)	(220,925,677)
Shandong [Member] \| Real estate management services income [Member]
Segment Reporting Information
Revenue	0	0
Cost of revenue	0	0
Shandong [Member] \| Other revenue [Member]
Segment Reporting Information
Revenue	127,190	700,044
Cost of revenue	(39,105)	(1,267,950)
Sichuan [Member]
Segment Reporting Information
Real estate lease income (loss)	379,175	728,016
Total revenue	223,850,183	86,980,800
Cost of real estate lease income	(606,323)	(799,359)
Total cost of revenue	(215,254,411)	(82,568,113)
Gross profit	8,595,772	4,412,687
Operating expenses	(7,677,029)	(8,011,273)
Gain on disposal of property held for lease	0
Operating income	918,743	(3,598,586)
Interest income	1,288,256	493,469
Interest expense	(18,381,805)	0
Net realized gain on short-term investments	0	0
Share of (loss)/gain in equity investee	0	0
Net loss on debt extinguishment	0	0
Exchange loss	0	0
Unrealized income on short-term investments	0	0
Other income/ (loss)	(8,773)	246,927
Income from operations before income taxes	(16,183,579)	(2,858,190)
Income tax benefit/(expense)	2,875,576	(2,864,732)
Net income /(loss)	(13,308,003)	(5,722,922)
Depreciation and amortization	631,421	635,494
Capital expenditure	5,106	26,254
Real estate properties development completed		64,327,235
Real estate properties under development		619,020,458
Real estate properties development completed and under development	547,932,945
Real estate properties held for lease	36,262,110	34,515,933
Total long-lived assets	46,741,993	44,244,900
Total assets	734,426,656	897,210,854
Sichuan [Member] \| Real Estate Sales [Member]
Segment Reporting Information
Revenue	222,959,432	85,189,227
Cost of revenue	(214,523,020)	(81,765,082)
Sichuan [Member] \| Real estate management services income [Member]
Segment Reporting Information
Revenue	0	0
Cost of revenue	(13,189)	0
Sichuan [Member] \| Other revenue [Member]
Segment Reporting Information
Revenue	511,576	1,063,557
Cost of revenue	(111,879)	(3,672)
Beijing [Member]
Segment Reporting Information
Real estate lease income (loss)	695,548	657,451
Total revenue	65,241,428	130,467,541
Cost of real estate lease income	(805,353)	(481,276)
Total cost of revenue	(47,092,590)	(98,125,392)
Gross profit	18,148,838	32,342,149
Operating expenses	(73,902,008)	(73,333,124)
Gain on disposal of property held for lease	0
Operating income	(55,753,170)	(40,990,975)
Interest income	103,788	2,241,516
Interest expense	(3,659,832)	(7,385,692)
Net realized gain on short-term investments	0	0
Share of (loss)/gain in equity investee	0	0
Net loss on debt extinguishment	0	0
Exchange loss	0	0
Unrealized income on short-term investments	0	0
Other income/ (loss)	684,530	909,298
Income from operations before income taxes	(58,624,684)	(45,225,853)
Income tax benefit/(expense)	(8,431,043)	(9,456,395)
Net income /(loss)	(67,055,727)	(54,682,248)
Depreciation and amortization	5,832,130	2,732,083
Capital expenditure	716,935	1,142,809
Real estate properties development completed		60,683,848
Real estate properties under development		266,984,229
Real estate properties development completed and under development	378,408,484
Real estate properties held for lease	8,438,206	7,520,601
Total long-lived assets	50,734,107	61,281,191
Total assets	473,659,055	470,434,500
Beijing [Member] \| Real Estate Sales [Member]
Segment Reporting Information
Revenue	62,401,289	126,540,125
Cost of revenue	(45,575,813)	(92,849,397)
Beijing [Member] \| Real estate management services income [Member]
Segment Reporting Information
Revenue	0	0
Cost of revenue	0	0
Beijing [Member] \| Other revenue [Member]
Segment Reporting Information
Revenue	2,144,591	3,269,965
Cost of revenue	(711,424)	(4,794,719)
Hainan [Member]
Segment Reporting Information
Real estate lease income (loss)	0	0
Total revenue	10,092,232	43,820,016
Cost of real estate lease income	(44,900)	0
Total cost of revenue	(5,548,700)	(31,766,627)
Gross profit	4,543,532	12,053,389
Operating expenses	(1,355,382)	(2,514,263)
Gain on disposal of property held for lease	0
Operating income	3,188,150	9,539,126
Interest income	4,817	3,208
Interest expense	0	(11,507)
Net realized gain on short-term investments	0	0
Share of (loss)/gain in equity investee	0	0
Net loss on debt extinguishment	0	0
Exchange loss	0	0
Unrealized income on short-term investments	0	0
Other income/ (loss)	43,136	156,235
Income from operations before income taxes	3,236,103	9,687,062
Income tax benefit/(expense)	(4,482,485)	(4,643,587)
Net income /(loss)	(1,246,382)	5,043,475
Depreciation and amortization	56,888	29,414
Capital expenditure	0	3,712
Real estate properties development completed		6,627,299
Real estate properties under development		0
Real estate properties development completed and under development	2,162,115
Real estate properties held for lease	0	888,150
Total long-lived assets	5,863,831	6,664,536
Total assets	23,560,573	27,393,755
Hainan [Member] \| Real Estate Sales [Member]
Segment Reporting Information
Revenue	10,084,944	43,820,016
Cost of revenue	(5,503,574)	(31,764,435)
Hainan [Member] \| Real estate management services income [Member]
Segment Reporting Information
Revenue	0	0
Cost of revenue	0	0
Hainan [Member] \| Other revenue [Member]
Segment Reporting Information
Revenue	7,288	0
Cost of revenue	(226)	(2,192)
Hunan [Member]
Segment Reporting Information
Real estate lease income (loss)	741,527	135,279
Total revenue	28,989,921	158,657,679
Cost of real estate lease income	(1,046,888)	(1,693,085)
Total cost of revenue	(5,728,560)	(112,401,205)
Gross profit	23,261,361	46,256,474
Operating expenses	(1,608,076)	(3,991,323)
Gain on disposal of property held for lease	0
Operating income	21,653,285	42,265,151
Interest income	38,096	182,529
Interest expense	0	0
Net realized gain on short-term investments	0	0
Share of (loss)/gain in equity investee	0	0
Net loss on debt extinguishment	0	0
Exchange loss	0	0
Unrealized income on short-term investments	0	0
Other income/ (loss)	43,576	(17,844)
Income from operations before income taxes	21,734,957	42,429,836
Income tax benefit/(expense)	(14,391,424)	(16,123,072)
Net income /(loss)	7,343,533	26,306,764
Depreciation and amortization	174,291	1,668,279
Capital expenditure	0	44,058
Real estate properties development completed		7,540,854
Real estate properties under development		6,433,260
Real estate properties development completed and under development	12,433,669
Real estate properties held for lease	66,684,905	60,967,850
Total long-lived assets	75,248,369	62,686,470
Total assets	92,009,978	107,134,983
Hunan [Member] \| Real Estate Sales [Member]
Segment Reporting Information
Revenue	27,721,542	157,938,663
Cost of revenue	(4,404,236)	(110,346,111)
Hunan [Member] \| Real estate management services income [Member]
Segment Reporting Information
Revenue	0	0
Cost of revenue	(4,957)	0
Hunan [Member] \| Other revenue [Member]
Segment Reporting Information
Revenue	526,852	583,737
Cost of revenue	(272,479)	(362,009)
Shanghai [Member]
Segment Reporting Information
Real estate lease income (loss)	772,402	2,920,280
Total revenue	124,101,245	283,474,831
Cost of real estate lease income	(736,537)	(2,565,142)
Total cost of revenue	(93,933,974)	(204,269,639)
Gross profit	30,167,271	79,205,192
Operating expenses	(10,679,950)	(18,080,374)
Gain on disposal of property held for lease	0
Operating income	19,487,321	61,124,818
Interest income	2,068,141	306,228
Interest expense	(987,612)	(1,066,270)
Net realized gain on short-term investments	0	0
Share of (loss)/gain in equity investee	7,795,833	(613,155)
Net loss on debt extinguishment	0	0
Exchange loss	0	0
Unrealized income on short-term investments	0	0
Other income/ (loss)	(415,481)	47,762
Income from operations before income taxes	27,948,202	59,799,383
Income tax benefit/(expense)	(39,723,025)	(28,043,624)
Net income /(loss)	(11,774,823)	31,755,759
Depreciation and amortization	2,556,696	2,622,483
Capital expenditure	15,874	2,579
Real estate properties development completed		106,796,363
Real estate properties under development		123,381,923
Real estate properties development completed and under development	215,890,331
Real estate properties held for lease	35,512,059	40,675,960
Total long-lived assets	133,733,839	183,400,846
Total assets	751,266,943	752,136,052
Shanghai [Member] \| Real Estate Sales [Member]
Segment Reporting Information
Revenue	120,260,357	279,731,401
Cost of revenue	(93,074,146)	(201,704,497)
Shanghai [Member] \| Real estate management services income [Member]
Segment Reporting Information
Revenue	0	0
Cost of revenue	0	0
Shanghai [Member] \| Other revenue [Member]
Segment Reporting Information
Revenue	3,068,486	823,150
Cost of revenue	(123,291)	0
Shaanxi [Member]
Segment Reporting Information
Real estate lease income (loss)	2,353,682	3,301,027
Total revenue	15,588,171	13,002,066
Cost of real estate lease income	(1,623,994)	(2,913,152)
Total cost of revenue	(18,062,954)	(9,984,966)
Gross profit	(2,474,783)	3,017,100
Operating expenses	(4,061,452)	(5,808,638)
Gain on disposal of property held for lease	0
Operating income	(6,536,235)	(2,791,538)
Interest income	8,130	12,795
Interest expense	0	(138,107)
Net realized gain on short-term investments	0	0
Share of (loss)/gain in equity investee	67,698	0
Net loss on debt extinguishment	0	0
Exchange loss	0	0
Unrealized income on short-term investments	0	0
Other income/ (loss)	289,746	(199,670)
Income from operations before income taxes	(6,170,661)	(3,116,520)
Income tax benefit/(expense)	589,659	2,210,548
Net income /(loss)	(5,581,002)	(905,972)
Depreciation and amortization	20,375	1,873,910
Capital expenditure	0	16,761
Real estate properties development completed		43,103,208
Real estate properties under development		162,947,850
Real estate properties development completed and under development	224,821,947
Real estate properties held for lease	96,083,662	91,474,049
Total long-lived assets	105,461,495	100,419,560
Total assets	362,198,503	338,107,052
Shaanxi [Member] \| Real Estate Sales [Member]
Segment Reporting Information
Revenue	10,991,930	6,917,948
Cost of revenue	(14,731,175)	(6,510,485)
Shaanxi [Member] \| Real estate management services income [Member]
Segment Reporting Information
Revenue	2,358,631	2,783,091
Cost of revenue	(1,707,785)	(561,329)
Shaanxi [Member] \| Other revenue [Member]
Segment Reporting Information
Revenue	(116,072)	0
Cost of revenue	0	0
US subsidiaries [Member]
Segment Reporting Information
Real estate lease income (loss)	4,723,438	893,982
Total revenue	6,256,475	1,940,073
Cost of real estate lease income	(3,740,076)	(1,348,218)
Total cost of revenue	(4,518,739)	(2,792,781)
Gross profit	1,737,736	(852,708)
Operating expenses	(6,198,996)	(9,414,601)
Operating income	(4,461,260)	(10,267,309)
Interest income	41,143	48,285
Interest expense	(5,316,337)	(3,472,559)
Net realized gain on short-term investments		0
Share of (loss)/gain in equity investee		0
Net loss on debt extinguishment		0
Exchange loss		0
Unrealized income on short-term investments		0
Other income/ (loss)		0
Income from operations before income taxes	(9,736,454)	(13,691,583)
Income tax benefit/(expense)		2,921,151
Net income /(loss)	(9,736,454)	(10,770,432)
Depreciation and amortization	46,680	1,665,384
Capital expenditure		3,579,071
Real estate properties development completed		1,201,783
Real estate properties under development		230,860,737
Real estate properties development completed and under development	283,124,970
Real estate properties held for lease	157,975,249	162,599,274
Total long-lived assets	171,374,723	176,115,157
Total assets	474,896,649	439,770,834
US subsidiaries [Member] \| Real Estate Sales [Member]
Segment Reporting Information
Revenue	927,700	750,000
Cost of revenue	(778,663)	(1,444,563)
US subsidiaries [Member] \| Real estate management services income [Member]
Segment Reporting Information
Revenue		0
Cost of revenue		0
US subsidiaries [Member] \| Other revenue [Member]
Segment Reporting Information
Revenue	605,337	296,091
Cost of revenue		0
Guangdong [Member]
Segment Reporting Information
Real estate lease income (loss)		0
Total revenue	47,787,761	9,738,197
Cost of real estate lease income		0
Total cost of revenue	(34,037,084)	(6,821,557)
Gross profit	13,750,677	2,916,640
Operating expenses	(3,423,234)	(1,966,796)
Operating income	10,327,443	949,844
Interest income	44,417	13,533
Interest expense		0
Net realized gain on short-term investments		0
Share of (loss)/gain in equity investee	(1,602,617)	(2,903,841)
Net loss on debt extinguishment		0
Exchange loss		0
Unrealized income on short-term investments		0
Other income/ (loss)	52,058	(289,485)
Income from operations before income taxes	8,821,301	(2,229,949)
Income tax benefit/(expense)	(9,482,301)	(1,017,315)
Net income /(loss)	(661,000)	(3,247,264)
Depreciation and amortization	17,042	41,616
Capital expenditure		0
Real estate properties development completed		0
Real estate properties under development		372,170,620
Real estate properties development completed and under development	395,376,646
Real estate properties held for lease		0
Total long-lived assets	23,549,642	18,237,255
Total assets	478,343,726	414,319,137
Guangdong [Member] \| Real Estate Sales [Member]
Segment Reporting Information
Revenue	47,787,761	9,738,197
Cost of revenue	(34,034,932)	(6,821,557)
Guangdong [Member] \| Real estate management services income [Member]
Segment Reporting Information
Revenue		0
Cost of revenue		0
Guangdong [Member] \| Other revenue [Member]
Segment Reporting Information
Revenue		0
Cost of revenue	(2,152)	0
Hubei [Member]
Segment Reporting Information
Real estate lease income (loss)	0	0
Total revenue	0	0
Cost of real estate lease income	(19,723)	0
Total cost of revenue	(43,339)	(23,397)
Gross profit	(43,339)	(23,397)
Operating expenses	(1,391,277)	(3,429,583)
Gain on disposal of property held for lease	0
Operating income	(1,434,616)	(3,452,980)
Interest income	885	1,695
Interest expense	0	0
Net realized gain on short-term investments	0	0
Share of (loss)/gain in equity investee	0	0
Net loss on debt extinguishment	0	0
Exchange loss	0	0
Unrealized income on short-term investments	0	0
Other income/ (loss)	12,620	0
Income from operations before income taxes	(1,421,111)	(3,451,285)
Income tax benefit/(expense)	(2,458,177)	704,284
Net income /(loss)	(3,879,288)	(2,747,001)
Depreciation and amortization	1,234,539	46,012
Capital expenditure	0	4,821
Real estate properties development completed		0
Real estate properties under development		141,707,492
Real estate properties development completed and under development	165,423,590
Real estate properties held for lease	0	0
Total long-lived assets	566,337	934,102
Total assets	175,174,331	148,165,478
Hubei [Member] \| Real Estate Sales [Member]
Segment Reporting Information
Revenue	0	0
Cost of revenue	(23,616)	(23,397)
Hubei [Member] \| Real estate management services income [Member]
Segment Reporting Information
Revenue	0	0
Cost of revenue	0	0
Hubei [Member] \| Other revenue [Member]
Segment Reporting Information
Revenue	0	0
Cost of revenue	0	0
Liaoning [Member]
Segment Reporting Information
Real estate lease income (loss)	0	0
Total revenue	49,168,045	18,621,886
Cost of real estate lease income	0	0
Total cost of revenue	(38,572,816)	(13,440,458)
Gross profit	10,595,229	5,181,428
Operating expenses	(4,897,483)	(2,801,220)
Gain on disposal of property held for lease	0
Operating income	5,697,746	2,380,208
Interest income	31,849	13,240
Interest expense	0	0
Net realized gain on short-term investments	0	0
Share of (loss)/gain in equity investee	0	0
Net loss on debt extinguishment	0	0
Exchange loss	0	0
Unrealized income on short-term investments	0	0
Other income/ (loss)	7,341	64,155
Income from operations before income taxes	5,736,936	2,457,603
Income tax benefit/(expense)	(2,591,042)	(717,299)
Net income /(loss)	3,145,894	1,740,304
Depreciation and amortization	232,220	16,987
Capital expenditure	376,871	25,188
Real estate properties development completed		0
Real estate properties under development		58,153,297
Real estate properties development completed and under development	52,622,159
Real estate properties held for lease	0	0
Total long-lived assets	930,819	1,084,510
Total assets	73,164,781	73,223,300
Liaoning [Member] \| Real Estate Sales [Member]
Segment Reporting Information
Revenue	49,168,045	18,621,886
Cost of revenue	(38,572,816)	(13,440,458)
Liaoning [Member] \| Real estate management services income [Member]
Segment Reporting Information
Revenue	0	0
Cost of revenue	0	0
Liaoning [Member] \| Other revenue [Member]
Segment Reporting Information
Revenue	0	0
Cost of revenue	0	0
Property Management [Member]
Segment Reporting Information
Real estate lease income (loss)	0	483,944
Total revenue	89,047,451	58,798,108
Cost of real estate lease income	0	0
Total cost of revenue	(54,427,858)	(36,735,908)
Gross profit	34,619,593	22,062,200
Operating expenses	(9,390,896)	(7,076,960)
Gain on disposal of property held for lease	0
Operating income	25,228,697	14,985,240
Interest income	755,677	681,464
Interest expense	(5,708)	0
Net realized gain on short-term investments	0	0
Share of (loss)/gain in equity investee	(152,121)	(630,775)
Net loss on debt extinguishment	0	0
Exchange loss	100,523	(236,736)
Unrealized income on short-term investments	0	0
Other income/ (loss)	934,711	124,295
Income from operations before income taxes	26,861,779	14,923,488
Income tax benefit/(expense)	(8,191,925)	(241,601)
Net income /(loss)	18,669,854	14,681,887
Depreciation and amortization	0	189,503
Capital expenditure	1	352,073
Real estate properties development completed		0
Real estate properties under development		0
Real estate properties development completed and under development	0
Real estate properties held for lease	0	0
Total long-lived assets	9,062,110	8,335,524
Total assets	160,332,607	106,315,123
Property Management [Member] \| Real Estate Sales [Member]
Segment Reporting Information
Revenue	567,819	0
Cost of revenue	(505,804)	0
Property Management [Member] \| Real estate management services income [Member]
Segment Reporting Information
Revenue	81,243,298	57,126,216
Cost of revenue	(47,036,367)	(35,611,790)
Property Management [Member] \| Other revenue [Member]
Segment Reporting Information
Revenue	7,236,334	1,187,948
Cost of revenue	(6,885,687)	(1,124,118)
Others [Member]
Segment Reporting Information
Real estate lease income (loss)	37,369	55,979
Total revenue	1,800,589	4,094,076
Cost of real estate lease income	(798)	(46,792)
Total cost of revenue	(464,169)	(8,651,267)
Gross profit	1,336,420	(4,557,191)
Operating expenses	(27,707,634)	(28,409,288)
Gain on disposal of property held for lease	0
Operating income	(26,371,214)	(32,966,479)
Interest income	3,179,879	4,679,756
Interest expense	(83,523,901)	(83,834,109)
Net realized gain on short-term investments	4,869,494	2,891,564
Share of (loss)/gain in equity investee	2,975,328	1,024,021
Net loss on debt extinguishment	(1,843,306)	(536,011)
Exchange loss	(5,181,569)	(19,664,136)
Unrealized income on short-term investments	0	(1,623,814)
Other income/ (loss)	1,010,890	269,928
Income from operations before income taxes	(104,884,399)	(129,759,280)
Income tax benefit/(expense)	433,866	(382,837)
Net income /(loss)	(104,450,533)	(130,142,117)
Depreciation and amortization	0	75,938
Capital expenditure	0	119,575
Real estate properties development completed		0
Real estate properties under development		27,488,080
Real estate properties development completed and under development	33,885,876
Real estate properties held for lease	412,731	462,599
Total long-lived assets	365,609,346	79,010,347
Total assets	428,665,624	191,559,175
Others [Member] \| Real Estate Sales [Member]
Segment Reporting Information
Revenue	0	129,387
Cost of revenue	0	(1,751,402)
Others [Member] \| Real estate management services income [Member]
Segment Reporting Information
Revenue	0	0
Cost of revenue	0	0
Others [Member] \| Other revenue [Member]
Segment Reporting Information
Revenue	1,763,220	3,908,710
Cost of revenue	$ (463,371)	$ (6,853,073)

Segment reporting - Additional Information (Details) - customer	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment reporting
Number of customer accounts	0	0	0

Commitments and contingencies (Details)	1 Months Ended			12 Months Ended
Commitments and contingencies (Details)	May 31, 2019 USD ($)	Dec. 31, 2016 USD ($)	May 31, 2015 USD ($)	Dec. 31, 2020 USD ($) item	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Other commitments
2021				$ 686,118,175
2022				539,016,446
2023				322,744,149
2024				130,318,825
2025 and thereafter				9,860,817
Total				1,688,058,412
Mechanic's Liens [Member]
Other commitments
Loss Contingency, Damages Sought, Value		$ 8,000,000.0
421 Kent Development, LLC [Member]
Other commitments
Payments to pursuant negotiated settlements and claims				1,300,000
Loss Contingency, Damages Sought, Value		$ 22,000,000.0
Financial Guarantee [Member]
Other commitments
Aggregate amount of guarantee				$ 2,306,911,350	$ 2,617,194,854
Real Estate Ownership Period				six to twelve months
Payments to satisfy guarantee obligations				$ 4,557,522	1,782,038	$ 1,659,652
Provisions for Guarantee				0
Maximum exposure to credit loss				$ 250,425,294	$ 202,115,765
Number of equity method investees for whom financial guarantees provided \| item				3
Beijing Huiju and Qingdao Huiju's joint and several liability
Other commitments
Loss Contingency, Damages Sought, Value	$ 230,900,000
Court cost	$ 1,167,369
XIN Development Management East, LLC [Member] \| Wanks Adams Slavin Associates LLP [Member]
Other commitments
Gain Contingency, Unrecorded Amount			$ 8,000,000
Loss Contingency, Damages Sought, Value			2,000,000.0
XIN Development Management East, LLC [Member] \| Wanks Adams Slavin Associates LLP [Member] \| Minimum [Member]
Other commitments
Gain Contingency, Unrecorded Amount			$ 10,000,000.0

Concentration of risk (Details)	12 Months Ended			185 Months Ended
Concentration of risk (Details)	Dec. 31, 2020 USD ($) contract	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2020 USD ($)
Concentration of risk
Exchange rate appreciation				21.20%
Credit Concentration Risk Receivables	$ 0	$ 0		$ 0
Number of Sales Contracts of Apartments \| contract	299
Number Of Customer Or Supplier Accounted For More Than 10 Percentage Of Revenue Or Project Expenditures	0	0	0

Non-controlling interests (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Noncontrolling Interest [Line Items]
Non-controlling interests	$ (360,431,202)	$ (101,650,383)
Shaanxi Zhongmao Economy Development Co Ltd [Member]
Noncontrolling Interest [Line Items]
Noncontrolling owners interest (percentage)	34.02%	34.02%
Non-controlling interests	$ 0	$ 6,285,895
Xinyuan Property Management Service (Cayman) Ltd. [Member]
Noncontrolling Interest [Line Items]
Noncontrolling owners interest (percentage)	32.50%	32.50%
Non-controlling interests	$ (44,142,857)	$ (28,398,921)
Taicang Pengchi Real Estate Co., Limited. [Member]
Noncontrolling Interest [Line Items]
Noncontrolling owners interest (percentage)	83.00%	83.00%
Non-controlling interests	$ (35,235,533)	$ (31,228,046)
Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. [Member]
Noncontrolling Interest [Line Items]
Noncontrolling owners interest (percentage)	80.00%	80.00%
Non-controlling interests	$ (42,530,617)	$ (34,280,307)
Henan Renxin Real Estate Co., Ltd. ("Henan Renxin") [Member]
Noncontrolling Interest [Line Items]
Noncontrolling owners interest (percentage)	49.00%	49.00%
Non-controlling interests	$ 0	$ 0
Suzhou Yefang Real Estate Co., Limited. ("Suzhou Yefang") [Member]
Noncontrolling Interest [Line Items]
Noncontrolling owners interest (percentage)	79.99%	79.99%
Non-controlling interests	$ (12,256,043)	$ (11,463,297)
Other Companies [Member]
Noncontrolling Interest [Line Items]
Non-controlling interests	$ 1,282,244	$ (2,565,707)
Henan Yanchuang Enterprise Management Consulting Co. Ltd
Noncontrolling Interest [Line Items]
Noncontrolling owners interest (percentage)	49.00%
Non-controlling interests	$ (225,290,809)
Zhengzhou Xinhe Real Estate Co., Ltd [Member]
Noncontrolling Interest [Line Items]
Noncontrolling owners interest (percentage)	20.00%
Non-controlling interests	$ (2,257,587)

Subsequent events (Details)				12 Months Ended
Subsequent events (Details)	Oct. 15, 2021 USD ($)	Apr. 26, 2019 USD ($)	Apr. 15, 2019 USD ($)	Dec. 31, 2020 USD ($) project	Dec. 31, 2019
Subsequent Event [Line Items]
Number of projects \| project				2
Consideration for equity method				$ 225,290,809
Interest rate (as a percent)				4.25%	4.25%
October 2021 Senior Secured Notes due on October 16, 2021 at 14.20% [Member]
Subsequent Event [Line Items]
Debt instrument, aggregate principal amount		$ 100,000,000	$ 200,000,000
Debt term		2 years 6 months	2 years 6 months
Henan Yanchuang Enterprise Management Consulting Co. Ltd
Subsequent Event [Line Items]
Equity Method Investees, Ownership				49.00%
Consideration for equity method				$ 0
Jiazhaoye Health Industry (Sanya) Investment Co., Ltd
Subsequent Event [Line Items]
Equity Method Investees, Ownership				49.00%
Consideration for equity method				$ 225,290,809
Payments to acquire equity method				$ 225,290,809
Percentage of equity interest exchanged				49.00%
Kaisa Group [Member]
Subsequent Event [Line Items]
Equity Method Investees, Ownership				49.00%
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash consideration in full satisfaction of the exchange consideration	$ 19,101,080
Subsequent Event [Member] \| October 2021 Senior Secured Notes due on October 16, 2021 at 14.20% [Member]
Subsequent Event [Line Items]
Debt instrument, aggregate principal amount	$ 207,680,000
Subsequent Event [Member] \| October 2021 Senior Secured Notes Due On October 15 2023 At 14.20% [Member]
Subsequent Event [Line Items]
Aggregate principal amount of new notes	205,401,000
Interest rate (as a percent)	14.20%
Debt term	2 years

Condensed financial information of the Company - Condensed Balance Sheets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 926,809,581	$ 662,606,063	$ 674,141,554
Other receivables	335,840,652	287,300,176
Other current assets	3,847,106	772,303
Due from subsidiaries	2,789,265	22,578,925
Total current assets	5,600,910,134	5,645,063,109
TOTAL ASSETS	7,669,323,576	7,421,664,433
Current liabilities
Short-term bank loan	13,624,730	73,419,108
PRC other tax payable	32,595,593	26,734,901
Other payable and accrued liabilities	595,476,441	323,163,994
Current portion of long-term bank loans and other debt	1,393,587,995	1,418,955,459
Payroll and welfare payables	18,102,179	24,223,625
Total current liabilities	4,536,333,378	4,484,571,512
Long term bank loan	589,017,919	686,064,696
Other long-term debt	1,013,015,628	1,036,690,627
Total liabilities	6,643,420,414	6,629,712,411
Shareholders' equity
Authorized500,000,000 shares, issued and outstanding- 106,932,017 shares for 2020 (2019: 107,875,468 shares)	16,415	16,410
Treasury shares	(116,061,577)	(113,719,964)
Additional paid-in capital	552,215,071	543,290,577
Retained earnings	34,500,890	135,873,163
Total Xinyuan Real Estate Co., Ltd. shareholders' equity	665,471,960	690,301,639
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 7,669,323,576	$ 7,421,664,433
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	106,932,017	107,875,468
Common stock, shares outstanding	106,932,017	107,875,468
Parent Company [Member]
Current assets
Cash and cash equivalents	$ 2,463,042	$ 28,591,381	$ 93,606,791	$ 15,726,978
Other receivables	189,494	10,928
Other current assets	0	77,649
Due from subsidiaries	230,448,376	455,222,231
Total current assets	233,100,912	483,902,189
Investments in subsidiaries	1,459,241,231	1,338,730,125
TOTAL ASSETS	1,692,342,143	1,822,632,314
Current liabilities
Short-term bank loan	0	19,900,000
PRC income tax payable	13,388	13,388
PRC other tax payable	902,190	902,190
Other payable and accrued liabilities	31,210,541	27,612,109
Current portion of long-term bank loans and other debt	606,490,929	423,131,157
Payroll and welfare payables	2,622,544	2,220,113
Total current liabilities	641,239,592	473,778,957
Long term bank loan	0	100,440,000
Other long-term debt	373,994,646	558,111,718
Total liabilities	1,015,234,238	1,132,330,675
Shareholders' equity
Authorized500,000,000 shares, issued and outstanding- 106,932,017 shares for 2020 (2019: 107,875,468 shares)	16,415	16,410
Treasury shares	(116,061,577)	(113,719,964)
Additional paid-in capital	552,215,071	543,290,577
Retained earnings	240,937,996	260,714,616
Total Xinyuan Real Estate Co., Ltd. shareholders' equity	677,107,905	690,301,639
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,692,342,143	$ 1,822,632,314
Common Stock:
Common stock, par value per share	$ 0.0001	$ 0.0001

Condensed financial information of the Company - Condensed Statements of Comprehensive Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Condensed Financial Statements, Captions [Line Items]
General and administrative expenses	$ (154,176,673)	$ (163,686,999)	$ (156,456,170)
Operating loss	147,809,450	309,862,002	375,430,481
Interest expense	(129,487,405)	(113,775,360)	(99,245,696)
Interest income	33,405,610	51,493,595	31,225,694
Net (loss)/gain on debt extinguishment	(1,843,306)	(8,580,510)	(21,443,949)
Gain/ (loss) on short-term investments	5,052,944	1,451,200	(2,256,890)
Other expenses/(income)	(1,296,377)	5,848,727	1,741,732
Income from operations before income taxes	67,575,310	233,507,174	250,399,267
Income taxes	(135,059,190)	(150,478,372)	(144,447,247)
Net income /(loss) attributable to Xinyuan Real Estate Co., Ltd. shareholders	(81,040,908)	68,344,527	73,034,549
Other comprehensive income/(loss), net of tax of nil
Other comprehensive income/(loss), tax	0	0	0
Foreign currency translation adjustments	94,386,918	(21,079,940)	(59,759,616)
Comprehensive income attributable to Xinyuan Real Estate Co., Ltd. shareholders	(13,768,778)	48,299,700	13,686,634
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
General and administrative expenses	(7,211,678)	(9,509,893)	(9,877,059)
Operating loss	(7,211,678)	(9,509,893)	(9,877,059)
Interest expense	(112,996,759)	(107,382,764)	(105,990,420)
Interest income	599,544	1,682,189	1,221,465
Net (loss)/gain on debt extinguishment	(5,911,528)	536,011	3,267,457
Gain/ (loss) on short-term investments	(27,077)	27,099
Other expenses/(income)	(4,277,443)	(20,106,250)	(11,135,488)
Equity in profit of subsidiaries, net	41,999,605	203,098,135	195,548,594
Income from operations before income taxes	(81,913,808)	68,344,527	73,034,549
Net income /(loss) attributable to Xinyuan Real Estate Co., Ltd. shareholders	(81,913,808)	68,344,527	73,034,549
Other comprehensive income/(loss), net of tax of nil
Other comprehensive income/(loss), tax	0	0	0
Foreign currency translation adjustments	73,327,128	(20,044,827)	(59,347,915)
Comprehensive income attributable to Xinyuan Real Estate Co., Ltd. shareholders	$ (8,586,680)	$ 48,299,700	$ 13,686,634

Condensed financial information of the Company - Condensed Statements of Cash Flows (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income loss	$ (67,483,880)	$ 83,028,802	$ 105,952,020
Adjustment to reconcile net income to net cash used in operating activities:
Stock based compensation expense	4,511,190	5,621,588	3,382,628
Amortization of deferred charges	2,828,337	7,725,283	12,182,821
(Gain)/loss on extinguishment of debt	1,843,306	8,580,510	21,443,949
Other receivables	(88,480,519)	(81,286,710)	(118,383,454)
Other current assets	(2,610,160)	(606,623)	4,174,280
Other payable and accrued liabilities	241,107,544	(18,090,325)	(73,276,156)
Payroll and welfare payables	(7,198,828)	(9,363,632)	7,097,694
Net cash (used in) /provided by operating activities	336,766,542	272,256,758	(22,901,923)
Cash flows from financing activities:
Changes in due from subsidiaries	(24,477,542)	(25,024,684)	(79,846,860)
Proceeds from short-term bank loans	105,007,105	84,837,579	310,137,935
Repayment of long-term bank loans	(199,845,816)	(9,156,553)	(65,519,223)
Proceeds from long-term bank loans	433,177,672	255,750,791	337,961,266
Proceeds from other long-term debts	1,047,849,099	1,170,084,599	339,551,378
Repayment of other long-term debts	(882,010,043)	(233,164,117)	(218,895,920)
Purchase of treasury shares	(2,483,896)	(26,080,876)	(19,846,720)
Dividends to shareholders	(14,284,148)	(19,647,356)	(25,739,147)
Payment of financing cost	(6,361,147)	(4,304,339)	(16,574,059)
Proceeds from exercise of stock options	134,790	166,480	1,390,666
Net cash used in financing activities	(190,069,001)	(278,472,789)	(189,581,282)
Cash and cash equivalents, at the beginning of the year	662,606,063	674,141,554
Cash and cash equivalents, at end of the period	926,809,581	662,606,063	674,141,554
Parent Company [Member]
Cash flows from operating activities:
Net income loss	(81,913,808)	68,344,527	73,034,549
Adjustment to reconcile net income to net cash used in operating activities:
Equity in profit of subsidiaries, net	(41,999,605)	(203,098,135)	(195,548,594)
Stock based compensation expense	2,848,897	3,782,307	3,152,908
Amortization of deferred charges	5,488,205	7,445,276	7,415,821
(Gain)/loss on extinguishment of debt	5,911,528	(536,011)	(3,267,457)
Other receivables	(178,566)	654,500	(665,428)
Other current assets		172,920	(203,789)
Other payable and accrued liabilities	77,648	(291,915)	7,342,974
Payroll and welfare payables	7,281,565	(597,023)	(590,356)
Amount due from related parties	402,431	348,076	213,796
Net cash (used in) /provided by operating activities	(102,081,705)	(123,775,478)	(109,115,576)
Cash flows from financing activities:
Changes in due from subsidiaries	224,773,858	212,589,733	53,143,354
Proceeds from short-term bank loans	28,080,000	19,900,000
Repayment of long-term bank loans	(23,078,000)	(110,311,908)	(13,250,000)
Proceeds from long-term bank loans		100,440,000	3,178,000
Proceeds from other long-term debts	378,852,273	300,000,000	200,000,000
Repayment of other long-term debts	(508,900,000)	(413,300,000)
Purchase of treasury shares	(2,483,896)	(26,080,876)	(19,846,720)
Dividends to shareholders	(14,284,148)	(19,647,356)	(25,739,147)
Payment of financing cost	(7,141,511)	(2,075,789)	(4,082,815)
Purchase of shares under RSU plan		(2,920,216)	(7,797,949)
Proceeds from exercise of stock options	134,790	166,480	1,390,666
Net cash used in financing activities	75,953,366	58,760,068	186,995,389
Net (decrease)/increase in cash and cash equivalents	(26,128,339)	(65,015,410)	77,879,813
Cash and cash equivalents, at the beginning of the year	28,591,381	93,606,791	15,726,978
Cash and cash equivalents, at end of the period	$ 2,463,042	$ 28,591,381	$ 93,606,791

Condensed financial information of the Company - Additional Information (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2013
Condensed Financial Statements, Captions [Line Items]
Due from subsidiary	$ 181,346,497	$ 338,566,142
Parent Company [Member] \| XIN Development Group International Inc [Member]
Condensed Financial Statements, Captions [Line Items]
Due from subsidiary	116,656,089	116,656,089
Loan facility, maximum borrowing amount			$ 50,000,000
Stated spread over variable rate			17.50%
Accrued interest	67,554,210	67,554,210
Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Amounts restricted including paid-in capital and statutory reserves	$ 992,290,000	$ 879,070,803

- Definition

Amount of receivables due from an entity that is affiliated with the reporting entity by means of direct or indirect ownership, due after 1 year (or 1 business cycle).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39599-107864

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=120604989&loc=d3e56071-112765

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(3))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(11))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(3))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 210
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-06(3)(a)(3))
-URI http://asc.fasb.org/extlink&oid=120401414&loc=d3e604059-122996

+ Details