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Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2019 shares
Document and Entity Information [Abstract]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity Registrant Name	Xinyuan Real Estate Co., Ltd.
Entity Common Stock, Shares Outstanding	119,805,636
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	No
Entity Voluntary Filers	No
Entity Central Index Key	0001398453
Entity Current Reporting Status	Yes
Amendment Flag	false
Trading Symbol	XIN

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 662,606,063	$ 674,141,554
Restricted cash	326,980,363	511,874,925
Short-term investments	5,595,625	8,442,063
Accounts receivable	97,911,510	64,129,969
Other receivables	287,300,176	166,632,745
Deposits for land use rights	26,375,391	42,254,342
Other deposits and prepayments	277,463,137	257,287,874
Advances to suppliers	44,357,799	46,983,182
Real estate properties development completed	458,204,518	632,359,691
Real estate properties under development (including real estate properties under development of the consolidated variable interest entities ("VIEs") to be used only to settle obligations of the VIEs of US$166,327,833 and nil as of December 31, 2018 and December 31, 2019, respectively	3,254,387,749	4,068,716,308
Amounts due from related parties	200,757,623	216,184,205
Amounts due from employees	2,350,852	1,694,416
Other current assets	772,303	520,391
Total current assets	5,645,063,109	6,691,221,665
Restricted cash, non-current	112,998,481	0
Real estate properties held for lease, net	515,868,908	302,764,217
Deposits for land use rights and properties	32,969,258	21,855,694
Property and equipment, net	43,004,379	38,114,483
Long-term investment	613,619,925	564,340,219
Deferred tax assets	260,153,439	230,452,674
Amounts due from related parties	82,687,026	26,122,186
Contract assets	23,093,235	21,779,221
Operating lease right-of-use assets	11,801,491	0
Other assets	80,405,182	137,062,313
TOTAL ASSETS	7,421,664,433	8,033,712,672
Current liabilities
Accounts payable and notes payable (including accounts payable and notes payable of the VIEs without recourse to the primary beneficiary of US$2,489,669 and US$431,883 as of December 31, 2018 and December 31, 2019, respectively	1,166,659,841	790,631,410
Short-term bank loans and other debt	73,419,108	43,711,388
Customer deposits	1,106,098,647	1,921,851,255
Income tax payable	298,227,606	213,272,832
Other payables and accrued liabilities (including other payables and accrued liabilities of the VIEs without recourse to the primary beneficiary of US$3,767,049 and US$854,814 as of December 31, 2018 and December 31, 2019, respectively	323,163,994	341,107,500
Payroll and welfare payable (including payroll and welfare payable of the VIEs without recourse to the primary beneficiary of US$2,263,756 and US$772,009 as of December 31, 2018 and December 31, 2019, respectively	24,223,625	33,752,390
Current portion of long-term bank loans and other debt	1,418,955,459	1,647,918,456
Lease liability, current portion	11,283,724	6,562,425
Mandatorily redeemable non-controlling interests	8,857,212	22,558,686
Amounts due to related parties	53,682,296	48,502,441
Total current liabilities	4,484,571,512	5,069,868,783
Long-term bank loans	686,064,696	720,038,940
Deferred tax liabilities	338,592,787	370,508,807
Unrecognized tax benefits	73,605,084	45,939,234
Other long-term debt	1,036,690,627	1,040,455,200
Lease liability	10,187,705	10,014,791
Amounts due to related parties		31,241,768
Total liabilities	6,629,712,411	7,288,067,523
Commitments and contingencies
Shareholders' equity
Authorized500,000,000 shares, issued and outstanding- 107,875,468 shares for 2019 (2018: 119,805,636 shares)	16,410	16,399
Treasury shares	(113,719,964)	(87,639,088)
Additional paid-in capital	543,290,577	532,117,479
Statutory reserves	175,008,459	166,495,744
Retained earnings	135,873,163	99,502,126
Accumulated other comprehensive loss	(50,167,006)	(30,122,179)
Total Xinyuan Real Estate Co., Ltd. shareholders' equity	690,301,639	680,370,481
Non-controlling interest	101,650,383	65,274,668
Total equity	791,952,022	745,645,149
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 7,421,664,433	$ 8,033,712,672

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Real estate properties under development	$ 3,254,387,749	$ 4,068,716,308
Accounts payable and notes payable	1,166,659,841	790,631,410
Other payables and accrued liabilities	323,163,994	341,107,500
Payroll and welfare payables	$ 24,223,625	$ 33,752,390
Common stock, par value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	107,875,468	119,805,636
Common stock, shares outstanding	107,875,468	119,805,636
Consolidated VIEs without recourse to the primary beneficiary
Accounts payable and notes payable	$ 431,883	$ 2,489,669
Other payables and accrued liabilities	854,814	3,767,049
Payroll and welfare payables	772,009	2,263,756
VIEs and VIEs without recourse to the primary beneficiary
Real estate properties under development	$ 0	$ 166,327,833

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue:
Revenue	$ 2,466,504,041	$ 2,207,966,313
Lease Income	16,128,771	9,584,972	$ 8,732,799
Total revenue	2,482,632,812	2,217,551,285	1,976,907,231
Cost of revenue:
Total cost of revenue	(1,922,323,191)	(1,602,072,983)	(1,517,279,018)
Gross profit	560,309,621	615,478,302	459,628,213
Selling and distribution expenses	(86,760,620)	(83,591,651)	(75,723,717)
General and administrative expenses	(163,686,999)	(156,456,170)	(136,844,741)
Operating income	309,862,002	375,430,481	247,059,755
Interest income	51,493,595	31,225,694	16,859,086
Interest expense	(113,775,360)	(99,245,696)	(66,153,440)
Net loss on debt extinguishment	(8,580,510)	(21,443,949)	(15,879,702)
Gain/ (loss) on short-term investments	1,451,200	(2,256,890)	9,969,966
Share of loss in equity investee	(5,416,471)	(9,374,451)	(1,710,070)
Exchange gains	(7,376,009)	(25,677,654)	756,926
Other income	5,848,727	1,741,732	2,326,010
Income/(loss) before income taxes	233,507,174	250,399,267	193,228,531
Income taxes	(150,478,372)	(144,447,247)	(113,117,126)
Net income	83,028,802	105,952,020	80,111,405
Net income attributable to non-controlling interest	(14,684,275)	(32,917,471)	(16,483,854)
Net income attributable to Xinyuan Real Estate Co., Ltd. shareholders	$ 68,344,527	$ 73,034,549	$ 63,627,551
Earnings per share:
Basic	$ 0.60	$ 0.57	$ 0.49
Diluted	$ 0.60	$ 0.57	$ 0.48
Shares used in computation:
Basic	113,482,239	127,129,478	128,704,610
Diluted	114,100,896	129,140,830	131,605,869
Other comprehensive income/(loss), net of tax of nil
Foreign currency translation adjustments	$ (21,079,940)	$ (59,759,616)	$ 66,062,603
Comprehensive income	61,948,862	46,192,404	146,174,008
Comprehensive income attributable to non-controlling interest	(13,649,162)	(32,505,770)	(18,637,833)
Comprehensive income attributable to shareholders	48,299,700	13,686,634	127,536,175
Real Estate Sales [Member]
Revenue:
Revenue	2,387,031,568	2,139,370,792	1,924,560,806
Cost of revenue:
Total cost of revenue	(1,851,819,293)	(1,543,974,061)	(1,474,067,213)
Real estate management services income [Member]
Revenue:
Revenue	67,488,169	63,447,420	41,738,319
Cost of revenue:
Total cost of revenue	(40,889,231)	(44,619,783)	(31,646,448)
Other revenue [Member]
Revenue:
Revenue	11,984,304	5,148,101	1,875,307
Cost of revenue:
Total cost of revenue	(16,857,416)	(4,130,523)	(559,235)
Real estate lease income [Member]
Revenue:
Lease Income	16,128,771	9,584,972	8,732,799
Cost of revenue:
Total cost of revenue	$ (12,757,251)	$ (9,348,616)	$ (11,006,122)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 83,028,802	$ 105,952,020	$ 80,111,405
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Depreciation and amortization	17,584,443	15,132,875	13,727,526
Stock-based compensation expenses	5,621,588	3,382,628	4,894,478
Deferred tax benefit	(54,775,461)	(60,602,166)	(35,587,912)
Amortization of deferred charges	7,725,283	12,182,821	6,049,202
Share of loss of equity investees	5,416,471	9,374,451	1,710,070
Exchange (gain)/loss	7,376,009	25,677,654	(756,926)
Changes in unrecognized tax benefit	27,665,850	14,707,858	10,737,387
Loss on extinguishment of debt (Note 12)	8,580,510	21,443,949	15,879,702
(Gain)/loss on short-term investments	(1,451,200)	2,256,890	(9,969,966)
Proceeds from disposal of short-term investments	12,897,025	77,788,586	178,849,628
Purchase of short-term investments	(2,955,227)	(26,673,525)	(186,062,974)
Gain from re-measurement of previously held interest upon acquisition (Note 9)	0	(4,384,563)	0
Allowance for doubtful accounts	982,936	3,016,234	7,067,288
Others	1,661,626	1,985,331	1,327,529
Changes in operating assets and liabilities:
Accounts receivable	(37,591,293)	36,940,910	(63,691,438)
Real estate properties development completed	(61,364,418)	232,507,523	(355,551,919)
Real estate properties under development	914,886,994	(67,338,946)	151,787,433
Contract assets	(1,684,741)	(6,420,339)	0
Real estate properties held for lease	(151,516,852)	(47,051,796)	(111,952,749)
Advances to suppliers	1,455,322	(8,205,641)	(7,335,343)
Other receivables	(81,286,710)	(118,383,454)	(47,195,272)
Deposits for land use rights	3,400,084	(452,147,524)	(180,359,751)
Other deposits and prepayments	(23,464,588)	(13,203,444)	275,227,746
Other current assets	(606,623)	4,174,280	(2,783,559)
Amounts due from related parties	(118,854,682)	(104,487,109)	(128,319,422)
Amounts due from employees	(318,601)	389,697	(1,465,840)
Other assets	3,414,909	(94,969,524)	(16,415,381)
Accounts payable	392,316,329	127,227,761	131,546,280
Customer deposits	(747,887,702)	264,194,597	269,509,197
Income tax payable	89,454,632	88,808,505	40,872,077
Other payables and accrued liabilities	(18,090,325)	(73,276,156)	91,455,504
Payroll and welfare payable	(9,363,632)	7,097,694	6,408,972
Net cash (used in) /provided by operating activities	272,256,758	(22,901,923)	139,712,972
CASH FLOWS FROM INVESTING ACTIVITIES:
Disposal of properties held for lease and property and equipment	1,111,556	330,773	425,850
Purchase of property and equipment	(5,510,126)	(9,132,946)	(5,565,513)
Acquisition of subsidiaries, net of cash acquired (Note 9)	827,011	11,761,992
Acquisition of long-term investment	(50,546,390)	(127,031,797)	(822,029,106)
Return of capital	11,087,850	158,634,902
Net cash (used in)/provided by investing activities	(43,030,099)	34,562,924	(827,168,769)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options	166,480	1,390,666	6,111,912
Repurchase of shares for Restricted Stock Unit ("RSU") plan	(2,920,216)	(7,768,139)
Purchase of treasury shares (Note 19)	(26,080,876)	(19,846,720)	(14,058,280)
Dividends to shareholders	(19,647,356)	(25,739,147)	(26,090,734)
Amounts due to related parties	(25,024,684)	(79,846,860)	82,725,874
Repayments of short-term bank loans and current portion of long-term bank loans	(388,922,839)	(201,583,103)	(51,330,241)
Proceeds from short-term bank loans and current portion of long-term bank loans	84,837,579	310,137,935	256,681,062
Repayment of long-term bank loans	(9,156,553)	(65,519,223)	(14,780,892)
Proceeds from long-term bank loans	255,750,791	337,961,266	10,659,297
Repayment of other short-term debt	(1,216,629,289)	(943,033,901)	(516,320,358)
Proceeds from other short-term debt	125,131,566	407,755,830	884,488,867
Repayment of other long-term debt	(233,164,117)	(218,895,920)	(236,322,138)
Proceeds from other long-term debt	1,170,084,599	339,551,378	788,220,956
Payment of financing cost	(4,304,339)	(16,574,059)	(36,254,595)
Payment of principal from finance lease	(6,135,547)	(7,521,441)	(4,196,345)
Repayment of mandatorily redeemable non-controlling interests	(15,394,847)	(2,447,140)	(12,954,007)
Proceeds from mandatorily redeemable non-controlling interests	1,905,049	8,720,772	14,210,916
Contributions from (distributions to) non-controlling interests, net	31,031,810	(6,323,476)	23,687,327
Net cash provided by/(used in) financing activities	(278,472,789)	(189,581,282)	1,154,478,621
NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(49,246,130)	(177,920,281)	467,022,824
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(34,185,442)	(97,290,417)	87,460,916
Cash, cash equivalents and restricted cash, at beginning of year	1,186,016,479	1,461,227,177	906,743,437
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF YEAR	1,102,584,907	1,186,016,479	1,461,227,177
SUPPLEMENTARY INFORMATION ON CASH FLOWS
Cash and cash equivalents	662,606,063	674,141,554	894,551,480
Restricted cash	439,978,844	511,874,925	566,675,697
Incomes taxes paid	130,853,782	147,809,372	112,460,711
Interest paid	293,543,976	284,624,926	223,541,763
NON-CASH ACTIVITIES
Non-controlling interest arising from asset acquisitions			5,193,097
Purchase consideration payables		75,565,148	$ 70,460,343
Debt extinguishment costs included in other payables and accrued liabilities	5,612,697	$ 13,761,966
Settlement of due from related parties as a result of business combination	48,761,943
Initial recognition of leases	$ 11,278,234

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Parent [Member]	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Statutory Reserves [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income / (Loss) (Note 23)	Non-controlling Interest (Note 24) [Member]	Total
Balance at Dec. 31, 2016	$ 900,260,465	$ 16,051	$ (53,734,088)	$ 538,414,246	$ 95,973,296	$ 354,273,848	$ (34,682,888)	$ 15,891,713	$ 916,152,178
Balance, shares at Dec. 31, 2016		131,426,741
Capital injection from non-controlling interests								29,911,731	29,911,731
Exercise of share options	4,255,920	$ 263	0	4,255,657	0	0	0	0	4,255,920
Exercise of share options, shares		2,631,928
Treasury share repurchases	(14,058,280)	$ 0	(14,058,280)	0	0	0	0	0	(14,058,280)
Treasury share repurchases, shares		(5,481,846)
Shares repurchased under RSU plan, shares		0
Shares repurchased under RSU plan	(3,485,952)	$ 0	0	(3,485,952)	0	0	0	0	(3,485,952)
Foreign currency translation	63,908,624	0	0	0	0	0	63,908,624	2,153,979	66,062,603
Stock-based compensation expenses	4,154,255	$ 0	0	4,154,255	0	0	0	0	4,154,255
Stock-based compensation expenses, Shares		1,001,853
Net income	63,627,551	$ 0	0	0	0	63,627,551	0	16,483,854	80,111,405
Appropriation to statutory reserves	0	0	0	0	9,686,973	(9,686,973)	0	0	0
Dividends to shareholders	(26,090,734)	0	0	0	0	(26,090,734)	0	0	(26,090,734)
Balance at Dec. 31, 2017	992,571,849	$ 16,314	(67,792,368)	543,338,206	105,660,269	382,123,692	29,225,736	64,441,277	1,057,013,126
Balance, shares at Dec. 31, 2017		129,578,676
Adjustment to opening balance of equity (2(h)) at Dec. 31, 2018	(278,213,577)					(269,081,493)	(9,132,084)	(37,019,325)	(315,232,902)
Capital injection from non-controlling interests								36,698,455	36,698,455
Acquisition of non-controlling interests	(12,056,879)			(12,056,879)				4,169,504	(7,887,375)
Exercise of share options	1,390,666	$ 85	0	1,390,581	0	0	0	0	1,390,666
Exercise of share options, shares		846,588
Treasury share repurchases	(19,846,720)	$ 0	(19,846,720)	0	0	0	0	0	(19,846,720)
Treasury share repurchases, shares		(8,984,626)
Shares repurchased under RSU plan, shares		(3,089,050)
Shares repurchased under RSU plan	(3,937,057)	$ 0	0	(3,937,057)	0	0	0	0	(3,937,057)
Foreign currency translation	(50,215,831)	0	0	0	0	0	(50,215,831)	(411,701)	(59,759,616)
Stock-based compensation expenses	3,382,628	$ 0	0	3,382,628	0	0	0	0	3,382,628
Stock-based compensation expenses, Shares		1,454,048
Net income	73,034,549	$ 0	0	0	0	73,034,549	0	32,917,471	105,952,020
Appropriation to statutory reserves	0	0	0	0	60,835,475	(60,835,475)	0	0	0
Dividends to shareholders	(25,739,147)	0	0	0	0	(25,739,147)	0	0	(25,739,147)
Dividends to non-controlling interests								(35,521,013)	(35,521,013)
Balance at Dec. 31, 2018	680,370,481	$ 16,399	(87,639,088)	532,117,479	166,495,744	99,502,126	(30,122,179)	65,274,668	745,645,149
Balance, shares at Dec. 31, 2018		119,805,636
Capital injection from non-controlling interests	8,305,257			8,305,257				24,054,448	32,359,705
Acquisition of non-controlling interests								(317,406)	(317,406)
Exercise of share options	166,480	$ 11	0	166,469	0	0	0	0	166,480
Exercise of share options, shares		108,000
Treasury share repurchases	(26,080,876)	$ 0	$ (26,080,876)	0	0	0	0	0	(26,080,876)
Treasury share repurchases, shares		(11,715,338)	(11,715,338)
Shares repurchased under RSU plan, shares		(1,438,076)
Shares repurchased under RSU plan	(2,920,216)			(2,920,216)					(2,920,216)
Foreign currency translation	(20,044,827)	0	0	0	0	0	(20,044,827)	(1,035,113)	(21,079,940)
Stock-based compensation expenses	5,621,588	$ 0	0	5,621,588	0	0	0	0	5,621,588
Stock-based compensation expenses, Shares		1,115,246
Net income	68,344,527	$ 0	0	0	0	68,344,527	0	14,684,275	83,028,802
Appropriation to statutory reserves	0	0	0	0	8,512,715	(8,512,715)	0	0	0
Dividends to shareholders	(23,460,775)	0	0	0	0	(23,460,775)	0	0	(23,460,775)
Dividends to non-controlling interests								(1,010,489)	(1,010,489)
Balance at Dec. 31, 2019	$ 690,301,639	$ 16,410	$ (113,719,964)	$ 543,290,577	$ 175,008,459	$ 135,873,163	$ (50,167,006)	$ 101,650,383	$ 791,952,022
Balance, shares at Dec. 31, 2019		107,875,468

Background information of business and organization

12 Months Ended

Dec. 31, 2019

Background information of business and organization

Background information of business and organization

1. Background information of business and organization

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

As of December 31, 2019, principal subsidiaries of the Company and its consolidated variable interest entities included the following entities:



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



				Percentage of
	Registered Place			Equity
	and Date of	Registered		Attributable		Principal
Company Name	Incorporation	Capital		to the Group		Activities
Subsidiary companies:
Xinyuan Renju (Beijing) Asset Management Co., Ltd.	PRC January 16, 2009	RMB	30,000,000	100	%	Management consulting service

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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

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

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

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

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

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

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

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

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

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

Zhengzhou Hangmei Zhengxing Technology Co., Ltd. (4)	PRC March 28, 2016	RMB	50,000,000	30	%	Real estate consulting services

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

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

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

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

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

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

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

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

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

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

Hunan Huaiwei Business Management Co., Ltd. (1)	PRC September 13, 2017	RMB	2,000,000	51	%	Retail store

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



				Percentage of
	Registered Place			Equity
	and Date of	Registered		Attributable		Principal
Company Name	Incorporation	Capital		to the Group		Activities
Subsidiary companies:
Xi'an Jinbian Shunsheng Real Estate Co., Ltd. (2)	The PRC December 6, 2017	RMB	20,000,000	70	%	Real estate development

Suzhou Yuxi Real Estate Co., Limited.	The PRC March 5, 2018	RMB	100,000,000	20	%	Real estate development

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Beijing I-Journey Science and Technology Development Co., Ltd.("I-Journey") (3)	The PRC October 20,2015	RMB	40,000,000	93	%	Development and sales of robots

Beijing Ruizhuo Xichuang Technology Development Co., Ltd.("Xichuang") (3)	The PRC July 16,2015	RMB	30,000,000	93	%	Real estate brokerage

Beijing Ruizhuo Xitou Development Co., Ltd. (" Xitou") (3)	The PRC July 16,2015	RMB	30,000,000	85	%	Internet platform for real estate property financing

Beijing Future Xinzhihui Technology Development Center (Limited Partnership) (" Xinzhihui") (3)	The PRC December 16,2016	RMB	30,000,000	90.67	%	Investment holding company

Beijing Future Xinhujin Technology Development Center (Limited Partnership) ("Xinhujin") (3)	The PRC December 30,2016	RMB	20,000,000	89.5	%	Investment holding company

Beijing Future Xinruifeng Technology Development Center (Limited Partnership) ("Xinruifeng ") (3)	The PRC February 23,2017	RMB	20,000,000	77.5	%	Investment holding company

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

VIE:

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

(1)

Liquidated on December 10, 2019.

(2)

Liquidated on June 10, 2019.

(3)

Acquired on November 30,2019.

Controlled by Zhengzhou Hangmei Technology Development Co., Ltd. which is a 10 owned subsidiary of the Group

- Definition

The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).

+ References + Details

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2019

Summary of significant accounting policies

Summary of significant accounting policies

2. Summary of significant accounting policies

(a) The Company and basis of presentation and consolidation

The Group is principally engaged in residential real estate development and the provision of property management services. The Group’s operations are conducted mainly in the PRC. In 2012, the Group expanded its business into the U.S. residential real estate market. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs, and the subsidiaries of VIEs. All inter-company transactions and balances between the Company and its subsidiaries have been eliminated upon consolidation.

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

Ruihao Rongtong

Ruihao Rongtong, with registered capital of US$37.6 million (RMB250.0 million), was invested in by the Company on May 6, 2015, for the purpose of undertaking a residential property development project in Beijing. On March 1, 2016, June 28, 2016 and September 18, 2016, an unrelated trustee company, Ping An trust Co., Ltd. (“Ping An trust”) purchased 20%, 5% and 10% of the Company’s equity interest in Ruihao Rongtong, respectively, and loaned US$124.3 million (RMB862.5 million) in aggregate to the Group. On February 28, 2017, the Company repurchased the 35% equity interest of Ruihao Rongtong from Ping An trust. On May 23, 2017, Ping An trust subsequently repurchased back 35% of the Company’s equity interest in Ruihao Rongtong, and loaned US$246.8 million (RMB1.61 billion) in aggregate to the Group. As of December 31, 2018, Ruihao Rongtong had one project under construction. Pursuant to the share purchase agreement, the 35% of non-controlling equity interest of Ruihao Rongtong was to be repurchased by the Company in cash at the earlier of the second anniversary date, or the date the Company elected to repurchase the 35% equity interest of Ruihao Rongtong. Therefore, the non-controlling interest is mandatorily redeemable and is accounted for as liability in accordance with ASC 480, Distinguishing Liabilities from Equity . In addition, since the Company planned to repurchase the 35% equity interest of Ruihao Rongtong within the next 12 months, the liability is classified as current liability as of December 31, 2018. On June 21, 2019, the Company repurchased the 35% equity interest of Ruihao Rongtao from Ping An trust and Ruihao Rongtong ceased to be variable interest entity(“VIE”).

In accordance with ASC 810, Consolidation , Ruihao Rongtong as of December 31, 2018 is a variable interest entity as it was not established with sufficient equity at risk to finance its activities without additional subordinated financial support. As of December 31, 2018, the Company is considered as the primary beneficiary of Ruihao Rongtong, as it has the power to direct the activities of Ruihao Rongtong that most significantly impact their economic performance and has the obligation to absorb the losses and the right to receive benefits from Ruihao Rongtong through its voting interest underlying its 65% equity interest in accordance with PRC Law and the articles of association of Ruihao Rongtong. Based on the above, Ruihao Rongtong was consolidated by the Company.

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


		December 31,
		2018
		US$
Current assets		174,366,164
Non-current assets		247,753
Total assets		174,613,917

Current liabilities		151,609,433
Non-current liabilities		—

Total liabilities		151,609,433

The financial performance and cash flows of the VIE are as follows:


		Year ended
		December 31,
		2018
		US$
Revenue		—
Cost of revenue		—
Net loss		(4,786,363)
Net cash used in operating activities		(8,804,491)
Net cash used in investing activities		—
Net cash provided by financing activities		8,949,715

As of December 31, 2018, the current liabilities of the Ruihao Rongtong included amounts due to subsidiaries of the Group amounting to US$145,728,000, which were eliminated upon consolidation by the Company.

As of December 31, 2018, the land use rights included in real estate properties under development of Ruihao Rongtong of US$166,327,833 were pledged as collateral for bank loans and other debt and the creditors have no recourse to the general credit of the primary beneficiary.

Nil revenue contributed by Ruihao Rongtong to the Company’s consolidated revenues for the years ended December 31, 2018.

Yuzhouyun

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

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


	December 31,	December 31,
	2018	2019
	US$	US$
Current assets	5,775,479	2,214,155
Non-current assets	3,557,562	4,244,195
Total assets	9,333,041	6,458,350

Current liabilities	11,808,683	13,967,333
Non-current liabilities	—	—

Total liabilities	11,808,683	13,967,333

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


	Year ended	Year ended
	December 31,	December 31,
	2018	2019
	US$	US$
Revenue	7,991,038	12,555,974
Cost of revenue	(1,559,129)	(3,682,899)
Net loss	(1,929,266)	(1,796,997)
Net cash provided by operating activities	519,050	368,379
Net cash used in investing activities	(255,509)	(1,885)
Net cash used in financing activities	—	(52,503)

As of December 31, 2018 and December 31, 2019, the current liabilities of Yuzhouyun included amounts due to subsidiaries of the Group amounting to US$9,169,167 and US$10,867,898, which were eliminated upon consolidation by the Company.

During the year ended December 31, 2018 and December 31, 2019, the revenue of Yuzhouyun included amounts that come from the Group amounting to US$7,399,000 and US$9,997,544, which were eliminated upon consolidation by the Company.

Yuzhouyun contributed US$591,628 and US$2,558,430 of the Company’s consolidated revenues for the year ended December 31, 2018 and December 31, 2019, respectively.

(b) Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes, and disclosure of contingent liabilities at the date of the consolidated financial statements. Estimates are used for, but not limited to, the selection of the useful lives of property and equipment and finance lease, allowance for doubtful amount associated with accounts receivables, other receivables, contract assets and advances to suppliers, fair values of the purchase price allocation with respect to business combinations, progress towards the completion of the performance obligation, accounting for the share-based compensation, accounting for deferred income taxes, impairment of real estate properties under development, real estate properties held for lease and long-term investments, provision necessary for contingent liabilities and estimating the incremental borrowing rate for operating lease liabilities. Management analyzed the forecasted cash flows for the twelve months from April 29, 2020, which indicates that the Group will have sufficient liquidity from cash flows generated by operations and existing credit facilities and therefore, there will be sufficient financial resources to settle borrowings and payables that will be due through end of April 2021. Management believes that the estimates utilized in preparing its consolidated financial statements are reasonable and prudent. Actual results could differ from these estimates.

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

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

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

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

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

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

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

ASC 820 describes three main approaches for measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

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

(d) Foreign currency translation

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

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

(e) Cash and cash equivalents

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

Cash includes cash on hand and demand deposits in accounts maintained with various state-owned and private banks within the PRC, Hong Kong and United States. Total cash in banks (excluding restricted cash) at December 31, 2019 amounted to US$662,606,063 (December 31, 2018: US$674,141,554), of which the vast majority of deposits are not covered by insurance.

(f) Restricted cash

The Group is required to maintain certain deposits with banks that provide mortgage loans to the Group’s customers in order to purchase residential units from the Group. These balances are subject to withdrawal restrictions and totaled US$32,420,073 as of December 31, 2019 (December 31, 2018: US$43,748,940). As of December 31, 2019, the Group held US$270,714,930 (December 31, 2018: US$338,633,911) in its restricted cash accounts, representing funds received from sales proceeds that are subject to withdrawal restrictions. The Group is also required to maintain certain deposits with banks and financial institutions that provide loans to the Group. As of December 31, 2019, the Group also held US$20,691,781 in its restricted cash accounts (December 31, 2018: nil) as security for its short-term loans (Note 10), held US$3,153,579 (December 31, 2018: US$129,492,074) in its restricted cash accounts as security for its current portion of long-term loans (Note 11).

As of December 31, 2019, the Group held US$112,998,481 (December 31, 2018: nil) in its bank accounts with withdrawal restriction for its long-term loans (Note 11).

(g) Real estate properties development completed and under development

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

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

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

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

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

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

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

For the periods presented, the Group did not recognize any impairment for real estate properties completed and under development.

(h) Revenue recognition

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

Real estate sales

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

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

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

Real estate management services income

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

Real estate management lease income

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

Other revenue

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

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


	2018	2019
	US$	US$
Real estate sales	2,139,370,792	2,387,031,568
Real estate management services income	63,447,420	67,488,169
Other revenue	5,148,101	11,984,304
Revenue from contracts with customers	2,207,966,313	2,466,504,041

Real estate lease income	9,584,972	16,128,771

Total revenue	2,217,551,285	2,482,632,812

Contract assets

The Group pays sales commission to its real estate sales agencies for each real estate sales contract. The Group has elected to apply the optional practical expedient for costs to obtain a contract which allows the Group to immediately expense sales commissions (included under selling and distribution expenses) when the amortization period of the asset that the Group otherwise would have used is one year or less. For incremental costs of obtaining real estate sales contracts that extend beyond a one-year period, these incremental costs of obtaining real estate sales contracts are recognized as assets if the real estate sales are collectible and amortized as the Group transfers the control of the assets to customers. The Group recognized US$6.2 million and US$14.9 million of such costs in selling and distribution expense during the year ended December 31, 2018 and December 31, 2019. As of December 31, 2018 and 2019, there was no impairment losses on contract assets.

Contract liabilities

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

The following table presents the Group's contract balances as of December 31, 2018 and 2019:


	December 31, 2018	December 31, 2019
Contract assets	21,779,221	23,093,235
Customer deposits (note 14)	1,921,851,255	1,106,098,647

The amount of revenue recognized during the year ended December 31, 2019 and included in the customer deposits as of December 31, 2018 is US$1,188,040,187.

Impact of adoption of ASC 606

As of January 1, 2018, the Group adopted ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” as modified (ASC606), using the modified retrospective method, which the Group does not adjust prior periods. The Group applied the rules to all open contracts existing as of January 1, 2018, recording a decrease of US$315.2 million to total equity for the cumulative effect of the change, with an increase real estate properties development completed of US$35.1 million, real estate properties under development of US$1,176.1 million, contract asset of US$15.6 million and other non-current assets of US$68.2 million, other current asset reductions of US$61.2 million, increase customer deposits of US$1,602.0 million, other current liabilities reductions of US$17.7 million and non-current liabilities reductions of US$35.3 million. A significant portion of the Group’s revenue is derived from real estate sales of development properties in the PRC. Prior to the adoption of ASC 606, the Group recognizes revenue using the percentage-of-completion (“POC”) method. Under ASC 606, to recognize revenue over time similar to the POC method, contractual provisions need to provide the Group with an enforceable right to payment. Historically, the Group’s contracts did not include a specific term on enforceable right to payment. For all contracts executed starting from January 1, 2018, the Group modified certain terms to establish an enforceable right to payment for performance completed to date, including a reasonable profit. Under ASC 606, the Group recognizes revenue on an “over time” basis prospectively for these new contracts by using cost inputs to measure progress towards the completion of the performance obligation. For contracts that did not include enforceable right to payment terms, revenue is recognized at a point in time when title to the property is transferred to the customer upon the adoption of ASC 606.

The following table summarizes the impact of adopting ASC 606 on consolidated statement of comprehensive income as of and for the year ended December 31, 2018.


	December 31, 2018
	Amounts
	without	Effects of
	adoption	adoption	Amounts
	of ASC606	of ASC606	as reported
Consolidated statement of comprehensive income
Revenue	1,896,940,997	320,610,288	2,217,551,285
Cost of revenue	(1,499,457,049)	(102,615,934)	(1,602,072,983)
Selling and distribution expenses	(90,805,960)	7,214,309	(83,591,651)
General and administrative expenses	(155,805,869)	(650,301)	(156,456,170)
Income taxes	(93,887,973)	(50,559,274)	(144,447,247)
Net income/(loss)	(68,047,068)	173,999,088	105,952,020

(i) Accounts receivable

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

Accounts receivable are reviewed periodically as to whether their carrying value has become impaired. The Group considers the assets to be impaired if the collectability of the balances become doubtful. As of December 31, 2019, there was US$1,456,243 allowance for doubtful accounts (December 31, 2018: US$1,539,894).

(j) Other receivables

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

Other receivables are reviewed periodically as to whether their carrying value has become impaired. The Group considers the assets to be impaired if the collectability of the balances becomes doubtful. As of December 31, 2019, there was US$8,313,052 allowance for doubtful accounts (December 31, 2018: US$10,594,423).

(k) Deposits for land use rights

Deposits for land use rights consist of upfront cash payments made to local land bureaus to secure land use rights under executed short-term or long-term land framework cooperation agreements or land use rights agreements.

Deposits for land use rights are reviewed periodically as to whether their carrying value has become impaired. The Group considers the assets to be impaired if the collectability of the balances become doubtful. There were no impairment losses for any periods presented.

(l) Other deposits and prepayments

Other deposits and prepayments mainly consist of upfront cash payments made to third parties related to the direct negotiation model in acquiring land parcels and prepaid tax.

Other deposits and prepayments are reviewed periodically as to whether their carrying value has become impaired. The Group considers the assets to be impaired if the collectability of the balances become doubtful. There were no impairment losses for any periods presented.

(m) Advances to suppliers

Advances to suppliers consist of balances paid to contractors and vendors for services and materials that have not been provided or received and generally relate to the development and construction of residential units in the PRC. Advances to suppliers are reviewed periodically to determine whether their carrying value has become impaired. The Group considers the assets to be impaired if it is doubtful that the services and materials can be provided. As of December 31, 2018 and 2019, there was no allowance provided.

(n) Customer deposits

Customer deposits consist of sales proceeds received from customers from the sale of residential units in the PRC. In the PRC, customers will generally obtain financing for the purchase of their residential unit prior to the completion of the project. The lending institution will provide the funding to the Group upon the completion of the financing rather than the completion of the project. The Group receives these funds and recognizes them as a customer deposit current liability until the revenue can be recognized.

(o) Notes payable and other payables

Notes payable represents short-term bank acceptance notes issued by financial institutions that entitle the holder to receive the stated amount from the financial institutions at the maturity date of the notes. The Group has utilized notes payable to settle amounts owed to suppliers and contractors. The notes payable is non-interest bearing and is normally settled within six months. Notes payable was US$49,652,091 and US$271,096,538 as of December 31, 2018 and 2019, respectively.

Other payables consist of balances for non-construction costs with unrelated companies and individuals with which the Group has business relationships.

(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 entity has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the entity recognizes an impairment loss in net income equal to the difference between the carrying value and fair value.

(s) Capitalized interest

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

As a result of the total interest costs capitalized during the period, the interest expense for the years ended December 31, 2017, 2018 and 2019, was as follows:


	2017	2018	2019
	US$	US$	US$
Amortization of issuance cost related to long-term debt	4,384,801	8,624,334	8,132,103
Interest expense of finance leases	1,705,739	1,385,292	973,842
Interest on borrowings	197,410,532	271,831,465	308,747,957

Total interest costs	203,501,072	281,841,091	317,853,902
Total interest costs capitalized	(137,347,632)	(182,595,395)	(204,078,542)

Interest expense, net	66,153,440	99,245,696	113,775,360

(t) Retirement benefits

Regulations in the PRC require the Group to contribute to a defined contribution retirement plan for all permanent employees. Pursuant to the mandatory requirement from the local authority in the PRC, the retirement pension insurance, unemployment insurance, health insurance and housing fund were established for the employees during the term they are employed. For the years ended December 31, 2017, 2018 and 2019, the Group is obligated to contribute for each employee an amount equal to 45%, 45% and 40%, respectively, of last year average salary determined by the Social Welfare Bureau. For the year ended December 31, 2019, the Group recorded expense in the amount of US$20,420,474 (2017: US$17,101,606; 2018: US$18,422,330).

(u) Distribution of earnings and reserve fund

The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions from its subsidiaries. The earnings reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries. In accordance with the PRC Company Law, the PRC subsidiaries are required to transfer 10% of their profit after tax, as determined in accordance with PRC accounting standards and regulations, to the statutory surplus reserve (the “SSR”) until such reserve reaches 50% of the registered capital of the subsidiaries. Subject to certain restrictions set out in the PRC Company Law, the SSR may be distributed to stockholders in the form of share bonus issued to increase share capital, provided that the remaining balance after the capitalization is not less than 25% of the registered capital before capital increase.

(v) Income taxes

The Group accounts for income tax using the balance sheet method. Deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as unutilized net operating losses. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Group is able to realize their benefits, or that future utilization is uncertain. The Group assesses its need for valuation allowances by tax reporting unit by jurisdiction.

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

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

(w) Land Appreciation Tax (“LAT”)

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

(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, 2019, the Group recorded advertising and promotion expenses of US$62,341,805 (2017: US$53,932,462; 2018: US$56,575,316).

(z) Leases

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

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

Lessee

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

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

Upon adoption, the Company recognized ROU assets of US$15.0 million and total lease liability (including current and non-current) of US$14.4 million for operating leases as of January 1, 2019. The impact of adopting ASU 2016-02 on the Company’s opening retained earnings and current year net income was insignificant. As of December 31, 2019, the Company recognized operating lease ROU assets of US$11.8 million and total lease liability US$11.2 million, including current portion of US$4.9 million for operating lease.

Lessor

As a lessor, the Company's leases are classified as operating leases under ASC 842, and thus the pattern of recognition of real estate lease income remains unchanged from previous lease accounting guidance. Leases, in which the Group is the lessor, are substantially all accounted for as operating leases and the lease components and non-lease components are accounted for separately.

(aa) Property warranty

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

The Group regularly estimates potential costs for materials and labor with regards to warranty-type claims expected to be incurred subsequent to the delivery of a property. The Group regularly monitors the warranty reserve and makes adjustments to its pre-existing warranties, if any, in order to reflect changes in trends and historical data as information becomes available. The Group may seek recourse against its contractors or any related third parties if it can be demonstrated they are at fault. In addition, the Group withholds up to 5% of the contract cost from sub-contractors for periods of two to five years. These amounts are included in current liabilities, and are only paid to the extent that there has been no warranty claim against the Group relating to the work performed or materials supplied by the subcontractors. For the periods presented, the Group had not recognized any warranty liability nor incurred any warranty costs in excess of the amount retained from subcontractors.

(ab) Earnings per share

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

(ac) Treasury Shares

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

On July 12, 2013, the Board of Directors unanimously authorized management to repurchase up to US$60 million of the Company’s shares from the approval date to July 5, 2015. On December 28, 2015, the Board of Directors unanimously authorized management to repurchase up to US$40 million of the Company’s shares from the approval date to the end of 2017. The Board of Directors review the Company’s share repurchase program periodically and to adjust the amount authorized for repurchase as necessary. On March 21, 2017, the Board of Directors unanimously authorized management to repurchase up to US$40 million of the Company’s shares from the approval date to the end of 2019. On August 14, 2018, the Board of Directors unanimously authorized management to repurchase up to US$50 million of the Company’s shares from the approval date to the end of 2019. On May 20, 2019, the Board of Directors unanimously authorized management to repurchase up to US$50 million of the Company's shares from the approval date to the end of 2021. As of December 31, 2019, the Company had a balance of 52,850,536 (2018: 41,135,198) treasury shares amounting to US$113,719,964 (2018: US$87,639,088).

(ad) Senior Secured Notes

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

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

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

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

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

Onshore corporate bonds

During the periods presented, Xinyuan China issued a series of onshore corporate bonds. Given that each onshore corporate bond individually is debt in its legal form and is not a derivative in its entirety, it has been classified as other long-term debt. The Company has evaluated and determined that there was no embedded derivative requiring bifurcation from these onshore corporate bonds under the requirements of ASC 815. The onshore corporate bonds were issued at par.

(ae) Short-term investments

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

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

(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.

(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, 2019, real estate development projects (Zhengzhou International New City IV, Zhengzhou Hangmei International Wisdom City I, Henan Xin Central I, Jinan Royal Palace, Chengdu Xinyuan City and Sanya Yazhou Bay No.1), which recognized gross profit in 2018, had changes in their estimated gross profit margins. As these projects moved closer to completion during 2019, the Company adjusted its prior estimates related to selling prices and development costs. As a result of the changes in estimate above, gross profit, net income and basic and diluted earnings per share decreased by US$59.1 million (2017: decreased US$11.1 million, 2018: increased US$34.5 million), US$44.3 million(2017: decreased US$8.3 million, 2018: increased US$25.9 million ), US$0.39 per share (2017: decreased US$0.06 per share, 2018: increased US$0.20 per share), and US$0.39 per share (2017: decreased US$0.06 per share, 2018: increased US$0.20 per share), respectively, for the year ended December 31, 2019.

(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"). The amendments in ASU 2016‑13 update guidance on reporting credit losses for financial assets. This ASU requires entities to measure credit losses for financial assets measured at amortized cost based on expected losses rather than incurred losses. For available-for-sale debt securities with unrealized losses, entities will be required to recognize credit losses through an allowance for credit losses. These amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. For public business entities that are U.S. SEC filers, ASU 2016‑13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Group is currently evaluating the impact on its consolidated financial statements of adopting this guidance.

In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which simplifies the accounting for goodwill impairment by eliminating Step two from the goodwill impairment test. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, versus determining an implied fair value in Step two to measure the impairment loss. The guidance is effective for annual and interim impairment tests performed in periods beginning after December 15, 2019. Early adoption is permitted for all entities for annual and interim goodwill impairment testing dates on or after January 1, 2017. The guidance should be applied on a prospective basis. The Group does not believe the adoption of ASU 2017-04 will have a material impact on its consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework- Changes to the Disclosure Requirements for Fair Value Measurement . The update eliminates, modifies, and adds certain disclosure requirements for fair value measurements. This update is effective in fiscal years, including interim periods, beginning after December 15, 2019, and early adoption is permitted. The added disclosure requirements and the modified disclosure on the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented. All other changes to disclosure requirements in this update should be applied retrospectively to all periods presented upon their effective date. The Group does not believe the adoption of ASU 2018-13 will have a material impact on its consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This update requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to defer and recognize as an asset. This update is effective in fiscal years, including interim periods, beginning after December 15, 2019, and early adoption is permitted. This guidance should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Group does not believe the adoption of ASU 2018-15 will have a material impact on its consolidated financial statements.

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

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

Short-term investments

12 Months Ended

Dec. 31, 2019

Short-term investments

Short-term investments

3. Short-term investments

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

The following summarizes the short-term investments measured at fair value at December 31, 2018 and 2019:


	December 31, 2018
	US$
	Fair		Unrealized
	value	Cost	gain in profit
Level 1
REITs	8,442,063	7,291,863	1,150,200
Total	8,442,063	7,291,863	1,150,200


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

During the year ended December 31, 2019, there was no change in the carrying amount of equity securities without readily determinable fair value measured under fair value alternative method using significant unobservable inputs (Level 3).

During the year ended December 31, 2019, US$3,075,014 (2018: US$3,407,090 realized loss) net realized gain and US$1,623,814 (2018: US$1,150,200 unrealized gain) unrealized loss are included in earnings.

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

Other receivables

12 Months Ended

Dec. 31, 2019

Other receivables

Other receivables

4. Other receivables

As of December 31, 2019, other receivables consisted of the following:


		December 31, 2019
		US$
Henan Derun Real Estate Co. Ltd (“Henan Derun”)		124,436,299
Zhengzhou Jiahe Real Estate Co. Ltd (“Zhengzhou Jiahe”)		67,429,462
Zhangjiakou Xingyuan City Construction Development Co. Ltd		19,696,568
Huzhou Xinhong Jingcheng Construction and Development Co. Ltd		16,369,944
Due from contractors		24,444,823
Others		34,923,080

Other receivables		287,300,176

Other non-current assets as of December 31, 2018 included a prepayment of US$95.6 million to Henan Derun for the purchase of 10% equity interest in Henan Derun. In December 2019, the Group and Henan Derun agreed to terminate the equity interest purchase. In addition, the Group agreed to provide Henan Derun financing using the prepayment and charge an interest of 18% per annum commencing from the date of prepayment made to Henan Derun. As of December 31, 2019, the prepayment is recorded as other receivable aggregating to US$124.4 million (December 31, 2018: US$13.5 million). In March 2020, the Group entered into an agreement with Henan Derun pursuant to which the above receivables shall be settled by Henan Derun’s transfer of certain parcels of land properties to a project company 80% owned by the Group and the Group will assume the bank loans of Henan Derun aggregating to US$77.1 million which were pledged by such land properties. The Group evaluated the potential impairment and concluded that no impairment allowance is required because the fair value of the relevant land properties attributed to the Group as appraised by an external valuer exceeded the total amount of the above receivables and bank loans assumed by the Group.

Receivable from Zhengzhou Jiahe of US$67.4 million (December 31, 2018: US$60.7 million) bears an interest from 15% to 18% per annum with a due date of December 31, 2019. The balance is now overdue. The directors of the Company are of the view that no impairment provision is required for the balance because it was secured by the 100% equity interest in Zhengzhou Jiahe with a fair value appraised by an external valuer significantly higher than the balance.

Real estate properties development completed and under development

12 Months Ended

Dec. 31, 2019

Real estate properties development completed and under development

Real estate properties development completed and under development

5. Real estate properties development completed and under development

The following summarizes the components of real estate properties development completed and under development at December 31, 2018 and 2019:


	December 31,	December 31,
	2018	2019
	US$	US$
Development completed:
Zhengzhou Century East A	4,000,881	3,913,910
Suzhou International City Garden	1,460,187	1,579,238
Jinan Xinyuan Splendid	4,952,551	5,175,618
Zhengzhou Xin City	14,946,209	11,094,087
Beijing Xindo Park	42,003,855	41,462,271
Suzhou Lake Royal Palace	4,880,245	4,966,527
Xingyang Splendid I	16,616,861	3,201,168
Zhengzhou Thriving Family	14,908,355	11,397,709
Shanghai Yipin Royal Palace	82,320,988	80,709,011
New York Oosten	127,749,947	1,201,783
Chengdu Thriving Family	88,492,260	64,327,235
Sanya Yazhou Bay No.1	31,716,745	6,627,299
Xi’an Metropolitan	48,352,943	43,103,208
Kunshan Royal Palace	8,279,289	5,742,133
Jinan Xin Central	41,158,302	29,175,427
Changsha Xinyuan Splendid	7,340,408	7,540,854
Zhengzhou Fancy City II (South)	151,224	1,263,824
Kunshan Xindo Park	23,673,323	8,251,834
Zhengzhou Xindo Park	13,794,988	8,301,650
Zhengzhou Fancy City I	19,329,493	17,254,407
Henan Xin Central I	36,230,637	14,913,267
Xuzhou Colorful City	—	5,547,620
Henan Xin Central II	—	9,884,003
Zhengzhou International New City I	—	17,458,454
Zhengzhou International New City II	—	17,044,177
Tianjin Spring Royal Palace I	—	19,221,577
Xingyang Splendid Phase II	—	15,283,105
Xingyang Splendid Phase III	—	2,563,122
Real estate properties development completed	632,359,691	458,204,518
Under development:
Current:
Xuzhou Colorful City	49,972,999	—
Xingyang Splendid II	44,074,338	—
Xingyang Splendid III	62,771,683	—
Xingyang Splendid IV	11,743,049	46,472,092
Jinan Royal Palace	328,737,914	223,967,341
Tianjin Spring Royal Palace I	101,091,391	—
Henan Xin Central II	99,196,076	—
Zhengzhou Fancy City II(North)	77,295,404	95,360,634
Zhengzhou International New City I	339,890,348	—
Zhengzhou International New City II	171,711,098	—
Tongzhou Xinyuan Royal Palace	214,011,166	234,987,743
Changsha Mulian Royal Palace	108,637,317	—
XIN Eco Marine Group Properties Sdn Bhd	15,064,162	27,488,080
Hudson Garden Project	106,844,124	123,555,996
Flushing Project	92,821,714	107,304,741
Changsha Furong Thriving Family	39,054,048	15,540,229
Zhengzhou International New City III A	86,999,855	110,507,107
Zhuhai Xin World	102,997,747	153,864,698
Xinyuan Chang’an Royal Palace	144,771,923	157,044,224
Kunshan Xinyu Jiayuan	159,974,516	146,779,965
Zhengzhou International New City Pending Staging	238,835,232	376,230,958
Zhengzhou Hangmei International Wisdom City I	91,069,505	75,943,506
Xinyuan Golden Water View City	428,430,649	438,686,015
Suzhou Galaxy Bay	51,739,509	62,557,317
Xi’an Metropolitan II	5,609,532	5,903,626
Zhengzhou International New City III B	94,547,682	19,164,288
Zhengzhou International New City III C	99,240,244	88,758,649
Zhengzhou International New City III D	42,706,005	8,416,916
Tianjin Spring Royal Palace II	70,891,230	62,093,526
Zhengzhou Fancy City III	89,529,453	79,922,540
Jinan Royal Spring Bay	119,400,947	135,015,228
Suzhou Gusu Shade I (Suzhou New Project)	39,163,694	45,267,243
Wuhan Canglong Royal Palace (Wuhan New Project)	124,701,587	141,707,492
Dalian International Health Technology Town I	33,796,959	85,174,478
Qingdao Royal Dragon Bay	246,387,446	212,457,554
Chengdu Xinyuan City	688,987,085	723,555,656
Zhengzhou International New City IV	176,269,525	220,859,532
Xingyang Splendid V	45,984,974	31,136,007
Xingyang Splendid Building 46	4,836,734	7,997,771
Foshan Xinchuang AI International Science and Technology Innovation Valley	—	225,362,486
	5,049,788,864	4,489,083,638
Profit recognized	348,170,931	301,358,319
Less: progress billings (Note 14)	(1,329,243,487)	(1,536,054,208)
Total real estate properties under development	4,068,716,308	3,254,387,749
Total real estate properties development completed and under development	4,701,075,999	3,712,592,267

As of December 31, 2019, land use rights included in the real estate properties under development totaled US$2,179,888,833 (December 31, 2018: US$2,733,197,585).

As of December 31, 2019, land use rights with an aggregate net book value of US$798,910,332 (December 31, 2018: US$1,046,360,853) was pledged as collateral for certain bank loans and other debts.

Real estate properties held for lease, net

12 Months Ended

Dec. 31, 2019

Real estate properties held for lease, net

Real estate properties held for lease, net

6. Real estate properties held for lease, net

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


	December 31,	December 31,
	2018	2019
	US$	US$
Elementary schools	3,107,711	3,057,371
Basement parking	9,633,568	14,694,085
Kindergartens	10,194,286	10,049,512
Parking facilities	55,941,369	100,036,672
Clubhouses	7,789,415	8,574,329
Shopping mall	243,346,989	290,610,416
Residential properties	—	124,280,030
Others	2,972,811	2,924,658
Total costs	332,986,149	554,227,073
Accumulated depreciation	(30,221,932)	(38,358,165)
Real estate properties held for lease, net	302,764,217	515,868,908

The Group has shopping mall equipment with gross amount of US$7,266,822 and US$7,149,114 acquired under finance lease as of December 31, 2018 and 2019, respectively.

Depreciation expense for real estate properties held for lease for the year ended December 31, 2019 amounted to US$8,625,765(2017: US$7,280,421; 2018: US$7,963,627).

As of December 31, 2019, US$206,516,986 of real estate properties held for lease were pledged as collateral for certain bank loans and other debts (2018: US$175,429,630).

As of December 31, 2019, minimum future rental income on non-cancellable leases (none of which contains any contingent rental clauses), in the aggregate and for each of the five succeeding fiscal years and thereafter, is as follows:


Year		Amount
		US$
2020		15,986,263
2021		15,587,876
2022		14,786,872
2023		13,728,432
2024 and thereafter		107,158,511
Total		167,247,954

Property and equipment, net

12 Months Ended

Dec. 31, 2019

Property and equipment, net

Property and equipment, net

7 . Property and equipment, net

Property and equipment consisted of the following:


	December 31,	December 31,
	2018	2019
	US$	US$
Finance lease right-of-use asset -Corporate aircraft	37,494,502	36,887,168
Vehicles	5,109,037	5,069,515
Furniture and fixtures	12,580,384	10,523,537
Office buildings	10,994,284	21,842,187
Total	66,178,207	74,322,407
Accumulated depreciation	(28,063,724)	(31,318,028)
Property and equipment, net	38,114,483	43,004,379

On October 23, 2012, the Group acquired a corporate aircraft under a finance lease. The lease has an eight-year term and expires on September 15, 2021 with 32 quarterly lease payments of US$1,426,000. A deposit in the amount of US$6.7 million may be used as full and final payment to Minsheng to purchase the corporate aircraft.

Depreciation expense for property and equipment for the year ended December 31, 2019 amounted to US$5,904,454(2017: US$5,350,256; 2018: US$4,908,299) which includes amortization expense related to the corporate aircraft capital lease amounting to US$ 2,336,187 (2017: US$2,613,008; 2018: US$2,582,340).

Accumulated depreciation expense for property and equipment as of December 31, 2019 amounted to US$31,318,028 (2017: US$23,994,047; 2018: US$28,063,724) which includes accumulated amortization expense related to the corporate aircraft capital lease amounting to US$14,601,171 (2017: US$11,375,747; 2018: US$13,238,949).

Long-term investment

12 Months Ended

Dec. 31, 2019

Long-term investment

Long-term investment

8. Long-term investment

As of December 31, 2018 and 2019, the long-term investment consisted of the following:


		December 31,
	Initial Cost	2018
	US$	US$
Nonmarketable equity securities
Zhengzhou Lianhe Real Estate Co., Ltd.	241,648	291,409
Zhengzhou Taike Real Estate Co., Ltd.	738,073	728,523
Equity method investees
Qingdao Huiju Zhihui City Industrial Development Co., Ltd.	505,162,873	478,778,879
Wuhu Penghong Investment Center (Limited Partnership)	30,608,185	23,613,358
Madison Developments Limited.	19,095,969	16,743,122
Others	59,289,036	44,184,928
Total		564,340,219


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

Equity method investees

On April 19, 2017, the Company signed an agreement to acquire up to 70% equity interest of Qingdao Huiju Zhihui City Industrial Development Co., Ltd. (“Qingdao Huiju”), which is developing a real estate project in Qingdao city from Beijing Huiju Technology Industry Development Co., Ltd. (“Beijing Huiju”), a non-affiliated company for a consideration of US$505.2 million. As of December 31, 2019, US$505.2 million had been paid and a 49% equity interest has been transferred to the Company. Based on the articles of association, the Company cannot exercise control of Qingdao Huiju until it acquires the entire 70% equity interest, but has the ability to exercise significant influence over Qingdao Huiju’s operating and financial decisions and accounted for it as an equity method investment.

The Group initiated various legal actions against Beijing Huiju for, inter alia, (i) the transfer of the remaining 21% equity interest in Qingdao Huiju to the Group and appointment of directors into the board of Qingdao Huiju (ii) refund of unauthorized transfer of cash of US$98.7 million from Qingdao Huiju to Beijing Huiju and (iii) return of business license and official seals of Qingdao Huiju to Qingdao Huiju . In March 2019,the PRC local court held that Beijing Huiju shall refund the unauthorized cash transferred to Beijing Huiju to Qingdao Huiju and has frozen the cash of US$98.7 million in Beijing Huiju’s bank account. In January 2020, local PRC court held that Beijing Huiju shall return the business license and official seals of Qingdao Huiju to Qingdao Huiju. However, Beijing Huiju appealed to PRC Courts against the refund of cash and return of business and official seals to Qingdao Huiju. Currently the above lawsuits are in progress. Based on independent legal advice and after due and careful enquiry, the directors of the Company are of the view that Group is entitled to the receipt of the 21% equity interest in Qingdao Huiju and the appointment of directors into the board of Qingdao Huiju, and Qingdao Huiju is entitled to get back the cash, business license and seals from Beijing Huiju. Hence the above events shall have not any material adverse effect on the Group’s investment in and receivable from Qingdao Huiju.

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

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

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

As of December 31, 2019, the Group’s investment in the investees in the aggregate exceeded its proportionate share of the net assets of the equity method investee by nil (December 31, 2018: nil). This difference, if any, represents equity method goodwill and therefore, is not amortized. For the year ended December 31, 2019, the Group recognized its share of loss from its equity method investments of US$5,416,471 (2017: loss of US $1,710,070; 2018: loss of US US$9,374,451). As of December 31, 2018 and 2019, there was no material impairment related to these investments.

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


		December 31,
		2019
		US$
		(in thousands)
Current assets		1,413,713
Noncurrent assets		411,764
Current liabilities		499,078
Non-current liabilities		460,617
Non-controlling interest		5,778
Gross revenue		68,353
Gross profit		14,976
Loss from continuing operations		(5,928)
Net loss		(10,691)
Net loss attributable to the Company		(11,614)

The above summarized financial information represents the operating performance and financial position of the investees since they became equity method investees of the Group.

Acquisition of subsidiaries

12 Months Ended

Dec. 31, 2019

Acquisition of subsidiaries

Acquisition of subsidiaries

9. Acquisition of subsidiaries

2018 Acquisition Activitiy

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

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

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

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


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

(i)

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

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

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

2019 Acquisition Activity

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

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

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

The acquisitions of Xitou, Xichuang and I-journey were in line with the Group’s strategy to extend its business to provide real estate and property management related technology services. The above acquisitions were accounted for under the acquisition method of accounting with acquired assets and assumed liabilities recorded at their acquisition date fair values. The goodwill recognized upon the acquisitions amounting to US$6,624,594, US$5,159,916 and US$12,927,103 respectively is primarily as a result of the excess of the acquisition considerations over the respective fair value of net identifiable assets acquired. The goodwill recognized in other non-current assets is attributable primarily to expected synergies and the assembled workforce. The goodwill is not deductible for tax purposes. None of the goodwill recognized is tax deductible.

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

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


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

(1)

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

(2)

Xinruifeng,Xinhujin and Xinzhihui are parents of Xitou, Xichuang and I-journey.

Short-term bank loans and other debt

12 Months Ended

Dec. 31, 2019

Short-term bank loans and other debt

Short-term bank loans and other debt

10. Short-term bank loans and other debt

Short-term bank loans and other debt represent amounts due to various banks and financial institutions that are due on the dates indicated below. Short-term bank loans and other debt at December 31, 2018 and 2019 consisted of the following:


	December 31,	December 31,
	2018	2019
	US$	US$
Loan from The Bank of East Asia
Due January 2, 2020, at 1.10% plus 1 month LIBOR	—	19,900,000

Loan from Henan Zhongyuan Microfinance Co., Ltd.
Due July 26, 2019, at 11.60% per annum	7,285,231	—

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

Loan from Hua Xia Bank Co., Ltd.
Due May 30, 2020, at 6.5250% per annum	—	8,600,671

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

Loan from Kunlun Trust Co., Ltd.
Due June 28, 2019, at 10.50% per annum	36,426,157	—

Loan from Zhongyuan Commercial Factoring Co., Ltd.
Due January 30, 2020, at 10.00% per annum	—	28,668,902
Loan from Tianjin financial exchange center Co., Ltd. at 9.00% per annum		189,215
Loan from Tianjin financial exchange center Co., Ltd. at 8.50% per annum		51,604
Loan from Tianjin financial exchange center Co., Ltd. at 8.00% per annum	—	240,819

Total short-term bank loans and other debt	43,711,388	73,419,108

As of December 31, 2019, except when otherwise indicated, the Group’s short-term bank loans and other debt were all denominated in RMB and were mainly secured by the Group’s real estate properties held for lease with net book value of US$14,899,171 (December 31, 2018: nil), the real estate properties development completed with net book value of US$10,168,195 (December 31, 2018: nil), and restricted cash of US$20,691,781 (December 31, 2018: nil).

The weighted average interest rate on short-term bank loans and other debt as of December 31, 2019 was 8.33% (December 31, 2018: 10.68%).

Long-term bank loans

12 Months Ended

Dec. 31, 2019

Long-term bank loans

Long-term bank loans

11. Long-term bank loans

Long-term bank loans as of December 31, 2018 and 2019 analyzed by final installment maturity dates consisted of the following:


	December 31,	December 31,
	2018	2019
	US$	US$
Loan from ICBC
Due December 26, 2021, at 6.175% per annum	116,560,788	66,890,284
Due December 22, 2021, at 6.175% per annum	58,284,765	33,448,009
Due December 30, 2021, at 6.60% per annum	53,619,303	30,770,333
Due December 22, 2021, at 9.80% per annum	58,281,851	33,448,009
Due July 23, 2022, at 4.75% per annum	—	14,334,451
	286,746,707	178,891,086
Loan from China Guangfa Bank
Due July 17, 2021, at 6.175% per annum	—	18,048,508
Due October 20, 2019, at 6.4125% per annum	10,490,733	—
	10,490,733	18,048,508
Loan from Bank of China
Due March 30, 2020, at 6.65% per annum	33,512,064	7,167,226
Due October 31, 2021 at 4.75% per annum	64,110,036	50,457,269
	97,622,100	57,624,495
Loan from Bank of Beijing
Due February 14, 2020 at 4.75% per annum	42,810,934	32,372,065
Loan from The Bank of East Asia
Due June 1, 2019, at 1.10% plus 1 month LIBOR	9,675,654	—
Due June 5, 2019, at 1.10% plus 1 month LIBOR	10,000,000	—
Due August 15, 2019, at 1.10% plus 1 month LIBOR	20,000,000	—
Due August 30, 2019,at 1.10% plus 1 month LIBOR	9,700,000	—
Due September 19, 2019, at 1.10% plus 1 month LIBOR	2,220,000	—
Due January 9, 2020, at 1.10% plus 1 month LIBOR	3,178,000	3,178,000
Due June 2, 2019, at 1.10% plus 1 month LIBOR	34,421,617	—
Due September 27, 2019, at 1.10% plus 3 month LIBOR	24,294,636	—
Due June 4, 2021, at 1.10% plus 1 month LIBOR	—	22,500,000
Due June 6, 2021, at 1.10% plus 1 month LIBOR	—	30,000,000
Due August 20, 2021, at 1.10% plus 1 month LIBOR	—	19,170,000
Due September 27, 2021, at 1.10% plus 1 month LIBOR	—	9,100,000
Due October 20, 2021, at 1.10% plus 1 month LIBOR	—	2,100,000
Due October 27, 2021, at 1.10% plus 1 month LIBOR	—	17,570,000
	113,489,907	103,618,000
Loan from Ping An Bank Co., Ltd.
Due May 31, 2021, at 6.8875% per annum	116,417,997	80,272,928
Due May 27, 2021, at 7.3625% per annum	14,570,463	9,890,771
Due March 27, 2022, at 6.9825% per annum	—	39,405,407
	130,988,460	129,569,106
Loan from China Construction Bank
Due July 2, 2021, at 6.65% per annum	56,824,805	—
Due August 1, 2021, at 4.35% per annum	—	44,723,488
Due August 1, 2021, at 4.75% per annum	—	11,180,872
Due August 1, 2021, at 4.75% per annum	17,484,555	17,201,343
Due April 4, 2021, at 6.175% per annum	36,424,700	—
	110,734,060	73,105,703
Loan from Bank of Minsheng
Due June 14, 2031, at 8.50% per annum	62,798,694	59,487,973
Due March 30, 2023 at 8.8825% per annum	291,394,685	286,402,339
	354,193,379	345,890,312
Loan from Bank of Hengfeng
Due September 20, 2021, at 8.0009% per annum	73,580,837	65,150,082
Loan from Zheshang Bank Co., Ltd
Due September 21, 2021, at 7.60% per annum	29,286,630	17,344,686
Loan from Bank of Communications Co., Ltd
Due March 18, 2022, at 7.600% per annum	—	37,104,728
Loan from Bank of Zhengzhou Co., Ltd
Due September 26, 2021, at 7.000075% per annum	—	64,505,031
Loan from Bank of Huaxia Co., Ltd
Due December 27, 2021, at 5.08% per annum	—	11,610,908

Total	1,249,943,747	1,134,834,710
Less: current portion of long-term bank loans	(529,904,807)	(448,770,014)
Total long-term bank loans	720,038,940	686,064,696

As of December 31, 2019, the contractual maturities of these loans are as follows:


Year		Amount
		US$
2020		448,770,014
2021		599,627,953
2022		37,269,574
2023		4,156,992
2024 and thereafter		45,010,177
Less: current portion of long-term bank loans		(448,770,014)
Total: long-term bank loans		686,064,696

As of December 31, 2019, except when otherwise indicated, the Group’s long term bank loans were all denominated in RMB and were mainly secured by the Group’s real estate properties under development with net book value of US$78,726,065 (December 31, 2018: US$30,727,630), land use rights with net book value of US$382,772,544 (December 31, 2018: US$462,352,750), the Group’s real estate properties held for lease with net book value of US$144,272,409 (December 31, 2018: 123,781,349), the real estate properties development completed with net book value of US$457,032 (December 31, 2018: nil), and restricted cash of US$116,152,060 (December 31, 2018:nil).

The interest rates of these bank loans are adjustable based on the range of 100% to 206% of the PBOC prime rate. The weighted average interest rate on long-term bank loans as of December 31, 2019 was 6.94% (December 31, 2018: 7.16%).

Other long-term debt

12 Months Ended

Dec. 31, 2019

Other long-term debt

Other long-term debt

12. Other long-term debt

As of December 31,2018 and 2019, other long-term debt analyzed by final installment maturity dates consisted of the following:


	December 31,	December 31,
Senior notes	2018	2019
	US$	US$
November 2020 Senior Secured notes due on November 22, 2020 at 8.875%	295,673,796	296,897,742
August 2019 Senior Notes due on August 30, 2019 at 8.125%	286,741,749	—
February 2021 Senior notes due on February 28, 2021 at 7.75%	270,624,821	261,941,119
March 2020 Senior Secured Notes due on March 12, 2020 at 9.875%	197,226,325	123,055,415
October 2021 Senior Secured Notes due on October 16, 2021 at 14.20%	—	295,968,740
Corporate bonds
Due December 28, 2020 at 8.20%	58,275,179	1,962,386
Due January 27, 2021 at 7.47%	43,709,787	8,213,641
Due March 14, 2021 at 7.09%	72,849,705	7,551,597
Due August 15, 2019 at 8.20%	63,404,057	—
Due April 7, 2020 at 8.20%	89,655,359	—
Due September 21, 2020 at 8.50%	28,998,553	21,947,434
Due April 1, 2024 at 8.40%	—	58,887,016
Due January 4, 2022 at 8.50%	—	650,673

Loan from Ping An Trust Co., Ltd
Due May 22, 2020 at 10.3192%	189,416,016	43,003,354
Due November 30, 2019 at 10.3192%	130,813,615	—
Due May 23, 2019 at 10.3192%	189,780,277	—
Due November 23, 2020 at 11.20%	—	200,682,320
Due May 22, 2021 at 15.00%	—	42,989,020
Due May 29, 2021 at 11.50%	—	85,863,364
Due April 26, 2021 at 11.50%	—	24,248,158

Loan from Guo Tou Tai Kang Trust Co., Ltd
Due October 30, 2019 at 9.30%	2,360,415	—
Due November 2, 2019 at 9.30%	26,780,511	—
Kunlun Trust Co., Ltd
Due March 17, 2020 at 7.62%	21,855,694	21,501,677

Loan from Wanxiang Trust Co., Ltd
Due December 4, 2020 at 12.00%	1,427,905	—
Due April 30, 2021 at 12.00%	—	28,668,903
Due January 4, 2020 at 12.00%	—	12,929,675
Due July 18, 2020 at 12.00%	—	21,501,677

Loan from China Huarong Asset Management Co., Ltd
Due November 27, 2020 at 11.50%	11,656,370	10,894,183
Due October 30, 2020 at 11.50%	40,951,099	28,095,525
Due November 8, 2021 at 12.00%	—	30,145,351

Loan from China Resources Investment Trust Co., Ltd
Due November 9, 2020 at 9.405%	50,996,620	42,286,632

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

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

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

Loan from Bank of Ozark
Due March 24, 2021 at 4.50% plus 1 month LIBOR	24,008,924	50,157,305

Loan from Bank Direct Capital Finance
Due November 1, 2020 at 5.5%	1,762,072	822,506

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

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

Total principal of other long-term debt	2,158,468,849	2,006,876,072
Less: current portion of other long-term debt	(1,118,013,649)	(970,185,445)
Total other long-term debt	1,040,455,200	1,036,690,627

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

As of December 31, 2019, the contractual maturities of these debts are as follows:


Year		Amount
		US$
2020		970,185,445
2021		989,429,149
2022		34,402,683
2023		12,858,795
Less: current portion of other long term debt		(970,185,445)
Total: Other long-term debt		1,036,690,627

As of December 31, 2019, except when otherwise indicated and the Senior Secured Notes, the Group’s other long-term debt was all denominated in RMB and mainly secured by the Group’s real estate properties under development with net book value of US$1,445,969 (December 31, 2018: US$963,588 ), land use rights with net book value of US$416,137,788 (December 31, 2018: US$584,008,103), real estate properties held for lease with net book value of US$47,345,406 (December 31, 2018: US$51,648,281), and real estate properties development completed with net book value of US$50,301,375 (December 31, 2018: US$36,801,393).

August 2019 Senior Secured Notes

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

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

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

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

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

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

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

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

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

February 2021 Senior Secured Notes

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

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

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

At any time prior to February 28, 2021, the Company may at its option redeem the February 2021 Senior Secured Notes, in whole but not in part, at a redemption price equal to 100.0% of the principal amount of the February 2021 Senior Secured Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. “Applicable Premium” means with respect to any February 2021 Senior Secured Note at any redemption date, the greater of (i) 1.00% of the principal amount of such February 2021 Senior Secured Note and (ii) the excess of (A) the present value at such redemption date of the principal amount of such February 2021 Senior Secured Note, plus all required remaining scheduled interest payments due on such February 2021 Senior Secured Note through the maturity date of the February 2021 Senior Secured Notes (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate (as defined in the February 2021 Indenture) plus 100 basis points, over (B) the principal amount of such February 2021 Senior Secured Note on such redemption date.

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

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

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

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

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

November 2020 Senior Secured Notes

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

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

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

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

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

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

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

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

March 2020 Senior Secured Notes

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

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

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

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

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

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

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

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

October 2021 Senior Secured Notes

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

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

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

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

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

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

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

Onshore Corporate Bonds

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

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

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

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

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

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.

On March 14, 2016, Xinyuan China issued the third tranche of the onshore corporate bonds with an aggregate principal amount of RMB 0.5 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.

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 RMB 1.05 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 RMB 400 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.

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.

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.

Lease

12 Months Ended

Dec. 31, 2019

Lease

Lease

13. Lease

Lessee

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

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

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


		December 31,
		2019
		US$
Lease Assets
Finance lease ROU assets
Property and equipment, net		22,285,997
Real estate properties held for lease, net		7,020,033
Total		29,306,030
Operating lease ROU assets		11,801,491

Lease Liabilities
Current
Current portion of finance lease		6,409,827
Current portion of operating lease		4,873,897
Total		11,283,724
Non-current
Finance lease, net of current portion		3,839,456
Operating lease, net of current portion		6,348,249
Total		10,187,705

The components of lease expenses recognized as follows:


		Year ended December 31,
		2019
		US$
Operating lease cost:
Operating lease cost		6,480,093
Short-term lease cost		2,612,901
Finance lease cost:
Amortization of ROU assets		2,465,268
Interest on the lease liabilities		1,019,758
Total lease cost		12,578,020

For the years ended December 31, 2017 and 2018, the Group recorded operating lease expenses of US$US$5,132,393 and US$9,614,639, respectively.

Supplemental cash flow information related to leases was as follows:


		Year ended December 31,
		2019
		US$
Operating cash flows for operating leases		6,275,565
Operating cash flows for finance leases		1,393,198
Financing cash flows for finance leases		6,135,547

Maturities of lease liabilities are as follows:


	December 31,
	2019
	Finance Leases	Operating Leases
	US$	US$
Year ending December 31, 2020	7,511,008	6,470,913
Year ending December 31, 2021	4,059,224	4,443,336
Year ending December 31, 2022	—	1,007,535
Year ending December 31, 2023	—	294,239
Total lease payments	11,570,232	12,216,023
Less: imputed interest	1,320,949	993,877
Present value of lease liabilities	10,249,283	11,222,146

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


	December 31,
	2019

Weighted-average remaining lease term (years)
Operating leases	2.32
Finance leases	1.63
Weighted-average discount rate
Operating leases	4.35	%
Finance leases	8.05	%

Customer deposits

12 Months Ended

Dec. 31, 2019

Customer deposits

Customer deposits

14. Customer deposits

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


	December 31,	December 31,
	2018	2019
	US$	US$
Advances for real estate properties	3,218,686,349	2,616,487,072
Add: increase in revenue recognized in excess of amounts received from customers	32,408,393	25,665,783
Less: recognized as progress billings (Note 5)	(1,329,243,487)	(1,536,054,208)
Customer deposits (Note 2(h))	1,921,851,255	1,106,098,647

- Definition

The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity.

+ References + Details

Income taxes

12 Months Ended

Dec. 31, 2019

Income taxes

Income taxes

15. Income taxes

(a) Corporate income tax (“CIT”)

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

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

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

The Company’s US subsidiaries are subject to income tax at the effective rate of approximately 33% in accordance with US corporate income tax laws and regulations, dividends and interests paid by US enterprises to non-US tax resident enterprises are subject to US withholding tax of 30%.

Income before income tax expenses consists of:


	Year ended December 31,
	2017	2018	2019
	US$	US$	US$
PRC	275,898,007	355,674,888	355,606,696
Non PRC	(82,669,476)	(105,275,621)	(122,099,522)
Total	193,228,531	250,399,267	233,507,174

Income tax expenses for the years ended December 31, 2017, 2018 and 2019 are summarized as follows:


	Year ended December 31,
	2017	2018	2019
	US$	US$	US$
Current:
CIT tax expense	103,302,037	141,399,866	133,862,272
Land Appreciation Tax (“LAT”) expense	40,203,748	62,996,403	68,631,338
Deferred tax benefit	(30,388,659)	(59,949,022)	(52,015,238)
Income tax expense	113,117,126	144,447,247	150,478,372

The Group’s income tax expense differs from the tax expense computed by applying the PRC statutory CIT rate of 25% for the years ended December 31, 2017, 2018 and 2019, are as follows:


	Year ended December 31,
	2017	2018	2019
	US$	US$	US$
CIT at rate of 25%	48,307,133	62,599,817	58,376,794
Tax effect of non-deductible expenses	3,641,665	5,799,761	8,867,037
LAT expense	40,203,748	62,996,403	68,631,338
CIT benefit of LAT	(10,050,937)	(15,749,101)	(17,157,834)
Changes in valuation allowance	3,180,741	(491,075)	23,073,210
International rate differences	10,149,331	18,224,012	17,351,758
Dividend and interest withholding taxes	18,877,500	15,403,663	(3,816,800)
Adjustment of estimated income tax accruals	(954,552)	(3,952,396)	(4,285,329)
Others	(237,503)	(383,837)	(561,802)
Income tax expense	113,117,126	144,447,247	150,478,372

(b) Unrecognized tax benefit

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


	2017	2018	2019
	US$	US$	US$
Balance at January 1	20,491,988	31,231,376	45,939,234
Additions for tax positions of current year	10,813,497	15,500,052	14,547,590
Reclassification from prior year tax payable	—	—	13,118,260
Movement in current year due to foreign exchange rate fluctuation	2,001	—	—
Reductions for tax positions of prior years	(76,110)	—	—
Reduction due to company liquidation	—	(792,194)	—
Balance at December 31	31,231,376	45,939,234	73,605,084

The movement in the liability for unrecognized tax benefits of US$10,813,497 in 2017 was due to deemed interest income from subsidiaries of the Company during the year. The movement in the liability for unrecognized tax losses of US$2,001 was due to the fluctuation of US$/RMB exchange rate, and therefore was recorded as other comprehensive income arising from the foreign currency translation. The remaining change of US$76,110 was recognized due to the availability for taxation deductions in 2017.

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

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

As of December 31, 2018 and 2019, unrecognized tax benefits of nil and US$12,793,498, respectively, if ultimately recognized, will impact the effective tax rate. The Group anticipates new unrecognized tax benefits, related to tax positions similar to those giving rise to its existing unrecognized tax benefits, to originate after December 31, 2019. It is possible that the amount of uncertain tax positions will change in the next twelve months, however, an estimate of the range of the possible outcomes cannot be made at this time.

The Group’s income tax returns for fiscal year 2009 through fiscal year 2019 remain open to potential examination. In addition, local tax authorities may exercise broad discretion in applying the tax law, thus potentially exposing the subsidiaries to audits of tax years outside the general statute of limitations.

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

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

(d) Deferred tax

The tax effects of temporary differences that give rise to the Group’s deferred tax assets and liabilities as of December 31, 2018 and 2019 are as follows:


	December 31,	December 31,
	2018	2019
	US$	US$
Deferred tax assets:
Tax loss carried forward	42,185,810	50,163,293
Accruals and provisions	48,850,991	62,936,343
Capitalized expenses	26,796,716	50,288,336
Revenue recognition at a point in time less tax paid under deemed profit method	130,498,661	127,927,710
Revenue recognition of real estate lease income on a straight-line basis	14,269,520	17,164,019
Deemed interest expense	43,266,604	55,979,839
Valuation allowance	(5,941,941)	(28,022,499)
Operating lease liability	—	2,805,537
Others	—	418,310
Total deferred tax assets	299,926,361	339,660,888
Deferred tax liabilities:
Revenue recognition over time	(77,968,759)	(84,241,946)
Real estate properties accelerated cost deduction	(1,212,993)	(1,193,345)
Taxable temporary differences arising from asset acquisitions	(307,747,731)	(280,540,093)
Dividend and interest withholding taxes	(52,991,279)	(49,174,479)
Operating lease right-of-use assets	—	(2,950,373)
Others	(61,732)	—
Total deferred tax liabilities	(439,982,494)	(418,100,236)

Certain of the Company’s PRC subsidiaries have PRC tax net operating loss carry forwards of US$173.4 million (2018: US$159.9 million) which will expire in one to ten years, if unutilized. Losses incurred in the U.S. amounting to US$10.3 million (2018: US$1.5 million) can be carried forward for 20 years.

During 2018 and 2019, the Company has considered its operational funding needs, future development initiatives and its dividend distribution plan and is permanently reinvesting all but US$374.4 million and US$491.7 million of its PRC subsidiaries earnings as at December 31, 2018 and 2019 respectively. Accordingly, the Company accrued deferred income tax liabilities of US$37.4 million and US$49.2 million for the withholding tax liability associated with the distribution of retained earnings that are not permanently reinvested as at December 31, 2018 and 2019, respectively. As of December 31, 2018 and 2019, the total amount of undistributed earnings from the Company’s PRC subsidiaries that are considered to be permanently reinvested were US$227.2 million and US$283.7 million, and the related unrecognized deferred tax liabilities were approximately US$22.7 million and US$28.4 million, respectively. The Company’s remaining subsidiaries do not have retained earnings for all the periods presented.

In assessing the ability to realize the deferred tax assets, the Group has considered whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Accordingly, the Group recorded valuation allowances amounting US$5,941,941 and US$28,022,499 as of December 31, 2018 and 2019, respectively.

Share-based compensation

12 Months Ended

Dec. 31, 2019

Share-based compensation

Share-based compensation

16. Share-based compensation

As of December 31, 2019, the Company primarily has three share-based compensation plans under which awards may be granted to both employees and non-employees, namely, the 2007 Long Term Incentive Plan (the “2007 Plan”), 2015 Long Term Incentive Plan (the “2015 Plan”), and 2014 Restricted Stock Unit Plan (the “2014 RSU Plan”). On 31 January 2019, Cayman Property Management Service (Cayman) Ltd., a subsidiary of the Company, operates a restricted share award scheme (the “Scheme”). On September 28, 2019, the Company approved the employee stock option plan of Xinchuang Technology Co. Ltd. (“Xinchuang Technology”). Compensation cost of US$5,621,588 (2017: US$4,894,478, 2018: US$3,382,628) was recorded in general and administrative expenses with a corresponding credit to additional paid-in capital in the year ended December 31, 2019. The compensation cost is primarily regarded as a permanent difference for income tax purposes as relevant equity awards were mainly granted by the Company and a subsidiary, which are registered in the Cayman Islands, a tax-free jurisdiction. Hence, no tax benefit was recognized upon the recognition of compensation cost. The Company has a policy of using authorized shares in the existing pool to satisfy any future exercise of share options and shares repurchased held by a third party trustee to satisfy the RSUs granted under the 2014 RSU Plan.

2007 Plan

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

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

2015 Plan

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

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

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

No options were granted during the years ended December 31, 2018 and 2019, for 2007 Plan and 2015 Plan.

Assumptions

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


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

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

Share Option Activity

As of January 1, 2019, all options granted under 2007 plan were fully vested. The following table is a summary of the Company’s share option activity under the 2007 Plan (in US$, except options):


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

Outstanding, January 1, 2019
1.21 (exercise price)	12,738	1.21	1.95	32,991
1.085 (exercise price)	100,000	1.085	2.50	271,500
1.64 (exercise price)	100,000	1.64	3.87	216,000
1.21 (exercise price)	39,400	1.21	5.50	102,046
1.81(exercise price)	68,000	1.81	6.85	135,320

Granted	—	—	—	—

Exercised
1.085 (exercise price)	40,000	1.085	—	38,893
1.81 (exercise price)	68,000	1.81	—	32,116

Forfeited	—	—	—	—

Outstanding and Exercisable, December 31, 2019

1.21 (exercise price)	12,738	1.21	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

The aggregate intrinsic value in the table above represents the total intrinsic value (the aggregate difference between the Company’s closing stock price of US$1.89 per common share as of December 31, 2019 and the exercise price for in-the-money options) that would have been received by the option holders if all in-the-money options had been exercised on December 31, 2019. As of December 31, 2019, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted to employees, under the 2007 Plan. Total fair value of options vested during the year ended December 31, 2017, 2018 and 2019 was US$40,703, US$33,919 and nil, respectively.

As of January 1, 2019, all options granted under 2015 plan were fully vested, with no option exercised or forfeited during 2019. And there was no new grant during the year ended December 31, 2019. The following table is a summary of the Company's share option activity under the 2015 Plan (in US$, except options):


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

Outstanding, January 1, 2019
1.71(exercise price)	2,796,734	1.71	6.50	5,845,173

Outstanding and Exercisable, December 31, 2019
1.71(exercise price)	2,796,734	1.71	5.50	5,789,239

The aggregate intrinsic value in the table above represents the total intrinsic value (the aggregate difference between the Company’s closing stock price of US$1.89 per common share as of December 31, 2019 and the exercise price for in-the-money options) that would have been received by the option holders if all in-the-money options had been exercised on December 31, 2019. As of December 31, 2019, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted to employees, under the 2015 Plan. Total fair value of options vested during the year ended December 31, 2017, 2018 and 2019 was US$769,798, US$228,534 and nil, respectively.

2014 RSU Plan

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

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

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

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

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

On July 30, 2018, under the 2014 RSU Plan, the Company deposited US$3,976,660 into the trust. The trustee has used the funds to acquire 1,732,466 common shares from the open market as of December 31, 2018. The awards vest ratably over a three-year service vesting period. The aggregate fair value of the restricted shares granted at the grant date shall be recognized as compensation expense using the straight-line method.

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

The weighted average grant-date fair value of restricted shares granted during the years ended December 31, 2017, 2018 and 2019 was US$2.68, US$2.21 and US$2.12, respectively, which was derived from the fair value of the underlying ordinary shares.

Other awards

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

As of December 31, 2019, there were no shares expired and the Group recognized expense relating to the options is immaterial (2018: nil, 2017: nil) in profit or loss during the period.

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

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

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

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

As of December 31, 2019, there were no shares vested, expired and the Group recognized expense relating to the Scheme of US$1,762,927 (RMB12,298,534) (2018: nil, 2017: nil) in profit or loss during the period.

Other payables and accrued liabilities

12 Months Ended

Dec. 31, 2019

Other payables and accrued liabilities

Other payables and accrued liabilities

17. Other payables and accrued liabilities

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


	December 31,	December 31,
	2018	2019
	US$	US$
Contract deposit	107,480,079	98,280,724
Accrued expenses	51,306,223	47,003,084
Debt extinguishment costs	13,761,966	11,665,069
Deed tax and maintenance fund withheld for customers	9,998,534	8,272,296
Bidding deposit	3,723,584	4,213,479
Welfare payable	1,893,635	1,480,963
Other tax payable	14,786,612	26,734,901
Accrued aircraft operating expense	1,415,369	1,654,945
Accrued interest expense	47,214,392	38,893,375
Purchase consideration payable for asset acquisitions and business combinations	75,565,148	66,868,333
Others	13,961,958	18,096,825

Total	341,107,500	323,163,994

Related party and employee transactions

12 Months Ended

Dec. 31, 2019

Related party and employee transactions

18. Related party and employee transactions

(a) Amounts due from related parties


	December 31,	December 31,
	2018	2019
	US$	US$
Current:
Starry Sky	8,052,075	—
I-journey	16,366,841	—
Xitou	14,494,710	—
Xichuang	7,539,604	—
Qingdao Huiju	61,392,033	84,455,456
Henan Hongguang Olympic Real Estate Co., Ltd.	51,340,375	84,031,006
Madison Development Limited	22,988,260	—
Suzhou Wanzhuo’s non-controlling interest holders	27,201,258	—
Taicang Pengchi’s non-controlling interest holders	5,630,819	—
Xinzheng Meihang Network Technology Co., Ltd.	—	22,578,925
Others	1,178,230	9,692,236

Total current amounts due from related party	216,184,205	200,757,623

Non current:
Xinzheng Meihang Network Technology Co., Ltd.	26,122,186	—
Madison Development Limited	—	27,739,567
Suzhou Wanzhuo's non-controlling interest holders	—	18,856,638
Taicang Pengchi's non-controlling interest holders	—	24,624,693
Suzhou Yefang's non-controlling interest holders	—	11,466,128

Total non-current amounts due from related party	26,122,186	82,687,026

Total	242,306,391	283,444,649

As of December 31, 2018, the Company advanced US$7,903,416 of working capital funds to Starry Sky. Of the amount advanced, US$1,100,070 was in the form of unsecured interest bearing loans, which has no fixed payment terms and bears interest at 10%. Accrued interest amounted to US$148,659 as of December 31, 2018. The remaining advances are unsecured and bear no interest. As of December 31, 2019, the Company reclassified advances to long-term investment. On June 6, 2019 the Group and Nanjing Starry Sky (the other shareholder of Starry Sky) agreed to convert the advance into capital contribution.

As of December 31, 2018, the Group advanced US$36,699,899 of working capital funds to I-journey, Xitou and Xichuang, without any fixed payments terms. As of December 31, 2018, US$18,410,797 was in the form of unsecured interest bearing loans, which bears interest from 10% to 12%. Accrued interest amounted to US$1,701,256. The remaining advances are unsecured and bear no interest. During 2019, the Group completed its acquisitions of I-journey, Xitou and Xichuang for a total consideration of US$48,761,943, which is settled by the outstanding advances as of the acquisition date (Note 9). Certain senior management members became non-controlling shareholders of I-journey, Xitou and Xichang upon the completion of the acquisition by a total cash contribution of US$168,430.

As of December 31, 2018 and December 31, 2019, the balances due from Qingdao Huiju , the Company's equity method investee, are related to advances for operational needs without any fixed payment terms. This balance is unsecured, bears no interest, and is expected to be repaid in one year.

Henan Hongguang Olympic Real Estate Co., Ltd. (“Henan Hongguang”) is the non-controlling shareholder of Henan Renxin (Note1), one of the Company’s subsidiaries. As of December 31, 2019, the balance due from Henan Hongguang is related to advances for operational needs without any fixed payment terms. This balance is unsecured, bears no interest, and is expected to be repaid in one year.

Xinzheng Meihang Network Technology Co., Ltd. ("Meihang") is the non-controlling shareholder of Zhengzhou Hangmei Technology Development Co., Ltd. ("Zhengzhou Hangmei"), one of the Company's subsidiaries. As of December 31, 2018, and December 31, 2019, the balances due from Meihang are US$22,944,780 and US$22,578,925, respectively, which have a three year payment terms, and bear interest at 11.5%. In 2019, the Company received interest amounted to US$5,716,045. Accrued interest amounted to US$3,177,406 and nil as of December 31, 2018 and December 31, 2019, respectively.

As of December 31, 2019, the balance due from Madison Development Limited, an equity method investee, amounting to US$21,055,073 is related to advances for operational needs. This balance is unsecured, bears interest at 15%, and has no fixed repayment term. Accrued interest amounted to US$6,684,494 as of December 31, 2019. This balance is expected to be repaid over one year.

On September 12, 2017, the Company sold 80% of its equity interest in Suzhou Wanzhuo to four non-affiliated passive investors for an aggregate cash consideration of US$23,687,327. Pursuant to the updated articles of association, the Company still exercises control over the relevant principal activities of Suzhou Wanzhuo and therefore, continues to consolidate it in its financial statements. As of December 31, 2019, the balances due from the non-controlling interest holders amounting to US$18,856,638 are related to advances for working capital funds. The balances are in the form of an unsecured interest bearing loan, which has no fixed payment terms, and bears interest at 4.75%. Accrued interest is immaterial as of December 31, 2019. This balance is expected to be repaid over one year.

On December 1, 2017, the Company together with seven other non-affiliated companies acquired 100% of Taicang Pengchi for an aggregate cash consideration of US$28,836,311. The Company accounted for the acquisition of Taicang Pengchi as an asset acquisition because the only asset of Taicang Pengchi is the land. Pursuant to the articles of association, the Company exercises control over the relevant significant activities of Taicang Pengchi and therefore, consolidates it in its financial statements. As of December 31, 2019, the balance of due from the non-controlling interest holders amounting to US$24,624,693 are related to advances for working capital funds. This balance is unsecured, bears no interest, and is expected to be repaid over one year.

As of December 31, 2019, the balance due from Suzhou Yefang amounting to US$11,466,128 is related to advances for working capital funds. This balance is unsecured, bears no interest, and is expected to be repaid over one year.

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

(b) Amounts due to related party


	December 31,	December 31,
	2018	2019
	US$	US$
Current:
Suzhou Wanzhuo’s non-controlling interest shareholders	23,447,245	15,997,603
Suzhou Yefang’s non-controlling interest holders	11,902,028	1,496,762
Xinzheng Meihang Network Technology Co., Ltd.	—	27,133,055
Others	13,153,168	9,054,876

Total current amounts due to related party	48,502,441	53,682,296

Non current:
Xinzheng Meihang Network Technology Co., Ltd.	31,241,768	—

Total	79,744,209	53,682,296

As of December 31, 2018 and December 31, 2019, Suzhou Wanzhuo’s non-controlling interest holders advanced US$18,929,073 and US$11,397,546 of working capital funds in aggregate to Suzhou Wanzhuo in the form of an unsecured interest-bearing loan, which has no fixed payment terms, and bears annual interest from 4.25% to 4.75%, respectively. Accrued interest amounted to US$3,913,866 and US$3,131,821 as of December 31, 2018 and December 31, 2019, respectively. The remaining advance amounting to US$1,468,236 for shareholder service is unsecured, bears no interest, and is expected to be paid in one year.

On June 6, 2018, the Company together with 4 other non-affiliated companies acquired 100% of Suzhou Yefang for an aggregate cash consideration of US$15,615,240. The Company accounted for the acquisition of Suzhou Yefang as an asset acquisition because the only asset of Suzhou Yefang is the land. Pursuant to the articles of association, the Company exercises control over the relevant significant activities of Suzhou Yefang and therefore, consolidates it in its financial statements. As of December 31, 2019, the Company repaid the entire payable to its non-controlling shareholders except for accrued interest amounted to US$1,496,762.

Meihang is the non-controlling shareholder of Zhengzhou Hangmei, one of the Company’s subsidiaries. As of December 31, 2018, and December 31, 2019, Meihang advanced US$27,579,790 and US$27,133,055 of working capital funds to Zhengzhou Hangmei in the form of an unsecured interest (10%) bearing loan with a three year payment term. In 2019, the Company repaid interest amounted to US$6,315,967. Accrued interest amounted to US$3,661,978 and nil as of December 31, 2018 and December 31, 2019, respectively.


	December 31,	December 31,
	2018	2019
	US$	US$
Advances to employees	1,694,416	2,350,852

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

(d) Others

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

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

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

For the year ended December 31, 2019, total directors’ remuneration amounted to US$7,036,954 (2017: US$10,634,720; 2018: US$7,056,388).

Equity

12 Months Ended

Dec. 31, 2019

Equity

Equity

19. Equity

(i)

As at December 31, 2019, the Company’s authorized share capital was 500 million common shares, par value US$0.0001 per share (December 31, 2018: 500 million common shares).

(ii)

During the year ended December 31, 2019, 11,715,338 common shares were repurchased at a total cost of US$26,080,876.

(iii)

During the year ended December 31, 2019, the Company distributed quarterly dividends of US$0.05 per common share to common shareholders amounting to a total of US$23,460,775.

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

Earnings per share

12 Months Ended

Dec. 31, 2019

Earnings per share

Earnings per share

20. Earnings per share

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


	December 31,
	2017	2018	2019
	US$	US$	US$
Numerator:
Net income attributable to Xinyuan Real Estate Co., Ltd. Shareholders - basic and diluted	63,627,551	73,034,549	68,344,527
Denominator:
Weighted average number of shares outstanding-basic*	128,704,610	127,129,478	113,482,239
Stock options	1,877,785	1,728,058	618,657
Restricted stock units	1,023,474	283,294	-

Weighted average number of shares outstanding-diluted	131,605,869	129,140,830	114,100,896

Basic earnings per share	0.49	0.57	0.60

Diluted earnings per share	0.48	0.57	0.60

* The restricted shares repurchased by the trustee that are unvested are excluded from the number of shares outstanding for purposes of computing basic earnings per share in accordance with ASC 260. However, these unvested restricted shares are factored into the computation of diluted earnings per share using the treasury stock method.

During the year ended December 31, 2019, nil (2017: 180,000; 2018: nil) stock options, and 876,400 (2017: nil; 2018: 1,019,128) RSUs, were excluded from the calculation of earnings per share, respectively, because their effect would be anti-dilutive.

Segment reporting

12 Months Ended

Dec. 31, 2019

Segment reporting

Segment reporting

21. Segment reporting

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

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

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

No single customer accounted for more than 10% of net sales for the years ended December 31, 2017, 2018 and 2019.

Summary information by operating segment is as follows:


December 31, 2017	Henan	Shandong	Jiangsu	Sichuan	Beijing	Hainan	Hunan	Shanghai	Tianjin	Shaanxi	United States	Guangdong	Others	Consolidated
	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$
Net real estate sales	886,207,602	252,186,589	284,388,321	79,054,170	540,766	87,304,257	133,499,073	973,450	38,646,991	63,283,292	98,476,295	—	-	1,924,560,806
Real estate lease income	3,567,372	183,530	-	-	-	-	6,071	209,186	-	3,832,764	-	19,659	914,217	8,732,799
Real estate management services income	1,505,932	-	-	-	-	-	-	-	-	356,429	-	—	39,875,958	41,738,319
Other revenue	508,891	52,893	21,184	87,307	-	11,396	118,391	5,046	74	-	307,793	—	762,332	1,875,307

Total revenue	891,789,797	252,423,012	284,409,505	79,141,477	540,766	87,315,653	133,623,535	1,187,682	38,647,065	67,472,485	98,784,088	19,659	41,552,507	1,976,907,231
Cost of real estate sales	(607,656,121)	(204,691,234)	(247,765,242)	(71,332,282)	(363,305)	(55,291,475)	(107,834,718)	(664,093)	(23,602,129)	(46,516,108)	(108,350,506)	—	-	(1,474,067,213)
Cost of real estate lease income	(2,170,672)	(348,420)	(3,353,579)	(158,879)	-	-	(174,601)	(332,094)	-	(4,420,100)	-	—	(47,777)	(11,006,122)
Cost of real estate management services	(935,942)	-	-	-	-	-	-	-	-	-	-	—	(30,710,506)	(31,646,448)
Other costs	(227,081)	(10,706)	(127,375)	-	(51,424)	(3,846)	(95,235)	-	-	-	-	(10,342)	(33,226)	(559,235)

Total cost of revenue	(610,989,816)	(205,050,360)	(251,246,196)	(71,491,161)	(414,729)	(55,295,321)	(108,104,554)	(996,187)	(23,602,129)	(50,936,208)	(108,350,506)	(10,342)	(30,791,509)	(1,517,279,018)
Gross profit	280,799,981	47,372,652	33,163,309	7,650,316	126,037	32,020,332	25,518,981	191,495	15,044,936	16,536,277	(9,566,418)	9,317	10,760,998	459,628,213
Operating expenses	(64,061,347)	(10,497,498)	(16,659,076)	(3,772,416)	(44,507,378)	(7,726,269)	(10,099,854)	(747,409)	(6,001,987)	(9,123,653)	(10,597,926)	(680,754)	(28,092,891)	(212,568,458)

Operating income/(loss)	216,738,634	36,875,154	16,504,233	3,877,900	(44,381,341)	24,294,063	15,419,127	(555,914)	9,042,949	7,412,624	(20,164,344)	(671,437)	(17,331,893)	247,059,755
Interest income	11,355,876	338,069	218,937	100,988	516,950	26,443	320,666	268,325	271,527	69,336	-	264	3,371,705	16,859,086
Interest expense	(18,393,523)	(362,759)	(1,829,665)	-	(5,056,962)	-	-	(2,100,301)	(1,214,368)	-	(3,570,310)	—	(33,625,552)	(66,153,440)
Net realized gain on short-term investments	3,110,564	-	7,395	-	9,077	-	-	-	-	-	-	—	4,746,951	7,873,987
Share of (loss)/gain in an equity investee	(1,062,499)	(974,405)	(2,818)	-	-	-	-	-	-	-	-	—	329,652	(1,710,070)
Loss on extinguishment of debt	-	-	-	-	-	-	-	-	-	-	-	—	(15,879,702)	(15,879,702)
Exchange gains	(362,736)	-	-	-	-	-	-	-	-	-	-	—	1,119,662	756,926
Unrealized income on short-term investments	151,003	-	-	-	-	-	-	-	-	-	-	—	1,944,976	2,095,979
Other income	2,326,004	-	-	-	-	-	-	-	-	-	6	—	-	2,326,010
	-
Income/(loss) before income taxes	213,863,323	35,876,059	14,898,082	3,978,888	(48,912,276)	24,320,506	15,739,793	(2,387,890)	8,100,108	7,481,960	(23,734,648)	(671,173)	(55,324,201)	193,228,531
Income tax benefit/(expense)	(77,985,230)	(11,359,619)	(6,913,466)	(812,628)	4,065,308	(10,189,683)	(2,560,610)	686,619	(1,713,343)	(840,827)	8,694,642	145,513	(14,333,802)	(113,117,126)

Net income/(loss)	135,878,093	24,516,440	7,984,616	3,166,260	(44,846,968)	14,130,823	13,179,183	(1,701,271)	6,386,765	6,641,133	(15,040,006)	(525,660)	(69,658,003)	80,111,405

Depreciation and amortization	5,597,930	416,607	3,445,463	218,043	767,841	148,453	185,123	68,648	9,836	1,766,074	232,618	38	870,852	13,727,526
Capital expenditure	5,756,237	11,636	13,725	22,550	2,960,195	1,361	21,262	-	20,322	9,571	257,643	392,779	294,575	9,761,856
Real estate properties development completed	49,708,034	82,128,992	13,625,012	146,791,480	52,675,024	97,350,745	49,346,740	90,003,702	—	127,107,105	131,656,359	—	—	840,393,193
Real estate properties under development	937,340,899	78,988,478	217,051,399	—	200,296,958	—	109,107,637	—	40,379,791	140,257,927	168,236,598	93,205,573	11,135,393	1,996,000,653
Real estate properties held for lease	53,783,548	5,633,936	38,824,172	23,503,438	—	—	50,422,065	4,578,302	—	100,574,370	—	—	613,482	277,933,313

Total long-lived assets	207,599,517	420,656,893	50,598,511	391,437,638	16,714,738	609,466	51,791,292	4,639,263	1,706,170	125,298,084	19,666,135	125,896	23,378,186	1,314,221,789
Total assets	2,715,305,431	693,368,606	459,080,321	584,350,518	296,118,475	108,984,575	266,196,168	103,055,884	98,249,020	440,219,180	354,473,170	93,723,704	171,309,218	6,384,434,270


December 31, 2018	Henan	Shandong	Jiangsu	Sichuan	Beijing	Hainan	Hunan	Shanghai	Tianjin	Shaanxi	United States	Guangdong	Hubei	Liaoning	Others	Consolidated
	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$
Net real estate sales	1,002,960,937	291,763,807	330,352,688	80,701,160	12,314,328	169,606,837	97,162,300	—	86,165,279	58,795,214	8,815,926	—	—	427,072	305,244	2,139,370,792
Real estate lease income	4,463,583	497,354	917,227	86,593	—	—	111,408	641,119	—	2,064,129	—	—	—	—	803,559	9,584,972
Real estate management services income	3,061,093	—	—	—	—	—	—	—	—	2,464,039	—	—	—	—	57,922,288	63,447,420
Other revenue	297,202	4,506	473,667	318,863	2,176,071	476,184	482,597	—	30	—	570,646	—	—	—	348,335	5,148,101

Total revenue	1,010,782,815	292,265,667	331,743,582	81,106,616	14,490,399	170,083,021	97,756,305	641,119	86,165,309	63,323,382	9,386,572	—	—	427,072	59,379,426	2,217,551,285
Cost of real estate sales	(701,238,639)	(228,347,098)	(214,621,791)	(75,842,475)	(9,355,460)	(87,710,266)	(100,986,641)	(57,369)	(56,487,052)	(59,670,857)	(9,357,970)	—	—	(298,443)	—	(1,543,974,061)
Cost of real estate lease income	(2,245,710)	(470,614)	(2,336,287)	(554,861)	—	—	(1,475,782)	(238,406)	—	(1,978,147)	—	—	—	—	(48,809)	(9,348,616)
Real estate management services cost	(2,733,062)	—	—	—	—	—	—	—	—	(2,870,604)	—	—	—	—	(39,016,117)	(44,619,783)
Other costs	(388,790)	(1,224,399)	(94,807)	(435,324)	—	(4,551)	(517,028)	—	—	—	—	—	—	—	(1,465,624)	(4,130,523)

Total cost of revenue	(706,606,201)	(230,042,111)	(217,052,885)	(76,832,660)	(9,355,460)	(87,714,817)	(102,979,451)	(295,775)	(56,487,052)	(64,519,608)	(9,357,970)	—	—	(298,443)	(40,530,550)	(1,602,072,983)
Gross profit	304,176,614	62,223,556	114,690,697	4,273,956	5,134,939	82,368,204	(5,223,146)	345,344	29,678,257	(1,196,226)	28,602	—	—	128,629	18,848,876	615,478,302
Operating expenses	(62,812,091)	(12,610,671)	(15,284,915)	(4,275,577)	(64,432,460)	(12,088,762)	(11,008,482)	(163,680)	(5,904,656)	(5,834,584)	(4,654,552)	(1,185,184)	(1,949,565)	(1,485,827)	(36,356,815)	(240,047,821)

Operating income/(loss)	241,364,523	49,612,885	99,405,782	(1,621)	(59,297,521)	70,279,442	(16,231,628)	181,664	23,773,601	(7,030,810)	(4,625,950)	(1,185,184)	(1,949,565)	(1,357,198)	(17,507,939)	375,430,481
Interest income	23,934,452	478,524	568,283	104,895	1,388,846	22,667	194,297	62,536	230,432	78,014	3,311	5,506	—	5,966	4,147,965	31,225,694
Interest expense	(15,091,954)	—	(1,009,438)	(2,259,789)	(2,137,378)	—	—	(1,689,514)	—	(915,585)	(3,501,863)	—	—	—	(72,640,175)	(99,245,696)
Net realized loss on short-term investments	183,450	—	—	—	—	—	—	—	—	—	—	—	—	—	(3,590,540)	(3,407,090)
Share of loss in an equity investee	(1,342,875)	(1,067,320)	(949,748)	(3,719,920)	—	—	—	—	—	—	—	(1,295,899)	—	—	(998,689)	(9,374,451)
(Loss)/gain on extinguishment of debt	(24,665,987)	—	—	—	—	—	—	—	—	—	—	—	—	—	3,222,038	(21,443,949)
Exchange (loss)/gain	(13,029,174)	—	—	—	(1,544)	—	—	—	—	—	—	—	—	335,310	(12,982,246)	(25,677,654)
Unrealized income on short-term investments	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1,150,200	1,150,200
Other income	(3,773,556)	(162,149)	391,338	4,585,338	(521,424)	32,867	27,078	(1,822)	(948,161)	(120,442)	2,093,750	—	1,180	—	137,735	1,741,732

Income/(loss) before income taxes	207,578,879	48,861,940	98,406,217	(1,291,097)	(60,569,021)	70,334,976	(16,010,253)	(1,447,136)	23,055,872	(7,988,823)	(6,030,752)	(2,475,577)	(1,948,385)	(1,015,922)	(99,061,651)	250,399,267
Income tax benefit/(expense)	(66,585,136)	(24,338,485)	(33,672,476)	(1,312,549)	5,810,925	(33,888,754)	14,764,618	1,503,472	(8,088,479)	1,735,041	3,037,875	(392,906)	(152,722)	689,435	(3,557,106)	(144,447,247)

Net income/(loss)	140,993,743	24,523,455	64,733,741	(2,603,646)	(54,758,096)	36,446,222	(1,245,635)	56,336	14,967,393	(6,253,782)	(2,992,877)	(2,868,483)	(2,101,107)	(326,487)	(102,618,757)	105,952,020

Depreciation and amortization	5,881,359	664,325	2,398,697	553,823	1,506,886	44,773	1,395,291	277,113	150,980	1,888,104	(95,404)	137,262	15,028	8,235	306,403	15,132,875
Capital expenditure	8,700,583	4,689,576	6,226	10,229	2,279,441	—	278	—	290,791	13,183	89,510	—	197,756	58,259	318,555	16,654,387
Real estate property development completed	119,978,648	46,110,853	38,293,044	88,492,260	42,003,855	31,716,745	7,340,408	82,320,988	—	48,352,943	127,749,947	—	—	—	—	632,359,691
Real estate property under development	1,630,532,021	520,017,386	240,985,540	620,344,540	214,011,166	—	113,205,249	—	106,218,839	150,381,455	199,665,838	102,997,747	124,701,587	30,590,778	15,064,162	4,068,716,308
Real estate properties held for lease, net	72,389,385	7,929,336	39,824,983	36,086,237	—	—	47,347,197	4,037,272	—	94,612,752	—	—	—	—	537,055	302,764,217

Total long-lived assets	370,303,455	500,658,792	95,890,366	37,986,138	42,680,909	5,953,273	48,805,523	4,056,266	6,535,427	125,890,353	25,781,516	23,600,985	176,034	337,113	53,834,857	1,342,491,007
Total assets	3,326,001,406	902,384,756	740,208,056	839,829,759	340,188,589	39,269,241	274,708,013	95,034,595	185,400,019	330,029,859	384,883,423	134,196,645	127,532,829	34,993,328	279,052,154	8,033,712,672


December 31, 2019	Henan	Shandong	Shanghai	Sichuan	Beijing	Hainan	Hunan	Shaanxi	United States	Guangdong	Hubei	Liaoning	Property Management	Others	Consolidated
	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$

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

Total revenue	1,396,894,717	276,142,822	283,474,831	86,980,800	130,467,541	43,820,016	158,657,679	13,002,066	1,940,073	9,738,197	—	18,621,886	58,798,108	4,094,076	2,482,632,812
Cost of real estate sales	(1,082,472,232)	(220,925,677)	(201,704,497)	(81,765,082)	(92,849,397)	(31,764,435)	(110,346,111)	(6,510,485)	(1,444,563)	(6,821,557)	(23,397)	(13,440,458)	—	(1,751,402)	(1,851,819,293)
Cost of real estate lease income	(2,348,963)	(561,264)	(2,565,142)	(799,359)	(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

Commitments and contingencies

12 Months Ended

Dec. 31, 2019

Commitments and contingencies

Commitments and contingencies

22. Commitments and contingencies

Other commitments

As of December 31, 2019, the Group had outstanding commitments with respect to non-cancellable construction contracts for real estate development and land use rights purchases as follows:


		Amount
		US$
2020		559,280,163
2021		662,777,841
2022		116,494,755
2023		28,682,333
2024 and thereafter		4,829,879

Total		1,372,064,971

Contingencies

As of December 31, 2019, the Group provided guarantees of US$2,617,194,854 (2018: US$1,988,632,540), in favor of its customers in respect of mortgage loans granted by banks to such customers for their purchases of the Group’s properties where the underlying real estate ownership certificates can only be provided to the banks on a time delay manner due to administrative procedures in the PRC. Pursuant to the terms of the guarantees, upon default in mortgage payments by these purchasers, the Group is responsible to repay the outstanding mortgage principal together with the accrued interest and penalty owed by the defaulted purchasers to the bank and the Group is entitled to take over the legal titles and possession of the related properties. The Group’s guarantee period starts from the date of grant of the relevant mortgage loan and ends upon issuance of real estate ownership certificate which will generally be available within six to twelve months after the purchaser takes possession of the relevant property. The Group paid US$788,644, US$1,659,652, and US$1,782,038 to satisfy guarantee obligations related to customer defaults for the years ended December 2017, 2018 and 2019, respectively.

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

At December 31, 2019, the Group provided financial guarantees for bank loans of two of its equity method investees. The Group could incur losses in the event of defaults under or foreclosure of these loans and its maximum exposure to credit losses is US$202,115,765 (2018: US$280,189,999). The fair value of the guarantees is not significant and the Group considers that in case of default in payments, the net realizable value of the related properties can cover the repayment of the outstanding bank loans together with the accrued interest and penalty and therefore, no provision has been made for the guarantees in the consolidated financial statements.

In May 2019, an authorized entity of local government (the “Government Entity”) sued Beijing Huiju, the original controlling and existing shareholder of one of the Group’s equity method investee, Qingdao Huiju, for disputes in construction contract entered into between the Government Entity and Beijing Huiju. The Government Entity also claimed that Qingdao Huiju is jointly liable for the aforementioned construction contract and a commitment letter issued by Beijing Huiju, and sued both Beijing Huiju and Qingdao Huiju to be jointly and severally liable to a liquidated damage of US$230.9 million stipulated in the commitment letter. Qingdao Huiju received the local court verdict of the first instance in April 2020 which held that Qingdao Huiju shall be jointly and severally liable to the liquidated damages of US$ 230.9 million, and court cost of US$1,167,369. Qingdao Huiju appealed to the verdict in April, 2020. Management believes that the Government Entity’s claims against Qingdao Huiju are without merit and intends to contest vigorously against such claims because the commitment letter was unilaterally issued by Beijing Huiju without any signature or confirmation by Qingdao Huiju. At this stage of the appeal proceedings, Qingdao Huiju cannot predict the outcome of this lawsuit or a judgment against Qingdao Huiju, whether in whole or in part, may result in a loss, if any. An estimate for the reasonably possible loss or a range of reasonably possible losses cannot be made at this time.

In December 2016, 421 Kent Development LLC (“421 Kent”), the property company for the Group’s Oosten project, terminated its contract with its general contractor. The general contractor and various subcontractors have filed lawsuits against 421 Kent and the Company for approximately US$22.0 million, in aggregate, plus punitive damages. In addition, the general contractor filed mechanic’s liens against 421 Kent and the Company for approximately US$8.0 million. 421 Kent has answered the claims and believes the contractors’ claims and liens are without merit and intends to contest vigorously such claims. At this stage of the proceedings, 421 Kent cannot predict the outcome of this lawsuit or a judgment against 421 Kent, whether in whole or in part, may result in a loss, if any. An estimate for the reasonably possible loss or a range of reasonably possible losses cannot be made at this time.

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

Concentration of risk	12 Months Ended
Concentration of risk	Dec. 31, 2019
Concentration of risk
Concentration of risk	23. Concentration of risk The Group’s operations are conducted mainly in the PRC. Starting in 2012, a relatively smaller portion of the Group’s operations is conducted in the United States. Accordingly, the Group’s business, financial condition and results of operations is primarily influenced by the political, economic and legal environments in the PRC and by the general state of the PRC economy. The Group’s operations in the PRC are subject to special considerations and significant risks. These include risks associated with, among others, the political, economic and legal environments and foreign currency exchange. The Group’s results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. The Group transacts most of its business in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. On July 21, 2005, the PRC government changed its decade-old policy of pegging the value of the RMB to the US$. Under the new policy, the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. This change in policy has resulted in a 15.7% appreciation of the RMB against the US$ from July 21, 2005 to December 31, 2019. To the extent that the Company needs to convert US$ into RMB for capital expenditures and working capital and other business purposes, appreciation of RMB against US$ would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if the Company decides to convert RMB into US$ for the purpose of making payments for dividends on ordinary shares, strategic acquisitions or investments or other business purposes, appreciation of US$ against RMB would have a negative effect on the US$ amount available to the Company. In addition, a significant depreciation of the RMB against the US$ may significantly reduce the US$ equivalent of the Company’s earnings or losses. The Group offers certain homebuyers seller-financing arrangements. All the homebuyers that entered into such arrangements were subject to credit verification procedures. In addition, accounts receivable balances are unsecured, but monitored on an ongoing basis via the Group’s management reporting procedures. The Group provides longer payment terms to particular home buyers after applying strict credit requirements based on the Group’s credit policy. As of December 31, 2018 and 2019, there is no concentration of credit risk with respect to receivables and the Group does not have a significant exposure to any individual debtor. In 2013, PRC banks tightened the conditions on which mortgage loans are extended to homebuyers. Therefore, mortgage loans for homebuyers have been subject to longer processing periods or even denied by the banks. The Group monitors its homebuyers’ outstanding mortgage loans on an ongoing basis via the Group’s management reporting procedures and took the position that contracts with underlying mortgage loans with processing periods exceeding one year shall not be considered when recognizing revenue on an over time basis (Note 2(h) for further detail). As a result, sales contracts of 280 apartments were excluded when determining revenue to be recognized in 2019. In addition, no single customer or supplier accounted for more than 10% of revenue or project expenditures for the years ended December 31, 2017, 2018 and 2019.

Non-controlling interests

12 Months Ended

Dec. 31, 2019

Non-controlling interests

Non-controlling interests

24. Non-controlling interests

As of December 31, 2018, the non-controlling interests consisted of the following:


			December 31,
	Ownership		2018
			US$
Shaanxi Zhongmao Economy Development Co., Ltd.	34.02	%	3,264,319
Taicang Pengchi Real Estate Co., Limited. (Note 18(a))	83.00	%	(25,096,542)
Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. (Note 18(a.b))	80.00	%	(27,912,339)
Henan Renxin Real Estate Co., Ltd.	49.00	%	—
Suzhou Yefang Real Estate Co., Limited. (Note 18(a.b))	79.99	%	(11,652,185)
Others			(3,877,921)

Total			(65,274,668)

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


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

Total			(101,650,383)

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References + Details

Subsequent events	12 Months Ended
Subsequent events	Dec. 31, 2019
Subsequent events
Subsequent events	25. Subsequent events Since January 2020, the coronavirus pandemic ("the COVID-19") has spread across China and other countries, governments have implemented a series of measures including travel restrictions and quarantines to contain COVID-19, which adversely affected the real estate industry where the Group operates. We currently believe our first quarter results of operations will be negatively impacted by these developments. The development and evolution of the COVID-19 in China and globally still has great uncertainty in the duration and severity, which may further amplify and delay the impact on the recovery of the real estate industry. Given the uncertainty about the situation, the Group currently cannot estimate the impact to the 2020 financial performance and cash flows.

Condensed financial information of the Company

12 Months Ended

Dec. 31, 2019

Condensed financial information of the Company

Condensed financial information of the Company

26. Condensed financial information of the Company

The condensed financial statements of Xinyuan Real Estate Co., Ltd. have been prepared in accordance with U.S. GAAP. Under the PRC laws and regulations, the Company’s PRC subsidiaries are restricted in their ability to transfer certain of their net assets to the Company in the form of dividend payments, loans or advances. The amounts restricted include paid-in capital and statutory reserves, as determined pursuant to PRC generally accepted accounting principles, totaling US$879,070,803 as of December 31, 2019 (2018: US$777,376,696).

Condensed Balance Sheets


	Year ended December 31
	2018	2019
	US$	US$

ASSETS

Current assets
Cash and cash equivalents	93,606,791	28,591,381
Other receivables	665,428	10,928
Other current assets	250,569	77,649
Due from subsidiaries	667,811,964	455,222,231
Due from related parties	348,076	—

Total current assets	762,682,828	483,902,189

Investments in subsidiaries	1,142,335,163	1,338,730,125

TOTAL ASSETS	1,905,017,991	1,822,632,314

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities
Short-term bank loan	—	19,900,000
PRC income tax payable	13,388	13,388
PRC other tax payable	902,190	902,190
Other payable and accrued liabilities	24,090,605	27,612,109
Current portion of long-term bank loan and other debt	397,039,358	423,131,157
Payroll and welfare payables	2,817,136	2,220,113

Total current liabilities	424,862,677	473,778,957

Long term bank loan	3,178,000	100,440,000
Other long-term debt	796,606,833	558,111,718

Total liabilities	1,224,647,510	1,132,330,675

Shareholders’ equity
Common shares, $0.0001 par value:
Authorized‑500,000,000 shares, issued and outstanding- 107,875,468 shares for 2019 (2018: 119,805,636 shares)	16,399	16,410
Treasury shares	(87,639,088)	(113,719,964)
Additional paid-in capital	532,117,479	543,290,577
Retained earnings	235,875,691	260,714,616

Total shareholders’ equity	680,370,481	690,301,639

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	1,905,017,991	1,822,632,314

Condensed Statements of Comprehensive Income


	Year ended December 31
	2017	2018	2019
	US$	US$	US$
General and administrative expenses	(13,781,596)	(9,877,059)	(9,509,893)

Operating loss	(13,781,596)	(9,877,059)	(9,509,893)
Interest expense	(65,387,198)	(105,990,420)	(107,382,764)
Interest income	3,200,520	1,221,465	1,682,189
Net (loss)/gain on debt extinguishment	(15,879,702)	3,267,457	536,011
Gain on short-term investments	—	—	27,099
Other expenses/(income)	1,114,517	(11,135,488)	(20,106,250)
Equity in profit of subsidiaries, net	154,361,010	195,548,594	203,098,135

Income from operations before income taxes	63,627,551	73,034,549	68,344,527
Income taxes	—	—	—

Net income attributable to common shareholders	63,627,551	73,034,549	68,344,527

Other comprehensive income/(loss), net of tax of nil
Foreign currency translation adjustments	63,908,624	(59,347,915)	(20,044,827)

Comprehensive income attributable to shareholders	127,536,175	13,686,634	48,299,700

Condensed Statements of Cash Flows


	Year ended December 31
	2017	2018	2019
	US$	US$	US$
Cash flows from operating activities:
Net income	63,627,551	73,034,549	68,344,527
Adjustment to reconcile net income to net cash used in operating activities:
Equity in profit of subsidiaries, net	(154,361,010)	(195,548,594)	(203,098,135)
Stock based compensation expense	4,266,373	3,152,908	3,782,307
Amortization of deferred charges	4,036,412	7,415,821	7,445,276
Loss on extinguishment of debt	15,879,702	(3,267,457)	(536,011)
Other receivables	—	(665,428)	654,500
Other current assets	(2,214)	(203,789)	172,920
Other payable and accrued liabilities	4,874,134	7,342,974	(291,915)
Payroll and welfare payables	2,893,230	(590,356)	(597,023)
Amount due from related parties	(561,872)	213,796	348,076
Net cash used in operating activities	(59,347,694)	(109,115,576)	(123,775,478)

Cash flows from financing activities:
Changes in due from subsidiaries	(326,904,897)	53,143,354	212,589,733
Proceeds from short-term bank loans	24,294,636	—	19,900,000
Repayments of long-term bank loans	—	(13,250,000)	(110,311,908)
Proceeds from long-term bank loans	—	3,178,000	100,440,000
Proceeds from other long-term debts	603,179,617	200,000,000	300,000,000
Repayment of other long-term debts	(201,002,731)	—	(413,300,000)
Purchase of treasury shares	(14,058,280)	(19,846,720)	(26,080,876)
Dividends to shareholders	(26,090,734)	(25,739,147)	(19,647,356)
Payment of financing cost	(26,952,084)	(4,082,815)	(2,075,789)
Purchase of shares under RSU plan	—	(7,797,949)	(2,920,216)
Proceeds from exercise of stock options	6,111,912	1,390,666	166,480

Net cash provided by financing activities	38,577,439	186,995,389	58,760,068

Net (decrease)/increase in cash and cash equivalents	(20,770,255)	77,879,813	(65,015,410)
Cash and cash equivalents, at the beginning of the year	36,497,233	15,726,978	93,606,791

Cash and cash equivalents, at end of the period	15,726,978	93,606,791	28,591,381

(a) Basis of presentation

In the company-only financial statements, the Company’s investment in subsidiaries is stated at cost plus its equity interest in undistributed earnings of subsidiaries since inception. The company-only financial statements should be read in conjunction with the Company’s consolidated financial statements.

The Company records its investment in its subsidiaries under the equity method of accounting as prescribed in ASC 323, Investment-Equity Method and Joint Ventures. Such investment is presented on the balance sheet as “Investments in subsidiaries” and share of the subsidiaries’ profit or loss as “Equity in profit of subsidiaries, net” on the condensed statements of comprehensive income.

The subsidiaries did not pay any dividends to the Company for the periods presented.

(b) Related party transactions

As of December 31, 2018 and 2019, the Company had US$551,155,875 and US$338,566,142 due from its wholly-owned subsidiaries. These amounts mainly reflect intercompany loans from the Company to Xinyuan Real Estate, Ltd. While intercompany loans have no fixed payments terms, the Company has a legal enforceable right to demand payment at any time, and Xinyuan Real Estate, Ltd. has the ability to repay the outstanding balance on demand.

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

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.

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References + Details

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2019

Summary of significant accounting policies

The Company and basis of presentation and consolidation

(a) The Company and basis of presentation and consolidation

Ruihao Rongtong

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


		December 31,
		2018
		US$
Current assets		174,366,164
Non-current assets		247,753
Total assets		174,613,917

Current liabilities		151,609,433
Non-current liabilities		—

Total liabilities		151,609,433

The financial performance and cash flows of the VIE are as follows:


		Year ended
		December 31,
		2018
		US$
Revenue		—
Cost of revenue		—
Net loss		(4,786,363)
Net cash used in operating activities		(8,804,491)
Net cash used in investing activities		—
Net cash provided by financing activities		8,949,715

Nil revenue contributed by Ruihao Rongtong to the Company’s consolidated revenues for the years ended December 31, 2018.

Yuzhouyun

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


	December 31,	December 31,
	2018	2019
	US$	US$
Current assets	5,775,479	2,214,155
Non-current assets	3,557,562	4,244,195
Total assets	9,333,041	6,458,350

Current liabilities	11,808,683	13,967,333
Non-current liabilities	—	—

Total liabilities	11,808,683	13,967,333

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


	Year ended	Year ended
	December 31,	December 31,
	2018	2019
	US$	US$
Revenue	7,991,038	12,555,974
Cost of revenue	(1,559,129)	(3,682,899)
Net loss	(1,929,266)	(1,796,997)
Net cash provided by operating activities	519,050	368,379
Net cash used in investing activities	(255,509)	(1,885)
Net cash used in financing activities	—	(52,503)

Yuzhouyun contributed US$591,628 and US$2,558,430 of the Company’s consolidated revenues for the year ended December 31, 2018 and December 31, 2019, respectively.

Use of Estimates

(b) Use of Estimates

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, 2019, the Group held US$112,998,481 (December 31, 2018: nil) in its bank accounts with withdrawal restriction for its long-term loans (Note 11).

Real estate properties development completed and under development

(g) Real estate properties development completed and under development

For the periods presented, the Group did not recognize any impairment for real estate properties completed and under development.

Revenue recognition

(h) Revenue recognition

Real estate sales

Real estate management services income

Real estate management lease income

Other revenue

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


	2018	2019
	US$	US$
Real estate sales	2,139,370,792	2,387,031,568
Real estate management services income	63,447,420	67,488,169
Other revenue	5,148,101	11,984,304
Revenue from contracts with customers	2,207,966,313	2,466,504,041

Real estate lease income	9,584,972	16,128,771

Total revenue	2,217,551,285	2,482,632,812

Contract assets

Contract liabilities

The following table presents the Group's contract balances as of December 31, 2018 and 2019:


	December 31, 2018	December 31, 2019
Contract assets	21,779,221	23,093,235
Customer deposits (note 14)	1,921,851,255	1,106,098,647

The amount of revenue recognized during the year ended December 31, 2019 and included in the customer deposits as of December 31, 2018 is US$1,188,040,187.

Impact of adoption of ASC 606

The following table summarizes the impact of adopting ASC 606 on consolidated statement of comprehensive income as of and for the year ended December 31, 2018.


	December 31, 2018
	Amounts
	without	Effects of
	adoption	adoption	Amounts
	of ASC606	of ASC606	as reported
Consolidated statement of comprehensive income
Revenue	1,896,940,997	320,610,288	2,217,551,285
Cost of revenue	(1,499,457,049)	(102,615,934)	(1,602,072,983)
Selling and distribution expenses	(90,805,960)	7,214,309	(83,591,651)
General and administrative expenses	(155,805,869)	(650,301)	(156,456,170)
Income taxes	(93,887,973)	(50,559,274)	(144,447,247)
Net income/(loss)	(68,047,068)	173,999,088	105,952,020

Accounts receivable

(i) Accounts receivable

Other receivables

(j) Other receivables

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

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, 2017, 2018 and 2019, was as follows:


	2017	2018	2019
	US$	US$	US$
Amortization of issuance cost related to long-term debt	4,384,801	8,624,334	8,132,103
Interest expense of finance leases	1,705,739	1,385,292	973,842
Interest on borrowings	197,410,532	271,831,465	308,747,957

Total interest costs	203,501,072	281,841,091	317,853,902
Total interest costs capitalized	(137,347,632)	(182,595,395)	(204,078,542)

Interest expense, net	66,153,440	99,245,696	113,775,360

Retirement benefits

(t) Retirement benefits

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

Property warranty

Lessor

(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, 2019

Background information of business and organization

Schedule of Subsidiaries and its Consolidated Variable Interest Entities

As of December 31, 2019, principal subsidiaries of the Company and its consolidated variable interest entities included the following entities:



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



				Percentage of
	Registered Place			Equity
	and Date of	Registered		Attributable		Principal
Company Name	Incorporation	Capital		to the Group		Activities
Subsidiary companies:
Xinyuan Renju (Beijing) Asset Management Co., Ltd.	PRC January 16, 2009	RMB	30,000,000	100	%	Management consulting service

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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

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

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

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

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

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

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

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

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

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

Zhengzhou Hangmei Zhengxing Technology Co., Ltd. (4)	PRC March 28, 2016	RMB	50,000,000	30	%	Real estate consulting services

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

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

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

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

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

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

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

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

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

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

Hunan Huaiwei Business Management Co., Ltd. (1)	PRC September 13, 2017	RMB	2,000,000	51	%	Retail store

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



				Percentage of
	Registered Place			Equity
	and Date of	Registered		Attributable		Principal
Company Name	Incorporation	Capital		to the Group		Activities
Subsidiary companies:
Xi'an Jinbian Shunsheng Real Estate Co., Ltd. (2)	The PRC December 6, 2017	RMB	20,000,000	70	%	Real estate development

Suzhou Yuxi Real Estate Co., Limited.	The PRC March 5, 2018	RMB	100,000,000	20	%	Real estate development

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Beijing I-Journey Science and Technology Development Co., Ltd.("I-Journey") (3)	The PRC October 20,2015	RMB	40,000,000	93	%	Development and sales of robots

Beijing Ruizhuo Xichuang Technology Development Co., Ltd.("Xichuang") (3)	The PRC July 16,2015	RMB	30,000,000	93	%	Real estate brokerage

Beijing Ruizhuo Xitou Development Co., Ltd. (" Xitou") (3)	The PRC July 16,2015	RMB	30,000,000	85	%	Internet platform for real estate property financing

Beijing Future Xinzhihui Technology Development Center (Limited Partnership) (" Xinzhihui") (3)	The PRC December 16,2016	RMB	30,000,000	90.67	%	Investment holding company

Beijing Future Xinhujin Technology Development Center (Limited Partnership) ("Xinhujin") (3)	The PRC December 30,2016	RMB	20,000,000	89.5	%	Investment holding company

Beijing Future Xinruifeng Technology Development Center (Limited Partnership) ("Xinruifeng ") (3)	The PRC February 23,2017	RMB	20,000,000	77.5	%	Investment holding company

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

VIE:

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

(1)

Liquidated on December 10, 2019.

(2)

Liquidated on June 10, 2019.

(3)

Acquired on November 30,2019.

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Information Related to VIE's

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


		December 31,
		2018
		US$
Current assets		174,366,164
Non-current assets		247,753
Total assets		174,613,917

Current liabilities		151,609,433
Non-current liabilities		—

Total liabilities		151,609,433

The financial performance and cash flows of the VIE are as follows:


		Year ended
		December 31,
		2018
		US$
Revenue		—
Cost of revenue		—
Net loss		(4,786,363)
Net cash used in operating activities		(8,804,491)
Net cash used in investing activities		—
Net cash provided by financing activities		8,949,715

Disaggregation of Revenue

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


	2018	2019
	US$	US$
Real estate sales	2,139,370,792	2,387,031,568
Real estate management services income	63,447,420	67,488,169
Other revenue	5,148,101	11,984,304
Revenue from contracts with customers	2,207,966,313	2,466,504,041

Real estate lease income	9,584,972	16,128,771

Total revenue	2,217,551,285	2,482,632,812

Contract with Customer, Asset and Liability

The following table presents the Group's contract balances as of December 31, 2018 and 2019:


	December 31, 2018	December 31, 2019
Contract assets	21,779,221	23,093,235
Customer deposits (note 14)	1,921,851,255	1,106,098,647

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


	December 31, 2018
	Amounts
	without	Effects of
	adoption	adoption	Amounts
	of ASC606	of ASC606	as reported
Consolidated statement of comprehensive income
Revenue	1,896,940,997	320,610,288	2,217,551,285
Cost of revenue	(1,499,457,049)	(102,615,934)	(1,602,072,983)
Selling and distribution expenses	(90,805,960)	7,214,309	(83,591,651)
General and administrative expenses	(155,805,869)	(650,301)	(156,456,170)
Income taxes	(93,887,973)	(50,559,274)	(144,447,247)
Net income/(loss)	(68,047,068)	173,999,088	105,952,020

Schedule Of Useful Lives

Estimated useful lives of the assets are as follows:


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

Schedule Of Interest Expense

As a result of the total interest costs capitalized during the period, the interest expense for the years ended December 31, 2017, 2018 and 2019, was as follows:


	2017	2018	2019
	US$	US$	US$
Amortization of issuance cost related to long-term debt	4,384,801	8,624,334	8,132,103
Interest expense of finance leases	1,705,739	1,385,292	973,842
Interest on borrowings	197,410,532	271,831,465	308,747,957

Total interest costs	203,501,072	281,841,091	317,853,902
Total interest costs capitalized	(137,347,632)	(182,595,395)	(204,078,542)

Interest expense, net	66,153,440	99,245,696	113,775,360

Beijing Yuzhouyun Technology Development Center [Member]

Schedule of Information Related to VIE's

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


	December 31,	December 31,
	2018	2019
	US$	US$
Current assets	5,775,479	2,214,155
Non-current assets	3,557,562	4,244,195
Total assets	9,333,041	6,458,350

Current liabilities	11,808,683	13,967,333
Non-current liabilities	—	—

Total liabilities	11,808,683	13,967,333

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


	Year ended	Year ended
	December 31,	December 31,
	2018	2019
	US$	US$
Revenue	7,991,038	12,555,974
Cost of revenue	(1,559,129)	(3,682,899)
Net loss	(1,929,266)	(1,796,997)
Net cash provided by operating activities	519,050	368,379
Net cash used in investing activities	(255,509)	(1,885)
Net cash used in financing activities	—	(52,503)

- 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, 2019

Short-term investments

Schedule of Short-term Investments


	December 31, 2018
	US$
	Fair		Unrealized
	value	Cost	gain in profit
Level 1
REITs	8,442,063	7,291,863	1,150,200
Total	8,442,063	7,291,863	1,150,200


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

Other receivables (Tables)

12 Months Ended

Dec. 31, 2019

Other receivables

Schedule of Other Receivables


		December 31, 2019
		US$
Henan Derun Real Estate Co. Ltd (“Henan Derun”)		124,436,299
Zhengzhou Jiahe Real Estate Co. Ltd (“Zhengzhou Jiahe”)		67,429,462
Zhangjiakou Xingyuan City Construction Development Co. Ltd		19,696,568
Huzhou Xinhong Jingcheng Construction and Development Co. Ltd		16,369,944
Due from contractors		24,444,823
Others		34,923,080

Other receivables		287,300,176

Real estate properties development completed and under development (Tables)

12 Months Ended

Dec. 31, 2019

Real estate properties development completed and under development

Schedule of components of real estate properties development completed and under development

The following summarizes the components of real estate properties development completed and under development at December 31, 2018 and 2019:


	December 31,	December 31,
	2018	2019
	US$	US$
Development completed:
Zhengzhou Century East A	4,000,881	3,913,910
Suzhou International City Garden	1,460,187	1,579,238
Jinan Xinyuan Splendid	4,952,551	5,175,618
Zhengzhou Xin City	14,946,209	11,094,087
Beijing Xindo Park	42,003,855	41,462,271
Suzhou Lake Royal Palace	4,880,245	4,966,527
Xingyang Splendid I	16,616,861	3,201,168
Zhengzhou Thriving Family	14,908,355	11,397,709
Shanghai Yipin Royal Palace	82,320,988	80,709,011
New York Oosten	127,749,947	1,201,783
Chengdu Thriving Family	88,492,260	64,327,235
Sanya Yazhou Bay No.1	31,716,745	6,627,299
Xi’an Metropolitan	48,352,943	43,103,208
Kunshan Royal Palace	8,279,289	5,742,133
Jinan Xin Central	41,158,302	29,175,427
Changsha Xinyuan Splendid	7,340,408	7,540,854
Zhengzhou Fancy City II (South)	151,224	1,263,824
Kunshan Xindo Park	23,673,323	8,251,834
Zhengzhou Xindo Park	13,794,988	8,301,650
Zhengzhou Fancy City I	19,329,493	17,254,407
Henan Xin Central I	36,230,637	14,913,267
Xuzhou Colorful City	—	5,547,620
Henan Xin Central II	—	9,884,003
Zhengzhou International New City I	—	17,458,454
Zhengzhou International New City II	—	17,044,177
Tianjin Spring Royal Palace I	—	19,221,577
Xingyang Splendid Phase II	—	15,283,105
Xingyang Splendid Phase III	—	2,563,122
Real estate properties development completed	632,359,691	458,204,518
Under development:
Current:
Xuzhou Colorful City	49,972,999	—
Xingyang Splendid II	44,074,338	—
Xingyang Splendid III	62,771,683	—
Xingyang Splendid IV	11,743,049	46,472,092
Jinan Royal Palace	328,737,914	223,967,341
Tianjin Spring Royal Palace I	101,091,391	—
Henan Xin Central II	99,196,076	—
Zhengzhou Fancy City II(North)	77,295,404	95,360,634
Zhengzhou International New City I	339,890,348	—
Zhengzhou International New City II	171,711,098	—
Tongzhou Xinyuan Royal Palace	214,011,166	234,987,743
Changsha Mulian Royal Palace	108,637,317	—
XIN Eco Marine Group Properties Sdn Bhd	15,064,162	27,488,080
Hudson Garden Project	106,844,124	123,555,996
Flushing Project	92,821,714	107,304,741
Changsha Furong Thriving Family	39,054,048	15,540,229
Zhengzhou International New City III A	86,999,855	110,507,107
Zhuhai Xin World	102,997,747	153,864,698
Xinyuan Chang’an Royal Palace	144,771,923	157,044,224
Kunshan Xinyu Jiayuan	159,974,516	146,779,965
Zhengzhou International New City Pending Staging	238,835,232	376,230,958
Zhengzhou Hangmei International Wisdom City I	91,069,505	75,943,506
Xinyuan Golden Water View City	428,430,649	438,686,015
Suzhou Galaxy Bay	51,739,509	62,557,317
Xi’an Metropolitan II	5,609,532	5,903,626
Zhengzhou International New City III B	94,547,682	19,164,288
Zhengzhou International New City III C	99,240,244	88,758,649
Zhengzhou International New City III D	42,706,005	8,416,916
Tianjin Spring Royal Palace II	70,891,230	62,093,526
Zhengzhou Fancy City III	89,529,453	79,922,540
Jinan Royal Spring Bay	119,400,947	135,015,228
Suzhou Gusu Shade I (Suzhou New Project)	39,163,694	45,267,243
Wuhan Canglong Royal Palace (Wuhan New Project)	124,701,587	141,707,492
Dalian International Health Technology Town I	33,796,959	85,174,478
Qingdao Royal Dragon Bay	246,387,446	212,457,554
Chengdu Xinyuan City	688,987,085	723,555,656
Zhengzhou International New City IV	176,269,525	220,859,532
Xingyang Splendid V	45,984,974	31,136,007
Xingyang Splendid Building 46	4,836,734	7,997,771
Foshan Xinchuang AI International Science and Technology Innovation Valley	—	225,362,486
	5,049,788,864	4,489,083,638
Profit recognized	348,170,931	301,358,319
Less: progress billings (Note 14)	(1,329,243,487)	(1,536,054,208)
Total real estate properties under development	4,068,716,308	3,254,387,749
Total real estate properties development completed and under development	4,701,075,999	3,712,592,267

- Definition

Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.

+ References + Details

Real estate properties held for lease, net (Tables)

12 Months Ended

Dec. 31, 2019

Real estate properties held for lease, net

Schedule of real estate properties held for lease, net


	December 31,	December 31,
	2018	2019
	US$	US$
Elementary schools	3,107,711	3,057,371
Basement parking	9,633,568	14,694,085
Kindergartens	10,194,286	10,049,512
Parking facilities	55,941,369	100,036,672
Clubhouses	7,789,415	8,574,329
Shopping mall	243,346,989	290,610,416
Residential properties	—	124,280,030
Others	2,972,811	2,924,658
Total costs	332,986,149	554,227,073
Accumulated depreciation	(30,221,932)	(38,358,165)
Real estate properties held for lease, net	302,764,217	515,868,908

Schedule of minimum future rental income on non-cancellable leases


Year		Amount
		US$
2020		15,986,263
2021		15,587,876
2022		14,786,872
2023		13,728,432
2024 and thereafter		107,158,511
Total		167,247,954

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2019

Property and equipment, net

Schedule of Property and equipment, net


	December 31,	December 31,
	2018	2019
	US$	US$
Finance lease right-of-use asset -Corporate aircraft	37,494,502	36,887,168
Vehicles	5,109,037	5,069,515
Furniture and fixtures	12,580,384	10,523,537
Office buildings	10,994,284	21,842,187
Total	66,178,207	74,322,407
Accumulated depreciation	(28,063,724)	(31,318,028)
Property and equipment, net	38,114,483	43,004,379

- Definition

Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

+ References + Details

Long-term investment (Tables)

12 Months Ended

Dec. 31, 2019

Long-term investment

Schedule of Long-term Investment

As of December 31, 2018 and 2019, the long-term investment consisted of the following:


		December 31,
	Initial Cost	2018
	US$	US$
Nonmarketable equity securities
Zhengzhou Lianhe Real Estate Co., Ltd.	241,648	291,409
Zhengzhou Taike Real Estate Co., Ltd.	738,073	728,523
Equity method investees
Qingdao Huiju Zhihui City Industrial Development Co., Ltd.	505,162,873	478,778,879
Wuhu Penghong Investment Center (Limited Partnership)	30,608,185	23,613,358
Madison Developments Limited.	19,095,969	16,743,122
Others	59,289,036	44,184,928
Total		564,340,219


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

Schedule of equity method investees


		December 31,
		2019
		US$
		(in thousands)
Current assets		1,413,713
Noncurrent assets		411,764
Current liabilities		499,078
Non-current liabilities		460,617
Non-controlling interest		5,778
Gross revenue		68,353
Gross profit		14,976
Loss from continuing operations		(5,928)
Net loss		(10,691)
Net loss attributable to the Company		(11,614)

Acquisition of subsidiaries (Tables)

12 Months Ended

Dec. 31, 2019

2018 Acquisitions Activity [Member]

Schedule of Fair Value of Assets Acquired and Liabilities Assumed


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

(i)

2019 Acquisitions Activity [Member]

Schedule of Fair Value of Assets Acquired and Liabilities Assumed


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

(1)

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

Xinruifeng,Xinhujin and Xinzhihui are parents of Xitou, Xichuang and I-journey.

Short-term bank loans and other debt (Tables)

12 Months Ended

Dec. 31, 2019

Short-term bank loans and other debt

Schedule of short-term bank loans and other debt


	December 31,	December 31,
	2018	2019
	US$	US$
Loan from The Bank of East Asia
Due January 2, 2020, at 1.10% plus 1 month LIBOR	—	19,900,000

Loan from Henan Zhongyuan Microfinance Co., Ltd.
Due July 26, 2019, at 11.60% per annum	7,285,231	—

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

Loan from Hua Xia Bank Co., Ltd.
Due May 30, 2020, at 6.5250% per annum	—	8,600,671

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

Loan from Kunlun Trust Co., Ltd.
Due June 28, 2019, at 10.50% per annum	36,426,157	—

Loan from Zhongyuan Commercial Factoring Co., Ltd.
Due January 30, 2020, at 10.00% per annum	—	28,668,902
Loan from Tianjin financial exchange center Co., Ltd. at 9.00% per annum		189,215
Loan from Tianjin financial exchange center Co., Ltd. at 8.50% per annum		51,604
Loan from Tianjin financial exchange center Co., Ltd. at 8.00% per annum	—	240,819

Total short-term bank loans and other debt	43,711,388	73,419,108

- Definition

Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

+ References + Details

Long-term bank loans (Tables)

12 Months Ended

Dec. 31, 2019

Debt Instrument [Line Items]

Schedule of Long-Term Bank Loans


	December 31,	December 31,
	2018	2019
	US$	US$
Loan from ICBC
Due December 26, 2021, at 6.175% per annum	116,560,788	66,890,284
Due December 22, 2021, at 6.175% per annum	58,284,765	33,448,009
Due December 30, 2021, at 6.60% per annum	53,619,303	30,770,333
Due December 22, 2021, at 9.80% per annum	58,281,851	33,448,009
Due July 23, 2022, at 4.75% per annum	—	14,334,451
	286,746,707	178,891,086
Loan from China Guangfa Bank
Due July 17, 2021, at 6.175% per annum	—	18,048,508
Due October 20, 2019, at 6.4125% per annum	10,490,733	—
	10,490,733	18,048,508
Loan from Bank of China
Due March 30, 2020, at 6.65% per annum	33,512,064	7,167,226
Due October 31, 2021 at 4.75% per annum	64,110,036	50,457,269
	97,622,100	57,624,495
Loan from Bank of Beijing
Due February 14, 2020 at 4.75% per annum	42,810,934	32,372,065
Loan from The Bank of East Asia
Due June 1, 2019, at 1.10% plus 1 month LIBOR	9,675,654	—
Due June 5, 2019, at 1.10% plus 1 month LIBOR	10,000,000	—
Due August 15, 2019, at 1.10% plus 1 month LIBOR	20,000,000	—
Due August 30, 2019,at 1.10% plus 1 month LIBOR	9,700,000	—
Due September 19, 2019, at 1.10% plus 1 month LIBOR	2,220,000	—
Due January 9, 2020, at 1.10% plus 1 month LIBOR	3,178,000	3,178,000
Due June 2, 2019, at 1.10% plus 1 month LIBOR	34,421,617	—
Due September 27, 2019, at 1.10% plus 3 month LIBOR	24,294,636	—
Due June 4, 2021, at 1.10% plus 1 month LIBOR	—	22,500,000
Due June 6, 2021, at 1.10% plus 1 month LIBOR	—	30,000,000
Due August 20, 2021, at 1.10% plus 1 month LIBOR	—	19,170,000
Due September 27, 2021, at 1.10% plus 1 month LIBOR	—	9,100,000
Due October 20, 2021, at 1.10% plus 1 month LIBOR	—	2,100,000
Due October 27, 2021, at 1.10% plus 1 month LIBOR	—	17,570,000
	113,489,907	103,618,000
Loan from Ping An Bank Co., Ltd.
Due May 31, 2021, at 6.8875% per annum	116,417,997	80,272,928
Due May 27, 2021, at 7.3625% per annum	14,570,463	9,890,771
Due March 27, 2022, at 6.9825% per annum	—	39,405,407
	130,988,460	129,569,106
Loan from China Construction Bank
Due July 2, 2021, at 6.65% per annum	56,824,805	—
Due August 1, 2021, at 4.35% per annum	—	44,723,488
Due August 1, 2021, at 4.75% per annum	—	11,180,872
Due August 1, 2021, at 4.75% per annum	17,484,555	17,201,343
Due April 4, 2021, at 6.175% per annum	36,424,700	—
	110,734,060	73,105,703
Loan from Bank of Minsheng
Due June 14, 2031, at 8.50% per annum	62,798,694	59,487,973
Due March 30, 2023 at 8.8825% per annum	291,394,685	286,402,339
	354,193,379	345,890,312
Loan from Bank of Hengfeng
Due September 20, 2021, at 8.0009% per annum	73,580,837	65,150,082
Loan from Zheshang Bank Co., Ltd
Due September 21, 2021, at 7.60% per annum	29,286,630	17,344,686
Loan from Bank of Communications Co., Ltd
Due March 18, 2022, at 7.600% per annum	—	37,104,728
Loan from Bank of Zhengzhou Co., Ltd
Due September 26, 2021, at 7.000075% per annum	—	64,505,031
Loan from Bank of Huaxia Co., Ltd
Due December 27, 2021, at 5.08% per annum	—	11,610,908

Total	1,249,943,747	1,134,834,710
Less: current portion of long-term bank loans	(529,904,807)	(448,770,014)
Total long-term bank loans	720,038,940	686,064,696

Long-term Debt [Member]

Debt Instrument [Line Items]

Schedule of Maturities

As of December 31, 2019, the contractual maturities of these loans are as follows:


Year		Amount
		US$
2020		448,770,014
2021		599,627,953
2022		37,269,574
2023		4,156,992
2024 and thereafter		45,010,177
Less: current portion of long-term bank loans		(448,770,014)
Total: long-term bank loans		686,064,696

- 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=6877327&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=114775744&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=26873400&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=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-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
-SubTopic 10
-Section 50
-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, 2019

Debt Instrument [Line Items]

Schedule of Other Long-term Debt


	December 31,	December 31,
Senior notes	2018	2019
	US$	US$
November 2020 Senior Secured notes due on November 22, 2020 at 8.875%	295,673,796	296,897,742
August 2019 Senior Notes due on August 30, 2019 at 8.125%	286,741,749	—
February 2021 Senior notes due on February 28, 2021 at 7.75%	270,624,821	261,941,119
March 2020 Senior Secured Notes due on March 12, 2020 at 9.875%	197,226,325	123,055,415
October 2021 Senior Secured Notes due on October 16, 2021 at 14.20%	—	295,968,740
Corporate bonds
Due December 28, 2020 at 8.20%	58,275,179	1,962,386
Due January 27, 2021 at 7.47%	43,709,787	8,213,641
Due March 14, 2021 at 7.09%	72,849,705	7,551,597
Due August 15, 2019 at 8.20%	63,404,057	—
Due April 7, 2020 at 8.20%	89,655,359	—
Due September 21, 2020 at 8.50%	28,998,553	21,947,434
Due April 1, 2024 at 8.40%	—	58,887,016
Due January 4, 2022 at 8.50%	—	650,673

Loan from Ping An Trust Co., Ltd
Due May 22, 2020 at 10.3192%	189,416,016	43,003,354
Due November 30, 2019 at 10.3192%	130,813,615	—
Due May 23, 2019 at 10.3192%	189,780,277	—
Due November 23, 2020 at 11.20%	—	200,682,320
Due May 22, 2021 at 15.00%	—	42,989,020
Due May 29, 2021 at 11.50%	—	85,863,364
Due April 26, 2021 at 11.50%	—	24,248,158

Loan from Guo Tou Tai Kang Trust Co., Ltd
Due October 30, 2019 at 9.30%	2,360,415	—
Due November 2, 2019 at 9.30%	26,780,511	—
Kunlun Trust Co., Ltd
Due March 17, 2020 at 7.62%	21,855,694	21,501,677

Loan from Wanxiang Trust Co., Ltd
Due December 4, 2020 at 12.00%	1,427,905	—
Due April 30, 2021 at 12.00%	—	28,668,903
Due January 4, 2020 at 12.00%	—	12,929,675
Due July 18, 2020 at 12.00%	—	21,501,677

Loan from China Huarong Asset Management Co., Ltd
Due November 27, 2020 at 11.50%	11,656,370	10,894,183
Due October 30, 2020 at 11.50%	40,951,099	28,095,525
Due November 8, 2021 at 12.00%	—	30,145,351

Loan from China Resources Investment Trust Co., Ltd
Due November 9, 2020 at 9.405%	50,996,620	42,286,632

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

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

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

Loan from Bank of Ozark
Due March 24, 2021 at 4.50% plus 1 month LIBOR	24,008,924	50,157,305

Loan from Bank Direct Capital Finance
Due November 1, 2020 at 5.5%	1,762,072	822,506

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

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

Total principal of other long-term debt	2,158,468,849	2,006,876,072
Less: current portion of other long-term debt	(1,118,013,649)	(970,185,445)
Total other long-term debt	1,040,455,200	1,036,690,627

Schedule of Maturities

As of December 31, 2019, the contractual maturities of these debts are as follows:


Year		Amount
		US$
2020		970,185,445
2021		989,429,149
2022		34,402,683
2023		12,858,795
Less: current portion of other long term debt		(970,185,445)
Total: Other long-term debt		1,036,690,627

Lease (Tables)

12 Months Ended

Dec. 31, 2019

Lease

Schedule of lease recorded on the consolidated balance sheets


		December 31,
		2019
		US$
Lease Assets
Finance lease ROU assets
Property and equipment, net		22,285,997
Real estate properties held for lease, net		7,020,033
Total		29,306,030
Operating lease ROU assets		11,801,491

Lease Liabilities
Current
Current portion of finance lease		6,409,827
Current portion of operating lease		4,873,897
Total		11,283,724
Non-current
Finance lease, net of current portion		3,839,456
Operating lease, net of current portion		6,348,249
Total		10,187,705

Schedule of components of lease expense


		Year ended December 31,
		2019
		US$
Operating lease cost:
Operating lease cost		6,480,093
Short-term lease cost		2,612,901
Finance lease cost:
Amortization of ROU assets		2,465,268
Interest on the lease liabilities		1,019,758
Total lease cost		12,578,020

Schedule of supplemental cash flow information


		Year ended December 31,
		2019
		US$
Operating cash flows for operating leases		6,275,565
Operating cash flows for finance leases		1,393,198
Financing cash flows for finance leases		6,135,547

Schedule of maturities of lease liabilities


	December 31,
	2019
	Finance Leases	Operating Leases
	US$	US$
Year ending December 31, 2020	7,511,008	6,470,913
Year ending December 31, 2021	4,059,224	4,443,336
Year ending December 31, 2022	—	1,007,535
Year ending December 31, 2023	—	294,239
Total lease payments	11,570,232	12,216,023
Less: imputed interest	1,320,949	993,877
Present value of lease liabilities	10,249,283	11,222,146

Schedule of weighted average remaining lease term and discount rate information


	December 31,
	2019

Weighted-average remaining lease term (years)
Operating leases	2.32
Finance leases	1.63
Weighted-average discount rate
Operating leases	4.35	%
Finance leases	8.05	%

Customer deposits (Tables)

12 Months Ended

Dec. 31, 2019

Customer deposits

Schedule of Customer deposits


	December 31,	December 31,
	2018	2019
	US$	US$
Advances for real estate properties	3,218,686,349	2,616,487,072
Add: increase in revenue recognized in excess of amounts received from customers	32,408,393	25,665,783
Less: recognized as progress billings (Note 5)	(1,329,243,487)	(1,536,054,208)
Customer deposits (Note 2(h))	1,921,851,255	1,106,098,647

Income taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income taxes

Schedule of income/(loss) before income tax expenses

Income before income tax expenses consists of:


	Year ended December 31,
	2017	2018	2019
	US$	US$	US$
PRC	275,898,007	355,674,888	355,606,696
Non PRC	(82,669,476)	(105,275,621)	(122,099,522)
Total	193,228,531	250,399,267	233,507,174

Schedule of income tax expenses

Income tax expenses for the years ended December 31, 2017, 2018 and 2019 are summarized as follows:


	Year ended December 31,
	2017	2018	2019
	US$	US$	US$
Current:
CIT tax expense	103,302,037	141,399,866	133,862,272
Land Appreciation Tax (“LAT”) expense	40,203,748	62,996,403	68,631,338
Deferred tax benefit	(30,388,659)	(59,949,022)	(52,015,238)
Income tax expense	113,117,126	144,447,247	150,478,372

Schedule of Effective Income Tax Rate Reconciliation

The Group’s income tax expense differs from the tax expense computed by applying the PRC statutory CIT rate of 25% for the years ended December 31, 2017, 2018 and 2019, are as follows:


	Year ended December 31,
	2017	2018	2019
	US$	US$	US$
CIT at rate of 25%	48,307,133	62,599,817	58,376,794
Tax effect of non-deductible expenses	3,641,665	5,799,761	8,867,037
LAT expense	40,203,748	62,996,403	68,631,338
CIT benefit of LAT	(10,050,937)	(15,749,101)	(17,157,834)
Changes in valuation allowance	3,180,741	(491,075)	23,073,210
International rate differences	10,149,331	18,224,012	17,351,758
Dividend and interest withholding taxes	18,877,500	15,403,663	(3,816,800)
Adjustment of estimated income tax accruals	(954,552)	(3,952,396)	(4,285,329)
Others	(237,503)	(383,837)	(561,802)
Income tax expense	113,117,126	144,447,247	150,478,372

Schedule of Reconciliation of Unrecognized Tax Benefits

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


	2017	2018	2019
	US$	US$	US$
Balance at January 1	20,491,988	31,231,376	45,939,234
Additions for tax positions of current year	10,813,497	15,500,052	14,547,590
Reclassification from prior year tax payable	—	—	13,118,260
Movement in current year due to foreign exchange rate fluctuation	2,001	—	—
Reductions for tax positions of prior years	(76,110)	—	—
Reduction due to company liquidation	—	(792,194)	—
Balance at December 31	31,231,376	45,939,234	73,605,084

Schedule of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to the Group’s deferred tax assets and liabilities as of December 31, 2018 and 2019 are as follows:


	December 31,	December 31,
	2018	2019
	US$	US$
Deferred tax assets:
Tax loss carried forward	42,185,810	50,163,293
Accruals and provisions	48,850,991	62,936,343
Capitalized expenses	26,796,716	50,288,336
Revenue recognition at a point in time less tax paid under deemed profit method	130,498,661	127,927,710
Revenue recognition of real estate lease income on a straight-line basis	14,269,520	17,164,019
Deemed interest expense	43,266,604	55,979,839
Valuation allowance	(5,941,941)	(28,022,499)
Operating lease liability	—	2,805,537
Others	—	418,310
Total deferred tax assets	299,926,361	339,660,888
Deferred tax liabilities:
Revenue recognition over time	(77,968,759)	(84,241,946)
Real estate properties accelerated cost deduction	(1,212,993)	(1,193,345)
Taxable temporary differences arising from asset acquisitions	(307,747,731)	(280,540,093)
Dividend and interest withholding taxes	(52,991,279)	(49,174,479)
Operating lease right-of-use assets	—	(2,950,373)
Others	(61,732)	—
Total deferred tax liabilities	(439,982,494)	(418,100,236)

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References + Details

Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Assumptions Used to Estimate Fair Value of Stock Option Award Using Black-Scholes Valuation Model


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

2007 Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Stock Option Activity Under Stock Option and Incentive Plans

As of January 1, 2019, all options granted under 2007 plan were fully vested. The following table is a summary of the Company’s share option activity under the 2007 Plan (in US$, except options):


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

Outstanding, January 1, 2019
1.21 (exercise price)	12,738	1.21	1.95	32,991
1.085 (exercise price)	100,000	1.085	2.50	271,500
1.64 (exercise price)	100,000	1.64	3.87	216,000
1.21 (exercise price)	39,400	1.21	5.50	102,046
1.81(exercise price)	68,000	1.81	6.85	135,320

Granted	—	—	—	—

Exercised
1.085 (exercise price)	40,000	1.085	—	38,893
1.81 (exercise price)	68,000	1.81	—	32,116

Forfeited	—	—	—	—

Outstanding and Exercisable, December 31, 2019

1.21 (exercise price)	12,738	1.21	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

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, 2019
1.71(exercise price)	2,796,734	1.71	6.50	5,845,173

Outstanding and Exercisable, December 31, 2019
1.71(exercise price)	2,796,734	1.71	5.50	5,789,239

- Definition

Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

+ References + Details

Other payables and accrued liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Other payables and accrued liabilities

Schedule of Other payables and accrued liabilities


	December 31,	December 31,
	2018	2019
	US$	US$
Contract deposit	107,480,079	98,280,724
Accrued expenses	51,306,223	47,003,084
Debt extinguishment costs	13,761,966	11,665,069
Deed tax and maintenance fund withheld for customers	9,998,534	8,272,296
Bidding deposit	3,723,584	4,213,479
Welfare payable	1,893,635	1,480,963
Other tax payable	14,786,612	26,734,901
Accrued aircraft operating expense	1,415,369	1,654,945
Accrued interest expense	47,214,392	38,893,375
Purchase consideration payable for asset acquisitions and business combinations	75,565,148	66,868,333
Others	13,961,958	18,096,825

Total	341,107,500	323,163,994

Related party and employee transactions (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Related Party Transactions

(a) Amounts due from related parties


	December 31,	December 31,
	2018	2019
	US$	US$
Current:
Starry Sky	8,052,075	—
I-journey	16,366,841	—
Xitou	14,494,710	—
Xichuang	7,539,604	—
Qingdao Huiju	61,392,033	84,455,456
Henan Hongguang Olympic Real Estate Co., Ltd.	51,340,375	84,031,006
Madison Development Limited	22,988,260	—
Suzhou Wanzhuo’s non-controlling interest holders	27,201,258	—
Taicang Pengchi’s non-controlling interest holders	5,630,819	—
Xinzheng Meihang Network Technology Co., Ltd.	—	22,578,925
Others	1,178,230	9,692,236

Total current amounts due from related party	216,184,205	200,757,623

Non current:
Xinzheng Meihang Network Technology Co., Ltd.	26,122,186	—
Madison Development Limited	—	27,739,567
Suzhou Wanzhuo's non-controlling interest holders	—	18,856,638
Taicang Pengchi's non-controlling interest holders	—	24,624,693
Suzhou Yefang's non-controlling interest holders	—	11,466,128

Total non-current amounts due from related party	26,122,186	82,687,026

Total	242,306,391	283,444,649

(b) Amounts due to related party


	December 31,	December 31,
	2018	2019
	US$	US$
Current:
Suzhou Wanzhuo’s non-controlling interest shareholders	23,447,245	15,997,603
Suzhou Yefang’s non-controlling interest holders	11,902,028	1,496,762
Xinzheng Meihang Network Technology Co., Ltd.	—	27,133,055
Others	13,153,168	9,054,876

Total current amounts due to related party	48,502,441	53,682,296

Non current:
Xinzheng Meihang Network Technology Co., Ltd.	31,241,768	—

Total	79,744,209	53,682,296


	December 31,	December 31,
	2018	2019
	US$	US$
Advances to employees	1,694,416	2,350,852

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings per share

Schedule of Basic and diluted net earning per share

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


	December 31,
	2017	2018	2019
	US$	US$	US$
Numerator:
Net income attributable to Xinyuan Real Estate Co., Ltd. Shareholders - basic and diluted	63,627,551	73,034,549	68,344,527
Denominator:
Weighted average number of shares outstanding-basic*	128,704,610	127,129,478	113,482,239
Stock options	1,877,785	1,728,058	618,657
Restricted stock units	1,023,474	283,294	-

Weighted average number of shares outstanding-diluted	131,605,869	129,140,830	114,100,896

Basic earnings per share	0.49	0.57	0.60

Diluted earnings per share	0.48	0.57	0.60

Segment reporting (Tables)

12 Months Ended

Dec. 31, 2019

Segment reporting

Schedule of operating segment

Summary information by operating segment is as follows:


December 31, 2017	Henan	Shandong	Jiangsu	Sichuan	Beijing	Hainan	Hunan	Shanghai	Tianjin	Shaanxi	United States	Guangdong	Others	Consolidated
	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$
Net real estate sales	886,207,602	252,186,589	284,388,321	79,054,170	540,766	87,304,257	133,499,073	973,450	38,646,991	63,283,292	98,476,295	—	-	1,924,560,806
Real estate lease income	3,567,372	183,530	-	-	-	-	6,071	209,186	-	3,832,764	-	19,659	914,217	8,732,799
Real estate management services income	1,505,932	-	-	-	-	-	-	-	-	356,429	-	—	39,875,958	41,738,319
Other revenue	508,891	52,893	21,184	87,307	-	11,396	118,391	5,046	74	-	307,793	—	762,332	1,875,307

Total revenue	891,789,797	252,423,012	284,409,505	79,141,477	540,766	87,315,653	133,623,535	1,187,682	38,647,065	67,472,485	98,784,088	19,659	41,552,507	1,976,907,231
Cost of real estate sales	(607,656,121)	(204,691,234)	(247,765,242)	(71,332,282)	(363,305)	(55,291,475)	(107,834,718)	(664,093)	(23,602,129)	(46,516,108)	(108,350,506)	—	-	(1,474,067,213)
Cost of real estate lease income	(2,170,672)	(348,420)	(3,353,579)	(158,879)	-	-	(174,601)	(332,094)	-	(4,420,100)	-	—	(47,777)	(11,006,122)
Cost of real estate management services	(935,942)	-	-	-	-	-	-	-	-	-	-	—	(30,710,506)	(31,646,448)
Other costs	(227,081)	(10,706)	(127,375)	-	(51,424)	(3,846)	(95,235)	-	-	-	-	(10,342)	(33,226)	(559,235)

Total cost of revenue	(610,989,816)	(205,050,360)	(251,246,196)	(71,491,161)	(414,729)	(55,295,321)	(108,104,554)	(996,187)	(23,602,129)	(50,936,208)	(108,350,506)	(10,342)	(30,791,509)	(1,517,279,018)
Gross profit	280,799,981	47,372,652	33,163,309	7,650,316	126,037	32,020,332	25,518,981	191,495	15,044,936	16,536,277	(9,566,418)	9,317	10,760,998	459,628,213
Operating expenses	(64,061,347)	(10,497,498)	(16,659,076)	(3,772,416)	(44,507,378)	(7,726,269)	(10,099,854)	(747,409)	(6,001,987)	(9,123,653)	(10,597,926)	(680,754)	(28,092,891)	(212,568,458)

Operating income/(loss)	216,738,634	36,875,154	16,504,233	3,877,900	(44,381,341)	24,294,063	15,419,127	(555,914)	9,042,949	7,412,624	(20,164,344)	(671,437)	(17,331,893)	247,059,755
Interest income	11,355,876	338,069	218,937	100,988	516,950	26,443	320,666	268,325	271,527	69,336	-	264	3,371,705	16,859,086
Interest expense	(18,393,523)	(362,759)	(1,829,665)	-	(5,056,962)	-	-	(2,100,301)	(1,214,368)	-	(3,570,310)	—	(33,625,552)	(66,153,440)
Net realized gain on short-term investments	3,110,564	-	7,395	-	9,077	-	-	-	-	-	-	—	4,746,951	7,873,987
Share of (loss)/gain in an equity investee	(1,062,499)	(974,405)	(2,818)	-	-	-	-	-	-	-	-	—	329,652	(1,710,070)
Loss on extinguishment of debt	-	-	-	-	-	-	-	-	-	-	-	—	(15,879,702)	(15,879,702)
Exchange gains	(362,736)	-	-	-	-	-	-	-	-	-	-	—	1,119,662	756,926
Unrealized income on short-term investments	151,003	-	-	-	-	-	-	-	-	-	-	—	1,944,976	2,095,979
Other income	2,326,004	-	-	-	-	-	-	-	-	-	6	—	-	2,326,010
	-
Income/(loss) before income taxes	213,863,323	35,876,059	14,898,082	3,978,888	(48,912,276)	24,320,506	15,739,793	(2,387,890)	8,100,108	7,481,960	(23,734,648)	(671,173)	(55,324,201)	193,228,531
Income tax benefit/(expense)	(77,985,230)	(11,359,619)	(6,913,466)	(812,628)	4,065,308	(10,189,683)	(2,560,610)	686,619	(1,713,343)	(840,827)	8,694,642	145,513	(14,333,802)	(113,117,126)

Net income/(loss)	135,878,093	24,516,440	7,984,616	3,166,260	(44,846,968)	14,130,823	13,179,183	(1,701,271)	6,386,765	6,641,133	(15,040,006)	(525,660)	(69,658,003)	80,111,405

Depreciation and amortization	5,597,930	416,607	3,445,463	218,043	767,841	148,453	185,123	68,648	9,836	1,766,074	232,618	38	870,852	13,727,526
Capital expenditure	5,756,237	11,636	13,725	22,550	2,960,195	1,361	21,262	-	20,322	9,571	257,643	392,779	294,575	9,761,856
Real estate properties development completed	49,708,034	82,128,992	13,625,012	146,791,480	52,675,024	97,350,745	49,346,740	90,003,702	—	127,107,105	131,656,359	—	—	840,393,193
Real estate properties under development	937,340,899	78,988,478	217,051,399	—	200,296,958	—	109,107,637	—	40,379,791	140,257,927	168,236,598	93,205,573	11,135,393	1,996,000,653
Real estate properties held for lease	53,783,548	5,633,936	38,824,172	23,503,438	—	—	50,422,065	4,578,302	—	100,574,370	—	—	613,482	277,933,313

Total long-lived assets	207,599,517	420,656,893	50,598,511	391,437,638	16,714,738	609,466	51,791,292	4,639,263	1,706,170	125,298,084	19,666,135	125,896	23,378,186	1,314,221,789
Total assets	2,715,305,431	693,368,606	459,080,321	584,350,518	296,118,475	108,984,575	266,196,168	103,055,884	98,249,020	440,219,180	354,473,170	93,723,704	171,309,218	6,384,434,270


December 31, 2018	Henan	Shandong	Jiangsu	Sichuan	Beijing	Hainan	Hunan	Shanghai	Tianjin	Shaanxi	United States	Guangdong	Hubei	Liaoning	Others	Consolidated
	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$
Net real estate sales	1,002,960,937	291,763,807	330,352,688	80,701,160	12,314,328	169,606,837	97,162,300	—	86,165,279	58,795,214	8,815,926	—	—	427,072	305,244	2,139,370,792
Real estate lease income	4,463,583	497,354	917,227	86,593	—	—	111,408	641,119	—	2,064,129	—	—	—	—	803,559	9,584,972
Real estate management services income	3,061,093	—	—	—	—	—	—	—	—	2,464,039	—	—	—	—	57,922,288	63,447,420
Other revenue	297,202	4,506	473,667	318,863	2,176,071	476,184	482,597	—	30	—	570,646	—	—	—	348,335	5,148,101

Total revenue	1,010,782,815	292,265,667	331,743,582	81,106,616	14,490,399	170,083,021	97,756,305	641,119	86,165,309	63,323,382	9,386,572	—	—	427,072	59,379,426	2,217,551,285
Cost of real estate sales	(701,238,639)	(228,347,098)	(214,621,791)	(75,842,475)	(9,355,460)	(87,710,266)	(100,986,641)	(57,369)	(56,487,052)	(59,670,857)	(9,357,970)	—	—	(298,443)	—	(1,543,974,061)
Cost of real estate lease income	(2,245,710)	(470,614)	(2,336,287)	(554,861)	—	—	(1,475,782)	(238,406)	—	(1,978,147)	—	—	—	—	(48,809)	(9,348,616)
Real estate management services cost	(2,733,062)	—	—	—	—	—	—	—	—	(2,870,604)	—	—	—	—	(39,016,117)	(44,619,783)
Other costs	(388,790)	(1,224,399)	(94,807)	(435,324)	—	(4,551)	(517,028)	—	—	—	—	—	—	—	(1,465,624)	(4,130,523)

Total cost of revenue	(706,606,201)	(230,042,111)	(217,052,885)	(76,832,660)	(9,355,460)	(87,714,817)	(102,979,451)	(295,775)	(56,487,052)	(64,519,608)	(9,357,970)	—	—	(298,443)	(40,530,550)	(1,602,072,983)
Gross profit	304,176,614	62,223,556	114,690,697	4,273,956	5,134,939	82,368,204	(5,223,146)	345,344	29,678,257	(1,196,226)	28,602	—	—	128,629	18,848,876	615,478,302
Operating expenses	(62,812,091)	(12,610,671)	(15,284,915)	(4,275,577)	(64,432,460)	(12,088,762)	(11,008,482)	(163,680)	(5,904,656)	(5,834,584)	(4,654,552)	(1,185,184)	(1,949,565)	(1,485,827)	(36,356,815)	(240,047,821)

Operating income/(loss)	241,364,523	49,612,885	99,405,782	(1,621)	(59,297,521)	70,279,442	(16,231,628)	181,664	23,773,601	(7,030,810)	(4,625,950)	(1,185,184)	(1,949,565)	(1,357,198)	(17,507,939)	375,430,481
Interest income	23,934,452	478,524	568,283	104,895	1,388,846	22,667	194,297	62,536	230,432	78,014	3,311	5,506	—	5,966	4,147,965	31,225,694
Interest expense	(15,091,954)	—	(1,009,438)	(2,259,789)	(2,137,378)	—	—	(1,689,514)	—	(915,585)	(3,501,863)	—	—	—	(72,640,175)	(99,245,696)
Net realized loss on short-term investments	183,450	—	—	—	—	—	—	—	—	—	—	—	—	—	(3,590,540)	(3,407,090)
Share of loss in an equity investee	(1,342,875)	(1,067,320)	(949,748)	(3,719,920)	—	—	—	—	—	—	—	(1,295,899)	—	—	(998,689)	(9,374,451)
(Loss)/gain on extinguishment of debt	(24,665,987)	—	—	—	—	—	—	—	—	—	—	—	—	—	3,222,038	(21,443,949)
Exchange (loss)/gain	(13,029,174)	—	—	—	(1,544)	—	—	—	—	—	—	—	—	335,310	(12,982,246)	(25,677,654)
Unrealized income on short-term investments	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1,150,200	1,150,200
Other income	(3,773,556)	(162,149)	391,338	4,585,338	(521,424)	32,867	27,078	(1,822)	(948,161)	(120,442)	2,093,750	—	1,180	—	137,735	1,741,732

Income/(loss) before income taxes	207,578,879	48,861,940	98,406,217	(1,291,097)	(60,569,021)	70,334,976	(16,010,253)	(1,447,136)	23,055,872	(7,988,823)	(6,030,752)	(2,475,577)	(1,948,385)	(1,015,922)	(99,061,651)	250,399,267
Income tax benefit/(expense)	(66,585,136)	(24,338,485)	(33,672,476)	(1,312,549)	5,810,925	(33,888,754)	14,764,618	1,503,472	(8,088,479)	1,735,041	3,037,875	(392,906)	(152,722)	689,435	(3,557,106)	(144,447,247)

Net income/(loss)	140,993,743	24,523,455	64,733,741	(2,603,646)	(54,758,096)	36,446,222	(1,245,635)	56,336	14,967,393	(6,253,782)	(2,992,877)	(2,868,483)	(2,101,107)	(326,487)	(102,618,757)	105,952,020

Depreciation and amortization	5,881,359	664,325	2,398,697	553,823	1,506,886	44,773	1,395,291	277,113	150,980	1,888,104	(95,404)	137,262	15,028	8,235	306,403	15,132,875
Capital expenditure	8,700,583	4,689,576	6,226	10,229	2,279,441	—	278	—	290,791	13,183	89,510	—	197,756	58,259	318,555	16,654,387
Real estate property development completed	119,978,648	46,110,853	38,293,044	88,492,260	42,003,855	31,716,745	7,340,408	82,320,988	—	48,352,943	127,749,947	—	—	—	—	632,359,691
Real estate property under development	1,630,532,021	520,017,386	240,985,540	620,344,540	214,011,166	—	113,205,249	—	106,218,839	150,381,455	199,665,838	102,997,747	124,701,587	30,590,778	15,064,162	4,068,716,308
Real estate properties held for lease, net	72,389,385	7,929,336	39,824,983	36,086,237	—	—	47,347,197	4,037,272	—	94,612,752	—	—	—	—	537,055	302,764,217

Total long-lived assets	370,303,455	500,658,792	95,890,366	37,986,138	42,680,909	5,953,273	48,805,523	4,056,266	6,535,427	125,890,353	25,781,516	23,600,985	176,034	337,113	53,834,857	1,342,491,007
Total assets	3,326,001,406	902,384,756	740,208,056	839,829,759	340,188,589	39,269,241	274,708,013	95,034,595	185,400,019	330,029,859	384,883,423	134,196,645	127,532,829	34,993,328	279,052,154	8,033,712,672


December 31, 2019	Henan	Shandong	Shanghai	Sichuan	Beijing	Hainan	Hunan	Shaanxi	United States	Guangdong	Hubei	Liaoning	Property Management	Others	Consolidated
	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$	US$

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

Total revenue	1,396,894,717	276,142,822	283,474,831	86,980,800	130,467,541	43,820,016	158,657,679	13,002,066	1,940,073	9,738,197	—	18,621,886	58,798,108	4,094,076	2,482,632,812
Cost of real estate sales	(1,082,472,232)	(220,925,677)	(201,704,497)	(81,765,082)	(92,849,397)	(31,764,435)	(110,346,111)	(6,510,485)	(1,444,563)	(6,821,557)	(23,397)	(13,440,458)	—	(1,751,402)	(1,851,819,293)
Cost of real estate lease income	(2,348,963)	(561,264)	(2,565,142)	(799,359)	(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

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599

+ Details

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and contingencies

Schedule of non-cancellable construction contracts for real estate development and land use rights purchases

As of December 31, 2019, the Group had outstanding commitments with respect to non-cancellable construction contracts for real estate development and land use rights purchases as follows:


		Amount
		US$
2020		559,280,163
2021		662,777,841
2022		116,494,755
2023		28,682,333
2024 and thereafter		4,829,879

Total		1,372,064,971

- Definition

Tabular disclosure of unconditional purchase obligations that are not recognized as a liability on the balance sheet, including the nature and significant terms of an unconditional purchase obligation; the amount of the fixed and determinable portion of the obligation as of the date of the latest balance sheet presented in the aggregate and, if determinable, for each of the five succeeding fiscal years; the nature of any variable components of the obligation; the amount purchased under the obligation (for example, the take-or-pay or throughput contract) for the reporting period; and may include the amount of imputed interest necessary to reduce the obligation to present value.

+ References + Details

Non-controlling interests (Tables)

12 Months Ended

Dec. 31, 2019

Non-controlling interests

Schedule of non-controlling interests

As of December 31, 2018, the non-controlling interests consisted of the following:


			December 31,
	Ownership		2018
			US$
Shaanxi Zhongmao Economy Development Co., Ltd.	34.02	%	3,264,319
Taicang Pengchi Real Estate Co., Limited. (Note 18(a))	83.00	%	(25,096,542)
Suzhou Xinyuan Wanzhuo Real Estate Co., Ltd. (Note 18(a.b))	80.00	%	(27,912,339)
Henan Renxin Real Estate Co., Ltd.	49.00	%	—
Suzhou Yefang Real Estate Co., Limited. (Note 18(a.b))	79.99	%	(11,652,185)
Others			(3,877,921)

Total			(65,274,668)

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


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

Total			(101,650,383)

Condensed financial information of the Company (Tables)

12 Months Ended

Dec. 31, 2019

Condensed financial information of the Company

Schedule of Condensed Balance Sheet

Condensed Balance Sheets


	Year ended December 31
	2018	2019
	US$	US$

ASSETS

Current assets
Cash and cash equivalents	93,606,791	28,591,381
Other receivables	665,428	10,928
Other current assets	250,569	77,649
Due from subsidiaries	667,811,964	455,222,231
Due from related parties	348,076	—

Total current assets	762,682,828	483,902,189

Investments in subsidiaries	1,142,335,163	1,338,730,125

TOTAL ASSETS	1,905,017,991	1,822,632,314

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities
Short-term bank loan	—	19,900,000
PRC income tax payable	13,388	13,388
PRC other tax payable	902,190	902,190
Other payable and accrued liabilities	24,090,605	27,612,109
Current portion of long-term bank loan and other debt	397,039,358	423,131,157
Payroll and welfare payables	2,817,136	2,220,113

Total current liabilities	424,862,677	473,778,957

Long term bank loan	3,178,000	100,440,000
Other long-term debt	796,606,833	558,111,718

Total liabilities	1,224,647,510	1,132,330,675

Shareholders’ equity
Common shares, $0.0001 par value:
Authorized‑500,000,000 shares, issued and outstanding- 107,875,468 shares for 2019 (2018: 119,805,636 shares)	16,399	16,410
Treasury shares	(87,639,088)	(113,719,964)
Additional paid-in capital	532,117,479	543,290,577
Retained earnings	235,875,691	260,714,616

Total shareholders’ equity	680,370,481	690,301,639

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	1,905,017,991	1,822,632,314

Schedule of Condensed Statement of Comprehensive Income

Condensed Statements of Comprehensive Income


	Year ended December 31
	2017	2018	2019
	US$	US$	US$
General and administrative expenses	(13,781,596)	(9,877,059)	(9,509,893)

Operating loss	(13,781,596)	(9,877,059)	(9,509,893)
Interest expense	(65,387,198)	(105,990,420)	(107,382,764)
Interest income	3,200,520	1,221,465	1,682,189
Net (loss)/gain on debt extinguishment	(15,879,702)	3,267,457	536,011
Gain on short-term investments	—	—	27,099
Other expenses/(income)	1,114,517	(11,135,488)	(20,106,250)
Equity in profit of subsidiaries, net	154,361,010	195,548,594	203,098,135

Income from operations before income taxes	63,627,551	73,034,549	68,344,527
Income taxes	—	—	—

Net income attributable to common shareholders	63,627,551	73,034,549	68,344,527

Other comprehensive income/(loss), net of tax of nil
Foreign currency translation adjustments	63,908,624	(59,347,915)	(20,044,827)

Comprehensive income attributable to shareholders	127,536,175	13,686,634	48,299,700

Schedule of Condensed Statement of Cash Flows

Condensed Statements of Cash Flows


	Year ended December 31
	2017	2018	2019
	US$	US$	US$
Cash flows from operating activities:
Net income	63,627,551	73,034,549	68,344,527
Adjustment to reconcile net income to net cash used in operating activities:
Equity in profit of subsidiaries, net	(154,361,010)	(195,548,594)	(203,098,135)
Stock based compensation expense	4,266,373	3,152,908	3,782,307
Amortization of deferred charges	4,036,412	7,415,821	7,445,276
Loss on extinguishment of debt	15,879,702	(3,267,457)	(536,011)
Other receivables	—	(665,428)	654,500
Other current assets	(2,214)	(203,789)	172,920
Other payable and accrued liabilities	4,874,134	7,342,974	(291,915)
Payroll and welfare payables	2,893,230	(590,356)	(597,023)
Amount due from related parties	(561,872)	213,796	348,076
Net cash used in operating activities	(59,347,694)	(109,115,576)	(123,775,478)

Cash flows from financing activities:
Changes in due from subsidiaries	(326,904,897)	53,143,354	212,589,733
Proceeds from short-term bank loans	24,294,636	—	19,900,000
Repayments of long-term bank loans	—	(13,250,000)	(110,311,908)
Proceeds from long-term bank loans	—	3,178,000	100,440,000
Proceeds from other long-term debts	603,179,617	200,000,000	300,000,000
Repayment of other long-term debts	(201,002,731)	—	(413,300,000)
Purchase of treasury shares	(14,058,280)	(19,846,720)	(26,080,876)
Dividends to shareholders	(26,090,734)	(25,739,147)	(19,647,356)
Payment of financing cost	(26,952,084)	(4,082,815)	(2,075,789)
Purchase of shares under RSU plan	—	(7,797,949)	(2,920,216)
Proceeds from exercise of stock options	6,111,912	1,390,666	166,480

Net cash provided by financing activities	38,577,439	186,995,389	58,760,068

Net (decrease)/increase in cash and cash equivalents	(20,770,255)	77,879,813	(65,015,410)
Cash and cash equivalents, at the beginning of the year	36,497,233	15,726,978	93,606,791

Cash and cash equivalents, at end of the period	15,726,978	93,606,791	28,591,381

Background information of business and organization (Details)

12 Months Ended

Dec. 31, 2019

HKD ($)

Dec. 31, 2019

MYR (RM)

Dec. 31, 2019

CNY (¥)

Dec. 31, 2019

USD ($)

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%

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%

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%

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%

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%

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%

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%

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%

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%

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%

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%

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%

Henan Xinyuan Real Estate Co, Ltd ("Henan Xinyuan") [Member]

Schedule of Equity Method Investments

Registered Place and Date of Incorporation

May 19, 1997

Summary of significant accounting policies - Additional Information (Details) ¥ in Millions	1 Months Ended				12 Months Ended
	May 23, 2017 CNY (¥)	May 23, 2017 USD ($)	Sep. 18, 2016 CNY (¥)	Sep. 18, 2016 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) item	Dec. 31, 2017 USD ($)	Jun. 21, 2019	Mar. 02, 2018	Feb. 28, 2017	Jun. 28, 2016	Mar. 01, 2016	May 06, 2015 CNY (¥)	May 06, 2015 USD ($)
Summary of significant accounting policies
Current assets					$ 5,645,063,109	$ 6,691,221,665
TOTAL ASSETS					7,421,664,433	8,033,712,672	$ 6,384,434,270
Current liabilities					4,484,571,512	5,069,868,783
Total liabilities					6,629,712,411	7,288,067,523
Revenue					2,482,632,812	2,217,551,285	1,976,907,231
costs of revenue					(1,922,323,191)	(1,602,072,983)	(1,517,279,018)
Net loss					68,344,527	73,034,549	63,627,551
Net cash (used in) /provided by operating activities					272,256,758	(22,901,923)	139,712,972
Net cash used in investing activities					(43,030,099)	34,562,924	(827,168,769)
Net cash provided by/(used in) financing activities					(278,472,789)	(189,581,282)	$ 1,154,478,621
Amounts due to subsidiaries of the Group					53,682,296	48,502,441
Senior Management Members [Member]
Summary of significant accounting policies
Percentage of Share of Profit or Loss									49.00%
Xinyuan Real Estate Co., Ltd. and Subsidiaries [Member]
Summary of significant accounting policies
Percentage of Share of Profit or Loss									51.00%
Beijing Yuzhouyun Technology Development Center [Member]
Summary of significant accounting policies
Current assets					2,214,155	5,775,479
Non-current assets					4,244,195	3,557,562
TOTAL ASSETS					6,458,350	9,333,041
Current liabilities					13,967,333	11,808,683
Non-current liabilities					0	0
Total liabilities					13,967,333	11,808,683
Revenue					2,558,430	591,628
Revenue					12,555,974	7,991,038
costs of revenue					(3,682,899)	(1,559,129)
Net loss					(1,796,997)	(1,929,266)
Net cash (used in) /provided by operating activities					368,379	519,050
Net cash used in investing activities					(1,885)	(255,509)
Net cash provided by/(used in) financing activities					(52,503)	0
Collateral Pledged [Member]
Summary of significant accounting policies
Land use right securing long-term debt					798,910,332	1,046,360,853
Consolidation, Eliminations [Member]
Summary of significant accounting policies
Amounts due to subsidiaries of the Group						145,728,000
Consolidation, Eliminations [Member] \| Xinyuan Real Estate Co., Ltd. and Subsidiaries [Member]
Summary of significant accounting policies
Revenue					9,997,544	7,399,000
Consolidation, Eliminations [Member] \| Beijing Yuzhouyun Technology Development Center [Member]
Summary of significant accounting policies
Amounts due to subsidiaries of the Group					$ 10,867,898	9,169,167
VIEs and VIEs without recourse to the primary beneficiary
Summary of significant accounting policies
Current assets						174,366,164
Non-current assets						247,753
TOTAL ASSETS						174,613,917
Current liabilities						151,609,433
Non-current liabilities						0
Total liabilities						151,609,433
Revenue						0
costs of revenue						0
Net loss						(4,786,363)
Net cash (used in) /provided by operating activities						(8,804,491)
Net cash used in investing activities						0
Net cash provided by/(used in) financing activities						$ 8,949,715
Beijing Ruihao Rongtong Real Estate Co., Ltd. ("Ruihao Rongtong") [Member]
Summary of significant accounting policies
Paid-up Capital													¥ 250.0	$ 37,600,000
Percentage of Equity Directly Attributable to the Group						65.00%	65.00%
Number of projects under construction \| item						1
Percentage of non-controlling equity interest that will be repurchased by the entity						35.00%
Revenue						$ 0
Beijing Ruihao Rongtong Real Estate Co., Ltd. ("Ruihao Rongtong") [Member] \| Ping An trust Co., Ltd. ("Ping'an trust") [Member]
Summary of significant accounting policies
Noncontrolling owners interest (percentage)	35.00%	35.00%	10.00%	10.00%		35.00%		35.00%		35.00%	5.00%	20.00%
Amount of loan in aggregate to the Group	¥ 1,610.0	$ 246,800,000	¥ 862.5	$ 124,300,000
Beijing Ruihao Rongtong Real Estate Co., Ltd. ("Ruihao Rongtong") [Member] \| Collateral Pledged [Member]
Summary of significant accounting policies
Land use right securing long-term debt						$ 166,327,833

Summary of significant accounting policies (Details) - USD ($)								1 Months Ended		12 Months Ended
	Apr. 26, 2019	Apr. 16, 2019	Apr. 15, 2019	Mar. 19, 2018	Dec. 01, 2017	Nov. 22, 2017	Aug. 30, 2016	Nov. 22, 2017	Feb. 28, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	May 20, 2019	Jan. 01, 2019	Aug. 14, 2018	Mar. 21, 2017	Dec. 28, 2015	Jul. 12, 2013
Cash and cash equivalents:
Cash and cash equivalents										$ 662,606,063	$ 674,141,554	$ 894,551,480
Restricted cash										270,714,930	338,633,911
Restricted Cash and Cash Equivalents, Noncurrent										112,998,481	0
Asset Impairment Charges										0	0	$ 0
Amounts included in the customer deposits balance at the beginning of the year										1,188,040,187
Allowance for Doubtful Accounts Receivable										1,456,243	1,539,894
Allowance for doubtful other receivable										8,313,052	10,594,423
Allowance for suppliers										$ 0	$ 0
Notes payable and other payables
Estimated useful lives of the real estate properties held for lease										20-60 years
Retirement benefits
Employer match of eligible compensation of employees, percent of average salary										40.00%	45.00%	45.00%
Retirement benefits expense										$ 20,420,474	$ 18,422,330	$ 17,101,606
Required repatriation										10.00%
Minimum percentage of Statutory Surplus Reserve										50.00%
Advertising and promotion expenses										$ 62,341,805	56,575,316	$ 53,932,462
Recognized ROU assets										11,801,491	$ 0
Total lease liabilities (including current and non-current) for operating lease										$ 11,222,146
Share Repurchase Program
Treasury shares, shares										52,850,536	41,135,198
Treasury stock, value										$ 113,719,964	$ 87,639,088
Selling and Marketing Expense [Member]
Cash and cash equivalents:
Capitalized Contract Cost, Amortization										$ 14,900,000	6,200,000
Minimum [Member]
Retirement benefits
Required percentage of Statutory Reserve prior to distributions										25.00%
LAT Progressive Rate										30.00%
Warranty term										2 months
Contract cost withholding term										2 years
Maximum [Member]
Retirement benefits
LAT Progressive Rate										60.00%
Warranty term										3 years
Percentage of contract cost withheld										5.00%
Contract cost withholding term										5 years
Share Repurchase Program
Stock repurchase program authorized amount													$ 50,000,000		$ 50,000,000	$ 40,000,000	$ 40,000,000	$ 60,000,000
ASU 2016-02
Retirement benefits
Recognized ROU assets										$ 11,800,000				$ 15,000,000
Total lease liabilities (including current and non-current) for operating lease										11,200,000				$ 14,400,000
Operating Lease, Liability, Current										$ 4,900,000
August 2019 Senior Notes due on August 30, 2019 at 8.125% [Member]
Senior Secured Notes
Debt issuance date							Aug. 30, 2016			Aug. 30, 2016
Debt instrument, aggregate principal amount							$ 300,000,000
Maturity date										Aug. 30, 2019
Bears interest							8.125%			8.125%
February 2021 Senior notes due on February 28, 2021 at 7.75% [Member]
Notes payable and other payables
Debt term									4 years
Senior Secured Notes
Debt issuance date									Feb. 28, 2017	Feb. 28, 2017
Debt instrument, aggregate principal amount									$ 300,000,000
Maturity date										Feb. 28, 2021
Bears interest									7.75%	7.75%
November 2020 Senior Secured notes due on November 22, 2020 at 8.875% [Member]
Notes payable and other payables
Debt term								3 years
Senior Secured Notes
Debt issuance date					Dec. 01, 2017	Nov. 22, 2017				Nov. 22, 2017		Dec. 01, 2017
Debt instrument, aggregate principal amount					$ 100,000,000	$ 200,000,000		$ 200,000,000
Maturity date					Nov. 22, 2020					Nov. 22, 2020
Bears interest					8.875%					8.875%
March 2020 Senior Secured Notes due on March 12, 2020 at 9.875% [Member]
Notes payable and other payables
Debt term				2 years
Senior Secured Notes
Debt issuance date										Mar. 19, 2018
Debt instrument, aggregate principal amount				$ 200,000,000
Maturity date				Mar. 19, 2018						Mar. 19, 2020
Bears interest				9.875%						9.875%
October 2021 Senior Secured Notes due on October 15, 2021 at 1420 [Member]
Notes payable and other payables
Debt term	2 years 6 months		2 years 6 months
Senior Secured Notes
Debt issuance date	Apr. 26, 2019		Apr. 15, 2019
Debt instrument, aggregate principal amount	$ 100,000,000		$ 200,000,000
Maturity date	Oct. 15, 2021	Oct. 15, 2021	Oct. 15, 2021							Oct. 16, 2021
Bears interest										14.20%
Short-term bank acceptance notes [Member]
Notes payable and other payables
Notes payable										$ 271,096,538	49,652,091
Short-term bank acceptance notes [Member] \| Maximum [Member]
Notes payable and other payables
Debt term										6 months
Withdrawal Restrictions [Member]
Cash and cash equivalents:
Restricted cash										$ 32,420,073	43,748,940
Restricted Cash and Cash Equivalents, Noncurrent										112,998,481	0
Restricted Cash Related to Short Term Loans [Member]
Cash and cash equivalents:
Restricted cash										20,691,781	0
Restricted Cash Related to Long Term Loans [Member]
Cash and cash equivalents:
Restricted cash										$ 3,153,579	$ 129,492,074

Summary of significant accounting policies - Contract balance (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Summary of significant accounting policies
Contract assets	$ 23,093,235	$ 21,779,221
Customer deposits (note 14)	$ 1,106,098,647	$ 1,921,851,255

Summary of significant accounting policies - Estimated Useful Life (Details)	12 Months Ended
	Dec. 31, 2019
Corporate aircraft [Member]
Summary of significant accounting policies
Property, Plant and Equipment, Useful Life	15 years
Vehicles [Member]
Summary of significant accounting policies
Property, Plant and Equipment, Useful Life	5 years
Furniture and Fixtures [Member]
Summary of significant accounting policies
Property, Plant and Equipment, Useful Life	5 years
Office buildings [Member] \| Minimum [Member]
Summary of significant accounting policies
Property, Plant and Equipment, Useful Life	20 years
Office buildings [Member] \| Maximum [Member]
Summary of significant accounting policies
Property, Plant and Equipment, Useful Life	60 years

Short-term investments (Details) - USD ($)	12 Months Ended
Short-term investments (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Trading securities:
Fair Value	$ 5,595,625	$ 8,442,063
Cost	7,219,439	7,291,863
Unrealized gain (loss) in profit	(1,623,814)	1,150,200
Net realized gain on short-term investments	3,075,014	(3,407,090)	$ 7,873,987
Level 3
Trading securities:
Fair Value, Equity securities without readily determinable fair value	3,519,182
Cost, Equity securities without readily determinable fair value	3,519,182
Equity Securities without Readily Determinable Fair Value, Carrying Value	0
REITs [Member] \| Level 1
Trading securities:
Fair Value		8,442,063
Cost		7,291,863
Unrealized gain (loss) in profit		$ 1,150,200
Equity securities [Member] \| Level 1
Trading securities:
Fair Value	2,076,443
Cost	3,700,257
Unrealized gain (loss) in profit	$ (1,623,814)

Other receivables (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Other receivables
Other receivables	$ 287,300,176	$ 166,632,745
Real estate properties held for lease, net
Other receivables
Other receivables	287,300,176
Henan Derun Real Estate Co Ltd [Member]
Other receivables
Other receivables	124,436,299	13,500,000
Zhengzhou Jiahe Real Estate Co., Ltd [Member]
Other receivables
Other receivables	67,429,462	$ 60,700,000
Zhangjiakou Xingyuan City Construction Development Co. Ltd
Other receivables
Other receivables	19,696,568
Huzhou Xinhong Jingcheng Construction And Development Co Ltd [Member]
Other receivables
Other receivables	16,369,944
Due from contractors
Other receivables
Other receivables	24,444,823
Others
Other receivables
Other receivables	$ 34,923,080

Other receivables - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other receivables
Other receivables		$ 287,300,176	$ 166,632,745
Real estate properties held for lease, net
Other receivables
Other receivables		$ 287,300,176
Henan Derun Real Estate Co Ltd [Member]
Other receivables
Prepayment amount included in other non-current assets			$ 95,600,000
Business Acquisition, Percentage of Voting Interests Acquired			10.00%
Receivable with Imputed Interest, Effective Yield (Interest Rate)		18.00%
Other receivables		$ 124,436,299	$ 13,500,000
Percentage of Ownership Interest Used to Settle Receivables Through Transfer of Certain Parcels of Land Properties	80.00%
Settlement of Bank Loans to Release the Land Pledged in Bank	$ 77,100,000
Zhengzhou Jiahe Real Estate Co., Ltd [Member]
Other receivables
Other receivables		$ 67,429,462	$ 60,700,000
Percentage of Equity Interest Secured for Use of Land Properties to Settle the Balance Due to Group		100.00%
Zhengzhou Jiahe Real Estate Co., Ltd [Member] \| Minimum [Member]
Other receivables
Receivable with Imputed Interest, Effective Yield (Interest Rate)		15.00%
Zhengzhou Jiahe Real Estate Co., Ltd [Member] \| Maximum [Member]
Other receivables
Receivable with Imputed Interest, Effective Yield (Interest Rate)		18.00%

Real estate properties development completed and under development (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Real estate properties development completed	$ 458,204,518	$ 632,359,691	$ 840,393,193
Under development	4,489,083,638	5,049,788,864
Profit recognized	301,358,319	348,170,931
Less: progress billings (Note 13)	(1,536,054,208)	(1,329,243,487)
Total real estate properties under development	3,254,387,749	4,068,716,308	$ 1,996,000,653
Total real estate properties development completed and under development	3,712,592,267	4,701,075,999
Collateral Pledged [Member]
Real Estate Properties [Line Items]
Land use rights net	798,910,332	1,046,360,853
Land use rights [Member]
Real Estate Properties [Line Items]
Total real estate properties development completed and under development	2,179,888,833	2,733,197,585
Zhengzhou Century East A [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	3,913,910	4,000,881
Suzhou International City Garden [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	1,579,238	1,460,187
Jinan Xinyuan Splendid [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	5,175,618	4,952,551
Zhengzhou Xin City [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	11,094,087	14,946,209
Beijing Xindo Park [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	41,462,271	42,003,855
Suzhou Lake Royal Palace [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	4,966,527	4,880,245
Xingyang Splendid I [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	3,201,168	16,616,861
Zhengzhou Thriving Family [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	11,397,709	14,908,355
Shanghai Yipin Royal Palace [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	80,709,011	82,320,988
New York Oosten [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	1,201,783	127,749,947
Chengdu Thriving Family [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	64,327,235	88,492,260
Sanya Yazhou Bay No.1 [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	6,627,299	31,716,745
Xi'an Metropolitan [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	43,103,208	48,352,943
Kunshan Royal Palace [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	5,742,133	8,279,289
Jinan Xin Central [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	29,175,427	41,158,302
Changsha Xinyuan Splendid [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	7,540,854	7,340,408
Zhengzhou Fancy City II (South) [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	1,263,824	151,224
Kunshan Xindo Park [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	8,251,834	23,673,323
Zhengzhou Xindo Park [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	8,301,650	13,794,988
Zhengzhou Fancy City I [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	17,254,407	19,329,493
Henan Xin Central I [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	14,913,267	36,230,637
Xuzhou Colorful City
Real Estate Properties [Line Items]
Real estate properties development completed	5,547,620	0
Under development		49,972,999
Henan Xin Central II [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	9,884,003	0
Under development		99,196,076
Xingyang Splendid Phase II
Real Estate Properties [Line Items]
Real estate properties development completed	15,283,105	0
Xingyang Splendid Phase III
Real Estate Properties [Line Items]
Real estate properties development completed	2,563,122	0
Xingyang Splendid II [Member]
Real Estate Properties [Line Items]
Under development		44,074,338
Xingyang Splendid III [Member]
Real Estate Properties [Line Items]
Under development		62,771,683
Xingyang Splendid IV [Member]
Real Estate Properties [Line Items]
Under development	46,472,092	11,743,049
Jinan Royal Palace [Member]
Real Estate Properties [Line Items]
Under development	223,967,341	328,737,914
Tianjin Spring Royal Palace I [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	19,221,577	0
Under development		101,091,391
Zhengzhou Fancy City II(North) [Member]
Real Estate Properties [Line Items]
Under development	95,360,634	77,295,404
Zhengzhou International New City I [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	17,458,454	0
Under development		339,890,348
Zhengzhou International New City II [Member]
Real Estate Properties [Line Items]
Real estate properties development completed	17,044,177	0
Under development		171,711,098
Tongzhou Xinyuan Royal Palace [Member]
Real Estate Properties [Line Items]
Under development	234,987,743	214,011,166
Changsha Mulian Royal Palace [Member]
Real Estate Properties [Line Items]
Under development		108,637,317
XIN Eco Marine Group Properties Sdn Bhd [Member]
Real Estate Properties [Line Items]
Under development	27,488,080	15,064,162
Hudson Garden project [Member]
Real Estate Properties [Line Items]
Under development	123,555,996	106,844,124
Flushing Project [Member]
Real Estate Properties [Line Items]
Under development	107,304,741	92,821,714
Changsha Furong Thriving Family [Member]
Real Estate Properties [Line Items]
Under development	15,540,229	39,054,048
Zhengzhou International New City III A [Member]
Real Estate Properties [Line Items]
Under development	110,507,107	86,999,855
Zhuhai Xin World [Member]
Real Estate Properties [Line Items]
Under development	153,864,698	102,997,747
Xinyuan Chang'an Royal Palace [Member]
Real Estate Properties [Line Items]
Under development	157,044,224	144,771,923
Kunshan Xinyu Jiayuan [Member]
Real Estate Properties [Line Items]
Under development	146,779,965	159,974,516
Zhengzhou International New City Pending Staging [Member]
Real Estate Properties [Line Items]
Under development	376,230,958	238,835,232
Zhengzhou Hangmei International Wisdom City I [Member]
Real Estate Properties [Line Items]
Under development	75,943,506	91,069,505
Xinyuan Golden Water View City [Member]
Real Estate Properties [Line Items]
Under development	438,686,015	428,430,649
Suzhou Galaxy Bay [Member]
Real Estate Properties [Line Items]
Under development	62,557,317	51,739,509
Xi'an Metropolitan II [Member]
Real Estate Properties [Line Items]
Under development	5,903,626	5,609,532
Zhengzhou International New City III B [Member]
Real Estate Properties [Line Items]
Under development	19,164,288	94,547,682
Zhengzhou International New City III C [Member]
Real Estate Properties [Line Items]
Under development	88,758,649	99,240,244
Zhengzhou International New City III D [Member]
Real Estate Properties [Line Items]
Under development	8,416,916	42,706,005
Tianjin Spring Royal Palace II [Member]
Real Estate Properties [Line Items]
Under development	62,093,526	70,891,230
Zhengzhou Fancy City III [Member]
Real Estate Properties [Line Items]
Under development	79,922,540	89,529,453
Jinan Royal Spring Bay [Member]
Real Estate Properties [Line Items]
Under development	135,015,228	119,400,947
Suzhou Gusu Shade I (Suzhou New Project) [Member]
Real Estate Properties [Line Items]
Under development	45,267,243	39,163,694
Wuhan Canglong Royal Palace (Wuhan New Project) [Member]
Real Estate Properties [Line Items]
Under development	141,707,492	124,701,587
Dalian International Health Technology Town I [Member]
Real Estate Properties [Line Items]
Under development	85,174,478	33,796,959
Qingdao Royal Dragon Bay [Member]
Real Estate Properties [Line Items]
Under development	212,457,554	246,387,446
Chengdu Xinyuan City [Member]
Real Estate Properties [Line Items]
Under development	723,555,656	688,987,085
Zhengzhou International New City IV [Member]
Real Estate Properties [Line Items]
Under development	220,859,532	176,269,525
Xingyang Splendid V [Member]
Real Estate Properties [Line Items]
Under development	31,136,007	45,984,974
Xingyang Splendid Building 46 [Member]
Real Estate Properties [Line Items]
Under development	7,997,771	4,836,734
Foshan Xinchuang AI International Science and Technology Innovation Valley [Member]
Real Estate Properties [Line Items]
Under development	$ 225,362,486	$ 0

Real estate properties held for lease, net - Minimum Future Rental Income (Details)	Dec. 31, 2019 USD ($)
Real estate properties held for lease, net
2020	$ 15,986,263
2021	15,587,876
2022	14,786,872
2023	13,728,432
2024 and thereafter	107,158,511
Total	$ 167,247,954

Property and equipment, net (Details)		12 Months Ended			108 Months Ended
Property and equipment, net (Details)	Sep. 15, 2021 payment	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2021 USD ($)	Oct. 23, 2012
Property and equipment, net
Total		$ 74,322,407	$ 66,178,207
Accumulated depreciation		(31,318,028)	(28,063,724)	$ (23,994,047)
Property and equipment, net		43,004,379	38,114,483
Depreciation expense		5,904,454	4,908,299	5,350,256
Corporate aircraft [Member]
Property and equipment, net
Amortization expense related to the corporate aircraft capital lease		2,336,187	2,582,340	2,613,008
Accumulated amortization expense related to the corporate aircraft capital lease		14,601,171	13,238,949	$ 11,375,747
Finance lease right-of-use asset -Corporate aircraft
Property and equipment, net
Total		36,887,168	37,494,502
Vehicles [Member]
Property and equipment, net
Total		5,069,515	5,109,037
Furniture and Fixtures [Member]
Property and equipment, net
Total		10,523,537	12,580,384
Office buildings [Member]
Property and equipment, net
Total		21,842,187	10,994,284
Equipment Leased to Other Party [Member]
Property and equipment, net
Total		7,149,114	$ 7,266,822
Assets Held under Capital Leases [Member]
Property and equipment, net
Lessee, Finance Lease, Term of Contract						8 years
Number of quarterly lease payments \| payment	32
Quarterly lease payments, amount					$ 1,426,000
Deposit used as full and final payment		$ 6,700,000

Long-term investment (Details) - USD ($)	12 Months Ended
Long-term investment (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jul. 31, 2019	Mar. 21, 2018	Sep. 04, 2017	Apr. 19, 2017
Long Term Investment [Line Items]
Total	$ 613,619,925	$ 564,340,219
Share of loss of equity investees	5,416,471	9,374,451	$ 1,710,070
Equity Method Investment Difference Between Aggregate Investment And Proportionate Share Of Net Assets	0	0
Wuhu Penghong Investment Center (Limited Partnership) [Member]
Long Term Investment [Line Items]
Equity method investees, Initial Cost	30,608,185	30,608,185				$ 30,600,000
Equity method investees	18,333,122	23,613,358
Partner One [Member] \| Wuhu Penghong Investment Center (Limited Partnership) [Member]
Long Term Investment [Line Items]
Equity method investees, Initial Cost						91,800,000
Partner Two [Member] \| Wuhu Penghong Investment Center (Limited Partnership) [Member]
Long Term Investment [Line Items]
Equity method investees, Initial Cost						$ 3,100,000
Beijing Huiju [Member]
Long Term Investment [Line Items]
Cash frozen	98,700,000
Zhengzhou Lianhe Real Estate Co., Ltd. [Member]
Long Term Investment [Line Items]
Nonmarketable equity securities, Initial Cost	241,648	241,648
Nonmarketable equity securities	286,689	291,409
Zhengzhou Taike Real Estate Co., Ltd. [Member]
Long Term Investment [Line Items]
Nonmarketable equity securities, Initial Cost	738,073	738,073
Nonmarketable equity securities	716,723	728,523
Madison Development Limited
Long Term Investment [Line Items]
Equity method investees, Initial Cost	19,095,969	19,095,969			$ 19,100,000
Equity method investees	16,294,996	16,743,122
Equity Method Investment, Ownership Percentage					50.00%
Qingdao Huiju Zhihui City Industrial Development Co., Ltd.
Long Term Investment [Line Items]
Equity method investees, Initial Cost	523,459,957	505,162,873					$ 505,200,000
Equity method investees	$ 488,227,667	$ 478,778,879
Equity Method Investment, Ownership Percentage		49.00%
Qingdao Huiju Zhihui City Industrial Development Co., Ltd. \| Maximum [Member]
Long Term Investment [Line Items]
Equity Method Investment, Ownership Percentage							70.00%
Qingdao Huiju Zhihui City Industrial Development Co., Ltd. \| Beijing Huiju [Member]
Long Term Investment [Line Items]
Transfer of remaining ownership percentage, as required by the legal action (as a percent)	21.00%
Refund of unauthorized transfer of cash, as required by the legal action	$ 98,700,000
Suzhou Rongjingchen Real Estate Co., Ltd
Long Term Investment [Line Items]
Equity method investees, Initial Cost	42,041,464			$ 42,000,000
Equity method investees	41,452,466
Equity Method Investment, Ownership Percentage				24.00%
Other [Member]
Long Term Investment [Line Items]
Equity method investees, Initial Cost	69,160,051	$ 59,289,036
Equity method investees	$ 48,308,262	$ 44,184,928

Long-term investment - Major equity method investees (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Equity Method Investment, Summarized Financial Information [Abstract]
Current assets	$ 1,413,713
Noncurrent assets	411,764
Current liabilities	499,078
Non-current liabilities	460,617
Non-controlling interest	5,778
Gross revenue	68,353
Gross profit	14,976
Loss from continuing operations	(5,928)
Net loss	(10,691)
Net loss attributable to the Company	$ (11,614)

Acquisition of subsidiaries - 2019 Acquisition Activity (Details) - USD ($)		1 Months Ended
	Nov. 30, 2019	Nov. 30, 2019	Dec. 31, 2019
Business Combination, Consideration Transferred	$ 48,761,943
Goodwill	24,711,613	$ 24,711,613
Xitou [Member]
Business Combination, Consideration Transferred		16,486,299
Goodwill	6,624,594	6,624,594
Goodwill, tax deductible amount			$ 0
Xichuang
Business Combination, Consideration Transferred		11,212,797
Goodwill	5,159,916	5,159,916
Goodwill, tax deductible amount			0
I-Journey [Member]
Business Combination, Consideration Transferred		21,062,847
Goodwill	$ 12,927,103	$ 12,927,103
Goodwill, tax deductible amount			$ 0

Acquisition of subsidiaries - Fair value of assets and liabiliities (Details)	Nov. 30, 2019 USD ($)
Cash and cash equivalents acquired	$ 827,011
Other current assets	1,118,618
Deferred tax assets	2,887,353
Other non-current assets	87,226
Goodwill	24,711,613
Current liabilities	(2,010,290)
Deferred tax liabilities	(2,887,353)
Non-controlling interest	(168,788)
Total Consideration	48,761,943
Technology [Member]
Intangible assets	21,573,348
Trademarks [Member]
Intangible assets	$ 2,623,205
Minimum [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	6 years
Maximum [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	10 years
Xinruifeng subgroup
Cash and cash equivalents acquired	$ 472,974
Other current assets	262,373
Deferred tax assets	1,057,527
Other non-current assets	29,935
Goodwill	6,624,594
Current liabilities	(269,349)
Deferred tax liabilities	(1,057,527)
Non-controlling interest	(80,631)
Total Consideration	16,486,299
Xinruifeng subgroup \| Technology [Member]
Intangible assets	9,446,403
Xinhujin subgroup
Cash and cash equivalents acquired	276,511
Other current assets	164,373
Deferred tax assets	1,170,995
Other non-current assets	14,176
Goodwill	5,159,916
Current liabilities	(241,318)
Deferred tax liabilities	(1,170,995)
Non-controlling interest	(37,986)
Total Consideration	11,212,797
Xinhujin subgroup \| Technology [Member]
Intangible assets	5,877,125
Xinzhihui subgroup
Cash and cash equivalents acquired	77,526
Other current assets	691,872
Deferred tax assets	658,831
Other non-current assets	43,115
Goodwill	12,927,103
Current liabilities	(1,499,623)
Deferred tax liabilities	(658,831)
Non-controlling interest	(50,171)
Total Consideration	21,062,847
Xinzhihui subgroup \| Technology [Member]
Intangible assets	6,249,820
Xinzhihui subgroup \| Trademarks [Member]
Intangible assets	$ 2,623,205

Acquisition of subsidiaries - Additional Information (Details) - USD ($)		4 Months Ended	12 Months Ended
	Sep. 06, 2018	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Nov. 30, 2019
Remeasurement Gain			$ 0	$ 4,384,563	$ 0
Goodwill						$ 24,711,613
Revenue			2,466,504,041	2,207,966,313
Net income			68,344,527	$ 73,034,549	$ 63,627,551
Wuhu Penghua Tenth Investment Center (Limited Partnership) [Member]
Payments to Acquire Additional Interest in Subsidiaries	$ 146,600,000
Remeasurement Gain	4,384,563
Goodwill	$ 534,697
Business Acquisition, Goodwill, Expected Tax Deductible Amount			$ 0
Wuhu Penghua and Chengdu Renju and Chengdu Guohongteng [Member]
Revenue		$ 30,248,316
Net income		$ 6,710,751

Long-term bank loans (Details) - USD ($)	12 Months Ended
Long-term bank loans (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total	$ 1,134,834,710	$ 1,249,943,747
Less: current portion of long-term bank loans	(448,770,014)	(529,904,807)
Total long-term bank loans	686,064,696	720,038,940
Restricted cash	270,714,930	338,633,911
Real estate properties held for lease	515,868,908	302,764,217	$ 277,933,313
Real estate properties under development	3,254,387,749	4,068,716,308	1,996,000,653
Real estate properties development completed	458,204,518	632,359,691	$ 840,393,193
Collateral Pledged [Member]
Debt Instrument [Line Items]
Land use rights	798,910,332	1,046,360,853
Real estate properties held for lease	$ 206,516,986	$ 175,429,630
Long Term Bank Loan [Member]
Debt Instrument [Line Items]
Loans payable, weighted average interest rate	6.94%	7.16%
Long Term Bank Loan [Member] \| Collateral Pledged [Member]
Debt Instrument [Line Items]
Land use rights	$ 382,772,544	$ 462,352,750
Restricted cash	116,152,060	0
Real estate properties held for lease	144,272,409	123,781,349
Real estate properties under development	78,726,065	30,727,630
Real estate properties development completed	$ 457,032	0
Minimum [Member] \| Long Term Bank Loan [Member]
Debt Instrument [Line Items]
Debt Instrument Prime Rate Range	100.00%
Maximum [Member] \| Long Term Bank Loan [Member]
Debt Instrument [Line Items]
Debt Instrument Prime Rate Range	206.00%
Loan from ICBC [Member]
Debt Instrument [Line Items]
Total	$ 178,891,086	286,746,707
Loan from ICBC [Member] \| Loan from ICBC, Due December 26, 2021, at 6.175 per annum [Member]
Debt Instrument [Line Items]
Total	$ 66,890,284	116,560,788
Maturity date	Dec. 26, 2021
Stated rate	6.175%
Loan from ICBC [Member] \| Loan from ICBC, Due December 22, 2021, at 6.175% per annum [Member]
Debt Instrument [Line Items]
Total	$ 33,448,009	58,284,765
Maturity date	Dec. 22, 2021
Stated rate	6.175%
Loan from ICBC [Member] \| Loan from ICBC, Due December 30, 2021, at 6.60% per annum [Member]
Debt Instrument [Line Items]
Total	$ 30,770,333	53,619,303
Maturity date	Dec. 30, 2021
Stated rate	6.60%
Loan from ICBC [Member] \| Loan from ICBC, Due December 22, 2021, at 9.80% per annum [Member]
Debt Instrument [Line Items]
Total	$ 33,448,009	58,281,851
Maturity date	Dec. 22, 2021
Stated rate	9.80%
Loan from ICBC [Member] \| Loan from ICBC, Due July 23, 2022, at 4.75% per annum [Member]
Debt Instrument [Line Items]
Total	$ 14,334,451	0
Maturity date	Jul. 23, 2022
Stated rate	4.75%
Loan from China Guangfa Bank [Member]
Debt Instrument [Line Items]
Total	$ 18,048,508	10,490,733
Loan from China Guangfa Bank [Member] \| Loan from China Guangfa Bank, Due July 17, 2021, at 6.175% per annum [Member]
Debt Instrument [Line Items]
Total	$ 18,048,508	0
Maturity date	Jul. 17, 2021
Stated rate	6.175%
Loan from China Guangfa Bank [Member] \| Loan from China Guangfa Bank, Due October 20, 2019, at 6.4125% per annum [Member]
Debt Instrument [Line Items]
Total		10,490,733
Maturity date	Oct. 20, 2019
Stated rate	6.4125%
Loan from Bank of China [Member]
Debt Instrument [Line Items]
Total	$ 57,624,495	97,622,100
Loan from Bank of China [Member] \| Loan from Bank of China, Due March 30, 2020, at 6.65% per annum [Member]
Debt Instrument [Line Items]
Total	$ 7,167,226	33,512,064
Maturity date	Mar. 30, 2020
Stated rate	6.65%
Loan from Bank of China [Member] \| Loan from Bank of China, Due October 31, 2021 at 4.75% per annum [Member]
Debt Instrument [Line Items]
Total	$ 50,457,269	64,110,036
Maturity date	Oct. 31, 2021
Stated rate	4.75%
Loan from Bank of Beijing [Member] \| Loan from Bank of Beijing, Due February 14, 2020 at 4.75% per annum [Member]
Debt Instrument [Line Items]
Total	$ 32,372,065	42,810,934
Maturity date	Feb. 14, 2020
Stated rate	4.75%
Loan from The Bank of East Asia [Member]
Debt Instrument [Line Items]
Total	$ 103,618,000	113,489,907
Loan from The Bank of East Asia [Member] \| Loan from The Bank of East Asia, Due September 27, 2019, at 1.10% plus 3 month LIBOR [Member]
Debt Instrument [Line Items]
Total		24,294,636
Maturity date	Sep. 27, 2019
Debt Instrument, Basis Spread on Variable Rate	1.10%
Loan from The Bank of East Asia [Member] \| Loan from The Bank of East Asia, Due June 1, 2019, at 1.10% plus 1 month LIBOR [Member]
Debt Instrument [Line Items]
Total		9,675,654
Maturity date	Jun. 01, 2019
Debt Instrument, Basis Spread on Variable Rate	1.10%
Loan from The Bank of East Asia [Member] \| Loan from The Bank of East Asia, Due September 19, 2019, at 1.10% plus 1 month LIBOR [Member]
Debt Instrument [Line Items]
Total		2,220,000
Maturity date	Sep. 19, 2019
Debt Instrument, Basis Spread on Variable Rate	1.10%
Loan from The Bank of East Asia [Member] \| Loan from The Bank of East Asia, Due January 09, 2020, at 1.10% plus 1 month LIBOR [Member]
Debt Instrument [Line Items]
Total	$ 3,178,000	3,178,000
Maturity date	Jan. 09, 2020
Debt Instrument, Basis Spread on Variable Rate	1.10%
Loan from The Bank of East Asia [Member] \| Loan from The Bank of East Asia, Due June 02, 2019, at 1.10% plus 1 month LIBOR [Member]
Debt Instrument [Line Items]
Total		34,421,617
Maturity date	Jun. 02, 2019
Debt Instrument, Basis Spread on Variable Rate	1.10%
Loan from The Bank of East Asia [Member] \| Loan from The Bank of East Asia, Due August 15, 2019, at 1.10% plus 1 month LIBOR [Member]
Debt Instrument [Line Items]
Total		20,000,000
Maturity date	Aug. 15, 2019
Debt Instrument, Basis Spread on Variable Rate	1.10%
Loan from The Bank of East Asia [Member] \| Loan from The Bank of East Asia, Due August 30, 2019, at 1.10% plus 1 month LIBOR [Member]
Debt Instrument [Line Items]
Total		9,700,000
Maturity date	Aug. 30, 2019
Debt Instrument, Basis Spread on Variable Rate	1.10%
Loan from The Bank of East Asia [Member] \| Loan from The Bank of East Asia, Due June 5, 2019, at 1.10% plus 1 month LIBOR [Member]
Debt Instrument [Line Items]
Total		10,000,000
Maturity date	Jun. 05, 2019
Debt Instrument, Basis Spread on Variable Rate	1.10%
Loan from The Bank of East Asia [Member] \| Loan from The Bank of East Asia Due June 4, 2021, at 1.10% plus 1 month LIBOR [Member]
Debt Instrument [Line Items]
Total	$ 22,500,000	0
Maturity date	Jun. 04, 2021
Debt Instrument, Basis Spread on Variable Rate	1.10%
Loan from The Bank of East Asia [Member] \| Loan from The Bank of East Asia Due June 6, 2021, at 1.10% plus 1 month LIBOR [Member]
Debt Instrument [Line Items]
Total	$ 30,000,000	0
Maturity date	Jun. 06, 2021
Debt Instrument, Basis Spread on Variable Rate	1.10%
Loan from The Bank of East Asia [Member] \| Loan from The Bank of East Asia, Due August 20, 2021, at 1.10% plus 1 month LIBOR [Member]
Debt Instrument [Line Items]
Total	$ 19,170,000	0
Maturity date	Aug. 20, 2021
Debt Instrument, Basis Spread on Variable Rate	1.10%
Loan from The Bank of East Asia [Member] \| Loan from The Bank of East Asia, Due September 27, 2021, at 1.10% plus 1 month LIBOR [Member]
Debt Instrument [Line Items]
Total	$ 9,100,000	0
Maturity date	Sep. 27, 2021
Debt Instrument, Basis Spread on Variable Rate	1.10%
Loan from The Bank of East Asia [Member] \| Loan from The Bank of East Asia, Due October 20, 2021, at 1.10% plus 1 month LIBOR [Member]
Debt Instrument [Line Items]
Total	$ 2,100,000	0
Debt Instrument, Basis Spread on Variable Rate	1.10%
Loan from The Bank of East Asia [Member] \| Loan from The Bank of East Asia, Due October 27, 2021, at 1.10% plus 1 month LIBOR [Member]
Debt Instrument [Line Items]
Total	$ 17,570,000	0
Maturity date	Oct. 27, 2021
Debt Instrument, Basis Spread on Variable Rate	1.10%
Loan from Ping An Bank Co., Ltd [Member]
Debt Instrument [Line Items]
Total	$ 129,569,106	130,988,460
Loan from Ping An Bank Co., Ltd [Member] \| Loan from Ping An Bank Co., Ltd Due May 31, 2021, at 6.8875% Per annum [Member]
Debt Instrument [Line Items]
Total	$ 80,272,928	116,417,997
Maturity date	May 31, 2021
Stated rate	6.8875%
Loan from Ping An Bank Co., Ltd [Member] \| Loan from Ping An Bank Co., Ltd Due May 27, 2021, at 7.3625% Per Annum [Member]
Debt Instrument [Line Items]
Total	$ 9,890,771	14,570,463
Maturity date	May 27, 2021
Stated rate	7.3625%
Loan from Ping An Bank Co., Ltd [Member] \| Loan from Ping An Bank Co., Ltd, Due March 27, 2022, at 6.9825% per annum [Member]
Debt Instrument [Line Items]
Total	$ 39,405,407	0
Maturity date	Mar. 27, 2022
Stated rate	6.9825%
Loan from China Construction Bank [Member]
Debt Instrument [Line Items]
Total	$ 73,105,703	110,734,060
Loan from China Construction Bank [Member] \| Loan from China Construction Bank, Due July 02, 2021, at 6.65% Per Annum [Member]
Debt Instrument [Line Items]
Total		56,824,805
Maturity date	Jul. 02, 2021
Stated rate	6.65%
Loan from China Construction Bank [Member] \| Loan from China Construction Bank, Due April 04, 2021, at 6.175% Per Annum [Member]
Debt Instrument [Line Items]
Total		36,424,700
Maturity date	Apr. 04, 2021
Stated rate	6.175%
Loan from China Construction Bank [Member] \| Loan from China Construction Bank, Due August 1, 2021, at 4.35% per annum [Member]
Debt Instrument [Line Items]
Total	$ 44,723,488	0
Maturity date	Aug. 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	$ 11,180,872	0
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	17,484,555
Maturity date	Aug. 01, 2021
Stated rate	4.75%
Loan from Bank of Minsheng [Member]
Debt Instrument [Line Items]
Total	$ 345,890,312	354,193,379
Loan from Bank of Minsheng [Member] \| Loan from Bank of Minsheng, Due March 30, 2023, at 8.8825% Per Annum [Member]
Debt Instrument [Line Items]
Total	$ 286,402,339	291,394,685
Maturity date	Mar. 30, 2023
Stated rate	8.8825%
Loan from Bank of Minsheng [Member] \| Loan from Bank of Minsheng, Due June 14, 2031, at 8.50% Per Annum [Member]
Debt Instrument [Line Items]
Total	$ 59,487,973	62,798,694
Maturity date	Jun. 14, 2031
Stated rate	8.50%
Loan from Bank of Hengfeng [Member] \| Loan from Bank of Hengfeng, Due September 20, 2021, at 8.0009% Per Annum [Member]
Debt Instrument [Line Items]
Total	$ 65,150,082	73,580,837
Maturity date	Sep. 20, 2021
Stated rate	8.0009%
Loan From Zheshang Bank Co., Ltd [Member] \| Loan from Zheshang Bank Co., Ltd, Due September 21, 2021, at 7.60% per annum [Member]
Debt Instrument [Line Items]
Total	$ 17,344,686	29,286,630
Maturity date	Sep. 21, 2021
Stated rate	7.60%
Loan from Bank of Communications Co., Ltd [Member] \| Loan from Bank of Communications Co., Ltd, Due March 18, 2022, at 7.600% per annum [Member]
Debt Instrument [Line Items]
Total	$ 37,104,728	0
Maturity date	Mar. 18, 2022
Stated rate	7.60%
Loan from Bank of Zhengzhou Co., Ltd [Member] \| Loan from Bank of Zhengzhou Co., Ltd, Due September 26, 2021, at 7.000075% per annum [Member]
Debt Instrument [Line Items]
Total	$ 64,505,031	0
Maturity date	Sep. 26, 2021
Stated rate	7.00008%
Loan from Bank of Huaxia Co., Ltd [Member] \| Loan from Bank of Huaxia Co., Ltd, Due December 27, 2021, at 5.08% per annum [Member]
Debt Instrument [Line Items]
Total	$ 11,610,908	$ 0
Maturity date	Dec. 27, 2021
Stated rate	5.08%

Long-term bank loans - Maturities of Long-term Debt (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Less: current portion of long-term bank loans	$ (448,770,014)	$ (529,904,807)
Total long-term bank loans	686,064,696	$ 720,038,940
Long Term Bank Loan [Member]
Debt Instrument [Line Items]
2020	448,770,014
2021	599,627,953
2022	37,269,574
2023	4,156,992
2024 and thereafter	$ 45,010,177

Other long-term debt - Maturities of Long-term Debt (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Less: current portion of other long term debt	$ (970,185,445)	$ (1,118,013,649)
Total other long-term debt	1,036,690,627	$ 1,040,455,200
Other Long-Term Debt [Member]
Debt Instrument [Line Items]
2020	970,185,445
2021	989,429,149
2022	34,402,683
2023	12,858,795
Less: current portion of other long term debt	(970,185,445)
Total other long-term debt	$ 1,036,690,627

Lease (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Lease Assets
Finance lease ROU assets	$ 29,306,030
Operating lease ROU assets	11,801,491	$ 0
Current
Total	11,283,724	6,562,425
Non-current
Total	10,187,705	$ 10,014,791
Finance lease and operating lease, current
Current
Current portion of finance lease	6,409,827
Current portion of operating lease	4,873,897
Total	11,283,724
Finance lease and operating lease, non-current
Non-current
Finance lease, net of current portion	3,839,456
Operatng lease, net of current portion	6,348,249
Total	10,187,705
Property and equipment, net
Lease Assets
Finance lease ROU assets	22,285,997
Real estate properties held for lease, net
Lease Assets
Finance lease ROU assets	$ 7,020,033

Lease - lease expense (Details) - USD ($)	12 Months Ended
Lease - lease expense (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating lease cost:
Operating lease cost	$ 6,480,093
Short-term lease cost	2,612,901
Finance lease cost:
Amortization of ROU assets	2,465,268
Interest on the lease liabilities	1,019,758
Total lease cost	12,578,020
Operating lease expenses		$ 9,614,639	$ 5,132,393
Supplemental cash flow information related to leases
Operating cash flows for operating leases	6,275,565
Operating cash flows for finance leases	1,393,198
Financing cash flows for finance leases	$ 6,135,547	$ 7,521,441	$ 4,196,345

Lease - Maturities of lease liabilities (Details)	Dec. 31, 2019 USD ($)
Finance lease
Year ending December 31, 2020	$ 7,511,008
Year ending December 31, 2021	4,059,224
Year ending December 31, 2022	0
Year ending December 31, 2023	0
Total lease payments	11,570,232
Less imputed interest	1,320,949
Present value of lease liabilities	10,249,283
Operating leases
Year ending December 31, 2020	6,470,913
Year ending December 31, 2021	4,443,336
Year ending December 31, 2022	1,007,535
Year ending December 31, 2023	294,239
Total lease payments	12,216,023
Less imputed interest	993,877
Present value of lease liabilities	$ 11,222,146

Lease - Weighted-average remaining lease term (Details)	Dec. 31, 2019
Lease
Operating leases, weighted-average remaining lease term (Years)	2 years 3 months 26 days
Finance leases, weighted-average remaining lease term (Years)	1 year 7 months 17 days
Operating leases, weighted-average discount rate	4.35%
Finance leases, weighted-average discount rate	8.05%

Lease - Additional information (Details)	12 Months Ended
Lease - Additional information (Details)	Dec. 31, 2019
Maximum [Member]
Lease
Remaining lease terms	2 years

Customer deposits (Details) - USD ($)	12 Months Ended
Customer deposits (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Customer Deposits [Line Items]
Advances for real estate properties	$ 2,616,487,072	$ 3,218,686,349
Add: increase in revenue recognized in excess of amounts received from customers	25,665,783	32,408,393
Less: recognized as progress billings (Note 5)	(1,536,054,208)	(1,329,243,487)
Customer deposits (Note 2(h))	$ 1,106,098,647	$ 1,921,851,255
Minimum [Member]
Customer Deposits [Line Items]
Customer deposits backed by mortgage loans, percentage	40.00%
Maximum [Member]
Customer Deposits [Line Items]
Customer deposits backed by mortgage loans, percentage	80.00%

Income taxes - Income Before Taxes (Details) - USD ($)	12 Months Ended			36 Months Ended
Income taxes - Income Before Taxes (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019
Income taxes [Line Items]
CIT tax rate	25.00%			25.00%
PRC	$ 355,606,696	$ 355,674,888	$ 275,898,007
Non PRC	(122,099,522)	(105,275,621)	(82,669,476)
Income/(loss) before income taxes	$ 233,507,174	250,399,267	193,228,531
PRC subsidiaries [Member]
Income taxes [Line Items]
Withholding tax rate on dividend distributed by domestic enterprise to foreign tax resident investors (as a percent)	10.00%
HK subsidiaries [Member]
Income taxes [Line Items]
CIT tax rate	16.50%
US subsidiaries [Member]
Income taxes [Line Items]
CIT tax rate	33.00%
Withholding tax rate on dividend distributed by domestic enterprise to foreign tax resident investors (as a percent)	30.00%
Income/(loss) before income taxes	$ (13,691,583)	$ (6,030,752)	$ (23,734,648)

Income taxes - Income Tax Expense (Detail) - USD ($)	12 Months Ended
Income taxes - Income Tax Expense (Detail) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current:
CIT tax expense	$ 133,862,272	$ 141,399,866	$ 103,302,037
Land Appreciation Tax ("LAT") expense	68,631,338	62,996,403	40,203,748
Deferred tax benefit	(52,015,238)	(59,949,022)	(30,388,659)
Income tax expense	$ 150,478,372	$ 144,447,247	$ 113,117,126

Income taxes - CIT Reconciliation (Details) - USD ($)	12 Months Ended
Income taxes - CIT Reconciliation (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income taxes
CIT at rate of 25%	$ 58,376,794	$ 62,599,817	$ 48,307,133
Tax effect of non-deductible expenses	8,867,037	5,799,761	3,641,665
LAT expense	68,631,338	62,996,403	40,203,748
CIT benefit of LAT	(17,157,834)	(15,749,101)	(10,050,937)
Changes in valuation allowance	23,073,210	(491,075)	3,180,741
International rate differences	17,351,758	18,224,012	10,149,331
Dividend and interest withholding taxes	(3,816,800)	15,403,663	18,877,500
Adjustment of estimated income tax accruals	(4,285,329)	(3,952,396)	(954,552)
Others	(561,802)	(383,837)	(237,503)
Income tax expense	$ 150,478,372	$ 144,447,247	$ 113,117,126

Income taxes - Deferred Tax Assets And Liabilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Tax loss carried forward	$ 50,163,293	$ 42,185,810
Accruals and provisions	62,936,343	48,850,991
Capitalized expenses	50,288,336	26,796,716
Revenue recognition at a point in time less tax paid under deemed profit method	127,927,710	130,498,661
Revenue recognition of real estate lease income on a straight-line basis	17,164,019	14,269,520
Deemed interest expense	55,979,839	43,266,604
Valuation allowance	(28,022,499)	(5,941,941)
Operating lease liability	2,805,537	0
Others	418,310	0
Total deferred tax assets	339,660,888	299,926,361
Deferred tax liabilities:
Revenue recognition over time	(84,241,946)	(77,968,759)
Real estate properties accelerated cost deduction	(1,193,345)	(1,212,993)
Taxable temporary differences arising from asset acquisitions	(280,540,093)	(307,747,731)
Dividend and interest withholding taxes	(49,174,479)	(52,991,279)
Operating lease right-of-use assets	(2,950,373)	0
Others		(61,732)
Total deferred tax liabilities	(418,100,236)	(439,982,494)
Undistributed earnings from subsidiaries	491,700,000	374,400,000
Accrued deferred income tax liabilities	49,200,000	37,400,000
Remaining undistributed earnings	283,700,000	227,200,000
Unrecognized deferred tax liabilities	28,400,000	22,700,000
Consolidation, Eliminations [Member] \| U.S. [Member]
Deferred tax liabilities:
Net operating loss carry forwards	10,300,000	1,500,000
Consolidation, Eliminations [Member] \| PRC [Member]
Deferred tax liabilities:
Net operating loss carry forwards	$ 173,400,000	$ 159,900,000
Operating loss carryforwards expiration period	20 years
Consolidation, Eliminations [Member] \| PRC [Member] \| Maximum [Member]
Deferred tax liabilities:
Operating loss carryforwards expiration period	10 years
Consolidation, Eliminations [Member] \| PRC [Member] \| Minimum [Member]
Deferred tax liabilities:
Operating loss carryforwards expiration period	1 year

Share-based compensation (Details)	12 Months Ended
Share-based compensation (Details)	Dec. 31, 2019 USD ($) item	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Share-based compensation
Number of share based compensation plans \| item	3
Compensation cost	$ 5,621,588	$ 3,382,628	$ 4,894,478
Tax benefit recognized upon the recognition of compensation cost	$ 0

Share-based compensation - Equity Incentive Plan, 2007 Long Term Incentive Plan, 2015 Long Term Incentive Plan and 2014 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, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) $ / 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	$ 3,485,952
2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted \| shares										0	0
2007 Plan [Member] \| Service Condition Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for plan									36 months
2007 Plan [Member] \| Minimum [Member] \| Service Condition Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of options granted \| $ / shares									$ 1.085
Weighted-average fair value of options granted \| $ / shares									$ 0.36
2007 Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares authorized \| shares									10,000,000
2007 Plan [Member] \| Maximum [Member] \| Service Condition Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of options granted \| $ / shares									$ 1.81
Weighted-average fair value of options granted \| $ / shares									$ 0.61
2014 RSU Plan [member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of shares repurchased \| $	$ 2,912,539			$ 3,259,998	$ 7,042,725	$ 3,976,660	$ 3,485,952	$ 4,003,999
Shares repurchased \| shares	1,438,076			2,076,964	4,234,884	1,732,466	0	1,614,220			1,356,584
Vesting period for plan	3 years			3 years	3 years	3 years	3 years	3 years
Weighted average grant-date fair value of restricted shares granted \| $ / shares										$ 2.12	$ 2.21	$ 2.68
2014 RSU Plan [member] \| Maximum [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares authorized \| shares					10,000,000
2015 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted \| shares										0	0
2015 Plan [Member] \| Service Condition Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted \| shares		81,600	6,574,600
Option granted, number of employees \| employee		1	22
Exercise price of options granted \| $ / shares		$ 1.71	$ 1.71
Weighted-average fair value of options granted \| $ / shares		$ 0.42	$ 0.48
Total expected compensation cost, net of expected forfeitures \| $		$ 34,294	$ 3,165,867
Vesting period for plan		33 months	34 months
Stock options granted, expiration date		Jul. 29, 2025	Jul. 01, 2025
2015 Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares authorized \| shares													20,000,000