Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2018 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Entity Registrant Name	Fang Holdings Ltd
Entity Central Index Key	0001294404
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Trading Symbol	SFUN
Entity Shell Company	false
Entity Emerging Growth Company	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	65,004,587
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	24,336,650

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 195,108	$ 228,276
Restricted cash, current	245,474	223,002
Short-term investments	16,043	55,801
Accounts receivable (net of allowance of US$31,127 and US$33,276 as of December 31, 2017 and 2018, respectively)	60,950	66,884
Funds receivable	5,474	6,264
Prepayments and other current assets	27,995	32,704
Commitment deposits (net of allowance of US$206 and nil as of December 31, 2017 and 2018, respectively)	191	5,876
Loans receivable, current (net of allowance of US$4,810 and US$3,697 as of December 31, 2017 and 2018, respectively)	117,602	129,438
Amounts due from a related party	0	167
Total current assets	668,837	748,412
Non-current assets:
Property and equipment, net	728,312	622,145
Land use rights	33,153	35,728
Loans receivable, non-current (net of allowance of US$106 and US$132 as of December 31, 2017 and 2018, respectively)	6,249	14,674
Deferred tax assets	2,202	7,602
Restricted cash, non-current portion	6,990	39,982
Deposits for non-current assets	902	58,722
Long-term investments	373,233	470,964
Other non-current assets	4,558	2,026
Total non-current assets	1,155,599	1,251,843
Total assets	1,824,436	2,000,255
Current liabilities:
Short-term loans (including short-term loans of the People's Republic of China ("PRC") Domestic Entities and the PRC Domestic Entities' subsidiaries without recourse to the Company of US$59,820 and US$76,267 as of December 31, 2017 and 2018, respectively)	297,811	236,985
Deferred revenue (including deferred revenue of the PRC Domestic Entities and the PRC Domestic Entities' subsidiaries without recourse to the Company of US$27,095 and US$32,816 as of December 31, 2017 and 2018, respectively)	163,346	168,884
Accrued expenses and other liabilities (including accrued expenses and other liabilities of the PRC Domestic Entities and the PRC Domestic Entities' subsidiaries without recourse to the Company of US$54,516 and US$36,266 as of December 31, 2017 and 2018, respectively)	131,268	158,799
Customers' refundable fees (including customers' refundable fees of the PRC Domestic Entities and the PRC Domestic Entities' subsidiaries without recourse to the Company of US$10,986 and US$3,274 as of December 31, 2017 and 2018, respectively)	3,976	7,070
Income tax payable (including income tax payable of the PRC Domestic Entities and the PRC Domestic Entities' subsidiaries without recourse to the Company of US$1,325 and US$1,982 as of December 31, 2017 and 2018, respectively)	4,493	4,374
Amounts due to a related party	19	0
Convertible senior notes	0	5,700
Total current liabilities	600,913	581,812
Non-current liabilities:
Long-term loans (including long-term loans of the PRC Domestic Entities and the PRC Domestic Entities' subsidiaries without recourse to the Company of US$55,958 and US$44,891 as of December 31, 2017 and 2018, respectively)	123,215	114,109
Convertible senior notes	254,435	291,365
Deferred tax liabilities (including deferred tax liabilities of the PRC Domestic Entities and the PRC Domestic Entities' subsidiaries without recourse to the Company of US$51,227 and US$10,488 as of December 31, 2017 and 2018, respectively)	97,578	126,641
Other non-current liabilities (including other non-current liabilities of the PRC Domestic Entities and the PRC Domestic Entities' subsidiaries without recourse to the Company of US$37,936 and US$51,144 as of December 31, 2017 and 2018, respectively)	153,095	146,053
Total non-current liabilities	628,323	678,168
Total liabilities	1,229,236	1,259,980
Commitments and contingencies	0	0
Shareholders' equity:
Additional paid-in capital	517,802	500,666
Accumulated other comprehensive income (loss)	(75,837)	137,630
Retained earnings	276,746	225,574
Less: Treasury stock (7,065,058 and 7,065,058 shares as of December 31, 2017 and 2018, respectively.)	(136,615)	(136,615)
Total Fang Holdings Limited shareholders' equity	594,506	739,583
Noncontrolling interests	694	692
Total shareholders' equity	595,200	740,275
Total liabilities and shareholders' equity	1,824,436	2,000,255
Common Class A [Member]
Shareholders' equity:
Ordinary shares	9,286	9,204
Common Class B [Member]
Shareholders' equity:
Ordinary shares	$ 3,124	$ 3,124

CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Thousands	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($) shares
Allowance for Doubtful Accounts Receivable, Current	$ 33,276	$ 31,127
Allowance for Doubtful Accounts Receivable	0
Short-term loans	297,811	236,985
Deferred revenue	163,346	168,884
Accrued expenses and other liabilities	131,268	158,799
Customer's refundable fees	3,976	7,070
Income tax payable	4,493	4,374
Long-term loans	$ 123,215	$ 114,109
Treasury Stock, Shares \| shares	7,065,058	7,065,058
Allowance for Notes, Loans and Financing Receivable, Current	$ 3,697	$ 4,810
Allowance for Notes, Loans and Financing Receivable, Noncurrent	132	106
Deferred Tax Liabilities, Net, Noncurrent	97,578	126,641
Other Liabilities, Noncurrent	153,095	146,053
Commitment Deposits [Member]
Allowance for Doubtful Accounts Receivable	0	206
PRC Domestic Entities [Member]
Short-term loans	76,267	59,820
Deferred revenue	32,816	27,095
Accrued expenses and other liabilities	36,266	54,516
Customer's refundable fees	3,274	10,986
Income tax payable	1,982	1,325
Long-term loans	44,891	55,958
Deferred Tax Liabilities, Net, Noncurrent	10,488	51,227
Other Liabilities, Noncurrent	$ 51,144	$ 37,936
Common Class A [Member]
Class A and Class B ordinary shares, shares authorized \| shares	600,000,000	600,000,000
Ordinary Shares, Shares issued \| shares	72,069,645	71,425,120
Ordinary Shares, Shares outstanding \| shares	65,004,587	64,360,062
Common Class B [Member]
Class A and Class B ordinary shares, shares authorized \| shares	600,000,000	600,000,000
Ordinary Shares, Shares issued \| shares	24,336,650	24,336,650
Ordinary Shares, Shares outstanding \| shares	24,336,650	24,336,650

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Revenues	$ 303,016	$ 444,296	$ 916,391
Cost of revenues
Cost of services	(58,570)	(174,599)	(687,184)
Gross profit	244,446	269,697	229,207
Operating (expenses) income
Selling expenses	(69,532)	(91,250)	(229,817)
General and administrative expenses (including related party amounts of US$897, US$501 and US$685 for the years ended December 31, 2016, 2017 and 2018, respectively)	(138,386)	(135,688)	(151,251)
Other income (loss)	3,275	(567)	415
Operating income (loss)	39,803	42,192	(151,446)
Foreign exchange (loss) gain	(598)	15	(1,882)
Interest income	10,302	11,322	11,367
Interest expense	(21,174)	(16,153)	(20,791)
Change in fair value of securities	(167,402)	518	0
Realized gain on sale of available-for-sale securities (including accumulated other comprehensive income reclassifications for unrealized gain on available-for-sale securities of US$10,583, US$2,736 and US$1,493 for the years ended December 31, 2016, 2017 and 2018, respectively)	1,493	2,736	10,583
Government grants	1,435	3,154	6,469
Investment income, net	6,816	6,692	3,281
Other non-operating loss	(30)	(4,562)	0
Impairment on investments	0	(2,768)	(2,232)
Income (loss) before income taxes and noncontrolling interests	(129,355)	43,146	(144,651)
Income tax (expense) benefits	14,446	(21,442)	(24,984)
Net income (loss)	(114,909)	21,704	(169,635)
Net income (loss) attributable to noncontrolling interests	2	(3)	0
Net income (loss) attributable to Fang Holdings Limited's shareholders	(114,911)	21,707	(169,635)
Other comprehensive income (loss), before tax
Foreign currency translation adjustments	(46,648)	56,571	(60,732)
Amounts reclassified from accumulated other comprehensive income	(1,493)	(2,736)	(10,583)
Unrealized gain on available-for-sale securities	1,493	212,838	7,326
Gain (loss) on intra-entity foreign transactions of long-term-investment nature	(3,034)	1,872	(6,996)
Other comprehensive income (loss), before tax	(49,682)	268,545	(70,985)
Income tax expense related to components of other comprehensive income	0	(49,566)	0
Other comprehensive income (loss), net of tax	(49,682)	218,979	(70,985)
Comprehensive income (loss)	(164,591)	240,683	(240,620)
Comprehensive income (loss) attributable to noncontrolling interests	2	(3)	0
Comprehensive income (loss) attributable to Fang Holdings Limited's shareholders	$ (164,593)	$ 240,686	$ (240,620)
Earnings (loss) per share for Class A and Class B ordinary shares
Basic	$ (1.29)	$ 0.25	$ (1.81)
Diluted	$ (1.29)	$ 0.24	$ (1.81)
Weighted average number of Class A and Class B ordinary shares outstanding:
Basic	88,749,432	88,475,665	93,605,749
Diluted	88,749,432	91,585,677	93,605,749
E-commerce services [Member]
Revenues
Revenues	$ 15,384	$ 87,809	$ 577,684
Marketing services [Member]
Revenues
Revenues	119,680	149,267	165,437
Listing services [Member]
Revenues
Revenues	113,534	165,374	118,109
Financial services [Member]
Revenues
Revenues	18,060	12,055	29,602
Value-added services [Member]
Revenues
Revenues	$ 36,358	$ 29,791	$ 25,559

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
General and administrative expenses (including related party amounts of US$897, US$501 and US$685 for the years ended December 31, 2016, 2017 and 2018, respectively)	$ 138,386	$ 135,688	$ 151,251
Available-for-sale Equity Securities, Gross Unrealized Gain	1,493	2,736	10,583
Related Party [Member]
General and administrative expenses (including related party amounts of US$897, US$501 and US$685 for the years ended December 31, 2016, 2017 and 2018, respectively)	$ 685	$ 501	$ 897

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (114,909)	$ 21,704	$ (169,635)
Adjustments to reconcile net income (loss) to net cash generated from operating activities:
Share-based compensation	14,082	7,218	6,552
Depreciation of property and equipment and amortization of land use rights	26,735	27,961	25,004
Deferred tax benefits	(21,271)	(317)	(2,250)
Allowance for doubtful accounts and loans receivable	24,598	32,614	29,712
Allowance for funds receivable	0	0	2,322
Realized and unrealized loss (gain) related to investment securities	165,931	(3,254)	(10,583)
Impairment on investments	0	2,768	2,232
Amortization of loan origination costs	0	191	1,302
Amortization of issuance costs and unamortized discount/premium for convertible senior notes	1,665	1,797	4,964
Loss on disposal of property and equipment	985	5,571	719
Deemed rental expense (Note 19)	162	159	154
Allowance of doubtful accounts of commitment deposit	0	206	0
Changes in operating assets and liabilities:
Accounts receivable	(18,395)	(437)	16,190
Funds receivable	509	2,330	7,769
Prepayments and other current assets	3,405	9,405	16,730
Commitment deposits	5,608	816	4,119
Loans receivable, current	0	30,901	214,824
Loans receivable, non-current	0	14,800	36,158
Amounts due from a related party	167	(445)	273
Other non-current assets	(3,443)	5,644	(317)
Deferred revenue	12,644	30,260	(6,535)
Accrued expenses and other liabilities	(42,877)	(39,343)	(17,574)
Customers' refundable fees	(2,861)	(22,651)	(27,580)
Income tax payable	(294)	(1,685)	(3,437)
Other non-current liabilities	2,564	676	127
Net cash generated from operating activities	55,005	126,889	131,240
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of short-term investments	(721,703)	(383,064)	(73,804)
Proceeds from maturity and disposal of fixed-rate time deposits and trading securities	164,350	373,363	89,952
Proceeds from disposal of available-for-sale securities	595,363	13,931	13,074
Acquisition of property and equipment	(96,117)	(65,885)	(24,576)
Origination of loans receivable	(134,802)	(212,824)	0
Repayment of loans receivable	149,545	86,931	0
Purchase of land use rights	0	(34,263)	0
Proceeds from government in connection of purchase of land use rights	14,368	0	0
Acquisition of long-term investments	(84,544)	(13,000)	(4,902)
Proceeds from disposal of property and equipment	230	5,755	924
Proceeds from disposal of equity investment with readily determinable fair value	6,645	0	0
Deposits for non-current assets	0	(55,456)	(128,614)
Net cash used in from investing activities	(106,665)	(284,512)	(127,946)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of share options	2,974	4,785	1,664
Proceeds from short-term loans	36,327	0	296,558
Proceeds from long-term loans	66,843	111,475	67,721
Repayment of loans	(26,884)	(43,989)	(182,362)
Redemption of convertible senior notes	(44,560)	0	(394,300)
Repurchase of ordinary shares	0	0	(136,615)
Payment of loan origination costs	0	(302)	0
Net cash (used in) generated from financing activities	34,700	71,969	(347,334)
Exchange rate effect on cash, cash equivalents and restricted cash	(26,728)	29,302	(29,448)
Net decrease in cash, cash equivalents and restricted cash	(43,688)	(56,352)	(373,488)
Cash, cash equivalents and restricted cash at beginning of year	491,260	547,612	921,100
Cash, cash equivalents and restricted cash at end of year	447,572	491,260	547,612
Supplemental schedule of cash flow information:
Income tax paid	8,218	7,979	6,664
Interest paid	12,215	16,895	19,418
Acquisition of property and equipment through utilization of deposits	57,102	244,568	14,345
Acquisition of property and equipment included in accrued expenses and other liabilities	10,438	6,121	0
Long-term investments received in settlement of funds receivable	$ 0	$ 12,058	$ 13,947

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 195,108	$ 228,276
Restricted cash, current	245,474	223,002
Restricted cash, non-current portion	6,990	39,982
Total cash cash equivalents and restricted cash	$ 447,572	$ 491,260

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Class A [Member]	Common Class B [Member]	Ordinary Shares [Member]	Ordinary Shares [Member] Common Class A [Member]	Ordinary Shares [Member] Common Class B [Member]	Additional Paid-in Capital [Member]	Treasury stock [Member]	Foreign currency translation adjustments [Member]	Unrealized gain on available-for- sale securities [Member]	Intra-entity foreign currency transaction loss [Member]	Parent [Member]	Retained Earnings [Member]	Noncontrolling Interests [Member]	Restatement Adjustment [Member]	Restatement Adjustment [Member] Parent [Member]	Restatement Adjustment [Member] Retained Earnings [Member]	Currently Reported [Member]	Currently Reported [Member] Ordinary Shares [Member]	Currently Reported [Member] Ordinary Shares [Member] Common Class A [Member]	Currently Reported [Member] Ordinary Shares [Member] Common Class B [Member]	Currently Reported [Member] Additional Paid-in Capital [Member]	Currently Reported [Member] Treasury stock [Member]	Currently Reported [Member] Foreign currency translation adjustments [Member]	Currently Reported [Member] Unrealized gain on available-for- sale securities [Member]	Currently Reported [Member] Intra-entity foreign currency transaction loss [Member]	Currently Reported [Member] Parent [Member]	Currently Reported [Member] Retained Earnings [Member]	Currently Reported [Member] Noncontrolling Interests [Member]
Beginning Balance at Dec. 31, 2015	$ 854,527			$ 12,234			$ 478,391	$ 0	$ (16,870)	$ 6,506	$ 0	$ (10,364)	$ 373,505	$ 761
Beginning Balance (in shares) at Dec. 31, 2015					70,736,679	24,336,650
Net (loss) profit for the year	(169,635)	$ (169,635)	$ (44,104)	0			0	0	0	0	0	0	(169,635)	0
Other comprehensive loss:
Foreign currency translation adjustments	(60,732)			0			0	0	(60,732)	0	0	(60,732)	0	0
Unrealized loss on available-for-sale securities	7,326			0			0	0	0	7,326	0	7,326	0	0
Foreign currency transaction losses	(6,996)			0			0	0	0	0	(6,996)	(6,996)	0	0
Amounts reclassified from accumulated other comprehensive income	(10,583)			0			0	0	0	(10,583)	0	(10,583)		0
Contribution by noncontrolling interests	(66)			0			0	0	0	0	0	0	0	(66)
Contribution from shareholder (Note 19(b))	154			0			154	0	0	0	0	0	0	0
Repurchase of treasury stock	(136,615)			0				(136,615)	0	0	0	0	0	0
Repurchase of treasury stock (in shares)					(7,065,058)
Share-based compensation	6,552			0			6,552	0	0	0	0	0	0	0
Excess tax benefits	470			0			470	0	0	0	0	0		0
Exercise of share options and vesting of unvested shares	3,423			47			3,376	0	0	0	0	0	0	0
Exercise of share options and vesting of unvested shares (in shares)					341,137
Ending Balance at Dec. 31, 2016	487,825			12,281			488,943	(136,615)	(77,602)	3,249	(6,996)	(81,349)	203,870	695
Ending Balance (in shares) at Dec. 31, 2016					64,012,758	24,336,650
Cumulative effect of adoption of ASC 606															$ 2,298		$ 2,298
Cumulative effect of adoption of ASU 2016-01 at Dec. 31, 2017															$ (163,785)	$ (163,785)	$ 163,785
Net (loss) profit for the year	21,704	21,707	5,971	0			0	0	0	0	0	0	21,704	0
Other comprehensive loss:
Foreign currency translation adjustments	56,571			0			0	0	56,571	0	0	56,571	0	0
Unrealized loss on available-for-sale securities	163,272			0			0	0	0	163,272	0	163,272	0	0
Foreign currency transaction losses	1,872			0			0	0	0	0	1,872	1,872	0	0
Amounts reclassified from accumulated other comprehensive income	(2,736)			0			0	0	0	(2,736)	0	(2,736)		0
Contribution by noncontrolling interests	(3)			0			0	0	0	0	0	0	0	(3)
Contribution from shareholder (Note 19(b))	159			0			159	0	0	0	0	0	0	0
Share-based compensation	7,218			0			7,218	0	0	0	0	0	0	0
Excess tax benefits	0			0			0	0	0	0	0	0		0
Exercise of share options and vesting of unvested shares	4,393			47			4,346	0	0	0	0	0	0	0
Exercise of share options and vesting of unvested shares (in shares)					347,304
Ending Balance at Dec. 31, 2017	740,275			12,328			500,666	(136,615)	(21,031)	163,785	(5,124)	137,630	225,574	692				$ 742,573	$ 12,328			$ 500,666	$ (136,615)	$ (21,031)	$ 0	$ (5,124)	$ (26,155)	$ 391,657	$ 692
Ending Balance (in shares) at Dec. 31, 2017					64,360,062	24,336,650														64,360,062	24,336,650
Net (loss) profit for the year	(114,909)	$ (114,911)	$ (31,511)	0			0	0	0	0	0	0	(114,911)	2
Other comprehensive loss:
Foreign currency translation adjustments	(46,648)			0			0	0	(46,648)	0	0	(46,648)	0	0
Unrealized loss on available-for-sale securities	1,493									1,493		1,493
Amounts reclassified from accumulated other comprehensive income	(1,493)									(1,493)		(1,493)
Loss on intra-entity foreign transactions of long-term investment nature	(3,034)			0			0	0	0	0	(3,034)	(3,034)	0	0
Contribution from shareholder (Note 19(b))	162			0			162	0	0	0	0	0	0	0
Repurchase of treasury stock (in shares)					(7,065,058)
Share-based compensation	14,082			0			14,082	0	0	0	0	0	0	0
Exercise of share options and vesting of unvested shares	2,974			82			2,892	0	0	0	0	0	0	0
Exercise of share options and vesting of unvested shares (in shares)					644,525
Ending Balance at Dec. 31, 2018	$ 595,200			$ 12,410			$ 517,802	$ (136,615)	$ (67,679)	$ 0	$ (8,158)	$ (75,837)	$ 276,746	$ 694
Ending Balance (in shares) at Dec. 31, 2018				24,336,650	65,004,587

ORGANIZATION AND BASIS OF PRESENTATION

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND BASIS OF PRESENTATION

The Company was incorporated on June 18, 1999 as Fly High Holdings Limited under the laws of the British Virgin Islands (“BVI”). In June 2004, the Company changed its name to SouFun Holdings Limited and its corporate domicile to the Cayman Islands and became a Cayman Islands company with limited liability under the Companies Law of the Cayman Islands. In 2016, the Company changed its name to Fang Holdings Limited (formerly known as SouFun Holdings Limited). The accompanying consolidated financial statements include the financial statements of (i) Fang Holdings Limited (the “Company”), (ii) its subsidiaries located outside of the People’s Republic of China (the “PRC”) (the “non-PRC subsidiaries”), (iii) wholly foreign owned entities in the PRC (the “WOFEs”) and their subsidiaries, (iv) entities controlled through contractual arrangements (the “PRC Domestic Entities”) and (v) the PRC Domestic Entities’ subsidiaries. The Company, and where appropriate, the term “Company” also refers to its non-PRC subsidiaries, WOFEs, PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries as a whole.

The Company is principally engaged in the provision of marketing services, listing services, financial services, E-commerce services and value-added services to the real estate and home furnishing industries in the PRC. Details of the Company’s major subsidiaries, PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries as of December 31, 2018 were as follows:

Company	Date of Establishment	Place of Establishment	Principal Activities

Beijing SouFun Internet Information Service Co., Ltd. ("Beijing Internet")	December 17, 2003	PRC	Provision of marketing services and listing services

SouFun Media Technology (Beijing) Co., Ltd. ("SouFun Media")	November 28, 2002	PRC	Provision of technology and information consultancy services

Beijing SouFun Network Technology Co., Ltd. ("SouFun Network")	March 16, 2006	PRC	Provision of technology and information consultancy services

Beijing SouFun Science and Technology Development Co., Ltd. ("Beijing Technology")	March 14, 2006	PRC	Provision of marketing services and listing services

Beijing Century Jia Tian Xia Technology Development Co., Ltd. ("Beijing JTX Technology")	December 21, 2006	PRC	Provision of marketing services and listing services

Beijing Zhong Zhi Shi Zheng Information Technology Co. Ltd., ("Beijing Zhongzhi")	June 5, 2007	PRC	Provision of technology and information consultancy services

Xinjiang Zhong Zhi Shu Ju Information Technology Co., Ltd. (“Xinjiang Zhong Zhi Shu Ju”)	August 10, 2017	PRC	Provision of technology and information consultancy services

Beijing Hong An Tu Sheng Network Technology Co., Ltd. ("Beijing Hong An")	November 15, 2010	PRC	Provision of technology and information consultancy services

Beijing Tuo Shi Huan Yu Network Technology Co., Ltd. ("Beijing TuoShi")	November 19, 2010	PRC	Provision of technology and information consultancy services

Beijing Yi Ran Ju Ke Technology Development Co., Ltd. ("Beijing Yi Ran Ju Ke")	July 8, 2011	PRC	Provision of marketing services, rental services and real estate agency services

Beijing Hua Ju Tian Xia Network Technology Co., Ltd. ("Beijing Hua Ju Tian Xia")	July 25, 2012	PRC	Provision of technology and information consultancy services

Company	Date of Establishment	Place of Establishment	Principal Activities

Beijing Zhong Zhi Hong Yuan Data Information Technology Co., Ltd. (“Beijing Zhong Zhi Hong Yuan”)	June 11, 2018	PRC	Provision of technology and information consultancy services

Beijing Li Man Wan Jia Network Technology Co., Ltd. ("Beijing Li Man Wan Jia")	July 25, 2012	PRC	Provision of technology and information consultancy services

Shanghai Jia Biao Tang Real Estate Broking Co., Ltd. ("Shanghai JBT Real Estate Broking")	July 7, 2005	PRC	Provision of real estate agency services, marketing services and listing services

Beijing Zhong Zhi Xun Bo Information Technology Co. Ltd., ("Zhongzhi Xun Bo")	January 6, 2012	PRC	Provision of technology and information consultancy services

Tianjin SouFun Network Technology Co., Ltd.("Tianjin SouFun Network")	March 8, 2012	PRC	Provision of technology and information consultancy services

Tianjin Jia Tian Xia Network Technology Co., Ltd. (“Jia Tian Xia Network Technology”)	April 15, 2014	PRC	Provision of technology and information consultancy services

Hangzhou SouFun Network Technology Co., Ltd., ("Hangzhou SouFun Network")	August 27, 2013	PRC	Provision of technology and information consultancy services

Wuhan SouFun Yi Ran Ju Ke Real Estate Agents Co., Ltd. ("Wuhan Yi Ran Ju Ke")	December 13, 2013	PRC	Provision of real estate agency services and real estate information services

Hangzhou Ji Ju Real Estate Agents Co., Ltd. ("Hanzhou Ji Ju")	December 23, 2013	PRC	Provision of real estate agency services and real estate information services

Fang Tian Xia Financial Information Service (Beijing) Ltd. (previously known as Beijing Tianxia Dai Information service Co., Ltd.)	April 9, 2014	PRC	Provision of finance information services

Shanghai SouFun Microfinance Co.,Ltd.("Shanghai SouFun Microfinance")	January 19, 2015	PRC	Provision of Microfinance services

Beihai Tian Xia Dai Microfinance Co., Ltd.("Beihai Tian Xia Dai Microfinance")	September 12, 2014	PRC	Provision of microfinance services

Shanghai BaoAn Enterprise Co., Ltd. (“Shanghai BaoAn Enterprise”)	March 31, 2013	PRC	Lease, resale and management of property

Shanghai BaoAn Hotel Co., Ltd. (“Shanghai BaoAn Hotel”)	March 31, 2013	PRC	Operation and management of hotel, restaurant and other catering business

Company	Date of Establishment	Place of Establishment	Principal Activities

Beijing Fang Tian Xia Hong An Network Technology Ltd. (previously known as Beijing Fang Tian Xia Decorative Engineering Co., Ltd.)	October 15, 2014	PRC	Provision of decorative engineering services

Chongqing Tian Xia Dai Microfinance Co., Ltd ("Chongqing Tian Xia Dai Microfinance")	December 11, 2014	PRC	Provision of microfinance services

Tianjin Jia Tian Xia Microfinance Co. ,Ltd. ("Tianjin Jia Tian Xia Microfinance")	December 5, 2014	PRC	Provision of microfinance services

Beijing Fang Chao Real Estate Broking Co., Ltd. (“Beijing Fang Chao”)	March 6, 2015	PRC	Provision of real estate agency services

Guangzhou Fang Tian Xia Real Estate Broking Co., Ltd. (“Guangzhou Fang Tian Xia”)	March 9, 2015	PRC	Provision of real estate agency services

Beijing Cun Fang Real Estate Broking Co., Ltd. (“Beijing Cun Fang”)	April 7, 2015	PRC	Provision of real estate agency services

Shenzhen Fang Tian Xia Real Estate Broking Co., Ltd. (“Shenzhen Fang Tian Xia”)	April 13, 2015	PRC	Provision of real estate agency services

Tianjin Fang Tian Xia Real Estate Broking Co., Ltd. (“Tianjin Fang Tian Xia”)	May 21, 2015	PRC	Provision of real estate agency services

Nanjing Cun Fang Real Estate Broking Co., Ltd. (“Nanjing Cun Fang”)	April 30, 2015	PRC	Provision of real estate agency services

Company	Date of Establishment	Place of Establishment	Principal Activities

Nanchang Cun Fang Real Estate Broking Co., Ltd. (“Nanchang Cun Fang”)	June 3, 2015	PRC	Provision of real estate agency services

Chongqing Fang Tian Xia Real Estate Broking Co., Ltd. (“Chongqing Fang Tian Xia”)	May 27, 2015	PRC	Provision of real estate agency services

Shanghai SouFun Fang Tian Xia Broking Co., Ltd. (“Shanghai Fang Tian Xia”)	April 16, 2015	PRC	Provision of real estate agency services

Beijing Li Tian Rong Ze Yi Jia Technology Development Co., Ltd. (“Beijing Li Tian Rong Ze”)	September 4, 2015	PRC	Provision of technology and information consultancy services

Hong Kong Property Network Limited ("HK Property")	May 19, 2011	Hong Kong	Investment holding

Best Fang Holdings LLC	Aug 30, 2017	United States of America	Investment holding

Best Work Holdings (New York) LLC ("Best Work")	March 14, 2011	United States of America	Investment holding

China Index Holdings Limited	July 26, 2018	Cayman	Investment holding

In order to comply with PRC laws and regulations which restrict foreign control of companies involved in internet content provision (“ICP”) and advertising businesses, the Company operates its websites and provides online marketing advertising services in the PRC through its PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries.

The equity interests of the PRC Domestic Entities are legally held directly by Vincent Tianquan Mo, executive chairman of the board of directors, Yu Huang, chief executive officer of China Index Holdings Limited (“CIH”), a wholly owned subsidiary of the Company, or Richard Jiangong Dai, a director of the board who resigned from the board effective February 25, 2016. The effective control of the PRC Domestic Entities is held by the Company through three of its WOFEs, namely, SouFun Network, Beijing Zhongzhi and Jia Tian Xia Network Technology as a result of a series of contractual arrangements and their supplementary agreements signed with each of the PRC Domestic Entities which arrangements and agreements contain similar provisions regarding obligations and rights of the Company and the PRC Domestic Entities (hereinafter, together the “Contractual Agreements”). As a result of the Contractual Agreements, the Company maintains the ability to approve decisions made by the PRC Domestic Entities, is entitled to substantially all of the economic benefits from the PRC Domestic Entities and is obligated to absorb all of the PRC Domestic Entities’ expected losses.

Therefore, the Company consolidates the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries in accordance with the United States of America Securities and Exchange Commission (“SEC”) Regulation S-X Article 3A-02 and Accounting Standards Codification (“ASC”) 810,

Consolidation

(“ASC 810”).

The following is a summary of the Contractual Agreements:

Exclusive Technical Consultancy and Service Agreements

The WOFEs provide the following exclusive technical services to the PRC Domestic Entities: (i) access to information assembled by the WOFEs concerning the real estate industry and companies in this sector to enable the PRC Domestic Entities to target potential customers and provide research services; and (ii) technical information technology system support to enable the PRC Domestic Entities to service the needs of its customers. The agreements can be extended indefinitely at the sole discretion of the WOFEs.

Operating Agreements

Pursuant to the operating agreements, each PRC Domestic Entity and its legal shareholders have agreed not to enter into any transaction that would substantially affect the assets, rights, obligations or operations of the PRC Domestic Entity without prior written consent from the WOFEs. In addition, the PRC Domestic Entities will appoint or remove their directors and executive officers based on instruction from the WOFEs. The agreements can be extended indefinitely at the sole discretion of the WOFEs.

Equity Pledge Agreements, Shareholders Proxy Agreements and Exclusive Call Option Agreements

In order to secure the payment obligations of each PRC Domestic Entity under the exclusive technical consultancy and service agreements, the legal shareholders have pledged their entire respective ownership interests in each Domestic PRC Entity to the WOFEs. The legal shareholders shall not transfer the pledged ownership interests without the prior written consent from the WOFEs. The WOFEs are entitled to dividends and funds obtained through conversion, auction or sale of the ownership interests that the legal shareholders pledged to the WOFEs. The agreements can be extended at the sole discretion of the WOFEs.

The legal shareholders irrevocably appoint the WOFEs to act as proxy for the legal shareholders to exercise their respective rights as shareholders of the PRC Domestic Entities to attend shareholders' meetings and cast votes. The agreements will remain valid until terminated upon written consent by the WOFEs, the PRC Domestic Entities and their legal shareholders or by their successors.

The

legal shareholders granted the

Company or any third party designated by the Company the exclusive right to acquire from the legal shareholders the whole or part of the respective equity interests in each PRC Domestic Entity at a price equivalent to the historical cost when permitted by applicable PRC laws and regulations. The legal shareholders shall not sell, transfer or dispose of the equity interests in the PRC Domestic Entities without the prior written consent of the Company or any third party designated by the Company. The proceeds from the exercise of the call option will be applied to repay the loans under the loan agreements. The Company does not have to make any additional payment to the legal shareholders. The PRC Domestic Entities will not distribute any dividend without the prior written consent from the WOFEs. The agreements can be extended indefinitely at the sole discretion of the Company.

Loan Agreements

The WOFEs provided loans to the legal shareholders to enable them to contribute the registered capital of the PRC Domestic Entities. Under the terms of the loan agreements, the legal shareholders will repay the loans by transferring their legal ownership in the PRC Domestic Entities to the WOFEs when permitted by applicable PRC laws and regulations. Any gains from the transfer shall be paid back to the WOFEs or any third party designated by the WOFEs. The legal shareholders shall repay the loan by means of transferring their respective equity interests in the PRC Domestic Entities to the WOFEs or any other person designated by the WOFEs.

Supplementary Agreements

In addition to the above contractual agreements, the Company, the WOFEs, the PRC Domestic Entities and their legal shareholders entered into supplementary agreements in March 2010 to memorialize certain terms previously agreed amongst the Company, the WOFEs, the PRC Domestic Entities and their legal shareholders. While these supplementary agreements were signed in 2010, the terms, intent and substance of all the agreements above remained unchanged. Pursuant to the supplementary agreements:

the WOFEs have unilateral discretion in setting the technical service fees charged to the PRC Domestic Entities;

the WOFEs are obligated to provide financial support to the PRC Domestic Entities in the event the PRC Domestic Entities incur losses;

the annual budget of the PRC Domestic Entities should be assessed and approved by the WOFEs;

the legal shareholders agree to remit any profits distributed from the PRC Domestic Entities to the Company upon request by the Company; and

the PRC Domestic Entities are obligated to transfer their entire retained earnings, after deduction of PRC income tax, to the WOFEs in the form of a donation upon the WOFEs’ request.

All of these provisions have been incorporated into the Contractual Agreements signed subsequent to March 2010.

Furthermore, the WOFEs and the PRC Domestic Entities entered into supplementary agreements in March 2013 to memorialize the following terms previously agreed between the WOFEs and the PRC Domestic Entities when the Exclusive Call Option Agreements were entered into:

the legal shareholders agreed to remit the purchase consideration received from the exercise of the exclusive right to acquire the equity interests in the PRC Domestic Entities to the WOFEs or any entity designated by the WOFEs.

This provision has been incorporated into the Contractual Agreements signed subsequent to March 2013.

Through the design of the aforementioned agreements, the legal shareholders of the PRC Domestic Entities effectively assigned their full voting rights to the WOFEs, which give the WOFEs the power to direct the activities that most significantly impact the PRC Domestic Entities’ economic performance. The WOFEs obtained the ability to approve decisions made by the PRC Domestic Entities and the ability to acquire the equity interests in the PRC Domestic Entities when permitted by PRC law. The WOFEs are obligated to absorb a majority of the expected losses from the PRC Domestic Entities’ activities through providing unlimited financial support to the PRC Domestic Entities and are entitled to receive a majority of profits from the PRC Domestic Entities through the exclusive technical consultancy and service fees. As a result, the Company, through the WOFEs, is the primary beneficiary of the PRC Domestic Entities. Accordingly, in accordance with SEC Regulation S-X Article 3A-02 and ASC 810, the Company, through the WOFEs, has consolidated the operating results of the PRC Domestic Entities in the Company’s financial statements. Business taxes (“BT”) and value added taxes (“VAT”) relating to service fees charged by the WOFEs are recorded as cost of services.

The carrying amounts of the assets, liabilities, the results of operations and cash flows of the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries included in the Company’s consolidated balance sheets, consolidated statements of comprehensive income (loss) and consolidated statements of cash flows were as follows:

	As of December 31,
	2017		2018
	US$		US$
ASSETS
Current assets:
Cash and cash equivalents		50,948		34,004
Restricted cash, current		223,002		214,876
Short-term investments		19,838		5,586
Accounts receivable (net of allowance of US$ 13,691 and US$ 12,913 as of December 31, 2017 and 2018, respectively)		22,119		25,910
Funds receivable		2,824		5,124
Prepayments and other current assets		16,856		25,384
Commitment deposits (net of allowance of US$ 206 and nil as of December 31, 2017 and 2018, respectively)		5,876		191

Total current assets		341,463		311,075

Non-current assets:
Property and equipment, net		275,601		358,432
Land use rights		34,951		32,428
Deferred tax assets, non-current		2		2
Deposits for non-current assets		41,428		95
Long-term investments		433,894		291,808
Other non-current assets		204		1,815

Total non-current assets		786,080		684,580

Total assets		1,127,543		995,655

	As of December 31,
	2017		2018
	US$		US$
Current liabilities:
Short-term loans		59,820		76,267
Deferred revenue		27,095		32,816
Accrued expenses and other liabilities		54,516		36,266
Customer’s refundable fees		10,986		3,274
Income tax payable		1,325		1,982
Intercompany payable to the non PRC Domestic Entities		431,770		445,556

Total current liabilities		585,512		596,161

Non-current liabilities:
Long-term loans		55,958		44,891
Deferred tax liabilities		51,227		10,488
Other non-current liabilities		37,936		51,144

Total non-current liabilities		145,121		106,523

Total liabilities		730,633		702,684

Net assets		396,910		292,971

Intercompany payable to the non PRC Domestic Entities represents the amounts due to the WOFE and its wholly-owned subsidiaries, which are eliminated upon consolidation.

	For the Years Ended December 31,
	2016			2017			2018
	US$			US$			US$
Total revenues		287,475			91,087			89,111
Net loss		(24,135	)		(6,484	)		(79,229	)

	For the Years Ended December 31,
	2016			2017			2018
	US$			US$			US$
Net cash generated from (used in) operating activities		(790	)		122,327			26,241
Net cash used in investing activities		(3,763	)		(99,946	)		(9,851	)
Net cash (used in) generated from financing activities		90,828			8,565			(25,220	)

The PRC Domestic Entities had no intercompany amounts payable to the WOFEs for accrued service fees as of December 31, 2017 and 2018. The WOFEs did not charge the PRC Domestic Entities, technology consultancy service fees during the years ended December 31, 2016, 2017 and 2018.

As of December 31, 2018, except for the current restricted cash of US$214,876,

accounts receivable of US$2,988

and property and equipment of US$324,564 pledged to secure bank borrowings (Note 12), there was no other pledge or collateralization of the assets of the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries.

Creditors of the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries have no recourse to the general credit of their respective primary beneficiary. The amounts of liabilities of the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries have been parenthetically presented on the consolidated balance sheets. The PRC Domestic Entities held certain registered copyrights, trademarks and registered domain names, which are used for the Company’s business operations. All of these revenue-producing assets were internally developed, for which the Company did not incur significant development costs. There were no other assets of the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries that can only be used to settle their own obligations except for restricted cash of US$214,876, accounts receivable of US$2,988 and property and equipment of

US$324,564

pledged to secure bank borrowings. The WOFEs have not provided any financial support that they were not previously contractually required to provide to the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries during the years presented.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with the United States generally accepted accounting principles (“U.S. GAAP”).

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in the Company’s financial statements include, but are not limited to, estimated stand-alone selling prices of performance obligations, customer refunds, allowance for doubtful accounts, allowance for credit losses, useful lives of property and equipment, realization of deferred tax assets, impairment of long-lived assets, share-based compensation expense, uncertain income tax positions, fair value of the embedded derivatives in the convertible senior notes and fair value of long term investments. Changes in facts and circumstances may result in revised estimates. Actual results could materially differ from those estimates.

Principles of Consolidation

The consolidated financial statements include the financial statements of the Company, its non-PRC subsidiaries, WOFEs, the PRC Domestic Entities in which the Company, through its WOFEs, has a controlling financial interest, and the PRC Domestic Entities’ subsidiaries. The Company has determined that it has a controlling financial interest, even though it does not hold a majority of the voting equity interest in an entity, because the Company has the ability to control the PRC Domestic Entities through the WOFEs’ rights to all the residual benefits of the PRC Domestic Entities and the WOFEs’ obligation to fund losses of the PRC Domestic Entities. As a result, the PRC Domestic Entities are included in the consolidated financial statements. All significant intercompany balances and transactions between the Company, its subsidiaries, the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries have been eliminated in consolidation.

Foreign Currency Translation and Transactions

The functional currency of the Company and its non-PRC subsidiaries is the United States dollars (“US$”). The WOFEs, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries determine their functional currency to be the Chinese Renminbi (“RMB”) based on the criteria of ASC 830,

Foreign Currency Matters

. The Company uses US$ as its reporting currency. The Company uses the monthly average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in accumulated other comprehensive income (loss), a component of shareholders’ equity.

Transactions denominated in foreign currencies are remeasured into the functional currency at the exchange rates prevailing on the transaction dates. Foreign currency denominated financial assets and liabilities are remeasured at the exchange rates prevailing at the balance sheet date. Exchange gains and losses are included in the consolidated statements of comprehensive income (loss).

The assets and liabilities of the Company’s PRC subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries are translated into US$ at the exchange rates prevailing at the balance sheet date. The consolidated statements of comprehensive income (loss) of these entities are translated into US$ at the weighted average exchange rates for the year. The resulting translation gains (losses) are recorded in accumulated other comprehensive income (loss) as a component of shareholders’ equity.

For the purpose of the consolidated statements of cash flows, cash flows of the Company’s PRC subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries are translated into US$ at the exchange rates prevailing on the dates of the cash flows. Frequently recurring cash flows of these entities which arise throughout the year are translated into US$ at the weighted average exchange rates for the year.

Transaction gains and losses are recognized in the consolidated statements of operations. Gains and losses on intra-entity foreign currency transactions that are of a long-term-investment nature (that is, settlement is not planned or anticipated in the foreseeable future) between consolidated entities are not recognized in earnings, but are included as a component of other comprehensive income.

Cash and Cash Equivalents

Cash and cash equivalents represent cash on hand and demand deposits placed with banks or other financial institutions with original maturity of 90 days or less at the date of purchase which are unrestricted as to withdrawal and use. In addition, all highly liquid investments with original stated maturity of 90 days or less are classified as cash equivalents.

Restricted Cash

Restricted cash represents cash pledged to financial institutions as collateral for the Company’s bank loans. The restricted cash is not available for withdrawal or the Company’s general use until after the corresponding bank loans are repaid

The Accounting Standards Update (“ASU”)

2016

18,

Statement of Cash Flows (Topic

230): Restricted Cash,

required that restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. The guidance was effective as of

January 1, 2018

and the Company applied it using a retrospective transition method to each period presented. The adoption of this guidance changed the presentation and classification of restricted cash in the Company’s consolidated statements of cash flows. For the years ended

December 31, 2016

and

2017

, substantially all of the changes in restricted cash of US$107,905 and US$51,900, respectively, were previously reported as part of financing activities in the consolidated statements of cash flows.

Investments

Periods prior to January 1, 2018

All highly liquid investments with original maturities of greater than 90 days but less than 365 days are classified as short-term investments which are stated at their approximate fair value.

The Company accounts for its investments in accordance with ASC 320,

Investments-Debt and Equity Securities

(“ASC 320”). The Company classifies the investments in debt and equity securities as “held-to-maturity”, “trading” or “available-for-sale”, whose classification determines the respective accounting methods stipulated by ASC 320. Dividend and interest income, including amortization of the premium and discount arising at acquisition, for all categories of investments in securities are included in earnings. Any realized gains or losses on the sale of the investments are determined on a specific identification method, and such gains and losses are reflected in the consolidated statements of comprehensive income (loss).

The securities that the Company has positive intent and ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost. For individual securities classified as held-to-maturity securities, the Company evaluates whether a decline in fair value below the amortized cost basis is other-than-temporary in accordance with the Company’s policy and ASC 320. If the Company concludes that it does not intend or is not required to sell an impaired debt security before the recovery of its amortized cost basis, the impairment is considered temporary and the held-to-maturity securities continue to be recognized at the amortized costs. When the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell prior to recovery of its amortized cost basis, an other-than-temporary impairment is deemed to have occurred. In these instances, the other-than-temporary impairment loss is recognized in the consolidated statements of comprehensive income (loss) equal to the entire excess of the debt security’s amortized cost basis over its fair value at the balance sheet date of the reporting period for which the assessment is made.

The securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Unrealized holding gains and losses for trading securities are included in earnings.

Investments not classified as trading or as held-to-maturity are classified as available-for-sale securities. Available-for-sale securities are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income (loss) in shareholders’ equity. Realized gains or losses are charged to earnings during the period in which the gain or loss is realized. An impairment loss on the available-for-sale securities are recognized in the consolidated statements of comprehensive income (loss) when the decline in value is determined to be other-than-temporary. No impairment loss was recognized for the year ended December 31, 2017.

In accordance with ASC 325

Investments-Other

, for investments in an investee over which the Company does not have significant influence and which do not have readily determinable fair value, the Company carries the investment at cost and only adjusted for other-than-temporary declines in fair value and distributions of earnings that exceed the Company’s share of earnings since its investment. Management regularly evaluates the impairment of the cost method investments based on performance and financial position of the investee as well as other evidence of market value. Such evaluation included, but is not limited to, reviewing the investee’s cash position, recent financing, projected and historical financial performance, cash flow forecasts and financing needs. An impairment loss is recognized in earnings equal to the excess of the investment’s cost over its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value would then become the new cost basis of investment. An

impairment loss of US$2,232 and US$2,768 was recognized for the years ended December 31, 2016 and 2017, respectively.

Period commencing January 1, 2018

The Company adopted ASU 2016-01,

Financial Instruments—Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Liabilities

from January 1, 2018, which requires all equity securities with readily determinable fair values, other than those accounted for under equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with changes in the fair value recognized through net income. Change in fair value of available-for-sale equity securities are reported in earnings. Upon the adoption of ASU 2016-01, accumulated unrealized gain, net of income taxes, of US$163,785 was reclassified from accumulated other comprehensive income to retained earnings as of January 1, 2018.

(1)

Debt Securities

The Company accounts for its debt investments in accordance with ASC 320,

Investments-Debt Securities

(“ASC 320”). The Company classifies the debt investments as “held-to-maturity”, “trading” or “available-for-sale”, whose classification determines the respective accounting methods stipulated by ASC 320. Interest income, including amortization of the premium and discount arising at acquisition, for all categories of debt investments are included in earnings. Any realized gains or losses on the sale of the debt investments are determined on a specific identification method, and such gains and losses are reflected in the consolidated statements of comprehensive income (loss).

The debt securities that the Company has positive intent and ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost. For individual securities classified as held-to-maturity securities, the Company evaluates whether a decline in fair value below the amortized cost basis is other-than-temporary in accordance with the Company’s policy and ASC 320. If the Company concludes that it does not intend or is not required to sell an impaired debt security before the recovery of its amortized cost basis, the impairment is considered temporary and the held-to-maturity securities continue to be recognized at the amortized costs. When the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell prior to recovery of its amortized cost basis, an other-than-temporary impairment is deemed to have occurred. In these instances, the other-than-temporary impairment loss is recognized in the consolidated statements of comprehensive income (loss) equal to the entire excess of the debt security’s amortized cost basis over its fair value at the balance sheet date of the reporting period for which the assessment is made.

The debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Unrealized holding gains and losses for trading securities are included in earnings. All highly liquid investments with original maturities of greater than 90 days but less than 365 days are classified as short-term investments which are stated at their approximate fair value.

Investments not classified as trading or as held-to-maturity are classified as available-for-sale securities. Available-for-sale debt securities are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income (loss) in shareholders’ equity. Realized gains or losses are charged to earnings during the period in which the gain or loss is realized. An impairment loss on the available-for-sale securities are recognized in the consolidated statements of comprehensive income (loss) when the decline in value is determined to be other-than-temporary. No impairment loss was recognized for the year ended December 31, 2018.

(2)

Equity Securities

All equity investments with readily determinable fair values, other than those accounted for under equity method of accounting or those that result in consolidation of the investee, are measured at fair value with changes in the fair value recognized through net income.

Equity investments without readily determinable fair values which do not qualify for net asset value per share (or its equivalent) practical expedient and over which the Company does not have the ability to exercise significant influence through the investments in common stock, are accounted for under the measurement alternative. The carrying values of equity investments without readily determinable fair values are measured 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. All gains and losses on these investments, realized and unrealized, are recognized in the consolidated statements of comprehensive income (loss). The Company makes assessment of whether an investment is impaired at each reporting date, and recognizes an impairment loss equal to the difference between the carrying value and fair value in earnings. No impairment loss was recognized for the year ended December 31, 2018. As a result of adoption of ASU 2016-01, the Company is not required to disclose the fair value for equity investments without readily determinable fair value.

(3)

Equity method investments

In accordance with ASC 323

Investments-Equity Method and Joint Ventures

, the Company applies the equity method of accounting to equity investments in common stock over which it has significant influence but does not own a majority equity interests or otherwise control. Under the equity method, the Company initially records its investment in the common stock of an investee at cost. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee represents goodwill and intangible assets acquired. The Company adjusts the carrying amount of an investment for its share of the earnings or losses of the investee after the date of investment and reports the recognized earnings or losses in the consolidated statements of comprehensive income (loss). When the Company’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Company does not recognize further losses, unless the Company has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Company holds other investments in the equity investee.

The equity method investments are subject to periodic testing for other-than-temporary impairment, by considering factors including, but not limited to, stock prices of public companies in which the Company has an equity investment, current economic and market conditions, operating performance of the investees such as current earnings trends and undiscounted cash flows, and other company-specific information, such as recent financing rounds. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and the determination of whether any identified impairment is other-than-temporary. If any impairment is considered other-than-temporary, the Company will write down the asset to its fair value and take the corresponding charge to the consolidated statements of comprehensive income (loss). No impairment was recorded for equity method investments for the year ended December 31 2018.

Funds Receivable

Funds receivable represents cash collection through third-party payment service providers. The Company carefully considers and monitors the credit worthiness of the third-party payment service providers used. An allowance for doubtful accounts is recorded in the period in which a loss is determined to be probable. Funds receivable balances are written off after all collection efforts have been exhausted.

Commitment deposits

Commitment deposits represent cash paid to real estate developers for the right to provide sales agency services for their real estate projects. The commitment deposits are refundable at specified dates and are classified accordingly.

In accordance with relevant contract terms, in the event of default, the Company is normally entitled to collateral or other forms of security from the real estate developers, which it can then resell to recover its original commitment deposit. The Company’s recovery of its original commitment deposit is dependent on market conditions.

The Company considers many factors in assessing the collectability of commitment deposits, such as the age of the amounts due, the market value of collaterals, as well as the real estate developer’s payment history and credit-worthiness. An allowance for doubtful accounts is recorded in the period in which a loss is determined to be probable. Commitment deposits are written off after all collection efforts have been exhausted.

Loans receivable

Loans receivable consists primarily of secured loans in the form of mortgage loans and unsecured loans to borrowers that have passed the Company’s credit assessment. Such amounts are recorded at the principal amount less impairment as of the balance sheet date. The loan periods extended by the Company to the borrowers generally range from 1 to 36 months.

An allowance for credit loss is recorded when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company assesses the allowance for credit loss related to loans receivable on a quarterly basis, either on an individual or collective basis. The Company considers various factors in evaluating loans receivable for possible impairment on an individual basis. These factors include the amount of the loan, historical experience, value of collateral, if any, credit quality and age of the receivables balances. Impairment is measured on an individual loan basis using either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is secured. The Company evaluates the remainder of its loans receivables portfolio for impairment on a collective basis in accordance with ASC 450-20,

Loss Contingencies

and records an allowance for credit loss at the portfolio segment level.

Loan principal and interest receivables are charged-off when the loan principal and interest receivables are deemed to be uncollectible. In general, loan principal and interest receivables are identified as uncollectible if any of the following conditions are met : 1) the borrower is dead, missing or incapacitate and there is no legal heir and presentee or the legal heir and presentee refuse to abide the contract; 2) identification of fraud, and the fraud is officially reported to and filed with relevant law enforcement departments; 3) outstanding amount following 180 days past due after all collection efforts based on management’s judgment.

Property and Equipment, Net

Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows:

Category		Estimated Useful Life

Office equipment		3 - 5 years
Motor vehicles		5 - 10 years
Leasehold improvement		shorter of lease term or economic lives
Buildings		12 - 45 years

Land is stated at cost and is not depreciated.

Construction in progress represents buildings and related premises under construction, which is stated at actual construction cost less any impairment loss. Construction in progress is transferred to the respective category of property and equipment when completed and ready for its intended use.

Interest associated with major development and construction projects is capitalized and included in the cost of the project. The capitalization of interest cease when the project is substantially completed or the development activity is suspended for more than a brief period. The amount to be capitalized is determined by applying the capitalization rate to the average amount of accumulated qualifying capital expenditures for assets under construction during the year.

Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts, respectively, with any resulting gain or loss reflected in the consolidated statements of comprehensive income (loss).

Land Use Rights

Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a

straight-line basis

over the estimated terms of the land use rights which are 40-50 years.

Impairment of Long-Lived Assets

The Company evaluates its long-lived assets or asset group with finite lives for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset group may not be fully recoverable. When these events occur, the Company evaluates the impairment by comparing the carrying amount of the assets to future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Company recognizes an impairment loss based on the excess of the carrying amount of the asset group over its fair value, but not below the fair values of the individual long-lived assets within the asset group. No impairment charge was recognized for any of the years presented. Asset groups to be disposed of would be reported at the lower of the carrying amount or fair value less costs to sell, and no longer depreciated. The assets and liabilities of a disposal group classified as held for sale would be presented separately in the appropriate asset and liability sections of the consolidated balance sheets.

Fair Value of Financial Instruments

Financial instruments of the Company primarily include cash and cash equivalents, restricted cash, accounts receivable, commitment deposits, funds receivable, short-term and long-term investments, loans receivable, short-term and long-term loans, convertible senior notes (Note

15)

and related derivative liabilities. As of

December 31, 2017

and

2018

, the carrying values of these financial instruments, other than long-term investments, long-term loans, convertible senior notes and related derivative liabilities, approximate their fair values due to the short-term maturity of these instruments. The fair value method investments and trading securities were recorded at fair value based on the quoted price in active markets as of

December 31, 2017

and

2018

. The carrying values of the long-term loans approximate their fair values, as the loans bear interest at rates determined based on the prevailing interest rates in the market. The convertible senior notes were recognized based on residual proceeds after allocation to the derivative liabilities at fair market value. The estimated fair values of the convertible senior notes based on a market approach were approximately

US$301,036 and US$

199

172

as of

December 31, 2017

and

2018

, respectively, and represents a Level

valuation in accordance with ASC

820,

Fair Value Measurements and Disclosures

(“ASC 820”). When determining the estimated fair value of the convertible senior notes, the Company used a commonly accepted valuation methodology and market-based risk measurements that are indirectly observable, such as credit risk. The fair value of the bifurcated derivative liabilities was insignificant for the years ended December 31, 2016, 2017 and 2018. Prior to January 1, 2018, the Company determined that it was not practicable to estimate the fair value of its cost method investments as of December 31, 2017 and measures the cost method investment at fair value on a nonrecurring basis only if an impairment charge were to be recognized.

The Company applies ASC 820 in measuring fair value. ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements.

ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

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

Level 2 - Include other inputs that are directly or indirectly observable in the marketplace.

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

ASC 820 describes three main approaches to 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.

Assets measured at fair value on a recurring basis as of December 31, 2017 and 2018 are summarized below.

	Fair Value Measurement as of December 31, 2017
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Fair Value at December 31, 2017
	US$		US$		US$		US$

Available-for-sale securities		52,283		318,065		-		370,348
Trading securities		15,833		-		-		15,833

	Fair Value Measurement as of December 31, 2018
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Fair Value at December 31, 2018
	US$		US$		US$		US$

Equity investments		181,483		-		-		181,483
Trading securities		1,773		-		-		1,773

Revenue Recognition

Revenues are derived from marketing services, listing services, E-commerce services, value-added services and financial services.

Periods prior to January 1, 2018

Revenues for each type of service sales were recognized only when the following criteria are met: (a) persuasive evidence of an arrangement exists; (b) price is fixed or determinable; (c) delivery of services has occurred; and (d) collectability is reasonably assured.

Listing Services

Listing services revenues consist of revenues derived from both basic listing services and special listing services.

The Company’s basic and special listing services are provided to agents, brokers, property developers, property owners, property managers and others seeking to sell or rent new or secondary residential and commercial properties.

(1)

Basic listing services

Basic listing services entitle customers to post and make changes to information for properties, home furnishings and other related products and services in a particular area on the website and mobile apps for a specified period of time, which typically range from 1 to 36 months, in exchange for a fixed fee. Written contracts, containing all significant terms, signed by the Company and its customers provide persuasive evidence of the arrangement. The amount of fee to be paid is not subject to change once the contract has been signed. The contracts generally do not contain any specific performance target or refund guarantee. Delivery of services occurs by making access to the websites and mobile apps available for posting by the customers over the specified listing period. The Company performs credit assessments of its customers prior to signing the written contract to ensure collectability is reasonably assured. In accordance with ASC 605, revenues were recognized ratably over the duration of the service period as the basic listing services were being delivered.

(2)

Special listing services

Special listing services consist of promotional activities associated with themed marketing campaigns, each generally over a one year duration and designed to recognize the leading companies within a specific real estate sector. For each special listing campaign, targeted leading companies participate in a collective marketing and promotional program for a specified fee, consisting of various online and offline promotional activities tied to the specialized theme of the campaign. Each revenue arrangement may include one or multiple special listing campaigns.

The Company evaluated its special listing revenue arrangements in accordance with ASC 605-25,

Revenue recognition–Multiple-element arrangements

. The promotional services within a special listing program were accounted for as one combined unit of accounting, as each promotional deliverable did not have standalone value to the customer since all the deliverables were tied to the specialized theme of the campaign, and were not sold separately. For contractual arrangements that contain multiple special listing campaigns, the program for each campaign was accounted for as a separate unit of accounting. ASC 605-25 required revenues to be allocated to each unit of accounting on a relative fair value basis based on a selling price hierarchy. The selling price for a deliverable was based on vendor-specific objective evidence (“VSOE”) if available, third party evidence (“TPE”) if VSOE was not available, or best estimate of selling price (“BESP”) if neither VSOE nor TPE was available. The Company allocated total arrangement consideration to each unit of accounting based on its relative selling price, which was determined based on its BESP for that deliverable since neither VSOE nor TPE exist. In determining the BESP for each deliverable, the Company considered its overall pricing model and objectives when sold separately, as well as market or competitive conditions that may impact the price at which the Company would transact if the deliverable were sold regularly on a standalone basis. The Company monitored the conditions that affect its determination of selling price for each deliverable and reassess such estimates periodically. In accordance with ASC 250, “Accounting Changes and Error Corrections,” changes in the determination of the BESP were considered a change in accounting estimate and were accounted for on a prospective basis. The effect of changes in the BESP on the allocation of arrangement consideration was insignificant for all periods presented.

Written contracts, containing all significant terms, signed by the Company and its customers provide persuasive evidence of the arrangement. The amount of fee to be paid is not subject to change once the contract has been signed. The contracts do not contain any specific performance, cancellation, termination or refund provisions. The Company performs credit assessments of its customers prior to signing the written contract to ensure collectability is reasonably assured. In accordance with ASC 605, “Revenue Recognition,” revenues were recognized ratably over the duration of the campaign period as the special listing services were being delivered.

Marketing Services

The Company offers marketing services on the Company’s websites and mobile apps, primarily through banner advertisements, floating links, logos and other media insertions. These marketing services are offered to real estate developers and to a lesser extent provider of products and services for home decoration and improvement. Marketing services allow customers to place advertisements on particular areas of the Company’s websites and mobile apps, in particular formats and over particular periods of time. Written contracts, containing all significant terms, signed by the Company and its customers provide persuasive evidence of the arrangement. The contracts generally do not contain any specific performance target or refund guarantee.

The service fee is negotiated between the customer and the Company but once a price is agreed to and the written contract is signed by both parties, the price is fixed and not subject to change. The service fee is due and payable in installments over the service period. The marketing services typically last from several days to one year. Delivery of the service occurs upon displaying the agreed forms of services on the Company’s websites and mobile apps over the specified service period. The Company performs credit assessments on its customers prior to signing the written contract to ensure collectability is reasonably assured. Revenues were recognized ratably over the contract period, as there was persuasive evidence of an arrangement, the fee is fixed or determinable and collection was reasonably assured, as prescribed by ASC 605.

Beginning in 2015, the Group began to enter into marketing service agreements with certain real estate developers, where the Company may elect to collect the contractually stated marketing service fee in the form of (i) a designated real estate property, if transferred to the Company or sold to a third-party buyer designated by the Company prior to a pre-determined date, which typically falls at the end of the marketing service period, or (ii) cash, if the Company elects not to take the designated real estate property as settlement consideration by the pre-determined date. The Company determines the contractually stated marketing service fee under the new payment arrangements with reference to the cash price of the comparable services offered by the Company under the sole cash payment arrangements. The designated real estate property is typically a specifically identified residential unit within a residential community developed by the real estate developer and its fair value is generally commensurate with the contractually stated marketing service fee as of the date of the marketing service agreement. If the Company elects settlement through the sale of the designated real estate property to a third-party buyer, the Company is entitled to retain the entire sales proceeds. In this scenario, the Company has the sole discretion in setting the sales price of the designated real estate property to the third-party buyer but has no incentive to permit such real estate property to be sold at a price lower than the contractually stated marketing service fee, which serves as a de-facto minimal selling price, because the Company would instead accept the cash payment of the stated marketing service fee. Prior to the pre-determined date, the real estate developer is obligated not to sell, encumber or otherwise dispose of the designated real estate property without the consent of the Company.

Under these arrangements, the Company initially recognizes the marketing service revenue up to the amount of the contractually stated marketing service fee. Any excess is contingent upon the sale of the designated real estate properties and is accounted for as contingent marketing service revenues, if and when the sale is consummated and all other revenue recognition criteria are met. For the years ended December 31, 2016 and 2017, the Company recognized marketing service revenue of US$9,730 and nil under such arrangement. Since 2016, the Company ceased entering into these arrangements with real estate developers and collected all the marketing service fees in the form of (i) cash, or (ii) a designated real estate property transferred to the Company, from real estate developers.

Instead, the Company began to provide marketing services whereby the sole consideration for the services is in the form of a specifically identified unit of a development. The Company accounts for these arrangements pursuant to ASC 845,

Nonmonetary transactions

, and have determined that the fair value of consideration received, i.e. the specifically identified real estate property, is more readily determinable than the marketing services surrendered. Accordingly, the fair value of property is used for measurement and revenues are recognized ratably over the service period. Revenue recognized under such arrangement was US$728 and US$1,361 for the years ended December 31, 2016 and 2017.

For certain arrangements, the Company provides marketing services that contain multiple deliverables, that is, different forms of services to be delivered over different periods of time.

The Company accounted for each deliverable in the arrangement as separate unit of accounting. Revenues were allocated to each unit of accounting on a relative fair value basis based on a selling price hierarchy and was recognized ratably over the duration of the service period. The selling price for a deliverable was based on its vendor-specific objective evidence (“VSOE”) if available, third party evidence (“TPE”) if VSOE is not available, or BESP if neither VSOE nor TPE is available. The total arrangement consideration was allocated to each unit of accounting based on its relative selling price which is determined based on the Company’s BESP for that deliverable because neither VSOE nor TPE exist. In determining its BESP for each deliverable, the Company considered its overall pricing model and objectives, as well as market or competitive conditions that may impact the price at which the Company would transact if the deliverable were sold regularly on a standalone basis. The Company monitored the conditions that affect its determination of selling price for each deliverable and reassesses such estimates periodically

E-commerce service

E-commerce service revenues consist of revenues derived from:

(1)

Fang membership services

The Company enters into arrangements with real-estate developers, pursuant to which the Company charges its customers RMB5,000 to RMB20,000 in order for them to purchase specified properties from the real estate developers at a discount significantly greater than the face value of the fees charged by the Company. The discount is either a fixed amount off or a fixed percentage to the price of the specified property. The fees paid by the customers to the Company are refundable before a purchase of the specified properties at a discount is made by the customers or if after the purchase, only if the customers can fulfil certain requirements under the refund policy. The Company chose to analogize to rights of return guidance in ASC 605-15 when accounting for refundable fees as reliable estimates of refunds can be made based on company-specific historical evidence. Revenues were recognized by the Company when cash consideration of the fees was received and the discount has been applied by the customers to pay for the purchase price of the specified properties, net of estimated refunds. Cash received in advance of the purchase of specified properties and provision for refunds were recorded as “customers’ refundable fees” (Note 14). The provision of refunds was insignificant for the years ended December 31, 2016 and 2017.

Additionally, the Company, real-estate developers and marketing agencies entered into tri-party cooperation arrangements for certain Fang membership services. When customers use their Fang membership cards to purchase specified properties in selected advertisements published by the marketing agents, a portion of the proceeds from the Fang membership services is remitted to the marketing agents. The Company recognized revenues from this type of Fang membership services on a net basis, representing the portion of proceeds received from customers that is ultimately retained by the Company as it is an agent in the arrangement. Commencing in 2014, the Company also entered into cooperation arrangements directly with real-estate developers for Fang membership services. The Company either engages third-party real estate agents or places advertisements with marketing agents to promote the real-estate projects. The Company recognized revenues from this type of Fang membership services on a gross basis, representing the proceeds received from the real-estate developers, as the Company is the primary obligor in the arrangement. Payments to third-party real estate agents are recorded as cost of sales, while payments to marketing agents are recorded as selling expenses. The portion to be remitted to third-party real estate agents and marketing agents was recorded as amounts payable to sales and marketing agents in “accrued expenses and other liabilities” on the consolidated balance sheets (Note 13).

(2)

Direct sales services

The Company promotes property developments of its developer clients primarily through its websites and mobile applications (“mobile apps”). Potential buyers can register with the Company free of charge if they are interested in any real estate properties covered by its direct sales services. After the registration, the Company provides the buyers with additional information about the properties and related services, such as tours to visit the property developments and other services to facilitate property purchases. By using the direct sales services, individual buyers can enjoy discounted prices for properties that the Company offers from its developer clients. The Company charges its developer clients a fee for each property it sold through its direct sales services at a predetermined percentage of the value of the individual transaction. Thereafter, the real estate developers can request for refund only if they can fulfil certain requirements under the refund policy. The Company chose to analogize to rights of return guidance in ASC 605-15 when accounting for refundable fees as reliable estimates of refunds can be made based on company-specific historical evidence. Revenues were recognized by the Company based on total of successful purchase transactions made, net of estimated refunds. The provision of refunds was insignificant for the years ended December 31, 2016 and 2017.

(3)

Sublease services

Beginning in 2015, the Company began to provide sublease service through its websites. The Company identifies suitable properties and initially enters into lease agreements with the property owners. The lease agreements allow the Company to sublease the properties. Regardless whether the leased property is subsequently sub-leased by the Company, the lease agreement between the Company and the property owner remains in effect, including the Company’s obligation to make fixed rental payments over the non-cancellable lease term. The property owner is not a party to, and therefore not entitled to, any rights or obligations under the sublease agreement. Sublease rental income was recorded as revenue from subleasing services and recognized on a gross basis as the Company is the principal to the sublease arrangements. The sublease income was recognized on a straight-line basis over the lease term. Sublease rental income for the years ended December 31, 2016 and 2017 was US$31,929 and US$15,085, respectively.

(4)

Real estate online brokerage services

Commencing in 2015, the Company provided brokerage services for sellers and buyers of secondary properties. Brokerage services may include property listing services, advisory services, transaction negotiation services and administration services. In addition to secondary property sales, the Company also assists property owners and potential tenants with leasing transactions. Commission revenues derived from brokerage services is recognized upon the execution, fulfillment of all performance obligations specified on the tri-party transaction agreement that is entered into between the seller, buyer and the Company in its capacity as broker, and cash receipt.

(5)

Online decoration services

Beginning in 2015, the Company launched online decoration services, which includes interior design, remodeling, renovation, furnishing and other home improvement services. The Company generally charges the customers a fixed fee. The Company recognized revenues based on the percentage-of-completion method and measures progress using input measures, i.e., cost-to-cost, in accordance with ASC 605-35,

Revenue Recognition Construction-Type and Production-Type Contracts.

Estimated losses, if any, were recognized during the period in which the loss becomes probable and reasonably estimable.

Financial Services

Financial services are provided through the Company’s online financial platform

www.fangtx.com

and offline micro loan subsidiaries. The Company provides secured loans in the form of entrusted loans, mortgage loans and unsecured loans, primarily to borrowers that meet the Company’s credit assessment requirements. The Company ceased to provide entrusted loans since 2017. Revenues derived from loan interest income and annual service fees are recognized using the effective interest rate method. The Company does not accrue interest on loans receivable that are considered impaired or more than 90 days past due unless either the receivable has not been collected due to administrative reasons or the receivable is well secured and in the process of collection. Unsecured loans stop accruing interest when 60 days past due and are classified as impaired loan.

Value-added Services

The Company generates revenues from value-added services including subscription services for access to the Company’s information database and consulting services for customized and industry-related research reports and indices. Revenues derived from subscription services for access to the Company’s information database are recognized ratably over the subscription period. Revenues derived from consulting services for customized and industry-related research reports and indices were recognized when the relevant services were completed.

The Company’s business was subject to VAT, surcharges or cultural construction fees levied on advertising-related sales in the PRC. In accordance with ASC 605-45,

Revenue Recognition-Principal Agent Considerations

, all such VAT, surcharges and cultural construction fees were presented as cost of revenues in the consolidated statements of comprehensive income (loss). VAT, surcharges and cultural construction fees for the years ended December 31, 2016 and 2017 were

US$68,007 and US$33,320, respectively.

All service fees received in advance of the provision of services were initially recorded as deferred revenues and subsequently recognized as revenues when the related services were performed by the Company.

Period commencing January 1, 2018

The Company adopted ASC 606,

Revenue from Contracts with Customers

(“ASC 606”), from January 1, 2018, applying the modified retrospective method to those contracts which were not completed as of January 1, 2018. Accordingly, revenues for the year ended December 31, 2018 were presented under ASC 606, while revenues for the years ended December 31, 2016 and 2017 were not adjusted and continued to be reported under ASC 605. Upon the adoption of the ASC 606, the Company recognized the cumulative effect of US$2.3 million, net of income taxes, as an increase to the opening retained earnings as of January 1, 2018. The cumulative effect of adoption is primarily related to the following reasons:

(1)

Before the adoption of ASC 606, the Company assessed whether collectability is reasonably assured at the outset of the arrangement, and subsequently reassessed if there was a substantive change in facts and circumstances. If the collectability of all or a portion of the fee is not reasonably assured, all revenue recognition were deferred until payment was received (assuming all of the other revenue recognition criteria have been met). Upon the adoption of ASC 606, if it is not probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer, consideration received from the customer is initially recorded as a liability. The Company will recognize nonrefundable consideration received as revenue only when one of the following events has occurred:

the Company has no remaining obligations to transfer goods or services to the customer and all, or substantially all of the consideration has been received;

the contract has been terminated; or

the Company have transferred control of the goods or services to which the consideration that has been received relates, and has stopped transferring (and has no obligation under the contract to transfer) additional goods or services to the customer, if applicable.

As a result, the Company made an adjustment to decrease the opening balance of retained

earnings as of

January 1, 2018

by US$ 0.5 million.

(2)

The Company’s policy before the adoption of ASC

606

was to require written signed contracts by both the Company and its customers as persuasive evidence of its revenue arrangements. In certain cases where services are being delivered prior to the receipt of the written signed contracts by both parties, revenue had been deferred until such time the written signed contracts are collected. Under the new revenue standard, revenues may be recognized prior to the receipt of the written signed contracts by both parties (assuming all other revenue recognition criteria are satisfied), as long as the revenue arrangements between the Company and its customers are legally enforceable. As a result, the Company made an adjustment to increase the opening balance of retained earnings as of

January 1, 2018

by USD 2.8 million.

In addition, the Company’s revenues are presented net of value-added tax collected on behalf of governments starting from January

2018

. Prior to January

2018

, value-added tax collected on behalf of governments were presented as gross in both revenues and cost of revenues. The Company has elected to adopt the practical expedient for incremental costs to obtain a contract with a customer, i.e. sales commissions, with amortization periods of one year or less to be recorded in selling expenses when incurred. The Company has elected the practical expedient not to disclose the information about remaining performance obligations which are part of the contracts that have an original expected duration of one year or less.

The disclosure of the impact of adoption on the consolidated balance sheets was as follows:

	As of December 31, 2018			Adjustments			Amounts without adoption of ASC 606
	USD’000			USD’000			USD’000
Accounts receivable		60,950			379			61,329
Deferred revenue		(163,346	)		(11,633	)		(174,979	)
Accrued expenses and other liabilities		(131,268	)		9,701			(121,567	)
Other non-current liabilities		(153,095	)		555			(152,540	)

The impact for adoption of ASC 606 to the Company’s consolidated statement of comprehensive income (loss) for the year ended December 31, 2018 is as follows:

	Year ended December 31, 2018			Adjustments			Amounts without adoption of ASC 606
	USD’000			USD’000			USD’000
E-commerce services		15,384			928			16,312
Marketing services		119,680			8,740			128,420
Listing services		113,534			5,717			119,251
Financial services		18,060			1,068			19,128
Value-added services		36,358			2,893			39,251
Total revenues		303,016			19,346			322,362
Cost of services		(58,570	)		(18,117	)		(76,687	)
Operating income		39,803			1,229			41,032
Net loss		(114,909	)		1,229			(113,680	)
Loss per share for Class A and Class B ordinary shares
Basic and Diluted		(1.29	)		0.01			(1.28	)

Since the adoption of ASC 606 starting from January 1, 2018, the Company recognizes revenues upon the satisfaction of its performance obligation (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services, excluding amounts collected on behalf of third parties (for example, value-added taxes). For each performance obligation satisfied over time, the Company recognizes revenue over time by measuring the progress toward complete satisfaction of that performance obligation. If the Company does not satisfy a performance obligation over time, the performance obligation is satisfied at a point in time.

The Company’s contracts with customers often include promises to transfer multiple products and services. For these contracts, the Company accounts for individual performance obligations separately if they are capable of being distinct and distinct within the context of the contract. Determining whether products and services are considered distinct performance obligations may require significant judgment. Judgment is also required to determine the stand-alone selling price (“SSP”) for each distinct performance obligation. In instances where SSP is not directly observable, such as when the Company does not sell the product or service separately, the Company determines the SSP using information that may include market conditions and other observable inputs.

Marketing Services

The Company offers marketing services on the Company’s websites and mobile apps, primarily through banner advertisements, floating links, logos and other media insertions. These marketing services are offered to real estate developers and to a lesser extent provider of products and services for home decoration and improvement. Marketing services allow customers to place advertisements on particular areas of the Company’s websites and mobile apps, in particular formats and over particular periods of time. The marketing services typically last from several days to one year. The Company determines that the customer simultaneously receives and consumes benefits provided by the Company’s performance as the Company performs during the term of the contract. Revenues from marketing services are recognized ratably over the service period.

Listing Services

Listing services revenues consist of revenues derived from both basic listing services and special listing services.

(1)

Basic listing services

(2)

Special listing services

The Company offers special listing services, consisting of a number of online and offline themed events, including industry forums, periodic updates and online promotions to its customers to promote their brands. The special listing services contain a number of defined but not identical or similar activities to be performed over the period of one year. These activities are to fulfill the special listing service and are not separate promises in the contract. The Company determines that each day of the promotion service is distinct because the customer can benefit from each increment of service on its own (that is, it is capable of being distinct) and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the Company’s ability to fulfill another day of service or the benefit to the customer of another day of service. The Company determines that it is providing a series of distinct goods or services because the services provided each day are substantially the same, the customer simultaneously receives and consumes the benefits provided by the Company as the Company performs, and the same measure of progress would be used to measure the Company’s progress toward satisfying its promise to provide the promotion services. Revenues of special listing services are recognized on a straight-line basis over the period of one year.

Value-added Services

Value-added services consist of revenues derived from:

(1)

Data services

The Company derives revenues by providing access and analytics tools, including appraisal and rating modules, and city maps, based on its proprietary database of commercial real estate information, typically through a fixed monthly fee for its data services. The Company determines that the customer simultaneously receives and consumes benefits provided by the Company’s performance as the Company performs during the term of the contract and the earning process is straight-line. Revenues from data services are recognized on a straight-line basis over the subscription period.

(2)

Analytics services

The Company derives revenues by providing customized research reports to customers. There are no contractual customer acceptance provisions. Revenues from customized research reports are recognized when the Company delivers the reports to customers, which is when the control over the report has been transferred to customers.

The Company provides data monitoring and survey services over a period of time, generally less than one year. Revenues are recognized on a straight-line basis over the term of the agreement since the customer simultaneously receives and consumes benefits provided by the Company’s performance as the Company performs during the term of the contract and the earning process is straight-line.

Financial Services

The Company provides secured loans in the form of mortgage loans and unsecured loans, primarily to borrowers that meet the Company’s credit assessment requirements. Revenues derived from loan interest income and annual service fees are recognized using the effective interest rate method. The Company does not accrue interest on loans receivable that are considered impaired or more than 90 days past due unless either the receivable has not been collected due to administrative reasons or the receivable is well secured and in the process of collection. Unsecured loans stop accruing interest when 60 days past due and are classified as impaired loan.

E-Commerce Services

E-commerce service revenues consist of revenues derived from:

(1) Fang membership services

For the year ended December 31, 2018, the Company enters into arrangements with real-estate developers, pursuant to which the Company charges individual buyers who are interested to purchase specified properties from the real estate developers at a discount significantly greater than the face value of the fees charged by the Company. The discount is either a fixed amount or a fixed percentage to the price of the specified property. The fees paid by the individual buyers to the Company are refundable before a purchase of the specified properties is consummated by the individual buyers. Upon the successful purchase of the specified properties by the individual buyers, a portion of the proceeds from the Fang membership services is remitted to the real-estate developers or its designated marketing agents.

The Company determines real-estate developers as its customers and identifies one single performance obligation as the referral service. The Company determined the referral service to be satisfied at a point in time only when the purchase of the specified properties have been consummated by the individual buyers. Consideration payable to the real-estate developers or its designated marketing agents are accounted for as a reduction of the transaction price.

(2) Direct sales services

The Company promotes properties of its property developer customers primarily through its websites and mobile applications by providing the potential individual buyers with additional information about the properties and related services, such as tours to visit the properties and other services to facilitate property purchases. In return, the Company charges its property developer customers a fee for each property it sells at a predetermined percentage of the value of the individual transaction. The Company determines real-estate developers as its customers and identifies one single performance obligation as the referral service. The Company determined the referral service to be satisfied at a point in time only when the purchase of the specified properties have been consummated by the individual buyers. Revenues were recognized by the Company based on total of successful purchase transactions made.

(3) Sublease services

The Company identifies suitable properties and initially enters into lease agreements with the property owners. The lease agreements allow the Company to sublease the properties. Regardless whether the leased property is subsequently sub-leased by the Company, the lease agreement between the Company and the property owner remains in effect, including the Company’s obligation to make fixed rental payments over the non-cancellable lease term. The property owner is not a party to, and therefore not entitled to, any rights or obligations under the sublease agreement. Sublease rental income is recorded as revenue from subleasing services and recognized on a gross basis. The sublease income is recognized on a straight-line basis over the lease term.

Sublease rental income for the year ended December 31, 2018 was US$6,402. Future minimum sublease rental incomes expected to be received under noncancellable sublease agreements as of December 31, 2018 are as follows:

	US$

2019		1,125
2020		97
2021 and thereafter		-

		1,222

Contract Balances

The timing of revenue recognition, billings and cash collections result in accounts receivable and contract liabilities (i.e. deferred revenue). Accounts receivable are recognized in the period when the Company has provided services to its customers and when its right to consideration is unconditional. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances.

The Company considers many factors in assessing the collectability of its receivables, such as the age of the amounts due, the customer’s payment history and credit-worthiness. An allowance for doubtful accounts is recorded in the period in which a loss is determined to be probable. Accounts receivable balances are written off after all collection efforts have been exhausted.

Amounts collected on accounts receivable are included in net cash provided by operating activities in the consolidated statements of cash flows.

Deferred revenue (a contract liability) is recognized when the Company has an obligation to transfer goods or services to a customer for which the Company has received consideration from the customer, or for which an amount of consideration is due from the customer. The majority of the balance as of January 1, 2018 were recognized as revenue during the year ended December 31, 2018.

Cost of Revenues

Cost of revenues consists of employee costs, tax surcharges, rental costs incurred in relation to sublease services, server and bandwidth leasing fees, payments to third-party real estate agents and other direct costs incurred in providing the related services. Prior to January 1, 2018, VAT was also included in cost of revenues. These costs are expensed when incurred.

Advertising Expenses

Advertising expenses are expensed when incurred and are included in selling expenses in the consolidated statements of comprehensive income (loss). For the years ended December 31, 2016, 2017 and 2018, the advertising expenses were US$61,762, US$16,869 and US$7,110, respectively.

Leases

Leases are classified at the inception date as either a capital lease or an operating lease. A lease is a capital lease if any of the following conditions exists: (a) ownership is transferred to the lessee by the end of the lease term, (b) there is a bargain purchase option, (c) the lease term is at least 75% of the property’s estimated remaining economic life or (d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. A capital lease is accounted for as if there was an acquisition of an asset and an incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases wherein rental payments are expensed as incurred. The Company had no capital leases for any of the years presented.

Income Taxes

The Company follows the liability method of accounting for income taxes, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carryforwards, if any. The Company reduces the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence, it is “more-likely-than-not” that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting period based on a “more-likely-than-not” realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of futures profitability, the duration of statutory carryforward periods, the Company’s experience with operating loss and tax credit carryforwards, if any, not expiring.

The Company applies ASC 740,

Income taxes

(“ASC 740”), to account for uncertainties in income taxes. In accordance with the provisions of ASC 740, the Company recognizes in its financial statements the impact of a tax position if a tax return position or future tax position is “more-likely-than-not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more-likely-than-not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement.

The Company’s estimated liability for unrecognized tax benefits, which is included in “other non-current liabilities”, is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statutes of limitation. 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 Company’s estimates. As each audit is concluded, adjustments, if any, are recorded in the Company’s financial statements. Additionally, in future periods, changes in facts, circumstances, and new information may require the Company to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur.

Interest and penalties arising from underpayment of income taxes are computed in accordance with the related PRC tax law. The amount of interest expense 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 and penalties recognized in accordance with ASC 740 are classified in the consolidated statements of comprehensive income (loss) as income tax expense.

Government Grants

Government grants primarily consist of financial subsidies received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. For certain government grants, there are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. The government grants of non-operating nature with no further conditions to be met are recorded as non-operating income in “Other income, net” when received. The government grants with certain operating conditions are recorded as liabilities when received and will be recorded as operating income when the conditions are met. Government grants related to the acquisition of property and equipment and land use rights are recorded as other non-current liabilities on the consolidated balance sheets when the grants become receivable, and recognized as other income in the consolidated statements of comprehensive income (loss) on a straight-line basis over the estimated useful lives of those assets. For the years ended December 31, 2016, 2017 and 2018, US$6,469 and US$3,154, US$1,435 respectively, of government grants were recognized in the consolidated statements of comprehensive income (loss).

Share-based Compensation

The Company’s employees and directors participate in the Company’s share-based award incentive plan which is more fully discussed in Note

. The Company applies ASC

718

Compensation-Stock Compensation

(“ASC

718

”), to account for its employee share-based payments. There were no share-based payments made to non-employees for any of the years presented.

In accordance with ASC 718, the Company determines whether a share option should be classified and accounted for as a liability award or an equity award. All grants of share-based awards to employees classified as equity awards are recognized in the financial statements based on their grant date fair values which are calculated using an option pricing model. All grants of share-based awards to employees and directors classified as liabilities are remeasured at the end of each reporting period with an adjustment for fair value recorded to the current period expense in order to properly reflect the cumulative expense based on the current fair value of the vested rewards over the vesting periods. The Company has elected to recognize compensation expense using the straight-line method for all employee equity awards granted with graded vesting based on service conditions, which were not subject to performance vesting conditions.

Meanwhile, the Company uses the accelerated attribution method for equity awards with performance conditions on a tranche-by-tranche basis based on the probable outcome of the performance conditions. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed.

Cancellation of an award accompanied by the concurrent grant of a replacement award is accounted for as a modification of the terms of the cancelled award (“modified awards”). The compensation costs associated with the modified awards are recognized if the new vesting condition is achieved. Total recognized compensation cost for the awards is at least equal to the fair value of the awards at the grant date unless at the date of the modification the performance or service conditions of the original awards are not expected to be satisfied. The incremental compensation cost is measured as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. Therefore, in relation to the modified awards, the Company recognizes share-based compensation over the vesting periods of the replacement award, which comprises, (i) the amortization of the incremental portion of share-based compensation over the remaining vesting term and (ii) any unrecognized compensation cost of the original award over the original term.

In March 2016, the Financial Accounting Standards Board (“FASB”) issued a new accounting standard update on simplifying the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new guidance also allows an entity to account for forfeitures when they occur. This guidance became effective for reporting periods beginning after December 15, 2016. The Company adopted this new guidance on January 1, 2017. In prior years, excess tax benefits were recognized in additional paid-in capital; tax deficiencies were recognized either as an offset to accumulated excess tax benefits, if any, or in the consolidated statement of comprehensive income (loss). Excess tax benefits were not recognized until the deduction reduces taxes payable. Upon adoption, all excess tax benefits and tax deficiencies are recognized as income tax expense or benefit in the consolidated statement of comprehensive income (loss). This change was adopted prospectively and did not have a material impact on the Company’s consolidated financial statements. The Company elected to account for forfeitures as they occur, rather than estimate expected forfeitures. These changes were adopted on a modified retrospective basis, and resulted in no material cumulative effect adjustment to retained earnings.

Earnings per Share

The Company computes earnings per Class A and Class B ordinary shares in accordance with ASC

260

Earnings Per Share

(“ASC

260

”), using the two class method. Under the provisions of ASC

260

, basic net income per share is computed using the weighted average number of ordinary shares outstanding during the period except that it does not include unvested ordinary shares subject to repurchase or cancellation. Diluted net income per share is computed using the weighted average number of ordinary shares and, if dilutive, potential ordinary shares outstanding during the period. Potentially dilutive securities have been excluded from the computation of diluted net income per share if their inclusion is anti-dilutive. Potential ordinary shares consist of the incremental ordinary shares issuable upon the exercise of stock options, contracts that may be settled in the Company’s stock or cash and the conversion of the convertible senior notes. The dilutive effect of outstanding stock options and convertible senior notes is reflected in diluted earnings per share by application of the treasury stock method and the if-converted method, respectively. The computation of the diluted net income per share of Class A ordinary shares assumes the conversion of Class B ordinary shares, while the diluted net income per share of Class B ordinary shares does not assume the conversion of those shares.

The liquidation and dividend rights of the holders of the Company’s Class A and Class B ordinary shares are identical, except with respect to voting. The Class B ordinary shareholders do not have the legal ability to cause the Company’s board of directors to declare unequal dividends to the holders of Class A and Class B ordinary shares. As a result, and in accordance with ASC

260

, the undistributed earnings for each year are allocated based on the contractual participation rights of the Class A and Class B ordinary shares as if the earnings for the year had been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. Further, as the conversion of Class B ordinary shares is assumed in the computation of the diluted net income per share of Class A ordinary shares, the undistributed earnings are equal to net income for that computation. For the purposes of calculating the Company’s basic and diluted earnings per Class A and Class B ordinary shares, the ordinary shares relating to the options that were exercised are assumed to have been outstanding from the date of exercise of such options.

Derivative Instruments

ASC

815

Derivatives and Hedging

, requires all contracts which meet the definition of a derivative to be recognized on the balance sheet as either assets or liabilities and recorded at fair value. Changes in the fair value of derivative financial instruments are either recognized periodically in earnings or in other comprehensive income (loss) depending on the use of the derivative and whether it qualifies for hedge accounting. Changes in fair values of derivatives not qualified as hedges are reported in earnings. The estimated fair values of derivative instruments are determined at discrete points in time based on the relevant market information. These estimates are calculated with reference to the market rates using industry standard valuation techniques. The fair value of the derivative instruments held by the Company was insignificant for all of the years presented.

Comprehensive Income (Loss)

Comprehensive income (loss) is defined as the change in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments from owners and distributions to owners. Accumulated other comprehensive income (loss), as presented on the consolidated balance sheets, includes (i) the cumulative foreign currency translation adjustments, and (ii) gains and losses on intra-entity foreign currency transactions that are of a long-term-investment nature (that is, settlement is not planned or anticipated in the foreseeable future) between consolidated entities. Comprehensive income (loss) also included changes in unrealized gains (losses) on available-for-sale equity securities for the years ended December 31, 2016 and 2017, before the adoption of ASU 2016-01.

Contingencies

The Company records accruals for certain of its outstanding legal proceedings or claims when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. The Company evaluates, on a quarterly basis, developments in legal proceedings or claims that could affect the amount of any accrual, as well as any developments that would make a loss contingency both probable and reasonably estimable. The Company discloses the amount of the accrual if it is material.

When a loss contingency is not both probable and estimable, the Company does not record an accrued liability but discloses the nature and the amount of the claim, if material. However, if the loss (or an additional loss in excess of the accrual) is at least reasonably possible, then the Company discloses an estimate of the loss or range of loss, if such estimate can be made and material, or states that such estimate is immaterial if it can be estimated but immaterial, or discloses that an estimate cannot be made. The assessments of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involve complex judgments about future events. Management is often unable to estimate the loss or a range of loss, particularly where (i) the damages sought are indeterminate, (ii) the proceedings are in the early stages, or (iii) there is a lack of clear or consistent interpretation of laws specific to the industry-specific complaints among different jurisdictions. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including eventual loss, fine, penalty or business impact, if any.

Recent accounting pronouncements

In February 2016, the FASB established Topic 842,

Leases,

by issuing ASU No. 2016-02, which requires lessees to recognize leases on balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-01,

Land Easement Practical Expedient for Transition to Topic 842

; ASU No. 2018-10,

Codification Improvements to Topic 842, Leases

; and ASU No. 2018-11,

Targeted Improvements

. The new standard establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement.

The new standard is effective for public business entities for annual periods beginning after December 15, 2018, and interim periods therein. For all other entities, the standard is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. The Company adopted the new standard on January 1, 2019 and used the effective date as the date of initial application. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019.

The new standard provides a number of optional practical expedients in transition. The Company elected the ‘package of practical expedients’, which permits the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs.

Leases currently classified as operating leases in note 21 will be reported on the consolidated balance sheets upon adoption at their net present value, which will increase total assets and liabilities. The Company expects to recognize the right-of-use assets and lease liability in amount of approximately US$5.7 million respectively as of January 1, 2019. The Company used its estimated incremental borrowing rate based on information available at the date of adoption in calculating the present value of its existing lease payments. The adoption of ASC 842 is not expected to have a material impact to the Company’s consolidated statements of comprehensive income (loss) or net cash provided by operating activities.

The adoption of ASC 842 is not expected to have a material impact to the accounting and disclosure of sublease services in which the Company is the lessor.

In June 2016, the FASB issued ASU No. 2016-13 (“ASU 2016-13”),

Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.

ASU 2016-13 changes the impairment model for most financial assets and certain other instruments. The standard will replace “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. For available-for-sale debt securities, entities will be required to record allowances rather than reduce the carrying amount, as they do today under the other-than-temporary impairment model. The standard is effective for public business entities for annual periods beginning after December 15, 2019, and interim periods therein. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-13,

Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measureme

nt. ASU No. 2018-13 eliminates, adds and modifies certain disclosure requirements for fair value measurements. The amendments applicable to the disclosures of changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial year of adoption. This ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted, and an entity is also permitted to early adopt any removed or modified disclosures and delay adoption of the additional disclosures until their effective date. The Company is in the process of evaluating the impact on its consolidated financial statements upon adoption.

CONCENTRATION OF RISKS

12 Months Ended

Dec. 31, 2018

Risks and Uncertainties [Abstract]

CONCENTRATION OF RISKS

Concentration of Credit Risk

Assets that potentially subject the Company to significant concentration of credit risk primarily consist of cash and cash equivalents, restricted cash, fixed-rate time deposits classified as short-term investments, accounts receivable, funds receivable, loans receivable and commitment deposits. As of December 31, 2018, the Company had US$463,615 in cash and cash equivalents, restricted cash and short-term investments, 96.2% and 3.8% of which were held by financial institutions in the PRC and financial institutions outside of the PRC, respectively. Under PRC law, it is generally required that a commercial bank in the PRC that holds third-party cash deposits protect the depositors’ rights and interests over their deposited money; PRC banks are subject to a series of risk control regulatory standards; and PRC bank regulatory authorities are empowered to take over the operation and management of any PRC bank that faces a material credit crisis. In the event of bankruptcy of one of the financial institutions in which the Company has deposits or investments, it may be unlikely to claim its deposits or investments back in full. The Company selected reputable financial institutions with high credit ratings to deposit its assets. The Company regularly monitors the ratings of the financial institutions in case of any defaults. There has been no recent history of default in relation to these financial institutions.

Accounts receivable are typically unsecured and are derived from revenue earned from customers in the PRC. The risk with respect to accounts receivable is mitigated by credit evaluations the Company performs on its customers and its ongoing monitoring of outstanding balances. The Company regularly reviews the creditworthiness of its customers, and requires collateral from its customers in certain circumstances when accounts receivables become long overdue.

Funds receivable represent amounts due from third-party payment service providers. The Company carefully considers and monitors the credit worthiness of the third-party payment service providers to mitigate any risks associated with funds receivable.

The Company is exposed to default risk on its loans receivable. The Company assesses the allowance for credit loss related to loans receivable on a quarterly basis, either on an individual or collective basis. As of December 31, 2018, no single borrower comprised a significant portion of the Company’s loan portfolio.

The Company regularly reviews the creditworthiness of real estate developers, and requires collateral from real estate developers in certain circumstances when commitment deposits become overdue.

Concentration of Customers

There were no revenues from customers which individually represented greater than 10% of the total revenues for any of the years ended December 31, 2016, 2017 and 2018.

Current Vulnerability Due to Certain Other Concentrations

The Company’s operations may be adversely affected by significant political, economic and social uncertainties in the PRC. Although the PRC government has been pursuing economic reform policies for more than 30 years, no assurance can be given that the PRC government will continue to pursue such policies or that such policies may not be significantly altered, especially in the event of a change in leadership, social or political disruption or unforeseen circumstances affecting the PRC’s political, economic and social conditions. There is also no guarantee that the PRC government’s pursuit of economic reforms will be consistent or effective.

The Company almost transacts all of its business in RMB, which is not freely convertible into foreign currencies. On January 1, 1994, the PRC government abolished the dual rate system and introduced a single rate of exchange as quoted daily by the People’s Bank of China (the “PBOC”). However, the unification of the exchange rates does not imply that the RMB may be readily convertible into United States dollars or other foreign currencies. All foreign exchange transactions continue to 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. Additionally, the value of the RMB is subject to changes in central government policies and international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market.

Internet and advertising related businesses are subject to significant restrictions under current PRC laws and regulations. Specifically, foreign investors are not allowed to own more than a 50% equity interest in any ICP business. In 2016, a foreign invested entity mainly owned and ultimately controlled by our WFOE obtained the ICP to operate

www.fang.com

The Company conducts its operations in the PRC through contractual arrangements entered into between the WOFEs and the PRC Domestic Entities. The relevant regulatory authorities may find the current contractual arrangements and businesses to be in violation of any existing or future PRC laws or regulations. If the Company or any of its current or future PRC Domestic Entities or subsidiaries are found in violation of any existing or future laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant regulatory authorities would have broad discretion in dealing with such violations, including levying fines, confiscating the income of WOFEs, PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries, revoking the business licenses or operating licenses of WOFEs, PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries, shutting down the Company’s servers or blocking the Company’s websites, discontinuing or placing restrictions or onerous conditions on the Company’s operations, requiring the Company to undergo a costly and disruptive restructuring, or enforcement actions that could be harmful to the Company’s business. Any of these actions could cause significant disruption to the Company’s business operations and severely damage the Company’s reputation, which would in turn materially and adversely affect the Company’s business and results of operations. In addition, if the imposition of any of these penalties causes the Company to lose the rights to direct the actives of PRC Domestic Entities or the Company’s right to receive their economic benefits, the Company would no longer be able to consolidate the PRC Domestic Entities.

In addition, if the WOFEs, PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries or their shareholders fail to perform their obligations under the Contractual Agreements, the Company may have to incur substantial costs and expend resources to enforce the Company’s rights under the contracts. The Company may have to rely on legal remedies under PRC law, including seeking specific performance or injunctive relief and claiming damages, which may not be effective. All of these Contractual Agreements are governed by PRC law and provide for the resolution of disputes through arbitration in the PRC. Accordingly, these contracts would be interpreted in accordance with PRC law and any disputes would be resolved in accordance with the PRC legal procedures. The legal system in the PRC is not as developed as in other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system could limit the Company’s ability to enforce these Contractual Agreements. Under PRC law, rulings by arbitrators are final, parties cannot appeal the arbitration results in courts, and prevailing parties may only enforce the arbitration awards in PRC courts through arbitration award recognition proceedings, which would incur additional expenses and delay. In the event the Company is unable to enforce these Contractual Agreements, the Company may not be able to exert effective control over its PRC Domestic Entities, and the Company’s ability to conduct its business may be negatively affected.

The Company believes that its corporate structure and Contractual Agreements of the Company’s PRC Domestic Entities and WFOEs in China are in compliance with all existing PRC laws and regulations. Therefore, in the opinion of management, (i) the ownership structure of the Company and the PRC Domestic Entities are in compliance with existing PRC laws and regulations; (ii) the Contractual Agreements with PRC Domestic Entities and their nominee shareholder are valid and binding, and will not result in any violation of PRC laws or regulations currently in effect; and (iii) the Company’s business operations are in compliance with existing PRC law and regulations in all material respects.

REVENUE

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

REVENUE

The following table presents revenue disaggregated by nature of services:

	For the Year Ended December 31, 2018
E-commerce services
- Fang membership services		2,752
- Direct sales services		5,294
- Sub lease services		6,402
- Other		936
Subtotal		15,384

Marketing services		119,680

Listing services
- Basic listing services		84,482
- Special listing services		29,052
Subtotal		113,534

Financial services		18,060

Value-added services
- Data services		18,905
- Analytics services		12,220
- Other		5,233
Subtotal		36,358
Total revenues		303,016

The following table presents revenue disaggregated by categories of customers:

	For the Year Ended December 31, 2018
E-commerce services
- New home (a)		7,391
- Other		7,993
Subtotal		15,384

Marketing services
- New home (a)		119,352
- Home furnishing and improvement		328
Subtotal		119,680

Listing services
- Secondary and rental (b)		84,773
- Research (c)		28,748
- Other		13
Subtotal		113,534

Financial services		18,060

Value-added services		36,358

Total revenues		303,016

(a)

New home business primarily consists of sales to residential property developers and their sales agents who are promoting newly developed properties for sale.

(b)

Secondary and rental business primarily consists of sales to real estate agents who are promoting secondary properties for sale or rental.

(c)

Research primarily consists of online and offline themed marketing campaigns provided to customers.

INVESTMENTS

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

5.	INVESTMENTS

Short-term investments and long-term investments consisted of the following:

			As of December 31,
	2017		2018
	US$		US$
Short-term investments
Trading securities		15,833		1,773
Fixed-rate time deposits		39,968		14,270
		55,801		16,043

Long-term investments:
Equity Investments with Readily Determinable Fair Values:
- Color Life Service Company ("Color Life")		4,554		-
- Hopefluent Company Holdings Limited ("Hopefluent")		47,729		30,733
- Shenzhen World Union Properties Consultancy Co., Ltd. ("World Union")		318,065		150,750
		370,348		181,483
Equity Investments without Readily Determinable Fair Values:
- Guilin Bank		38,817		47,664
- Xian Chuangdian Quancheng Real Estate Consultant Limited (“Chuangdian”)		3,498		3,330
- Tospur Real Estate Consulting Co., Ltd. ("Tospur")		58,301		55,507
-Foshan Nature Lvke Science		-		729
		100,616		107,230
Equity method investments
- Chongqing Wanli New Energy Co., Ltd. (“Wanli”)		-		84,520

		470,964		373,233

As of December 31, 2017 and 2018, the Company held fixed-rate time deposits purchased from commercial banks and financial institutions with maturities of less than one year.

In October 2017, the Company invested

US$15,299

in PRC mutual funds, which were classified as trading securities as they were held principally for the purpose of selling in the near term. As of December 31, 2017, the market price increases to

US$

15,833

and an unrealized gains of

US$518

was included in earnings. In 2018, the Company sold majority of such trading securities in the amount of

US$11,705,

and recognized a loss of

US$2,091

in the consolidated statements of change in fair value of trading securities.

Interest income on the fixed-rate time deposits

and cash and cash equivalents and restricted cash

of US$11,367, US$11,322 and US$10,302 were recognized for the years ended December 31, 2016, 2017 and 2018, respectively.

Dividends from the long-term investments of US$3,281, US$6,692 and US$6,838

were recognized as investment income in the consolidated statements of comprehensive income (loss) for the years ended December 31, 2016, 2017 and 2018, respectively.

On June 27, 2014, the Company acquired 27,551,733 shares of Color Life, a Hong Kong listed company, for US$13,583. The investment constituted a 2.76% ownership in Color Life and was classified as an available-for-sale security. As of December 31, 2016, the market price further declined to US$20,606 and an unrealized loss of US$3,097 was recorded in other comprehensive income (loss). In 2017, the Company sold 20,705,000 shares for a total consideration of US$12,317, and recognized a gain of US$ 2,110

in the consolidated statements of comprehensive income (loss). As of December 31, 2017, the market price of the remaining shares declined to US$4,554. Total fair value decrease of US$3,735 was recorded in other comprehensive income (loss) and US$2,110 gain related to the sale was reclassified out of accumulated other comprehensive income for the year ended December 31, 2017. In 2018, the Company sold

6,846,733 shares for a total consideration of US$6,645, and recognized a gain of US$ 2,091 in the consolidated statements of comprehensive income (loss). The Company received cash dividends in the amount of US$440 distributed by Color Life in 2018.

In November 2014, the Company acquired an aggregate of 111,935,037 shares of Hopefluent, a Hong Kong listed company, for US$43,361. The investment constituted a 17.26% ownership in Hopefluent and was classified as an available-for-sale security. As of December 31, 2016, an unrealized loss of US$306 was recorded in other comprehensive income (loss) for the year ended December 31, 2016. In 2017, the Company sold 3,164,000 shares for a total consideration of US$1,614, and recognized a gain of US$626 in the consolidated statements of comprehensive income (loss). As of December 31, 2017, the market price of the remaining shares increased to US$47,729. Total fair value increase of US$18,309 was recorded in other comprehensive income and US$626

gain related to the sale was reclassified out of accumulated other comprehensive income for the year ended December 31, 2017. In 2018, the Company received cash dividends in the amount of US$1,711 distributed by Hopefluent. As of December 31, 2018, the market price of the shares declined to

US$30,733. Total fair value decrease of US$16,996

was recorded in change in fair value of securities for the year ended December 31, 2018

On May 29, 2015, the Company acquired an aggregate of 145,376,744 shares of World Union, a PRC listed company, at a total consideration of US$121,393. The investment constituted a 10.06% ownership in World Union. The investment in World Union was classified as a cost method investment upon acquisition, as the Company could not freely sell the shares due to a lock-up provision of 36 months. On April 8, 2016, World Union declared a stock dividend whereby four shares were distributed to shareholders for every ten shares held. As a result, the Company’s shareholding increased from 145,376,744 shares to 203,527,442 shares. As of December 31, 2017, as the lock-up restriction will terminate within one year, the classification of the investment changed from a cost method to an available for sale security, and the fair value of the investment was measured based on the market price, adjusted for the effect of the remaining restriction, in accordance with ASC 820. As of December 31, 2017, the fair value of World Union was US$318,065 and the related tax effect of US$49,566 were recorded in other comprehensive income for the year ended December 31, 2017. As of December 31, 2017 and 2018, the investment constituted a

9.96

ownership in World Union. The Company received cash dividends distributed by World Union in amount of US$2,417 and US$2,445 in 2017 and 2018 respectively. As of December 31, 2018, the fair value of World Union was

US$150,750,

total fair value decrease of

US$161,039

was recorded in change in fair value of securities for the year ended December 31, 2018.

On October 29, 2015, the Company acquired 11.03% of the share capital of Sindeo, a non-listed company, for US$5,000. The investment in Sindeo was classified as a cost method investment, as the Company does not have significant influence over Sindeo and because there is no readily determinable fair value. During the year ended December 31, 2016 and 2017, the impairment loss of US$2,232 and US$2,768, respectively, was recorded in the statement of comprehensive income (loss) as Sindeo’s financial condition had deteriorated as evidenced by significant operating losses.

On July 12, 2016, 30,595,859 shares of Guilin Bank, a PRC non-listed company, was transferred by a third-party to repay a portion of its overdue receivables of US$12,173 owed to the Company. The investment constituted a 1.02%

ownership in Guilin Bank. The investment was classified as equity securities without readily determinable fair values, as the Company does not have significant influence over Guilin Bank and because there is no readily determinable fair value. On September 25, 2017, additional

42,834,202

shares of Guilin Bank was transferred by the third-party in full satisfaction of its remaining overdue receivables of

US$24,695 to the Company.

In October 2017, the Company received

7,343,006

shares of Guilin Bank as a stock dividend and the Company’s shareholding increased from

73,430,061 to 80,773,067.

The total investment constituted a 1.98% and 1.79% ownership in Guilin Bank as of December 31, 2017 and 2018 respectively. No impairment on the investment in Guilin Bank was recognized for the year ended December 31, 2017 and 2018. The Company received cash dividends distributed by Guilin Bank in amount of US$1,308 and US$1,402 in 2017 and 2018 respectively. In 2018, Guilin Bank entered into a new financing agreement with a group of new investors. The new financing provided the observable price for the Company’s investment. The Company evaluated this investment’s carrying amount based on the observable price, and recognized a gain of US$10,633 in change in fair value of securities. The Company accounts for the investment in Guilin Bank at cost adjusted for observable price changes for the years ended December 31, 2018.

On January 21, 2016, the Company acquired an aggregate of 4,411,765 shares of Chuangdian, which is listed on the National Equities Exchange and Quotations (“NEEQ”) in the PRC, for a total consideration of US$3,294. The investment constituted a 15%

ownership in Chuangdian and was classified as equity securities without readily determinable fair values, as the Company does not have significant influence and because there is no readily determinable fair value, as the breadth and scope of NEEQ is not comparable to equivalent U.S markets. The Company received 2,766,177 and

1,378,165

shares as dividends in 2016 and 2017, respectively. The Company received cash dividends in the amount of US$96 and US$113 in 2017 and 2018 respectively. No impairment on the investment in Chuangdian was recognized for the year ended December 31, 2017 and 2018.

On December 10, 2014, the Company acquired 16% of the share capital of Tospur, a non-listed company, for US$62,257.

The investment in Tospur was classified as equity securities without readily determinable fair values, as the Company does not have significant influence over Tospur and because there is no readily determinable fair value. No impairment on the investment in Tospur was recognized for the year ended December 31, 2018. The Company received US$649 and US$619 cash dividends in 2017 and 2018 respectively.

In July 2018, the Company has entered into definitive agreements (the Agreement) to acquire a 10% equity interest in Chongqing Wanli New Energy Co., Ltd. (“Wanli”), a company listed on the Shanghai Stock Exchange, from its controlling shareholder for a cash consideration of US$72,852, of which US$29,141 will compensate the seller in connection with the Business Disposal (defined below). The difference between the cash consideration of the investment and the amount of underlying equity in net assets of Wanli w

60,980

as of August 10, 2018, the closing date of the acquisition.

In connection with the acquisition, the seller agrees (1) to enter into an irrevocable acting-in-concert agreement with a term of three years to adhere to the Company’s action in Wanli’s future meetings of shareholders and board of directors, (2) to purchase from Wanli its battery business for a price of no less than US$99,758 within three years after the consummation of the proposed acquisition, and (3) to ensure the profitability of Wanli measured by the lower of net profit or net profit excluding extraordinary items in three years subsequent to the Agreement. Following the consummation of the acquisition, the Company became the largest shareholder of Wanli.

During September to December in 2018, the Company acquired additional 4.67% equity interest in Wanli through daily transactions in the secondary market with total consideration of

US$11,667.

As at December 31, 2018, the Company holds

14.67

equity interest in Wanli.

The investment is accounted for under equity method as the Company can exercise significant influence over operating and financial policies of Wanli.

The following is a summary of the available-for-sale securities as of December 31, 2017. Due to the adoption of ASU 2016-01, change in fair value of available-for-sale equity securities are recorded in change in fair value of securities in the consolidated financial statement of comprehensive income (loss).

	Original Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Net Carrying Amount)
	US$		US$		US$		US$
December 31, 2017
- Color Life		3,376		1,178		-		4,554
- Hopefluent		33,956		13,773		-		47,729
- World Union		121,393		196,672		-		318,065

		158,725		211,623		-		370,348

LOANS RECEIVABLE

12 Months Ended

Dec. 31, 2018

Receivables [Abstract]

LOANS RECEIVABLE

8.	LOANS RECEIVABLE

Beginning in August 2014, the Company initially provided secured and unsecured loans to both individuals and businesses, but ceased to provide loans to businesses by end of 2015. Loans made to individuals consist of loans secured by pledged properties for consumption and property renovations use, as well as unsecured loans.

Secured loans

As of December 31, 2017 and 2018, the duration of secured loans ranged from

36 months, and had interest rates ranging from 6% to 21.6% per annum

and 7.8% to 18%

per annum, respectively. As of December 31, 2017 and 2018, the total outstanding balance is

US$132,841

and US$

123,673

Unsecured loans

As of December 31, 2017 and 2018, the duration of unsecured loans ranged from

months, and had interest rates ranging from

1% to 28% per annum and 5.4% to 18% per annum. As of December 31, 2017 and 2018, the total outstanding balance is US$16,187 and US$4,007.

The Company assesses the allowance for credit loss related to loans receivable on a quarterly basis, either on an individual or collective basis. The Company considers various factors in evaluating loans receivable for possible impairment on an individual basis. These factors include the amount of the loan, historical experience, value of collateral, if any, credit quality and age of the receivables balances. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. When the evaluation indicates that it is probable that the scheduled interest and principal payments due per the loan agreement are unlikely to be collected, such loan receivable is considered impaired. Impairment is measured on an individual loan basis using either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is secured. The Company evaluates the remainder of its loans receivables portfolio for impairment on a collective basis in accordance with ASC 450-20,

Loss Contingencies

, and records an allowance for credit loss at the portfolio level. When evaluating the loans receivable on a collective basis, the Company applies a formula-based percentage utilizing historical loss data to calculate the collective allowance.

The Company’s internal credit risk ratings are categorized into three categories: pass, special attention and non-performing. A “pass” rating represents the highest quality loans receivable. Typically, the Company considers loans receivable with a risk rating of non-performing to be fully impaired, or up to the fair value of collateral, if any.

The Company derives internal credit risk rating by taking into consideration various customer-specific factors, such as the Company’s specific historical experience with the borrower. Such credit risk rating is updated when facts or circumstances change. Loans receivable are written off at the point when they are considered uncollectible, and all outstanding balances, including any previously earned but uncollected interest income, will be reversed and charged against the allowance for credit loss.

The internal credit risk rating considerations are as follows:

• Pass: Loans for which borrowers are expected to honor the terms of the contracts. There are no indicators to question the borrowers’ ability to repay the principal and accrued interest in full and on a timely basis.

• Special attention: Loans for which borrowers are currently able to repay the principal and no interests are accrued when considered impaired or overdue more than 90 days, the repayment of loans might be adversely affected by some factors.

• Non-performing: Loans for which borrowers may not able to repay the principal and accrued interest in full. These loans are fully provided for unless secured by collateral

The Company does not accrue interest on loans receivable that are considered impaired or more than 90 days past due unless either the receivable has not been collected due to administrative reasons or the receivable is well secured and in the process of collection. After an impaired loans receivable has been placed on nonaccrual status, interest will be recognized when cash is received on a cash basis method-cost recovery. A loan receivable may be returned to accrual status after all of the borrower’s delinquent balances of principal and interest have been settled, and the borrower remains current for an appropriate period. The outstanding balance of nonaccrual loans as of December 31, 2017 and 2018 were US$

3,996

and US$5,749.

A summary of the Company’s loans receivables is presented as follows:

	As of December 31, 2017		As of December 31, 2018
	US$’000		US$’000
Personal loans		149,028		127,680
Total Loans receivable		149,028		127,680

Allowance for loan losses
Individually assessed		574		546
Collectively assessed		4,342		3,283
Loans receivable, net		144,112		123,851

Current portion		129,438		117,602
Non-current portion		14,674		6,249

For the years ended December 31, 2016, 2017 and 2018, a provision of US$80 and US$1,180

, and a reversal of provision of US$

884

, were recorded to the consolidated statements of comprehensive income (loss) respectively, while no charge-offs against provisions occurred.

Analysis of loans by credit quality indicator

The following table summarizes the Company’s loan portfolio by credit quality indicator as of December 31, 2018 and 2017, respectively:

Internal credit risk rating	As of December 31, 2017		%		As of December 31, 2018		%
	US$				US$
Pass		144,908		97.2		121,931		96.0
Special attention		763		0.5		1,383		1.0
Non-performing		3,357		2.3		4,366		3.0

Total		149,028		100		127,680		100

The following tables represent the aging of loans by portfolio segment as of December 31, 2017 and 2018, respectively:

As of December 31,2018	90-179 days past due		180-365 days past due		Over 1 year past due		Total		Current		Total loans
	US$’000		US$’000		US$’000		US$’000		US$’000		US$’000
Personal loans		1,717		164		3,345		5,226		122,454		127,680

Total		1,717		164		3,345		5,226		122,454		127,680

As of December 31,2017	90-179 days past due		180-365 days past due		Over 1 year past due		Total		Current		Total loans
	US$’000		US$’000		US$’000		US$’000		US$’000		US$’000
Personal loans		245		180		3,445		3,870		145,158		149,028

Total		245		180		3,445		3,870		145,158		149,028

Allowance for loan losses

The following tables present the activity in the allowance for loan losses in loans receivable by loan portfolio as of and for the year ended December 31, 2017 and 2018, respectively:

For the year ended December 31, 2018	Personal loans
Beginning balance		4,916
Provision		2,776
Reversal		(3,660	)
Foreign currency translation adjustments		(203	)

Ending balance		3,829
Ending balance: individually evaluated for impairment		546
Ending balance: collectively evaluated for impairment		3,283
Loans
Of which individually evaluated for impairment		546
Of which collectively evaluated for impairment		127,134

For the year ended December 31, 2017	Personal
Beginning balance		3,736
Provision		1,180
Write offs		-
Ending balance		4,916
Ending balance: individually evaluated for impairment		574
Ending balance: collectively evaluated for impairment		4,342
Loans
Of which individually evaluated for impairment		4,477
Of which collectively evaluated for impairment		144,551

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment consisted of the following:

	As of December 31,
	2017			2018
	US$			US$

Buildings		576,467			701,413
Office equipment		24,892			21,358
Motor vehicles		1,408			1,427
Leasehold improvement		16,244			18,152
Land		50,731			50,731

Total		669,742			793,081
Less: Accumulated depreciation		(78,187	)		(99,340	)

Construction in progress		30,590			34,571

		622,145			728,312

Depreciation of property and equipment and amortization of land use rights were

US$25,004, US$27,961 and US$26,735 for the years ended December 31, 2016, 2017 and 2018, respectively.

As of December 31, 2018, the Company is still in the process of obtaining the property ownership certificates for certain buildings with aggregate net carrying values of

US$14,796. As the transfer of ownership of the buildings have been legally registered with the applicable government authority and the purchase consideration has been fully paid by the Company, the Company has the ability to obtain and control the future economic benefits of the buildings. As a result, these buildings were recognized as assets in the consolidated balance sheets as of December 31, 2017 and 2018.

As of December 31, 2018, certain buildings with aggregate net carrying value of US$

406,738

were pledged for bank borrowings.

The Company capitalized interest cost as a component of the cost of construction in progress as follows:

	As of December 31,
	2017		2018
	US$		US$

Interest cost capitalized		756		-
Interest cost charged against income		16,153		21,174
Total interest cost incurred		16,909		21,174

SHORT-TERM AND LONG-TERM LOANS

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

SHORT-TERM AND LONG-TERM LOANS

12.	SHORT-TERM AND LONG-TERM LOANS

Short-term and long-term loans consisted of the following:

	As of December 31,
	2017		2018
	US$		US$

Short-term loans		236,985		297,811

Long-term loans		114,109		123,215

Short-term loans as of December 31, 2017 and 2018 represents US$ denominated bank borrowings of US$190,000 and US$190,000, respectively obtained from financial institutions in the United States and the current-portion of long-term loans of US$46,985 and US$107,811, respectively. The short-term loan of US$190,000 are repayable on demand and

bear interest rates of three month London Interbank Offered Rate (“LIBOR”) plus 1.25% (2017: 3-month LIBOR plus 1.25%).

The short-term bank borrowings were secured by RMB denominated bank deposits placed with financial institutions in the PRC of US$223,002 and US$245,474 as of December 31, 2017 and 2018, respectively, and were classified as restricted cash, current on the consolidated balance sheets. The weighted average interest rate for the short-term borrowings for the years ended December 31, 2017 and 2018 was approximately 2.32% and 3.64%, respectively.

The long-term loan of US$26,808 as of December 31, 2017 represents US$ denominated bank borrowing obtained from financial institutions in China. The long-term loan is repayable on demand and bear interest rates of three month LIBOR plus 2.8%. The bank borrowing was secured by RMB denominated bank deposits placed with financial institutions in the PRC of US$32,139 as of December 31, 2017, and was classified as “restricted cash, non-current” on the consolidated balance sheets. US$26,808 of the bank loan was re-classified to short term loans because it was repayable within twelve months. The bank deposits placed with financial institutions in the PRC to secure the loan were re-classified as “restricted cash, current”.

The long-term loan of US$31,353 as of December 31, 2018 represents US$ denominated bank borrowing obtained from financial institutions in the United States. The long-term loan is repayable by installments from October 6, 2017 to November 11, 2027 and

bears interest rate of 4.1% for the first 3 years; thereafter the interest rate will be floating at Industrial and Commercial Bank of China (USA) NA Prime plus 1.0%

. US$3,218 of the bank loan was re-classified to short term loans because it was repayable within twelve months. The loan is secured by land and building in the United States with carrying value of US$43,230 as of December 31, 2018. Certain bank

account was funded from the loan proceeds and was restricted for use to pay for the tenant improvements of the collateral property and the loan payments. As of December 31, 2018, the balance of the account of US

$5,989 was classified as

restricted cash (non-current) on the consolidated balance sheets.

The long-term loans of US$83,771 and US$70,640 as of December 31, 2017 and 2018 represent RMB denominated bank borrowings from financial institutions in China for the purchase of buildings in Beijing, PRC. The long-term loans are repayable by installments from September 23, 2016 to September 22, 2026 and bear interest rate of 4.9%. As of December 31, 2018, US$70,640 of the bank loans were classified as short term loans because the Company did not meet certain loan covenants. Even though the Company obtained a waiver from the lender indicating that the lender permanently gave up its right to demand payment as a result of the violation as of December 31, 2018, the loan was classified as current because without the waiver, the Company would be in default at the December 31, 2018 balance sheet date and it is probable that the Company will be unable to comply with all provisions of the debt agreement for a period of one year from the balance sheet date. The loans were secured by building in the PRC with carrying value of US$214,798 as of December 31, 2018. As of December 31, 2017, US$43,333 of the bank loans were re-classified to short term loans because i) US$31,904 was repayable on demand as the Company did not meet certain loan covenants, and ii) US$11,429 was repayable within twelve months.

The loans were secured by building and construction in progress in the PRC with carrying value of US$237,055 as of December 31, 2017.

The long-term loan of US$19,644 as of December 31, 2018 represents RMB denominated bank borrowings from financial institutions in China for the purchase of buildings in Wuhan, PRC. The long-term loan is repayable by installments from March 21, 2017 to March 21, 2027 and bears interest rate of 4.9%. US$2,381 of the bank loan was re-classified to short term loans because it was repayable within twelve months. The loan was secured by

accounts receivable with carrying amount of US$2,988 and

building in the PRC with carrying value of US$45,398 as of December 31, 2018.

The long-term loan of US$45,315 as of December 31, 2018 represents RMB denominated bank borrowings from financial institutions in China for the purchase of buildings in Chongqing, PRC. The long-term loan is repayable by installments from August 2, 2018 to August 1, 2028 and bears interest rate of 6.86%. US$4,764 of the bank loan was re-classified to short term loans because it was repayable within twelve months. The loan was secured by buildings in the PRC with carrying value of US$94,077 as of December 31, 2018.

The long-term loan of US$37,266 as of December 31, 2018 represents US$ denominated bank borrowing obtained from financial institutions in Taiwan. The principal of the long-term loan, in the amount of US$40,000, is repayable by 10% on October 23, 2020 and by 90% on October 23, 2021. The loan bears an annual interest rate of 2.35% plus LIBOR of three months. US$2,820 was paid to the bank as service charges and accounted for as reduction of the long-term loan. The loan was secured by building in the United States with carrying value of US$9,235. Certain bank account was restricted for use to pay for interest payments. As of December 31, 2018, the balance of the account of US$1,001 was classified as restricted cash (non-current) on the consolidated balance sheets. The Company met certain covenants in the loan agreement.

CONVERTIBLE SENIOR NOTES

12 Months Ended

Dec. 31, 2018

CONVERTIBLE SENIOR NOTES [Abstract]

CONVERTIBLE SENIOR NOTES

15.	CONVERTIBLE SENIOR NOTES

On December 4, 2013, the Company issued US$400,000, including an US$50,000 overallotment option (the “Overallotment Option”) which was exercised on January 3, 2014, of convertible senior notes which would mature on December 15, 2018 (collectively the “December 2018 Notes”). The total net proceeds from the December 2018 Notes were US$390,455. The investors may convert the December 2018 Notes to Class A ordinary shares at any time in whole or in part at specified conversion prices. The conversion rate for the December 2018 Notes was initially 9.6839 ADSs per US$1,000 principal amount of notes (equivalent to an initial conversion price of approximately US$103.26 per ADS), subject to adjustment as described in the respective Subscription Agreement.

Investors of the December 2018 Notes had the right to require the Company to repurchase for cash all or part of their notes on December 15, 2016, and this was exercised accordingly. The Company repurchased a total of US$394,300 of the

December 2018

Notes, which represents approximately 98.6% of the outstanding principal amount of the Notes prior to such repurchase. In 2018, the Company repurchased the remaining balance of US$5,700 of the

December 2018

Notes.

On September 24, 2015, the Company issued (i) 3,418,803 Class A ordinary shares for US$100,000 and (ii) US$100,000 of convertible notes which will mature on September 24, 2022 (the “September 2022 Notes”) to Safari Company. The Safari Company is beneficially owned by the Carlyle Company (“Carlyle”) (72%) and Ateefa Limited, a company owned by Vincent Tianquan Mo (28%). A representative of Carlyle is entitled to hold a seat on the Company’s board of directors so long as Carlyle continues to beneficially own at least 1% of the Company’s total outstanding share capital calculated on a fully-diluted basis. The total net proceeds from the Class A ordinary shares and the September 2022 Notes were US$199,645. The investors may convert the September 2022 Notes to Class A ordinary shares at any time in whole or in part at specified conversion prices. The conversion rate for the September 2022 Notes is initially 27.9086 Class A Shares per US$1,000 principal amount of the Note (equivalent to an initial conversion price of approximately US$35.83 per Class A Share), subject to adjustment as described in the respective Subscription Agreement.

On November 4, 2015, the Company issued (i) an aggregate of 8,436,581 Class A shares for an total consideration of US$246,770 and (ii) US$200,000 of convertible notes which will mature on November 3, 2022 (the “November 2022 Notes”). The total net proceeds from the Class A ordinary shares and the November 2022 Notes were US$446,059. The investors may convert the November 2022 Notes to Class A ordinary shares at any time in whole or in part at specified conversion prices. The conversion rate for the November 2022 Notes is initially 27.9086 Class A Shares, representing Class A ordinary shares at par value HK$1.00 per share, per US$1,000 principal amount of the Note (equivalent to an initial conversion price of approximately US$35.83 per Class A Share), subject to adjustment as described in the respective Subscription Agreement.

On October 25, 2018, the Company and the note holder entered into a Note Repurchase Agreement pursuant to which the Company issued five replacement notes in the total amount of US$150,000 to the same note holder (“New November 2022 Notes”), together with US$38,860 paid in cash in satisfaction of the November 2022 Notes. The New November 2022 Notes have the same terms as the November 2022 Notes, except for the change of principal amount from US$200,000 to US$150,000.

The December 2018 Notes, the September 2022 Notes, the November 2022 Notes and the New November 2022 Notes bear interest at the rate of

2.00

%, 1.50%, 1.50% and 1.50% per annum, respectively, payable semi-annually. The December 2018 Notes, September 2022 Notes, November 2022 Notes and New November 2022 Notes are collectively referred to as the “Notes”.

The Company intends to use the proceeds of the Notes for general corporate purposes, including development of new products and services, working capital, capital expenditures, business expansion and potential business acquisitions, technologies and/or products.

The Notes are senior unsecured obligations and rank (i) senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Notes; (ii) equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; (iii) effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all indebtedness and other liabilities of the subsidiaries or consolidated controlled entities of the Company.

The issuance costs of US$9,545, US$355

and US$

711

of the December 2018 Notes, the September 2022 Notes and the November 2022 Notes, respectively, were amortized as interest expense using the effective interest rate method through the maturity date of the respective Notes.

The principal amount and unamortized discount

/premium

and debt issuance costs as of December 31, 2017 and 2018 were as follows:

	As of December 31,
	2017			2018
	US$			US$
Principal amount		305,700			250,000
Unamortized (discount)/premium and debt issuance costs		(8,635	)		4,435

		297,065			254,435

The effective interest rate was

2.86%

1.56%

, 2.46% and 0.69% for the December 2018 Notes, the September 2022 Notes, the November 2022 Notes and the New November 2022

Notes, respectively

. For the years ended December 31, 2016, 2017 and 2018, the Company recognized interest expense related to the Notes of

US$17,001, US$6,395 and US$6,154, respectively.

Accounting treatment

The Notes were originally recorded as long-term debt. The conversion option was not required to be bifurcated because the conversion options of the December 2018 Notes, the September

2022 Notes, the New November

2022 Notes are indexed to the Company’s ADSs and Class A ordinary shares, respectively, and meet all additional conditions for equity classification. Since the conversion options were not required to be bifurcated, the Company then determined if there were any beneficial conversion features (“BCF”) in accordance with ASC 470-20. The Company assessed the embedded conversion option feature of the December 2018 Notes and the September 2022 Notes and concluded that there is no BCF because the effective conversion price of the December 2018 Notes and the September 2022 Notes exceeded the fair value of the Company’s ADSs and Class A ordinary shares at their respective commitment dates. For the November 2022 Notes, the Company recognized a BCF of US$

12,113

through a credit to additional paid-in capital because the fair value per Class A ordinary share of US$

38.00

exceeded the most favorable conversion price of US$35.83 at the commitment date on November 4, 2015. The resulting discount of US$

12,113

to the November 2022 Notes is then accreted to the redemption value as interest expense using the effective interest method through the consolidated statements of comprehensive income (loss) over the term of the November 2022 Notes.

The Company did not reassess the BCF upon the exchange of the November 2022 Notes with the New November 2022 Notes since the exchange is not accounted for as an extinguishment.

In connection with the make-whole fundamental change provision within the Notes agreements, the number of ADSs and Class A ordinary shares issuable upon conversion of the Notes will be increased if the Holders decide to convert. As (i) the fair value of the ADSs into which the December 2018 Notes is convertible plus the make-whole ADSs and (ii) the fair value of the Class A ordinary shares into which the September 2022 Notes, the November 2022 Notes and the New November 2022 Notes are convertible plus the make-whole Class A ordinary shares, respectively, do not approximate the fair value at the settlement date, the make-whole features are not indexed to the Company’s ADSs for the December 2018 Notes and Class A ordinary shares for the September 2022, the November 2022 Notes and the New November 2022 Notes, and are required to be bifurcated. The fair values of the make-whole features were insignificant for the years ended December 31, 2016, 2017 and 2018.

The Company evaluated the embedded contingent redemption features contained in the Notes in accordance with ASC 815. The contingent redemption features were not required to be bifurcated because they are considered to be clearly and closely related to the debt host, as the Notes were not issued at a substantial discount and are puttable at par.

The Company evaluated the contingent interest features contained in the Notes in accordance with ASC 815 to determine if these features require bifurcation. Certain embedded contingent interest features are not considered to be clearly and closely related to the debt host and met the definition of a derivative. Accordingly, these embedded contingent interest features were bifurcated from the Notes on the issuance date, and their fair values were insignificant for the years ended December 31, 2016, 2017 and 2018. For the embedded contingent interest features not bifurcated from the December 2018 Notes, the September 2022 Notes, the November 2022 Notes and the New November 2022 Notes, the Company determined whether the additional interest payments need to be accrued as a liability in accordance with ASC 450. Since the likelihood of occurrence of such default events is remote, the Company determined that a liability was not probable and no accrual was made as of December 31, 2017 and 2018. The Company will continue to assess the accrual for these additional interest payment liabilities at each reporting date.

The Company evaluated the contemporaneous exchange of cash between the Company and the note holder from issuance of New November 2022 Notes and satisfaction of the November 2022 Notes pursuant to ASC 470-50 and concluded that they are not substantially different. The Company determined a new effective interest rate at the repurchase date based on the carrying amount and the revised cash flows.

As of December 31, 2018, aggregate future principal payments for long-term debt, including short-term and long-term

loans (Note 12), and convertible senior notes, were as follows:

	US$

2019		297,811
2020		14,363
2021		10,363
2022		260,363
2023 and thereafter		90,862
		673,762

SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

SHAREHOLDERS' EQUITY

16.	SHAREHOLDERS’ EQUITY

Ordinary Shares

Upon completion of the Company’s initial public offering (“IPO”) in September 2010, the Company’s ordinary shares were converted into 50,767,426 Class A ordinary shares and 25,298,329 Class B ordinary shares. The Memorandum and Articles of Association were amended and restated such that the authorized share capital consisted of 600,000,000 ordinary shares at a par value of HK$1.00 per share.

In 2015, the Company completed various follow-on offerings which resulted in 70,736,679 Class A ordinary shares issued and outstanding as of December 31, 2015.

The rights of the holders of Class A and Class B ordinary shares are identical, except with respect to voting rights. Each Class A ordinary share is entitled to one vote per share whereas each Class B ordinary share is entitled to 10 votes per share. Each Class B ordinary share is convertible into one Class A ordinary share at any time by its holder, but Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Upon any transfer of Class B ordinary shares by a Class B ordinary shareholder to any person or entity which is not an affiliate of such holder, such Class B ordinary shares will be automatically and immediately converted into the equal number of Class A ordinary shares.

No class B ordinary shares were converted into Class A ordinary shares for the years ended December 31, 2016, 2017 and 2018.

Treasury stock

Treasury stock represents shares repurchased and held by the Company. Treasury stock is accounted for under the cost method. As of December 31, 2017 and 2018, under the repurchase plan, the Company has repurchased an aggregate of 7,065,058 Class A ordinary shares on the open market for a total cash consideration of US$136,615. The repurchased shares are classified as “treasury stock” in shareholders’ equity on the Company’s consolidated balance sheets.

Restricted net assets

The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations 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 PRC subsidiaries.

In accordance with the PRC Regulations on Enterprises with Foreign Investment and its articles of association, a foreign invested enterprise established in the PRC is required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A foreign invested enterprise is required to allocate at least 10% of its annual after-tax profit to the general reserve until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign invested enterprises. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. The WOFEs were established as foreign invested enterprises and therefore are subject to the above mandated restrictions on distributable profits.

Additionally, in accordance with the Company Law of the PRC, a domestic enterprise is required to provide a statutory common reserve of at least 10% of its annual after-tax profit until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. A domestic enterprise is also required to provide a discretionary surplus reserve, at the discretion of the board of directors, from the profits determined in accordance with the enterprise’s PRC statutory accounts. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. The PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries were established as domestic invested enterprises and therefore are subject to the above mentioned restrictions on distributable profits.

As a result of these PRC laws and regulations that require annual appropriations of 10% of after-tax income to be set aside prior to payment of dividends as general reserve fund, the Company’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company.

Amounts restricted are net assets of the Company’s PRC subsidiaries, as determined pursuant to PRC generally accepted accounting principles, totaling US$983,333 and US$885,152 as of December 31, 201

and

201

, respectively.

Therefore, in accordance with Rules 504 and 4.08(e)(3) of Regulation S-X, the condensed parent company only financial statements as of December 31, 2017 and 2018 and for each of the three years in the period ended December 31, 2018 are disclosed in Note 24.

TAXATION

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

TAXATION

17.

TAXATION

Cayman Islands

Under the current laws of the Cayman Islands, the Company and subsidiaries incorporated in the Cayman Islands are not subject to tax on income or capital gains. In addition, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed.

British Virgin Islands (“BVI”)

Under the current laws of the BVI, subsidiaries incorporated in the BVI are not subject to tax on income or capital gains. In addition, upon payments of dividends by these companies to their shareholders, no BVI withholding tax will be imposed.

Hong Kong

Under the Hong Kong tax laws, subsidiaries in Hong Kong are subject to the Hong Kong profits tax rate at 16.5% and

they are exempted from income tax on their foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. A two-tiered profits tax rates regime was introduced in 2018 where the first HK$2 million of assessable profits earned by a company will be taxed at half of the current tax rate (8.25%) whilst the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to nominate only one company in the group to benefit from the progressive rates. No provision for Hong Kong profits tax has been made in the financial statements as the subsidiaries in Hong Kong have no assessable profits for the three years ended December 31, 2018.

United States of America

On December 22, 2017, the Tax Act was enacted and contains significant changes to U.S. income tax law. Effective in 2018, the Tax Act reduces the U.S. statutory tax rate from 35% to 21% and creates new taxes focused on foreign-sourced earnings and related-party payments, including the creation of the base erosion anti-abuse tax and a new tax on global intangible low-taxed income ("GILTI").

The Securities and Exchange Commission (SEC) staff issued SAB 118 on December 22, 2017, which allows companies to record provisional amounts during a measurement period not to extend beyond one year of the enactment date.

The Tax Act reduces the U.S. statutory tax rate from 35% to 21% for years after 2017. Accordingly, the Company re-measured its deferred taxes as of December 31, 2017, to reflect the reduced rate that will apply in future periods when these deferred taxes are settled or realized. As Best Work Holdings (New York) LLC. is loss making since incorporated therefor the Company recognized a deferred tax asset of US$13,834 to reflect the reduced U.S. tax rate and full valuation allowance is provided and corresponding remeasurement were made to unrecognized tax benefit and valuation allowance.

Singapore

A subsidiary was incorporated in Singapore in November 2014 and does not conduct any substantive operations of its own. No provision for Singapore profits tax has been made in the financial statements as this entity has no assessable profits for the three years ended December 31, 2018.

China

In March 2007, a new enterprise income tax law (the “New EIT Law”) in the PRC was enacted which became effective on January 1, 2008. The New EIT Law applies a unified 25% enterprise income tax (“EIT”) rate to both foreign invested enterprises and domestic enterprises, unless a preferential EIT rate is otherwise stipulated. On April 14, 2008, relevant governmental regulatory authorities released further qualification criteria, application procedures and assessment processes for meeting the High and New Technology Enterprise (“HNTE”) status under the New EIT Law which would entitle qualified and approved entities to a favorable EIT tax rate of 15%. In April 2009 and June 2017, the State Administration for Taxation (“SAT”) issued Circular Guoshuihan [2009] No. 203 (“Circular 203”) and SAT Announcement [2017] No. 24 (“Announcement 24”)

stipulating that entities which qualified for the HNTE status should apply with in-charge tax authorities to enjoy the reduced EIT rate of 15% provided under the New EIT Law starting from the year when the new HNTE certificate becomes effective. The HNTE certificate is effective for a period of three years and can be renewed for another three years. Subsequently, an entity needs to re-apply for the HNTE status in order to be able to enjoy the preferential tax rate of 15%.

The Company obtained new HNTE certificates for its various subsidiaries i.e. SouFun Media, Beijing Zhong Zhi Shi Zheng, SouFun Network,

Beijing Technology, Beijing JTX Technology and Hong An Tu Sheng in November 2015 and subsequently renewed in September and October 2018.

Therefore, these six subsidiaries can enjoy the preferential tax rate of 15%

in years 2015, 2016 and 2017. The Company newly applied for the HNTE status for Beijing Tuoshi in 2016 and received the new HNTE certificates in December 2016. Beijing Tuoshi can enjoy the preferential tax rate of

15%

for the three years ended December 31, 2018. The Company newly applied for the HNTE status for Beijing Li Man Wan Jia, Beijing Hua Ju Tian Xia and Beijing Zhong Zhi Xun Bo in 2018 and received the new HNTE certificates in September, September and October 2018, respectively. Beijing Li Man Wan Jia, Beijing Zhong Zhi Xun Bo and Beijing Hua Ju Tian Xia can enjoy the preferential tax rate of 15% in 3 years since 2018. The Company newly applied for the Xinjiang Huoerguosi Economic and Technological Development Zone tax preference status for Xinjiang Zhongzhi in 2017 and received the certificates in September 2017. Xinjiang Zhongzhi can enjoy the preferential tax rate of 0% in 4 years since 2017.

If any entities fail to maintain the HNTE qualification under the New EIT Law, they will no longer qualify for the preferential tax rate of 15%, which could have a material and adverse effect on the Company’s results of operations and financial position provided that they do not qualify for any other preferential tax treatment. Historically, the abovementioned PRC subsidiaries have successfully obtained or renewed the HNTE certificates when the previous certificates had expired.

Subsequent to government approval in May 2014, Beijing Li Man Wan Jia, Beijing Zhong Zhi Xun Bo and Beijing Hua Ju Tian Xia obtained the Software Enterprise status with effect from January 1, 2013. Accordingly, these three subsidiaries are entitled to the two-year EIT exemption for years 2013 and 2014 and a reduced EIT rate of 12.5% for years 2015, 2016 and 2017.

Moreover, the current EIT Law treats enterprises established outside of China with “effective management and control” located in the PRC as PRC resident enterprises for tax purposes. The term “effective management and control” is generally defined as exercising overall management and control over the business, personnel, accounting, properties, etc. of an enterprise. The Company, if considered a PRC resident enterprise for tax purposes, would be subject to the PRC EIT at the rate of 25% on its worldwide income for the period after January 1, 2008. As of December 31, 2017 and 2018,

the Company had not accrued for PRC tax on such basis. We will continue to monitor our tax status.

Income (loss) before income taxes consisted of:

	For the Years Ended December 31,
	2016			2017			2018
	US$			US$			US$
PRC		(136,773	)		56,101			(89,670	)
Non-PRC		(7,878	)		(12,995	)		(39,685	)

		(144,651	)		43,146			(129,355	)

Income tax expenses (benefits) comprised:

	For the Years Ended December 31,
	2016			2017			2018
	US$			US$			US$
Current tax expense		27,685			21,759			6,825
Deferred tax benefit		(2,701	)		(317	)		(21,271	)

		24,984			21,442			(14,446	)

A reconciliation between the amount of income tax expenses (benefits) and the amount computed by applying the PRC statutory tax rate to income (loss) before income taxes was as follows:

	For the Years Ended December 31,
	2016			2017			2018
	US$			US$			US$
Income (loss) before income taxes		(144,651	)		43,146			(129,355	)
Income tax at applicable tax rate of 25%		(36,163	)		10,786			(32,339	)
Effect of international tax rate differences		(598	)		472			6,891
Non-deductible expenses		24,135			7,360			19,427
Non-taxable income		-			-			(1,145	)
Effect of tax holidays or preferential tax rates		(5,759	)		(12,001	)		(6,557	)
Effect of tax rate changes		-			(1,725	)		-
Investment basis difference in the PRC Domestic Entities		(2,757	)		2,696			-
Withholding tax		-			-			11,720
Research and development super-deduction		-			-			(3,260	)
Changes in valuation allowance		30,856			8,849			(1,707	)
Expiration of loss carry forwards								101
Unrecognized tax benefits		-			(4,302	)		(8,881	)
Interest and penalties on unrecognized tax benefits		15,270			9,307			1,304

		24,984			21,442			(14,446	)

A roll-forward of unrecognized tax benefits, exclusive of related interest and penalties, was as follows:

	As of December 31,
	2016			2017			2018
	US$			US$			US$

Balance at beginning of year		70,296			78,933			79,436
Increase relating to prior year tax positions		5,070			4,192			577
Increase relating to current year tax positions		4,769			10,666			9,183
Decrease relating to reversal of prior years’ tax position		-			(14,102	)		(1,821	)
Decrease relating to expiration of applicable statute of limitations		-			(4,586	)		(9,220	)
Foreign currency translation adjustments		(1,202	)		4,333			(3,160	)

Balance at end of year		78,933			79,436			74,995

As of December 31, 2017 and 2018, the Company had

recorded US$144,915 and US$137,904 as an accrual for unrecognized tax benefits and related interest and penalties, respectively, which is included in the account of “

Other non-current

liabilities”. As of December 31, 2017 and 2018, unrecognized tax benefits of US$77,561 and US$72,608 respectively, would impact the effective tax rate if recognized. The final outcome of the tax uncertainty is dependent upon various matters including tax examinations, interpretation of tax laws or expiration of statute of limitations. However, due to the uncertainties associated with the status of examinations, including the protocols of finalizing audits by the relevant tax authorities, there is a high degree of uncertainty regarding the future cash outflows associated with these tax uncertainties. The amount of unrecognized tax benefits may change in the next twelve months, pending clarification of current tax law or audit by the tax authorities. However, a reliable estimate of the range of the possible change cannot be made at this time.

For the years ended December 31, 2016, 2017, and 2018, the Company recognized

US$15,270, US$9,593 and US$1,304 in income tax expenses for interest and penalties related to uncertain tax positions. Accrued interest and penalties related to unrecognized tax benefits were US$67,355 and US$65,296 as of December 31, 2017 and 2018, respectively.

The Company’s PRC entities have been subject to the New EIT Law since January 1, 2008. The PRC tax authorities, US tax authorities and Hong Kong tax authorities have up to five years, three years and six years, respectively, to conduct examinations of the Company’s tax filings. Accordingly, the PRC subsidiaries’ tax years 2013 through 2018, the US subsidiaries’ tax years 2015 through 2018 and the Hong Kong subsidiaries’ tax years 2012 through 2018 remain open to examination by the respective taxing jurisdictions.

The aggregate amount and per share effect of tax holidays and preferential tax rates were as follows:

	For the Years Ended December 31,
	2016			2017			2018
	US$			US$			US$

The aggregate amount		(5,759	)		(12,001	)		(6,557	)
The aggregate effect on basic and diluted earnings per share for Class A and Class B ordinary shares:
-Basic		0.06			0.14			0.07
-Diluted		0.06			0.13			0.07

The components of deferred taxes were as follows:

	As of December 31,
	2017			2018
	US$			US$

Deferred tax assets
Net operating losses		74,040			71,308
Impairment of loans receivable		274			933
Overcharged advertising and promotion fee		87			1,061
Fixed assets depreciation		49			208
Share based compensation		6,167			-
Less: Valuation allowance		(73,015	)		(71,308	)

Total deferred tax assets, net		7,602			2,202

Deferred tax liabilities
Investment basis in the PRC entities		(61,961	)		(72,088	)
BaoAn Acquisition – Property		(13,309	)		(12,191	)
Investments		(51,229	)		(13,160	)
Interest capitalization		(142	)		(139	)

Deferred tax liabilities		(126,641	)		(97,578	)

As of December 31, 2018, the Company had net operating losses of US$37,243 from the Company’s subsidiaries incorporated in the US, which can be carried forward indefinitely to offset future taxable income. The remaining accumulated net operating losses of US$238,577 arose from several of its PRC entities, which can be carried forward to offset future taxable profit and will expire in years

2019 to 2023 if not utilized.

Deferred tax liabilities arising from undistributed earnings

As of December 31, 2017 and 2018, a portion of the aggregate undistributed earnings of the PRC subsidiaries that were available for distribution to non-PRC parent companies was not considered to be indefinitely reinvested under ASC 740-30, “Income Taxes: Other Consideration or Special Areas”. In accordance with the New EIT Law, a withholding income tax will be imposed on the PRC subsidiaries when dividends are distributed to their non-PRC parent companies. The withholding tax rate is 10% unless a foreign investor’s tax jurisdiction has a tax treaty with the PRC that provides for a lower withholding tax rate and the foreign investor is recognized as the beneficial owner of the income under the relevant tax rules. Deferred tax liabilities amounting to US$28,716 and US$40,436 were provided for the withholding tax of the PRC entities as of December 31, 2017 and 2018, respectively.

The deferred tax liabilities arising from the aggregate undistributed earnings of the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries that are available for distribution to the PRC tax resident parent companies, that is, the WOFEs, amounted to US$33,246 and US$31,652 as of December 31, 2017 and 2018, respectively.

As of December 31, 2017 and 2018, the Company did not provide for deferred tax liabilities and foreign withholding taxes on certain undistributed earnings of its PRC subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries that were available for distribution to non-PRC parent companies on the basis of its intent to permanently reinvest these foreign subsidiaries’ earnings. The cumulative amount of such temporary difference was US$338,695 and US$319,483 as of December 31, 2017 and 2018, respectively. The amount of the unrecognized deferred tax liability for temporary differences related to investments in PRC subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries that are essentially permanent in duration was US$33,869 and US$31,948 as of December 31, 2017 and 2018, respectively.

SHARE-BASED PAYMENTS

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

SHARE-BASED PAYMENTS

18.	SHARE-BASED PAYMENTS

Stock related award incentive plan of 1999

On September 1, 1999, the Company’s shareholders approved the 1999 Stock Related Award Incentive Plan (the “1999 Plan”). Under the 1999 Plan, the Company may issue up to 12% of the fully diluted ordinary shares of the Company to its directors and employees. The purpose of the 1999 Plan is to provide additional incentive and motivation to its directors and employees, through an equity interest in the Company, to work towards increasing the value of the Company. The 1999 Plan provides for accelerated vesting, subject to certain conditions, if there is a change in control. The 1999 Plan has no stated expiry date.

The exercise price, vesting and other conditions of individual awards are determined by the executive chairman of the board of directors. The awards are typically subject to a three-year to a four-year service vesting condition and expire

years after the grant date. In addition, the grantee must return all awards and any proceeds from the sale of the awards if he/she violates certain provisions including a non-compete condition for a period of 2 years after cessation of employment with the Company. The non-compete condition does not give rise to an in-substance service condition.

Stock related award incentive plan of 2010

On August 4, 2010, the Company’s board of directors and shareholders approved the 2010 Stock Related Award Incentive Plan (the “2010 Plan”). Under the 2010 Plan, the Company may issue up to 10% of the total number of ordinary shares, including ordinary shares issuable upon conversion of any preferred shares to its directors and employees. The purpose of the 2010 Plan was to recognize and acknowledge the contributions made to the Company by eligible employees and to promote the success of the Company’s business. The 2010 Plan allows the board of directors, or its designated committee, to establish the performance criteria when granting stock options on the basis of any one of, or combination of, increase in share price, earnings per share, total shareholder return, return on equity, return on assets, return on investment, net operating income, cash flow, revenue, economic value added, personal management objectives, or other measures of performance selected by the Company’s board of directors, or its designated committee. Partial achievement of the specified criteria may result in a vesting corresponding to the degree of achievement as specified in the detail rules.

The exercise price, vesting and other conditions of individual awards are determined by the executive chairman of the board of directors, except for awards to officers which are determined by the board of directors or the compensation committee. The awards are typically subject to a four-year service vesting condition and multiple performance conditions with a contractual life of ten years. In addition, the grantee must return all awards and any proceeds from the sale of the awards if he/she violates certain provisions.

Stock related award incentive plan of 2015

On June 4, 2015, the Company’s board of directors and shareholders approved the 2015 Stock Related Award Incentive Plan (the “2015 Plan”). Under the 2015 Plan, the Company may issue up to 1.5% of the total number of ordinary shares, including ordinary shares issuable upon conversion of any preferred shares to its directors and employees. The purpose of the 2015 Plan was to recognize and acknowledge the contributions made to the Company by eligible employees and to promote the success of the Company’s business. The 2015 Plan allows the board of directors, or its designated committee, to establish the performance criteria when granting stock options on the basis of any one of, or combination of, increase in share price, earnings per share, total shareholder return, return on equity, return on assets, return on investment, net operating income, cash flow, revenue, economic value added, personal management objectives, or other measures of performance selected by the Company’s board of directors, or its designated committee. Partial achievement of the specified criteria may result in a vesting corresponding to the degree of achievement as specified in the detail rules.

On August 29, 2017 (the “2017 Replacement Date”), the Company’s board of directors approved to replace 1,377,730 share options granted during the years ended December 31, 2015 and 2016 under the 2015 Plan to 200 employees with 153,036 options and 1,224,694 restricted shares (the “Replacement Awards”). The exercise price of 153,036 options was reduced from US$27.2~US$30.0 per share to US$18.1 per share. The replacement awards were subject to graded vesting over four years from the Replacement Date, in which 25% of the awards vest at the end of each of the next four years. The total incremental share-based compensation of US$12,537 resulting from the modification is recognized ratably over the new requisite service period. The total unamortized share-based compensation of US$7,447 resulting from the modification is recognized ratably over the original requisite service period.

On December 30, 2018 (the “2018 Replacement Date”), the Company’s board of directors approved to replace 252,500 share options granted during the year ended December 31, 2008 under the 1999 Plan to 5 employees with 252,500 options (the “2018 Replacement Awards”). The expiration date of 252,500 options was extended from December 30, 2018 to December 30, 2028. The replacement awards were fully vested as of the replacement date. The total incremental share-based compensation of US$619 resulting from the modification is fully recognized during the year ended December 31, 2018.

During 2018, the Company approved to extend the expiration date of an aggregate number of 518,175 share options granted under the 1999 Plan to 10 employees for terms between

days and nine years

. These stock options expired prior to December 31, 2017. The awards granted are fully vested as of the grant date. These transactions were accounted for as new grant. The total share-based compensation of US$2,764 resulting is fully recognized during the year ended December 31, 2018.

A summary of the equity award activity under the 1999 Plan, 2010 Plan and 2015 Plan for the year ended December 31, 2018 was stated below:

Options Granted to Employees and Directors	Number of Shares			Weighted- Average per Share Exercise Price		Weighted- Average Grant-date Fair Value per Share		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value

Outstanding, December 31, 2017		7,241,667			11.93		5.51		5.01	US$	136,242
Granted (new options)		518,175			4.77		5.33		-
Granted (replacement options)		252,500			5.00		4.20
Forfeited		(312,156	)		21.17		8.55		-
Expired		(1,125,301	)		11.27		5.22		-
Exercised		(288,331	)		10.31		4.33		-
Replaced		(252,500	)		5.00		3.75
Outstanding, December 31, 2018		6,034,054			10.92		4.57		4.50	US$	5,919
Vested and expected to vest at December 31, 2018		6,034,054			10.92		4.57		4.50	US$	5,919
Exercisable at December 31, 2018		5,160,774			9.55		3.97		3.98	US$	5,919

The aggregate intrinsic value as of December 31, 2018 in the table above represents the difference between the fair value of the Company’s ordinary share at December 31, 2018 and the exercise price.

Total intrinsic value of options exercised for the years ended December 31, 2016, 2017 and 2018 was US$

10,011

, US$

2,953

and US$

3,979

respectively.

As of December 31, 2018, there was US$4,447 of unrecognized share-based compensation cost related to equity awards that are expected to be recognized over a weighted-average vesting period of 1.53 years.

The fair value for stock options granted during the year ended December 31, 2018 under the 1999 and

2015 Plan was estimated using the Black-Scholes option pricing model. The volatility assumption was estimated based on the price volatility of the shares of the Company and comparable companies in the internet media business. The expected term was estimated based on the resulting output of the Black-Scholes option pricing model. The risk-free rates were based on the market yield of US Treasury Bonds and Notes with maturity terms equal to the expected term of the option awards. Forfeitures were estimated based on historical experience. The dividend yield of nil are based on the Company’s estimated dividend distribution for the stock options granted during the year ended December 31, 2018.

The assumptions used to estimate the fair values of the share options granted were as follows:

	For the Years Ended December 31,
	2018

Risk-free interest rate		2.19 % to 2.54	%
Dividend yield		nil
Expected volatility range		48.22% to 49.24	%
Weighted average expected life		0.01 to 5.50 years
Estimated forfeiture rate		-
Fair value of ordinary share		US$ 6.00 to US$ 27.90

Restricted Shares

A summary of the restricted shares for the year ended December 31, 2018 was stated below:

Restricted Shares Granted to Employees and Directors	Number of Shares			Weighted- Average Grant date Fair Value per Share

Outstanding, December 31, 2017		1,604,768			17.55
Granted		19,500			25.05
Forfeited		(201,439	)		17.91
Vested		(356,194	)		17.55
Unvested, December 31, 2018		1,066,635			17.62

Total intrinsic value of restricted shares vested for the year ended December 31, 2018 was US$4,119.

As of December 31, 2018, there was US$9,527 of unrecognized share-based compensation cost related to restricted shares that are expected to be recognized over a weighted-average vesting period of 2.67 years.

Total share-based compensation expense of share-based awards granted to employees and directors was as follows:

	For the Years Ended December 31,
	2016		2017		2018
	US$		US$		US$

Cost of revenues		443		364		506
Selling expenses		512		479		405
General and administrative expenses		5,597		6,375		13,171

		6,552		7,218		14,082

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2018

RELATED PARTY TRANSACTIONS

19.	RELATED PARTY TRANSACTIONS

Related Parties

Name of Related Parties		Relationship with the Company

Vincent Tianquan Mo		Executive chairman of the board of directors and chief executive officer

Richard Jiangong Dai		Director of the board up until February 25, 2016

Wall Street Global Training Center, Inc.		A company under the control of Vincent Tianquan Mo and two other independent directors

Beihai Silver Beach 1 Hotel and Property Management Company, Ltd. (“Beihai Silver Beach”)		A company under the control of Vincent Tianquan Mo

Che Tian Xia Company Ltd.		A company under the control of Vincent Tianquan Mo and Richard Jiangong Dai

Guangxi Wharton International Hotel ("Guangxi Wharton")		A company under the control of Vincent Tianquan Mo

Research Center on Natural Conservation, Inc. ("Research Center")		A company under the control of Vincent Tianquan Mo

Upsky Long Island Hotel LLC ("Upsky Long Island")		A company under the control of Vincent Tianquan Mo

Upsky San Francisco Airport Hotel LLC (formerly known as "Crowne Plaza San Francisco-International Airport") ("Upsky San Francisco")		A company under the control of Vincent Tianquan Mo

Upsky Lighthouse Hotel LLC ("Upsky Lighthouse")		A company under the control of Vincent Tianquan Mo

Nanning Xuyin Business Co., Ltd. (“Nanning Xuyin”)		A company under the control of Vincent Tianquan Mo

New York Military Academy		A company of which Vincent Tianquan Mo is a director

The Company had the following related party transactions for the years ended December 31, 2016, 2017 and 2018:

	For the Years Ended December 31,
	2016		2017		2018
	US$		US$		US$

Office building leased from:
-Vincent Tianquan Mo		154		159		162
Management fee incurred:
-Beihai Silver Beach		421		501		523
Hotel service fee incurred:
- Beihai Silver Beach		113		-		-
- Upsky San Francisco		17		-		-
- Upsky Long Island		81		-		-
Training fee incurred
- New York Military Academy		111		-		-

Free rental space to Wall Street Global Training Center, Inc.

Starting from 2011, the Company provided Wall Street Global Training Center, Inc. with office space of approximately 220 square feet in the Company’s building located in New York City, United States of America, free of charge. The estimated fair value of the free office space was insignificant for each of the years ended December 31, 2016, 2017 and 2018.

Office building leased from Vincent Tianquan Mo

The Company entered into an agreement with Vincent Tianquan Mo to lease a building owned by him for a 10-year period for nil consideration starting from March 1, 2012. The deemed rental expense of US$154 and US$159 and US$162, and the corresponding shareholder contribution were included in the consolidated financial statements for the years ended December 31, 2016, 2017 and 2018, respectively.

Management service provided by Beihai Silver Beach

On April 1, 2013, the Company and Beihai Silver Beach entered into a contract, pursuant to which Beihai Silver Beach was engaged to manage the hotel and office leasing operations owned by the BaoAn Entities for ten years. The management fees incurred for the years ended December 31, 2016, 2017 and 2018 were US$421 and US$501, and US$523 respectively.

Hotel service fee

In the year ended December 31, 2016, Upsky San Francisco, Upsky Long Island and Beihai Silver Beach provided hotel accommodation to the Company amounting to US$17, US$81 and US$113.

No such services were provided for the years ended December 31, 2017 and 2018.

Training service fee

In the year ended December 31, 2016, New York Military Academy, a company of which Vincent Tianquan Mo is a director, provided training service to the Company in the amount of US$

111

. No such services were provided for the years ended December 31, 2017 and 2018.

Use of domain name of Che Tian Xia Company Ltd.

In April 2013, the Company entered into a contract with Che Tian Xia Company Ltd. to use the latter’s domain name www.youtx.com for six years at nil consideration.

Nanning Xuyin holds shares of Guilin Bank Co., Ltd (“Guilin Bank”)

As of December 31, 2015, Nanning Xuyin, which is 80% owned by Vincent Tianquan Mo, held 73,430,061 shares of Guilin Bank that were pledged by a third-party for its overdue receivables to the Company through an entrustment agreement. In 2016, 30,595,859 shares of Guilin Bank have been transferred to the Company from Naning Xuying. In 2017, the rest of shares of Guilin Bank have been transferred to the Company from Naning Xuying.

The Company had the following related party balances as of December 31, 2017 and 2018:

	As of December 31,
	2017		2018
	US$		US$
Amounts due from a related party:
- Beihai Silver Beach		167		-

	As of December 31,
	2017		2018
	US$		US$
Amounts due to a related party:
- Beihai Silver Beach		-		19

The balances as of December 31, 2017 and 2018 represented outstanding management fees which were unsecured and interest-free.

EMPLOYEE DEFINED CONTRIBUTION PLAN

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

EMPLOYEE DEFINED CONTRIBUTION PLAN

20.	EMPLOYEE DEFINED CONTRIBUTION PLAN

Full time employees of the Company in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the PRC subsidiaries of the Company make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Company has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefits, which were expensed as incurred, were US$79,676, US$21,583 and US$20,093 for the years ended December 31, 2016, 2017 and 2018, respectively.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

21.	COMMITMENTS AND CONTINGENCIES

Capital commitment

The Company has commitments for the

acquisition and construction

of fixed assets of US$10,665 as of December 31, 2018, which are scheduled to be paid within one year.

Operating lease commitments

As of December 31, 2018, the Company had future minimum lease payments under non-cancellable operating leases with initial terms in excess of one year as follows:

	US$

2019		4,368
2020		2,198
2021		181
2022		18
2023 and thereafter		37

		6,802

Payments under operating leases are expensed on a straight-line basis over the periods of the respective leases. The Company’s lease arrangements have no renewal options, rent escalation clauses, restrictions or contingent rents and are all conducted with third parties, except for the building leased from a related party as disclosed in Note 19. For the years ended December 31, 2016, 2017 and 2018, total rental expenses for all operating leases were US$66,330, US$27,832 and US$9,678, respectively.

Contingencies

In April and May 2018, the Company was sued as one of the defendants for trade mark infringement by a third party, alleging the claim of damage in the amount of RMB 99.9 million, RMB 300 million, and RMB 500 million, respectively. The cases are still ongoing at the Beijing Intellectual Property Court. The Company is vigorously contesting the allegations. In February 2019, the Company was served with a subpoena from a court in Beijing, in which a third party claimed that a contract the Company entered into was invalid. Pursuant to such contract, the Company received shares of Guilin Bank from a debtor’s nominee to discharge its indebtedness (See Note 5). The debtor subsequently alleged that such contract was invalid because the transfer price of such assets was below the fair market value. The Company intends to vigorously contest the allegation.

In accordance with ASC Topic 450, no accrual of loss contingency was accrued as of December 31, 2018 since it is not probable that a liability has been incurred because of these legal proceedings and the amount of loss cannot be reasonably estimated.

Income taxes

As of December 31, 2018, the Company had accrued US$137,904 for unrecognized tax benefits (Note 17). The final outcome of the tax uncertainty is dependent upon various matters including tax examinations, interpretation of tax laws or expiration of statute of limitations. However, due to the uncertainties associated with the status of examinations, including the protocols of finalizing audits by the relevant tax authorities, there is a high degree of uncertainty regarding the future cash outflows associated with these tax uncertainties.

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

SEGMENT REPORTING

22.	SEGMENT REPORTING

In accordance with ASC 280, “Segment Reporting”, the Company’s chief operating decision maker has been identified as the executive chairman of the board of directors and chief executive officer, who makes resource allocation decisions and assesses performance based on the Company’s consolidated results. As a result, the Company has only one reportable segment.

Geographic disclosures

As the Company generates substantially all of its revenues from customers domiciled in the PRC, no geographical segments are presented. All of the Company’s long-lived assets are located in the PRC except for buildings and land (i.e. including the construction in progress) with net book values of

US$104,327 and US$112,713

as of December 31, 2017 and 2018, respectively, which are located in the United States of America.

EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

23.	EARNINGS (LOSS) PER SHARE

Basic and diluted earnings (loss) per share for each of the years presented are calculated as follows:

	For the Years Ended December 31,
	2016						2017				2018
	US$			US$			US$		US$		US$			US$
	Class A			Class B			Class A		Class B		Class A			Class B
Earnings (loss) per share - basic:
Numerator:
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share-basic		(125,531	)		(44,104	)		15,736		5,971		(83,400	)		(31,511	)
Denominator:
Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share		69,269,099			24,336,650			64,139,015		24,336,650		64,412,782			24,336,650
Denominator used for basic earnings (loss) per share		69,269,099			24,336,650			64,139,015		24,336,650		64,412,782			24,336,650
Earnings (loss) per share - basic		(1.81	)		(1.81	)		0.25		0.25		(1.29	)		(1.29	)

Earnings (loss) per share - diluted:
Numerator:
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share		(125,531	)		(44,104	)		15,736		5,971		(83,400	)		(31,511	)
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share-diluted after assumed conversion		(125,531	)		(44,104	)		15,736		5,971		(83,400	)		(31,511	)
Reallocation of net income (loss) attributable to ordinary shareholders as a result of conversion of Class B to Class A shares		(44,104	)		-			5,971		-		(31,511	)		-
Net income (loss) attributable to ordinary shareholders		(169,635	)		(44,104	)		21,707		5,971		(114,911	)		(31,511	)
Denominator:
Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share		69,269,099			24,336,650			64,139,015		24,336,650		64,412,782			24,336,650
Conversion of Class B to Class A ordinary shares		24,336,650			-			24,336,650		-		24,336,650			-
Employee stock options		-			-			3,110,012		-		-			-
Denominator used for diluted earnings (loss) per share		93,605,749			24,336,650			91,585,677		24,336,650		88,749,432			24,336,650
Earnings (loss) per share -diluted		(1.81	)		(1.81	)		0.24		0.24		(1.29	)		(1.29	)

The repurchased but not retired ordinary shares are accounted as treasury stock which are not considered outstanding and excluded from the calculation of basic earnings (loss) per share since the date of repurchase.

Options to purchase

6,034,054

shares of common stock at US$1.95~US$

per share and 1,066,635 restricted shares were outstanding in 2018 but were not included in the computation of diluted EPS due to anti-dilutive effect. In addition, 2,790,860 related to the Company’s September 2022 Notes and 4,186,290 related to the Company’s New November 2022 Notes were not included in the calculation of diluted earnings (loss) per share because the impact of inclusion would be anti-dilutive.

In 2017, the number of securities that were not included in the calculation of diluted earnings (loss) per share because the impact of inclusion would be anti-dilutive were as follows: 2,961,570 share options, 290,534 related to the Company’s December 2018 Notes, 2,790,860 related to the Company’s September 2022 Notes and 5,581,720 related to the Company’s November 2022 Notes. As of December 31, 2017, the conversion prices for the December 2018 Notes, the September 2022 Notes and the November 2022 Notes were US$19.62 per ADS, US$7.166 per ADS and US$7.166 per ADS, respectively, as of December 31, 2017. There is no cash conversion rate.

In 2016, the number of securities that were not included in the calculation of diluted earnings (loss) per share because the impact of inclusion would be anti-dilutive were as follows: 5,763,088 employee stock options, 4,153,642 related to the Company’s December 2018 Notes, 2,790,860 related to the Company’s September 2022 Notes and 5,581,720 related to the Company’s November 2022 Notes. As of December 31, 2016, the conversion prices for the December 2018 Notes, the September 2022 Notes and the November 2022 Notes were US$19.62 per ADS, US$7.166 per ADS and US$7.166 per ADS, respectively, as of December 31, 2016. There is no cash conversion rate.

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

24.	PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Condensed balance sheets

	As of December 31,
	2017			2018
	US$			US$

ASSETS
Cash and cash equivalents		11,801			2,529
Prepayments and other current assets		1,485			98
Amounts due from subsidiaries		8,835			17,056

Total current assets		22,121			19,683

Non-current assets:
Long-term investments		52,283			30,733
Investment in subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries		992,902			869,895
Restricted cash, non-current		-			1,001

Total non-current assets		1,045,185			901,629

Total assets		1,067,306			921,312

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:
Short-term loans		-			26,808
Accrued expenses and other liabilities		3,850			2,575
Amounts due to subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries		-			5,722
Convertible notes- current		5,700			-
Total current liabilities		9,550			35,105
Non-current liabilities:
Convertible senior notes		291,365			254,435
Long-term loans		26,808			37,266
Total non-current liabilities		318,173			291,701

Total liabilities		327,723			326,806

Commitments and contingencies		-			-

Shareholders’ equity:

Class A ordinary shares, par value HK$1.00 per share, 600,000,000 shares authorized for Class A and Class B in aggregate, issued shares as of December 31, 2017 and 2018: 71,425,120 and 72,069,645 ; outstanding shares as of December 31, 2017 and 2018: 64,360,062 and 65,004,587		9,204			9,286
Class B ordinary shares, par value HK$1.00 per share, 600,000,000 shares authorized for Class A and Class B in aggregate, 24,336,650 shares and 24,336,650 shares issued and outstanding as of December 31, 2017 and 2018, respectively		3,124			3,124
Additional paid-in capital		500,666			517,802
Accumulated other comprehensive income (loss)		137,630			(75,837	)
Retained earnings		225,574			276,746
Treasury stock (7,065,058 and 7,065,058 shares as of December 31, 2017 and 2018, respectively.)		(136,615	)		(136,615	)

Total shareholders’ equity		739,583			594,506

Total liabilities and shareholders’ equity		1,067,306			921,312

Condensed statements of comprehensive income (loss)

	For the Years Ended December 31,
	2016			2017			2018
	US$			US$			US$

Revenues		-			-			-
Cost of revenues		-			-			-
Gross profit		-			-			-
General and administrative (expenses) income		3,610			(998	)		(9,348	)
Operating (loss) income		3,610			(998	)		(9,348	)

Equity in profits (losses) of subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries		(167,967	)		27,339			(85,190	)
Foreign exchange gain		832			211			7
Interest income		1,775			196			73
Interest expenses		(17,807	)		(7,233	)		(7,700	)
Change in fair value of securities		10,583			2,736			(14,904	)
Investment income		1,571			2,221			2,151
Other-than-temporary impairment on available-for-sale securities		(2,232	)		(2,768	)		-

Income (loss) before income taxes		(169,635	)		21,704			(114,911	)

Income tax expenses		-			-			-

Net income (loss)		(169,635	)		21,704			(114,911	)

Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		(60,732	)		56,571			(46,648	)
Amounts reclassified from accumulated other comprehensive income		(10,583	)		(2,736	)		(1,493	)
Unrealized gain on available-for-sale securities		7,326			14,575			1,493
Other comprehensive income recorded by subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries		-			198,263			-

Gain (loss) on intra- entity foreign transactions of long-term-investment nature		(6,996	)		1,872			(3,034	)

Other comprehensive income (loss), before tax		(70,985	)		268,545			(49,682	)
Income tax expense related to components of other comprehensive income		-			(49,566	)		-

Other comprehensive income (loss), net of tax		(70,985	)		218,979			(49,682	)
Comprehensive income (loss)		(240,620	)		240,683			(164,593	)

Condensed statements of cash flows

	2016			2017			2018
	US$			US$			US$

Net cash provided by (used in) operating activities		117,398			(67,381	)		(3,302	)
Net cash provided by investing activities		11,575			13,931			8,272
Net cash used in financing activities		(522,057	)		(31,179	)		(13,241	)
Net decrease in cash and cash equivalents		(393,084	)		(22,271	)		(8,271	)
Cash and cash equivalents and restricted cash at beginning of year		427,156			34,072			11,801
Cash and cash equivalents and restricted cash at end of year		34,072			11,801			3,530

Basis of Presentation

For the presentation of the parent company only condensed financial information, the Company records its investment in subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries which it effectively controls through contractual agreements, under the equity method of accounting as prescribed in ASC 323,

Investments-Equity Method and Joint Ventures

. Such investments are presented on the condensed balance sheets as “Investment in subsidiaries, PRC Domestic Entities, and PRC Domestic Entities’ subsidiaries” and the subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries’ profit or loss as “Equity in profits (losses) of subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries” on the condensed statements of comprehensive income (loss). The parent company only condensed financial information should be read in conjunction with the Company’s consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Use of Estimates

Principles of Consolidation

Foreign Currency Translation and Transactions

Foreign Currency Matters

Cash and Cash Equivalents

Restricted Cash

The Accounting Standards Update (“ASU”)

2016

18,

Statement of Cash Flows (Topic

230): Restricted Cash,

January 1, 2018

December 31, 2016

and

2017

, substantially all of the changes in restricted cash of US$107,905 and US$51,900, respectively, were previously reported as part of financing activities in the consolidated statements of cash flows.

Investments

Periods prior to January 1, 2018

All highly liquid investments with original maturities of greater than 90 days but less than 365 days are classified as short-term investments which are stated at their approximate fair value.

The Company accounts for its investments in accordance with ASC 320,

Investments-Debt and Equity Securities

In accordance with ASC 325

Investments-Other

impairment loss of US$2,232 and US$2,768 was recognized for the years ended December 31, 2016 and 2017, respectively.

Period commencing January 1, 2018

The Company adopted ASU 2016-01,

Financial Instruments—Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Liabilities

(1)

Debt Securities

The Company accounts for its debt investments in accordance with ASC 320,

Investments-Debt Securities

(2)

Equity Securities

(3)

Equity method investments

In accordance with ASC 323

Investments-Equity Method and Joint Ventures

Funds Receivable

Commitment deposits

Loans receivable

Loss Contingencies

and records an allowance for credit loss at the portfolio segment level.

Property and Equipment, Net

Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows:

Category		Estimated Useful Life

Office equipment		3 - 5 years
Motor vehicles		5 - 10 years
Leasehold improvement		shorter of lease term or economic lives
Buildings		12 - 45 years

Land is stated at cost and is not depreciated.

Land Use Rights

Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a

straight-line basis

over the estimated terms of the land use rights which are 40-50 years.

Impairment of Long-Lived Assets

Fair Value of Financial Instruments

15)

and related derivative liabilities. As of

December 31, 2017

and

2018

December 31, 2017

and

2018

US$301,036 and US$

199

172

as of

December 31, 2017

and

2018

, respectively, and represents a Level

valuation in accordance with ASC

820,

Fair Value Measurements and Disclosures

The Company applies ASC 820 in measuring fair value. ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements.

ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

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

Level 2 - Include other inputs that are directly or indirectly observable in the marketplace.

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

Assets measured at fair value on a recurring basis as of December 31, 2017 and 2018 are summarized below.

	Fair Value Measurement as of December 31, 2017
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Fair Value at December 31, 2017
	US$		US$		US$		US$

Available-for-sale securities		52,283		318,065		-		370,348
Trading securities		15,833		-		-		15,833

	Fair Value Measurement as of December 31, 2018
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Fair Value at December 31, 2018
	US$		US$		US$		US$

Equity investments		181,483		-		-		181,483
Trading securities		1,773		-		-		1,773

Revenue Recognition

Revenues are derived from marketing services, listing services, E-commerce services, value-added services and financial services.

Periods prior to January 1, 2018

Listing Services

Listing services revenues consist of revenues derived from both basic listing services and special listing services.

(1)

Basic listing services

(2)

Special listing services

The Company evaluated its special listing revenue arrangements in accordance with ASC 605-25,

Revenue recognition–Multiple-element arrangements

Marketing Services

Nonmonetary transactions

For certain arrangements, the Company provides marketing services that contain multiple deliverables, that is, different forms of services to be delivered over different periods of time.

E-commerce service

E-commerce service revenues consist of revenues derived from:

(1)

Fang membership services

(2)

Direct sales services

(3)

Sublease services

(4)

Real estate online brokerage services

(5)

Online decoration services

Revenue Recognition Construction-Type and Production-Type Contracts.

Estimated losses, if any, were recognized during the period in which the loss becomes probable and reasonably estimable.

Financial Services

Financial services are provided through the Company’s online financial platform

www.fangtx.com

Value-added Services

The Company’s business was subject to VAT, surcharges or cultural construction fees levied on advertising-related sales in the PRC. In accordance with ASC 605-45,

Revenue Recognition-Principal Agent Considerations

US$68,007 and US$33,320, respectively.

Period commencing January 1, 2018

The Company adopted ASC 606,

Revenue from Contracts with Customers

(1)

the Company has no remaining obligations to transfer goods or services to the customer and all, or substantially all of the consideration has been received;

the contract has been terminated; or

As a result, the Company made an adjustment to decrease the opening balance of retained

earnings as of

January 1, 2018

by US$ 0.5 million.

(2)

The Company’s policy before the adoption of ASC

606

January 1, 2018

by USD 2.8 million.

In addition, the Company’s revenues are presented net of value-added tax collected on behalf of governments starting from January

2018

. Prior to January

2018

The disclosure of the impact of adoption on the consolidated balance sheets was as follows:

	As of December 31, 2018			Adjustments			Amounts without adoption of ASC 606
	USD’000			USD’000			USD’000
Accounts receivable		60,950			379			61,329
Deferred revenue		(163,346	)		(11,633	)		(174,979	)
Accrued expenses and other liabilities		(131,268	)		9,701			(121,567	)
Other non-current liabilities		(153,095	)		555			(152,540	)

The impact for adoption of ASC 606 to the Company’s consolidated statement of comprehensive income (loss) for the year ended December 31, 2018 is as follows:

	Year ended December 31, 2018			Adjustments			Amounts without adoption of ASC 606
	USD’000			USD’000			USD’000
E-commerce services		15,384			928			16,312
Marketing services		119,680			8,740			128,420
Listing services		113,534			5,717			119,251
Financial services		18,060			1,068			19,128
Value-added services		36,358			2,893			39,251
Total revenues		303,016			19,346			322,362
Cost of services		(58,570	)		(18,117	)		(76,687	)
Operating income		39,803			1,229			41,032
Net loss		(114,909	)		1,229			(113,680	)
Loss per share for Class A and Class B ordinary shares
Basic and Diluted		(1.29	)		0.01			(1.28	)

Marketing Services

The Company offers marketing services on the Company’s websites and mobile apps, primarily through banner advertisements, floating links, logos and other media insertions. These marketing services are offered to real estate developers and to a lesser extent provider of products and services for home decoration and improvement. Marketing services allow customers to place advertisements on particular areas of the Company’s websites and mobile apps, in particular formats and over particular periods of time. The marketing services typically last from several days to one year. The Company determines that the customer simultaneously receives and consumes benefits provided by the Company’s performance as the Company performs during the term of the contract. Revenues from marketing services are recognized ratably over the service period.

Listing Services

Listing services revenues consist of revenues derived from both basic listing services and special listing services.

(1)

Basic listing services

(2)

Special listing services

Value-added Services

Value-added services consist of revenues derived from:

(1)

Data services

(2)

Analytics services

Financial Services

E-Commerce Services

E-commerce service revenues consist of revenues derived from:

(1) Fang membership services

(2) Direct sales services

(3) Sublease services

	US$

2019		1,125
2020		97
2021 and thereafter		-

		1,222

Contract Balances

Amounts collected on accounts receivable are included in net cash provided by operating activities in the consolidated statements of cash flows.

Cost of Revenues

Advertising Expenditure

Advertising Expenses

Leases

Income Taxes

The Company applies ASC 740,

Income taxes

Government Grants

Share-based Compensation

The Company’s employees and directors participate in the Company’s share-based award incentive plan which is more fully discussed in Note

. The Company applies ASC

718

Compensation-Stock Compensation

(“ASC

718

”), to account for its employee share-based payments. There were no share-based payments made to non-employees for any of the years presented.

Earnings per Share

The Company computes earnings per Class A and Class B ordinary shares in accordance with ASC

260

Earnings Per Share

(“ASC

260

”), using the two class method. Under the provisions of ASC

260

Derivative Instruments

ASC

815

Derivatives and Hedging

Comprehensive Income (Loss)

Contingencies

Recent accounting pronouncements

In February 2016, the FASB established Topic 842,

Leases,

by issuing ASU No. 2016-02, which requires lessees to recognize leases on balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-01,

Land Easement Practical Expedient for Transition to Topic 842

; ASU No. 2018-10,

Codification Improvements to Topic 842, Leases

; and ASU No. 2018-11,

Targeted Improvements

The adoption of ASC 842 is not expected to have a material impact to the accounting and disclosure of sublease services in which the Company is the lessor.

In June 2016, the FASB issued ASU No. 2016-13 (“ASU 2016-13”),

Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.

In August 2018, the FASB issued ASU No. 2018-13,

Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measureme

ORGANIZATION AND BASIS OF PRESENTATION (Tables)

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Details of Subsidiaries and PRC Domestic Entities

Company	Date of Establishment	Place of Establishment	Principal Activities

Beijing SouFun Internet Information Service Co., Ltd. ("Beijing Internet")	December 17, 2003	PRC	Provision of marketing services and listing services

SouFun Media Technology (Beijing) Co., Ltd. ("SouFun Media")	November 28, 2002	PRC	Provision of technology and information consultancy services

Beijing SouFun Network Technology Co., Ltd. ("SouFun Network")	March 16, 2006	PRC	Provision of technology and information consultancy services

Beijing SouFun Science and Technology Development Co., Ltd. ("Beijing Technology")	March 14, 2006	PRC	Provision of marketing services and listing services

Beijing Century Jia Tian Xia Technology Development Co., Ltd. ("Beijing JTX Technology")	December 21, 2006	PRC	Provision of marketing services and listing services

Beijing Zhong Zhi Shi Zheng Information Technology Co. Ltd., ("Beijing Zhongzhi")	June 5, 2007	PRC	Provision of technology and information consultancy services

Xinjiang Zhong Zhi Shu Ju Information Technology Co., Ltd. (“Xinjiang Zhong Zhi Shu Ju”)	August 10, 2017	PRC	Provision of technology and information consultancy services

Beijing Hong An Tu Sheng Network Technology Co., Ltd. ("Beijing Hong An")	November 15, 2010	PRC	Provision of technology and information consultancy services

Beijing Tuo Shi Huan Yu Network Technology Co., Ltd. ("Beijing TuoShi")	November 19, 2010	PRC	Provision of technology and information consultancy services

Beijing Yi Ran Ju Ke Technology Development Co., Ltd. ("Beijing Yi Ran Ju Ke")	July 8, 2011	PRC	Provision of marketing services, rental services and real estate agency services

Beijing Hua Ju Tian Xia Network Technology Co., Ltd. ("Beijing Hua Ju Tian Xia")	July 25, 2012	PRC	Provision of technology and information consultancy services

Company	Date of Establishment	Place of Establishment	Principal Activities

Beijing Zhong Zhi Hong Yuan Data Information Technology Co., Ltd. (“Beijing Zhong Zhi Hong Yuan”)	June 11, 2018	PRC	Provision of technology and information consultancy services

Beijing Li Man Wan Jia Network Technology Co., Ltd. ("Beijing Li Man Wan Jia")	July 25, 2012	PRC	Provision of technology and information consultancy services

Shanghai Jia Biao Tang Real Estate Broking Co., Ltd. ("Shanghai JBT Real Estate Broking")	July 7, 2005	PRC	Provision of real estate agency services, marketing services and listing services

Beijing Zhong Zhi Xun Bo Information Technology Co. Ltd., ("Zhongzhi Xun Bo")	January 6, 2012	PRC	Provision of technology and information consultancy services

Tianjin SouFun Network Technology Co., Ltd.("Tianjin SouFun Network")	March 8, 2012	PRC	Provision of technology and information consultancy services

Tianjin Jia Tian Xia Network Technology Co., Ltd. (“Jia Tian Xia Network Technology”)	April 15, 2014	PRC	Provision of technology and information consultancy services

Hangzhou SouFun Network Technology Co., Ltd., ("Hangzhou SouFun Network")	August 27, 2013	PRC	Provision of technology and information consultancy services

Wuhan SouFun Yi Ran Ju Ke Real Estate Agents Co., Ltd. ("Wuhan Yi Ran Ju Ke")	December 13, 2013	PRC	Provision of real estate agency services and real estate information services

Hangzhou Ji Ju Real Estate Agents Co., Ltd. ("Hanzhou Ji Ju")	December 23, 2013	PRC	Provision of real estate agency services and real estate information services

Fang Tian Xia Financial Information Service (Beijing) Ltd. (previously known as Beijing Tianxia Dai Information service Co., Ltd.)	April 9, 2014	PRC	Provision of finance information services

Shanghai SouFun Microfinance Co.,Ltd.("Shanghai SouFun Microfinance")	January 19, 2015	PRC	Provision of Microfinance services

Beihai Tian Xia Dai Microfinance Co., Ltd.("Beihai Tian Xia Dai Microfinance")	September 12, 2014	PRC	Provision of microfinance services

Shanghai BaoAn Enterprise Co., Ltd. (“Shanghai BaoAn Enterprise”)	March 31, 2013	PRC	Lease, resale and management of property

Shanghai BaoAn Hotel Co., Ltd. (“Shanghai BaoAn Hotel”)	March 31, 2013	PRC	Operation and management of hotel, restaurant and other catering business

Company	Date of Establishment	Place of Establishment	Principal Activities

Beijing Fang Tian Xia Hong An Network Technology Ltd. (previously known as Beijing Fang Tian Xia Decorative Engineering Co., Ltd.)	October 15, 2014	PRC	Provision of decorative engineering services

Chongqing Tian Xia Dai Microfinance Co., Ltd ("Chongqing Tian Xia Dai Microfinance")	December 11, 2014	PRC	Provision of microfinance services

Tianjin Jia Tian Xia Microfinance Co. ,Ltd. ("Tianjin Jia Tian Xia Microfinance")	December 5, 2014	PRC	Provision of microfinance services

Beijing Fang Chao Real Estate Broking Co., Ltd. (“Beijing Fang Chao”)	March 6, 2015	PRC	Provision of real estate agency services

Guangzhou Fang Tian Xia Real Estate Broking Co., Ltd. (“Guangzhou Fang Tian Xia”)	March 9, 2015	PRC	Provision of real estate agency services

Beijing Cun Fang Real Estate Broking Co., Ltd. (“Beijing Cun Fang”)	April 7, 2015	PRC	Provision of real estate agency services

Shenzhen Fang Tian Xia Real Estate Broking Co., Ltd. (“Shenzhen Fang Tian Xia”)	April 13, 2015	PRC	Provision of real estate agency services

Tianjin Fang Tian Xia Real Estate Broking Co., Ltd. (“Tianjin Fang Tian Xia”)	May 21, 2015	PRC	Provision of real estate agency services

Nanjing Cun Fang Real Estate Broking Co., Ltd. (“Nanjing Cun Fang”)	April 30, 2015	PRC	Provision of real estate agency services

Company	Date of Establishment	Place of Establishment	Principal Activities

Nanchang Cun Fang Real Estate Broking Co., Ltd. (“Nanchang Cun Fang”)	June 3, 2015	PRC	Provision of real estate agency services

Chongqing Fang Tian Xia Real Estate Broking Co., Ltd. (“Chongqing Fang Tian Xia”)	May 27, 2015	PRC	Provision of real estate agency services

Shanghai SouFun Fang Tian Xia Broking Co., Ltd. (“Shanghai Fang Tian Xia”)	April 16, 2015	PRC	Provision of real estate agency services

Beijing Li Tian Rong Ze Yi Jia Technology Development Co., Ltd. (“Beijing Li Tian Rong Ze”)	September 4, 2015	PRC	Provision of technology and information consultancy services

Hong Kong Property Network Limited ("HK Property")	May 19, 2011	Hong Kong	Investment holding

Best Fang Holdings LLC	Aug 30, 2017	United States of America	Investment holding

Best Work Holdings (New York) LLC ("Best Work")	March 14, 2011	United States of America	Investment holding

China Index Holdings Limited	July 26, 2018	Cayman	Investment holding

Carrying Amount of Assets and Liabilities

	As of December 31,
	2017		2018
	US$		US$
ASSETS
Current assets:
Cash and cash equivalents		50,948		34,004
Restricted cash, current		223,002		214,876
Short-term investments		19,838		5,586
Accounts receivable (net of allowance of US$ 13,691 and US$ 12,913 as of December 31, 2017 and 2018, respectively)		22,119		25,910
Funds receivable		2,824		5,124
Prepayments and other current assets		16,856		25,384
Commitment deposits (net of allowance of US$ 206 and nil as of December 31, 2017 and 2018, respectively)		5,876		191

Total current assets		341,463		311,075

Non-current assets:
Property and equipment, net		275,601		358,432
Land use rights		34,951		32,428
Deferred tax assets, non-current		2		2
Deposits for non-current assets		41,428		95
Long-term investments		433,894		291,808
Other non-current assets		204		1,815

Total non-current assets		786,080		684,580

Total assets		1,127,543		995,655

	As of December 31,
	2017		2018
	US$		US$
Current liabilities:
Short-term loans		59,820		76,267
Deferred revenue		27,095		32,816
Accrued expenses and other liabilities		54,516		36,266
Customer’s refundable fees		10,986		3,274
Income tax payable		1,325		1,982
Intercompany payable to the non PRC Domestic Entities		431,770		445,556

Total current liabilities		585,512		596,161

Non-current liabilities:
Long-term loans		55,958		44,891
Deferred tax liabilities		51,227		10,488
Other non-current liabilities		37,936		51,144

Total non-current liabilities		145,121		106,523

Total liabilities		730,633		702,684

Net assets		396,910		292,971

Result of Operations

	For the Years Ended December 31,
	2016			2017			2018
	US$			US$			US$
Total revenues		287,475			91,087			89,111
Net loss		(24,135	)		(6,484	)		(79,229	)

Summary of Cash Flow Activities

	For the Years Ended December 31,
	2016			2017			2018
	US$			US$			US$
Net cash generated from (used in) operating activities		(790	)		122,327			26,241
Net cash used in investing activities		(3,763	)		(99,946	)		(9,851	)
Net cash (used in) generated from financing activities		90,828			8,565			(25,220	)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Property and Equipment Estimated Useful Lives of Assets

Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows:

Category		Estimated Useful Life

Office equipment		3 - 5 years
Motor vehicles		5 - 10 years
Leasehold improvement		shorter of lease term or economic lives
Buildings		12 - 45 years

Assets Measeured Fair Value on a Recurring Basis

Assets measured at fair value on a recurring basis as of December 31, 2017 and 2018 are summarized below.

	Fair Value Measurement as of December 31, 2017
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Fair Value at December 31, 2017
	US$		US$		US$		US$

Available-for-sale securities		52,283		318,065		-		370,348
Trading securities		15,833		-		-		15,833

	Fair Value Measurement as of December 31, 2018
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Fair Value at December 31, 2018
	US$		US$		US$		US$

Equity investments		181,483		-		-		181,483
Trading securities		1,773		-		-		1,773

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The disclosure of the impact of adoption on the consolidated balance sheets was as follows:

	As of December 31, 2018			Adjustments			Amounts without adoption of ASC 606
	USD’000			USD’000			USD’000
Accounts receivable		60,950			379			61,329
Deferred revenue		(163,346	)		(11,633	)		(174,979	)
Accrued expenses and other liabilities		(131,268	)		9,701			(121,567	)
Other non-current liabilities		(153,095	)		555			(152,540	)

The impact for adoption of ASC 606 to the Company’s consolidated statement of comprehensive income (loss) for the year ended December 31, 2018 is as follows:

	Year ended December 31, 2018			Adjustments			Amounts without adoption of ASC 606
	USD’000			USD’000			USD’000
E-commerce services		15,384			928			16,312
Marketing services		119,680			8,740			128,420
Listing services		113,534			5,717			119,251
Financial services		18,060			1,068			19,128
Value-added services		36,358			2,893			39,251
Total revenues		303,016			19,346			322,362
Cost of services		(58,570	)		(18,117	)		(76,687	)
Operating income		39,803			1,229			41,032
Net loss		(114,909	)		1,229			(113,680	)
Loss per share for Class A and Class B ordinary shares
Basic and Diluted		(1.29	)		0.01			(1.28	)

Schedule of Future Minimum Lease Payments for Capital Leases

	US$

2019		1,125
2020		97
2021 and thereafter		-

		1,222

REVENUE (Tables)

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents revenue disaggregated by nature of services:

	For the Year Ended December 31, 2018
E-commerce services
- Fang membership services		2,752
- Direct sales services		5,294
- Sub lease services		6,402
- Other		936
Subtotal		15,384

Marketing services		119,680

Listing services
- Basic listing services		84,482
- Special listing services		29,052
Subtotal		113,534

Financial services		18,060

Value-added services
- Data services		18,905
- Analytics services		12,220
- Other		5,233
Subtotal		36,358
Total revenues		303,016

The following table presents revenue disaggregated by categories of customers:

	For the Year Ended December 31, 2018
E-commerce services
- New home (a)		7,391
- Other		7,993
Subtotal		15,384

Marketing services
- New home (a)		119,352
- Home furnishing and improvement		328
Subtotal		119,680

Listing services
- Secondary and rental (b)		84,773
- Research (c)		28,748
- Other		13
Subtotal		113,534

Financial services		18,060

Value-added services		36,358

Total revenues		303,016

(a)

New home business primarily consists of sales to residential property developers and their sales agents who are promoting newly developed properties for sale.

(b)

Secondary and rental business primarily consists of sales to real estate agents who are promoting secondary properties for sale or rental.

(c)

Research primarily consists of online and offline themed marketing campaigns provided to customers.

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Short-Term Investment and Long-Term Investment

Short-term investments and long-term investments consisted of the following:

			As of December 31,
	2017		2018
	US$		US$
Short-term investments
Trading securities		15,833		1,773
Fixed-rate time deposits		39,968		14,270
		55,801		16,043

Long-term investments:
Equity Investments with Readily Determinable Fair Values:
- Color Life Service Company ("Color Life")		4,554		-
- Hopefluent Company Holdings Limited ("Hopefluent")		47,729		30,733
- Shenzhen World Union Properties Consultancy Co., Ltd. ("World Union")		318,065		150,750
		370,348		181,483
Equity Investments without Readily Determinable Fair Values:
- Guilin Bank		38,817		47,664
- Xian Chuangdian Quancheng Real Estate Consultant Limited (“Chuangdian”)		3,498		3,330
- Tospur Real Estate Consulting Co., Ltd. ("Tospur")		58,301		55,507
-Foshan Nature Lvke Science		-		729
		100,616		107,230
Equity method investments
- Chongqing Wanli New Energy Co., Ltd. (“Wanli”)		-		84,520

		470,964		373,233

Summary of Available-for-Sale Securities

	Original Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Net Carrying Amount)
	US$		US$		US$		US$
December 31, 2017
- Color Life		3,376		1,178		-		4,554
- Hopefluent		33,956		13,773		-		47,729
- World Union		121,393		196,672		-		318,065

		158,725		211,623		-		370,348

ACCOUNTS RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2018

Receivables [Abstract]

Accounts Receivable

Accounts receivable and the related allowance for doubtful accounts were summarized as follows:

	As of December 31,
	2017			2018
	US$			US$

Accounts receivable		98,011			94,226
Allowance for doubtful accounts		(31,127	)		(33,276	)

Accounts receivable, net		66,884			60,950

Allowance for Doubtful Accounts

	For the Years Ended December 31,
	2016			2017			2018
	US$			US$			US$
Movement in allowance for doubtful accounts:
Balance at beginning of year		31,064			34,336			31,127
Additional provision charged to expenses		30,025			31,695			28,050
Write-offs		(24,250	)		(38,351	)		(23,442	)
Foreign currency translation adjustments		(2,473	)		3,417			(2,459	)

Balance at end of year		34,366			31,127			33,276

LOANS RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2018

Receivables [Abstract]

Summary of loans receivable

A summary of the Company’s loans receivables is presented as follows:

	As of December 31, 2017		As of December 31, 2018
	US$’000		US$’000
Personal loans		149,028		127,680
Total Loans receivable		149,028		127,680

Allowance for loan losses
Individually assessed		574		546
Collectively assessed		4,342		3,283
Loans receivable, net		144,112		123,851

Current portion		129,438		117,602
Non-current portion		14,674		6,249

Financing Receivable Credit Quality Indicators

The following table summarizes the Company’s loan portfolio by credit quality indicator as of December 31, 2018 and 2017, respectively:

Internal credit risk rating	As of December 31, 2017		%		As of December 31, 2018		%
	US$				US$
Pass		144,908		97.2		121,931		96.0
Special attention		763		0.5		1,383		1.0
Non-performing		3,357		2.3		4,366		3.0

Total		149,028		100		127,680		100

Past Due Financing Receivables

The following tables represent the aging of loans by portfolio segment as of December 31, 2017 and 2018, respectively:

As of December 31,2018	90-179 days past due		180-365 days past due		Over 1 year past due		Total		Current		Total loans
	US$’000		US$’000		US$’000		US$’000		US$’000		US$’000
Personal loans		1,717		164		3,345		5,226		122,454		127,680

Total		1,717		164		3,345		5,226		122,454		127,680

As of December 31,2017	90-179 days past due		180-365 days past due		Over 1 year past due		Total		Current		Total loans
	US$’000		US$’000		US$’000		US$’000		US$’000		US$’000
Personal loans		245		180		3,445		3,870		145,158		149,028

Total		245		180		3,445		3,870		145,158		149,028

Allowance for Credit Losses on Financing Receivables

The following tables present the activity in the allowance for loan losses in loans receivable by loan portfolio as of and for the year ended December 31, 2017 and 2018, respectively:

For the year ended December 31, 2018	Personal loans
Beginning balance		4,916
Provision		2,776
Reversal		(3,660	)
Foreign currency translation adjustments		(203	)

Ending balance		3,829
Ending balance: individually evaluated for impairment		546
Ending balance: collectively evaluated for impairment		3,283
Loans
Of which individually evaluated for impairment		546
Of which collectively evaluated for impairment		127,134

For the year ended December 31, 2017	Personal
Beginning balance		3,736
Provision		1,180
Write offs		-
Ending balance		4,916
Ending balance: individually evaluated for impairment		574
Ending balance: collectively evaluated for impairment		4,342
Loans
Of which individually evaluated for impairment		4,477
Of which collectively evaluated for impairment		144,551

CONVERTIBLE SENIOR NOTES (Tables)

12 Months Ended

Dec. 31, 2018

CONVERTIBLE SENIOR NOTES [Abstract]

Schedule of debt conversions

The principal amount and unamortized discount

/premium

and debt issuance costs as of December 31, 2017 and 2018 were as follows:

	As of December 31,
	2017			2018
	US$			US$
Principal amount		305,700			250,000
Unamortized (discount)/premium and debt issuance costs		(8,635	)		4,435

		297,065			254,435

Schedule of aggregate future principal payments

As of December 31, 2018, aggregate future principal payments for long-term debt, including short-term and long-term

loans (Note 12), and convertible senior notes, were as follows:

	US$

2019		297,811
2020		14,363
2021		10,363
2022		260,363
2023 and thereafter		90,862
		673,762

TAXATION (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Before Income Taxes

Income (loss) before income taxes consisted of:

	For the Years Ended December 31,
	2016			2017			2018
	US$			US$			US$
PRC		(136,773	)		56,101			(89,670	)
Non-PRC		(7,878	)		(12,995	)		(39,685	)

		(144,651	)		43,146			(129,355	)

Income Tax Expenses Benefits

Income tax expenses (benefits) comprised:

	For the Years Ended December 31,
	2016			2017			2018
	US$			US$			US$
Current tax expense		27,685			21,759			6,825
Deferred tax benefit		(2,701	)		(317	)		(21,271	)

		24,984			21,442			(14,446	)

Reconciliation Between Income Tax Expense and Amount Computed by Applying Statutory Tax Rate

A reconciliation between the amount of income tax expenses (benefits) and the amount computed by applying the PRC statutory tax rate to income (loss) before income taxes was as follows:

	For the Years Ended December 31,
	2016			2017			2018
	US$			US$			US$
Income (loss) before income taxes		(144,651	)		43,146			(129,355	)
Income tax at applicable tax rate of 25%		(36,163	)		10,786			(32,339	)
Effect of international tax rate differences		(598	)		472			6,891
Non-deductible expenses		24,135			7,360			19,427
Non-taxable income		-			-			(1,145	)
Effect of tax holidays or preferential tax rates		(5,759	)		(12,001	)		(6,557	)
Effect of tax rate changes		-			(1,725	)		-
Investment basis difference in the PRC Domestic Entities		(2,757	)		2,696			-
Withholding tax		-			-			11,720
Research and development super-deduction		-			-			(3,260	)
Changes in valuation allowance		30,856			8,849			(1,707	)
Expiration of loss carry forwards								101
Unrecognized tax benefits		-			(4,302	)		(8,881	)
Interest and penalties on unrecognized tax benefits		15,270			9,307			1,304

		24,984			21,442			(14,446	)

Unrecognized Tax Benefits, Exclusive of Related Interest and Penalties

A roll-forward of unrecognized tax benefits, exclusive of related interest and penalties, was as follows:

	As of December 31,
	2016			2017			2018
	US$			US$			US$

Balance at beginning of year		70,296			78,933			79,436
Increase relating to prior year tax positions		5,070			4,192			577
Increase relating to current year tax positions		4,769			10,666			9,183
Decrease relating to reversal of prior years’ tax position		-			(14,102	)		(1,821	)
Decrease relating to expiration of applicable statute of limitations		-			(4,586	)		(9,220	)
Foreign currency translation adjustments		(1,202	)		4,333			(3,160	)

Balance at end of year		78,933			79,436			74,995

Aggregate Amount and Effect of Tax Holidays and Preferential Tax Rates

The aggregate amount and per share effect of tax holidays and preferential tax rates were as follows:

	For the Years Ended December 31,
	2016			2017			2018
	US$			US$			US$

The aggregate amount		(5,759	)		(12,001	)		(6,557	)
The aggregate effect on basic and diluted earnings per share for Class A and Class B ordinary shares:
-Basic		0.06			0.14			0.07
-Diluted		0.06			0.13			0.07

Components of Deferred Taxes

The components of deferred taxes were as follows:

	As of December 31,
	2017			2018
	US$			US$

Deferred tax assets
Net operating losses		74,040			71,308
Impairment of loans receivable		274			933
Overcharged advertising and promotion fee		87			1,061
Fixed assets depreciation		49			208
Share based compensation		6,167			-
Less: Valuation allowance		(73,015	)		(71,308	)

Total deferred tax assets, net		7,602			2,202

Deferred tax liabilities
Investment basis in the PRC entities		(61,961	)		(72,088	)
BaoAn Acquisition – Property		(13,309	)		(12,191	)
Investments		(51,229	)		(13,160	)
Interest capitalization		(142	)		(139	)

Deferred tax liabilities		(126,641	)		(97,578	)

SHARE-BASED PAYMENTS (Tables)

12 Months Ended

Dec. 31, 2018

Summary of Equity Award Activity

A summary of the equity award activity under the 1999 Plan, 2010 Plan and 2015 Plan for the year ended December 31, 2018 was stated below:

Options Granted to Employees and Directors	Number of Shares			Weighted- Average per Share Exercise Price		Weighted- Average Grant-date Fair Value per Share		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value

Outstanding, December 31, 2017		7,241,667			11.93		5.51		5.01	US$	136,242
Granted (new options)		518,175			4.77		5.33		-
Granted (replacement options)		252,500			5.00		4.20
Forfeited		(312,156	)		21.17		8.55		-
Expired		(1,125,301	)		11.27		5.22		-
Exercised		(288,331	)		10.31		4.33		-
Replaced		(252,500	)		5.00		3.75
Outstanding, December 31, 2018		6,034,054			10.92		4.57		4.50	US$	5,919
Vested and expected to vest at December 31, 2018		6,034,054			10.92		4.57		4.50	US$	5,919
Exercisable at December 31, 2018		5,160,774			9.55		3.97		3.98	US$	5,919

Assumptions Used to Estimate Fair Value

The assumptions used to estimate the fair values of the share options granted were as follows:

	For the Years Ended December 31,
	2018

Risk-free interest rate		2.19 % to 2.54	%
Dividend yield		nil
Expected volatility range		48.22% to 49.24	%
Weighted average expected life		0.01 to 5.50 years
Estimated forfeiture rate		-
Fair value of ordinary share		US$ 6.00 to US$ 27.90

Share - Based Compensation Expense

Total share-based compensation expense of share-based awards granted to employees and directors was as follows:

	For the Years Ended December 31,
	2016		2017		2018
	US$		US$		US$

Cost of revenues		443		364		506
Selling expenses		512		479		405
General and administrative expenses		5,597		6,375		13,171

		6,552		7,218		14,082

Restricted Stock [Member]

Summary of Equity Award Activity

A summary of the restricted shares for the year ended December 31, 2018 was stated below:

Restricted Shares Granted to Employees and Directors	Number of Shares			Weighted- Average Grant date Fair Value per Share

Outstanding, December 31, 2017		1,604,768			17.55
Granted		19,500			25.05
Forfeited		(201,439	)		17.91
Vested		(356,194	)		17.55
Unvested, December 31, 2018		1,066,635			17.62

EARNINGS (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share

Basic and diluted earnings (loss) per share for each of the years presented are calculated as follows:

	For the Years Ended December 31,
	2016						2017				2018
	US$			US$			US$		US$		US$			US$
	Class A			Class B			Class A		Class B		Class A			Class B
Earnings (loss) per share - basic:
Numerator:
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share-basic		(125,531	)		(44,104	)		15,736		5,971		(83,400	)		(31,511	)
Denominator:
Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share		69,269,099			24,336,650			64,139,015		24,336,650		64,412,782			24,336,650
Denominator used for basic earnings (loss) per share		69,269,099			24,336,650			64,139,015		24,336,650		64,412,782			24,336,650
Earnings (loss) per share - basic		(1.81	)		(1.81	)		0.25		0.25		(1.29	)		(1.29	)

Earnings (loss) per share - diluted:
Numerator:
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share		(125,531	)		(44,104	)		15,736		5,971		(83,400	)		(31,511	)
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share-diluted after assumed conversion		(125,531	)		(44,104	)		15,736		5,971		(83,400	)		(31,511	)
Reallocation of net income (loss) attributable to ordinary shareholders as a result of conversion of Class B to Class A shares		(44,104	)		-			5,971		-		(31,511	)		-
Net income (loss) attributable to ordinary shareholders		(169,635	)		(44,104	)		21,707		5,971		(114,911	)		(31,511	)
Denominator:
Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share		69,269,099			24,336,650			64,139,015		24,336,650		64,412,782			24,336,650
Conversion of Class B to Class A ordinary shares		24,336,650			-			24,336,650		-		24,336,650			-
Employee stock options		-			-			3,110,012		-		-			-
Denominator used for diluted earnings (loss) per share		93,605,749			24,336,650			91,585,677		24,336,650		88,749,432			24,336,650
Earnings (loss) per share -diluted		(1.81	)		(1.81	)		0.24		0.24		(1.29	)		(1.29	)

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheets

	As of December 31,
	2017			2018
	US$			US$

ASSETS
Cash and cash equivalents		11,801			2,529
Prepayments and other current assets		1,485			98
Amounts due from subsidiaries		8,835			17,056

Total current assets		22,121			19,683

Non-current assets:
Long-term investments		52,283			30,733
Investment in subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries		992,902			869,895
Restricted cash, non-current		-			1,001

Total non-current assets		1,045,185			901,629

Total assets		1,067,306			921,312

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:
Short-term loans		-			26,808
Accrued expenses and other liabilities		3,850			2,575
Amounts due to subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries		-			5,722
Convertible notes- current		5,700			-
Total current liabilities		9,550			35,105
Non-current liabilities:
Convertible senior notes		291,365			254,435
Long-term loans		26,808			37,266
Total non-current liabilities		318,173			291,701

Total liabilities		327,723			326,806

Commitments and contingencies		-			-

Shareholders’ equity:

Class A ordinary shares, par value HK$1.00 per share, 600,000,000 shares authorized for Class A and Class B in aggregate, issued shares as of December 31, 2017 and 2018: 71,425,120 and 72,069,645 ; outstanding shares as of December 31, 2017 and 2018: 64,360,062 and 65,004,587		9,204			9,286
Class B ordinary shares, par value HK$1.00 per share, 600,000,000 shares authorized for Class A and Class B in aggregate, 24,336,650 shares and 24,336,650 shares issued and outstanding as of December 31, 2017 and 2018, respectively		3,124			3,124
Additional paid-in capital		500,666			517,802
Accumulated other comprehensive income (loss)		137,630			(75,837	)
Retained earnings		225,574			276,746
Treasury stock (7,065,058 and 7,065,058 shares as of December 31, 2017 and 2018, respectively.)		(136,615	)		(136,615	)

Total shareholders’ equity		739,583			594,506

Total liabilities and shareholders’ equity		1,067,306			921,312

Condensed Statements of Comprehensive Income

	For the Years Ended December 31,
	2016			2017			2018
	US$			US$			US$

Revenues		-			-			-
Cost of revenues		-			-			-
Gross profit		-			-			-
General and administrative (expenses) income		3,610			(998	)		(9,348	)
Operating (loss) income		3,610			(998	)		(9,348	)

Equity in profits (losses) of subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries		(167,967	)		27,339			(85,190	)
Foreign exchange gain		832			211			7
Interest income		1,775			196			73
Interest expenses		(17,807	)		(7,233	)		(7,700	)
Change in fair value of securities		10,583			2,736			(14,904	)
Investment income		1,571			2,221			2,151
Other-than-temporary impairment on available-for-sale securities		(2,232	)		(2,768	)		-

Income (loss) before income taxes		(169,635	)		21,704			(114,911	)

Income tax expenses		-			-			-

Net income (loss)		(169,635	)		21,704			(114,911	)

Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		(60,732	)		56,571			(46,648	)
Amounts reclassified from accumulated other comprehensive income		(10,583	)		(2,736	)		(1,493	)
Unrealized gain on available-for-sale securities		7,326			14,575			1,493
Other comprehensive income recorded by subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries		-			198,263			-

Gain (loss) on intra- entity foreign transactions of long-term-investment nature		(6,996	)		1,872			(3,034	)

Other comprehensive income (loss), before tax		(70,985	)		268,545			(49,682	)
Income tax expense related to components of other comprehensive income		-			(49,566	)		-

Other comprehensive income (loss), net of tax		(70,985	)		218,979			(49,682	)
Comprehensive income (loss)		(240,620	)		240,683			(164,593	)

Condensed Statements of Cash Flows

	2016			2017			2018
	US$			US$			US$

Net cash provided by (used in) operating activities		117,398			(67,381	)		(3,302	)
Net cash provided by investing activities		11,575			13,931			8,272
Net cash used in financing activities		(522,057	)		(31,179	)		(13,241	)
Net decrease in cash and cash equivalents		(393,084	)		(22,271	)		(8,271	)
Cash and cash equivalents and restricted cash at beginning of year		427,156			34,072			11,801
Cash and cash equivalents and restricted cash at end of year		34,072			11,801			3,530

ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Details of Company's Subsidiaries, PRC Domestic Entities and PRC Domestic Entities' Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2018
Beijing SouFun Internet Information Service Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Dec. 17, 2003
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of marketing services and listing services
SouFun Media Technology Beijing Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Nov. 28, 2002
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of technology and information consultancy services
Beijing SouFun Network Technology Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Mar. 16, 2006
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of technology and information consultancy services
Beijing SouFun Science and Technology Development Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Mar. 14, 2006
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of marketing services and listing services
Beijing Century Jia Tian Xia Technology Development Co Ltd [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Dec. 21, 2006
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of marketing services and listing services
Beijing Zhong Zhi Shi Zheng Information Technology Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Jun. 05, 2007
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of technology and information consultancy services
Beijing Hong An Tu Sheng Network Technology Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Nov. 15, 2010
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of technology and information consultancy services
Beijing Tuo Shi Huan Yu Network Technology Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Mar. 01, 2011
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of technology and information consultancy services
Beijing Yi Ran Ju Ke Technology Development Co Ltd [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Sep. 10, 2011
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of marketing services, rental services and real estate agency services
Beijing Hua Ju Tian Xia Network Technology Co Ltd [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Jul. 25, 2012
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of technology and information consultancy services
Beijing Li Man Wan Jia Network Technology Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Jul. 25, 2012
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of technology and information consultancy services
Shanghai Jia Biao Tang Real Estate Broking Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Jul. 07, 2005
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of real estate agency services, marketing services and listing services
Beijing Zhong Zhi Xun Bo Information Technology Co. Ltd. [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Jan. 06, 2012
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of technology and information consultancy services
Tianjin Soufun Network Technology Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Mar. 08, 2012
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of technology and information consultancy services
Hangzhou SouFun Network Technology Co., Ltd., [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Aug. 27, 2013
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of technology and information consultancy services
Wuhan SouFun Yi Ran Ju Ke Real Estate Agents Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Dec. 13, 2013
Entity Incorporation, State Country Name	PRC
Hangzhou Ji Ju Real Estate Agents Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Dec. 23, 2013
Entity Incorporation, State Country Name	PRC
Fang Tian Xia Financial Information Service (Beijing) Ltd. (previously known as Beijing Tianxi a Dai Information service Co., Ltd.) [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Apr. 09, 2014
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of finance information services
Chongqing Tian Xia Dai Microfinance Co Ltd [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Dec. 11, 2014
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of microfinance services
Chongqing Fang Tian Xia Real Estate Broking Co., Ltd. ("Chongqing Fang Tian Xia") [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	May 27, 2015
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of real estate agency services
Tianjin Fang Tian Xia Real Estate Broking Co., Ltd. ("Tianjin Fang Tian Xia") [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	May 21, 2015
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of real estate agency services
Nanjing Cun Fang Real Estate Broking Co., Ltd. ("Nanjing Cun Fang") [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Apr. 30, 2015
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of real estate agency services
Shenzhen Fang Tian Xia Real Estate Broking Co., Ltd. ("Shenzhen Fang Tian Xia") [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Apr. 13, 2015
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of real estate agency services
Beijing Cun Fang Real Estate Broking Co., Ltd. ("Beijing Cun Fang") [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Apr. 07, 2015
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of real estate agency services
Beijing Fang Chao Real Estate Broking Co., Ltd. ("Beijing Fang Chao") [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Mar. 06, 2015
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of real estate agency services
Tianjin Jia Tian Xia Microfinance Co Ltd [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Dec. 05, 2014
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of microfinance services
Beijing Fang Tian Xia HongAn Network Technology Ltd. (previously known as Beijing Fang Tian Xia Decorative Engineering Co., Ltd.) [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Oct. 15, 2014
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of decorative engineering services
Beihai Tian Xia Dai Microfinance Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Sep. 12, 2014
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of microfinance services
Shanghai Baoan Enterprise Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Mar. 31, 2013
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Lease, resale and management of property
Shanghai BaoAn Hotel Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Mar. 31, 2013
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Operation and management of hotel, restaurant and other catering business
Best Work Holdings New York LLC [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Mar. 14, 2011
Entity Incorporation, State Country Name	United States of America
Equity Method Investment, Description of Principal Activities	Investment holding
Shanghai SouFun Microfinance Co.,Ltd. [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Jan. 19, 2015
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of Microfinance services
Guangzhou Fang Tian Xia Real Estate Broking Co., Ltd. ("Guangzhou Fang Tian Xia") [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Mar. 09, 2015
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of real estate agency services
Nanchang Cun Fang Real Estate Broking Co., Ltd. ("Nanchang Cun Fang") [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Jun. 03, 2015
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of real estate agency services
Beijing Li Tian Rong Ze Yi Jia Technology Development Co., Ltd. ("Beijing Li Tian Rong Ze") [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Sep. 04, 2015
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of technology and information consultancy services
Hong Kong Property Network Limited [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	May 19, 2011
Entity Incorporation, State Country Name	Hong Kong
Equity Method Investment, Description of Principal Activities	Investment holding
Shanghai SouFun Fang Tian Xia Broking Co., Ltd. ("Shanghai Fang Tian Xia") [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Apr. 16, 2015
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of real estate agency services
Xinjiang Zhong Zhi Shu Ju Information Technology Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Aug. 10, 2017
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of technology and information consultancy services
Best Fang Holdings LLC [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Aug. 30, 2017
Entity Incorporation, State Country Name	United States of America
Equity Method Investment, Description of Principal Activities	Investment holding
BBeijing Zhong Zhi Hong Yuan Data Information Technology Co Ltd Beijing Zhong Zhi Hong Yuan [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Jun. 11, 2018
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of technology and information consultancy services
Tianjin Jia Tian Xia Network Technology Co Ltd Jia Tian Xia Network Technology [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Apr. 15, 2014
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Description of Principal Activities	Provision of technology and information consultancy services
China Index Holdings Limited [Member]
Summary of Investment Holdings [Line Items]
Operations Commenced Date	Jul. 26, 2018
Entity Incorporation, State Country Name	Cayman
Equity Method Investment, Description of Principal Activities	Investment holding

ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Carrying Amounts of Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets, Current [Abstract]
Cash and cash equivalents	$ 195,108	$ 228,276
Restricted cash, current	245,474	223,002
Short-term investments	16,043	55,801
Accounts receivable (net of allowance of US$13,691 and US$12,913 as of December 31, 2017 and 2018, respectively)	60,950	66,884
Funds receivable	5,474	6,264
Commitment deposits (net of allowance of US$206 and nil as of December 31, 2017 and 2018, respectively)	191	5,876
Prepayments and other current assets	27,995	32,704
Total current assets	668,837	748,412
Assets, Noncurrent [Abstract]
Property and equipment, net	728,312	622,145
Land use rights	33,153	35,728
Deferred tax assets, non-current	2,202	7,602
Deposit for non-current assets	902	58,722
Long-term investments	373,233	470,964
Other non-current assets	4,558	2,026
Total non-current assets	1,155,599	1,251,843
Total assets	1,824,436	2,000,255
Liabilities, Current [Abstract]
Short-term loans	297,811	236,985
Deferred revenue	163,346	168,884
Accrued expenses and other liabilities	131,268	158,799
Customer's refundable fees	3,976	7,070
Income tax payable	4,493	4,374
Total current liabilities	600,913	581,812
Liabilities, Noncurrent [Abstract]
Long-term loans	673,762
Other non-current liabilities	153,095	146,053
Total non-current liabilities	628,323	678,168
Total liabilities	1,229,236	1,259,980
PRC Domestic Entities and the PRC Domestic Entities' subsidiaries [Member]
Assets, Current [Abstract]
Cash and cash equivalents	34,004	50,948
Restricted cash, current	214,876	223,002
Short-term investments	5,586	19,838
Accounts receivable (net of allowance of US$13,691 and US$12,913 as of December 31, 2017 and 2018, respectively)	25,910	22,119
Funds receivable	5,124	2,824
Commitment deposits (net of allowance of US$206 and nil as of December 31, 2017 and 2018, respectively)	191	5,876
Prepayments and other current assets	25,384	16,856
Total current assets	311,075	341,463
Assets, Noncurrent [Abstract]
Property and equipment, net	358,432	275,601
Land use rights	32,428	34,951
Deferred tax assets, non-current	2	2
Deposit for non-current assets	95	41,428
Long-term investments	291,808	433,894
Other non-current assets	1,815	204
Total non-current assets	684,580	786,080
Total assets	995,655	1,127,543
Liabilities, Current [Abstract]
Short-term loans	76,267	59,820
Deferred revenue	32,816	27,095
Accrued expenses and other liabilities	36,266	54,516
Customer's refundable fees	3,274	10,986
Income tax payable	1,982	1,325
Intercompany payable to the non PRC Domestic Entities	445,556	431,770
Total current liabilities	596,161	585,512
Liabilities, Noncurrent [Abstract]
Long-term loans	44,891	55,958
Other non-current liabilities	51,144	37,936
Deferred tax liabilities, non-current	10,488	51,227
Total non-current liabilities	106,523	145,121
Total liabilities	702,684	730,633
Net Assets	$ 292,971	$ 396,910

ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Carrying Amounts of Assets and Liabilities) (Details) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allowance for Doubtful Accounts Receivable, Current	$ 33,276	$ 31,127	$ 34,336	$ 31,064
Allowance for Doubtful Accounts Receivable	0
PRC Domestic Entities and the PRC Domestic Entities' subsidiaries [Member]
Allowance for Doubtful Accounts Receivable, Current	$ 12,913	13,691
PRC Domestic Entities and the PRC Domestic Entities' subsidiaries [Member] \| Commitment Deposits [Member]
Allowance for Doubtful Accounts Receivable		$ 206

ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Results of Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule Of Condensed Consolidating Statement Of Operations [Line Items]
Total revenues	$ 303,016	$ 444,296	$ 916,391
Net loss	(114,909)	21,704	(169,635)
Domestic [Member]
Schedule Of Condensed Consolidating Statement Of Operations [Line Items]
Total revenues	89,111	91,087	287,475
Net loss	$ (79,229)	$ (6,484)	$ (24,135)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591552-111686

+ Details

ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Cash Flows) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Cash Flow Statements, Captions [Line Items]
Net cash generated from (used in) operating activities	$ 55,005	$ 126,889	$ 131,240
Net cash used in investing activities	(106,665)	(284,512)	(127,946)
Net cash (used in) generated from financing activities	34,700	71,969	(347,334)
Domestic [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash generated from (used in) operating activities	26,241	122,327	(790)
Net cash used in investing activities	(9,851)	(99,946)	(3,763)
Net cash (used in) generated from financing activities	$ (25,220)	$ 8,565	$ 90,828

ORGANIZATION AND BASIS OF PRESENTATION (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Deposit Assets		$ 41,107
Property, Plant and Equipment, Net	$ 728,312	622,145
Restricted Cash Equivalents, Current	245,474	223,002
Accounts Receivable [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Loans Payable to Bank	2,988
Subsidiaries [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Deposit Assets	214,876
Property, Plant and Equipment, Net	324,564
Subsidiaries [Member] \| Accounts Receivable [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Loans Payable to Bank	2,988
PRC Domestic Entities and the PRC Domestic Entities' subsidiaries [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Pledged Assets Separately Reported, Property Plant And Equiment Pledged as Collateral	324,564
Property, Plant and Equipment, Net	$ 358,432	$ 275,601

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Estimated Useful Lives of Assets) (Details)	12 Months Ended
	Dec. 31, 2018
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	3 years
Office Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	5 years
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	5 years
Vehicles [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	10 years
Building [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	12 years
Building [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	45 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	shorter of lease term or economic lives

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Assets Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Trading securities	$ 1,773	$ 15,833
Fair Value, Inputs, Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Trading securities	1,773	15,833
Fair Value, Inputs, Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Trading securities	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Trading securities	0	0
Available-for-sale Securities [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available-for-sale securities	181,483	370,348
Available-for-sale Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available-for-sale securities	181,483	52,283
Available-for-sale Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available-for-sale securities	0	318,065
Available-for-sale Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available-for-sale securities	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of New Accounting Pronouncements and Changes in Accounting Principles) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounts receivable	$ 60,950	$ 66,884
Deferred revenue	(163,346)
Accrued expenses and other liabilities	131,268	158,799
Other non-current liabilities	153,095	146,053
Revenue from Contract with Customer, Excluding Assessed Tax	303,016
Cost of services	(58,570)	(174,599)	$ (687,184)
Operating income	39,803	42,192	(151,446)
Net loss	$ (114,909)	$ 21,704	$ (169,635)
Loss per share for Class A and Class B ordinary shares
Basic and Diluted	$ (1,290)
E-commerce services [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 15,384
Marketing services [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	119,680
Listing services [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	113,534
Financial services [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	18,060
Value-added services [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	36,358
Adjustments [Member]
Accounts receivable	379
Deferred revenue	(11,633)
Accrued expenses and other liabilities	9,701
Other non-current liabilities	555
Revenue from Contract with Customer, Excluding Assessed Tax	19,346
Cost of services	(18,117)
Operating income	1,229
Net loss	$ 1,229
Loss per share for Class A and Class B ordinary shares
Basic and Diluted	$ 10
Adjustments [Member] \| E-commerce services [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 928
Adjustments [Member] \| Marketing services [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	8,740
Adjustments [Member] \| Listing services [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	5,717
Adjustments [Member] \| Financial services [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	1,068
Adjustments [Member] \| Value-added services [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	2,893
Amounts without adoption of ASC 606 [Member]
Accounts receivable	61,329
Deferred revenue	(174,979)
Accrued expenses and other liabilities	(121,567)
Other non-current liabilities	(152,540)
Revenue from Contract with Customer, Excluding Assessed Tax	322,362
Cost of services	(76,687)
Operating income	41,032
Net loss	$ (113,680)
Loss per share for Class A and Class B ordinary shares
Basic and Diluted	$ (1,280)
Amounts without adoption of ASC 606 [Member] \| E-commerce services [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 16,312
Amounts without adoption of ASC 606 [Member] \| Marketing services [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	128,420
Amounts without adoption of ASC 606 [Member] \| Listing services [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	119,251
Amounts without adoption of ASC 606 [Member] \| Financial services [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	19,128
Amounts without adoption of ASC 606 [Member] \| Value-added services [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 39,251

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Accounting Policies [Abstract]
2019	$ 1,125
2020	97
2021 and thereafter	0
Total	$ 1,222

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jan. 01, 2019 USD ($)	Jan. 01, 2018 USD ($)
Significant Accounting Policies [Line Items]
Convertible Debt, Fair Value Disclosures	$ 199,172
Business tax and surcharges			$ 33,320,000	$ 68,007,000
Advertising Expense	7,110,000		16,869,000	61,762,000
Operating Leases, Rent Expense, Sublease Rentals	6,402,000		15,085,000	31,929,000
Revenues	303,016,000		444,296,000	916,391,000
Other than Temporary Impairment Losses, Investments	$ 0		2,768,000	2,232,000
Finite-Lived Intangible Assets, Amortization Method	straight-line basis	straight-line basis
Increase (Decrease) in Restricted Cash			51,900,000	107,905,000
Debt and Equity Securities, Unrealized Gain (Loss)	$ 163,785,000
Impact of Restatement on Opening Retained Earnings, Net of Tax						$ 2,800,000
Accounting Standards Update 2016-02 [Member] \| Subsequent Event [Member]
Significant Accounting Policies [Line Items]
Operating Lease, Right-of-Use Asset					$ 5,700,000
Operating Lease, Liability					$ 5,700,000
Grant [Member]
Significant Accounting Policies [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 1,435,000		3,154,000	6,469,000
Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
Significant Accounting Policies [Line Items]
Impact of Restatement on Opening Retained Earnings, Net of Tax						500,000
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Significant Accounting Policies [Line Items]
Impact of Restatement on Opening Retained Earnings, Net of Tax						$ 2,300,000
Marketing Services [Member]
Significant Accounting Policies [Line Items]
Revenues			1,361,000	728,000
New Payment Arrangements One [Member] \| Marketing Services [Member]
Significant Accounting Policies [Line Items]
Revenues			0	$ 9,730,000
Valuation, Market Approach [Member]
Significant Accounting Policies [Line Items]
Convertible Debt, Fair Value Disclosures			$ 301,036,000
Maximum [Member]
Significant Accounting Policies [Line Items]
Cash equivalents maturity period	90 days	90 days
Membership services fee \| ¥		¥ 20,000
Finite-Lived Intangible Asset, Useful Life	50 years	50 years
Maximum [Member] \| Cash and Cash Equivalents [Member]
Significant Accounting Policies [Line Items]
Short term investments maturity period	90 days	90 days
Minimum [Member]
Significant Accounting Policies [Line Items]
Membership services fee \| ¥		¥ 5,000
Finite-Lived Intangible Asset, Useful Life	40 years	40 years

CONCENTRATION OF RISKS (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Concentration Risk [Line Items]
Cash and cash equivalents, restricted cash and short term investments	$ 463,615
Equity Method Investment, Ownership Percentage		9.96%
Internet Content Provision ("ICP") and Advertising Businesses [Member] \| Maximum [Member]
Concentration Risk [Line Items]
Equity Method Investment, Ownership Percentage	50.00%
Financial Institution [Member] \| CHINA
Concentration Risk [Line Items]
Cash and cash equivalents, restricted cash and short term investment held percentage	96.20%
Financial Institution [Member] \| International [Member]
Concentration Risk [Line Items]
Cash and cash equivalents, restricted cash and short term investment held percentage	3.80%

REVENUE (Disaggregation of Revenue) (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2018

USD ($)

Revenue from Contract with Customer, Excluding Assessed Tax

$ 303,016

E commerce services Fang membership services [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

2,752

E commerce services Direct sales services [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

5,294

E commerce services Sublease services [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

6,402

E commerce services Other [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

936

E Commerce [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

15,384

Marketing Services [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

119,680

Listing Services [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

113,534

Listing services Basic listing services [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

84,482

Listing services Special listing services [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

29,052

Financial Services [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

18,060

Value Added services Data services [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

18,905

Value Added services Analytics services [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

12,220

Value Added servicesOther [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

5,233

Other value-added services [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

36,358

E Commerce servicesNew home [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

7,391

^[1]

Marketing services New home [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

119,352

^[1]

Marketing servicesHome furnishing and improvement [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

328

Listing servicesResearch [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

28,748

^[2]

Listing servicesOther [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

Listing servicesSecondary and rental [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

$ 84,773

^[3]

[1]	New home business primarily consists of sales to residential property developers and their sales agents who are promoting newly developed properties for sale.
[2]	Research primarily consists of online and offline themed marketing campaigns provided to customers.
[3]	Secondary and rental business primarily consists of sales to real estate agents who are promoting secondary properties for sale or rental.

INVESTMENTS (Short-Term Investment and Long-Term Investment) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investment And Other Income [Line Items]
Short-term investments	$ 16,043	$ 55,801
Long-term investments	373,233	470,964
Short-term Debt [Member]
Investment And Other Income [Line Items]
Short-term investments	16,043	55,801
Fixed Rate Time Deposits [Member] \| Short-term Debt [Member]
Investment And Other Income [Line Items]
Short-term investments	14,270	39,968
Equity Securities [Member]
Investment And Other Income [Line Items]
Long-term investments	373,233	470,964
Trading Securities [Member] \| Short-term Debt [Member]
Investment And Other Income [Line Items]
Short-term investments	1,773	15,833
Fair Value Method Investments [Member]
Investment And Other Income [Line Items]
Long-term investments	181,483	370,348
Cost-method Investments [Member]
Investment And Other Income [Line Items]
Long-term investments	107,230	100,616
Tospur Real Estate Consulting Co Ltd [Member] \| Cost-method Investments [Member]
Investment And Other Income [Line Items]
Long-term investments	55,507	58,301
Color Life Service Group [Member] \| Fair Value Method Investments [Member]
Investment And Other Income [Line Items]
Long-term investments	0	4,554
Shenzhen World Union Properties Consultancy Co.,Ltd. [Member] \| Fair Value Method Investments [Member]
Investment And Other Income [Line Items]
Long-term investments	150,750	318,065
Guilin Bank [Member] \| Cost-method Investments [Member]
Investment And Other Income [Line Items]
Long-term investments	47,664	38,817
Xian Chuangdian Quancheng Real estate consultant limited [Member] \| Cost-method Investments [Member]
Investment And Other Income [Line Items]
Long-term investments	3,330	3,498
Foshan Nature Lvke Science [Member] \| Cost-method Investments [Member]
Investment And Other Income [Line Items]
Long-term investments	729	0
Hopefluent Company Holdings Limited [Member] \| Fair Value Method Investments [Member]
Investment And Other Income [Line Items]
Long-term investments	30,733	47,729
Chongqing Wanli New Energy Co Ltd [Member] \| Equity Securities [Member]
Investment And Other Income [Line Items]
Long-term investments	$ 84,520	$ 0

INVESTMENTS (Summary of Available-for-Sale Securities) (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Debt Securities, Available-for-sale [Line Items]
Original Cost	$ 158,725
Gross Unrealized Gain	211,623
Gross Unrealized losses	0
Fair Value	370,348
Color Life Service Group [Member] \| Equity Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Original Cost	3,376
Gross Unrealized Gain	1,178
Gross Unrealized losses	0
Fair Value	4,554
Hopefluent Group Holdings Limited [Member] \| Equity Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Original Cost	33,956
Gross Unrealized Gain	13,773
Gross Unrealized losses	0
Fair Value	47,729
World Union [Member] \| Equity Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Original Cost	121,393
Gross Unrealized Gain	196,672
Gross Unrealized losses	0
Fair Value	$ 318,065

INVESTMENTS (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended							3 Months Ended	12 Months Ended
	Jul. 12, 2016	Jan. 21, 2016	Dec. 10, 2014	Jun. 27, 2014	Jul. 31, 2018	Dec. 31, 2017	Oct. 31, 2017	Sep. 25, 2017	Oct. 29, 2015	May 29, 2015	Nov. 30, 2014	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 10, 2018	Apr. 08, 2016
Investment And Other Income [Line Items]
Interest income on fixed-rate time deposits and adjustable-rate investments													$ 10,302	$ 11,322	$ 11,367
Consideration for acquisition							$ 15,299
Unrealized gain on available-for-sale security													1,493	212,838	7,326
Investment Income, Net													6,816	6,692	3,281
Total losses for securities with net losses in accumulated other comprehensive income (loss)						$ 0								0
Proceeds from Sale of Available-for-sale Securities													595,363	13,931	13,074
Impairment loss													0	$ 2,768	$ 2,232
Dividend received In Shares														1,378,165	2,766,177
Other Comprehensive Income (Loss), Tax													0	$ 49,566	$ 0
Equity Method Investment, Ownership Percentage						9.96%								9.96%
Proceeds from Dividends Received													$ 113	$ 96
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity																$ 60,980
Business Acquisition, Percentage of Voting Interests Acquired												4.67%	4.67%
Wanli Prc Listed Company [Member]
Investment And Other Income [Line Items]
Consideration for acquisition												$ 11,667
Percentage of ownership interest												14.37%	14.37%
Gain Loss Equity Method Investee													$ 0.02
Hopefluent Group Holdings Limited [Member]
Investment And Other Income [Line Items]
Proceeds from Dividends Received													$ 1,711	1,711
Shenzhen World Union Properties Consultancy Co.,Ltd. [Member]
Investment And Other Income [Line Items]
Dividend received In Shares							7,343,006
Investment Fair Value												$ 161,039	161,039
Proceeds from Dividends Received													$ 2,445	$ 2,417
Shenzhen World Union Properties Consultancy Co.,Ltd. [Member] \| Minimum [Member]
Investment And Other Income [Line Items]
Shares acquired during the period							73,430,061
Shenzhen World Union Properties Consultancy Co.,Ltd. [Member] \| Maximum [Member]
Investment And Other Income [Line Items]
Shares acquired during the period							80,773,067
Sindeo, Inc. (the "Corporation") [Member]
Investment And Other Income [Line Items]
Consideration for acquisition									$ 5,000
Percentage of ownership interest									11.03%
Guilin Bank [Member]
Investment And Other Income [Line Items]
Shares acquired during the period	30,595,859							42,834,202
Consideration for acquisition	$ 12,173							$ 24,695
Percentage of ownership interest	1.02%					1.98%						1.79%	1.79%	1.98%
Proceeds from Dividends Received													$ 1,402	$ 1,308
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings													10,633
Chuangdian [Member]
Investment And Other Income [Line Items]
Shares acquired during the period		4,411,765
Consideration for acquisition		$ 3,294
Percentage of ownership interest		15.00%
Tospur [Member]
Investment And Other Income [Line Items]
Consideration for acquisition			$ 62,257
Percentage of ownership interest			16.00%
Proceeds from Dividends Received													619	649
Chongqing Wanli New Energy Co Ltd [Member]
Investment And Other Income [Line Items]
Consideration for acquisition					$ 72,852
Percentage of ownership interest					10.00%
Equity Method Investments Acquired Compensated by Business Disposal					$ 29,141
Equity Method Investments Consideration for Acquisition					$ 99,758
Equity Securities [Member]
Investment And Other Income [Line Items]
Market price of acquired firm														15,833
Available-for-sale Securities, Gross Realized Gains														518
Proceeds from Sale of Available-for-sale Securities						$ 12,317							6,645
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax						2,110							2,091
Equity Securities [Member] \| Color Life Service Group [Member]
Investment And Other Income [Line Items]
Unrealized loss													16,996	3,735	3,097
Market price of acquired firm													30,733	4,554	20,606
Total losses for securities with net losses in accumulated other comprehensive income (loss)						$ 0								0
Proceeds from Sale of Available-for-sale Securities													11,705
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax													$ 2,091
Sale of Stock, Number of Shares Issued in Transaction						20,705,000							6,846,733
Other Comprehensive Income (Loss), Tax														2,110
Equity Securities [Member] \| Hopefluent Group Holdings Limited [Member]
Investment And Other Income [Line Items]
Unrealized gain on available-for-sale security														18,309
Market price of acquired firm														47,729
Total losses for securities with net losses in accumulated other comprehensive income (loss)						$ 0								0
Proceeds from Sale of Available-for-sale Securities						1,614
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax						$ 626
Sale of Stock, Number of Shares Issued in Transaction						3,164,000
Other Comprehensive Income (Loss), Tax														626
Equity Securities [Member] \| Shenzhen World Union Properties Consultancy Co.,Ltd. [Member]
Investment And Other Income [Line Items]
Total losses for securities with net losses in accumulated other comprehensive income (loss)						$ 0								0
Discount On Market Value Of Available Sale Of Securities						198,264								198,264
Equity Securities [Member] \| Shenzhen World Union Properties Consultancy Co.,Ltd. [Member] \| Fair Value, Measurements, Recurring [Member]
Investment And Other Income [Line Items]
Assets, Fair Value Disclosure						318,065						$ 150,750	$ 150,750	318,065
Available-for-sale Securities [Member] \| Fair Value, Measurements, Recurring [Member]
Investment And Other Income [Line Items]
Assets, Fair Value Disclosure						$ 370,348						$ 181,483	$ 181,483	$ 370,348
Available-for-sale Securities [Member] \| Equity Securities [Member] \| Color Life Service Group [Member]
Investment And Other Income [Line Items]
Shares acquired during the period				27,551,733
Consideration for acquisition				$ 13,583
Percentage of ownership interest				2.76%
Available-for-sale Securities [Member] \| Equity Securities [Member] \| Hopefluent Group Holdings Limited [Member]
Investment And Other Income [Line Items]
Shares acquired during the period											111,935,037
Consideration for acquisition											$ 43,361
Percentage of ownership interest											17.26%
Unrealized loss															$ 306
Available-for-sale Securities [Member] \| Equity Securities [Member] \| Shenzhen World Union Properties Consultancy Co.,Ltd. [Member]
Investment And Other Income [Line Items]
Shares acquired during the period										145,376,744							203,527,442
Consideration for acquisition										$ 121,393
Percentage of ownership interest										10.06%

ACCOUNTS RECEIVABLE (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Receivables [Abstract]
Accounts receivable	$ 94,226	$ 98,011
Allowance for doubtful accounts	(33,276)	(31,127)	$ (34,336)	$ (31,064)
Accounts receivable, net	$ 60,950	$ 66,884

ACCOUNTS RECEIVABLE (Schedule of Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Movement in allowance for doubtful accounts:
Balance at beginning of year	$ 31,127	$ 34,336	$ 31,064
Additional provision charged to expenses	28,050	31,695	30,025
Write-offs	(23,442)	(38,351)	(24,250)
Foreign currency translation adjustments	(2,459)	3,417	(2,473)
Balance at end of year	$ 33,276	$ 31,127	$ 34,336

PREPAYMENTS AND OTHER CURRENT ASSETS (Schedule of prepayments and other current assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 5,999	$ 5,845
Advance to employees	603	903
Receivable from a broker for exercise of employee stock options	65	808
Rental deposits and others	2,325	4,876
Interest Receivable	3,801	2,902
Rent paid to original lessors for sublease services	346	5,590
Properties held for sale	9,906	5,429
Others	4,950	6,351
Prepayments and other current assets	$ 27,995	$ 32,704

LOANS RECEIVABLE (Summary of Group's loans Receivables) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Loans receivable, net	$ 123,851	$ 144,112
Current portion	117,602	129,438
Non-current portion	6,249	14,674
Consumer Portfolio Segment [Member]
Total Loans receivable	127,680	149,028
Individually assessed	546	574
Collectively assessed	3,283	4,342
Loans receivable, net	$ 127,680	$ 149,028

LOANS RECEIVABLE (Loans Credit) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Net	$ 123,851	$ 144,112
Notes receivable, Percentage	100.00%	100.00%
Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Net	$ 121,931	$ 144,908
Notes receivable, Percentage	96.00%	97.20%
Special attention [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Net	$ 1,383	$ 763
Notes receivable, Percentage	1.00%	0.50%
Non-performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Net	$ 4,366	$ 3,357
Notes receivable, Percentage	3.00%	2.30%

LOANS RECEIVABLE (Loans Portfolio Segment) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing Receivable, Recorded Investment, Past Due	$ 5,226	$ 3,870
Financing Receivable, Recorded Investment, Current	122,454	145,158
Financing Receivable, Net	123,851	144,112
Consumer Portfolio Segment [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing Receivable, Recorded Investment, Past Due	5,226	3,870
Financing Receivable, Recorded Investment, Current	122,454	145,158
Financing Receivable, Net	127,680	149,028
Financing Receivables, 90 to 179 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing Receivable, Recorded Investment, Past Due	1,717	245
Financing Receivables, 90 to 179 Days Past Due [Member] \| Consumer Portfolio Segment [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing Receivable, Recorded Investment, Past Due	1,717	245
Financing Receivables, 180 to 365 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing Receivable, Recorded Investment, Past Due	164	180
Financing Receivables, 180 to 365 Days Past Due [Member] \| Consumer Portfolio Segment [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing Receivable, Recorded Investment, Past Due	164	180
Financing Receivables Equal To Over 1year Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing Receivable, Recorded Investment, Past Due	3,345	3,445
Financing Receivables Equal To Over 1year Past Due [Member] \| Consumer Portfolio Segment [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing Receivable, Recorded Investment, Past Due	$ 3,345	$ 3,445

LOANS RECEIVABLE (Loans Receivable Portfolio) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Foreign currency translation adjustments	$ (2,459)	$ 3,417	$ (2,473)
Personal [Member]
Beginning balance	4,916	3,736
Provision	2,776	1,180
Reversal	(3,660)
Foreign currency translation adjustments	(203)
Write offs		0
Ending balance	3,829	4,916	$ 3,736
Ending balance: individually evaluated for impairment	546	574
Ending balance: collectively evaluated for impairment	3,283	4,342
Loans Of which individually evaluated for impairment	546	4,477
Loans Of which collectively evaluated for impairment	$ 127,134	$ 144,551

LOANS RECEIVABLE (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	$ 0	$ 5,749
Other Comprehensive Income (Loss) [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for Loan and Lease Losses	884	1,180	$ 80
Collateral Pledged [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross		132,841		$ 123,673
Uncollateralized [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	$ 16,187	$ 4,007
Maximum [Member] \| Collateral Pledged [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt Instrument, Term	36 months
Interest rate	18.00%	21.60%
Maximum [Member] \| Uncollateralized [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt Instrument, Term	36 months
Interest rate	28.00%	18.00%
Minimum [Member] \| Collateral Pledged [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt Instrument, Term		3 months
Interest rate	7.80%	6.00%
Minimum [Member] \| Uncollateralized [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt Instrument, Term	1 month
Interest rate	1.00%	5.40%

PROPERTY AND EQUIPMENT, NET (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 793,081	$ 669,742
Less: Accumulated depreciation	(99,340)	(78,187)
Construction in progress	34,571	30,590
Property plant and equipment Net	728,312	622,145
Building [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	701,413	576,467
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	21,358	24,892
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	1,427	1,408
Leasehold Improvement [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	18,152	16,244
Land [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 50,731	$ 50,731

PROPERTY AND EQUIPMENT, NET (Schedule capitalized interest costs as a component of the cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Interest cost capitalized	$ 0	$ 756
Interest cost charged against income	21,174	16,153	$ 17,001
Total interest cost incurred	$ 21,174	$ 16,909

PROPERTY AND EQUIPMENT, NET (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Depreciation expenses	$ 26,735	$ 27,961	$ 25,004
Debt Instrument, Collateral Amount		$ 18,403
Building [Member]
Property, Plant and Equipment [Line Items]
Debt Instrument, Collateral Amount	406,738
Scenario One [Member]
Property, Plant and Equipment [Line Items]
Buildings and Improvements, Gross	$ 14,796

DEPOSIT FOR NON-CURRENT ASSETS (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deposit Assets		$ 41,107
Debt Instrument, Collateral Amount		$ 18,403
PRC in Changzhou, Jiangsu Province [Member]
Interest free non-refundable deposits for buildings	$ 499
PRC in wuhan [Member]
Interest free non-refundable deposits for buildings	41,107
PRC in Prcin Chongqing Sichuan province [Member]
Interest free non-refundable deposits for buildings	$ 13,758

OTHER NON-CURRENT ASSETS (Schedule of other non-current assets ) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investments, All Other Investments [Abstract]
Rental and other deposits	$ 1,861	$ 852
Rental deposits paid to lessors for sublease services	85	409
Others	2,612	765
Other non-current assets	$ 4,558	$ 2,026

SHORT-TERM AND LONG-TERM LOANS (Schedule of Short-term and Long-term Loans) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Short-term loans	$ 297,811	$ 236,985
Long-term loans	$ 123,215	$ 114,109

SHORT-TERM AND LONG-TERM LOANS (Narrative) (Details) - USD ($)	1 Months Ended		12 Months Ended
	Oct. 23, 2021	Oct. 23, 2020	Nov. 11, 2027	Dec. 31, 2018	May 21, 2027	Sep. 22, 2026	Dec. 31, 2017	Nov. 04, 2015
Debt Instrument [Line Items]
Bank deposit, serves as bank borrowing security, classified as current				$ 245,474,000			$ 223,002,000
Long-term Debt				673,762,000
Short-term Debt				$ 297,811,000			236,985,000
Debt Instrument, Collateral Amount							18,403,000
Debt Instrument, Description of Variable Rate Basis				bear interest rates of three month LIBOR plus 2.8%
Restricted Cash, Noncurrent				$ 6,990,000			39,982,000
Debt Instrument, Interest Rate, Basis for Effective Rate				bear interest rates of three month London Interbank Offered Rate (“LIBOR”) plus 1.25% (2017: 3-month LIBOR plus 1.25%).
Debt Instrument, Face Amount				$ 40,000				$ 1,000,000
Accounts Receivable [Member]
Debt Instrument [Line Items]
Loans Payable to Bank				2,988,000
Buildings and Land [Member]
Debt Instrument [Line Items]
Debt Instrument, Collateral Amount				43,230,000			237,055
Bank Borrowings One [Member]
Debt Instrument [Line Items]
Long-term Debt				3,218,000			26,808,000
Repayments of Bank Debt				31,353,000
Bank Borrowings One [Member] \| Scenario, Forecast [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Terms			bears interest rate of 4.1% for the first 3 years; thereafter the interest rate will be floating at Industrial and Commercial Bank of China (USA) NA Prime plus 1.0%
Bank Borrowings Three [Member]
Debt Instrument [Line Items]
Loans Payable to Bank, Current				$ 70,640,000			83,771,000
Debt Instrument Interest Rate Stated Percentage						4.90%
Bank Borrowings Six [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis				2.35% plus LIBOR
Debt Instrument, Basis Spread on Variable Rate				2.35%
Debt Instrument, Face Amount				$ 2,820
Denominated Bank Borrowing [Member]
Debt Instrument [Line Items]
Long-term Debt				107,811,000			46,985,000
Short-term Debt				190,000,000			190,000,000
Restricted Cash, Noncurrent				5,989,000
CHINA \| Buildings and Land [Member]
Debt Instrument [Line Items]
Debt Instrument, Collateral Amount							214,798,000
CHINA \| Bank Borrowings Two [Member]
Debt Instrument [Line Items]
Loans Payable to Bank, Current							26,808,000
Restricted Cash and Cash Equivalents, Noncurrent							32,139,000
CHINA \| Bank Borrowings Four [Member] \| PRC in wuhan [Member]
Debt Instrument [Line Items]
Loans Payable to Bank				19,644,000
Debt Instrument Interest Rate Stated Percentage					4.90%
CHINA \| Bank Borrowings Five [Member] \| PRC in Chongqing [Member]
Debt Instrument [Line Items]
Short-term Debt				4,764,000
Loans Payable to Bank				$ 45,315,000
Debt Instrument Interest Rate Stated Percentage				6.86%
CHINA \| Bank Borrowings Six [Member] \| PRC in Chongqing [Member]
Debt Instrument [Line Items]
Loans Payable to Bank				$ 37,266,000
Mortgages [Member]
Debt Instrument [Line Items]
Loans Payable, Current							11,429,000
Short-term Debt [Member]
Debt Instrument [Line Items]
Short-term Debt				$ 70,640,000			$ 43,333,000
Short-term Debt, Weighted Average Interest Rate, at Point in Time				3.64%			2.32%
Short-term Debt [Member] \| CHINA \| Bank Borrowings Four [Member] \| PRC in wuhan [Member]
Debt Instrument [Line Items]
Short-term Debt				$ 2,381,000
Long-term Debt [Member] \| Bank Borrowings Six [Member]
Debt Instrument [Line Items]
Loans Payable to Bank				9,235,000
Long-term Debt [Member] \| Bank Borrowings Six [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Long Term Loan Repayable Percentage	90.00%	10.00%
Long-term Debt [Member] \| CHINA \| Bank Borrowings Four [Member] \| PRC in wuhan [Member]
Debt Instrument [Line Items]
Loans Payable to Bank				45,398,000
Long-term Debt [Member] \| CHINA \| Bank Borrowings Four [Member] \| PRC in wuhan [Member] \| Accounts Receivable [Member]
Debt Instrument [Line Items]
Loans Payable to Bank				2,988,000
Long-term Debt [Member] \| CHINA \| Bank Borrowings Five [Member] \| PRC in Chongqing [Member]
Debt Instrument [Line Items]
Loans Payable to Bank				$ 94,077,000
Long-term Debt [Member] \| Maturity on Demand [Member]
Debt Instrument [Line Items]
Loans Payable, Current							$ 31,904,000

ACCRUED EXPENSES AND OTHER LIABILITIES (Schedule of Accrued Expenses and Other Liabilities) (Details) - USD ($)
$ in Thousands

Dec. 31, 2018

Dec. 31, 2017

Payables and Accruals [Abstract]

Payroll and welfare benefit

$ 14,265

$ 19,152

Other taxes and surcharges payable

^[1]

40,676

38,669

Amounts payable to employees

2,269

2,794

Amounts payable to sales and marketing agents

38,304

46,529

Amounts due to foremen and suppliers of decoration services

2,562

3,693

Amounts due to Tianxiajin investors

860

357

Down payments collected on behalf of secondary home sellers

1,202

1,806

Cash incentives payable to home buyers

^[2]

5,893

12,018

Others

25,237

33,781

Accrued expenses and other liabilities

$ 131,268

$ 158,799

[1]	Other taxes and surcharges payable consist of VAT, cultural construction fee (“CCF”), city construction tax (“CCT”) and withholding individual income tax (“IIT”).
[2]	Cash incentives payable to home buyers, are payable when home buyers successfully purchase new properties through the Company’s platform and successfully registers on the Company’s website.

CUSTOMERS' REFUNDABLE FEES (Schedule of customers' refundable fees) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Revenue Recognition [Abstract]
Balance at beginning of year	$ 7,070	$ 28,630
Cash received from customers during the year	20,512	69,148
Revenue recognized during the year	(13,563)	(30,998)
Payments to sales and marketing agents during the year	(7,313)	(36,836)
Refunds paid during the year	(2,128)	(23,941)
Foreign currency translation adjustments	(602)	1,067
Balance at end of year	$ 3,976	$ 7,070

CONVERTIBLE SENIOR NOTES (principal amount and unamortized discount and debt issuance costs) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
CONVERTIBLE SENIOR NOTES [Abstract]
Principal amount	$ 250,000	$ 305,700
Unamortized (discount)/premium and debt issuance costs	4,435	(8,635)
Debt Issuance Costs, Net	$ 254,435	$ 297,065

CONVERTIBLE SENIOR NOTES (Schedule of future principal payments) (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Aggregate future principal payments for long-term debt, including short-term loans
2019	$ 297,811
2020	14,363
2021	10,363
2022	260,363
2023 and thereafter	90,862
Total	$ 673,762

CONVERTIBLE SENIOR NOTES (Narrative) (Details)				1 Months Ended	12 Months Ended			13 Months Ended
CONVERTIBLE SENIOR NOTES (Narrative) (Details)	Oct. 25, 2018 USD ($)	Dec. 15, 2016 USD ($)	Nov. 04, 2015 USD ($) $ / shares shares	Sep. 24, 2015 USD ($) shares	Dec. 31, 2018 USD ($) $ / shares	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 24, 2016	Dec. 31, 2018 $ / shares	Dec. 31, 2017 $ / shares	Dec. 04, 2013 USD ($) $ / shares	Dec. 03, 2013 $ / shares	Sep. 30, 2010 $ / shares
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 1,000,000		$ 40,000
Interest Expense, Debt					21,174,000	$ 16,153,000	$ 17,001,000
Repayments of Convertible Debt					44,560,000	$ 0	$ 394,300,000
Carlyle Group [Member]
Debt Instrument [Line Items]
Minimum percentage of Company's total outstanding share capital to be owned by related party								1.00%
Percentage interest owned				(72.00%)
Ateefa Limited [Member]
Debt Instrument [Line Items]
Percentage interest owned				(28.00%)
Common Class A [Member]
Debt Instrument [Line Items]
Shares Issued \| shares \| shares			8,436,581	3,418,803
Proceeds from Issuance of Common Stock			$ 246,770,000	$ 100,000,000
Debt Instrument, Face Amount			$ 200,000,000	$ 100,000,000
Debt Instrument, Maturity Date			Nov. 03, 2022	Sep. 24, 2022
Total net proceeds from issuance of senior convertible notes			$ 446,059,000	$ 199,645,000
Common Stock, Par or Stated Value Per Share \| $ / shares									$ 1	$ 1			$ 1.00
November 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Convertible, Conversion Price \| $ / shares			$ 35.83
Repayments of Convertible Debt	$ 38,860,000
November 2022 [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	200,000,000
November 2022 [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	150,000,000
2.00% Convertible Senior Notes due December 15, 2018 [Member] \| Overallotment Option [Member]
Debt Instrument [Line Items]
Proceeds from Issuance of Common Stock					50,000,000
2.00% Convertible Senior Notes due December 15, 2018 [Member] \| Senior Notes Additional [Member]
Debt Instrument [Line Items]
Proceeds from Issuance of Common Stock					$ 400,000,000
December 2018 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount											$ 1,000,000
Debt Instrument, Interest Rate, Stated Percentage					2.00%
Debt Instrument, Convertible, Conversion Price \| $ / shares											$ 103.26	$ 9.6839
Convertible senior notes, repurchase price percentage of principal amounts of notes		98.60%
Total net proceeds from issuance of senior convertible notes					$ 390,455,000
Repayments of Convertible Debt		$ 394,300,000
Reclassification of convertible notes					$ 5,700,000
September 2022 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 1,000,000
Debt Instrument, Interest Rate, Stated Percentage					1.50%
Debt Instrument, Convertible, Conversion Price \| $ / shares			$ 35.83
Debt Conversion, Converted Instrument, Shares Issued \| shares			27.9086	27.9086
Debt Related Commitment Fees and Debt Issuance Costs					$ 9,545,000
November 2022 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					1.50%
Debt Instrument, Convertible, Conversion Price \| $ / shares					$ 35.83
Beneficial conversion feature (BCF) recognized					$ 12,113,000
Debt Instrument, Unamortized Discount					$ 12,113,000
Common Stock, Par or Stated Value Per Share \| $ / shares					$ 38.00
Debt Related Commitment Fees and Debt Issuance Costs					$ 355,000
November 2022 Notes [Member] \| November 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 150,000,000
New November 2022 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					1.50%
Debt Related Commitment Fees and Debt Issuance Costs					$ 711,000
December 2018 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					2.86%
September 2022 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					1.56%
November 2022 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					2.46%
New November 2022 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					0.69%

SHAREHOLDERS' EQUITY (Narrative) (Details) $ in Thousands	1 Months Ended	12 Months Ended
SHAREHOLDERS' EQUITY (Narrative) (Details) $ in Thousands	Sep. 30, 2010 $ / shares shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2016 shares	Dec. 31, 2018 $ / shares	Dec. 31, 2017 USD ($) shares	Dec. 31, 2017 $ / shares
Shareholders Equity [Line Items]
Shares Authorized	600,000,000
Regulatory Restrictions on Payment of Dividends		10
Restricted net assets \| $		$ 885,152			$ 983,333
Treasury Stock, Value \| $		136,615			$ 136,615
Treasury Stock [Member]
Shareholders Equity [Line Items]
Treasury Stock, Value \| $		$ 136,615
Domestic [Member]
Shareholders Equity [Line Items]
Description of Other Regulatory Limitations		Additionally, in accordance with the Company Law of the PRC, a domestic enterprise is required to provide a statutory common reserve of at least 10% of its annual after-tax profit until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts.
Common Class A [Member]
Shareholders Equity [Line Items]
Ordinary shares converted	50,767,426
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 1.00			$ 1		$ 1
Common Stock, Shares, Outstanding		65,004,587			64,360,062
Common Class A [Member] \| Common Stock [Member]
Shareholders Equity [Line Items]
Treasury Stock, Shares, Acquired		7,065,058	7,065,058
Common Class B [Member]
Shareholders Equity [Line Items]
Ordinary shares converted	25,298,329
Common Stock, Par or Stated Value Per Share \| $ / shares				$ 1		$ 1
Ordinary shares, voting rights	10
Common Stock, Shares, Outstanding		24,336,650			24,336,650

TAXATION (Schedule of Income Before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Domestic	$ (89,670)	$ 56,101	$ (136,773)
Income (Loss) from Continuing Operations before Income Taxes, Foreign	(39,685)	(12,995)	(7,878)
Income (loss) before income taxes and noncontrolling interests	$ (129,355)	$ 43,146	$ (144,651)

TAXATION (Schedule of Income Tax Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Current tax expense	$ 6,825	$ 21,759	$ 27,685
Deferred tax benefit	(21,271)	(317)	(2,250)
Income Tax Expense Benefit	$ (14,446)	$ 21,442	$ 24,984

TAXATION (Schedule of Reconciliation between Amount of Income Tax Expenses and Amount Computed by Applying Statutory Tax Rate to Income before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ (129,355)	$ 43,146	$ (144,651)
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	(32,339)	10,786	(36,163)
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount	6,891	472	(598)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount	19,427	7,360	24,135
Non-taxable income	(1,145)	0	0
Effect of tax holidays or preferential tax rates	(6,557)	(12,001)	(5,759)
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount	0	(1,725)	0
Investment basis difference in the PRC Domestic Entities	0	2,696	(2,757)
Withholding tax	11,720	0	0
Research and development super-deduction	(3,260)	0	0
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	(1,707)	8,849	30,856
Expiration of loss carry forwards	101
Unrecognized tax benefits	(8,881)	(4,302)	0
Changes in interest and penalties on unrecognized tax benefits	1,304	9,307	15,270
Effective Income Tax Reconciliation Adjustments Total, Total	$ (14,446)	$ 21,442	$ 24,984

TAXATION (Schedule of Roll-forward of Unrecognized Tax Benefits, Exclusive of Related Interest and Penalties) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Balance at beginning of year	$ 79,436	$ 78,933	$ 70,296
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions	577	4,192	5,070
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions	9,183	10,666	4,769
Decrease relating to reversal of prior years' tax position	(1,821)	(14,102)	0
Decrease relating to expiration of applicable statute of limitations	(9,220)	(4,586)	0
Foreign currency translation adjustments	(3,160)	4,333	(1,202)
Balance at end of year	$ 74,995	$ 79,436	$ 78,933

TAXATION (Schedule of Aggregate Amount and Per Share Effect of Tax Holidays and Preferential Tax Rates) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Holiday [Line Items]
The aggregate amount	$ (6,557)	$ (12,001)	$ (5,759)
Basic Earnings Per Share [Member]
Income Tax Holiday [Line Items]
Income Tax Holiday, Income Tax Benefits Per Share	$ 0.07	$ 0.14	$ 0.06
Diluted Earnings Per Share [Member]
Income Tax Holiday [Line Items]
Income Tax Holiday, Income Tax Benefits Per Share	$ 0.07	$ 0.13	$ 0.06

TAXATION (Schedule of Components of Deferred Taxes) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets
Net operating losses	$ 71,308	$ 74,040
Impairment of loans receivable	933	274
Overcharged advertising and promotion fee	1,061	87
Fixed assets depreciation	208	49
Share based compensation	0	6,167
Less: Valuation allowance	(71,308)	(73,015)
Total deferred tax assets, net	2,202	7,602
Deferred tax liabilities
Investment basis in the PRC entities	(72,088)	(61,961)
BaoAn Acquisition - Property	(12,191)	(13,309)
Investments	(13,160)	(51,229)
Interest capitalization	(139)	(142)
Deferred tax liabilities	$ (97,578)	$ (126,641)

TAXATION (Narrative) (Details) $ in Millions	1 Months Ended		12 Months Ended
TAXATION (Narrative) (Details) $ in Millions	Apr. 30, 2009	Apr. 14, 2008	Dec. 31, 2018 USD ($)	Dec. 31, 2018 HKD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2012
Income Tax [Line Items]
Unrecognized Tax benefits			$ 74,995,000		$ 79,436,000	$ 78,933,000	$ 70,296,000
Transitional enterprise income tax rate			25.00%	25.00%
Preferential tax rate					15.00%	15.00%	15.00%
Unrecognized Tax Benefits that Would Impact Effective Tax Rate					$ 72,608,000	$ 77,561,000
Income Tax Examination, Penalties and Interest Expense					1,304,000	9,593,000	$ 15,270,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued					65,296,000	67,355,000
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration			$ 37,243,000
Deferred Tax Liabilities, Undistributed Foreign Earnings					40,436,000	28,716,000
Deferred Tax Liabilities					31,652,000	$ 33,246,000
Temporary differences related to investment in subsidiaries			$ 72,088,000		$ 61,961,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%	21.00%	35.00%
Deferred Tax Assets, Net			$ 13,834,000
Deferred Tax Assets, Tax Credit Carryforwards			238,577,000
Current Federal, State and Local, Tax Expense (Benefit)			$ 50		$ 0
Applicable Enterprise Income Tax Rate					12.50%	12.50%	12.50%
Accrued Expenses And Other Liabilities [Member]
Income Tax [Line Items]
Unrecognized Tax benefits					$ 137,904,000	$ 144,915,000
PRC Domestic Entities and the PRC Domestic Entities' subsidiaries [Member]
Income Tax [Line Items]
Temporary differences related to withholding taxes on undistributed earnings of subsidiaries					319,483,000	338,695,000
Temporary differences related to investment in subsidiaries					$ 31,948,000	$ 33,869,000
HONG KONG
Income Tax [Line Items]
Preferential tax rate					16.50%
CHINA
Income Tax [Line Items]
Preferential tax rate						15.00%
Inland Revenue, Hong Kong [Member]
Income Tax [Line Items]
Preferential tax rate			8.25%	8.25%
Income Taxes Amount of Profits Subject to Half of Current Tax Rate				$ 2
Latest Tax Year [Member]
Income Tax [Line Items]
Operating loss carry forwards expiration date					2023
Earliest Tax Year [Member]
Income Tax [Line Items]
Operating loss carry forwards expiration date					2019
Enterprise Income Tax Law [Member]
Income Tax [Line Items]
Transitional enterprise income tax rate			25.00%	25.00%
Statutory Tax Rate		15.00%
Reduced enterprise income tax rate	15.00%
SouFun Media ,Beijing Zhongzhi, SouFun Network, Beijing Technology and Beijing JTX Technology [Member]
Income Tax [Line Items]
Preferential tax rate								15.00%

SHARE-BASED PAYMENTS - (Summary of Equity Award Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 29, 2017	Dec. 31, 2018	Dec. 30, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Granted (replacement options)		252,500	252,500
Replaced	1,377,730	(252,500)
Weighted Average Exercise Price
Outstanding, December 31, 2017		$ 17.55	$ 17.55
Granted (replacement option)		5.00
Expired		17.55
Replaced		5.00
Outstanding, December 31, 2018		17.62		$ 17.55
Weighted Average Grant Date Fair Value
Granted (replacement option)		4.20
Replaced		$ 3.75
Employees and Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, December 31, 2016		6,034,054	6,034,054	7,241,667
Granted (new options)				518,175
Forfeited		(312,156)
Expired				(1,125,301)
Exercised				(288,331)
Vested and expected to vest at December 31, 2017				6,034,054
Exercisable at December 31, 2017				5,160,774
Weighted Average Exercise Price
Outstanding, December 31, 2017		$ 10.92	$ 10.92	$ 11.93
Granted (new option)				4.77
Forfeited		21.17
Expired				11.27
Exercised				10.31
Outstanding, December 31, 2018				10.92
Vested and expected to vest at December 31, 2017				10.92
Exercisable at December 31, 2016				9.55
Weighted Average Grant Date Fair Value
Outstanding, December 31, 2016		5.51	$ 5.51
Granted (new option)		5.33
Forfeited		8.55
Expired		5.22
Exercised		4.33
Outstanding Ending Balance		4.57		$ 5.51
Vested and expected to vest at December 31, 2017		4.57
Exercisable at December 31, 2017		$ 3.97
Weighted Average Remaining Contractual Term
Outstanding Beginning Balance		5 years 3 days
Outstanding Ending Balance		4 years 6 months
Vested and expected to vest at December 31, 2016		4 years 6 months
Exercisable at December 31, 2016		3 years 11 months 23 days
Aggregated Intrinsic Value
Outstanding Beginning Balance		$ 136,242	$ 136,242
Outstanding Ending Balance		5,919		$ 136,242
Vested and expected to vest at December 31, 2016		5,919
Exercisable at December 31, 2016		$ 5,919

SHARE-BASED PAYMENTS - (Summary Of Restricted Shares Granted) (Details)	12 Months Ended
	Dec. 31, 2018 $ / shares shares
Granted	518,175
Outstanding, December 31, 2017 \| $ / shares	$ 17.55
Granted \| $ / shares	25.05
Forfeited \| $ / shares	17.91
Expired \| $ / shares	17.55
Outstanding, December 31, 2018 \| $ / shares	$ 17.62
Restricted Stock [Member]
Unvested, December 31, 2017	1,604,768
Granted	19,500
Forfeited	(201,439)
Expired	(356,194)
Unvested, December 31, 2018	1,066,635

SHARE-BASED PAYMENTS - (Schedule of Assumptions Used to Estimate Fair Value) (Details)	12 Months Ended
	Dec. 31, 2018 $ / shares
Assumptions Used To Determine Fair Value Options [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	5 years 6 months
Minimum [Member]
Assumptions Used To Determine Fair Value Options [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	2.19%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	48.22%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	3 days
Fair value of ordinary share	$ 6.00
Maximum [Member]
Assumptions Used To Determine Fair Value Options [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	2.54%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	49.24%
Fair value of ordinary share	$ 27.90

SHARE-BASED PAYMENTS - (Schedule of Share - Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	$ 14,082	$ 7,218	$ 6,552
Cost of Sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	506	364	443
Selling and Marketing Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	405	479	512
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	$ 13,171	$ 6,375	$ 5,597

SHARE-BASED PAYMENTS - (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		12 Months Ended
	Jun. 04, 2015	Aug. 04, 2010	Aug. 29, 2017	Sep. 01, 1999	Dec. 31, 2018	Dec. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period					2 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value					$ 3,979		$ 2,953	$ 10,011
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition					1 year 6 months 10 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized					$ 4,447
Share-based Compensation Arrangement by Share-based Payment Award,Options, Replaced in Period, Gross			1,377,730		(252,500)
Share-based Compensation Arrangement by Share-based Payment Award,Replacement Options, Grants in Period, Gross					252,500	252,500
Share-based Compensation Arrangement by Share-based Payment Award,Replacement Options, Grants in Period,Weighted Average Exercise Price					$ 5.00
Incremental Share Based Compensation			$ 12,537		$ 2,764
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross					518,175
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition					2 years 8 months 1 day
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized					$ 9,527
Share-based Compensation Arrangement by Share-based Payment Award,Replacement Options, Grants in Period, Gross			1,224,694
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross					19,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested					$ 4,119
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award,Replacement Options, Grants in Period, Gross			153,036
Share-based Compensation Arrangement by Share-based Payment Award,Replacement Options, Grants in Period,Weighted Average Exercise Price			$ 18.1
Employee Stock Option [Member] \| Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			25.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Shares Issuable to Director and Employees	1.50%
Stock Incentive Plan 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Shares Issuable to Director and Employees		10.00%
Stock Plan 1999 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Shares Issuable to Director and Employees				12.00%
Return Period of Awards in case of cessation of employment and violation of certain provisions					2 years
Share-based Compensation Arrangement by Share-based Payment Award,Options, Replaced in Period, Gross					252,500
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date						Dec. 31, 2018
Stock Plan 1999 [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period					15 years
Stock Plan 1999 [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period					10 years
Stock Related Award Incentive Plan Of 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized			$ 7,447
Two Thousand Eighteen Replacement Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental Share Based Compensation						$ 619

RELATED PARTY TRANSACTIONS (Summary of Related Parties Transaction by Related Party) (Details)	12 Months Ended
	Dec. 31, 2018
Vincent Tianquan Mo [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Description of Transaction	Executive chairman of the board of directors and chief executive officer
Richard Jiangong Dai [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Description of Transaction	Director of the board up until February 25, 2016
Wall Street Global Training Center [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Description of Transaction	A company under the control of Vincent Tianquan Mo and two other independent directors
Beihai Silver Beach [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Description of Transaction	A company under the control of Vincent Tianquan Mo
Che Tian Xia Company [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Description of Transaction	A company under the control of Vincent Tianquan Mo and Richard Jiangong Dai
Guangxi Wharton [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Description of Transaction	A company under the control of Vincent Tianquan Mo
Research Center [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Description of Transaction	A company under the control of Vincent Tianquan Mo
Upsky Long Island [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Description of Transaction	A company under the control of Vincent Tianquan Mo
Upsky San Francisco [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Description of Transaction	A company under the control of Vincent Tianquan Mo
Upsky Lighthouse Hotel [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Description of Transaction	A company under the control of Vincent Tianquan Mo
Nanning Xuyin Business [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Description of Transaction	A company under the control of Vincent Tianquan Mo
New York Military Academy [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Description of Transaction	A company of which Vincent Tianquan Mo is a director

RELATED PARTY TRANSACTIONS (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Office Building Lease	$ 162	$ 159	$ 154
Training Fee [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	0	0
Vincent Tianquan Mo [Member]
Related Party Transaction [Line Items]
Office Building Lease	162	159	154
Beihai Silver Beach [Member] \| Management Services [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	523	501	421
Beihai Silver Beach [Member] \| Hotel Operating Costs [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	0	0	113
Upsky San Francisco [Member] \| Hotel Operating Costs [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	0	0	17
Upsky Long Island [Member] \| Hotel Operating Costs [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	0	0	81
New York Military Academy [Member] \| Training Fee [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 0	$ 0	$ 111

RELATED PARTY TRANSACTIONS (Schedule of Amounts Due to Related Party) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Amounts due to a related party	$ 19	$ 0
Beihai Silver Beach [Member]
Related Party Transaction [Line Items]
Amounts due from a related party	0	167
Amounts due to a related party	$ 19	$ 0

RELATED PARTY TRANSACTIONS - (Narrative) (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 01, 2012	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 shares	Dec. 31, 2012 ft²
Transactions With Third Party [Line Items]
Free rental space \| ft²						220
Office Building Lease		$ 162	$ 159	$ 154
Tianquan Vincent Mo [Member]
Transactions With Third Party [Line Items]
Lease period	10 years
Beihai Silver Beach [Member] \| Management Services [Member]
Transactions With Third Party [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		523	501	421
Beihai Silver Beach [Member] \| Hotel Operating Costs [Member]
Transactions With Third Party [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		0	0	113
Upsky San Francisco [Member] \| Hotel Operating Costs [Member]
Transactions With Third Party [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		0	0	17
Upsky Long Island [Member] \| Hotel Operating Costs [Member]
Transactions With Third Party [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		0	0	81
Nanning Xuyin [Member]
Transactions With Third Party [Line Items]
Number Of Shares Transferred \| shares					30,595,859
Nanning Xuyin [Member] \| Tianquan Vincent Mo [Member]
Transactions With Third Party [Line Items]
Entity owned percentage					80.00%
Guilin Bank [Member] \| Tianquan Vincent Mo [Member]
Transactions With Third Party [Line Items]
Shares hold by entity \| shares					73,430,061
Training service fee [Member]
Transactions With Third Party [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		$ 0	$ 0	$ 111,000

COMMITMENTS AND CONTINGENCIES (Schedule of Future Minimum Lease Payments under Non Cancelable Operating Leases) (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019	$ 4,368
2020	2,198
2021	181
2022	18
2023 and thereafter	37
Operating Leases, Future Minimum Payments Due, Total	$ 6,802

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) $ in Thousands, ¥ in Millions	1 Months Ended	12 Months Ended
	May 31, 2018 CNY (¥)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Operating Leases, Rent Expense, Net		$ 9,678	$ 27,832	$ 66,330
Unrecognized Tax benefits		74,995	$ 79,436	$ 78,933	$ 70,296
Long-term Purchase Commitment, Amount		10,665
Litigation Case One [Member]
Loss Contingency, Damages Sought, Value \| ¥	¥ 99.9
Litigation Case Two [Member]
Loss Contingency, Damages Sought, Value \| ¥	300.0
Litigation Case Three [Member]
Loss Contingency, Damages Sought, Value \| ¥	¥ 500.0
Accrued Expenses And Other Liabilities [Member]
Unrecognized Tax benefits		$ 137,904

EARNINGS (LOSS) PER SHARE (Schedule of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Denominator:
Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share	88,749,432	88,475,665	93,605,749
Earnings (loss) per share - basic	$ (1.29)	$ 0.25	$ (1.81)
Numerator:
Net income (loss) attributable to ordinary shareholders	$ (114,909)	$ 21,704	$ (169,635)
Denominator:
Denominator used for diluted earnings (loss) per share	88,749,432	91,585,677	93,605,749
Earnings (loss) per share -diluted	$ (1.29)	$ 0.24	$ (1.81)
Common Class A [Member]
Numerator:
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share-basic	$ (83,400)	$ 15,736	$ (125,531)
Denominator:
Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share	64,412,782,000	64,139,015,000	69,269,099,000
Denominator used for basic earnings (loss) per share	64,412,782,000	64,139,015,000	69,269,099,000
Earnings (loss) per share - basic	$ (1.29)	$ 0.25	$ (1.81)
Numerator:
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share	$ (83,400)	$ 15,736	$ (125,531)
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share-diluted after assumed conversion	(83,400)	15,736	(125,531)
Reallocation of net income (loss) attributable to ordinary shareholders as a result of conversion of Class B to Class A shares	(31,511)	5,971	(44,104)
Net income (loss) attributable to ordinary shareholders	$ (114,911)	$ 21,707	$ (169,635)
Denominator:
Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share	$ 64,412,782	$ 64,139,015	$ 69,269,099
Conversion of Class B to Class A ordinary shares	24,336,650,000	24,336,650,000	24,336,650,000
Employee stock options	0	3,110,012,000	0
Denominator used for diluted earnings (loss) per share	88,749,432,000	91,585,677,000	93,605,749,000
Earnings (loss) per share -diluted	$ (1.29)	$ 0.24	$ (1.81)
Common Class B [Member]
Numerator:
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share-basic	$ (31,511)	$ 5,971	$ (44,104)
Denominator:
Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share	24,336,650,000	24,336,650,000	24,336,650,000
Denominator used for basic earnings (loss) per share	24,336,650,000	24,336,650,000	24,336,650,000
Earnings (loss) per share - basic	$ (1.29)	$ 0.25	$ (1.81)
Numerator:
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share	$ (31,511)	$ 5,971	$ (44,104)
Allocation of net income (loss) attributable to ordinary shareholders used in calculating income (loss) per ordinary share-diluted after assumed conversion	(31,511)	5,971	(44,104)
Reallocation of net income (loss) attributable to ordinary shareholders as a result of conversion of Class B to Class A shares	0	0	0
Net income (loss) attributable to ordinary shareholders	$ (31,511)	$ 5,971	$ (44,104)
Denominator:
Weighted average number of ordinary shares outstanding used in calculating basic earnings (loss) per share	$ 24,336,650	$ 24,336,650	$ 24,336,650
Conversion of Class B to Class A ordinary shares	0	0	0
Employee stock options	0	0	0
Denominator used for diluted earnings (loss) per share	24,336,650,000	24,336,650,000	24,336,650,000
Earnings (loss) per share -diluted	$ (1.29)	$ 0.24	$ (1.81)

EARNINGS (LOSS) PER SHARE (Narrative) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 17.62	$ 17.55
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		2,961,570	5,763,088
December 2018 Notes One [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		290,534	4,153,642
Debt Instrument, Convertible, Conversion Price		$ 19.62	$ 19.62
September 2022 Notes One [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,790,860	2,790,860	2,790,860
Debt Instrument, Convertible, Conversion Price		$ 7.166	$ 7.166
November 2022 Notes One [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,186,290	5,581,720	5,581,720
Debt Instrument, Convertible, Conversion Price		$ 7.166	$ 7.166
Stock Compensation Plan [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6,034,054
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,066,635
Maximum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 30
Minimum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 1.95

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (CONDENSED BALANCE SHEETS) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 195,108	$ 228,276
Prepayments and other current assets	27,995	32,704
Total current assets	668,837	748,412
Non-current assets:
Long-term investments	373,233	470,964
Restricted cash, non-current	6,990	39,982
Total non-current assets	1,155,599	1,251,843
Total assets	1,824,436	2,000,255
Current liabilities:
Convertible notes- current	0	5,700
Short-term loans	297,811	236,985
Accrued expenses and other liabilities	131,268	158,799
Total current liabilities	600,913	581,812
Non-current liabilities:
Convertible senior notes	254,435	291,365
Total non-current liabilities	628,323	678,168
Total liabilities	1,229,236	1,259,980
Commitments and contingencies	0	0
Shareholders equity:
Additional paid-in capital	517,802	500,666
Accumulated other comprehensive income (loss)	(75,837)	137,630
Retained earnings	276,746	225,574
Treasury stock	(136,615)	(136,615)
Total shareholders' equity	594,506	739,583
Total liabilities and shareholders' equity	1,824,436	2,000,255
Common Class A [Member]
Shareholders equity:
Ordinary Shares, Value	9,286	9,204
Common Class B [Member]
Shareholders equity:
Ordinary Shares, Value	3,124	3,124
Parent Company [Member]
Current assets:
Cash and cash equivalents	2,529	11,801
Prepayments and other current assets	98	1,485
Amounts due from subsidiaries	17,056	8,835
Total current assets	19,683	22,121
Non-current assets:
Long-term investments	52,283	30,733
Investment in subsidiaries, PRC Domestic Entities and PRC Domestic Entities' subsidiaries	992,902	869,895
Restricted cash, non-current	0	1,001
Total non-current assets	901,629	1,045,185
Total assets	921,312	1,067,306
Current liabilities:
Convertible notes- current	0	5,700
Short-term loans	26,808	0
Accrued expenses and other liabilities	2,575	3,850
Amounts due to subsidiaries, PRC Domestic Entities and PRC Domestic Entities' subsidiaries	5,722	0
Total current liabilities	35,105	9,550
Non-current liabilities:
Convertible senior notes	254,435	291,365
Long-term loans	37,266	26,808
Total non-current liabilities	291,701	318,173
Total liabilities	326,806	327,723
Commitments and contingencies	0	0
Shareholders equity:
Additional paid-in capital	517,802	500,666
Accumulated other comprehensive income (loss)	(75,837)	137,630
Retained earnings	276,746	225,574
Treasury stock	(136,615)	(136,615)
Total shareholders' equity	594,506	739,583
Total liabilities and shareholders' equity	921,312	1,067,306
Parent Company [Member] \| Common Class A [Member]
Shareholders equity:
Ordinary Shares, Value	9,286	9,204
Parent Company [Member] \| Common Class B [Member]
Shareholders equity:
Ordinary Shares, Value	$ 3,124	$ 3,124

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (CONDENSED BALANCE SHEETS) (Details) (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2010
Treasury Stock, Shares	7,065,058	7,065,058
Parent Company [Member]
Treasury Stock, Shares	7,065,058	(7,065,058)
Common Class A [Member]
Common Stock, Par or Stated Value Per Share	$ 1	$ 1		$ 1.00
Common Stock, Shares Authorized	600,000,000	600,000,000
Ordinary Shares, Shares issued	72,069,645	71,425,120
Common Stock, Shares, Outstanding	65,004,587	64,360,062
Common Class A [Member] \| Parent [Member]
Common Stock, Par or Stated Value Per Share		$ 1.00	$ 1.00
Common Stock, Shares Authorized		600,000,000	600,000,000
Ordinary Shares, Shares issued	71,425,120	72,069,645
Common Stock, Shares, Outstanding	64,360,062	65,004,587
Common Class B [Member]
Common Stock, Par or Stated Value Per Share	$ 1	$ 1
Common Stock, Shares Authorized	600,000,000	600,000,000
Ordinary Shares, Shares issued	24,336,650	24,336,650
Common Stock, Shares, Outstanding	24,336,650	24,336,650
Common Class B [Member] \| Parent [Member]
Common Stock, Par or Stated Value Per Share		$ 1.00	$ 1.00
Common Stock, Shares Authorized		600,000,000	600,000,000
Ordinary Shares, Shares issued	24,336,650	24,336,650
Common Stock, Shares, Outstanding	24,336,650	24,336,650

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 303,016	$ 444,296	$ 916,391
Gross profit	244,446	269,697	229,207
General and administrative (expenses) income	(138,386)	(135,688)	(151,251)
Operating (loss) income	39,803	42,192	(151,446)
Foreign exchange gain	(598)	15	(1,882)
Interest income	10,302	11,322	11,367
Interest expenses	(21,174)	(16,153)	(20,791)
Change in fair value of securities	1,493	2,736	10,583
Investment income	6,816	6,692	3,281
Income (loss) before income taxes	(129,355)	43,146	(144,651)
Income tax expenses	14,446	(21,442)	(24,984)
Net income (loss)	(114,909)	21,704	(169,635)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(46,648)	56,571	(60,732)
Amounts reclassified from accumulated other comprehensive income	1,493	2,736	10,583
Unrealized gain on available-for-sale securities	1,493	163,272	7,326
Other comprehensive income recorded by subsidiaries, PRC Domestic Entities and PRC Domestic Entities' subsidiaries		198,263	0
Gain (loss) on intra- entity foreign transactions of long-term-investment nature	(3,034)	1,872	(6,996)
Other Comprehensive Income (Loss), before Tax	(49,682)	268,545	(70,985)
Income tax expense related to components of other comprehensive income	0	(49,566)	0
Other comprehensive income (loss), net of tax	(49,682)	218,979	(70,985)
Comprehensive income (loss)	(164,591)	240,683	(240,620)
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues	0	0	0
Cost of revenues	0	0	0
Gross profit	0	0	0
General and administrative (expenses) income	(9,348)	(998)	3,610
Operating (loss) income	(9,348)	(998)	3,610
Equity in profits (losses) of subsidiaries, PRC Domestic Entities and PRC Domestic Entities' subsidiaries	(85,190)	27,339	(167,967)
Foreign exchange gain	7	211	832
Interest income	73	196	1,775
Interest expenses	(7,700)	(7,233)	(17,807)
Change in fair value of securities	(14,904)	2,736	10,583
Investment income	2,151	2,221	1,571
Other-than-temporary impairment on available-for-sale securities	0	(2,768)	(2,232)
Income (loss) before income taxes	(114,911)	21,704	(169,635)
Income tax expenses	0	0	0
Net income (loss)	(114,911)	21,704	(169,635)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(46,648)	56,571	(60,732)
Amounts reclassified from accumulated other comprehensive income	(1,493)	(2,736)	(10,583)
Unrealized gain on available-for-sale securities	1,493	14,575	7,326
Other comprehensive income recorded by subsidiaries, PRC Domestic Entities and PRC Domestic Entities' subsidiaries	0
Gain (loss) on intra- entity foreign transactions of long-term-investment nature	(3,034)	1,872	(6,996)
Other Comprehensive Income (Loss), before Tax	(49,682)	268,545	(70,985)
Income tax expense related to components of other comprehensive income	0	(49,566)	0
Other comprehensive income (loss), net of tax	(49,682)
Comprehensive income (loss)	$ (164,593)	$ 240,683	$ (240,620)

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (CONDENSED STATEMENTS OF CASH FLOWS) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 55,005	$ 126,889	$ 131,240
Net cash provided by investing activities	(106,665)	(284,512)	(127,946)
Net cash used in financing activities	34,700	71,969	(347,334)
Cash, cash equivalents and restricted cash at beginning of year	491,260	547,612	921,100
Cash, cash equivalents and restricted cash at end of year	447,572	491,260	547,612
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(3,302)	(67,381)	117,398
Net cash provided by investing activities	8,272	13,931	11,575
Net cash used in financing activities	(13,241)	(31,179)	(522,057)
Net decrease in cash and cash equivalents	(8,271)	(22,271)	(393,084)
Cash, cash equivalents and restricted cash at beginning of year	11,801	34,072	427,156
Cash, cash equivalents and restricted cash at end of year	$ 3,530	$ 11,801	$ 34,072

ACCOUNTS RECEIVABLE (Narrative) (Details) $ in Thousands	12 Months Ended
ACCOUNTS RECEIVABLE (Narrative) (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Allowance for Doubtful Accounts Receivable, Recoveries	$ 2,568

DEPOSIT FOR NON-CURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Non-refundable deposit	$ 902	$ 58,722
Building [Member]
Non-refundable deposit	0	55,364
Others [Member]
Non-refundable deposit	$ 902	$ 3,358

SEGMENT REPORTING (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
United States [Member] \| Land and Building [Member]
Segment Reporting Information [Line Items]
Long-Lived Assets	$ 112,713	$ 104,327