Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2014
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Trading Symbol	SFUN
Entity Registrant Name	SouFun Holdings Ltd
Entity Central Index Key	0001294404
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Class A ordinary shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	58,364,924
Class B ordinary shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	24,336,650

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 354,760	$ 581,010
Restricted cash, current	97,988	255,917
Short-term investments	455,184	10,138
Accounts receivable (net of allowance of US$15,019 and US$21,397 as of December 31, 2013 and 2014, respectively)	49,691	44,541
Funds receivable	62,163	37,124
Prepayments and other current assets	30,161	31,758
Commitment deposits	47,312
Loans receivable, current	79,641
Deferred tax assets, current	2,991	3,165
Total current assets	1,179,891	963,653
Non-current assets:
Property and equipment, net	217,105	221,442
Loans receivable, non-current	2,009
Restricted cash, non-current	109,495	257,499
Deferred tax assets, non-current	1,570	1,728
Deposit for non-current assets	86,515	38,140
Long-term investments	121,292
Prepayment for business acquisition	9,806
Other non-current assets	16,556	22,627
Total non-current assets	564,348	541,436
Total assets	1,744,239	1,505,089
Current liabilities:
Short-term loans	80,750	90,000
Deferred revenue	119,042	115,043
Accrued expenses and other liabilities	221,901	143,292
Customers' refundable fees	42,392	53,066
Income tax payable	35,394	43,688
Amounts due to a related party	660	537
Total current liabilities	500,139	445,626
Non-current liabilities:
Long-term loans	100,000	180,750
Convertible senior notes	400,000	350,000
Deferred tax liabilities, non-current	111,026	84,767
Other non-current liabilities	385	479
Total non-current liabilities	611,411	615,996
Total liabilities	1,111,550	1,061,622
Commitments and contingencies
Shareholders' equity:
Additional paid-in capital	101,072	89,071
Accumulated other comprehensive income	49,566	43,381
Retained earnings	471,352	300,515
Total SouFun Holdings Limited shareholders' equity	632,609	443,467
Noncontrolling interests	80
Total shareholders' equity	632,689	443,467
Total liabilities and shareholders' equity	1,744,239	1,505,089
Common Class A [Member]
Shareholders' equity:
Ordinary shares	7,495	7,376
Common Class B [Member]
Shareholders' equity:
Ordinary shares	$ 3,124	$ 3,124

CONSOLIDATED BALANCE SHEETS (Parenthetical)(PRC Domestic Entities [Member] USD ($)) In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Deferred revenue	$ 30,671	$ 28,284
Accrued expenses and other liabilities	64,846	57,380
Customers' refundable fees	17,637	10,418
Income tax payable	6,742	95
Other non-current liabilities	$ 4	$ 7

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues
Revenues	$ 702,882	$ 637,379	$ 430,258
Cost of revenues
Cost of services	(145,739)	(102,488)	(80,863)
Total cost of revenues	(145,739)	(102,488)	(80,863)
Gross profit	557,143	534,891	349,395
Operating (expenses) income
Selling expenses	(147,874)	(101,935)	(80,056)
General and administrative expenses	(100,571)	(83,384)	(70,780)
Other income	835	786
Operating income	309,533	350,358	198,559
Foreign exchange gain (loss)	(44)	3	90
Interest income	43,857	27,803	19,406
Interest expenses	(17,308)	(14,675)	(11,630)
Realized gain on available-for-sale security (including accumulated other comprehensive income reclassifications for unrealized gain on available-for-sale security of nil, US$821 and nil for the years ended December 31, 2012, 2013 and 2014, respectively)		821
Government grants	7,205	4,031	1,298
Other-than-temporary impairment on available-for-sale securities	(8,417)		(14)
Gain on bargain purchase		102
Income before income taxes and noncontrolling interests	334,826	368,443	207,709
Income tax expenses	(81,609)	(69,781)	(55,905)
Net income	253,217	298,662	151,804
Net (loss) income attributable to noncontrolling interests		53	(6)
Net income attributable to SouFun Holdings Limited's shareholders	253,217	298,609	151,810
Other comprehensive income, before tax
Foreign currency translation adjustments	(4,323)	20,150	1,378
Unrealized gain on available-for-sale securities	10,508	78	743
Reclassification adjustment for gain included in net income		(821)
Other comprehensive income, before tax	6,185	19,407	2,121
Income tax expense related to components of other comprehensive income
Other comprehensive income, net of tax	6,185	19,407	2,121
Comprehensive income	259,402	318,069	153,925
Comprehensive (loss) income attributable to noncontrolling interests		53	(6)
Comprehensive income attributable to SouFun Holdings Limited's shareholders	259,402	318,016	153,931
Earnings per share for Class A and Class B ordinary shares
Basic	$ 3.08	$ 3.82	$ 1.96
Diluted	$ 2.87	$ 3.54	$ 1.85
Weighted average number of Class A and Class B ordinary shares outstanding:
Basic	82,163,135	78,101,205	77,365,156
Diluted	92,208,620	84,602,678	81,924,565
Marketing Services [Member]
Revenues
Revenues	294,484	278,322	249,861
E Commerce Services [Member]
Revenues
Revenues	244,344	188,107	102,162
Listing Services [Member]
Revenues
Revenues	145,654	161,547	72,874
Other value-added Services [Member]
Revenues
Other Revenues	$ 18,400	$ 9,403	$ 5,361

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
General and administrative expenses	$ 100,571	$ 83,384	$ 70,780
Accumulated other comprehensive income reclassifications for unrealized gain on available-for-sale security		821
Related Party [Member]
General and administrative expenses	$ 1,084	$ 1,109	$ 1,737

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 253,217	$ 298,662	$ 151,804
Adjustments to reconcile net income to net cash generated from operating activities:
Share-based compensation	4,682	7,028	7,149
Depreciation of property and equipment	11,624	9,701	6,376
Deferred tax expenses	27,339	15,482	24,867
Allowance for doubtful accounts	17,377	13,437	12,339
Realized gain on available-for-sale security		(821)
Other-than-temporary impairment on available-for-sale security	8,417		14
Amortization of loan origination costs	1,812	3,483	2,558
Amortization of issuance costs for convertible senior notes	3,033	164
Deemed rental expense (Note 20)	174	175	142
Gain on bargain purchase		(102)
Changes in operating assets and liabilities:
Accounts receivable	(22,697)	(25,457)	(14,600)
Funds receivable	(25,173)	(29,288)	(7,600)
Prepayments and other current assets	8,799	(12,330)	1,266
Commitment deposits	(47,312)
Loans receivable, current	(2,009)
Loans receivable, non-current	(79,641)
Amounts due from a related party			1,595
Other non-current assets	(4,275)	107	(12,009)
Deferred revenue	4,420	46,426	4,510
Accrued expenses and other liabilities	50,085	41,408	27,032
Customers' refundable fees	(10,502)	33,527	5,998
Income tax payable	15,064	6,398	7,452
Amounts due to a related party	120	537
Other non-current liabilities	(95)	(481)
Net cash generated from operating activities	214,459	408,056	218,893
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of fixed-rate time deposits	(1,268,688)	(9,984)	(49,260)
Proceeds from collection of loans to third parties			26,143
Proceeds from maturity of fixed-rate time deposits	822,804	25,843	31,781
Proceeds from disposal of available-for-sale security		1,464
Acquisition of property and equipment	(7,976)	(6,730)	(18,115)
Payment for business acquisitions	(9,806)	(12,781)	(111,367)
Acquisition of long-term investments	(119,312)
Proceeds from disposal of property and equipment	96	138	274
Deposits for non-current assets	(48,249)	(37,720)	(8,750)
Net cash used in investing activities	(631,131)	(39,770)	(129,294)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of share options	12,485	26,011	16,681
Proceeds from issuance of shares by a PRC Domestic Entity's subsidiary	80		636
Loan from noncontrolling interests			5,728
Proceeds from short-term loans			46,000
Proceeds from long-term loans		100,000	80,750
Repayment of short-term loans	(90,000)	(180,670)	(30,900)
Proceeds from issuance of convertible senior notes	50,000	350,000
Payment of issuance costs for convertible senior notes	(1,144)	(8,420)
Return of share capital to noncontrolling interest holder upon disposal of a PRC Domestic Entity's subsidiary		(683)
Repayment of loans from noncontrolling interests		(5,728)
Payment of loan origination costs	(781)	(4,097)	(3,338)
Payment of dividends	(82,380)	(81,046)	(131,012)
Changes in restricted cash	303,805	(108,218)	(107,145)
Net cash (used in) generated from financing activities	(192,065)	87,149	(122,600)
Exchange rate effect on cash and cash equivalents	(1,643)	7,408	754
Net (decrease) increase in cash and cash equivalents	(226,250)	462,843	(32,247)
Cash and cash equivalents at beginning of year	581,010	118,167	150,414
Cash and cash equivalents at end of year	354,760	581,010	118,167
Supplemental schedule of cash flow information:
Income tax paid	12,198	38,705	13,187
Interest paid	16,069	13,884	8,959
Acquisition of property and equipment through utilization of deposits		$ 111,367

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $)
In Thousands, except Share data, unless otherwise specified

Total

USD ($)

Common Class A [Member]

USD ($)

Common Class B [Member]

USD ($)

Ordinary Shares [Member]

USD ($)

Ordinary Shares [Member]

Common Class A [Member]

Ordinary Shares [Member]

Common Class B [Member]

Additional Paid-in Capital [Member]

USD ($)

Foreign currency translation adjustments [Member]

USD ($)

Unrealized gain on available-for-sale securities [Member]

USD ($)

Parent [Member]

USD ($)

Retained Earnings [Member]

USD ($)

Noncontrolling Interest [Member]

USD ($)

Beginning Balance at Dec. 31, 2011

$ 91,983

$ 10,032

$ 49,838

$ 21,853

$ 10,185

$ 75

Beginning Balance (in shares) at Dec. 31, 2011

53,813,918

24,336,650

Net income for the year

151,804

151,810

(6)

Other comprehensive income:

Foreign currency translation adjustments

1,378

Unrealized gain on available-for-sale securities

743

Reclassification adjustment for gain included in net income

Contribution by noncontrolling interests

636

Contribution from shareholder (Note 20(b))

142

Disposal of a subsidiary

(75)

Share-based compensation

7,149

Exercise of share options

12,792

284

12,508

Exercise of share options (in shares)

2,199,817

Dividends declared

(79,043)

(54,706)

(24,337)

(79,043)

Ending Balance at Dec. 31, 2012

187,509

10,316

69,637

23,231

743

23,974

82,952

630

Ending Balance (in shares) at Dec. 31, 2012

56,013,735

24,336,650

Net income for the year

298,662

298,609

Other comprehensive income:

Foreign currency translation adjustments

20,150

Unrealized gain on available-for-sale securities

Reclassification adjustment for gain included in net income

(821)

Contribution from shareholder (Note 20(b))

175

Disposal of a subsidiary

(683)

Share-based compensation

7,028

Exercise of share options

12,415

184

12,231

Exercise of share options (in shares)

1,427,160

Dividends declared

(81,046)

(56,709)

(24,337)

(81,046)

Ending Balance at Dec. 31, 2013

443,467

10,500

89,071

43,381

300,515

Ending Balance (in shares) at Dec. 31, 2013

57,440,895

24,336,650

Net income for the year

253,217

Other comprehensive income:

Foreign currency translation adjustments

(4,323)

Unrealized gain on available-for-sale securities

10,508

Reclassification adjustment for gain included in net income

Contribution by noncontrolling interests

Contribution from shareholder (Note 20(b))

174

Share-based compensation

4,682

Exercise of share options

7,264

119

7,145

Exercise of share options (in shares)

924,029

^[1]

924,029

Dividends declared

(82,380)

(58,043)

(24,337)

(82,380)

Ending Balance at Dec. 31, 2014

$ 632,689

$ 10,619

$ 101,072

$ 39,058

$ 10,508

$ 49,566

$ 471,352

$ 80

Ending Balance (in shares) at Dec. 31, 2014

58,364,924

24,336,650

[1]	Included both Class A and Class B ordinary shares.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Dividends declared	$ 82,380	$ 81,046	$ 79,043
Common Class A [Member]
Dividends declared, per share	$ 1.00	$ 1.00	$ 1.00
Dividends declared	58,043	56,709	54,706
Common Class B [Member]
Dividends declared, per share	$ 1.00	$ 1.00	$ 1.00
Dividends declared	$ 24,337	$ 24,337	$ 24,337

ORGANIZATION AND BASIS OF PRESENTATION

12 Months Ended

Dec. 31, 2014

ORGANIZATION AND BASIS OF PRESENTATION [Abstract]

ORGANIZATION AND BASIS OF PRESENTATION

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. The accompanying consolidated financial statements include the financial statements of SouFun Holdings Limited (the “Company”), its subsidiaries located, outside of the People's Republic of China (the “PRC”) (the “non-PRC subsidiaries”), wholly foreign owned entities in the PRC (the “WOFEs”), entities controlled through contractual arrangements (the “PRC Domestic Entities”) and the PRC Domestic Entities' subsidiaries. The Company, its non-PRC subsidiaries, WOFEs, PRC Domestic Entities and the PRC Domestic Entities' subsidiaries are collectively referred to as the “Group”.

The Group is principally engaged in the provision of marketing services, e-commerce services, listing services and other value-added services to the real estate and home furnishing industries in the PRC. Details of the Company's subsidiaries, PRC Domestic Entities and the PRC Domestic Entities' subsidiaries as of December 31, 2014 were as follows:

Company	Date of Establishment	Place of Establishment	Percentage of Ownership by the Company		Principal Activities


Search Estate Holdings Limited (“Search Estate”)	July 21, 2014	BVI	100	%	Investment holding

Next Milestone Holdings Limited (“Next Milestone”)	March 6, 2014	BVI	100	%	Investment holding

Sou You Tian Xia Holdings (BVI) Limited (“Sou You Tian Xia (BVI)”)	August 31, 2011	BVI	100	%	Investment holding

Best Scholar Holdings Limited (“Best Scholar”)	July 1, 2011	BVI	100	%	Investment holding

China Property Holdings (BVI) Limited (“China Property (BVI)”)	April 26, 2011	BVI	100	%	Investment holding

China Home Holdings (BVI) Limited (“China Home (BVI)”)	April 16, 2010	BVI	100	%	Investment holding

Pendiary Investments Limited (“Pendiary”)	August 16, 2007	BVI	100	%	Investment holding

Selovo Investments Limited (“Selovo”)	August 10, 2007	BVI	100	%	Investment holding

Sou You Tian Xia Holdings Limited (“Sou You Tian Xia”)	August 31,2011	Cayman Islands	100	%	Investment holding

China Property Holdings Limited (“China Property”)	April 26, 2011	Cayman Islands	100	%	Investment holding

China Home Holdings Limited (“China Home”)	April 16, 2010	Cayman Islands	100	%	Investment holding

Company	Date of Establishment	Place of Establishment	Percentage of Ownership by the Company		Principal Activities

Walkinston PTE. Limited (“Walkinston”)	November 3, 2014	Singapore	100	%	Investment holding

Wall Street Index Research Center LLC (“Wall Street”)	November 1, 2011	United States of America	100	%	Investment holding

Best Scholar Holdings (Delaware) Limited (“Best Scholar (Delaware)”)	March 3, 2011	United States of America	100	%	Investment holding

Best Work Holdings (New York) LLC (“Best Work”)	March 14, 2011	United States of America	100	%	Investment holding

Sou You Tian Xia Holdings (HK) Limited (“Sou You Tian Xia (HK)”)	September 28, 2011	Hong Kong	100	%	Investment holding

Hong Kong Property Network Limited (“HK Property”)	May 19, 2011	Hong Kong	100	%	Investment holding

China Home Holdings (HK) Limited (“China Home (HK)”)	May 12, 2010	Hong Kong	100	%	Investment holding

China Institute of Real Estate Agents Limited (“China Institute of Real Estate Agents”)	May 12, 2010	Hong Kong	100	%	Investment holding

Bravo Work Investments Limited (“Bravo Work”)	October 29, 2007	Hong Kong	100	%	Investment holding

China Index Academy Limited (“China Index Academy”)	October 26, 2007	Hong Kong	100	%	Investment holding

SouFun International Limited (“SouFun International”)	August 7, 2000	Hong Kong	100	%	Investment holding

Shanghai Jia Tian Xia Financing Guarantee Co., Ltd (“Shanghai Jia Tian Xia Financing Guarantee”)*	January 22, 2015	PRC	100	%	Provision of financing guarantee services

Shanghai SouFun Microfinance Co.,Ltd.(“Shanghai SouFun Microfinance”)*	January 19, 2015	PRC	70%		Provision of Microfinance services

Tianjin Jia Tian Xia Commercial Factoring Co., Ltd.(“Tianjian Jia Tian Xia Commercial Factoring”)	December 22, 2014	PRC	100	%	Provision of commercial factoring services

Chongqing Tian Xia Dai Microfinance Co., Ltd (“Chongqing Tian Xia Dai Microfinance”)	December 11, 2014	PRC	100	%	Provision of microfinance services

Tianjin Jia Tian Xia Microfinance Co. ,Ltd. (“Tianjin Jia Tian Xia Microfinance”)	December 5, 2014	PRC	100	%	Provision of microfinance services

Beijing Fang Tian Xia Decorative Engineering Co., Ltd.(“Beijing Fang Tian Xia Decorative Engineering”)	October 15, 2014	PRC	100	%	Provision of home decorservices

Beihai Tian Xia Dai Microfinance Co., Ltd.(“Beihai Tian Xia Dai Microfinance”)	September 12, 2014	PRC	100	%	Provision of microfinance services

In accordance with PRC regulations on establishing financing companies, the initial transfer of share capital must be completed prior to the registration with PRC authorities. The initial transfer of share capital was completed during the year ended December 31, 2014. The subsequent registration procedures were approved in January 2015.

Company	Date of Establishment	Place of Establishment	Percentage of Ownership by the Company		Principal Activities

Beihai Tian Xia Dai Financing Guarantee Co., Ltd.(“Beihai Tian Xia Dai Financing Guarantee”)	August 29, 2014	PRC	100	%	Provision of finance guarantee services

Jia Tian Xia Network Technology Co., Ltd. (“Jia Tian Xia Network Technology”)	April 15, 2014	PRC	100	%	Provision of technology and information consultancy services

Beijing Hong An Jia Ye Network Technology Co., Ltd. (“Hong An Jia Ye Network”)	December 20, 2013	PRC	100	%	Provision of technology and information consultancy services

Hangzhou SouFun Network Technology Co., Ltd. (“Hangzhou SouFun Network”)	August 27, 2013	PRC	100	%	Provision of technology and information consultancy services

Shanghai BaoAn Enterprise Co., Ltd. (“Shanghai BaoAn Enterprise”)	March 31, 2013	PRC	75%*		Lease, resale and management of property

Shanghai BaoAn Hotel Co., Ltd. (“Shanghai BaoAn Hotel”)	March 31, 2013	PRC	75%**		Operation and management of hotel, restaurant and other catering business

Beijing Li Man Wan Jia Network Technology Co., Ltd. (“Beijing Li Man Wan Jia”)	July 25, 2012	PRC	100	%	Provision of technology and information consultancy services

Beijing Si Kai Property Co., Ltd. (Beijing Si Kai Property)(formerly known as “Beijing Sou You Tian Xia”)	May 24, 2012	PRC	100	%	Provision of technology and information consultancy services

Tianjin SouFun Network Technology Co., Ltd. (“Tianjin SouFun Network”)	March 1, 2012	PRC	100	%	Provision of technology and information consultancy services

Beijing Zhong Zhi Xun Bo Information Technology Co. Ltd. (“Zhongzhi XunBo”)	January 6, 2012	PRC	100	%	Provision of technology and information consultancy services

Beijing Jia Shang Li Nian Network Technology Co., Ltd. (“Beijing Jia Shang”)	June 9, 2011	PRC	100	%	Provision of technology and information consultancy services

Beijing Tuo Shi Huan Yu Network Technology Co., Ltd. (“Beijing TuoShi”)	March1,2011	PRC	100	%	Provision of technology and information consultancy services

Beijing Hong An Tu Sheng Network Technology Co., Ltd. (“Beijing Hong An”)	January 1, 2011	PRC	100	%	Provision of technology and information consultancy services

Beijing Zhong Zhi Shi Zheng Information Technology Co. Ltd. (“Beijing Zhongzhi”)	June 5, 2007	PRC	100	%	Provision of technology and information consultancy services

Beijing SouFun Network Technology Co., Ltd. (“SouFun Network”)	March 16, 2006	PRC	100	%	Provision of technology and information consultancy services

SouFun Media Technology (Beijing) Co., Ltd. (“SouFun Media”)	November 28, 2002	PRC	100	%	Provision of technology and information consultancy services

**	Shanghai China Index owns the remaining 25% equity interest.

Company	Date of Establishment	Place of Establishment	Percentage of Ownership by the Company		Principal Activities

Shanghai SouFun Information Co., Ltd. (“SouFun Shanghai”)	May 31, 2000	PRC	100	%	Provision of technology and information consultancy services

Shenzhen Qian Hai Fang Guan Jia Co., Ltd. (“Shenzhen Qian Hai Fang Guan Jia”)	October 22, 2014	PRC	Nil		Provision of property management consultancy services

Guangxi Beibuwan Financial Information Consulting Co., Ltd. (“Guangxi Beibuwan Financial Information Consulting”)	July 2, 2014	PRC	Nil		Provision of finance information consultancy services

Shanghai Shiji Jia Tian Xia Financial Information service Co., Ltd. (“Shanghai Jia Tian Xia Financial Information”)	April 28, 2014	PRC	Nil		Provision of finance information services

Beijing Tianxia Dai Information service Co., Ltd. (“Tianxia Dai Information”)	April 9, 2014	PRC	Nil		Provision of finance information services

Hanzhou Ji Ju Real Estate Broking Co., Ltd. (“Hanzhou Ji Ju”)	December 23, 2013	PRC	Nil		Provision of real estate agency services and real estate information services

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

Shanghai BaoAn Property Management Co., Ltd. (“Shanghai BaoAn Property”)	March 31, 2013	PRC	Nil		Property Management

Beijing Li Tian Rong Ze Wan Jia Technology Development Co., Ltd. (“Beijing Li Tian Rong Ze Wan Jia”)	December 1, 2012	PRC	Nil		Provision of marketing services and listing services

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

Beijing Yi Ran Ju Ke Technology Development Co., Ltd. (“Beijing Yi Ran Ju Ke”)	September 10, 2011	PRC	Nil		Provision of marketing services, rental services and real estate agency services

Beijing Li Tian Rong Ze Technology Development Co., Ltd. (“Beijing Li Tian Rong Ze”)	September 10, 2009	PRC	Nil		Provision of marketing services and listing services

Tianjin Jia Tian Xia Advertising Co., Ltd. (“Tianjin JTX Advertising”)	November 22, 2007	PRC	Nil		Provision of marketing services and listing services

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

***

Beijing Hua Ju Tian Xia was originally established as a WOFE by the Company in July 2012. In December 2014, the Company transferred its equity interest in Beijing Hua Ju Tian Xia to Vincent Tianquan Mo, executive chairman of the board of directors and chief executive officer, and simultaneously entered into a series of Contractual Agreements, as defined in Note 1, to obtain control over Beijing Hua Ju Tian Xia.

Company	Date of Establishment	Place of Establishment	Percentage of Ownership by the Company	Principal Activities

Shanghai SouFun Advertising Co., Ltd. (“Shanghai Advertising”)	December 12, 2006	PRC	Nil	Provision of marketing services and listing services

Shanghai China Index Consultancy Co., Ltd. (“Shanghai China Index”)	December 12, 2006	PRC	Nil	Provision of other value-added services

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

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

Beijing China Index Information Co., Ltd. (“Beijing China Index”)	November 8, 2004	PRC	Nil	Provision of other value-added services

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

Beijing Jia Tian Xia Advertising Co., Ltd. (“Beijing Advertising”)	September 1, 2000	PRC	Nil	Provision of marketing services, listing services and e-commerce services

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 and chief executive officer, and Richard Jiangong Dai, director of the board and the former chief executive officer of the Company. The effective control of the PRC Domestic Entities is held by the Company through four of its WOFEs, SouFun Network, SouFun Media, Beijing Tuoshi and Beijing Hong An, 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 SEC Regulation S-X Rule 3A-02 and Accounting Standards Codification (“ASC”) 810, “Consolidation”.

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 advertising and listing needs of its customers. The agreements are effective for 10 years and 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 are effective for 10 years and 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 are effective for 10 years and 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 Company or any third party designated by the Company has 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 have a term of 10 years and 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 repayment term of the loans was not stated in the agreements. The legal shareholders shall be liable to repay their respective portions of the loans by transferring their entire respective equity interests in the PRC Domestic Entities upon the written request of the WOFEs when they terminate their employment with 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 shareholders. While this supplementary agreement was signed in 2010, the terms, intent and substance of all the agreements above remained unchanged. All provisions in the supplementary agreement have been incorporated into the contractual agreements signed subsequent to March 2010. Pursuant to the supplementary agreement:

•

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.

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

•

the legal shareholders agree 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.

Through the design of the aforementioned agreements, the 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 has determined that the three WOFEs are the primary beneficiaries of the PRC Domestic Entities. Accordingly, in accordance with SEC Regulation S-X Rule 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, statements of comprehensive income and statements of cash flows were as follows:

	As of December 31,
	2013		2014
	US$		US$
ASSETS
Current assets:
Cash and cash equivalents		135,814		28,856
Restricted cash, current		255,917		97,988
Short-term investments		10,138		22,774
Accounts receivable (net of allowance of US$3,595 and US$4,719 as of December 31, 2013 and 2014, respectively)		13,177		11,847
Commitment deposits		-		47,312
Prepayments and other current assets		21,549		20,553
Deferred tax assets, current		565		1,462

Total current assets		437,160		230,792

Non-current assets:
Property and equipment, net		16,068		18,166
Long-term investments		34,251		120,819
Restricted cash, non-current		224,039		109,495
Deferred tax assets, non-current		11		271
Prepayment for business acquisition		-		9,806
Other non-current assets		10,466		7,814

Total non-current assets		284,835		266,371

Total assets		721,995		497,163

	As of December 31,
	2013		2014
	US$		US$
Current liabilities:
Deferred revenue		28,284		30,671
Accrued expenses and other liabilities		57,380		64,846
Customer's refundable fees		10,418		17,637
Income tax payable		95		6,742
Intercompany payable to the WOFEs		409,983		137,168

Total current liabilities		506,160		257,064

Non-current liabilities:
Other non-current liabilities		7		4

Total non-current liabilities		7		4

Total liabilities		506,167		257,068

Net assets		215,828		240,095

	For the Years Ended December 31,
	2012		2013		2014
	US$		US$		US$
Total revenues		157,859		93,715		107,950
Net income		58,898		10,131		25,464

	For the Years Ended December 31,
	2012			2013			2014
	US$			US$			US$
Net cash generated from (used in) operating activities		109,216			211,049			113,176
Net cash (used in) generated from investing activities		(32,406	)		14,427			(113,148	)
Net cash (used in) generated from financing activities		(71,151	)		(117,616	)		(106,688	)

The PRC Domestic Entities had no intercompany payable to the WOFEs for accrued service fees as of December 31, 2013 and 2014, whereas the technology consultancy service fees charged by the WOFEs to the PRC Domestic Entities were nil during the years ended December 31, 2012, 2013 and 2014.

As of December 31, 2014, except for the current and non-current restricted cash of US$207,483 pledged to secure bank borrowings of the Group (Note13), 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, including the official website www.fang.com, which are used for the Group's business operations. All of these revenue-producing assets were internally developed, for which the Group did not incur significant development costs. There were no assets of the PRC Domestic Entities and the PRC Domestic Entities' subsidiaries that can only be used to settle their own obligations. 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 United States generally accepted accounting principles (“U.S. GAAP”).

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2014

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	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 Group's financial statements include, but are not limited to, revenue recognition, allowance for doubtful accounts, useful lives of property and equipment, realization of deferred tax assets, impairment of long-lived assets, share-based compensation expense, fair value of the available-for-sale security, uncertain income tax positions and purchase price allocation. 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.

On February 8, 2012, the Company disposed its 90% equity interest in Beijing SouFun Information Consultancy Co., Ltd (“Beijing Information”) to an unrelated party for nil consideration. Beijing Information was dormant at the time of disposal. Prior to the disposal, the Company transferred all of Beijing Information's assets and liabilities to another subsidiary. As a result, Beijing Information did not meet the definition of a discontinued operation under ASC 205, “Presentation of Financial Statements—Discontinued Operation”, as Beijing Information's operations and cash flows have not been eliminated from the ongoing operations of the Group. Immediately upon the completion of the disposal, Beijing Information was deconsolidated from the Group. As there was no difference between the fair value of consideration received for the disposal and the carrying amounts of the assets and liabilities, no gain or loss was recognized in the Group's consolidated statements of comprehensive income for the year ended December 31, 2012.

On December 23, 2013, the Group disposed its 60% equity interest in Guangxi Overseas Talent Industrial Park Investment Co., Ltd. (“Guangxi Overseas Talent”) to the 40% noncontrolling interest holder. Guangxi Overseas Talent was dormant and had no operations at the time of disposal. Thus, Guangxi Overseas Talent did not meet the definition of a discontinued operation under ASC 205. Immediately upon the completion of the disposal, Guangxi Overseas Talent was deconsolidated from the Group. On the date of disposal, the carrying amount of Guangxi Overseas' net assets, which mainly consisted of the cash injected as share capital by the Group and the noncontrolling interest holder at inception, amounted to US$1,707, of which US$1,204 was retained by the Group and US$683 was returned to the noncontrolling interest holder. As a result, no gain or loss was recognized in the Group's consolidated statements of comprehensive income for the year ended December 31, 2013.

Business Combinations

The Group accounts for its business combinations in accordance with ASC 805,“Business Combinations”, which requires the acquiring entity in a business combination to recognize all assets acquired and liabilities assumed in the transaction, establishes the acquisition date fair value as the measurement objective for all assets acquired and liabilities assumed, and requires the acquirer to disclose to investors and other users all of the information they need to evaluate and understand the nature and financial effect of the business combination. The excess of (i) the total of cost of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree, is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in earnings. The costs directly attributable to the acquisition are expensed as incurred. During the measurement period, the acquiring entity recognizes adjustments to the provisional amounts of acquisition-date fair value and the resulting goodwill for new information obtained as if the accounting for the business combination had been completed at the acquisition date.

The determination and allocation of fair values to the identifiable assets acquired, liabilities assumed and noncontrolling interests is based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Group determines discount rates to be used based on the risk inherent in the related activity's current business model and industry comparisons. Terminal values are based on the expected life of assets, forecasted life cycle and forecasted cash flows over that period.

Foreign Currency Translation and Transactions

The functional currency of the Company and its non-PRC subsidiaries is the United States dollar (“US$”). The WOFEs, PRC Domestic Entities and PRC Domestic Entities' subsidiaries determine their functional currency to be the Chinese Renminbi (“RMB”) based on the criteria of ASC 830, “Foreign Currency Matters”. The Group uses US$ as its reporting currency. The Group 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, 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.

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 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 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.

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 Group's bank loans (Note 13). The restricted cash is not available for withdrawal or the Group's general use until after the corresponding bank loans are repaid.

Investments

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 Group accounts for its investments in accordance with ASC 320, “Investments-Debt and Equity Securities”. The Group 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.

The securities that the Group 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 Group evaluates whether a decline in fair value below the amortized cost basis is other-than-temporary in accordance with the Group's policy and ASC 320. If the Group 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 Group 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 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 investment is reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income 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 is recognized in the consolidated statements of comprehensive income when the decline in value is determined to be other-than-temporary. An impairment loss of US$14, nil and US$8,417 was recognized for the years ended December 31, 2012, 2013 and 2014, respectively.

In accordance with ASC 325 “Investments-Other”, for investments in an investee over which the Group does not have significant influence and which do not have readily determinable fair value, the Group carries the investment at cost and only adjusts for other-than-temporary declines in fair value and distributions of earnings that exceed the Group'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 includes, 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. No impairment loss was recognized for the year ended December 31, 2014.

Accounts Receivable and Allowance for Doubtful Accounts

The Group 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.

Funds Receivable

Funds receivable represents cash from SouFun membership services due from third-party payment service providers for clearing transactions. The Group 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. Receivable balances are written off after all collection efforts have been exhausted. No allowance for doubtful accounts was provided for the funds receivable, as of December 31, 2013 and 2014.

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 the event of default, the Group is 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 Group's recovery of its original commitment deposit is dependent on market conditions. As of December 31, 2014, no commitment deposits were in default.

The Group considers many factors in assessing the collectability of commitment deposits, such as the age of the amounts due, 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. No allowance for doubtful accounts was provided for commitment deposits as of December 31, 2014.

Loans receivable

Loans receivable consists primarily of secured loans in the form of entrusted loans and mortgage loans and unsecured loans to borrowers that have passed the Group'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 Group to the borrowers generally range from one to thirty-six months.

In accordance with ASC 310, “Receivables”, an allowance for doubtful accounts is recorded when, based on current information and events, it is probable that the Group will be unable to collect all amounts due according to the contractual terms of the loan agreement. Each individual loan receivable is assessed for impairment on a quarterly basis.

Commencing in August 2014, the Group entered into arrangements with third-party investors under which the Group sold its economic benefits in certain mortgage loans receivable in exchange for cash. Sales of mortgage loans receivable to investors are accounted for in accordance with ASC 860 “Transfers and Servicing”. The Group derecognizes the mortgage loans receivable if (i) the loans have been legally isolated from the Group; (ii) there are no constraints on investors to pledge or exchange the mortgage loans; and (iii) the Group does not maintain effective control over the mortgage loans.

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	Estimated Residual Value

Office equipment	5 years	5-10%
Motor vehicles	5 years	5%
Leasehold improvement	shorter of lease term or economic lives	-
Buildings	12 -38years	-

Land is stated at cost and is not depreciated.

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 with any resulting gain or loss reflected in the consolidated statements of comprehensive income.

Impairment of Long-Lived Assets

The Group 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 a group of long-lived assets may not be fully recoverable. When these events occur, the Group 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 Group recognizes an impairment loss based on the excess of the carrying amount of the asset group over its fair value. No impairment charge was recognized for any of the years presented.

Fair Value of Financial Instruments

Financial instruments of the Group primarily include cash and cash equivalents, restricted cash, accounts receivable, funds receivable, investments including cost method investment and available-for-sale securities, loans receivable, commitment deposits, short-term loans, long-term loans, amounts due to a related party and convertible senior notes (Note 16) and related derivative liabilities. As of December 31, 2013 and 2014, the carrying values of these financial instruments, other than the cost method investment, available-for-sale securities, long-term loans, convertible senior notes and related derivative liabilities, approximated their fair values due to the short-term maturity of these instruments. The available-for-sale securities were recorded at fair value based on quoted price in active markets as of December 31, 2014. 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 value of the convertible senior notes based on a market approach was approximately US$353,316 as of December 31, 2014, and represents a Level 3 valuation in accordance with ASC 820, “Fair Value Measurements and Disclosures”. When determining the estimated fair value of the convertible senior notes, the Group 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, 2013 and 2014. The Group determined that it was not practicable to estimate the fair value of its cost method investment as of December 31, 2014 and measures the cost method investment at fair value on a nonrecurring basis only if an impairment charge were to be recognized.

The Group applies ASC 820 in measuring fair value. ASC 820defines 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.

The Group measures its available-for-sale securities at fair value using quoted prices from the active markets.

Assets measured at fair value on a recurring basis as of December 31, 2014 are summarized below. There were no such assets as of December 31, 2013.

Fair Value Measurement at December 31, 2014

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,
2014

US$

Available-for-sale securities

59,035

Revenue Recognition

Revenues are derived from online marketing services, e-commerce services, listing services and other value-added services. Revenues for each type of service sales are 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.

Marketing Services

The Group offers marketing services on the Group's websites and mobile applications (“mobile apps”), primarily presented as banner advertisements, floating links, logos and other media insertions (“forms of services”). These services are offered to real estate developers and providers of products and services for home decoration and improvement. Marketing services allow advertisers to place advertisements on particular areas of the Group's websites and mobile apps, in particular formats and over particular periods of time. Written contracts, containing all significant terms, signed by the Group and its customers provide persuasive evidence of the arrangement. The contracts do not contain any specific performance, cancellation, termination or refund provisions.

The service fee is negotiated between the customer and the Group 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. Historically, the service fee has varied widely for marketing services and such variation in prices exists even when the same forms of services is provided in the same location of the Group's websites and mobile apps and for the same service duration. 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 Group's websites and mobile apps over the specified service period. The Group performs credit assessments on its customers prior to signing the written contract to ensure collectability is reasonably assured. Revenues are recognized ratably over the contract period, as there is persuasive evidence of an arrangement, the fee is fixed or determinable and collection is reasonably assured, as prescribed by ASC 605, “Revenue Recognition”.

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

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

The Group updated the BESP for each deliverable during the year ended December 31, 2014. In accordance with ASC 250, “Accounting Changes and Error Corrections”, changes in the determination of the BESP are considered a change in accounting estimate and are accounted for on a prospective basis. The effect of changes in the BESP on the allocation of arrangement consideration was insignificant.

E-Commerce Services

E-commerce service revenues consist of revenues derived from:

(1) SouFun membership services

The Group enters into arrangements with real-estate developers, pursuant to which the Group charges its customers RMB5,000.00 to RMB20,000.00 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 Group. 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 Group are refundable before a purchase of the specified properties at a discount is made by the customers. Revenues are recognized by the Group when cash consideration of the fees is received and the discount has been applied by the customers to pay for the purchase price of the specified properties. Cash received in advance of the purchase of specified properties is recorded as “customers' refundable fees” (Note 15).

Commencing in 2013, the Group, real-estate developers and advertising agencies entered into tri-party cooperation arrangements for certain SouFun membership services. When customers use their SouFun membership cards to purchase specified properties in selected advertisements published by the marketing agents, a portion of the proceeds from the SouFun membership services is remitted to the marketing agents. The Group recognized revenues from this type of SouFun membership services on a net basis, representing the portion of proceeds received from customers that is ultimately retained by the Group as it is an agent in the arrangement. Commencing in 2014, the Group entered into cooperation arrangements directly with real-estate developers for SouFun membership services. The Group either engages third-party real estate agents or places advertisements with marketing agents to promote the real-estate projects. The Group recognized revenues from this type of SouFun membership services on a gross basis, representing the proceeds received from the real-estate developers, as the Group 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 is recorded as amounts payable to sales and marketing agents in “accrued expenses and other liabilities” on the consolidated balance sheets (Note 14).

(2) Online marketplace platform

The Group operates (i) an online marketplace platform which enables third-party merchants to sell home furnishing products to customers online and (ii) an online payment platform which enable third-party merchants to transact with customers online. The Group earns a commission, which ranges from 5% to 15% of the sales transaction amount, from the third-party merchants when a transaction is completed.

When a customer places his or her order for home furnishing products with a third-party merchant through the Group's marketplace platform, the sales price and the shipping charge for the sale transaction are confirmed. Delivery of goods to a consumer will be processed by the third-party merchant after payment is made through the Group's online payment platform. The sales transaction is completed and the Group recognizes the commission earned as e-commerce service revenues upon confirmation of receipt of the home furnishing products by the consumer and remittance of the net payment to the third-party merchant through the Group's marketplace and online payment platforms.

(3) Direct sales services

Commencing in 2014, the Group launched direct sales services for new homes. The Group promotes property developments of its developer clients primarily through its websites and mobile apps. Potential buyers can register with the Group free of charge if they are interested in any real estate properties covered by its direct sales services. After the registration, the Group 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 Group offers from its partner developers. The Group 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. Revenues are recognized by the Group when confirmation of the sale is received from the real-estate developers, as there is persuasive evidence of an arrangement, the fee is fixed or determinable and collection is reasonably assured, as prescribed by ASC 605.

Listing Services

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

The Group'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 one to 36 months, in exchange for a fixed fee. Written contracts, containing all significant terms, signed by the Group 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. 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 Group 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 are recognized ratably over the duration of the service period as the basic listing services are being delivered.

(2)

Special listing services

Special listing services are multiple element arrangements comprising website listing services and other coordination of promotional themed events (“Offline Services”), such as physical forum discussion or a banquet gathering, each with the special listing as the theme, where the Group's customers promote their products or services to a live audience. The Offline Services do not have standalone value and are always sold with special listing services. Written contracts, containing all significant terms, signed by the Group 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. Delivery of services occurs by making access to the websites available for posting by the customers over the specified listing period and upon completion of the Offline Services. The Group performs credit assessments of its customers prior to signing the written contract to ensure collectability is reasonably assured.

As the Offline Services do not have standalone value, a combined unit of accounting is used pursuant to ASC 605-25, whereby revenues are recognized upon delivery of the final deliverable, which is recognized ratably over the duration of the special listing service period.

Other Value-added Services

The Group generates revenues from other value-added services including subscription services for access to the Group's information database consulting services for customized and industry-related research reports and indices and financing services for property buyers, real estate developers and other borrowers. Revenues derived from subscription services for access to the Group's information database are recognized ratably over the subscription period. Revenues derived from consulting services for customized and industry-related research reports and indices are recognized when the relevant services are completed. Revenues derived from loan interest income and annual service fees are recognized in other value-added services using the effective interest rate method.

The Group's business is subject to BT, 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 BT, VAT, surcharges and cultural construction fees are presented as cost of revenues in the consolidated statements of comprehensive income. BT, VAT and related surcharges and cultural construction fees for the years ended December 31, 2012, 2013 and 2014 were US$28,901, US$38,783 and US$44,003, respectively.

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

Cost of Revenues

Cost of revenues consists of employee costs, BT, VAT and surcharges, server and bandwidth leasing fees, payments to third-party real estate agents in connection with SouFun membership services and other direct costs incurred in providing the related services. These costs are expensed when incurred.

In addition, cost of revenues includes the 5% BT or 6% of VAT for the technology consultancy service fees charged by the WOFEs to the PRC Domestic Entities.

Advertising Expenditure

Advertising costs are expensed when incurred and are included in selling expenses in the consolidated statements of comprehensive income. For the years ended December 31, 2012, 2013 and 2014, the advertising expenses were US$6,525, US$8,627 and US$6,202, 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 Group had no capital leases for any of the years presented.

Income Taxes

The Group 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 Group 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 Group's experience with operating loss and tax credit carryforwards, if any, not expiring.

The Group applies ASC 740, “Income taxes”, to account for uncertainties in income taxes. In accordance with the provisions of ASC 740, the Group 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 Group's estimated liability for unrecognized tax benefits, which is included in “accrued expenses and other 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 Group's estimates. As each audit is concluded, adjustments, if any, are recorded in the Group's financial statements. Additionally, in future periods, changes in facts, circumstances, and new information may require the Group to adjust the recognition and measurement estimates with 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 as income tax expense.

Share-based Compensation

The Group's employees and directors participate in the Group's share-based award incentive plan which is more fully discussed in Note 19. The Group applies ASC 718, “Compensation-Stock Compensation”, 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 Group 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 Group 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 Group 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. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Share-based compensation expense was recorded net of estimated forfeitures such that expense was recorded only for those share-based awards that are expected to vest.

Earnings per Share

The Group computes earnings per Class A and Class B ordinary shares in accordance with ASC 260, “Earnings Per Share”, 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 Group's Class A and Class B ordinary shares are identical, except with respect to voting. 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 Group'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 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 Group was insignificant for all of the years presented.

Comprehensive Income

Comprehensive income is defined as the change in equity of the Group 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, as presented on the consolidated balance sheets, includes the cumulative foreign currency translation adjustments and unrealized gain (loss) on available-for-sale securities.

Contingencies

The Group 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 Group 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 Group discloses the amount of the accrual if it is material.

When a loss contingency is not both probable and estimable, the Group 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 Group 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 April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”) 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which changes the criteria for reporting discontinued operations and requires new disclosures about discontinued operations and disposals of components of an entity that do not qualify for discontinued operations reporting. The new guidance amends the definition of a discontinued operation in ASC 205-20 to be a disposal that “represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results.” ASU2014-08is required to be adopted by public business entities in annual periods beginning on or after December 15, 2014, and interim periods within those annual periods. Entities may early adopt the guidance for new disposals. The Group is currently evaluating the impact on its consolidated financial statements of adopting this standard.

On May 28, 2014, the FASB and International Accounting Standards Board (“IASB”) issued the converged standard on the recognition of revenue from contracts with customers. The standard is intended to improve the financial reporting of revenue and improve comparability of the top line in financial statements globally. The FASB issued guidance codified in ASC 606, “Revenue Recognition–Revenue from Contracts with Customers”, which amends the guidance in former ASC 605, “Revenue Recognition”. For a public entity, the amendments are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. On April 1, 2015, the FASB decided to propose a one-year deferral of the effective date for its new revenue standard for public and nonpublic entities reporting under U.S. GAAP. The Group is currently evaluating the impact on its consolidated financial statements of adopting this standard.

In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period”. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and apply to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. That is the case when an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target could be achieved and still be eligible to vest in the award if and when the performance target is achieved. For all entities, the amendments are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. The Group is currently evaluating the impact on its consolidated financial statements of adopting this standard.

In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern”. This update provides guidance on management's responsibility in evaluating whether there is substantial doubt about a company's ability to continue as a going concern and about related footnote disclosures. It requires management to evaluate for each annual and interim reporting period whether it is probable that the reporting entity will not be able to meet its obligations as they become due within one year after the date that the financial statements are issued. If the entity is in such a position, the standard provides for certain disclosures depending on whether or not the entity will be able to successfully mitigate its going concern status. This guidance is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. Early application is permitted. The Group does not anticipate that this adoption will have a significant impact on its financial position, results of operations, or cash flows.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

CONCENTRATION OF RISKS

12 Months Ended

Dec. 31, 2014

CONCENTRATION OF RISKS [Abstract]

CONCENTRATION OF RISKS

3.	CONCENTRATION OF RISKS

Concentration of Credit Risk

Assets that potentially subject the Group 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, 2014, the Group has US$1,017,427 in cash and cash equivalents, restricted cash (current and non-current) and short-term investments, 74.6% and 25.4% of which are held by financial institutions in the PRC and international 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 over and interests in 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 Group has deposits or investments, it may be unlikely to claim its deposits or investments back in full. The Group selected reputable financial institutions with high credit ratings to deposit its assets. The Group 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 Group performs on its customers and its ongoing monitoring of outstanding balances. The Group 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 Group carefully considers and monitors the credit worthiness of the third-party payment service providers to mitigate any risks associated with funds receivable.

The Group is exposed to default risk on its loans receivable. Each individual loan receivable is assessed for impairment on a quarterly basis. Borrowers are restricted to one outstanding loan balance. As of December 31, 2014, no single borrower comprises a significant portion of the Group's loan portfolio.

The Group 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 revenue for the year ended December 31, 2012, 2013 and 2014.

Concentration of Revenues

Revenues from marketing services represented 58%, 44% and 42% of the total gross revenues for the years ended December 31, 2012, 2013 and 2014, respectively. Any disruption in the provision of marketing services to customers may adversely affect the Group's business, financial condition and results of operations.

Current Vulnerability Due to Certain Other Concentrations

The Group'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 Group 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 addition, PRC regulations require any foreign entities that invest in the advertising services industry to have at least a two-year track record with a principal business in the advertising industry outside of the PRC. Currently, the Group 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 so, the relevant regulatory authorities would have broad discretion in dealing with such violations. In the opinion of management, the likelihood of penalties in respect of the Group's current operations through contractual arrangements entered into between the WOFEs and the PRC Domestic Entities is remote based on current facts and circumstances.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

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BUSINESS ACQUISITION

12 Months Ended

Dec. 31, 2014

BUSINESS ACQUISITION [Abstract]

BUSINESS ACQUISITION

4.	BUSINESS ACQUISITION

Business acquisition completed in 2013:

During the year ended December 31, 2013, the Group completed its acquisition of a property, consisting of offices, retail space and a hotel, from China BaoAn Group Co., Ltd (“BaoAn”).The property acquired from BaoAn was considered a business as defined in ASC 805. Accordingly, the acquisition was accounted for as a business acquisition (the “BaoAn Acquisition”). The Group intended to use the property as an office and a training center to support the Group's business expansion in the eastern region of the PRC. The purchase price was less than the fair values of the tangible assets acquired and liabilities assumed, resulting in a gain on bargain purchase which was recognized as of the acquisition date. The Group completed the valuation necessary to assess the fair values of the tangible assets acquired and liabilities assumed, resulting from which the amount of gain on bargain purchase was determined and recognized as of the acquisition date. The following table summarizes the estimated aggregate fair values of the assets acquired and liabilities assumed as of the date of acquisition:

	US$

Cash and cash equivalents		3,169
Prepayments and other current assets		1,800
Property and equipment, net		140,231
Deferred tax assets, non-current		1,093
Total identifiable assets acquired		146,293

Accrued expenses and other liabilities		(1,290	)
Other non-current liabilities		(919	)
Deferred tax liabilities, non-current		(16,368	)
Total liabilities assumed		(18,577	)

Net identifiable assets acquired		127,716
Gain on bargain purchase		(102	)
Total consideration		127,614

The excess of the fair value of the identifiable net assets acquired over the cost of acquisition as of the acquisition date of US$102 was recognized as a gain on bargain purchase in the consolidated statements of comprehensive income for the year ended December 31, 2013. The Group performed a comprehensive reassessment of the bargain purchase gain by verifying that all assets acquired and liabilities assumed were properly identified. The US$102 gain on bargain purchase was primarily attributable to the purchase price being fixed prior to the closing date of the transaction and the fair value of the property acquired increased during the intervening period. The acquisition related costs were insignificant. Deferred tax liabilities amounting to US$16,368 were recognized on the fair value step-up of the property acquired in the BaoAn Acquisition.

The following unaudited pro forma information summarizes the results of operations of the Group for the years ended December 31 2012 and 2013, as if the BaoAn Acquisition had been completed on January 1, 2012. These pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been had the acquisition actually taken place on the date indicated and may not be indicative of future operating results. The pro forma adjustments are based upon available information and certain assumptions that management believes are reasonable.

	For the Years Ended December 31,
	2012		2013
	US$		US$

Pro forma total revenues		430,258		637,379
Pro forma net income		149,495		298,376
Pro forma net income per ordinary share-basic		1.93		3.82
Pro forma net income per ordinary share-diluted		1.82		3.53

There were no business acquisitions in 2014.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

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-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 1

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-Name Accounting Standards Codification

-Topic 805

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-Paragraph 6

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-Topic 805

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-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1524-128463

+ Details

INVESTMENTS

12 Months Ended

Dec. 31, 2014

INVESTMENTS [Abstract]

INVESTMENTS

6.	INVESTMENTS

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

	As of December 31,
	2013		2014
	US$		US$
Short-term investments
Fixed-rate time deposits		10,138		455,184

Long-term investments:
Available-for-sale securities:
-Color Life Service Group ("Color Life")		-		24,091
-Hopefluent Group Holdings Limited ("Hopefluent")		-		34,944
		-		59,035
Cost method investment
-Tospur Real Estate Consulting Co., Ltd. ("Tospur")		-		62,257

		-		121,292

As of December 31, 2013 and 2014, the Group held fixed-rate time deposits in commercial banks and financial institutions with an original maturity of less than one year.

Interest income on the fixed-rate time deposits of US$827, US$758 and US$27,166 was recognized for the years ended December 31, 2012, 2013 and 2014, respectively.

On November 4, 2010, the Group acquired 714,285 American depositary shares of SYSWIN Inc., a US listed company, at a consideration of US$5,000. Due to a decline in the fair value of the investment below its cost base, an other-than-temporary impairment loss of US$14 was recognized for the year ended December 31, 2012.On April 9, 2013, SYSWIN Inc. announced the completion of the merger with Brilliant Acquisition Limited, a wholly owned subsidiary of Brilliant Strategy Limited (the “Merger”). As a result of the Merger, SYSWIN Inc. became a wholly owned subsidiary of Brilliant Strategy Limited. As part of the Merger, each ordinary share of SYSWIN Inc. (a "Share") issued and outstanding immediately prior to the effective time of the Merger was cancelled in exchange for the right to receive US$0.5125 cash. Each ADS, consisting of four Shares, represents the right to receive US$2.05 cash without interest and is subject to $0.05 per ADS cancellation fees and applicable withholding taxes. A realized gain of US$821 from the disposal of the investment in SYSWIN Inc. was recognized for the year ended December 31, 2013.

On June 27, 2014, the Company acquired 27,551,733 shares of Color Life, a Hong Kong listed company, at a consideration of 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, 2014, the market price of Color Life was US$24,091 and the unrealized gain of US$10,508 was recorded in other comprehensive income.

In November, 2014, the Company acquired an aggregate of 111,935,037 shares of Hopefluent, a Hong Kong listed company, at a total consideration of US$43,361. The investment constituted a 17.26% ownership in Hopefluent and was classified as an available-for-sale security. During the year ended December 31, 2014, the market price of Hopefluent declined significantly. As a result, an other-than-temporary impairment loss of US$8,417 was recognized for the year ended December 31, 2014 and the new cost base of the available-for-sale security was US$34,944 as of December 31, 2014.

On December 10, 2014, the Group acquired 16% of the share capital of Tospur, a non-listed company, at a consideration of US$62,257. The investment in Tospur was classified as a cost method investment, as the Group does not have significant influence over Tospur. No impairment on the investment in Tospur was recognized for the year ended December 31, 2014.

The following is a summary of the available-for-sale securities as of December 31, 2014:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Net Carrying Amount)
	US$		US$		US$		US$

December 31, 2014
-Color Life		13,583		10,508		-		24,091
-Hopefluent		34,944		-		-		34,944

		48,527		10,508		-		59,035

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Topic 320

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-Section 50

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-Name Accounting Standards Codification

-Topic 320

-Glossary Debt Security

-URI http://asc.fasb.org/extlink&oid=6509901

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-URI http://asc.fasb.org/extlink&oid=6511694

+ Details

ACCOUNTS RECEIVABLE

12 Months Ended

Dec. 31, 2014

ACCOUNTS RECEIVABLE [Abstract]

ACCOUNTS RECEIVABLE

7.	ACCOUNTS RECEIVABLE

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

	As of December 31,
	2013			2014
	US$			US$

Accounts receivable		59,560			71,088
Allowance for doubtful accounts		(15,019	)		(21,397	)

Accounts receivable, net		44,541			49,691

	For the Years Ended December 31,
	2012			2013			2014
	US$			US$			US$
Movement in allowance for doubtful accounts:
Balance at beginning of year		9,217			12,122			15,019
Additional provision charged to expenses		12,339			13,437			17,377
Write-offs		(9,460	)		(10,953	)		(10,933	)
Foreign currency translation adjustments		26			413			(66	)

Balance at end of year		12,122			15,019			21,397

PREPAYMENTS AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2014

PREPAYMENTS AND OTHER CURRENT ASSETS [Abstract]

PREPAYMENTS AND OTHER CURRENT ASSETS

8.	PREPAYMENTS AND OTHER CURRENT ASSETS

Prepayments and other current assets consisted of the following:

	As of December 31,
	2013		2014
	US$		US$

Prepaid expenses		4,498		4,800
Advance to employees		696		1,121
Rental and other deposits		653		858
Interest receivable		14,411		20,722
Receivable from a broker for exercise of employee stock options		807		667
Deposit for non-current assets		8,037		-
Others		2,656		1,993

		31,758		30,161

During the year ended December 31, 2012, the Group paid a refundable deposit of US$8,750 for the purchase of 10,000 square meters of an office building in Hengshui, Hebei province in the PRC. The Group withdrew the purchase plan due to changes in government planning regulations which resulted in the office building no longer being suitable for the Group's requirements. In July 2013, the Group signed a repayment agreement with the counterparty, pursuant to which the counterparty is obligated to repay the prepayment in installments based on an agreed payment schedule at no interest. As of December 31, 2013, US$713 was repaid. The remaining balance of US$8,037 was fully repaid by February 2014.

LOANS RECEIVABLE

12 Months Ended

Dec. 31, 2014

ACCOUNTS RECEIVABLE [Abstract]

LOANS RECEIVABLE

9.	LOANS RECEIVABLE

Commencing in August 2014, The Group introduced its financial services and launched its financial platform www.txdai.com. The Group provides secured loans in the form of entrusted loans, mortgage loans and unsecured loans, primarily to home buyers, real estate developers and other borrowers that meet its credit assessment requirements. The loans to home buyers and other borrowers are primarily originated through the Group's online financial service channel on its website. The Group also promotes financing services to customers to provide the increased convenience of one-stop real estate brokerage services. The Group charges borrowers interest and service fees. Most of the loans to home buyers are unsecured as they generally also borrow mortgage loans from commercial banks. The loans to real estate developers are generally secured loans. To comply with restrictions on non-financial institutions' ability to provide loans to corporate borrowers under PRC law, the Group generally provides loans to real estate developers using an “entrusted loan” structure. Under entrusted loan arrangements with commercial banks, the Group provides loans to borrowers with funds released by the commercial banks from the Group's trust accounts at such banks. Commercial banks collect interest and principal payments from the borrowers on the Group's behalf and receive service fees. The Group, as opposed to the commercial banks, bears the credit risk of the entrusted loans.

Loans receivable consisted of the following:

	As of December 31,
	2013		2014
	US$		US$
Current
Secured
-Entrusted loans		-		17,413
-Mortgage loans		-		11,943
		-		29,356
Unsecured loans		-		50,285
Less: Allowances for doubtful debts		-		-

		-		79,641

Non-current
Secured
-Mortgage loans		-		41
		-		41
Unsecured loans		-		1,968
Less: Allowances for doubtful debts		-		-

		-		2,009

As of December 31, 2014, the loan period of entrusted loans ranged from six to twelve months and had interest rates ranging from 12% to 20%. The entrusted loans were secured by collateral that had a market value ranging from 103% to 174% of the entrusted loans as of December 31, 2014.

As of December 31, 2014, the loan period of mortgage loans ranged from one to eighteen months and had interest rates ranging from 6 to 9.6%. The mortgage loans were secured by collateral that had a market value ranging from 146% to 1103% of the mortgage loans as of December 31, 2014.

As of December 31, 2014, the loan period of credit loans ranged from one to thirty-six months and had interest rates ranging from 4% to 12%.

On a quarterly basis, the Group assesses each individual loan receivable for impairment. As part of its impairment assessment, management considers the timeliness of collections to date, changes in the value of collateral provided by the borrowers and expected default rates. For the year ended December 31, 2014, none of the loans receivable with material balance was in default and no impairment loss was recognized.

Commencing in August 2014, the Group entered into arrangements with third-party investors under which the Group sold its economic benefits in certain mortgage loans receivable in exchange for cash on the website. The investors generally will receive interest at interest rates equal to those charged by the group. The Group continues to provide (i) limited administrative services in the form of collection and payment services to the borrowers and investors and (ii) a guarantee to the investors in the event of default by the borrowers. The nature of these continuing involvements does not constitute control over the transferred mortgage loans receivable. During the year ended December 31, 2014, US$15,746 in mortgage loans receivable were derecognized in accordance with ASC 860.No gains or losses were recorded on the sales of mortgage loans receivable, as the cash proceeds received equaled to the outstanding principal amounts. In accordance with ASC 460, “Guarantees”, the Group determined that the fair value of the guarantee provided on the transferred mortgage loans receivable was insignificant as of December 31, 2014.

- 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, 2014

PROPERTY AND EQUIPMENT, NET [Abstract]

PROPERTY AND EQUIPMENT, NET

10.

PROPERTY AND EQUIPMENT, NET

Property and equipment consisted of the following:

	As of December 31,
	2013			2014
	US$			US$

Buildings		182,320			183,754
Office equipment		16,329			20,175
Motor vehicles		2,747			3,305
Leasehold improvement		6,454			7,005
Land		37,421			37,421

Total		245,271			251,660
Less: Accumulated depreciation		(23,829	)		(34,555	)

		221,442			217,105

Depreciation expense amounted to US$6,376 and US$9,701and US$11,624 for the years ended December 31, 2012, 2013 and 2014, respectively.

The Group is still in the process of obtaining the property ownership certificates for certain buildings with a net carrying amount of US$12,832. As the transfer of ownership of the buildings has been legally registered with the applicable government authority and the purchase consideration has been fully paid by the Group, the Group has the ability to obtain and control the future economic benefits of the buildings. As a result, these buildings were recognized as assets on the consolidated balance sheets as of December 31, 2013 and 2014.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details

SHORT-TERM AND LONG-TERM LOANS

12 Months Ended

Dec. 31, 2014

SHORT-TERM AND LONG-TERM LOANS [Abstract]

SHORT-TERM AND LONG-TERM LOANS

13.

SHORT-TERM AND LONG-TERM LOANS

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

	As of December 31,
	2013		2014
	US$		US$

Short-term loans		90,000		80,750

Long-term loans		180,750		100,000

Short-term loans outstanding as of December 31, 2013 and 2014 represent US$ denominated bank borrowings of US$90,000 and US$80,750, respectively, obtained from financial institutions in the United States, Singapore and Hong Kong. These bank borrowings are secured by RMB denominated bank deposits placed with financial institutions in the PRC of US$99,601 and US$97,988 as of December 31, 2013 and 2014, respectively. Pledged deposits amounting to US$97,988 (2013: US$83,797) and nil (2013: US$15,804) were classified as “restricted cash, current” and “restricted cash, non-current” on the consolidated balance sheets. The short-term bank borrowings are repayable on demand and bear interest rates of London InterBank Offered Rate (“LIBOR”) plus 2.6% (2013: plus 2.5% to LIBOR plus 2.7%). During the year ended December 31, 2014, the loans outstanding as of December 31, 2013 amounting to US$90,000 were fully repaid and the related pledged deposits amounting to US$99,601 were released by the respective financial institutions.

Long-term loans outstanding as of December 31, 2013 and 2014 represent six and two US$ denominated bank borrowings with an aggregate amount of US$180,750 and US$100,000, respectively, obtained from financial institutions in the United States, which will be due in the third quarter of 2015 and 2016. These bank borrowings are secured by RMB denominated bank deposits placed with financial institutions in the PRC of US$208,235 and US$109,495, respectively. These pledged deposits are classified as “restricted cash, non-current” on the consolidated balance sheets. The long-term bank borrowings are repayable on demand if the Group is not in compliance with certain covenants and provisions stipulated in the loan agreements and bear interest rates ranging from LIBOR plus 1.7% to LIBOR plus 2.6%. US$80,750 of the long-term loans as of December 31, 2013 was reclassified to short-term loans as of December 31, 2014 as the maturity period was within one year.

The Group repaid short-term borrowings of US$180,670 during the year ended December 31, 2013. However, due to administrative delays in releasing the RMB denominated pledged deposits by the respective financial institutions in the PRC, bank deposits of US$172,120 and US$33,460 remained classified as “restricted cash, current” and “restricted cash, non-current”, respectively, on the consolidated balance sheets as of December 31, 2013. The US$205,580 pledged deposits were released by the respective financial institutions during the year ended December 31, 2014.

The Group had undrawn lines of credit with various financial institutions of US$187,670 and US$59,999 as of December 31, 2013 and 2014, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

ACCRUED EXPENSES AND OTHER LIABILITIES

12 Months Ended

Dec. 31, 2014

ACCRUED EXPENSES AND OTHER LIABILITIES [Abstract]

ACCRUED EXPENSES AND OTHER LIABILITIES

14.

ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued expenses and other liabilities consisted of the following:

	As of December 31,
	2013		2014
	US$		US$

Payroll and welfare benefit		25,692		22,404
Other taxes and surcharges payable		37,375		45,705
Accrued unrecognized tax benefits and related interest and penalties (Note 18)		34,045		75,483
Amounts payable to employees		6,524		2,391
Amounts payable to sales and marketing agents (Note 2)		26,714		61,463
Refundable rental deposits		1,212		1,221
Accrued rental expenses		775		759
Others		10,955		12,475

		143,292		221,901

Other taxes and surcharges payable consist of BT, VAT, cultural construction fee (“CCF”), city construction tax (“CCT”) and withholding individual income tax (“IIT”).

Amounts payable to employees represent cash collections from the designated broker upon the sale of exercised employee options on behalf of the employees.

Refundable rental deposits were liabilities assumed from the BaoAn Acquisition (Note 4) representing rental deposits received from the lessees of the BaoAn properties at the time of entering into the lease arrangements for offices and retail space. The rental deposits are refundable at the end of lease terms.

CONVERTIBLE SENIOR NOTES

12 Months Ended

Dec. 31, 2014

CONVERTIBLE SENIOR NOTES [Abstract]

CONVERTIBLE SENIOR NOTES

16.

CONVERTIBLE SENIOR NOTES

On December 4, 2013, the Company issued convertible senior notes to Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC (collectively, the “Initial Purchasers”), for an aggregate principal amount of US$350,000. Additionally, the Company granted the Initial Purchasers an overallotment option to purchase, exercisable within a 30-day period, up to an additional US$50,000 principal amount of convertible senior notes (the “Overallotment Option”) (collectively “the Notes”). The overallotment option was exercised and closed on January 3, 2014.

The Notes (i) mature on December 15, 2018, unless earlier repurchased, redeemed or converted; and (ii) bear cash interest from December 10, 2013 at an annual rate of 2.00% payable on June 15 and December 15 of each year, beginning on June 15, 2014. The Company will pay additional interest, at its election, as the sole remedy relating to the failure to comply with certain reporting obligations or the occurrence of certain events of default as defined in the indenture of the Notes. Upon the payment of a cash dividend to the Company's Class A ordinary shares, the Company may, at its election, pay holders of the Notes (the “Holders”) an additional cash payment equivalent to the fair value of any such cash dividend (based on the then current conversion rate of the Notes) in lieu of an adjustment to the conversion rate of the Notes which would otherwise be required pursuant to the terms of the indenture to the Notes . These features that potentially trigger additional interest payments are collectively referred to as the “contingent interest features” hereinafter.

The Holders may convert their Notes at any time prior to the close of business on the second business day immediately preceding the maturity date. The conversion rate for the Notes was initially 49.2402 ADSs per US$1,000.00 principal amount of Notes, which is equivalent to an initial conversion price of US$20.31 per ADS. The conversion rate is subject to adjustment if certain events, such as distribution of stock dividends and grants of rights, options or warrants to shareholders, as described in the indenture of the Notes occur. In addition, following certain corporate events as defined in the indenture of the Notes that occur prior to the maturity date, the Company will increase the conversion rate for a holder who elects to convert its Notes in connection with such a corporate event (the “make-whole fundamental change provision”).

The Company may not redeem the Notes prior to the maturity date, except in the event of certain changes to tax laws as defined in the indenture of the Notes in which case the Company will have the option to redeem, in whole but not in part, the Notes for a purchase price equal to 100% of the principal amount of the Notes to be purchased plus any accrued and unpaid interest to the redemption date. The Holders have the right to require the Company to repurchase for cash all or part of their Notes on December 15, 2016 and following a fundamental change as defined in the indenture of the Notes, in each case, at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased plus accrued and unpaid interest to, but excluding the repurchase date.

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 total net proceeds of the Notes, after deducting offering expenses, were US$390,455. The Company intends to use the net proceeds of the Notes for general corporate purposes, including new products and services, working capital, capital expenditures, business expansion and potential acquisitions of businesses, technologies or products.

Total issuance costs of US$9,545, which were capitalized in “other non-current assets” on the consolidated balance sheets, are amortized as interest expense using the effective interest rate method through the maturity date of the Notes at an effective interest rate of 2.84%. For the years ended December 31, 2013 and 2014, the Group recognized interest expense related to the Notes of US$566 and US$11,033,respectively which comprised contractual interest obligations of US$402 and US$8,000 and issuance costs amortization of US$164 and US$3,033, respectively.

The Notes were recorded as long-term debt. The Company evaluated the embedded conversion features contained in the Notes in accordance with ASC 815-40-15 and ASC 815-40-25-7 to ASC 815-40-25-35 to determine if the conversion options require bifurcation. The conversion option was not required to be bifurcated because the conversion option is indexed to the Company's ADSs and meets all additional conditions for equity classification. Since the conversion option was 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 Notes and concluded that there is no BCF because the effective conversion price of the Notes exceeded the fair value of the Company's ADSs at the commitment date. In connection with the make-whole fundamental change provision, the number of ADSs issuable upon conversion will be increased if Holders decide to convert. As the fair value of the ADSs into which the Notes are convertible plus the make-whole ADSs does not approximate the fair value at the settlement date, the make-whole feature is not indexed to the Company's ADSs and is required to be bifurcated. The fair value of the make-whole feature was insignificant for the years ended December 31, 2013 and 2014.

The Company evaluated the embedded contingent redemption features and contingent interest features contained in the Notes in accordance with ASC 815 to determine if these features require bifurcation. 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. 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 but their values were insignificant for the years ended December 31, 2013 and 2014. For the embedded contingent interest features not bifurcated from the 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, 2013 and 2014. The Company will continue to assess the accrual for these additional interest payment liabilities at each reporting date.

SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2014

SHAREHOLDERS' EQUITY [Abstract]

SHAREHOLDERS' EQUITY

17.

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 per share. 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.

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 financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company's PRC subsidiaries. On July 29, 2013 and August 18, 2014, the Company's board of directors declared the distribution of dividends to the Company's ordinary shareholders in the amount of US$81,046 and US$82,380, respectively. As of December 31, 2013 and 2014, all dividends declared had been paid.

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 include paid-in capital, statutory reserve funds and net assets of the Company's PRC subsidiaries, as determined pursuant to PRC generally accepted accounting principles, totaling US$627,367 and US$922,793 as of December 31, 2013 and 2014, 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, 2013 and 2014 and for each of the three years in the period ended December 31, 2014 are disclosed in Note 26.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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Reference 11: http://www.xbrl.org/2003/role/presentationRef

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Reference 12: http://www.xbrl.org/2003/role/presentationRef

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+ Details

TAXATION

12 Months Ended

Dec. 31, 2014

TAXATION [Abstract]

TAXATION

18.

TAXATION

Cayman Islands

Under the current laws of the Cayman Islands, the Company, China Home, China Property and Sou You Tian Xia 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

Under the current laws of the British Virgin Islands, Pendiary, Selovo, China Home (BVI), China Property (BVI), Best Scholar, Sou You Tian Xia (BVI), Next Milestone and Search Estate are not subject to tax on income or capital gains. In addition, upon payments of dividends by these companies to their shareholders, no British Virgin Islands withholding tax will be imposed.

Hong Kong

Bravo Work, China Index Academy, SouFun International, China Home (HK), China Institute of Real Estate Agents, HK Property and Sou You Tian Xia (HK) are incorporated in Hong Kong. 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, 2014. In addition, upon payment of dividends by these companies to their shareholders, no Hong Kong withholding tax will be imposed.

United States of America

Wall Street, Best Scholar (Delaware) and Best Work are incorporated in the United States of America and do not conduct any substantive operations of their own. No provision for United States of America income tax has been made in the financial statements as Wall Street and Best Scholar (Delaware) had no assessable income for the three years ended December 31, 2014. In addition, as these entities were in a loss position, no withholding tax on the undistributed earnings was recognized as of December 31, 2013 and 2014. In 2011, Best Work acquired a property in New York, the United States of America, which served as the Group's global training facility and claimed certain business expense deductions on its Untied States tax return. As Best Work currently has no operating activities, the respective business expense deductions may be denied by the Unites States tax authority. As of December 31, 2013 and 2014, US$2,537 and US$5,059, respectively, of unrecognized tax benefits had been recognized, which was fully offset by the deferred tax assets arising from net operating losses.

Singapore

Walkinston 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 Walkinston has no assessable profits for the year ended December 31, 2014.

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, the State Administration for Taxation (“SAT”) issued Circular Guoshuihan [2009] No. 203 (“Circular 203”) 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 HNTE certificates for SouFun Network, SouFun Media, Beijing Zhongzhi, and Beijing JTX Technology expired on May 27, 2012. The HNTE certificates for Beijing Technology expired on June 12, 2012. The Group applied for renewal of the HNTE certificates for these subsidiaries, which enabled them to continue qualifying for the preferential tax rates in years 2012, 2013 and 2014. The approval for the renewal of the HNTE certificates for the five subsidiaries was published on the Beijing Municipal Science & Technology Commission's website between April and October 2012 and the Group received the renewed HNTE certificates between May and November 2012. Therefore, SouFun Media, Beijing Zhongzhi, SouFun Network, Beijing Technology and Beijing JTX Technology were entitled to the preferential tax rate of 15% for years 2012, 2013 and 2014. The Group plans to re-apply for the HNTE status for the above mentioned five subsidiaries in year 2015.

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 Group's results of operations and financial position provided that they do not qualify for any other preferential tax treatment. Historically, the above mentioned PRC subsidiaries have successfully renewed the HNTE certificates when the previous certificates had expired.

On March 26, 2012, Beijing Hong An and Beijing Tuo Shi obtained the certificates of “Software Enterprise” with effect from January 1, 2011. Accordingly, the two subsidiaries are entitled to two-year EIT exemption for years 2011 and 2012 and a reduced EIT rate of 12.5% for years 2013, 2014 and 2015. As a result of the change in tax status of the two subsidiaries, income tax expenses of US$1,631 were reversed in the year ended December 31, 2012 for the cumulative effect of applying the statutory tax rate of 25% during the year ended December 31, 2011. The reversed tax expenses consisted of current income tax expense of US$1,205 and deferred tax expense of US$426.

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 certificates of “Software Enterprise” 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. As a result of the change in tax status of these three subsidiaries, current income tax expense of US$5,209 was reversed in the year ended December 31, 2014, as a result of the cumulative effect of applying the statutory tax rate of 25% during the year ended December 31, 2013.

Dividends paid by the Company's PRC subsidiaries out of the profits earned after December 31, 2007 to non-PRC tax resident investors are subject to PRC withholding tax. The withholding tax on dividends is 10%, unless a foreign investor's tax jurisdiction has a tax treaty with the PRC that provides a lower withholding tax rate and the foreign investor is recognized as the beneficial owner of the income under the relevant tax rules.

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, 2014, the Company had not accrued for PRC tax on such basis. The Company will continue to monitor its tax status.

Income before income taxes consisted of:

	For the Years Ended December 31,
	2012			2013			2014
	US$			US$			US$
PRC		228,919			390,488			365,370
Non-PRC		(21,210	)		(22,045	)		(30,544	)

		207,709			368,443			334,826

Income tax expenses comprised:

	For the Years Ended December 31,
	2012		2013		2014
	US$		US$		US$
Current tax expense		31,038		54,299		54,270
Deferred tax expense		24,867		15,482		27,339

		55,905		69,781		81,609

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

	For the Years Ended December 31,
	2012			2013			2014
	US$			US$			US$
Income before income taxes		207,709			368,443			334,826
Income tax at applicable tax rate of 25%		51,927			92,111			83,707
Effect of international tax rate differences		453			1,384			4,208
Non-deductible expenses		8,593			3,492			8,053
Effect of tax holidays or preferential tax rates		(33,077	)		(45,902	)		(54,757	)
Effect of tax rate changes		(1,974	)		(15,101	)		(4,769	)
Investment basis difference in the PRC Domestic Entities		10,046			1,537			3,884
Withholding tax		16,867			28,632			23,164
Changes in valuation allowance		1,085			4,283			(82	)
Unrecognized tax benefits		(419	)		(3,120	)		393
Changes in interest and penalties on unrecognized tax benefits		2,404			2,465			17,808

		55,905			69,781			81,609

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

	As of December 31,
	2012			2013			2014
	US$			US$			US$

Balance at beginning of year		7,439			15,336			24,756
Increase relating to current year tax positions		10,074			12,358			26,307
Decrease relating to expiration of applicable statute of limitations		(2,205	)		(3,510	)		-
Foreign currency translation adjustments		28			572			(80	)

Balance at end of year		15,336			24,756			50,983

As of December 31, 2013 and 2014, the Group had recorded US$34,045 and US$75,483 as an accrual for unrecognized tax benefits and related interest and penalties, respectively, which is included in the account of “accrued expenses and other liabilities”. As of December 31, 2013 and 2014, unrecognized tax benefits of US$19,454 and US$40,631, 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, 2012, 2013, and 2014, the Company recognized US$2,404, US$2,465 and US$17,808 in income tax expenses for interest and penalties related to uncertain tax positions. Accrued interest and penalties related to unrecognized tax benefits were US$11,826 and US$29,613 as of December 31, 2013 and 2014, 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 2010 through 2014, the US subsidiaries' tax years 2012 through 2014 and the Hong Kong subsidiaries' tax years 2009 through 2014 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,
	2012			2013			2014
	US$			US$			US$

The aggregate amount		(33,077	)		(45,902	)		(54,757	)
The aggregate effect on basic and diluted earnings per share for Class A and Class B ordinary shares:
—Basic		0.43			0.59			0.67
—Diluted		0.40			0.54			0.59

The components of deferred taxes were as follows:

	As of December 31,
	2013			2014
	US$			US$

Deferred tax assets, current
Accrued expenses		3,165			2,991

Total deferred tax assets, current		3,165			2,991

Deferred tax assets, non-current
Net operating losses		7,349			7,109
Less: Valuation allowance		(5,621	)		(5,539	)

Total deferred tax assets, non-current, net		1,728			1,570

Deferred tax liabilities, non-current
Investment basis in the PRC entities		(68,342	)		(95,199	)
BaoAn Acquisition – Property		(16,425	)		(15,827	)

Deferred tax liabilities, non-current		(84,767	)		(111,026	)

As of December 31, 2014, the Company had net operating losses from several of its PRC entities of US$5,721, which can be carried forward to offset future taxable profit. The net operating loss carryforwards as of December 31, 2014 will expire in years 2015 to 2019 if not utilized.

Deferred tax liabilities arising from undistributed earnings

As of December 31, 2013 and 2014, 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$36,198 and US$59,294 were provided for the withholding tax of the PRC entities as of December 31, 2013 and 2014, respectively.

In September 2013, the PRC tax bureau granted SouFun Media and SouFun Network a reduced withholding tax rate of 5% on earnings to be distributed between years 2013 and 2015. Therefore, deferred tax liabilities related to the undistributed earnings of SouFun Media and SouFun Network amounting to US$15,101 were reversed during the year ended December 31, 2013.

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$32,144 and US$35,905 as of December 31, 2013 and 2014, respectively.

As of December 31, 2013 and 2014, 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 are available for distribution to non-PRC parent companies on the basis of its intent to permanently reinvest foreign subsidiaries' earnings. The cumulative amount of such temporary difference was US$68,449 and US$100,824 as of December 31, 2013 and 2014, 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$6,310 and US$10,082 as of December 31, 2013 and 2014, respectively.

- Definition

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

+ References+ Details

SHARE-BASED PAYMENTS

12 Months Ended

Dec. 31, 2014

SHARE-BASED PAYMENTS [Abstract]

SHARE-BASED PAYMENTS

19.

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 the1999 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 the1999 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 10 or 15 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 Group. The non-compete condition does not give rise to an in-substance service condition.

Starting from December 31, 2006, the Company awarded Special Stock Options to its employees and directors. Terms for Special Stock Options are the same as other option grants except the underlying ordinary shares to be received upon exercise of the vested options do not have any entitlement to vote. Every two Special Stock Options is exercisable into one Class A ordinary share. The Special Stock Options have been accounted for as equity awards and measured at the date on which the terms of the grant was communicated to the grantee (the “grant date”). These Special Stock Options vest 10% after the first year of service, 20% after the second year of service, 40% after the third year of service and 30% after the fourth year of service. The contractual life of the Special Stock Option is ten years from the date of grant.

Stock related award incentive plan of 2010

On August 4, 2010, the Group's board of directors and shareholders approved the 2010 Stock Related Award Incentive Plan (the “2010 Plan”). Under the 2010 Plan, the Group 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 Group by eligible employees and to promote the success of the Group'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.

A summary of the equity award activity under the 1999 Plan and 2010 Plan for the year ended December 31, 2014 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, 2013		7,918,231			8.70		3.62		6.80	US$	583,631
Granted		-			-		-
Forfeited		(175,715	)		14.89		5.50
Expired		(2,065	)		11.15		4.01
Exercised		(924,029	)		7.86		3.12
Outstanding, December 31, 2014		6,816,422			8.66		3.64		5.96	US$	192,859
Vested and expected to vest at December 31, 2014		6,816,422			8.66		3.64		5.96	US$	192,859
Exercisable at December 31, 2014		5,762,152			7.90		3.54		5.66	US$	167,396

Included both Class A and Class B ordinary shares^.

The aggregate intrinsic value in the table above represents the difference between the fair value of the Company's ordinary share at December 31, 2014 and the exercise price.

The weighted average grant-date fair value per share of options granted for the three years ended December 31, 2012, 2013 and 2014 was US$4.29, nil and nil, respectively. Total intrinsic value of options exercised for the three years ended December 31, 2012, 2013 and 2014 was US$42,458, US$44,401 and US$45,826, respectively.

As of December 31, 2014, there was US$2,920 of unrecognized share-based compensation cost related to equity awards that are expected to be recognized over a weighted-average vesting period of 1.58 years. To the extent the actual forfeiture rate is different from the original estimate, actual share-based compensation costs related to these awards may be different from the expectation.

The fair value for stock options granted during the year ended December 31,2012 under the 2010 Plan was estimated using the binomial option pricing model. The volatility assumption was estimated based on the price volatility of the shares of comparable companies in the internet media business because the Company did not have sufficient trading history and therefore did not have data to calculate expected volatility of the price of the underlying ordinary shares over the expected term of the option. The expected term was estimated based on the resulting output of the binomial option pricing model. The risk-free rate was based on the market yield of US Treasury Bonds& Notes with maturity terms equal to the expected term of the option awards. Forfeitures were estimated based on historical experience. The suboptimal exercise factors of 1.5 and 2.5 for the employees and directors, respectively, are based on the Company's research on the early exercise behavior of employees and directors with stock options. The dividend yield of 8.35% and 11.15% are based on the Company's estimated dividend distribution for the stock options granted during the year ended December 31, 2012.

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

	For the Years Ended December 31,
	2012	2013		2014

Risk-free interest rate	1.5%-1.8%		-		-
Dividend yield	8.35% and 11.15%		-		-
Expected volatility range	59.88%-61.64%		-		-
Weighted average expected life	8.15years		-		-
Estimated forfeiture rate	0%		-		-
Fair value of ordinary share	$4.10-$9.00		-		-
Suboptimal exercise factor	1.5-2.5		-		-

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

	For the Years Ended December 31,
	2012		2013		2014
	US$		US$		US$

Cost of revenues		1,162		1,143		782
Selling expenses		1,626		1,621		1,122
General and administrative expenses		4,361		4,264		2,778

		7,149		7,028		4,682

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References+ Details

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2014

RELATED PARTY TRANSACTIONS

20.

RELATED PARTY TRANSACTIONS

Related Parties

Name of Related Parties		Relationship with the Group

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

Richard Jiangong Dai		Director of the board and former chief executive officer

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 (“Research Center”)		A company under the control of Vincent Tianquan Mo

Crowne Plaza San Francisco-International Airport (“Crowne Plaza”)		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

The Group had the following related party transactions for the years ended December 31, 2012, 2013 and 2014:

	For the Years Ended December 31,
	2012		2013		2014
	US$		US$		US$

Training service fee incurred:
- Wall Street Global Training Center, Inc.		1,595		250		-
Office building leased from:
- Vincent Tianquan Mo		142		175		174
Management fee incurred:
- Beihai Silver Beach		-		537		700
Hotel service fee incurred:
- Guangxi Wharton		-		16		-
- Crowne Plaza		-		21		7
- Beihai Silver Beach		-		110		-
- Upsky Long Island		-		-		203

Training service from Wall Street Global Training Center, Inc.

Wall Street Global Training Center, Inc., a New York not-for-profit corporation, has been providing training services to the Group since 2011. The training fees incurred for the years ended December 31, 2012, 2013 and 2014 were US$1,595, US$250 and nil, respectively.

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

Starting from 2011, the Group provided Wall Street Global Training Center, Inc. with an office room of approximately 220 square feet in the Group's building located in New York, the United States of America, free of charge. The estimated fair value of the free office space was insignificant for the years ended December 31, 2012, 2013 and 2014.

Office building leased from Vincent Tianquan Mo

The Group entered into an agreement with Vincent Tianquan Mo, the executive chairman of the board of directors and chief executive officer, 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$142, US$175 and US$174 and the corresponding shareholder contribution were included in the consolidated financial statements for the years ended December 31, 2012, 2013 and 2014, respectively.

Management service provided by Beihai Silver Beach

On April 1, 2013, the Group and Beihai Silver Beach entered into a contract, pursuant to which Beihai Silver Beach is engaged to manage the hotel and office leasing operations acquired through the BaoAn Acquisition for ten years. The management fees incurred for the years ended December 31, 2013 and 2014 were US$537 and US$700 respectively.

Hotel service fee

For the year ended December 31, 2014, Crowne Plaza and Upsky Long Island provided hotel accommodation to the Group amounting to US$7 and US$203 respectively.

For the year ended December 31, 2013, Guangxi Wharton, Crowne Plaza and Beihai Silver Beach provided hotel accommodation to the Group amounting to US$16, US$21 and US$110, respectively.

Use of domain name of Che Tian Xia Company Ltd.

In April 2013, the Group entered into a contract with Che Tian Xia Company Ltd. to use the latter's domain name for five years at nil consideration.

Use of Arden House

For the year ended December 31, 2013, Research Center provided meeting facility and accommodation at the Arden House, a property located in New York, the United States, to the Group at nil consideration.

The Group had the following related party balances as of December 31, 2013 and 2014:

	As of December 31,
	2013		2014
	US$		US$

Amounts due to a related party:
- Beihai Silver Beach		537		660

The balance as of December 31, 2013 and 2014 represented outstanding management fees which are unsecured and interest-free.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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EMPLOYEE DEFINED CONTRIBUTION PLAN

12 Months Ended

Dec. 31, 2014

EMPLOYEE DEFINED CONTRIBUTION PLAN [Abstract]

EMPLOYEE DEFINED CONTRIBUTION PLAN

21.

EMPLOYEE DEFINED CONTRIBUTION PLAN

Full time employees of the Group 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 Group make contributions to the government for these benefits based on certain percentages of the employees' salaries. The Group 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$12,040, US$14,795 and US$19,632, for the years ended December 31, 2012, 2013 and 2014, respectively.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2014

COMMITMENTS AND CONTINGENCIES [Abstract]

COMMITMENTS AND CONTINGENCIES

22.

COMMITMENTS AND CONTINGENCIES

Operating lease commitments

As of December 31, 2014, the Group had future minimum lease payments under non-cancellable operating leases with initial terms in excess of one year as follows:

	US$

2015		10,936
2016		7,378
2017		2,982
2018		20
2019 and thereafter		-

		21,316

Payments under operating leases are expensed on a straight-line basis over the periods of the respective leases. The Group'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 20. For the years ended December 31, 2012, 2013 and 2014, total rental expenses for all operating leases were US$12,540, US$12,915 and US$14,302, respectively.

Variable interest entity structure

In the opinion of management, (i) the ownership structure of the Company and the PRC Domestic Entities is in compliance with existing PRC laws and regulations; (ii) the contractual arrangements with the PRC Domestic Entities and their shareholders are valid, binding and enforceable, and will not result in any violation of PRC laws or regulations currently in effect; and (iii) the Group's business operations are in compliance with existing PRC laws and regulations in all material respects.

However, there are substantial uncertainties regarding the interpretation and application of current and future PRC laws and regulations. Accordingly, the Company cannot be assured that PRC regulatory authorities will not ultimately take a contrary view to its opinion. If the current ownership structure of the Group and its contractual arrangements with the PRC Domestic Entities are found to be in violation of any existing or future PRC laws and regulations, the Group may be required to restructure its ownership structure and operations in the PRC to comply with the changing and new PRC laws and regulations.If a finding were made by PRC authorities, under existing law and regulations or under the draft Foreign Investment Law if it becomes effective, that the Group's operation of certain of its operations and businesses through PRC Domestic Entities, regulatory authorities with jurisdiction over the licensing and operation of such operations and businesses would have broad discretion in dealing with such a violation, including levying fines, confiscating the Group's income, revoking the business or operating licenses of the affected businesses, requiring the Group to restructure its ownership structure or operations, or requiring the Group to discontinue all or any portion of its operations. Any of these actions could cause significant disruption to the Group's business operations, and have a severe adverse impact on the Group's cash flows, financial position and operating performance. In the opinion of management, the likelihood of loss in respect of the Group's current ownership structure or the contractual arrangements with the PRC Domestic Entities is remote based on current facts and circumstances.

Income taxes

As of December 31, 2014, the Group had recognized US$50,983 accrual for unrecognized tax benefits (Note 18). 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. As of December 31, 2014, the Group classified the accrual for unrecognized tax benefits as a current liability.

Guarantees

In accordance with ASC 460, the Group determined that the fair value of the guarantees provided on the transferred mortgage loans receivable (Note 9)was insignificant as of December 31, 2014 because the potential exposure to the Group was minimal, as each mortgage loan was guaranteed by the borrower's assets with a fair value substantially greater than the loan principal amounts. The maximum exposure to the Group is the difference between the proceeds from the sale of the collateral and the outstanding loan amount. Additionally, no contingent liability was recorded as of December 31, 2014 as there were no indicators that the borrowers will default in the foreseeable future.

- Definition

The entire disclosure for commitments and contingencies.

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SEGMENT REPORTING

12 Months Ended

Dec. 31, 2014

SEGMENT REPORTING [Abstract]

SEGMENT REPORTING

23.

SEGMENT REPORTING

In accordance with ASC 280 “Segment Reporting”, the Group'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 Group's consolidated results. As a result, the Group has only one reportable segment.

Entity-wide disclosures

The Group's revenues by its four product groups, including the new home product group, secondary and rental properties product group, home furnishing and improvement product group, and research product group were summarized as follows:

	For the Years Ended December 31,
	2012		2013		2014
	US$		US$		US$
Marketing services:
New home		222,963		258,479		260,333
Secondary and rental properties		1,203		919		1,093
Home furnishing and improvement		25,695		18,924		33,058

Total marketing service revenues		249,861		278,322		294,484

E-commerce services:
New home		102,019		188,102		244,294
Other product groups		143		5		50

Total E-commerce service revenues		102,162		188,107		244,344


Listing services:
Secondary and rental properties	55,114	144,963	124,172
Research	13,592	14,178	19,019
Other product groups	4,168	2,406	2,463

Total listing service revenues	72,874	161,547	145,654

Geographic disclosures

As the Group generates substantially all of its revenues from customers domiciled in the PRC, no geographical segments are presented. All of the Group's long-lived assets are located in the PRC except for building and land with net book value of US$56,376 and US$54,432 as of December 31, 2013 and 2014, respectively, which are located in the United States of America.

- Definition

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

+ References

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+ Details

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2014

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

24.

EARNINGS PER SHARE

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

	For the Years Ended December 31,
	2012				2013				2014
	US$		US$		US$		US$		US$		US$
	Class A		Class B		Class A		Class B		Class A		Class B
Earnings per share – basic:
Numerator:
Allocation of net income attributable to ordinary shareholders used in calculating income per ordinary share—basic		104,055		47,755		205,561		93,048		178,214		75,003
Denominator:
Weighted average number of ordinary shares outstanding used in calculating basic earnings per share		53,028,506		24,336,650		53,764,555		24,336,650		57,826,485		24,336,650
Denominator used for basic earnings per share		53,028,506		24,336,650		53,764,555		24,336,650		57,826,485		24,336,650
Earnings per share - basic		1.96		1.96		3.82		3.82		3.08		3.08

Earnings per share – diluted:
Numerator:
Allocation of net income attributable to ordinary shareholders used in calculating income per ordinary share		103,169		48,641		205,687		92,922		177,993		75,224
Effect of convertible senior notes		-		-		566		-		11,032		-
Allocation of net income attributable to ordinary shareholders used in calculating income per ordinary share—diluted after assumed conversion		103,169		48,641		206,253		92,922		189,025		75,224
Reallocation of net income attributable to ordinary shareholders as a result of conversion of Class B to Class A shares		48,641		-		92,922		-		75,224		-
Net income attributable to ordinary shareholders		151,810		48,641		299,175		92,922		264,249		75,224
Denominator:
Weighted average number of ordinary shares outstanding used in calculating basic earnings per share		53,028,506		24,336,650		53,764,555		24,336,650		57,826,486		24,336,650
Conversion of Class B to Class A ordinary shares		24,336,650		-		24,336,650		-		24,336,650		-
Employee stock options		4,559,409		1,912,500		6,297,183		1,912,500		6,106,284		1,912,500
Convertible senior notes		-		-		204,290		-		3,939,200		-
Denominator used for diluted earnings per share		81,924,565		26,249,150		84,602,678		26,249,150		92,208,620		26,249,150
Earnings per share –diluted		1.85		1.85		3.54		3.54		2.87		2.87

Options to purchase 50,000 (exercise price of US$23.94 per share), nil and nil ordinary shares were outstanding during the years ended 2012, 2013 and 2014, respectively, but were not included in the computation of diluted earnings per share because the options' exercise price was greater than the average fair value of the ordinary shares and, therefore, the effect would be anti-dilutive.

The Overallotment Option (Note 16) was not assumed to be exercised and was not included in the computation of diluted earnings per share for the year ended December 31, 2013 because the average prices of the convertible senior notes and the ADS obtainable upon conversion was at or below the exercise price of the Overallotment Option.

- Definition

The entire disclosure for earnings per share.

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SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2014

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

25.

SUBSEQUENT EVENTS

On February 10, 2015, the board of directors adopted resolutions to declare dividends in the aggregate of US$82,751 to the Group's shareholders. The dividends had been distributed as of the date these financial statements were issued.

On July 10, 2014, the Group entered into strategic cooperation agreement with a new home agency company, Shenzhen World Union Properties Consultancy Co., Ltd. (“World Union”) listed on the Shenzhen Stock Exchange. Pursuant to the strategic cooperation agreement, the Group will subscribe new shares of World Union in a private placement for 10% of World Union's outstanding share capital immediately after the completion of the private placement. The aggregate cash consideration for this strategic cooperation agreement amounts to approximately US$120 million. All of the necessary regulatory approvals have been obtained as of March 10, 2015 and the investment has not been completed as of the date these financial statements were issued.

The Group formally sued the real estate developer of the properties in Hainan in December 2014 and the case was heard in court on January 8, 2015. The final sentence was announced on January 23, 2015 and the real estate developer was obligated to assist the Group in obtaining the ownership certificates. As of the date these financial statements were issued the ownership certificates have not yet been obtained.

On March 31, 2015, the Group granted options to employees to acquire a total of 2,230,250 Class A ordinary shares at an exercise price of US$30.0 per share (or a total of 11,151,250 ADS at an exercise price of US$6.0 per ADS) under the 2010 Plan. The options are subject to a four year service vesting condition, certain performance conditions and have a contractual life of ten years.

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2014

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION [Abstract]

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

26.

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Condensed balance sheets

	As of December 31,
	2013		2014
	US$		US$

ASSETS
Current assets:
Cash and cash equivalents		238,947		20,374
Short-term investments		-		-
Prepayments and other current assets		918		714

Total current assets		239,865		21,088

Non-current assets:
Long-term investments		-		59,035
Other non-current assets		8,271		6,434
Investment in subsidiaries, PRC Domestic Entities and PRC Domestic Entities' subsidiaries		808,862		1,079,628

Total non-current assets		817,133		1,145,097

Total assets		1,056,998		1,166,185

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
Accrued expenses and other liabilities		554		435
Amounts due to subsidiaries and PRC Domestic Entities		262,977		133,141

Total current liabilities		263,531		133,576

Non-current liabilities:
Convertible senior notes		350,000		400,000

Total non-current liabilities		350,000		400,000

Total liabilities		613,531		533,576

Commitments and contingencies

Shareholders' equity:
Class A ordinary shares, par value HK$1.00 per share, 600,000,000 shares authorized for Class A and Class B in aggregate, and 57,440,895 shares and 58,364,924 shares issued and outstanding as of December 31, 2013 and 2014, respectively		7,376		7,495
Class B ordinary shares, par value HK$ 1.00 per share, 600,000,000 shares authorized for Class A and Class B in aggregate, and 24,336,650 shares and 24,336,650 shares issued and outstanding as of December 31, 2013 and 2014, respectively		3,124		3,124
Additional paid-in capital		89,071		101,072
Accumulated other comprehensive income		43,381		49,566
Retained earnings		300,515		471,352

Total shareholders' equity		443,467		632,609

Total liabilities and shareholders' equity		1,056,998		1,166,185

Condensed statements of comprehensive income

	For the Years Ended December 31,
	2012			2013			2014
	US$			US$			US$

Revenues		-			-			-
Cost of revenues		-			-			-
Gross profit		-			-			-
General and administrative expenses		(49	)		(460	)		(867	)

Operating loss		(49	)		(460	)		(867	)

Equity in profits of subsidiaries, PRC Domestic Entities and PRC Domestic Entities' Subsidiaries		151,649			298,812			270,241
Interest income		-			-			3,303
Interest expenses		-			(566	)		(11,033	)
Realized gain on available-for-sale security (including accumulated other comprehensive income reclassifications for unrealized net gain on available-for-sale security of nil, US$821 and nil for the years ended December 31, 2012, 2013 and 2014, respectively)		-			821			-
Other-than-temporary impairment on available-for-sale securities		(14	)		-			(8,417	)
Foreign exchange gain (loss)		224			2			(10	)

Income before income taxes		151,810			298,609			253,217

Income tax expenses		-			-			-

Net income		151,810			298,609			253,217

Other comprehensive income, net of tax
Foreign currency translation adjustments		1,378			20,150			(4,323	)

Unrealized gain on available-for-sale securities		743			78			10,508
Reclassification adjustment for gain included in net income		-			(821	)		-

Other comprehensive income, net of tax		2,121			19,407			6,185
Comprehensive income		153,931			318,016			259,402

Condensed statements of cash flows

	2012			2013		2014
	US$			US$		US$

Net cash (used in)provided by operating activities		(588	)		1,192		914
Net cash provided by (used in) investing activities		-			1,464		(118,045	)
Net cash (used in) provided by financing activities		(35,088	)		225,875		(101,442	)
Net (decrease) increase in cash and cash equivalents		(35,676	)		228,531		(218,573	)
Cash and cash equivalents at beginning of year		46,092			10,416		238,947
Cash and cash equivalents at end of year		10,416			238,947		20,374

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 of subsidiaries, PRC Domestic Entities and PRC Domestic Entities' subsidiaries” on the condensed statements of comprehensive income. The parent company only condensed financial information should be read in conjunction with the Company's consolidated financial statements.

- Definition

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

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2014

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Use of Estimates

Use of Estimates

Principles of Consolidation

Principles of Consolidation

Business Combinations

Business Combinations

Foreign Currency Translation and Transactions

Foreign Currency Translation and Transactions

Cash and Cash Equivalents

Cash and Cash Equivalents

Restricted Cash

Restricted Cash

Investments

Investments

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.

Accounts Receivable and Allowance for Doubtful Accounts

Accounts Receivable and Allowance for Doubtful Accounts

Funds Receivable

Funds Receivable

Commitment deposits

Commitment deposits

Loans receivable

Loans receivable

Commencing in August 2014, the Group entered into arrangements with third-party investors under which the Group sold its economic benefits in certain mortgage loans receivable in exchange for cash. Sales of mortgage loans receivable to investors are accounted for in accordance with ASC 860 “Transfers and Servicing”. The Group derecognizes the mortgage loans receivable if (i) the loans have been legally isolated from the Group; (ii) there are no constraints on investors to pledge or exchange the mortgage loans; and (iii) the Group does not maintain effective control over the mortgage loans.

Property and Equipment, Net

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	Estimated Residual Value

Office equipment	5 years	5-10%
Motor vehicles	5 years	5%
Leasehold improvement	shorter of lease term or economic lives	-
Buildings	12 -38years	-

Land is stated at cost and is not depreciated.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The Group applies ASC 820 in measuring fair value. ASC 820defines 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.

The Group measures its available-for-sale securities at fair value using quoted prices from the active markets.

Assets measured at fair value on a recurring basis as of December 31, 2014 are summarized below. There were no such assets as of December 31, 2013.

Fair Value Measurement at December 31, 2014

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,
2014

US$

Available-for-sale securities

59,035

Revenue Recognition

Revenue Recognition

Marketing Services

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

E-Commerce Services

E-commerce service revenues consist of revenues derived from:

(1) SouFun membership services

(2) Online marketplace platform

(3) Direct sales services

Listing Services

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

(1)

Basic listing services

(2)

Special listing services

Other Value-added Services

Cost of Revenues

Cost of Revenues

In addition, cost of revenues includes the 5% BT or 6% of VAT for the technology consultancy service fees charged by the WOFEs to the PRC Domestic Entities.

Advertising Expenditure

Advertising Expenditure

Leases

Leases

Income Taxes

Income Taxes

Share-based Compensation

Share-based Compensation

Earnings per Share

Earnings per Share

Derivative Instruments

Derivative Instruments

Comprehensive Income

Comprehensive Income

Contingencies

Contingencies

Recent accounting pronouncements

Recent accounting pronouncements

ORGANIZATION AND BASIS OF PRESENTATION (Tables)

12 Months Ended

Dec. 31, 2014

ORGANIZATION AND BASIS OF PRESENTATION [Abstract]

Details of Subsidiaries and PRC Domestic Entities

Company	Date of Establishment	Place of Establishment	Percentage of Ownership by the Company		Principal Activities


Search Estate Holdings Limited (“Search Estate”)	July 21, 2014	BVI	100	%	Investment holding

Next Milestone Holdings Limited (“Next Milestone”)	March 6, 2014	BVI	100	%	Investment holding

Sou You Tian Xia Holdings (BVI) Limited (“Sou You Tian Xia (BVI)”)	August 31, 2011	BVI	100	%	Investment holding

Best Scholar Holdings Limited (“Best Scholar”)	July 1, 2011	BVI	100	%	Investment holding

China Property Holdings (BVI) Limited (“China Property (BVI)”)	April 26, 2011	BVI	100	%	Investment holding

China Home Holdings (BVI) Limited (“China Home (BVI)”)	April 16, 2010	BVI	100	%	Investment holding

Pendiary Investments Limited (“Pendiary”)	August 16, 2007	BVI	100	%	Investment holding

Selovo Investments Limited (“Selovo”)	August 10, 2007	BVI	100	%	Investment holding

Sou You Tian Xia Holdings Limited (“Sou You Tian Xia”)	August 31,2011	Cayman Islands	100	%	Investment holding

China Property Holdings Limited (“China Property”)	April 26, 2011	Cayman Islands	100	%	Investment holding

China Home Holdings Limited (“China Home”)	April 16, 2010	Cayman Islands	100	%	Investment holding

Company	Date of Establishment	Place of Establishment	Percentage of Ownership by the Company		Principal Activities

Walkinston PTE. Limited (“Walkinston”)	November 3, 2014	Singapore	100	%	Investment holding

Wall Street Index Research Center LLC (“Wall Street”)	November 1, 2011	United States of America	100	%	Investment holding

Best Scholar Holdings (Delaware) Limited (“Best Scholar (Delaware)”)	March 3, 2011	United States of America	100	%	Investment holding

Best Work Holdings (New York) LLC (“Best Work”)	March 14, 2011	United States of America	100	%	Investment holding

Sou You Tian Xia Holdings (HK) Limited (“Sou You Tian Xia (HK)”)	September 28, 2011	Hong Kong	100	%	Investment holding

Hong Kong Property Network Limited (“HK Property”)	May 19, 2011	Hong Kong	100	%	Investment holding

China Home Holdings (HK) Limited (“China Home (HK)”)	May 12, 2010	Hong Kong	100	%	Investment holding

China Institute of Real Estate Agents Limited (“China Institute of Real Estate Agents”)	May 12, 2010	Hong Kong	100	%	Investment holding

Bravo Work Investments Limited (“Bravo Work”)	October 29, 2007	Hong Kong	100	%	Investment holding

China Index Academy Limited (“China Index Academy”)	October 26, 2007	Hong Kong	100	%	Investment holding

SouFun International Limited (“SouFun International”)	August 7, 2000	Hong Kong	100	%	Investment holding

Shanghai Jia Tian Xia Financing Guarantee Co., Ltd (“Shanghai Jia Tian Xia Financing Guarantee”)*	January 22, 2015	PRC	100	%	Provision of financing guarantee services

Shanghai SouFun Microfinance Co.,Ltd.(“Shanghai SouFun Microfinance”)*	January 19, 2015	PRC	70%		Provision of Microfinance services

Tianjin Jia Tian Xia Commercial Factoring Co., Ltd.(“Tianjian Jia Tian Xia Commercial Factoring”)	December 22, 2014	PRC	100	%	Provision of commercial factoring services

Chongqing Tian Xia Dai Microfinance Co., Ltd (“Chongqing Tian Xia Dai Microfinance”)	December 11, 2014	PRC	100	%	Provision of microfinance services

Tianjin Jia Tian Xia Microfinance Co. ,Ltd. (“Tianjin Jia Tian Xia Microfinance”)	December 5, 2014	PRC	100	%	Provision of microfinance services

Beijing Fang Tian Xia Decorative Engineering Co., Ltd.(“Beijing Fang Tian Xia Decorative Engineering”)	October 15, 2014	PRC	100	%	Provision of home decorservices

Beihai Tian Xia Dai Microfinance Co., Ltd.(“Beihai Tian Xia Dai Microfinance”)	September 12, 2014	PRC	100	%	Provision of microfinance services

Company	Date of Establishment	Place of Establishment	Percentage of Ownership by the Company		Principal Activities

Beihai Tian Xia Dai Financing Guarantee Co., Ltd.(“Beihai Tian Xia Dai Financing Guarantee”)	August 29, 2014	PRC	100	%	Provision of finance guarantee services

Jia Tian Xia Network Technology Co., Ltd. (“Jia Tian Xia Network Technology”)	April 15, 2014	PRC	100	%	Provision of technology and information consultancy services

Beijing Hong An Jia Ye Network Technology Co., Ltd. (“Hong An Jia Ye Network”)	December 20, 2013	PRC	100	%	Provision of technology and information consultancy services

Hangzhou SouFun Network Technology Co., Ltd. (“Hangzhou SouFun Network”)	August 27, 2013	PRC	100	%	Provision of technology and information consultancy services

Shanghai BaoAn Enterprise Co., Ltd. (“Shanghai BaoAn Enterprise”)	March 31, 2013	PRC	75%*		Lease, resale and management of property

Shanghai BaoAn Hotel Co., Ltd. (“Shanghai BaoAn Hotel”)	March 31, 2013	PRC	75%**		Operation and management of hotel, restaurant and other catering business

Beijing Li Man Wan Jia Network Technology Co., Ltd. (“Beijing Li Man Wan Jia”)	July 25, 2012	PRC	100	%	Provision of technology and information consultancy services

Beijing Si Kai Property Co., Ltd. (Beijing Si Kai Property)(formerly known as “Beijing Sou You Tian Xia”)	May 24, 2012	PRC	100	%	Provision of technology and information consultancy services

Tianjin SouFun Network Technology Co., Ltd. (“Tianjin SouFun Network”)	March 1, 2012	PRC	100	%	Provision of technology and information consultancy services

Beijing Zhong Zhi Xun Bo Information Technology Co. Ltd. (“Zhongzhi XunBo”)	January 6, 2012	PRC	100	%	Provision of technology and information consultancy services

Beijing Jia Shang Li Nian Network Technology Co., Ltd. (“Beijing Jia Shang”)	June 9, 2011	PRC	100	%	Provision of technology and information consultancy services

Beijing Tuo Shi Huan Yu Network Technology Co., Ltd. (“Beijing TuoShi”)	March1,2011	PRC	100	%	Provision of technology and information consultancy services

Beijing Hong An Tu Sheng Network Technology Co., Ltd. (“Beijing Hong An”)	January 1, 2011	PRC	100	%	Provision of technology and information consultancy services

Beijing Zhong Zhi Shi Zheng Information Technology Co. Ltd. (“Beijing Zhongzhi”)	June 5, 2007	PRC	100	%	Provision of technology and information consultancy services

Beijing SouFun Network Technology Co., Ltd. (“SouFun Network”)	March 16, 2006	PRC	100	%	Provision of technology and information consultancy services

SouFun Media Technology (Beijing) Co., Ltd. (“SouFun Media”)	November 28, 2002	PRC	100	%	Provision of technology and information consultancy services

**	Shanghai China Index owns the remaining 25% equity interest.

Company	Date of Establishment	Place of Establishment	Percentage of Ownership by the Company		Principal Activities

Shanghai SouFun Information Co., Ltd. (“SouFun Shanghai”)	May 31, 2000	PRC	100	%	Provision of technology and information consultancy services

Shenzhen Qian Hai Fang Guan Jia Co., Ltd. (“Shenzhen Qian Hai Fang Guan Jia”)	October 22, 2014	PRC	Nil		Provision of property management consultancy services

Guangxi Beibuwan Financial Information Consulting Co., Ltd. (“Guangxi Beibuwan Financial Information Consulting”)	July 2, 2014	PRC	Nil		Provision of finance information consultancy services

Shanghai Shiji Jia Tian Xia Financial Information service Co., Ltd. (“Shanghai Jia Tian Xia Financial Information”)	April 28, 2014	PRC	Nil		Provision of finance information services

Beijing Tianxia Dai Information service Co., Ltd. (“Tianxia Dai Information”)	April 9, 2014	PRC	Nil		Provision of finance information services

Hanzhou Ji Ju Real Estate Broking Co., Ltd. (“Hanzhou Ji Ju”)	December 23, 2013	PRC	Nil		Provision of real estate agency services and real estate information services

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

Shanghai BaoAn Property Management Co., Ltd. (“Shanghai BaoAn Property”)	March 31, 2013	PRC	Nil		Property Management

Beijing Li Tian Rong Ze Wan Jia Technology Development Co., Ltd. (“Beijing Li Tian Rong Ze Wan Jia”)	December 1, 2012	PRC	Nil		Provision of marketing services and listing services

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

Beijing Yi Ran Ju Ke Technology Development Co., Ltd. (“Beijing Yi Ran Ju Ke”)	September 10, 2011	PRC	Nil		Provision of marketing services, rental services and real estate agency services

Beijing Li Tian Rong Ze Technology Development Co., Ltd. (“Beijing Li Tian Rong Ze”)	September 10, 2009	PRC	Nil		Provision of marketing services and listing services

Tianjin Jia Tian Xia Advertising Co., Ltd. (“Tianjin JTX Advertising”)	November 22, 2007	PRC	Nil		Provision of marketing services and listing services

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

***

Company	Date of Establishment	Place of Establishment	Percentage of Ownership by the Company	Principal Activities

Shanghai SouFun Advertising Co., Ltd. (“Shanghai Advertising”)	December 12, 2006	PRC	Nil	Provision of marketing services and listing services

Shanghai China Index Consultancy Co., Ltd. (“Shanghai China Index”)	December 12, 2006	PRC	Nil	Provision of other value-added services

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

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

Beijing China Index Information Co., Ltd. (“Beijing China Index”)	November 8, 2004	PRC	Nil	Provision of other value-added services

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

Beijing Jia Tian Xia Advertising Co., Ltd. (“Beijing Advertising”)	September 1, 2000	PRC	Nil	Provision of marketing services, listing services and e-commerce services

Carrying Amount of Assets and Liabilities

	As of December 31,
	2013		2014
	US$		US$
ASSETS
Current assets:
Cash and cash equivalents		135,814		28,856
Restricted cash, current		255,917		97,988
Short-term investments		10,138		22,774
Accounts receivable (net of allowance of US$3,595 and US$4,719 as of December 31, 2013 and 2014, respectively)		13,177		11,847
Commitment deposits		-		47,312
Prepayments and other current assets		21,549		20,553
Deferred tax assets, current		565		1,462

Total current assets		437,160		230,792

Non-current assets:
Property and equipment, net		16,068		18,166
Long-term investments		34,251		120,819
Restricted cash, non-current		224,039		109,495
Deferred tax assets, non-current		11		271
Prepayment for business acquisition		-		9,806
Other non-current assets		10,466		7,814

Total non-current assets		284,835		266,371

Total assets		721,995		497,163

	As of December 31,
	2013		2014
	US$		US$
Current liabilities:
Deferred revenue		28,284		30,671
Accrued expenses and other liabilities		57,380		64,846
Customer's refundable fees		10,418		17,637
Income tax payable		95		6,742
Intercompany payable to the WOFEs		409,983		137,168

Total current liabilities		506,160		257,064

Non-current liabilities:
Other non-current liabilities		7		4

Total non-current liabilities		7		4

Total liabilities		506,167		257,068

Net assets		215,828		240,095

Result of Operations

	For the Years Ended December 31,
	2012		2013		2014
	US$		US$		US$
Total revenues		157,859		93,715		107,950
Net income		58,898		10,131		25,464

Summary of Cash Flow Activities

	For the Years Ended December 31,
	2012			2013			2014
	US$			US$			US$
Net cash generated from (used in) operating activities		109,216			211,049			113,176
Net cash (used in) generated from investing activities		(32,406	)		14,427			(113,148	)
Net cash (used in) generated from financing activities		(71,151	)		(117,616	)		(106,688	)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2014

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Property and Equipment Estimated Useful Lives of Assets

Category	Estimated Useful Life	Estimated Residual Value

Office equipment	5 years	5-10%
Motor vehicles	5 years	5%
Leasehold improvement	shorter of lease term or economic lives	-
Buildings	12 -38years	-

Assets Measeured Fair Value on a Recurring Basis

Fair Value Measurement at December 31, 2014

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,
2014

US$

Available-for-sale securities

59,035

BUSINESS ACQUISITION (Tables)

12 Months Ended

Dec. 31, 2014

BUSINESS ACQUISITION [Abstract]

Estimated Aggregate Fair Values of Assets Acquired and Liabilities Assumed

	US$

Cash and cash equivalents		3,169
Prepayments and other current assets		1,800
Property and equipment, net		140,231
Deferred tax assets, non-current		1,093
Total identifiable assets acquired		146,293

Accrued expenses and other liabilities		(1,290	)
Other non-current liabilities		(919	)
Deferred tax liabilities, non-current		(16,368	)
Total liabilities assumed		(18,577	)

Net identifiable assets acquired		127,716
Gain on bargain purchase		(102	)
Total consideration		127,614

Pro Forma Information of Results of Operations

	For the Years Ended December 31,
	2012		2013
	US$		US$

Pro forma total revenues		430,258		637,379
Pro forma net income		149,495		298,376
Pro forma net income per ordinary share-basic		1.93		3.82
Pro forma net income per ordinary share-diluted		1.82		3.53

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2014

INVESTMENTS [Abstract]

Short-Term Investment and Long-Term Investment

	As of December 31,
	2013		2014
	US$		US$
Short-term investments
Fixed-rate time deposits		10,138		455,184

Long-term investments:
Available-for-sale securities:
-Color Life Service Group ("Color Life")		-		24,091
-Hopefluent Group Holdings Limited ("Hopefluent")		-		34,944
		-		59,035
Cost method investment
-Tospur Real Estate Consulting Co., Ltd. ("Tospur")		-		62,257

		-		121,292

Summary of Available-for-Sale Securities

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Net Carrying Amount)
	US$		US$		US$		US$

December 31, 2014
-Color Life		13,583		10,508		-		24,091
-Hopefluent		34,944		-		-		34,944

		48,527		10,508		-		59,035

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References+ Details

ACCOUNTS RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2014

ACCOUNTS RECEIVABLE [Abstract]

Accounts Receivable

	As of December 31,
	2013			2014
	US$			US$

Accounts receivable		59,560			71,088
Allowance for doubtful accounts		(15,019	)		(21,397	)

Accounts receivable, net		44,541			49,691

Allowance for Doubtful Accounts

	For the Years Ended December 31,
	2012			2013			2014
	US$			US$			US$
Movement in allowance for doubtful accounts:
Balance at beginning of year		9,217			12,122			15,019
Additional provision charged to expenses		12,339			13,437			17,377
Write-offs		(9,460	)		(10,953	)		(10,933	)
Foreign currency translation adjustments		26			413			(66	)

Balance at end of year		12,122			15,019			21,397

TAXATION (Tables)

12 Months Ended

Dec. 31, 2014

TAXATION [Abstract]

Income Before Income Taxes

	For the Years Ended December 31,
	2012			2013			2014
	US$			US$			US$
PRC		228,919			390,488			365,370
Non-PRC		(21,210	)		(22,045	)		(30,544	)

		207,709			368,443			334,826

Income Tax Expenses Benefits

	For the Years Ended December 31,
	2012		2013		2014
	US$		US$		US$
Current tax expense		31,038		54,299		54,270
Deferred tax expense		24,867		15,482		27,339

		55,905		69,781		81,609

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

	For the Years Ended December 31,
	2012			2013			2014
	US$			US$			US$
Income before income taxes		207,709			368,443			334,826
Income tax at applicable tax rate of 25%		51,927			92,111			83,707
Effect of international tax rate differences		453			1,384			4,208
Non-deductible expenses		8,593			3,492			8,053
Effect of tax holidays or preferential tax rates		(33,077	)		(45,902	)		(54,757	)
Effect of tax rate changes		(1,974	)		(15,101	)		(4,769	)
Investment basis difference in the PRC Domestic Entities		10,046			1,537			3,884
Withholding tax		16,867			28,632			23,164
Changes in valuation allowance		1,085			4,283			(82	)
Unrecognized tax benefits		(419	)		(3,120	)		393
Changes in interest and penalties on unrecognized tax benefits		2,404			2,465			17,808

		55,905			69,781			81,609

Unrecognized Tax Benefits, Exclusive of Related Interest and Penalties

	As of December 31,
	2012			2013			2014
	US$			US$			US$

Balance at beginning of year		7,439			15,336			24,756
Increase relating to current year tax positions		10,074			12,358			26,307
Decrease relating to expiration of applicable statute of limitations		(2,205	)		(3,510	)		-
Foreign currency translation adjustments		28			572			(80	)

Balance at end of year		15,336			24,756			50,983

Aggregate Amount and Effect of Tax Holidays and Preferential Tax Rates

	For the Years Ended December 31,
	2012			2013			2014
	US$			US$			US$

The aggregate amount		(33,077	)		(45,902	)		(54,757	)
The aggregate effect on basic and diluted earnings per share for Class A and Class B ordinary shares:
—Basic		0.43			0.59			0.67
—Diluted		0.40			0.54			0.59

Components of Deferred Taxes

	As of December 31,
	2013			2014
	US$			US$

Deferred tax assets, current
Accrued expenses		3,165			2,991

Total deferred tax assets, current		3,165			2,991

Deferred tax assets, non-current
Net operating losses		7,349			7,109
Less: Valuation allowance		(5,621	)		(5,539	)

Total deferred tax assets, non-current, net		1,728			1,570

Deferred tax liabilities, non-current
Investment basis in the PRC entities		(68,342	)		(95,199	)
BaoAn Acquisition – Property		(16,425	)		(15,827	)

Deferred tax liabilities, non-current		(84,767	)		(111,026	)

SHARE-BASED PAYMENTS (Tables)

12 Months Ended

Dec. 31, 2014

SHARE-BASED PAYMENTS [Abstract]

Summary of Equity Award Activity

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, 2013		7,918,231			8.70		3.62		6.80	US$	583,631
Granted		-			-		-
Forfeited		(175,715	)		14.89		5.50
Expired		(2,065	)		11.15		4.01
Exercised		(924,029	)		7.86		3.12
Outstanding, December 31, 2014		6,816,422			8.66		3.64		5.96	US$	192,859
Vested and expected to vest at December 31, 2014		6,816,422			8.66		3.64		5.96	US$	192,859
Exercisable at December 31, 2014		5,762,152			7.90		3.54		5.66	US$	167,396

Included both Class A and Class B ordinary shares^.

Assumptions Used to Estimate Fair Value

	For the Years Ended December 31,
	2012	2013		2014

Risk-free interest rate	1.5%-1.8%		-		-
Dividend yield	8.35% and 11.15%		-		-
Expected volatility range	59.88%-61.64%		-		-
Weighted average expected life	8.15years		-		-
Estimated forfeiture rate	0%		-		-
Fair value of ordinary share	$4.10-$9.00		-		-
Suboptimal exercise factor	1.5-2.5		-		-

Share - Based Compensation Expense

	For the Years Ended December 31,
	2012		2013		2014
	US$		US$		US$

Cost of revenues		1,162		1,143		782
Selling expenses		1,626		1,621		1,122
General and administrative expenses		4,361		4,264		2,778

		7,149		7,028		4,682

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

+ References+ Details

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2014

Related Parties

Related Parties

Name of Related Parties		Relationship with the Group

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

Richard Jiangong Dai		Director of the board and former chief executive officer

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 (“Research Center”)		A company under the control of Vincent Tianquan Mo

Crowne Plaza San Francisco-International Airport (“Crowne Plaza”)		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

Related Party Transactions

The Group had the following related party transactions for the years ended December 31, 2012, 2013 and 2014:

	For the Years Ended December 31,
	2012		2013		2014
	US$		US$		US$

Training service fee incurred:
- Wall Street Global Training Center, Inc.		1,595		250		-
Office building leased from:
- Vincent Tianquan Mo		142		175		174
Management fee incurred:
- Beihai Silver Beach		-		537		700
Hotel service fee incurred:
- Guangxi Wharton		-		16		-
- Crowne Plaza		-		21		7
- Beihai Silver Beach		-		110		-
- Upsky Long Island		-		-		203

Related Party Balances

The Group had the following related party balances as of December 31, 2013 and 2014:

	As of December 31,
	2013		2014
	US$		US$

Amounts due to a related party:
- Beihai Silver Beach		537		660

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2014

SEGMENT REPORTING [Abstract]

Revenues by Product Groups

	For the Years Ended December 31,
	2012		2013		2014
	US$		US$		US$
Marketing services:
New home		222,963		258,479		260,333
Secondary and rental properties		1,203		919		1,093
Home furnishing and improvement		25,695		18,924		33,058

Total marketing service revenues		249,861		278,322		294,484

E-commerce services:
New home		102,019		188,102		244,294
Other product groups		143		5		50

Total E-commerce service revenues		102,162		188,107		244,344


Listing services:
Secondary and rental properties	55,114	144,963	124,172
Research	13,592	14,178	19,019
Other product groups	4,168	2,406	2,463

Total listing service revenues	72,874	161,547	145,654

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2014

EARNINGS PER SHARE [Abstract]

Basic and Diluted Earnings Per Share

	For the Years Ended December 31,
	2012				2013				2014
	US$		US$		US$		US$		US$		US$
	Class A		Class B		Class A		Class B		Class A		Class B
Earnings per share – basic:
Numerator:
Allocation of net income attributable to ordinary shareholders used in calculating income per ordinary share—basic		104,055		47,755		205,561		93,048		178,214		75,003
Denominator:
Weighted average number of ordinary shares outstanding used in calculating basic earnings per share		53,028,506		24,336,650		53,764,555		24,336,650		57,826,485		24,336,650
Denominator used for basic earnings per share		53,028,506		24,336,650		53,764,555		24,336,650		57,826,485		24,336,650
Earnings per share - basic		1.96		1.96		3.82		3.82		3.08		3.08

Earnings per share – diluted:
Numerator:
Allocation of net income attributable to ordinary shareholders used in calculating income per ordinary share		103,169		48,641		205,687		92,922		177,993		75,224
Effect of convertible senior notes		-		-		566		-		11,032		-
Allocation of net income attributable to ordinary shareholders used in calculating income per ordinary share—diluted after assumed conversion		103,169		48,641		206,253		92,922		189,025		75,224
Reallocation of net income attributable to ordinary shareholders as a result of conversion of Class B to Class A shares		48,641		-		92,922		-		75,224		-
Net income attributable to ordinary shareholders		151,810		48,641		299,175		92,922		264,249		75,224
Denominator:
Weighted average number of ordinary shares outstanding used in calculating basic earnings per share		53,028,506		24,336,650		53,764,555		24,336,650		57,826,486		24,336,650
Conversion of Class B to Class A ordinary shares		24,336,650		-		24,336,650		-		24,336,650		-
Employee stock options		4,559,409		1,912,500		6,297,183		1,912,500		6,106,284		1,912,500
Convertible senior notes		-		-		204,290		-		3,939,200		-
Denominator used for diluted earnings per share		81,924,565		26,249,150		84,602,678		26,249,150		92,208,620		26,249,150
Earnings per share –diluted		1.85		1.85		3.54		3.54		2.87		2.87

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2014

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION [Abstract]

Condensed Balance Sheets

	As of December 31,
	2013		2014
	US$		US$

ASSETS
Current assets:
Cash and cash equivalents		238,947		20,374
Short-term investments		-		-
Prepayments and other current assets		918		714

Total current assets		239,865		21,088

Non-current assets:
Long-term investments		-		59,035
Other non-current assets		8,271		6,434
Investment in subsidiaries, PRC Domestic Entities and PRC Domestic Entities' subsidiaries		808,862		1,079,628

Total non-current assets		817,133		1,145,097

Total assets		1,056,998		1,166,185

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
Accrued expenses and other liabilities		554		435
Amounts due to subsidiaries and PRC Domestic Entities		262,977		133,141

Total current liabilities		263,531		133,576

Non-current liabilities:
Convertible senior notes		350,000		400,000

Total non-current liabilities		350,000		400,000

Total liabilities		613,531		533,576

Commitments and contingencies

Shareholders' equity:
Class A ordinary shares, par value HK$1.00 per share, 600,000,000 shares authorized for Class A and Class B in aggregate, and 57,440,895 shares and 58,364,924 shares issued and outstanding as of December 31, 2013 and 2014, respectively		7,376		7,495
Class B ordinary shares, par value HK$ 1.00 per share, 600,000,000 shares authorized for Class A and Class B in aggregate, and 24,336,650 shares and 24,336,650 shares issued and outstanding as of December 31, 2013 and 2014, respectively		3,124		3,124
Additional paid-in capital		89,071		101,072
Accumulated other comprehensive income		43,381		49,566
Retained earnings		300,515		471,352

Total shareholders' equity		443,467		632,609

Total liabilities and shareholders' equity		1,056,998		1,166,185

Condensed Statements of Comprehensive Income

	For the Years Ended December 31,
	2012			2013			2014
	US$			US$			US$

Revenues		-			-			-
Cost of revenues		-			-			-
Gross profit		-			-			-
General and administrative expenses		(49	)		(460	)		(867	)

Operating loss		(49	)		(460	)		(867	)

Equity in profits of subsidiaries, PRC Domestic Entities and PRC Domestic Entities' Subsidiaries		151,649			298,812			270,241
Interest income		-			-			3,303
Interest expenses		-			(566	)		(11,033	)
Realized gain on available-for-sale security (including accumulated other comprehensive income reclassifications for unrealized net gain on available-for-sale security of nil, US$821 and nil for the years ended December 31, 2012, 2013 and 2014, respectively)		-			821			-
Other-than-temporary impairment on available-for-sale securities		(14	)		-			(8,417	)
Foreign exchange gain (loss)		224			2			(10	)

Income before income taxes		151,810			298,609			253,217

Income tax expenses		-			-			-

Net income		151,810			298,609			253,217

Other comprehensive income, net of tax
Foreign currency translation adjustments		1,378			20,150			(4,323	)

Unrealized gain on available-for-sale securities		743			78			10,508
Reclassification adjustment for gain included in net income		-			(821	)		-

Other comprehensive income, net of tax		2,121			19,407			6,185
Comprehensive income		153,931			318,016			259,402

Condensed Statements of Cash Flows

	2012			2013		2014
	US$			US$		US$

Net cash (used in)provided by operating activities		(588	)		1,192		914
Net cash provided by (used in) investing activities		-			1,464		(118,045	)
Net cash (used in) provided by financing activities		(35,088	)		225,875		(101,442	)
Net (decrease) increase in cash and cash equivalents		(35,676	)		228,531		(218,573	)
Cash and cash equivalents at beginning of year		46,092			10,416		238,947
Cash and cash equivalents at end of year		10,416			238,947		20,374

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, 2014

Search Estate Holdings Limited ("Search Estate") [Member]

ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Company's Subsidiaries, PRC Domestic Entities and PRC Domestic Entities' Subsidiaries (Parenthetical) (Detail) (Shanghai China Index [Member])	Dec. 31, 2014
Shanghai China Index [Member]
Summary of Investment Holdings [Line Items]
Percentage of Ownership	25.00%

ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Carrying Amounts of assets and Liabilities of PRC Domestic Entities and PRC Domestic Entities' Subsidiaries) (Parenthetical) (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Condensed Balance Sheet Statements, Captions [Line Items]
Accounts receivable, allowance	$ 21,397	$ 15,019	$ 12,122	$ 9,217
PRC Domestic Entities and the PRC Domestic Entities' subsidiaries [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Accounts receivable, allowance	$ 4,719	$ 3,595

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail)	12 Months Ended						12 Months Ended					1 Months Ended
	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2014 Market Approach Valuation [Member] USD ($)	Dec. 31, 2014 Funds receivable [Member] USD ($)	Dec. 31, 2013 Funds receivable [Member] USD ($)	Dec. 31, 2014 Maximum [Member] CNY	Dec. 31, 2014 Maximum [Member] Cash and Cash Equivalents [Member]	Dec. 31, 2014 Maximum [Member] Loan receivables	Dec. 31, 2014 Minimum [Member] CNY	Dec. 31, 2014 Minimum [Member] Loan receivables	Feb. 08, 2012 Beijing SouFun Information Consultancy Co., Ltd ("Beijing Information") [Member]	Dec. 23, 2013 Guangxi Overseas Talent Industrial Park Investment Co., Ltd. ('Guangxi Overseas Talent') [Member] USD ($)
Significant Accounting Policies [Line Items]
Disposed entity, Carrying amount of net assets reatined by company													$ 1,204,000
Disposition of equity interest												90.00%	60.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners													40.00%
Disposed entity, Carrying amount of net assets													1,707,000
Return of share capital to noncontrolling interest holder upon disposal of a PRC Domestic Entity's subsidiary		683,000											683,000
Cash equivalents maturity period							90 days
Short term investments maturity period							365 days	90 days		90 days
Other than temporary impairment losses investments available for sale securities	8,417,000		14,000
Allowance for doubtful accounts	21,397,000	15,019,000			0	0
Commitment deposits, default	0
Allowance for doubtful accounts for commitment deposits	0
Extended loan periods									36 months		1 month
Gains losses on sale of loan receivables	0
Estimated fair value of convertible senior notes				353,316,000
Membership services fee							20,000.00			5,000.00
Commission rate							15.00%			5.00%
Business tax and surcharges	44,003,000	38,783,000	28,901,000
Business tax rate	5.00%
Value added tax rate	6.00%
Advertising costs	$ 6,202,000	$ 8,627,000	$ 6,525,000
Capital lease description	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.
Percentage of estimated remaining economic life for lease term	75.00%
Percentage of fair value of leased property	90.00%
Percentage threshold for recognition of tax position that meet more likely than not measured at largest amount of tax benefit	50.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Estimated Useful Lives of Assets) (Detail)	12 Months Ended
	Dec. 31, 2014
Office equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	5 years
Motor vehicles [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	5 years
Property plant and equipment residual value as percentage of original cost	5.00%
Leasehold improvement [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	shorter of lease term or economic lives
Property plant and equipment residual value as percentage of original cost
Building [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment residual value as percentage of original cost
Minimum [Member] \| Office equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment residual value as percentage of original cost	5.00%
Minimum [Member] \| Building [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	12 years
Maximum [Member] \| Office equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment residual value as percentage of original cost	10.00%
Maximum [Member] \| Building [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	38 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Assets Measured at Fair Value on Recurring Basis) (Detail) (Available-for-sale security [Member], USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets, fair value disclosure, recurring	$ 59,035
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets, fair value disclosure, recurring	$ 59,035

BUSINESS ACQUISITION (Narrative) (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014 item	Dec. 31, 2013	Dec. 31, 2012
Business Acquisition [Line Items]
Gain on bargain purchase		$ 102
Number of business acquisitions	0
BaoAn [Member]
Business Acquisition [Line Items]
Gain on bargain purchase		102
Deferred tax liabilities, non-current		$ 16,368

PREPAYMENT FOR BUSINESS ACQUISITION (Narrative) (Details) (Beijing Run Ze Microfinance Limited [Member], USD $) In Thousands, unless otherwise specified	0 Months Ended	12 Months Ended
	Dec. 22, 2014	Dec. 31, 2014
Beijing Run Ze Microfinance Limited [Member]
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	60.00%
Business Combination Consideration	$ 9,806
Payments To Acquire Businesses Gross		$ 9,806

INVESTMENTS (Short-Term Investment and Long-Term Investment) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Investment And Other Income [Line Items]
Short-term investments	$ 455,184	$ 10,138
Long-term investments	121,292
Fixed Rate Time Deposits [Member]
Investment And Other Income [Line Items]
Short-term investments	455,184	10,138
Available-for-sale security [Member] \| Tospur [Member] \| Cost method investment [Member]
Investment And Other Income [Line Items]
Long-term investments	62,257
Available-for-sale security [Member] \| Equity security [Member]
Investment And Other Income [Line Items]
Long-term investments	59,035
Available-for-sale security [Member] \| Equity security [Member] \| Color Life [Member]
Investment And Other Income [Line Items]
Long-term investments	24,091
Available-for-sale security [Member] \| Equity security [Member] \| Hopefluent [Member]
Investment And Other Income [Line Items]
Long-term investments	$ 34,944

INVESTMENTS (Narrative) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	1 Months Ended	12 Months Ended			0 Months Ended	12 Months Ended		0 Months Ended		1 Months Ended	12 Months Ended			1 Months Ended
	Apr. 09, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Nov. 04, 2010 SYSWIN Inc [Member]	Dec. 31, 2012 SYSWIN Inc [Member]	Dec. 31, 2014 Color Life [Member] Equity security [Member]	Jun. 27, 2014 Color Life [Member] Equity security [Member] Available-for-sale security [Member]	Dec. 31, 2014 Hopefluent [Member] Equity security [Member]	Nov. 30, 2014 Hopefluent [Member] Equity security [Member] Available-for-sale security [Member]	Dec. 31, 2014 Hopefluent [Member] Equity security [Member] Available-for-sale security [Member]	Dec. 31, 2014 Tospur [Member]	Dec. 10, 2014 Tospur [Member] Cost Method investment [Member]	Apr. 09, 2013 American Depositary Shares [Member]	Nov. 04, 2010 American Depositary Shares [Member] SYSWIN Inc [Member]
Investment And Other Income [Line Items]
Interest income on fixed-rate time deposits and adjustable-rate investments		$ 27,166	$ 758	$ 827
Shares acquired during the period								27,551,733		111,935,037					714,285
Consideration for acquisition					5,000			13,583		43,361
Consideration for acquisition of cost method investment													62,257
Percentage of ownership interest								2.76%		17.26%			16.00%
Unrealized gain on available-for-sale security		10,508	78	743			10,508
Impairment on cost method investment												0
Other-than-temporary impairment on available-for-sale security		8,417		14		14					8,417
Available for sale securities		48,527					13,583		34,944
Stock cancellation, cash right per share	$ 0.5125													$ 2.05
Number of shares in ADS	4
ADS cancellation fees and applicable withholding taxes														$ 0.05
Realized gain on investment			$ 821

INVESTMENTS (Summary of Available-for-Sale Securities) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 48,527
Gross Unrealized Gain	10,508
Gross Unrealized losses
Fair Value	59,035
Equity security [Member] \| Color Life [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	13,583
Gross Unrealized Gain	10,508
Gross Unrealized losses
Fair Value	24,091
Equity security [Member] \| Hopefluent [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	34,944
Gross Unrealized Gain
Gross Unrealized losses
Fair Value	$ 34,944

ACCOUNTS RECEIVABLE (Schedule of Accounts Receivable) (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
ACCOUNTS RECEIVABLE [Abstract]
Accounts receivable	$ 71,088	$ 59,560
Allowance for doubtful accounts	(21,397)	(15,019)
Accounts receivable, net	$ 49,691	$ 44,541

PREPAYMENTS AND OTHER CURRENT ASSETS (Schedule of prepayments and other current assets) (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Prepaid And Other Current Assets [Line Items]
Prepaid expenses	$ 4,800	$ 4,498
Advance to employees	1,121	696
Interest receivable	20,722	14,411
Receivable from a broker for exercise of employee stock options	667	807
Deposit for non-current assets		8,037
Others	1,993	2,656
Prepayments and other current assets	30,161	31,758
Rental Income [Member]
Prepaid And Other Current Assets [Line Items]
Rental and other deposits	$ 858	$ 653

PREPAYMENTS AND OTHER CURRENT ASSETS (Narrative) (Details) (USD $) In Thousands, unless otherwise specified	1 Months Ended	12 Months Ended
	Feb. 28, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2012 sqm
Prepaid And Other Current Assets [Line Items]
Deposit assets for non-current asset		$ 38,140	$ 86,515
Square meters of office building				10,000
Proceeds from deposits of assets	8,037	713
Refundable Deposits [Member]
Prepaid And Other Current Assets [Line Items]
Deposit assets for non-current asset				$ 8,750

LOANS RECEIVABLE (Summary of Loans Receivable) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Loans receivable, current
Less: Allowances for doubtful debts
Loans receivable, net, current	79,641
Loans receivable, Non-current
Less: Allowances for doubtful debts
Loans receivable, net, non-current	2,009
Secured [Member]
Loans receivable, current
Loans receivable, gross	29,356
Loans receivable, Non-current
Loans receivable, gross	41
Secured [Member] \| Entrusted loans [Member]
Loans receivable, current
Loans receivable, gross	17,413
Secured [Member] \| Mortgage loans [Member]
Loans receivable, current
Loans receivable, gross	11,943
Loans receivable, Non-current
Loans receivable, gross	41
Unsecured loans [Member]
Loans receivable, current
Loans receivable, gross	50,285
Loans receivable, Non-current
Loans receivable, gross	$ 1,968

LOANS RECEIVABLE (Narrative) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014 item
Loan receivables [Line Items]
Loan receivable in default	0
Loans receivable impairment	$ 0
Entrusted loans [Member] \| Minimum [Member]
Loan receivables [Line Items]
Loan period	6 months
Interest rate	12.00%
Collateral market value (as a percent)	103.00%
Entrusted loans [Member] \| Maximum [Member]
Loan receivables [Line Items]
Loan period	12 months
Interest rate	20.00%
Collateral market value (as a percent)	174.00%
Mortgage loans [Member]
Loan receivables [Line Items]
Loans receivable were derecognized	15,746
Gains or losses were recorded on the sales of mortgage loans receivable	$ 0
Mortgage loans [Member] \| Minimum [Member]
Loan receivables [Line Items]
Loan period	1 month
Interest rate	6.00%
Collateral market value (as a percent)	146.00%
Mortgage loans [Member] \| Maximum [Member]
Loan receivables [Line Items]
Loan period	18 months
Interest rate	9.60%
Collateral market value (as a percent)	1103.00%
Credit loans [Member] \| Minimum [Member]
Loan receivables [Line Items]
Loan period	1 month
Interest rate	4.00%
Credit loans [Member] \| Maximum [Member]
Loan receivables [Line Items]
Loan period	36 months
Interest rate	12.00%

PROPERTY AND EQUIPMENT, NET (Schedule of Property and Equipment) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 251,660	$ 245,271
Less: Accumulated depreciation	(34,555)	(23,829)
Property plant and equipment Net	217,105	221,442
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	183,754	182,320
Office equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	20,175	16,329
Motor vehicles [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	3,305	2,747
Leasehold improvement [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	7,005	6,454
Land [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 37,421	$ 37,421

DEPOSIT FOR NON-CURRENT ASSETS (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012 sqm
Deposits [Line Items]
Non-refundable deposit	$ 86,515	$ 38,140
Square meters of office building			10,000
Buildings [Member]
Deposits [Line Items]
Non-refundable deposit	85,722	38,140
Square meters of office building	46,628
Land use rights [Member]
Deposits [Line Items]
Non-refundable deposit	$ 793

OTHER NON-CURRENT ASSETS (Schedule of other non-current assets ) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
OTHER NON-CURRENT ASSETS [Abstract]
Rental and other deposits	$ 2,261	$ 2,312
Interest receivable	7,504	11,401
Issuance costs for convertible senior notes (Note 16)	5,670	8,256
Others	1,121	658
Other non-current assets	$ 16,556	$ 22,627

SHORT-TERM AND LONG-TERM LOANS (Schedule of Short-term and Long-term Loans) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
SHORT-TERM AND LONG-TERM LOANS [Abstract]
Short-term loans	$ 80,750	$ 90,000
Long-term loans	$ 100,000	$ 180,750

ACCRUED EXPENSES AND OTHER LIABILITIES (Schedule of Accrued Expenses and Other Liabilities) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
ACCRUED EXPENSES AND OTHER LIABILITIES [Abstract]
Payroll and welfare benefit	$ 22,404	$ 25,692
Other taxes and surcharges payable	45,705	37,375
Accrued unrecognized tax benefits and related interest and penalties (Note 18)	75,483	34,045
Amounts payable to employees	2,391	6,524
Amounts payable to sales and marketing agents (Note 2)	61,463	26,714
Refundable rental deposits	1,221	1,212
Accrued rental expenses	759	775
Others	12,475	10,955
Accrued expenses and other liabilities	$ 221,901	$ 143,292

CONVERTIBLE SENIOR NOTES (Details) (USD $)	12 Months Ended						12 Months Ended
CONVERTIBLE SENIOR NOTES (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014 2.00% Convertible Senior Notes due December 15, 2018 [Member]	Dec. 31, 2013 2.00% Convertible Senior Notes due December 15, 2018 [Member]	Dec. 04, 2013 2.00% Convertible Senior Notes due December 15, 2018 [Member]	Dec. 31, 2014 2.00% Convertible Senior Notes due December 15, 2018 [Member] Additional Notes [Member]	Dec. 31, 2014 2.00% Convertible Senior Notes due December 15, 2018 [Member] Additional Notes [Member] Maximum [Member]
Debt Instrument [Line Items]
Aggregate principle amount						$ 350,000,000		$ 50,000,000
Convertible senior notes, initial purchasers right to purchase additional notes exercisable period				30 days
Convertible senior notes, due date							Dec. 15, 2018
Convertible senior notes, interest rate							2.00%
Number of ADSs issuable upon conversion of notes per $1,000 principal amount				49.2402
Convertible senior notes, principal amount base for conversion rate of 49.2402 ADSs				1,000.00
Convertible senior notes, conversion price						$ 20.31
Convertible senior notes, redemption price percentage				100.00%
Convertible senior notes, repurchase date				Dec. 15, 2016
Convertible senior notes, repurchase price percentage of principal amounts of notes				100.00%
Total net proceeds from issuance of senior convertible notes	50,000,000	350,000,000		390,455,000
Debt issuance costs	5,670,000	8,256,000		9,545,000
Convertible senior notes, effective interest rate				2.84%
Debt Interest expense				11,033,000	566,000
Contractual interest obligations				8,000,000	402,000
Debt issuance costs amortization	$ 1,812,000	$ 3,483,000	$ 2,558,000	$ 3,033,000	$ 164,000

SHAREHOLDERS' EQUITY (Details) In Thousands, except Share data, unless otherwise specified	12 Months Ended					12 Months Ended		1 Months Ended			1 Months Ended
	Dec. 31, 2014 USD ($)	Aug. 18, 2014 USD ($)	Dec. 31, 2013 USD ($)	Jul. 29, 2013 USD ($)	Sep. 30, 2010	Dec. 31, 2014 PRC Domestic Entities and the PRC Domestic Entities' subsidiaries [Member]	Dec. 31, 2014 Foreign Investment Enterprises [Member]	Sep. 30, 2010 Common Class A [Member] HKD vote	Dec. 31, 2014 Common Class A [Member] HKD	Dec. 31, 2013 Common Class A [Member] HKD	Sep. 30, 2010 Common Class B [Member] HKD vote	Dec. 31, 2014 Common Class B [Member] HKD	Dec. 31, 2013 Common Class B [Member] HKD
Shareholders Equity [Line Items]
Ordinary shares converted								50,767,426			25,298,329
Shares Authorized					600,000,000
Ordinary shares, par value								1	1.00	1.00	1	1.00	1.00
Ordinary shares, voting rights								1			10
Ordinary shares, convertible per number of Class A ordinary shares											1
Declaration of dividends		$ 82,380		$ 81,046
Description of Regulatory Assistance							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.
Description of Other Additional 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.
Regulatory Restrictions on Payment of Dividends	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.
Restricted net assets	$ 922,793		$ 627,367

TAXATION (Schedule of Components of Deferred Taxes) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets, current
Accrued expenses	$ 2,991	$ 3,165
Total deferred tax assets, current	2,991	3,165
Deferred tax assets, non-current
Net operating losses	7,109	7,349
Less: Valuation allowance	(5,539)	(5,621)
Total deferred tax assets, non-current, net	1,570	1,728
Deferred tax liabilities, non-current
Investment basis in the PRC entities	(95,199)	(68,342)
BaoAn Acquisition-Property	(15,827)	(16,425)
Deferred tax liabilities, non-current	$ (111,026)	$ (84,767)

RELATED PARTY TRANSACTIONS (Summary of Related Parties Transaction by Related Party) (Detail)	12 Months Ended
	Dec. 31, 2014
Vincent Tianquan Mo [Member]
Related Party Transaction [Line Items]
Relationship with the Group	Executive chairman of the board of directors and chief executive officer
Richard Jiangong Dai [Member]
Related Party Transaction [Line Items]
Relationship with the Group	Director of the board and former chief executive officer
Wall Street Global Training Center [Member]
Related Party Transaction [Line Items]
Relationship with the Group	A company under the control of Vincent Tianquan Mo and two other independent directors
Beihai Silver Beach [Member]
Related Party Transaction [Line Items]
Relationship with the Group	A company under the control of Vincent Tianquan Mo
Che Tian Xia Company [Member]
Related Party Transaction [Line Items]
Relationship with the Group	A company under the control of Vincent Tianquan Mo and Richard Jiangong Dai
Guangxi Wharton [Member]
Related Party Transaction [Line Items]
Relationship with the Group	A company under the control of Vincent Tianquan Mo
Research Center [Member]
Related Party Transaction [Line Items]
Relationship with the Group	A company under the control of Vincent Tianquan Mo
Crowne Plaza [Member]
Related Party Transaction [Line Items]
Relationship with the Group	A company under the control of Vincent Tianquan Mo
Upsky Long Island [Member]
Related Party Transaction [Line Items]
Relationship with the Group	A company under the control of Vincent Tianquan Mo

RELATED PARTY TRANSACTIONS - (Narrative) (Details) (USD $) In Thousands, unless otherwise specified		12 Months Ended			1 Months Ended	12 Months Ended															1 Months Ended		12 Months Ended
	Dec. 31, 2012 sqft	Dec. 31, 2014 Wall Street Global Training Center [Member]	Dec. 31, 2013 Wall Street Global Training Center [Member]	Dec. 31, 2012 Wall Street Global Training Center [Member]	Apr. 01, 2013 Beihai Silver Beach [Member]	Dec. 31, 2014 Management Fee [Member] Beihai Silver Beach [Member]	Dec. 31, 2013 Management Fee [Member] Beihai Silver Beach [Member]	Dec. 31, 2012 Management Fee [Member] Beihai Silver Beach [Member]	Dec. 31, 2014 Hotel Service Fee [Member] Beihai Silver Beach [Member]	Dec. 31, 2013 Hotel Service Fee [Member] Beihai Silver Beach [Member]	Dec. 31, 2012 Hotel Service Fee [Member] Beihai Silver Beach [Member]	Dec. 31, 2014 Hotel Service Fee [Member] Guangxi Wharton [Member]	Dec. 31, 2013 Hotel Service Fee [Member] Guangxi Wharton [Member]	Dec. 31, 2012 Hotel Service Fee [Member] Guangxi Wharton [Member]	Dec. 31, 2014 Hotel Service Fee [Member] Crowne Plaza [Member]	Dec. 31, 2013 Hotel Service Fee [Member] Crowne Plaza [Member]	Dec. 31, 2012 Hotel Service Fee [Member] Crowne Plaza [Member]	Dec. 31, 2014 Hotel Service Fee [Member] Upsky Long Island [Member]	Dec. 31, 2013 Hotel Service Fee [Member] Upsky Long Island [Member]	Dec. 31, 2012 Hotel Service Fee [Member] Upsky Long Island [Member]	Apr. 30, 2013 Domain Name [Member] Che Tian Xia Company [Member]	Mar. 01, 2012 Tianquan Vincent Mo [Member]	Dec. 31, 2014 Tianquan Vincent Mo [Member] Lease Expense [Member]	Dec. 31, 2013 Tianquan Vincent Mo [Member] Lease Expense [Member]	Dec. 31, 2012 Tianquan Vincent Mo [Member] Lease Expense [Member]
Transactions with Third Party [Line Items]
Training services fees incurred			$ 250	$ 1,595
Free rental space	220
Lease period					10 years																	10 years
Lease related expense paid by issuing share																							174	175	142
Service fee incurred						$ 700	$ 537			$ 110			$ 16		$ 7	$ 21		$ 203
Related party transaction, domain name use period																					5 years

RELATED PARTY TRANSACTIONS (Schedule of Amounts Due to Related Party) (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Amounts due to a related party	$ 660	$ 537
Beihai Silver Beach [Member]
Related Party Transaction [Line Items]
Amounts due to a related party	$ 660	$ 537

COMMITMENTS AND CONTINGENCIES (Schedule of Future Minimum Lease Payments under Non Cancelable Operating Leases) (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
COMMITMENTS AND CONTINGENCIES [Abstract]
2015	$ 10,936
2016	7,378
2017	2,982
2018	20
2019 and thereafter
Operating Leases, Future Minimum Payments Due, Total	$ 21,316

SEGMENT REPORTING (Narrative) (Details) (UNITED STATES [Member], Land and Building [Member], USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
UNITED STATES [Member] \| Land and Building [Member]
Segment Reporting Information [Line Items]
Long Lived Tangible Assets Located Outside Country	$ 54,432	$ 56,376

SUBSEQUENT EVENTS - (Detail) (USD $)	12 Months Ended	0 Months Ended		1 Months Ended
SUBSEQUENT EVENTS - (Detail) (USD $)	Dec. 31, 2014	Jul. 10, 2014 World Union [Member]	Feb. 10, 2015 Subsequent Event [Member]	Mar. 31, 2015 Subsequent Event [Member]	Mar. 31, 2015 Subsequent Event [Member] Common Class A [Member]
Subsequent Event [Line Items]
Dividends declared			$ 82,751,000
Percentage of share capital subscribed in a private placement.		10.00%
Aggregate cash consideration for strategic cooperation agreement		$ 120,000,000
Number of shares granted				11,151,250	2,230,250
Number of shares granted, exercise price				$ 6.0	$ 30.0
Service Vesting condition for awards				4 years
Share based awards expiration period				10 years

CONDENSED BALANCE SHEET (Parenthetical) (Detail) (HKD)	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2010
Condensed Financial Statements, Captions [Line Items]
Class A and Class B ordinary shares, shares authorized	600,000,000	600,000,000
Common Class A [Member]
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, par value	1.00	1.00	1
Ordinary Shares, Shares issued	58,364,924	57,440,895
Ordinary Shares, Shares outstanding	58,364,924	57,440,895
Common Class B [Member]
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, par value	1.00	1.00	1
Ordinary Shares, Shares issued	24,336,650	24,336,650
Ordinary Shares, Shares outstanding	24,336,650	24,336,650
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Class A and Class B ordinary shares, shares authorized	600,000,000	600,000,000
Parent Company [Member] \| Common Class A [Member]
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, par value	1.00	1.00
Ordinary Shares, Shares issued	58,364,924	57,440,895
Ordinary Shares, Shares outstanding	58,364,924	57,440,895
Parent Company [Member] \| Common Class B [Member]
Condensed Financial Statements, Captions [Line Items]
Ordinary shares, par value	1.00	1.00
Ordinary Shares, Shares issued	24,336,650	24,336,650
Ordinary Shares, Shares outstanding	24,336,650	24,336,650