0001410578-24-001737 | 20-F | XBRL Viewer

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2022

8. PROPERTY AND EQUIPMENT, NET

Property and equipment consisted of the following:


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Buildings	794,353	798,216	736,515
Office equipment	21,747	21,733	18,976
Motor vehicles	1,241	1,369	1,488
Leasehold improvement	18,734	19,037	17,701
Land	50,731	50,731	50,731
Total	886,806	891,086	825,411
Less: Accumulated depreciation	(181,390)	(206,244)	(213,329)
Construction in progress	11,944	18,410	23,371
	717,360	703,252	635,453

Depreciation expense for property and equipment amounted to US$26,180, US$21,295, and US$23,441 for the years ended December 31, 2020, 2021 and 2022, respectively.

SHAREHOLDERS' EQUITY (Narrative) (Details) $ in Thousands	12 Months Ended
SHAREHOLDERS' EQUITY (Narrative) (Details) $ in Thousands	Dec. 31, 2022 USD ($) Vote shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Jun. 30, 2020	May 31, 2020	Dec. 31, 2019 shares
Shareholders Equity [Line Items]
Depository receipt ratio				10	1
Number of Class A ordinary shares that a Class B ordinary share may be converted into	1
The number of Class B ordinary shares converted into Class A ordinary shares	0	0	0
Restricted net assets
Restricted net assets \| $	$ 3,791,000	$ 3,791	$ 3,203
General reserves \| Foreign invested enterprise \| PRC Regulations on Enterprises with Foreign Investment
Restricted net assets
Maximum reserve as a percent of registered capital based on PRC statutory accounts	50.00%	50.00%
General reserves \| Foreign invested enterprise \| PRC Regulations on Enterprises with Foreign Investment \| Minimum
Restricted net assets
Percent of statutory surplus fund after-tax profit after offsetting prior year losses	10.00%	10.00%
Common reserves \| Domestic enterprise \| Company Law of the PRC
Restricted net assets
Percent of statutory surplus fund after-tax profit after offsetting prior year losses	10.00%	10.00%
Maximum reserve as a percent of registered capital based on PRC statutory accounts	50.00%	50.00%
Common Class A
Shareholders Equity [Line Items]
Common Stock, Shares, Issued	71,775,686	71,775,686	71,775,686
Common Stock, Shares, Outstanding	66,020,679	66,020,439	65,715,529
Number of voting rights per share \| Vote	1
Treasury Share
Aggregate number of shares repurchased	7,065,058
Cash consideration for repurchase of common stock \| $	$ 136,615
Common Class A \| Treasury Stock, Common [Member]
Treasury Share
Exercise of share options	1,310,051
Common Class A \| Common Stock
Treasury Share
Exercise of share options	240	304,910	312,002
Common Class B [Member]
Shareholders Equity [Line Items]
Common Stock, Shares, Issued	24,336,650	24,336,650	24,336,650
Common Stock, Shares, Outstanding	24,336,650		24,336,650			24,336,650
Number of voting rights per share \| Vote	10

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2022

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

17. RELATED PARTY TRANSACTIONS

a) Related Parties


Name of Related Parties		Relationship with the Company

Vincent Tianquan Mo		Executive chairman of the board of directors and controlling shareholder of the Company

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

Shanghai Yuyue Electronic Technology Development Co., Ltd (“Shanghai Yuyue”)		A company under the control of Vincent Tianquan Mo

China Index Holdings and its subsidiaries (“CIH”)		A company under the control of Vincent Tianquan Mo and the Company can exercise significant influence

Next Decade Technology Limited		A company under the control of Vincent Tianquan Mo

Media Partner Investments Limited		A company under the control of Vincent Tianquan Mo

Chongqing Wanli New Energy CO., LTD (“Wanli”)		Equity method investment

b) The Company had the following related party transactions for the years ended December 31, 2020, 2021, and 2022


	For the Year Ended December 31,
	2020	2021	2022
	US$	US$	US$
Office building leased from:
-Vincent Tianquan Mo	155	166	159
Management fee incurred:
-Beihai Silver Beach	415	380	281
Settlement of convertible senior note by:
-CIH	—	84,313	—
Cash payment for the acquisition of subsidiaries from:
-CIH	627	—	—
Office building leased to:
-CIH	1,104	1,181	1,261
IT service income from:
-CIH	1,087	1,162	1,116
Software license income from:
-CIH	68	73	70
Acquisition of ordinary shares of CIH from:
-Next Decade Technology Limited and Media Partner Investments Limited	51,210	—	—
Data and services received from:
-Wanli	275	—	—
Loan to:
-Shanghai Yuyue	—	—	4,124

17. RELATED PARTY TRANSACTIONS (continued)

Office building leased from Vincent Tianquan Mo

The Company entered into an agreement with Vincent Tianquan Mo to lease a building owned by him for nil consideration starting from March 1, 2012. The deemed rental expense of US$155 and US$166 and US$159, and the corresponding contribution from shareholder were included in the consolidated financial statements for the years ended December 31, 2020, 2021, and 2022, respectively. The agreement was renewed in 2022, extending the maturity date to 2032.

Management service provided by Beihai Silver Beach

On April 1, 2013, the Company and Beihai Silver Beach entered into a contract, pursuant to which Beihai Silver Beach was engaged to manage the hotel and office leasing operations owned by Shanghai BaoAn Enterprise and Shanghai BaoAn Hotel for ten years. The management fees incurred for the years ended December 31, 2020, 2021, and 2022 were US$415, US$380 and US$281 respectively. The balance as of December 31, 2022 represented outstanding management fees which were unsecured and interest-free.

Settlement of convertible senior note by CIH

As disclosed in Note 13, during the year ended December 31, 2021, the Company fully settled the convertible senior note, with 50% of the repayment made by CIH as part of the arrangement.

Cash payment for the acquisition of subsidiaries from CIH

In April 2020, the Company acquired two subsidiaries located in Chengdu from CIH for a total consideration of US$627 (RMB 4,325,000). The consideration was fully settled in cash in 2020.

Office building leased to CIH

The Company leases out offices to CIH. The Company entered into a lease framework agreement with CIH, pursuant to which the Company leases offices to CIH at annual rental fee of US$1,104 (RMB7,621,000). The Agreement is effective from January 1, 2018 with initial lease term of 10 years. The amounts of lease income were US$1,104, US$1,181 and US$1,261 for the years ended December 31, 2020, 2021, and 2022.

IT service income from CIH

The Company entered into an IT service agreement with CIH, pursuant to which CIH agrees to utilize Fang’s server and other IT services. The amounts of lease income were US$1,087, US$1,162 and US$1,116 for the years ended December 31, 2020, 2021 and 2022.

17. RELATED PARTY TRANSACTIONS (continued)

Software license income from CIH

The Company entered into a software license agreement with CIH, pursuant to which, Fang agrees to license the right of using certain of its software at annual royalty fee of US$70 (RMB500,000). The term of the software license agreement is 10 years. The agreement is effective from June 11, 2019.

Acquisition of Class B ordinary shares of CIH from CIH

As at June 23, 2020, the Company acquired 2,429,563 Class A ordinary shares and 6,119,686 Class B ordinary shares from Mr. Mo’s affiliated entities in exchange for US$51,210. The fair value of the Company’s investment in Class B ordinary shares in CIH was approximately US$25,819 as of June 23, 2020 based on its quoted closing price, adjusted for other input that is indirectly observable in the active market. Because Mr. Mo is both an employee and a shareholder of the Company, and the transaction is not commensurate to other non - employee shareholders, the excess of the consideration transferred, which includes the fair value of the call option exercised, over the fair value of the equity interest acquired in the amount of US$26,916, which includes the fair value of the call option exercised, was recognized as compensation expenses in the consolidated statements of comprehensive income (loss) for the year ended December 31, 2020.

Data and service received from Wanli:

The Company entered into an agreement with Wanli and its affiliate in 2019 to purchase data and services for a total consideration of US$275. The Company has received the related data and services from Wanli in 2020.

Loan to Shanghai Yuyue:

The loans extended to Shanghai Yuyue were provided to meet its working capital needs. These loans are unsecured, interest-free, have no specified repayment terms, and are payable on demand.

c) The Company had the following related party balances as of December 31, 2020, 2021 and 2022:


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Amounts due from related parties:
- Beihai Silver Beach	429	1,533	330
- Shanghai Yuyue	—	—	3,940
	429	1,533	4,270


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Amounts due to related parties:
- CIH	10,862	91,866	90,526
- Shanghai Yuyue	4,445	184	—
	15,307	92,050	90,526

The balances with related parties are unsecured, non-interest bearing, and have no fixed repayment terms.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Assets Measured at Fair Value on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Short-term investments	$ 108,805	$ 63,461	$ 72,878
Investments accounted for at fair value	24,117	23,127	73,089
Fair Value, Inputs, Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Investments accounted for at fair value	24,117	23,127	73,089
Fair Value, Inputs, Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Short-term investments	$ 108,805	$ 63,461	$ 72,878

RELATED PARTY TRANSACTIONS (Summary of Related Parties Transaction by Related Party) (Details) - Related Party	12 Months Ended
	Dec. 31, 2022
Vincent Tianquan Mo
RELATED PARTY TRANSACTIONS
Relationship with the Company	Executive chairman of the board of directors and controlling shareholder of the Company
Che Tian Xia Company Ltd
RELATED PARTY TRANSACTIONS
Relationship with the Company	A company under the control of Vincent Tianquan Mo and the Company can exercise significant influence
CIH
RELATED PARTY TRANSACTIONS
Relationship with the Company	A company under the control of Vincent Tianquan Mo
Next Decade Technology
RELATED PARTY TRANSACTIONS
Relationship with the Company	Equity method investment

- Definition

A description of the related party transaction, including transactions to which no amounts or nominal amounts were ascribed and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements. Examples of common related party transactions are, sales, purchases and transfers of realty and personal property, services received or furnished, loans and leases to and from top management and affiliates.

+ References + Details

INVESTMENTS - Carrying amount and fair value of marketable securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INVESTMENTS
Fair value at the beginning of the year	$ 23,127	$ 73,089	$ 148,580
Purchase of securities			30,665
Disposal of securities		(30,683)	(89,331)
Change in fair value of securities	828	(19,142)	(18,636)
Foreign currency translation adjustments	162	(137)	1,811
Fair value at the end of the year	$ 24,117	$ 23,127	$ 73,089

LEASE (Schedule of Maturities of lease liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Maturities of the lease liabilities
2023	$ 1,362
2024	654
Total undiscounted lease payments	2,016
Less: Imputed interest	(124)
Present value of lease liabilities balance	1,892	$ 2,421	$ 2,680
Amounts due within 12 months	1,228	1,833	1,925
Long-term lease liabilities	$ 664	$ 588	$ 755

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Cash and cash equivalents	$ 120,652	$ 106,015	$ 136,837
Restricted cash, current	267,500	1,185	315,912
Restricted cash, non-current portion	9,713	3,159	7,773
Total cash, cash equivalents and restricted cash	$ 397,865	$ 110,359	$ 460,522
Related Party \| CIH
Percent of loan paid by related party	50.00%

SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2022

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

14. SHAREHOLDERS’ EQUITY

The Company has 71,775,686 Class A and 24,336,650 Class B ordinary shares issued as of December 31, 2020, 2021, and 2022, respectively. Total outstanding shares of Class A ordinary shares as of December 31, 2020, 2021, and 2022 are 65,715, 529, 66,020,439, and 66,020,679, respectively. Total outstanding shares of Class B ordinary shares as of December 31, 2020, 2021 and 2022 are 24,336,650.

In June 2020, the Company amended the ratio of its American depositary shares (“ADSs”) representing Class A ordinary shares, adjusting from one (1) ADS representing one (1) Class A ordinary share to one (1) ADS representing ten (10) Class A ordinary shares. This adjustment was primarily in preparation for the spin-off of certain internet-related businesses. There was no impact on the total number of outstanding Class A ordinary shares or on shareholders’ rights.

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

No class B ordinary shares were converted into Class A ordinary shares for the years ended December 31, 2020, 2021 and 2022.

Delisting of ADSs

On May 18, 2022, the Company received a notice from the NYSE Regulation staff regarding the commencement of delisting proceedings for the Company’s ADSs due to failure to timely file its 2020 annual report on Form 20-F and the interim report on Form 6-K for the half-year ended June 30, 2021. The NYSE suspended trading in the ADSs on May 18, 2022. The Company was given until June 2, 2022, to submit a written request to appeal the NYSE’s delisting decision.

Treasury share

Treasury share represents shares repurchased and held by the Company. These shares have no voting rights and are not entitled to receive dividends and are excluded from the weighted average outstanding shares in calculation of net income per share. Treasury share is accounted for under the cost method. As of December 31, 2022, under the repurchase plan, the Company has repurchased an aggregate of 7,065,058 Class A ordinary shares on the open market for a total cash consideration of US$ 136,615. The Company has used 1,310,051 Class A treasury shares to settle the exercise of share options as of December 31, 2022.

Statutory reserve

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

14. SHAREHOLDERS’ EQUITY (continued)

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 WFOEs 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 of December 31, 2020, 2021 and 2022, the PRC subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries had appropriated US$3,203, US$3,791 and US$3,791 to the general reserve fund, which is restricted for distribution to the Company.

- Definition

The entire disclosure for equity.

+ References

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+ Details

UMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant Accounting Policies [Line Items]
Revenues	$ 80,481	$ 158,333	$ 220,413
Marketing services
Significant Accounting Policies [Line Items]
Revenues	37,187	70,426	96,753
Listing services
Significant Accounting Policies [Line Items]
Revenues	13,105	31,128	48,541
Leads generation Services
Significant Accounting Policies [Line Items]
Revenues	15,760	36,654	59,931
Financial services
Significant Accounting Policies [Line Items]
Revenues	9,716	13,290	7,828
Other services
Significant Accounting Policies [Line Items]
Revenues	$ 4,713	$ 6,835	$ 7,360

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2022

INVESTMENTS

Schedule of short-term investment and long-term investment


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Short-term investments
Short-term held-to-maturity debt investments	72,878	63,461	4,753
Structured note - maturity within 1 year	—	—	104,052
Total short-term investments	72,878	63,461	108,805


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Structured note (see note above)	111,064	113,663	—
Investments accounted for at Fair Values	73,089	23,127	24,117
Equity investments without Readily Determinable Fair Values	111,085	53,539	46,709
Equity method investments	29,085	29,607	27,031
Total long-term investments	324,323	219,936	97,857

Schedule of marketable securities


	For the Year Ended December 31,
	2020	2021	2022
	US$	US$	US$
Fair value at the beginning of the year	148,580	73,089	23,127
Purchase of securities	30,665	—	—
Disposal of securities	(89,331)	(30,683)	—
Change in fair value of securities	(18,636)	(19,142)	828
Foreign currency translation adjustments	1,811	(137)	162
Fair value at the end of the year	73,089	23,127	24,117

Schedule of equity investments without readily determinable fair values


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Initial cost basis	112,788	55,677	48,210
Accumulated impairment	(1,703)	(2,138)	(1,501)
Total carrying value	111,085	53,539	46,709

RELATED PARTY TRANSACTIONS (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 01, 2012	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
RELATED PARTY TRANSACTIONS
Office Building Lease		$ 2,059	$ 2,892	$ 3,934
Cash payment for the acquisition of subsidiaries				627
Revenues		80,481	158,333	220,413
Data and services received		12,267	17,799	17,396
Related Party
RELATED PARTY TRANSACTIONS
Office Building Lease	$ 0
Related Party \| Vincent Tianquan Mo
RELATED PARTY TRANSACTIONS
Office Building Lease		159	166	155
Related Party \| Beihai Silver Beach
RELATED PARTY TRANSACTIONS
Management Fee Expense		281	380	415
Related Party \| CIH
RELATED PARTY TRANSACTIONS
Settlement of convertible senior note			84,313
Cash payment for the acquisition of subsidiaries				627
Office building leased to		1,261	1,181	1,104
Cash payments			84,313
Related Party \| Next Decade Technology Limited and Media Partner Investments Limited
RELATED PARTY TRANSACTIONS
Acquisition of ordinary shares of CIH from				51,210
Related Party \| Wanli
RELATED PARTY TRANSACTIONS
Data and services received				275	$ 275
Related Party \| IT service income \| CIH
RELATED PARTY TRANSACTIONS
Revenues		1,116	1,162	1,087
Related Party \| Software license income \| CIH
RELATED PARTY TRANSACTIONS
Revenues		70	$ 73	$ 68
Related Party \| Loans to related parties \| Shanghai Yuyue
RELATED PARTY TRANSACTIONS
Loan		$ 4,124

PREPAYMENTS AND OTHER CURRENT ASSETS - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
PREPAYMENTS AND OTHER CURRENT ASSETS
Balance at beginning of year	$ 3,629	$ 2,210	$ 1,467
Additional provision	6,021	1,367	642
Foreign currency translation adjustments	(307)	52	101
Balance at end of year	$ 9,343	$ 3,629	$ 2,210

ACCOUNTS RECEIVABLE (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ACCOUNTS RECEIVABLE
Accounts receivable	$ 65,311	$ 104,193	$ 103,483
Allowance for doubtful accounts	(33,864)	(52,831)	(40,144)	$ (21,810)
Accounts receivable, net	$ 31,447	$ 51,362	$ 63,339

BOND PAYABLE

12 Months Ended

Dec. 31, 2022

BOND PAYABLE

BOND PAYABLE

11. BOND PAYABLE

On October 29, 2019, Fang Holdings Limited issued a 364-day RMB-denominated bond (“Bond”) at par in the amount of RMB 720,000 (equivalent to US$102,009) with an annual interest rate of 4.8%. In 2020, Fang Holdings Limited redeemed the 1-year Bond and reissued a 3-year Bond with an annual interest rate of 4.25%. As a result of this change in the underlying asset, from 2020 onwards, the investment in the trust was reclassified as long-term investment. On September 21, 2022, Fang Holdings Limited extended the trust term by an additional year, with the new maturity date set to October 21, 2023.

CONVERTIBLE SENIOR NOTES (Tables)

12 Months Ended

Dec. 31, 2022

CONVERTIBLE SENIOR NOTES.

Schedule of debt conversions


		As of December 31,
		2020
		US$
Principal amount		167,060
Unamortized premium		1,206
		168,266

ACCOUNTS RECEIVABLE (Schedule of Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ACCOUNTS RECEIVABLE
Balance at beginning of year	$ 52,831	$ 40,144	$ 21,810
Additional provision	43,285	41,350	29,114
Write-offs	(56,276)	(30,103)	(13,913)
Foreign currency translation adjustments	(5,976)	1,440	3,133
Balance at end of year	$ 33,864	$ 52,831	$ 40,144

LOANS RECEIVABLE

12 Months Ended

Dec. 31, 2022

LOANS RECEIVABLE

LOANS RECEIVABLE

7. LOANS RECEIVABLE

Beginning in August 2014, the Company initially provided secured and unsecured loans to new home and secondary home buyers. Loans made to these individuals consist of loans secured by pledged properties for consumption and property renovations use, as well as unsecured loans.

Secured loans

As of December 31, 2020, 2021 and 2022, the duration of secured loans ranged from 3 to 12 months, and had interest rates ranging from 7.8% to 18% per annum. As of December 31, 2020, 2021 and 2022, the total outstanding balance is US$76,477, US$98,907 and US$47,859.

Unsecured loans

As of December 31, 2020, 2021 and 2022, the duration of unsecured loans ranged from 3 to 12 months, and had interest rates ranging from 5.4% to 21.6% per annum. As of December 31, 2020, 2021 and 2022, the total outstanding balance is US$6,450, US$9,023 and US$10,066.

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


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Total personal loans	82,927	107,930	57,925
Allowance for credit losses	(11,259)	(11,180)	(11,263)
Loans receivable, net	71,668	96,750	46,662

Loans Receivable – Allowance for Credit Losses and Credit Quality

Consistent with the adoption of ASU No. 2016-13 effective January 1, 2020, the allowance for credit losses is determined principally based on the past collection experience as well as consideration of current and future economic conditions and changes in the Company’s customer collection trends. All forward-looking statements are, by their nature, subject to risks and uncertainties, many of which are beyond the Company’s control. Primarily as a result of the uncertainty of macroeconomic and real estate agency business, the management updated the CECL model taking the latest available information into consideration. The major assumption (i.e. forward-looking information) and CECL model parameters (i.e. the one-year probability of default) were updated accordingly.

7. LOANS RECEIVABLE (continued)

The activities in the provision/reverse for credit losses for the years ended December 31, 2020, 2021 and 2022, respectively, consisted of the following:


	For the Year Ended
	December 31,
	2020	2021	2022
	US$	US$	US$
Beginning balance	2,905	11,259	11,180
Provision/(reversal)	7,763	(343)	1,029
Foreign currency translation adjustments	591	264	(946)
Ending balance	11,259	11,180	11,263

Delinquency:

The Company evaluates expected credit losses of loans receivables on a collective basis based on the past due days, the Company separates the contracts into 6 groups including current, 1-90 days past due, 91-180 days past due, 181-360 days past due, 361-720 days and over 720 days past due. The delinquency rate was 14.1%, 11.0%, and 26.2% as at December 31, 2020, 2021 and 2022, respectively.

Credit quality indicators are updated quarterly, and the credit quality of any given customer can change during the life of the portfolio.

Loans receivable portfolio based on credit quality indicator are as follows:


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Current	71,215	96,048	42,757
1 - 90 days past due	1,073	2,921	3,719
91 - 180 days past due	—	173	366
181 - 360 days past due	4,434	2,946	3,892
361 - 720 days past due	3,188	967	1,913
Over 720 days past due	3,017	4,875	5,278
	82,927	107,930	57,925

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Estimated Useful Lives of Assets) (Details)	12 Months Ended
	Dec. 31, 2022
Office equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	5 years
Office equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	3 years
Motor vehicles \| Maximum
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	10 years
Motor vehicles \| Minimum
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	5 years
Leasehold Improvement
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	shorter of lease term or economic lives
Building \| Maximum
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	45 years
Building \| Minimum
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	12 years

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2022

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

23. SUBSEQUENT EVENTS

On October 13, 2023, the Company entered into a placing agreement to restructure its previously issued US$104,052 (RMB 720,000,000) 4.8% structured note, originally issued on October 29, 2019, and extended in 2020. The outstanding structured note was replaced with a new issuance of US$52,026 (360,000,000) 4.25% bonds, maturing in 2024, through a private placement agreement with CNCB (Hong Kong) Capital Limited. This restructuring resulted in a reduced principal and interest rate, reflecting the Company’s ongoing efforts to optimize its debt structure. In conjunction with the structured note restructuring, the corresponding trust arrangements were also modified to reflect the changes in the bond terms. The trust, which holds assets linked to the structured note, has been adjusted in line with the new bond’s reduced principal and interest terms. This alignment between the bond restructuring and the trust ensures that the Company’s liabilities and trust-related assets remain consistent and properly reflected in its financial statements.

On September 4, 2023, the Company’s board of directors received a preliminary non-binding proposal from Mr. Jiangong Dai (the “Proposing Buyer”) to acquire all outstanding Class A and Class B ordinary shares of the Company, including Class A shares represented by American depositary shares (ADSs), that are not already owned by the Proposing Buyer, in a potential “going-private” transaction. The proposed purchase price is US$0.619 per Class A share, or US$6.19 per ADS, representing a premium of approximately 210% over the closing price of the Company’s ADSs on September 1, 2023, and a premium of about 25% over the volume-weighted average closing price of the ADSs over the last 30 trading days prior to the trading suspension. The Company’s board of directors is forming a special committee of independent directors to review the proposal, although there is no assurance that a definitive offer will be made or that any transaction will proceed. Further updates will be provided as necessary in compliance with applicable laws.

On December 22, 2022, the Company entered into agreements related to the merger of CIH with CIH Merger Sub Holdings Limited, a subsidiary of CIH Holdings Limited (“CIH Parent”). As a result of the merger, CIH became a privately owned entity under the Buyer Group, including the Company. The merger, which closed in April 2023, led to the delisting of CIH’s ADSs from the NASDAQ Capital Market. The Company also provided a cash equity investment of approximately US$14,800 and guaranteed certain payment obligations of CIH Parent under the merger agreement. As of the date of this annual report, no additional expenditures or obligations beyond the US$14,800 commitment have been incurred.

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2022

SEGMENT REPORTING

SEGMENT REPORTING

20. SEGMENT REPORTING

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

Geographic disclosures

As the Company generates substantially all of its revenues from customers domiciled in the PRC, no geographical segments are presented. All of the Company’s long-lived assets are located in the PRC except for buildings and land (i.e. including the construction in progress) with net book values of US$96,173, US$92,662, and US$89,231 as of December 31, 2020, 2021, and 2022, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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-Paragraph 21
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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 Company’s financial statements include, but are not limited to, estimated stand-alone selling prices of performance obligations, allowance for, credit losses, useful lives of property and equipment, realization of deferred tax assets, impairment of long-lived assets, share-based compensation expense, uncertain income tax positions, fair value of the embedded derivatives in the convertible senior notes and fair value of short term and long term investments. Changes in facts and circumstances may result in revised estimates. Actual results could materially differ from those estimates.

Principles of Consolidation

The consolidated financial statements include the financial statements of the Company, its non-PRC subsidiaries, WFOEs, the PRC Domestic Entities in which the Company, through its WFOEs, 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 WFOEs’ rights to all the residual benefits of the PRC Domestic Entities and the WFOEs’ 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, except for the intercompany transactions between continuing operations and discontinued operations before the disposal of the discontinued operations, which are considered to continue after the disposal of the discontinued operations are presented separately in continuing operations and discontinued operations in a way that reflects the continuance of those transactions.

Foreign Currency Translation and Transactions

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

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

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

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

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Cash and Cash Equivalents

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

Restricted Cash

Restricted cash represents cash pledged to financial institutions as collateral for the Company’s bank loans, and cash deposits in banks that are restricted as to withdrawal or usage according to certain contracts with customers. The restricted cash is not available for withdrawal or the Company’s general use until after the corresponding bank loans are repaid, or the performance obligation is satisfied.

The Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, required that restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows.

Investments

The Company adopted ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Liabilities, which requires all equity securities with readily determinable fair values, other than those accounted for under equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with changes in the fair value recognized through net income. Change in fair value of available-for-sale equity securities are reported in earnings.

(1)

Debt Securities

The Company holds debt classified securities, and accounts for such investments in accordance with ASC Topic 320, Investments—Debt Securities (“ASC 320”). The Company classifies the short-term investments in debt 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 short-term investments are determined on a specific identification method, and such gains and losses are reflected in earnings during the period in which gains or losses are realized.

Held-to-maturity debt investments include debt instruments issued by commercial bank for which the Company has the positive intent and ability to hold those securities to maturity, and time deposits represent time deposits placed with banks with maturities more than three months. The Company account for the held-to-maturity debt investments at amortized cost less allowance for credit losses.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

The allowance for credit losses of the held-to-maturity debt investments reflects the Company’s estimated expected losses over the contractual lives of the held-to-maturity debt investments and is charged to “Other income, net” in the consolidated statements of comprehensive income (loss). Estimated allowances for credit losses are determined by considering reasonable and supportable forecasts of future economic conditions in addition to information about past events and current conditions.

Debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities, in accordance with ASC 320. Unrealized holding gains and losses for trading securities are included in earnings.

Debt investments not classified as trading or as held-to-maturity are classified as available-for-sale debt investments, which are reported at fair value, with unrealized gains and losses recorded in “Accumulated other comprehensive income (loss)” on the consolidated balance sheets.

Investments with expected maturity of over a year are classified as long-term investments. Investments with maturity date within one year will be reclassified to short-term investments.

(2)

Equity Securities

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

Equity investments without readily determinable fair values which do not qualify for net asset value per share (or its equivalent) practical expedient and over which the Company does not have the ability to exercise significant influence through the investments in common stock, are accounted for under the measurement alternative. The carrying values of equity investments without readily determinable fair values are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. All gains and losses on these investments, realized and unrealized, are recognized in the consolidated statements of comprehensive income (loss). The Company makes assessment of whether an investment is impaired at each reporting date, and recognizes an impairment loss equal to the difference between the carrying value and fair value in earnings. As a result of adoption of ASU 2016-01, the Company is not required to disclose the fair value for equity investments without readily determinable fair value.

(3) Equity method investments

In accordance with ASC 323 Investments-Equity Method and Joint Ventures, the Company applies the equity method of accounting to equity investments in common stock over which it has significant influence but does not own a majority equity interests or otherwise control. Under the equity method, the Company initially records its investment in the common stock of an investee at cost. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee represents goodwill and intangible assets acquired. The Company adjusts the carrying amount of an investment for its share of the earnings or losses of the investee after the date of investment and reports the recognized earnings or losses in the consolidated statements of comprehensive income (loss). When the Company’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Company does not recognize further losses, unless the Company has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Company holds other investments in the equity investee.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

The equity method investments are subject to periodic testing for other-than-temporary impairment, by considering factors including, but not limited to, stock prices of public companies in which the Company has an equity investment, current economic and market conditions, operating performance of the investees such as current earnings trends and undiscounted cash flows, and other company-specific information, such as recent financing rounds. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and the determination of whether any identified impairment is other-than-temporary. If any impairment is considered other-than-temporary, the Company will write down the asset to its fair value and take the corresponding charge to the consolidated statements of comprehensive income (loss). No impairment was recorded for equity method investments for the years ended December 31, 2020, 2021 and 2022, respectively.

The Company elects fair value measurement for certain investment that would otherwise be accounted for under the equity-method of accounting, in accordance with ASC Topic 825-10, Financial instruments. The fair value option is applied to all of the Company’s financial interests in the same entity that are eligible items. Such election is irrevocable. Under fair value method, investments are recorded at fair value and any changes in fair value are reported in the consolidated statements of comprehensive income (loss).

Loans Receivable

Loans receivable consists primarily of secured loans in the form of mortgage loans and unsecured loans to borrowers that have passed the Company’s credit assessment. Such amounts are recorded at the principal amount less impairment as of the balance sheet date. The loan periods extended by the Company to the borrowers generally range from 3 to 36 months.

Starting from January 1, 2020, the Company adopted ASU No. 2016-13 and estimated the allowance for credit losses to reflect the Company’s estimated expected losses. The Company assesses the allowance for credit losses, mainly based on the past collection experience as well as consideration of current and future economic conditions and changes in the Company’s customer collection trends. The provision for credit losses represents an estimate of the losses expected to be incurred from the Company’s loans receivable portfolio. The Company uses projected risk parameters (e.g. probability of default and loss given default (severity)) to estimate the allowance of different segmentations, driven primarily by business type, on a collective basis. This projected risk parameters are primarily based upon historical loss experience adjusted for judgments about the effects of relevant observable data including current and future economic conditions as well as external historical loan performance trends, recovery rates, credit quality indicators.

Loan principal and interest receivables are charged-off when the loan principal and interest receivables are deemed to be uncollectible. In general, loan principal and interest receivables are identified as uncollectible if any of the following conditions are met: 1) the borrower is dead, missing or incapacitate and there is no legal heir and presentee or the legal heir and presentee refuse to abide the contract; 2) identification of fraud, and the fraud is officially reported to and filed with relevant law enforcement departments; 3) outstanding amount following 720 days past due after all collection efforts based on management’s judgment.

Property and Equipment, Net

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


Category		Estimated Useful Life

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Land is stated at cost and is not depreciated.

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

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

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

Impairment of Long-Lived Assets

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

Fair Value of Financial Instruments

Financial instruments of the Company primarily include cash and cash equivalents, restricted cash, accounts receivable, short-term and long-term investments, loans receivable, short-term and long-term loans, bond payable, convertible senior notes and related derivative liabilities. As of December 31, 2020, 2021 and 2022, the carrying values of these financial instruments, and other than trading securities, restricted cash - non-current portion, long-term investments, long-term loans, less current portion, convertible senior notes and related derivative liabilities, approximate their fair values due to the short-term maturity of these instruments. The investments accounted for at fair value and trading securities were recorded at fair value based on the quoted price in active markets as of December 31, 2020, 2021 and 2022. This category includes all investments measured at fair value, including certain equity method investments for which the Company has elected to apply the fair value option as permitted under ASC 825. The carrying values of long-term loans, less current portion and restricted cash, non-current portion approximate their fair values, as the loans and restricted cash 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.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

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

Assets measured at fair value on a recurring basis as of December 31, 2020, 2021 and 2022 are summarized below:


	Fair Value Measurement as of December 31, 2020
	Quoted Prices
	in Active	Significant
	Markets for	Other
	Identical	Observable	Unobservable
	Assets	Inputs	Inputs	Fair
	(Level 1)	(Level 2)	(Level 3)	Value
	US$	US$	US$	US$
Short-term investments	—	72,878	—	72,878
Investments accounted for at fair value	73,089	—	—	73,089


	Fair Value Measurement as of December 31, 2021
	Quoted Prices
	in Active	Significant
	Markets for	Other
	Identical	Observable	Unobservable
	Assets	Inputs	Inputs
	(Level 1)	(Level 2)	(Level 3)	Fair Value
	US$	US$	US$	US$
Short-term investments	—	63,461	—	63,461
Investments accounted for at fair value	23,127	—	—	23,127


	Fair Value Measurement as of December 31, 2022
	Quoted Prices
	in Active	Significant
	Markets for	Other
	Identical	Observable	Unobservable
	Assets	Inputs	Inputs
	(Level 1)	(Level 2)	(Level 3)	Fair Value
	US$	US$	US$	US$
Short-term investments	—	108,805	—	108,805
Investments accounted for at fair value	24,117	—	—	24,117

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Other non-current assets

Other non-current assets primarily consist of prepayments for building purchases, rental deposits, and other long-term assets.

Revenue Recognition

The Company applied ASC 606 - “Revenue from Contracts with Customers” for all periods presented. According to ASC 606, revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services, after considering reductions by estimates for refund allowances, price concession, discount and Value Added Tax (“VAT”). Revenues are derived from marketing services, listing services, leads generation, financial services, and other services.

The following table presents revenue disaggregated by nature of services:


	For the Year Ended
	December 31,
	2020	2021	2022
	US$	US$	US$
Marketing services	96,753	70,426	37,187
Listing services	48,541	31,128	13,105
Leads generation services	59,931	36,654	15,760
Financial services	7,828	13,290	9,716
Other services	7,360	6,835	4,713
Total revenues	220,413	158,333	80,481

Marketing Services

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Listing Services

The Company’s 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 12 months, in exchange for a fixed fee. Revenues are recognized on a straight line basis over the service period. The Company determines that its performance pattern to be straight line since the customer simultaneously receives and consumes the benefits provided by the Company as the Company performs during the term of the contract and the earning process is straight line.

Leads Generation Services

The Company provides leads generation services to real estate developers, real estate agents and to a lesser extent, providers of products and services for home decoration and improvement. The Company’s platform generates a list of sales leads regarding potential real estate consumers based on each customer’s specific needs. The service fee is charged based on the number of sales leads delivered during a certain period of time. Revenue is recognized at a point in time upon the transfer of control of sales leads to customers.

Financial Services

The Company provides secured loans in the form of mortgage loans and unsecured loans, primarily to borrowers that meet the Company’s credit assessment requirements. Revenues derived from loan interest income upon the actual receipt of cash payments from borrowers in accordance with ASC 860 (Transfers and Servicing of Financial Assets). The Company does not accrue interest on loans receivable that are considered impaired or more than 90 days past due unless either the receivable has not been collected due to administrative reasons or the receivable is well secured and in the process of collection. Unsecured loans stop accruing interest when 60 days past due and are classified as impaired loan.

Other services

Other service revenues primarily consist of licensing the Company’s brand and backend systems to local agencies for use in real estate marketing. These arrangements generate additional income for the Company. Revenues from these other services are recognized on a straight-line basis over the term of the service period.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Contract Balances

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

The Company maintains a general and specific allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. Accounts receivable balances with large creditworthy customers and balances which the Company has registered the pledge of the titles of real estate properties as collateral from customers are reviewed by management individually for collectability. All other balances are reviewed on a pooled basis. A percentage of general allowance is applied to the balances of accounts receivable in each aging category, excluding those which are assessed individually for collectability. Management considers various factors, including historical loss experience, current market conditions, the financial condition of its debtors, any receivables in dispute, the fair value of real estate properties whose titles have been pledged as collateral, the aging of receivables and current payment patterns of its debtors, in establishing the required allowance. Accounts receivable balances are written off after all collection efforts have been exhausted.

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

Deferred revenue (a contract liability) is recognized when the Company has an obligation to transfer goods or services to a customer for which the Company has received consideration from the customer, or for which an amount of consideration is due from the customer. The Company recognized revenue of US$134,143, US$54,122, and US$52,643 from deferred revenue during the years ended December 31, 2020, 2021, and 2022, respectively.

Cost of Revenues

Cost of revenues consists of employee costs, tax surcharges, rental costs incurred in relation to server and bandwidth leasing fees, payments to third-party real estate agents and other direct costs incurred in providing the related services.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Advertising Expenses

Advertising expenses are expensed when incurred and are included in selling expenses in the consolidated statements of comprehensive income (loss).

Non-monetary Transactions

The Company accounts for non-cash consideration received in place of cash payments for outstanding receivables from prior business activities according to ASC 845, Nonmonetary transactions. Certain receivables from marketing service agreements with real estate developers were, in some cases, settled with designated real estate properties instead of cash payments.

For such transactions, the Company measures the non-cash consideration at its fair value at the inception of the arrangement, which generally aligns with the original service fee stated in the agreement. If the Company subsequently sells the received real estate property to a third party, any proceeds exceeding the initially recorded fair value are recognized as additional income, provided all relevant revenue recognition conditions are satisfied. This accounting approach ensures an accurate and fair presentation of non-monetary transaction outcomes within the financial statements.

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. The Company does not have capital leases for any of the years presented.

The company adopted ASC Topic 842, Leases (“ASC 842”) on January 1, 2019, The adoption of ASC 842 requires the recognition of right-of-use assets and lease liabilities on the balance sheet for both operating and finance leases. The Company elected the package of practical expedients that not to reassess: (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases, and (3) initial direct costs for any expired or existing leases. The Company also elected the hindsight practical expedient to determine the reasonably certain lease term for existing leases. The Company used its estimated incremental borrowing rate based on information available at the date of adoption in calculating the present value of its existing lease payments.

Upon adoption of ASC 842, the lease liabilities are recognized upon lease commencement for operating leases based on the present value of lease payments over the lease term. The right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. As the rate implicit in the lease cannot be readily determined, the incremental borrowing rate at the lease commencement date is used in determining the imputed interest and present value of lease payments. The incremental borrowing rate was determined using a portfolio approach based on the rate of interest that the Company would have to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company recognizes the single lease cost on a straight-line basis over the remaining lease term for operating leases.

The Company has elected not to recognize right-of-use assets or lease liabilities for leases with an initial term of 12 months or less; expenses for these leases are recognized on a straight-line basis over the lease term. In addition, the Company has elected not to separate non-lease components (e.g., property management fees) from the lease components.

Convertible Debt and Beneficial Conversion Features

The Company evaluates embedded conversion features within convertible debt under ASC 815 “Derivatives and Hedging” to determine whether the embedded conversion feature(s) should be bifurcated from the host instrument and accounted for as a derivative at fair value with changes in fair value recorded in earnings. If the conversion feature does not require derivative treatment under ASC 815, the instrument is evaluated under ASC 470-20 “Debt with Conversion and Other Options” for consideration of any beneficial conversion features.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Income Taxes

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

The Company applies ASC 740, “Income Taxes,” to address uncertainties in income taxes. In accordance with ASC 740, we recognize the impact of a tax position in our financial statements if it is considered likely to prevail based on the relevant facts and technical merits. Tax positions that meet the recognition threshold are typically measured at an amount reflecting a likelihood of realization.

The Company’s estimated liability for unrecognized tax benefits, which is included in “other non-current liabilities”, is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statutes of limitation. The outcome for a particular audit cannot be determined with certainty prior to the conclusion of the audit and, in some cases, appeal or litigation process. The actual benefits ultimately realized may differ from the Company’s estimates. As each audit is concluded, adjustments, if any, are recorded in the Company’s financial statements. Additionally, in future periods, changes in facts, circumstances, and new information may require the Company to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur.

Interest and penalties, if any, arising from underpayment of income taxes are calculated in accordance with the relevant PRC tax law and are included in income tax expense in the consolidated statements of comprehensive income (loss). The Company monitors its tax positions and ensures that any potential interest and penalties are recognized and measured in accordance with ASC 740 as required.

Government Grants

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Share-based Compensation

The Company’s employees and directors participate in the Company’s share-based award incentive plan which is more fully discussed in Note 16. The Company applies ASC 718, Compensation-Stock Compensation (“ASC 718”), to account for its employee share-based payments. There were no share-based payments made to non-employees for any of the years presented.

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

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

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

A modification to the terms of an award occurs in connection with the event of an equity restructuring (e.g. spin-off) result in the recognition of incremental compensation cost if there are changes in fair value, vesting conditions, or the classification of the award immediately before and after the restructuring. The incremental compensation, if any, is measured as the excess of the fair value of the post-modified award over the fair value of the award before the modification. In connection with spin-off transaction, when employees of the Company receive unvested equity instruments of the former subsidiary, or employees of the former subsidiary retain unvested equity instruments of the Company, compensation cost is recognized by the entity that receives the employee services regardless of which entity’s equity instruments the employee holds.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Earnings (loss) per Share

The Company computes earnings (loss) per Class A and Class B ordinary shares in accordance with ASC 260, Earnings Per Share (“ASC 260”), using the two class method. Under the provisions of ASC 260, basic net income (loss) 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, restricted shares and convertible senior notes is reflected in diluted earnings per share by application of the treasury stock method and the if-converted method, respectively. The computation of the diluted net income per share of Class A ordinary shares assumes the conversion of Class B ordinary shares, while the diluted net income per share of Class B ordinary shares does not assume the conversion of those shares.

The liquidation and dividend rights of the holders of the Company’s Class A and Class B ordinary shares are identical, except with respect to voting. The Class B ordinary shareholders do not have the legal ability to cause the Company’s board of directors to declare unequal dividends to the holders of Class A and Class B ordinary shares. As a result, and in accordance with ASC 260, the undistributed earnings for each year are allocated based on the contractual participation rights of the Class A and Class B ordinary shares as if the earnings for the year had been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. Further, as the conversion of Class B ordinary shares is assumed in the computation of the diluted net income per share of Class A ordinary shares, the undistributed earnings are equal to net income for that computation. For the purposes of calculating the Company’s basic and diluted earnings per Class A and Class B ordinary shares, the ordinary shares relating to the options that were exercised are assumed to have been outstanding from the date of exercise of such options.

Comprehensive Income (Loss)

Comprehensive income (loss) is defined as the change in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments from owners and distributions to owners. Accumulated other comprehensive income (loss), as presented on the consolidated balance sheets, includes (i) the cumulative foreign currency translation adjustments, (ii) gains and losses on intra-entity foreign currency transactions that are of a long-term-investment nature (that is, settlement is not planned or anticipated in the foreseeable future) between consolidated entities.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Contingencies

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

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

Recent accounting pronouncements

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326), which introduces a new impairment model for most financial assets and certain other instruments. This standard replaces the “incurred loss” model with an “expected loss” model for instruments measured at amortized cost, including loans, accounts receivable, and held-to-maturity debt investments. For available-for-sale debt securities, entities are required to record allowances for credit losses rather than directly reducing the carrying amount under the previous other-than-temporary impairment model. Prior to the adoption, the Company recognized impairment on above financial assets using the incurred loss methodology, whereby losses were recognized based on historical loss experience and the aging of receivables. The Company has applied this standard since January 1, 2020, and it did not have a material impact on the Company’s consolidated financial statements.

In October 2020, the FASB issued ASU No. 2020-10, Codification Improvements, which clarifies or improves various aspects of the Accounting Standards Codification (ASC) to enhance consistency, reduce diversity in practice, and correct unintended application issues. The amendments impact a wide range of topics but do not introduce new accounting requirements or substantially change existing practices. The improvements include clearer guidance on certain disclosure requirements, correction of references, and other technical changes to improve the readability and application of the ASC. The amendments are intended to make the codification easier to apply by resolving ambiguities, simplifying the language, and improving internal consistency within the codification. The Company has evaluated the impact of this update since the adoption as of January 1, 2021, and it did not have a material impact on the Company’s consolidated financial statements, as the improvements were primarily technical and did not introduce significant changes to accounting policies or disclosures.

SHORT-TERM AND LONG-TERM LOANS (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SHORT-TERM AND LONG-TERM LOANS
Short-term loans		$ 283,049	$ 236,000
US$ denominated bank borrowing
SHORT-TERM AND LONG-TERM LOANS
Short-term loans		236,000	236,000
Long-term Debt		28,932	29,763
RMB denominated commercial notes
SHORT-TERM AND LONG-TERM LOANS
Short-term loans		47,049
PRC \| RMB Denominated Bank Borrowing For Financial Institutions in China
SHORT-TERM AND LONG-TERM LOANS
Annual interest rate	5.98%
Long-term Debt	$ 35,968	41,879	43,448
PRC \| RMB Denominated Bank Borrowing For Financial Institutions in China \| Repayable Within Twelve Months [Member]
SHORT-TERM AND LONG-TERM LOANS
Long-term debt reclassified to short-term debt	2,369	2,588	2,529
Beijing PRC \| RMB denominated bank borrowing for purchase of buildings
SHORT-TERM AND LONG-TERM LOANS
Long-term Debt	33,683	46,606	55,128
Beijing PRC \| RMB denominated bank borrowing for purchase of buildings \| Repayable On Demand For Not Meeting Loan Covenants [Member]
SHORT-TERM AND LONG-TERM LOANS
Long-term debt reclassified to short-term debt			55,128
Beijing PRC \| RMB denominated bank borrowing for purchase of buildings \| Buildings and Land [Member]
SHORT-TERM AND LONG-TERM LOANS
Long-term debt reclassified to short-term debt		46,606
Wuhan PRC \| RMB denominated bank borrowing for purchase of buildings
SHORT-TERM AND LONG-TERM LOANS
Long-term Debt	9,974	13,458	15,653
Long-term debt reclassified to short-term debt		33,683
Wuhan PRC \| RMB denominated bank borrowing for purchase of buildings \| Repayable Within Twelve Months [Member]
SHORT-TERM AND LONG-TERM LOANS
Long-term debt reclassified to short-term debt	2,346	2,562	2,504
Chongqing, Sichuan Province PRC \| RMB denominated bank borrowing for purchase of buildings
SHORT-TERM AND LONG-TERM LOANS
Long-term Debt	23,176	$ 29,720	37,888
Taiwan \| US$ denominated bank borrowing
SHORT-TERM AND LONG-TERM LOANS
Long-term Debt			32,186
Short-term loans \| Maximum
SHORT-TERM AND LONG-TERM LOANS
Interest basis spread on variable rate		1.43%
Short-term loans \| Minimum
SHORT-TERM AND LONG-TERM LOANS
Interest basis spread on variable rate		1.10%
Short-term loans \| US$ denominated bank borrowing
SHORT-TERM AND LONG-TERM LOANS
Bank deposit, serves as bank borrowing security, classified as current	278,108	$ 267,754
Short-term loans \| RMB denominated commercial notes
SHORT-TERM AND LONG-TERM LOANS
Annual interest rate		4.15%
Debt maturity period		1 year
Long-term loans
SHORT-TERM AND LONG-TERM LOANS
Annual interest rate		4.10%
Period of stated interest rate application		3 years
Long-term loans \| Restricted Cash Noncurrent [Member]
SHORT-TERM AND LONG-TERM LOANS
Bank account for tenant improvements		$ 6,263	6,241
Long-term loans \| Repayable Within Twelve Months [Member]
SHORT-TERM AND LONG-TERM LOANS
Long-term debt reclassified to short-term debt		$ 888	850
Long-term loans \| Prime
SHORT-TERM AND LONG-TERM LOANS
Interest basis spread on variable rate		1.00%
Debt Instrument, Description of Variable Rate Basis		Prime rate
Long-term loans \| US$ denominated bank borrowing
SHORT-TERM AND LONG-TERM LOANS
Carrying amount of debt			6,369
Long-term loans \| PRC \| RMB Denominated Bank Borrowing For Financial Institutions in China
SHORT-TERM AND LONG-TERM LOANS
Carrying amount of debt	48,870	$ 51,493	54,116
Long-term loans \| PRC \| RMB Denominated Bank Borrowing For Financial Institutions in China \| Building \| Repayable Within Twelve Months [Member]
SHORT-TERM AND LONG-TERM LOANS
Long-term debt reclassified to short-term debt	2,588
Long-term loans \| PRC \| RMB Denominated Bank Borrowing For Financial Institutions in China \| PBOC rate
SHORT-TERM AND LONG-TERM LOANS
Carrying amount of debt	$ 345	1,628	1,527
Long-term loans \| Beijing PRC \| RMB denominated bank borrowing for purchase of buildings
SHORT-TERM AND LONG-TERM LOANS
Annual interest rate	4.90%
Long-term loans \| Beijing PRC \| RMB denominated bank borrowing for purchase of buildings \| Building
SHORT-TERM AND LONG-TERM LOANS
Assets pledged as collateral	$ 160,540	175,843	191,146
Long-term loans \| Wuhan PRC \| RMB denominated bank borrowing for purchase of buildings
SHORT-TERM AND LONG-TERM LOANS
Annual interest rate	4.90%
Assets pledged as collateral	$ 1,436	1,568	1,533
Long-term loans \| Wuhan PRC \| RMB denominated bank borrowing for purchase of buildings \| Building
SHORT-TERM AND LONG-TERM LOANS
Assets pledged as collateral	36,998	39,098	41,198
Long-term loans \| Chongqing, Sichuan Province PRC \| RMB denominated bank borrowing for purchase of buildings
SHORT-TERM AND LONG-TERM LOANS
Carrying amount of debt	76,409	80,826	85,243
Long-term loans \| Chongqing, Sichuan Province PRC \| RMB denominated bank borrowing for purchase of buildings \| Repayable Within Twelve Months [Member]
SHORT-TERM AND LONG-TERM LOANS
Long-term debt reclassified to short-term debt			4,889
Long-term loans \| Chongqing, Sichuan Province PRC \| RMB denominated bank borrowing for purchase of buildings \| Repayable Within Twelve Months [Member] \| Accounts Receivable [Member]
SHORT-TERM AND LONG-TERM LOANS
Long-term debt reclassified to short-term debt		5,003
Long-term loans \| Chongqing, Sichuan Province PRC \| RMB denominated bank borrowing for purchase of buildings \| Building \| Repayable Within Twelve Months [Member]
SHORT-TERM AND LONG-TERM LOANS
Long-term debt reclassified to short-term debt	$ 4,580
Long-term loans \| Chongqing, Sichuan Province PRC \| RMB denominated bank borrowing for purchase of buildings \| PBOC rate
SHORT-TERM AND LONG-TERM LOANS
Interest basis spread on variable rate	25.00%
Long-term loans \| UNITED STATES \| Buildings and Land [Member]
SHORT-TERM AND LONG-TERM LOANS
Assets pledged as collateral		$ 41,931	$ 42,581
Long-term loans \| Taiwan \| US$ denominated bank borrowing
SHORT-TERM AND LONG-TERM LOANS
Annual interest rate	2.35%
Percent of principle in periodic payment			90.00%
Principle amount			$ 40
Carrying amount of debt			$ 32,186
Long-term loans \| Taiwan \| US$ denominated bank borrowing \| Payable on October 23, 2020
SHORT-TERM AND LONG-TERM LOANS
Percent of principle in periodic payment			10.00%

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2022

RELATED PARTY TRANSACTIONS


Name of Related Parties		Relationship with the Company

Vincent Tianquan Mo		Executive chairman of the board of directors and controlling shareholder of the Company

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

Shanghai Yuyue Electronic Technology Development Co., Ltd (“Shanghai Yuyue”)		A company under the control of Vincent Tianquan Mo

China Index Holdings and its subsidiaries (“CIH”)		A company under the control of Vincent Tianquan Mo and the Company can exercise significant influence

Next Decade Technology Limited		A company under the control of Vincent Tianquan Mo

Media Partner Investments Limited		A company under the control of Vincent Tianquan Mo

Chongqing Wanli New Energy CO., LTD (“Wanli”)		Equity method investment


	For the Year Ended December 31,
	2020	2021	2022
	US$	US$	US$
Office building leased from:
-Vincent Tianquan Mo	155	166	159
Management fee incurred:
-Beihai Silver Beach	415	380	281
Settlement of convertible senior note by:
-CIH	—	84,313	—
Cash payment for the acquisition of subsidiaries from:
-CIH	627	—	—
Office building leased to:
-CIH	1,104	1,181	1,261
IT service income from:
-CIH	1,087	1,162	1,116
Software license income from:
-CIH	68	73	70
Acquisition of ordinary shares of CIH from:
-Next Decade Technology Limited and Media Partner Investments Limited	51,210	—	—
Data and services received from:
-Wanli	275	—	—
Loan to:
-Shanghai Yuyue	—	—	4,124

Related party balances


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Amounts due from related parties:
- Beihai Silver Beach	429	1,533	330
- Shanghai Yuyue	—	—	3,940
	429	1,533	4,270


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Amounts due to related parties:
- CIH	10,862	91,866	90,526
- Shanghai Yuyue	4,445	184	—
	15,307	92,050	90,526

INVESTMENTS - Equity investments without readily determinable fair values (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INVESTMENTS
Initial cost basis	$ 48,210	$ 55,677	$ 112,788
Accumulated impairment	(1,501)	(2,138)	(1,703)
Total carrying value	$ 46,709	$ 53,539	$ 111,085

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (CONDENSED BALANCE SHEETS) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 106,015	$ 120,652	$ 136,837
Prepayments and other current assets	109,047	112,091	39,678
Total current assets	407,431	713,349	700,741
Non-current assets:
Long-term investments	97,857	219,936	324,323
Total non-current assets	801,492	1,001,940	1,098,032
Total assets	1,208,923	1,715,289	1,798,773
Current liabilities:
Short-term loans and current portion of long-term loans	42,978	340,696	334,086
Accrued expenses and other liabilities	66,858	73,815	74,399
Total current liabilities	354,403	560,792	481,177
Non-current liabilities:
Convertible senior notes			168,266
Total non-current liabilities	262,716	437,676	617,688
Total liabilities	617,119	998,468	1,098,865
Commitments and contingencies
Shareholders equity:
Additional paid-in capital	545,173	544,425	542,122
Accumulated other comprehensive income (loss)	(9,031)	41,176	6,331
Retained earnings	154,577	230,139	255,575
Total shareholders' equity	591,804	716,821	699,213
Total liabilities and shareholders' equity	1,208,923	1,715,289	1,798,773
Parent Company
Current assets:
Cash and cash equivalents	2,926	19,220	44,413
Prepayments and other current assets	126	142	2,123
Total current assets	7,322	20,895	46,965
Non-current assets:
Long-term investments	17,355	16,074	44,656
Investment in subsidiaries, PRC Domestic Entities and PRC Domestic Entities' subsidiaries	984,175	1,076,380	1,021,808
Total non-current assets	1,001,530	1,092,454	1,066,464
Total assets	1,008,852	1,113,349	1,113,429
Current liabilities:
Short-term loans and current portion of long-term loans		50,000	68,186
Long-term bond payable, current	103,380
Accrued expenses and other liabilities	31,440	33,847	33,700
Amounts due to related parties	282,228	199,752	33,717
Total current liabilities	417,048	283,599	135,603
Non-current liabilities:
Long-term bond payable, non-current		112,929	110,347
Convertible senior notes			168,266
Total non-current liabilities		112,929	278,613
Total liabilities	417,048	396,528	414,216
Commitments and contingencies
Shareholders equity:
Additional paid-in capital	545,173	544,425	542,122
Accumulated other comprehensive income (loss)	(9,031)	41,176	6,331
Retained earnings	154,577	230,139	255,575
Treasury share	(111,283)	(111,287)	(117,183)
Total shareholders' equity	591,804	716,821	699,213
Total liabilities and shareholders' equity	1,008,852	1,113,349	1,113,429
Parent Company \| Affiliated Entity
Current assets:
Amount due from related parties	4,270	1,533	429
Common Class A
Shareholders equity:
Ordinary Shares, Value	9,244	9,244	9,244
Common Class A \| Parent Company
Shareholders equity:
Ordinary Shares, Value	9,244	9,244	9,244
Common Class B
Shareholders equity:
Ordinary Shares, Value	3,124	3,124	3,124
Common Class B \| Parent Company
Shareholders equity:
Ordinary Shares, Value	$ 3,124	$ 3,124	$ 3,124

ACCOUNTS RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2022

ACCOUNTS RECEIVABLE

Schedule of accounts Receivable


	As of December 31,
	2020	2021	2022
	US$	US$	US$

Accounts receivable	103,483	104,193	65,311
Allowance for credit losses	(40,144)	(52,831)	(33,864)
Accounts receivable, net	63,339	51,362	31,447

Schedule of movements in the allowance for credit losses


	For the Years Ended
	December 31,
	2020	2021	2022
	US$	US$	US$
Movement in allowance for credit losses:
Balance at beginning of year	21,810	40,144	52,831
Additional provision	29,114	41,350	43,285
Write-offs	(13,913)	(30,103)	(56,276)
Foreign currency translation adjustments	3,133	1,440	(5,976)
Balance at end of year	40,144	52,831	33,864

Schedule of ageing analysis of accounts receivable


	As of December 31,
	2020	2021	2022
	US$	US$	US$
- Within 3 months	51,224	34,802	21,464
- 3 months to 6 months	16,237	15,207	6,203
- 6 months to 12 months	21,061	19,299	9,554
- Over 1 year	14,961	34,885	28,090
Accounts receivable	103,483	104,193	65,311
Less: allowance for credit losses	(40,144)	(52,831)	(33,864)
Accounts receivable, net	63,339	51,362	31,447

TAXATION (Tables)

12 Months Ended

Dec. 31, 2022

TAXATION

Income (Loss) Before Income Taxes


	For the Year Ended December 31,
	2020	2021	2022
	US$	US$	US$
PRC	85,277	49,267	(23,020)
Non-PRC	(91,019)	(45,347)	(16,770)
	(5,742)	3,920	(39,790)

Income Tax Expenses (Benefits)


	For the Year Ended December 31,
	2020	2021	2022
	US$	US$	US$
Current tax expense	15,561	26,696	46,832
Deferred tax benefit	(12,555)	(3,192)	(11,060)
	3,006	23,504	35,772

Unrecognized Tax Benefits, Exclusive of Related Interest and Penalties


	For the Year Ended December 31,
	2020	2021	2022
	US$	US$	US$
Income (loss) before income taxes	(5,742)	3,920	(39,790)
Income tax at applicable tax rate of 25%	(1,436)	980	(9,948)
Effect of international tax rate differences	5,894	3,138	(607)
Non-deductible expenses	3,805	8,325	9,375
Non-taxable income	(62)	(127)	(69)
Effect of tax holidays or preferential tax rates	(7,152)	4,843	618
Withholding tax	6,130	12,693	35,925
Research and development super-deduction	(2,714)	(3,455)	(2,530)
Changes in valuation allowance	(243)	7,932	8,194
Expiration of loss carry forwards	6,829	1,709	1,878
Expiration of unrecognized tax benefits due to applicable statute of limitations	(8,045)	(12,534)	(7,064)
	3,006	23,504	35,772

15. TAXATION (continued)

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


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Balance at beginning of year	70,812	75,434	78,637
Increase relating to tax positions	11,570	10,574	—
Decrease relating to expiration of applicable statute of limitations and reversal	(8,045)	(12,534)	(7,064)
Foreign currency translation adjustments	1,097	5,163	(5,675)
Balance at end of year	75,434	78,637	65,898

Aggregate Amount and Effect of Tax Holidays and Preferential Tax Rates


	For the Year Ended December 31,
	2020	2021	2022
	US$	US$	US$
The aggregate amount	(7,152)	4,843	618
The aggregate effect on basic and diluted earnings per share for Class A and Class B ordinary shares:
- Basic and diluted	0.08	(0.05)	(0.01)

Components of Deferred Taxes


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Deferred tax assets
Net operating losses	59,045	67,130	75,705
Lease liability	443	422	282
Impairment of assets	1,538	2,072	1,114
Overcharged advertising and promotion fee	744	637	400
Fixed assets depreciation	440	555	690
Investments	—	—	59
Less: Valuation allowance	(58,039)	(66,475)	(73,024)
Total deferred tax assets	4,171	4,341	5,226

Deferred tax liabilities
Right of use assets	(619)	(560)	(428)
Investment basis in the PRC entities	(65,711)	(53,833)	(52,332)
BaoAn Acquisition — Property	(11,814)	(11,574)	(10,122)
Investments	(1,331)	(1,367)	—
Interest capitalization	(146)	(150)	(137)
Deferred tax liabilities	(79,621)	(67,484)	(63,019)

Net deferred income tax assets	3,728	3,919	4,944
Net deferred income tax liabilities	(79,002)	(66,924)	(62,591)

Rollforward of valuation allowances of deferred tax assets


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Balance as of beginning of year	(55,430)	(58,039)	(66,475)
Additions of valuation allowance	(6,988)	(9,198)	(10,953)
Utilization of deferred tax assets	7,231	1,266	2,759
Foreign currency translation adjustments	(2,852)	(504)	1,645
Balance as of end of year	(58,039)	(66,475)	(73,024)

EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2022

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

21. EARNINGS (LOSS) PER SHARE

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


	For the Year Ended December 31,
	2020	2021	2022
	US$	US$	US$
Numerator
Net loss attributable to Class A and Class B ordinary shares	(8,750)	(19,584)	(75,562)

Denominator:
Weighted average number of Class A and Class B ordinary shares outstanding-basic and diluted	89,845,281	90,162,557	90,357,275

Net loss per share
Basic and diluted	(0.10)	(0.22)	(0.84)

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

ACCOUNTS RECEIVABLE

12 Months Ended

Dec. 31, 2022

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE

5. ACCOUNTS RECEIVABLE

Accounts receivable and the related allowance for credit losses were summarized as follows:


	As of December 31,
	2020	2021	2022
	US$	US$	US$

Accounts receivable	103,483	104,193	65,311
Allowance for credit losses	(40,144)	(52,831)	(33,864)
Accounts receivable, net	63,339	51,362	31,447

The movements in the allowance for credit losses of accounts receivable were as follows:


	For the Years Ended
	December 31,
	2020	2021	2022
	US$	US$	US$
Movement in allowance for credit losses:
Balance at beginning of year	21,810	40,144	52,831
Additional provision	29,114	41,350	43,285
Write-offs	(13,913)	(30,103)	(56,276)
Foreign currency translation adjustments	3,133	1,440	(5,976)
Balance at end of year	40,144	52,831	33,864

Ageing analysis of accounts receivable based on the date of delivery of service to customers is as follows:


	As of December 31,
	2020	2021	2022
	US$	US$	US$
- Within 3 months	51,224	34,802	21,464
- 3 months to 6 months	16,237	15,207	6,203
- 6 months to 12 months	21,061	19,299	9,554
- Over 1 year	14,961	34,885	28,090
Accounts receivable	103,483	104,193	65,311
Less: allowance for credit losses	(40,144)	(52,831)	(33,864)
Accounts receivable, net	63,339	51,362	31,447

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

Principles of Consolidation

Foreign Currency Translation and Transactions

Cash and Cash Equivalents

Restricted Cash

Investments

(1)

Debt Securities

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Investments with expected maturity of over a year are classified as long-term investments. Investments with maturity date within one year will be reclassified to short-term investments.

(2)

Equity Securities

(3) Equity method investments

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Loans Receivable

Property and Equipment, Net

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


Category		Estimated Useful Life

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Land is stated at cost and is not depreciated.

Impairment of Long-Lived Assets

Fair Value of Financial Instruments

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

Assets measured at fair value on a recurring basis as of December 31, 2020, 2021 and 2022 are summarized below:


	Fair Value Measurement as of December 31, 2020
	Quoted Prices
	in Active	Significant
	Markets for	Other
	Identical	Observable	Unobservable
	Assets	Inputs	Inputs	Fair
	(Level 1)	(Level 2)	(Level 3)	Value
	US$	US$	US$	US$
Short-term investments	—	72,878	—	72,878
Investments accounted for at fair value	73,089	—	—	73,089


	Fair Value Measurement as of December 31, 2021
	Quoted Prices
	in Active	Significant
	Markets for	Other
	Identical	Observable	Unobservable
	Assets	Inputs	Inputs
	(Level 1)	(Level 2)	(Level 3)	Fair Value
	US$	US$	US$	US$
Short-term investments	—	63,461	—	63,461
Investments accounted for at fair value	23,127	—	—	23,127


	Fair Value Measurement as of December 31, 2022
	Quoted Prices
	in Active	Significant
	Markets for	Other
	Identical	Observable	Unobservable
	Assets	Inputs	Inputs
	(Level 1)	(Level 2)	(Level 3)	Fair Value
	US$	US$	US$	US$
Short-term investments	—	108,805	—	108,805
Investments accounted for at fair value	24,117	—	—	24,117

Other non-current assets

Other non-current assets primarily consist of prepayments for building purchases, rental deposits, and other long-term assets.

Revenue Recognition

The following table presents revenue disaggregated by nature of services:


	For the Year Ended
	December 31,
	2020	2021	2022
	US$	US$	US$
Marketing services	96,753	70,426	37,187
Listing services	48,541	31,128	13,105
Leads generation services	59,931	36,654	15,760
Financial services	7,828	13,290	9,716
Other services	7,360	6,835	4,713
Total revenues	220,413	158,333	80,481

Marketing Services

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Listing Services

Leads Generation Services

Financial Services

Other services

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Contract Balances

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

Cost of Revenues

Advertising Expenses

Advertising expenses are expensed when incurred and are included in selling expenses in the consolidated statements of comprehensive income (loss).

Non-monetary transactions

Non-monetary Transactions

Leases

Convertible Debt and Beneficial Conversion Features

Income Taxes

Government Grants

Share-based Compensation

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Share-based Compensation

Earnings (loss) per Share

Comprehensive Income (Loss)

Contingencies

Recent accounting pronouncements

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, 2022
Beijing SouFun Internet Information Service Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Dec. 17, 2003
Place of Establishment	PRC
Principal Activities	Provision of marketing services and listing services
SouFun Media Technology Beijing Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Nov. 28, 2002
Place of Establishment	PRC
Principal Activities	Provision of technology, leads generation and information consultancy services
Beijing SouFun Network Technology Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Mar. 16, 2006
Place of Establishment	PRC
Principal Activities	Provision of technology, leads generation and information consultancy services
Beijing SouFun Science and Technology Development Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Mar. 14, 2006
Place of Establishment	PRC
Principal Activities	Provision of marketing services, leads generation services and listing services
Beijing Century Jia Tian Xia Technology Development Co Ltd [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Dec. 21, 2006
Place of Establishment	PRC
Principal Activities	Provision of marketing services and listing services
Beijing Hong An Tu Sheng Network Technology Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Nov. 15, 2010
Place of Establishment	PRC
Principal Activities	Provision of technology, leads generation and information consultancy services
Beijing Tuo Shi Huan Yu Network Technology Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Nov. 19, 2010
Place of Establishment	PRC
Principal Activities	Provision of technology, leads generation and information consultancy services
Beijing Yi Ran Ju Ke Technology Development Co Ltd [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Jul. 08, 2011
Place of Establishment	PRC
Principal Activities	Provision of marketing services, rental services, leads generation services and real estate agency services
Beijing Hua Ju Tian Xia Network Technology Co Ltd [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Jul. 25, 2012
Place of Establishment	PRC
Principal Activities	Provision of technology and information consultancy services
Beijing Li Man Wan Jia Network Technology Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Jul. 25, 2012
Place of Establishment	PRC
Principal Activities	Provision of technology, leads generation and information consultancy services
Shanghai Jia Biao Tang Real Estate Broking Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Jul. 07, 2005
Place of Establishment	PRC
Principal Activities	Provision of real estate agency services, marketing services and listing services
Tianjin Jia Tian Xia Network Technology Co Ltd [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Apr. 15, 2014
Place of Establishment	PRC
Principal Activities	Provision of technology and information consultancy services
Hangzhou SouFun Network Technology Co., Ltd., [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Aug. 27, 2013
Place of Establishment	PRC
Principal Activities	Provision of technology and information consultancy services
Wuhan SouFun Yi Ran Ju Ke Real Estate Agents Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Dec. 13, 2013
Place of Establishment	PRC
Principal Activities	Provision of real estate agency services, leads generation services and real estate information services
Fang Tian Xia Financial Information Service (Beijing) Ltd. (previously known as Beijing Tianxi a Dai Information service Co., Ltd.) [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Apr. 09, 2014
Place of Establishment	PRC
Principal Activities	Provision of finance information services
Shanghai SouFun Microfinance Co.,Ltd. [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Jan. 19, 2015
Place of Establishment	PRC
Principal Activities	Provision of Microfinance services
Beihai Tian Xia Dai Microfinance Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Sep. 12, 2014
Place of Establishment	PRC
Principal Activities	Provision of microfinance services
Shanghai BaoAn Enterprise Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Mar. 31, 2013
Place of Establishment	PRC
Principal Activities	Lease, resale and management of property
Shanghai BaoAn Hotel Co., Ltd. [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Mar. 31, 2013
Place of Establishment	PRC
Principal Activities	Operation and management of hotel, restaurant and other catering business
Chongqing Tian Xia Dai Microfinance Co Ltd [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Dec. 11, 2014
Place of Establishment	PRC
Principal Activities	Provision of microfinance services
Tianjin Jia Tian Xia Microfinance Co Ltd [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Dec. 05, 2014
Place of Establishment	PRC
Principal Activities	Provision of microfinance services
Beijing Fang Chao Real Estate Broking Co., Ltd. ("Beijing Fang Chao") [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Apr. 07, 2015
Place of Establishment	PRC
Principal Activities	Provision of real estate agency services
Tianjin Fang Tian Xia Real Estate Broking Co., Ltd. ("Tianjin Fang Tian Xia") [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	May 21, 2015
Place of Establishment	PRC
Principal Activities	Provision of real estate agency services
Nanjing Cun Fang Real Estate Broking Co., Ltd. ("Nanjing Cun Fang") [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Apr. 30, 2015
Place of Establishment	PRC
Principal Activities	Provision of real estate agency services
Nanchang Cun Fang Real Estate Broking Co., Ltd. ("Nanchang Cun Fang") [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Jun. 03, 2015
Place of Establishment	PRC
Principal Activities	Provision of real estate agency services
Chongqing Fang Tian Xia Real Estate Broking Co., Ltd. ("Chongqing Fang Tian Xia") [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	May 27, 2015
Place of Establishment	PRC
Principal Activities	Provision of real estate agency services
Shanghai SouFun Fang Tian Xia Broking Co., Ltd. ("Shanghai Fang Tian Xia") [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Apr. 16, 2015
Place of Establishment	PRC
Principal Activities	Provision of real estate agency services
Beijing Li Tian Rong Ze Yi Jia Technology Development Co., Ltd. ("Beijing Li Tian Rong Ze") [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Sep. 04, 2015
Place of Establishment	PRC
Principal Activities	Provision of technology and information consultancy services
Hong Kong Property Network Limited [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	May 19, 2011
Place of Establishment	Hong Kong
Principal Activities	Investment holding
Best Fang Holdings LLC [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Aug. 30, 2017
Place of Establishment	United States of America
Principal Activities	Investment holding
Best Work Holdings New York LLC [Member]
Summary of Investment Holdings [Line Items]
Date of Establishment	Mar. 14, 2011
Place of Establishment	United States of America
Principal Activities	Investment holding

INVESTMENTS - Maturity Date (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INVESTMENTS
Structured note		$ 113,663	$ 111,064
Investments accounted for at Fair Values	$ 24,117	23,127	73,089	$ 148,580
Equity investments without Readily Determinable Fair Values	46,709	53,539	111,085
Equity method investments	27,031	29,607	29,085
Total long-term investments	$ 97,857	$ 219,936	$ 324,323

TAXATION

12 Months Ended

Dec. 31, 2022

TAXATION

TAXATION

15. TAXATION

Cayman Islands

Under the current laws of the Cayman Islands, the Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties, which may be applicable on instruments executed in, or after execution, brought within the jurisdiction of the Cayman Islands. In addition, the Cayman Islands does not impose withholding tax on dividend payments.

British Virgin Islands

Under the current laws of the British Virgin Islands, or BVI, all dividends, interests, rents, royalties, compensations and other amounts paid by subsidiaries incorporated in the BVI to persons who are not residents in the BVI and any capital gains realized with respect to any shares, debt obligations, or other securities of subsidiaries incorporated in the BVI by persons who are not residents in the BVI are exempt from all provisions of the Income Tax Ordinance in the BVI.

No estate, inheritance, succession or gift tax, rate, duty, levy or other charge is payable by persons who are not residents in the BVI with respect to any shares, debt obligation or other securities of companies incorporated in the BVI.

All instruments relating to transfers of property to or by subsidiaries incorporated in the BVI and all instruments relating to transactions in respect of the shares, debt obligations or other securities of the Company and all instruments relating to other transactions relating to the business of the Company are exempt from payment of stamp duty in the BVI. This assumes that such subsidiaries incorporated in the BVI do not hold an interest in real estate in the BVI.

There are currently no withholding taxes or exchange control regulations in the BVI applicable to subsidiaries incorporated in the BVI.

15. TAXATION (continued)

Hong Kong

Under the Hong Kong tax laws, subsidiaries are subject to a Hong Kong profits tax rate of 16.5% and are exempt from income tax on foreign-derived income. Additionally, there are no withholding taxes on the remittance of dividends. A two-tiered profits tax regime was introduced in 2018, where the first HK$2 million of assessable profits earned by a company will be taxed at half of the current rate (8.25%),while the remaining profits will continue to be taxed at 16.5%. This regime aims to reduce the tax burden on small and medium-sized enterprises. An anti-fragmentation measure requires each group to nominate only one company to benefit from the progressive rates. No provision for Hong Kong profits tax has been made in the financial statements, as the subsidiaries in Hong Kong did not have assessable profits for the three years ended December 31, 2022.

United States

The Tax Act, enacted in December 2017, brought significant changes to U.S. tax laws, including a reduction of the statutory tax rate from 35% to 21% effective from 2018 onwards. This change required us to re-measure our deferred tax balances to reflect the lower rate applicable in future periods. Additionally, the Tax Act introduced the global intangible low-taxed income (“GILTI”) regime, which imposes a tax on certain offshore earnings at an effective rate of 10.5% for tax years beginning after December 31, 2017, and increasing to 13.125% for tax years beginning after December 31, 2025. Although these adjustments were made to align with the revised U.S. tax environment, the overall impact on our tax position in the U.S. remains moderate, given the nature of our operations. We continue to monitor ongoing regulatory changes and adjust our tax strategies accordingly.

Singapore

Our Singapore-incorporated subsidiary does not conduct any substantive operations of its own. No provision for Singapore profits tax has been made in the financial statements as this entity has no assessable profits for the three years ended December 31, 2022.

China

In March 2007, a new enterprise income tax law in China was enacted and then amended in February 2017 and December 2018. The New EIT Law applies a unified 25% enterprise income tax, or 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 issued the Administrative Measures for Certification of High and New Technology Enterprises which was amended in January 2016. High and New Technology Enterprise, or HNTE, status under the New EIT Law would entitle qualified and approved entities to a favorable EIT tax rate of 15%. The SAT issued Circular No. 203 in April 2009 and Circular 24 in June 2017 stipulating that entities which qualified for the HNTE status should apply with competent 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 enjoy the preferential tax rate of 15%.

As of December 31, 2022, we obtained HNTE certificates for Beijing Technology, Beijing Tuoshi, Beijing FTX Technology, and Beijing JTX Technology, allowing these subsidiaries to benefit from the preferential tax rate of 15%. The HNTE certificates for each subsidiary have varying validity periods: Beijing Technology (2021 to 2023), Beijing Tuoshi (2022 to 2024), Beijing FTX Technology (2020 to 2022), and Beijing JTX Technology (2021 to 2023).

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 our results of operations and financial position provided that they do not qualify for any other preferential tax treatment. Historically, the abovementioned PRC subsidiaries have successfully obtained or renewed their HNTE certificates when the previous certificates had expired.

15. TAXATION (continued)

Dividends paid by our 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 New EIT Law treats enterprises established outside of China but managed and controlled in China 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, and other operations of an enterprise. Our company, if classified as a PRC resident enterprise for tax purposes, would be liable for PRC EIT at the rate of 25% on our worldwide income for the period after January 1, 2008. As of December 31 2020, 2021, and 2022, we had not accrued PRC tax on this basis.

Income (loss) before income taxes consisted of:


	For the Year Ended December 31,
	2020	2021	2022
	US$	US$	US$
PRC	85,277	49,267	(23,020)
Non-PRC	(91,019)	(45,347)	(16,770)
	(5,742)	3,920	(39,790)

Income tax expenses (benefits) comprised:


	For the Year Ended December 31,
	2020	2021	2022
	US$	US$	US$
Current tax expense	15,561	26,696	46,832
Deferred tax benefit	(12,555)	(3,192)	(11,060)
	3,006	23,504	35,772

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


	For the Year Ended December 31,
	2020	2021	2022
	US$	US$	US$
Income (loss) before income taxes	(5,742)	3,920	(39,790)
Income tax at applicable tax rate of 25%	(1,436)	980	(9,948)
Effect of international tax rate differences	5,894	3,138	(607)
Non-deductible expenses	3,805	8,325	9,375
Non-taxable income	(62)	(127)	(69)
Effect of tax holidays or preferential tax rates	(7,152)	4,843	618
Withholding tax	6,130	12,693	35,925
Research and development super-deduction	(2,714)	(3,455)	(2,530)
Changes in valuation allowance	(243)	7,932	8,194
Expiration of loss carry forwards	6,829	1,709	1,878
Expiration of unrecognized tax benefits due to applicable statute of limitations	(8,045)	(12,534)	(7,064)
	3,006	23,504	35,772

15. TAXATION (continued)

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


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Balance at beginning of year	70,812	75,434	78,637
Increase relating to tax positions	11,570	10,574	—
Decrease relating to expiration of applicable statute of limitations and reversal	(8,045)	(12,534)	(7,064)
Foreign currency translation adjustments	1,097	5,163	(5,675)
Balance at end of year	75,434	78,637	65,898

As of December 31, 2020, 2021 and 2022, the Company had recorded US$128,543, US$139,767 and US$126,378 as an accrual for unrecognized tax benefits and related interest and penalties, respectively, which is included in the account of “Other non-current liabilities”.

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.

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 2017 through 2022, the US subsidiaries’ tax years 2019 through 2022 and the Hong Kong subsidiaries’ tax years 2016 through 2022 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 Year Ended December 31,
	2020	2021	2022
	US$	US$	US$
The aggregate amount	(7,152)	4,843	618
The aggregate effect on basic and diluted earnings per share for Class A and Class B ordinary shares:
- Basic and diluted	0.08	(0.05)	(0.01)

15. TAXATION (continued)

The components of deferred taxes were as follows:


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Deferred tax assets
Net operating losses	59,045	67,130	75,705
Lease liability	443	422	282
Impairment of assets	1,538	2,072	1,114
Overcharged advertising and promotion fee	744	637	400
Fixed assets depreciation	440	555	690
Investments	—	—	59
Less: Valuation allowance	(58,039)	(66,475)	(73,024)
Total deferred tax assets	4,171	4,341	5,226

Deferred tax liabilities
Right of use assets	(619)	(560)	(428)
Investment basis in the PRC entities	(65,711)	(53,833)	(52,332)
BaoAn Acquisition — Property	(11,814)	(11,574)	(10,122)
Investments	(1,331)	(1,367)	—
Interest capitalization	(146)	(150)	(137)
Deferred tax liabilities	(79,621)	(67,484)	(63,019)

Net deferred income tax assets	3,728	3,919	4,944
Net deferred income tax liabilities	(79,002)	(66,924)	(62,591)

The rollforward of valuation allowances of deferred tax assets were as follows:


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Balance as of beginning of year	(55,430)	(58,039)	(66,475)
Additions of valuation allowance	(6,988)	(9,198)	(10,953)
Utilization of deferred tax assets	7,231	1,266	2,759
Foreign currency translation adjustments	(2,852)	(504)	1,645
Balance as of end of year	(58,039)	(66,475)	(73,024)

As of December 31, 2022, the Company had net operating losses of US$68,282 from the Company’s subsidiaries incorporated in the US, which can be carried forward indefinitely to offset future taxable income. The remaining accumulated net operating losses of US$5,709, US$2,294, US$42,716, US$65,892 and US$44,567 arose from several of its PRC entities, which can be carried forward to offset future taxable profit and will expire in years 2023, 2024, 2025, 2026 and 2027 if not utilized.

15. TAXATION (continued)

Deferred tax liabilities arising from undistributed earnings

As of December 31, 2020, 2021 and 2022, 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$33,895, US$21,278 and US$21,278 were provided for the withholding tax of the PRC entities as of December 31, 2020, 2021 and 2022, respectively.

The deferred tax liabilities arising from the aggregate undistributed earnings of the PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries that are available for distribution to the PRC tax resident parent companies, that is, the WFOEs, amounted to US$33,293, US$34,072 and US$31,191 as of December 31, 2020, 2021, and 2022, respectively.

As of December 31, 2020, 2021 and 2022, the Company did not provide for deferred tax liabilities and foreign withholding taxes on certain undistributed earnings of its PRC subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries that were available for distribution to non-PRC parent companies on the basis of its intent to permanently reinvest these foreign subsidiaries’ earnings. The cumulative amount of such temporary difference was US$282,438, US$267,085 and US$254,877 as of December 31, 2020, 2021 and 2022, 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$28,244, US$26,709 and US$25,488 as of December 31, 2020, 2021 and 2022, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (CONDENSED STATEMENTS OF CASH FLOWS) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Financial Statements, Captions [Line Items]
Net cash generated from (used in) operating activities	$ (16,061)	$ 2,743	$ 15,341
Net cash generated from (used in) investing activities	70,855	23,864	72,501
Net cash generated from (used in) financing activities	(340,836)	(90,691)	1,284
Net increase (decrease) in cash, cash equivalents and restricted cash	(287,506)	(62,657)	93,692
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash	(1,464)	1,427	4,566
Cash, cash equivalents and restricted cash at beginning of year	397,865	460,522	366,830
Cash, cash equivalents and restricted cash at end of year	110,359	397,865	460,522
Parent Company
Condensed Financial Statements, Captions [Line Items]
Net cash generated from (used in) operating activities	146,815	52,462	(50,903)
Net cash generated from (used in) investing activities	(176)	22,149	(30,665)
Net cash generated from (used in) financing activities	(162,929)	(99,804)	110,863
Net increase (decrease) in cash, cash equivalents and restricted cash	(16,294)	(25,193)	29,295
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash	(4)
Cash, cash equivalents and restricted cash at beginning of year	19,220	44,413	15,118
Cash, cash equivalents and restricted cash at end of year	$ 2,926	$ 19,220	$ 44,413

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Treasury Stock, Shares	5,755,007	5,755,247	6,060,157
Common Class A
Common Stock, par value per share	$ 1	$ 1	$ 1
Common Stock, Shares authorized	600,000,000	600,000,000	600,000,000
Ordinary Shares, Shares issued	71,775,686	71,775,686	71,775,686
Ordinary Shares, Shares outstanding	66,020,679	66,020,439	65,715,529
Common Class B
Common Stock, par value per share	$ 1	$ 1	$ 1
Common Stock, Shares authorized	600,000,000	600,000,000	600,000,000
Ordinary Shares, Shares issued	24,336,650	24,336,650	24,336,650
Ordinary Shares, Shares outstanding	24,336,650		24,336,650	24,336,650
Conversion of Stock, Shares issued	1	1	1

ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Cash Flows) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Cash Flow Statements, Captions [Line Items]
Net cash used in operating activities	$ (16,061)	$ 2,743	$ 15,341
Net cash generated from investing activities	70,855	23,864	72,501
Net cash generated from (used in) financing activities	(340,836)	(90,691)	1,284
PRC Domestic Entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash used in operating activities	(154,091)	(158,738)	(42,871)
Net cash generated from investing activities	11,340	67,972	79,831
Net cash generated from (used in) financing activities	$ (55,084)	$ 16,930	$ (20,146)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Revenues	$ 80,481	$ 158,333	$ 220,413
Cost of services	(12,267)	(17,799)	(17,396)
Gross profit	68,214	140,534	203,017
Operating income (expenses)
Selling expenses	(30,783)	(56,499)	(58,399)
General and administrative expenses	(77,509)	(99,911)	(119,577)
Other income (loss)	103	5,040	(2,532)
Operating income (loss)	(39,975)	(10,836)	22,509
Foreign exchange gain (loss)	1,222	2,667	(2,784)
Interest income	6,854	11,925	12,562
Interest expense	(10,765)	(16,679)	(21,278)
Change in fair value of securities	828	(19,142)	(18,636)
Government grants	1,523	1,732	1,420
Investment income, net	523	34,253	465
Income (loss) before income taxes	(39,790)	3,920	(5,742)
Income tax expense	(35,772)	(23,504)	(3,006)
Net loss	(75,562)	(19,584)	(8,748)
Net income attributable to noncontrolling interests			2
Net loss attributable to Fang Holdings Limited's shareholders	(75,562)	(19,584)	(8,750)
Comprehensive (loss)
Net loss	(75,562)	(19,584)	(8,748)
Foreign currency translation adjustments	(47,413)	34,089	102,613
Gain (loss) on intra-entity foreign transactions of long-term investment nature	(2,794)	756	2,089
Total comprehensive income (loss)	(125,769)	15,261	95,954
Comprehensive income attributable to noncontrolling interests			2
Comprehensive income (loss) attributable to Fang Holdings Limited's shareholders	$ (125,769)	$ 15,261	$ 95,952
Net loss per share for Class A and Class B ordinary shares
Basic	$ (0.84)	$ (0.22)	$ (0.10)
Diluted	$ (0.84)	$ (0.22)	$ (0.10)
Weighted average number of Class A and Class B ordinary shares outstanding:
Basic	90,357,275	90,162,557	89,845,281
Diluted	90,357,275	90,162,557	89,845,281
Marketing services
Revenues
Revenues	$ 37,187	$ 70,426	$ 96,753
Listing services
Revenues
Revenues	13,105	31,128	48,541
Leads generation services
Revenues
Revenues	15,760	36,654	59,931
Financial services
Revenues
Revenues	9,716	13,290	7,828
Other services
Revenues
Revenues	$ 4,713	$ 6,835	$ 7,360

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Condensed Balance Sheets


	As of December 31,
	2020	2021	2022
	US$	US$	US$

ASSETS
Current assets:
Cash and cash equivalents	44,413	19,220	2,926
Prepayments and other current assets	2,123	142	126
Amounts due from subsidiaries	429	1,533	4,270
Total current assets	46,965	20,895	7,322

Non-current assets:
Long-term investments	44,656	16,074	17,355
Investment in subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries	1,021,808	1,076,380	984,175
Total non-current assets	1,066,464	1,092,454	1,001,530
Total assets	1,113,429	1,113,349	1,008,852

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:
Short-term loans and current portion of long-term loans	68,186	50,000	—
Long-term bond payable, current	—	—	103,380
Accrued expenses and other liabilities	33,700	33,847	31,440
Amounts due to subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries	33,717	199,752	282,228
Total current liabilities	135,603	283,599	417,048
Non-current liabilities:
Long-term bond payable, non-current	110,347	112,929	—
Convertible senior notes	168,266	—	—
Total non-current liabilities	278,613	112,929	—
Total liabilities	414,216	396,528	417,048

Commitments and contingencies	—	—	—

Shareholders’ equity:

Class A ordinary shares, par value Hong Kong Dollar (“HK$”) 1 per share, 600,000,000 shares authorized for Class A and Class B in aggregate; 71,775,686 shares issued as of December 31, 2020, 2021 and 2022, respectively; 65,715,529, 66,020,439, and 66,020,679 shares outstanding as of December 31, 2020, 2021, and 2022, respectively.	9,244	9,244	9,244
Class B ordinary shares, par value Hong Kong Dollar (“HK$”) 1 per share, 600,000,000 shares authorized for Class A and Class B in aggregate; 24,336,650 shares issued and outstanding as of December 31, 2020, 2021, and 2022, respectively; each Class B ordinary share is convertible into one Class A ordinary share.	3,124	3,124	3,124
Additional paid-in capital	542,122	544,425	545,173
Accumulated other comprehensive income (loss)	6,331	41,176	(9,031)
Retained earnings	255,575	230,139	154,577
Less: Treasury shares (6,060,157, 5,755,247 and 5,755,007 shares as of December 31, 2020, 2021 and 2022, respectively.)	(117,183)	(111,287)	(111,283)
Total shareholders’ equity	699,213	716,821	591,804
Total liabilities and shareholders’ equity	1,113,429	1,113,349	1,008,852

Condensed Statements of Comprehensive Income


	For the Years Ended December 31,
	2020	2021	2022
	US$	US$	US$

Revenues	—	—	—
Cost of revenues	—	—	—
Gross profit	—	—	—
General and administrative expenses	(42,744)	(8,347)	(2,257)
Operating loss	(42,744)	(8,347)	(2,257)
Equity in profits (losses) of subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries	66,199	(6,291)	(69,947)
Foreign exchange gain (loss)	(1,928)	2,814	264
Interest income	59	22	484
Interest expenses	(10,043)	(7,452)	(4,932)
Change in fair value of securities	(21,807)	(19,142)	826
Investment income, net	1,514	18,812	—
Loss before income taxes	(8,750)	(19,584)	(75,562)
Income tax expenses	—	—	—
Net loss	(8,750)	(19,584)	(75,562)
Other comprehensive income (loss)
Foreign currency translation adjustments	102,613	34,089	(47,413)
Gain (loss) on intra-entity foreign transactions of long-term investment nature	2,089	756	(2,794)
Other comprehensive income (loss)	104,702	34,845	(50,207)
Comprehensive income (loss)	95,952	15,261	(125,769)

Condensed Statements of Cash Flows


	For the Year Ended December 31,
	2020	2021	2022
	US$	US$	US$

Net cash generated from (used in) operating activities	(50,903)	52,462	146,815
Net cash generated from (used in) investing activities	(30,665)	22,149	(176)
Net cash generated from (used in) financing activities	110,863	(99,804)	(162,929)
Net increase (decrease) in cash, cash equivalents and restricted cash	29,295	(25,193)	(16,294)
Exchange rate effect on cash, cash equivalents and restricted cash	—	—	(4)
Cash, cash equivalents and restricted cash at beginning of year	15,118	44,413	19,220
Cash, cash equivalents and restricted cash at end of year	44,413	19,220	2,926

ORGANIZATION AND BASIS OF PRESENTATION (Tables)

12 Months Ended

Dec. 31, 2022

ORGANIZATION AND BASIS OF PRESENTATION

Details of Subsidiaries and PRC Domestic Entities


Company	Date of Establishment	Place of Establishment	Principal Activities
Beijing SouFun Internet Information Service Co., Ltd. (“Beijing Internet”)	December 17, 2003	PRC	Provision of marketing services and listing services

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

Nanning Tian Xia Dai Microfinance Co., Ltd.(“Nanning Tian Xia Dai Microfinance”, (previously known as Beihai Tian Xia Dai Microfinance Co., Ltd.)	September 12, 2014	PRC	Provision of microfinance services

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Carrying Amount of Assets and Liabilities


	As of December 31,
	2020	2021	2022
	US$	US$	US$
ASSETS
Current assets:
Cash and cash equivalents	31,590	16,319	9,808
Restricted cash, current	250,675	192,075	883
Short term investments	—	3,404	—
Accounts receivable, net of credit losses	56,347	45,499	26,166
Prepayment and other current assets	23,407	42,879	40,191
Total current assets	362,019	300,176	77,048

Non-Current assets:
Property and equipment, net	433,064	418,841	370,543
Deferred tax assets	1,228	1,246	1,150
Long-term investment	139,370	67,994	60,058
Restricted cash, non-current portion	1,533	1,568	1,436
Other noncurrent assets	35,000	34,598	30,529
Total non-current assets	610,195	524,247	463,716
Total assets	972,214	824,423	540,764


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Current liabilities:
Short-term loans and current portion of long-term loans	60,962	87,080	39,149
Deferred revenue	18,298	16,171	14,246
Accrued expenses and other liabilities	26,245	28,925	21,701
Intercompany payable to the non PRC Domestic Entities	414,533	346,001	212,683
Total current liabilities	520,038	478,177	287,779

Non-current liabilities
Long-term loans, less current portion	35,632	26,444	19,291
Deferred tax liabilities	51,606	52,813	48,348
Other non-current liabilities	64,649	60,457	52,242
Total non-current liabilities	151,887	139,714	119,881
Total liabilities	671,925	617,891	407,660
Net assets	300,289	206,532	133,104

Result of Operations


	For the Year Ended December 31,
	2020	2021	2022
	US$	US$	US$
Total revenues	150,577	105,227	53,211
Net income (loss)	1,280	(1,853)	(28,504)

Summary of Cash Flow Activities


	Year Ended December 31,
	2020	2021	2022
	US$	US$	US$
Net cash used in operating activities	(42,871)	(158,738)	(154,091)
Net cash generated from investing activities	79,831	67,972	11,340
Net cash generated from (used in) financing activities	(20,146)	16,930	(55,084)

INVESTMENTS (Narrative) (Details) $ in Thousands		12 Months Ended
INVESTMENTS (Narrative) (Details) $ in Thousands	Oct. 29, 2019 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Oct. 29, 2019 CNY (¥)
Investment And Other Income [Line Items]
Interest income on short-term debt investment		$ 6,854	$ 11,925	$ 12,562
Marketable securities, gain (loss)		0	16,658	(1,340)
Proceeds from sale of equity securities without readily determinable fair value			58,384
Impairment on investments		270	390	17
Net gain			$ 17,233
Disposal of investment without readily determinable fair values		$ 0		$ 0
Short term bond
Investment And Other Income [Line Items]
Structured note term				1 year
Long term bond
Investment And Other Income [Line Items]
Structured note term				3 years
Beijing SouFun Network Technology Co., Ltd.
Investment And Other Income [Line Items]
Structured note term	364 days
Total consideration	$ 102,009				¥ 720,000
Structured note	$ 796

EMPLOYEE DEFINED CONTRIBUTION PLAN (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
EMPLOYEE DEFINED CONTRIBUTION PLAN
Amount of employee benefits	$ 9,088	$ 11,710	$ 12,203

LOANS RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2022

LOANS RECEIVABLE

Summary of loans receivable


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Total personal loans	82,927	107,930	57,925
Allowance for credit losses	(11,259)	(11,180)	(11,263)
Loans receivable, net	71,668	96,750	46,662

Schedule of activities in the provision/reverse for credit losses

The activities in the provision/reverse for credit losses for the years ended December 31, 2020, 2021 and 2022, respectively, consisted of the following:


	For the Year Ended
	December 31,
	2020	2021	2022
	US$	US$	US$
Beginning balance	2,905	11,259	11,180
Provision/(reversal)	7,763	(343)	1,029
Foreign currency translation adjustments	591	264	(946)
Ending balance	11,259	11,180	11,263

Schedule of loans receivable portfolio based on credit quality indicator


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Current	71,215	96,048	42,757
1 - 90 days past due	1,073	2,921	3,719
91 - 180 days past due	—	173	366
181 - 360 days past due	4,434	2,946	3,892
361 - 720 days past due	3,188	967	1,913
Over 720 days past due	3,017	4,875	5,278
	82,927	107,930	57,925

TAXATION (Schedule of Components of Deferred Taxes) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets
Net operating losses	$ 75,705	$ 67,130	$ 59,045
Lease liability	282	422	443
Impairment of assets	1,114	2,072	1,538
Overcharged advertising and promotion fee	400	637	744
Fixed assets depreciation	690	555	440
Investments	59
Less: Valuation allowance	(73,024)	(66,475)	(58,039)	$ (55,430)
Total deferred tax assets	5,226	4,341	4,171
Deferred tax liabilities
Right of use assets	(428)	(560)	(619)
Investment basis in the PRC entities	(52,332)	(53,833)	(65,711)
BaoAn Acquisition - Property	(10,122)	(11,574)	(11,814)
Investments		(1,367)	(1,331)
Interest capitalization	(137)	(150)	(146)
Deferred tax liabilities	(63,019)	(67,484)	(79,621)
Net deferred income tax assets	4,944	3,919	3,728
Net deferred income tax liabilities	$ (62,591)	$ (66,924)	$ (79,002)

SEGMENT REPORTING (Narrative) (Details) $ in Thousands	12 Months Ended
SEGMENT REPORTING (Narrative) (Details) $ in Thousands	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
SEGMENT REPORTING
Reportable segment \| item	1
UNITED STATES \| Land and Building [Member]
SEGMENT REPORTING
Long-Lived Assets \| $	$ 89,231	$ 92,662	$ 96,173

LOANS RECEIVABLE - Summary of loans receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
LOANS RECEIVABLE
Total personal loans	$ 57,925	$ 107,930	$ 82,927
Allowance for credit losses	(11,263)	(11,180)	(11,259)	$ (2,905)
Loans receivable, net	$ 46,662	$ 96,750	$ 71,668

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

COMMITMENTS AND CONTINGENCIES (Schedule of Capital Commitment) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
COMMITMENTS AND CONTINGENCIES
Capital commitment:	$ 5,069
Less Than 1 Year
COMMITMENTS AND CONTINGENCIES
Capital commitment:	979
1 to 3 years
COMMITMENTS AND CONTINGENCIES
Capital commitment:	4,090
More than 3 years
COMMITMENTS AND CONTINGENCIES
Capital commitment:	$ 0

RELATED PARTY TRANSACTIONS (Narrative) (Details) $ in Thousands			1 Months Ended		12 Months Ended
	Jun. 23, 2020 USD ($) shares	Mar. 01, 2012 USD ($)	Apr. 30, 2020 USD ($)	Apr. 30, 2020 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Apr. 01, 2013
Transactions With Third Party [Line Items]
Cost Of Lease Operating Lease					$ 2,059		$ 2,892	$ 3,934
Office Building Lease					2,059		2,892	3,934
Payment to related party represents net assets at acquisition								627
Other Liabilities, Current					90,526		92,050	15,307
Revenues					80,481		158,333	220,413
Data and services received					12,267		17,799	17,396
Related Party
Transactions With Third Party [Line Items]
Cost Of Lease Operating Lease		$ 0
Office Building Lease		$ 0
Other Liabilities, Current					90,526		92,050	15,307
Related Party \| Vincent Tianquan Mo
Transactions With Third Party [Line Items]
Cost Of Lease Operating Lease					159		166	155
Office Building Lease					159		166	155
Related Party \| Beihai Silver Beach
Transactions With Third Party [Line Items]
Lease period										10 years
Management Fee Expense					281		380	415
Related Party \| Shanghai Yuyue
Transactions With Third Party [Line Items]
Other Liabilities, Current							$ 184	4,445
Related Party \| CIH
Transactions With Third Party [Line Items]
Lease period							10 years
Cost Of Lease Operating Lease						¥ 7,621,000	$ 1,104
Office building leased to					1,261		1,181	1,104
Office Building Lease						7,621,000	1,104
Payment to related party represents net assets at acquisition			$ 627	¥ 4,325,000
Other Liabilities, Current					90,526		$ 91,866	10,862
Acquisition of ordinary shares of CIH from	$ 51,210
Excess consideration transferred	$ 26,916
Related Party \| CIH \| Common Class A
Transactions With Third Party [Line Items]
Number of shares acquired in investment \| shares	2,429,563
Related Party \| CIH \| Common Class B
Transactions With Third Party [Line Items]
Number of shares acquired in investment \| shares	6,119,686
Fair value investment	$ 25,819
Related Party \| CIH \| Convertible senior notes
Transactions With Third Party [Line Items]
Percentage of repayment of convertible debt by related party							50.00%
Related Party \| Wanli
Transactions With Third Party [Line Items]
Data and services received								275	$ 275
IT service income \| Related Party \| CIH
Transactions With Third Party [Line Items]
Revenues					1,116		$ 1,162	$ 1,087
Software license income \| Related Party \| CIH
Transactions With Third Party [Line Items]
Revenues					$ 70	¥ 500,000
Software license income \| Software license income \| Related Party \| CIH
Transactions With Third Party [Line Items]
Software License Agreement Term							10 years

PROPERTY AND EQUIPMENT, NET (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
PROPERTY AND EQUIPMENT, NET
Depreciation expenses	$ 23,441	$ 21,295	$ 26,180

ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Results of Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Condensed Consolidating Statement Of Operations [Line Items]
Total revenues	$ 80,481	$ 158,333	$ 220,413
Net loss	(75,562)	(19,584)	(8,748)
PRC Domestic Entities
Schedule Of Condensed Consolidating Statement Of Operations [Line Items]
Total revenues	53,211	105,227	150,577
Net loss	$ (28,504)	$ (1,853)	$ 1,280

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2022 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-34862
Entity Registrant Name	Fang Holdings Ltd
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Tower A, No. 20
Entity Address, Address Line Two	Guogongzhuang Middle Street
Entity Address, Address Line Three	Fengtai District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100070
Entity Address, Country	CN
Title of 12(g) Security	American depositary shares, each
No Trading Symbol Flag	true
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001294404
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	GGF CPA LTD
Auditor Firm ID	2729
Auditor Location	Guang Zhou, The People’s Republic of China
Business Contact
Document and Entity Information
Entity Address, Address Line One	Tower A, No. 20
Entity Address, Address Line Two	Guogongzhuang Middle Street
Entity Address, Address Line Three	Fengtai District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100070
Entity Address, Country	CN
Contact Personnel Name	Richard Jiangong Dai
Country Region	+86
City Area Code	10
Local Phone Number	5631 8000
Contact Personnel Fax Number	+86-10-5631 8010
Common Class A
Document and Entity Information
Entity Common Stock, Shares Outstanding	66,020,679
Common Class B
Document and Entity Information
Entity Common Stock, Shares Outstanding	24,336,650

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands		1 Months Ended
	Dec. 22, 2022	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES.
Cash equity investment	$ 14,800	$ 14,800

TAXATION (Schedule of Rollforward of Valuation Allowances of Deferred Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
TAXATION
Balance as of beginning of year	$ (66,475)	$ (58,039)	$ (55,430)
Additions of valuation allowance	(10,953)	(9,198)	(6,988)
Utilization of deferred tax assets	2,759	1,266	7,231
Foreign currency translation adjustments	1,645	(504)	(2,852)
Balance as of end of year	$ (73,024)	$ (66,475)	$ (58,039)

CONVERTIBLE SENIOR NOTES

12 Months Ended

Dec. 31, 2022

CONVERTIBLE SENIOR NOTES.

CONVERTIBLE SENIOR NOTES

13. CONVERTIBLE SENIOR NOTES

In 2015, the Company initially issued two sets of convertible senior notes: the September 2022 Notes and the November 2022 Notes. These Convertible Notes provided holders with the option to convert them into the Company’s Class A ordinary shares under specific terms, with an original maturity date in 2022. In 2018, the Company executed a replacement of the November 2022 Notes, issuing a new series referred to as the New November 2022 Notes. This replacement maintained similar conversion rights and an unchanged maturity date in 2022, aligning with the initial structure set forth in 2015.

The effective interest rate was 1.56%, 2.46% and 0.69% for the September 2022 Notes, the November 2022 Notes and the New November 2022 Notes, respectively. For the years ended December 31, 2020 and 2021, the Company recognized interest expense related to the Notes of US$2,506 and US$1,879, respectively.

The principal amount and unamortized premium as of December 31, 2020 were as follows:


		As of December 31,
		2020
		US$
Principal amount		167,060
Unamortized premium		1,206
		168,266

In 2021, the Company reached settlement agreements to fully repay the outstanding principal and accrued interest on the Convertible Notes. Under these agreements, the Company and CIH agreed to share the repayment obligations equally, with CIH covering 50% of the total repayment amount, which was US$84,133.

The repayment was completed in two installments: the first payment on September 30, 2021, and the final payment on December 31, 2021. As a result, the Convertible Notes were fully settled by the end of 2021, leaving no outstanding balance on the Company’s consolidated balance sheet. A gain of US$682 from the early termination of the convertible senior notes has been recognized in the consolidated statements of comprehansive income (loss).”

Due to CIH’s participation in the repayment, the Company recorded a payable to CIH in its consolidated financial statements, classified as “Due to Related Parties,” to reflect the portion covered by CIH.

LOANS RECEIVABLE - Provision/reverse for credit losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
LOANS RECEIVABLE
Beginning balance	$ 11,180	$ 11,259	$ 2,905
Provision/(reversal)	1,029	(343)	7,763
Foreign currency translation adjustments	(946)	264	591
Ending balance	$ 11,263	$ 11,180	$ 11,259

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

LEASE

12 Months Ended

Dec. 31, 2022

LEASE

LEASE

9. LEASE

The right of use assets and the amortization were summarized as follows:


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Right of use assets	38,953	39,439	36,026
Less: accumulated amortization	(3,263)	(4,150)	(4,932)
Right of use assets	35,690	35,289	31,094

A summary of supplemental information related to operating leases as of December 31, 2020, 2021 and 2022 is as follows:


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Operating lease right-of-use assets	2,658	2,404	1,835
Operating lease liabilities, current	1,925	1,833	1,228
Operating lease liabilities, non-current	755	588	664
Total operating lease liabilities	2,680	2,421	1,892

9. LEASE (continued)

Operating lease expense was allocated to the following expense items:


	For the Year Ended December 31,
	2020	2021	2022
	US$	US$	US$
Cost of revenues	547	402	286
General and administrative expenses	1,390	1,022	727
Selling and marketing expenses	1,997	1,468	1,046
Total operating lease expenses	3,934	2,892	2,059
Short-term lease expenses	534	540	679
Total lease expenses	4,468	3,432	2,738

The weighted average remaining lease term excluding land-use right as of December 31, 2022 was 1.22 years, and the weighted average discount rate of the operating leases was 6%.

Maturities of the lease liabilities as of December 31, 2022 were as follows:


For the Year Ended December 31		US$
2023		1,362
2024		654
2025 and thereafter		—
Total undiscounted lease payments		2,016
Less: imputed interest		(124)
Present value of lease liablities balance		1,892
Amounts due within 12 months		1,228
Long-term lease liabilities		664

SHARE-BASED PAYMENTS

12 Months Ended

Dec. 31, 2022

SHARE-BASED PAYMENTS

SHARE-BASED PAYMENTS

16. SHARE-BASED PAYMENTS

Stock related award incentive plan of 1999

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

The exercise price, vesting and other conditions of individual awards are determined by the executive chairman of the board of directors. The awards are typically subject to a three-year to a four-year service vesting condition and expire 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 Company. The non-compete condition does not give rise to an in-substance service condition.

Stock related award incentive plan of 2010

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

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

Stock related award incentive plan of 2015

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

16. SHARE-BASED PAYMENTS (continued)

No new share options granted during the years ended December 31, 2020, 2021 and 2022. A summary of the Company’s equity award activity held by both the Company’s employees and CIH’s employees under the 1999 Plan, 2010 Plan and 2015 Plan for the year ended December 31, 2022 was stated below:


			Weighted-
		Weighted-	Average
		Average per	Remaining
		share	Contractual	Aggregate
Options Granted to Employees	Number of	Exercise	Term	Intrinsic
and Directors	Shares	Price	(years)	Value
Outstanding, December 31, 2019	7,217,995	3.84	5.05	5,299
Forfeited	(140,510)	1.19
Expired	(351,630)	2.40
Exercised	—	—
Outstanding, December 31, 2020	6,725,855	3.97	4.84	—
Vested and expected to vest at December 31, 2020	6,725,855	3.97	4.84	—
Exercisable at December 31, 2020	5,700,360	3.87	4.46	—


			Weighted-
		Weighted-	Average
		Average per	Remaining	Aggregate
Options Granted to Employees	Number of	share Exercise	Contractual	Intrinsic
and Directors	Shares	Price	Term (years)	Value
Outstanding, December 31, 2020	6,725,855	3.97	4.84	—
Forfeited	(93,160)	2.30
Expired	(363,430)	6.70
Exercised	(22,000)	5.37
Outstanding, December 31, 2021	6,247,265	3.83	6.46	—
Vested and expected to vest at December 31, 2021	6,247,265	3.83	6.46	—
Exercisable at December 31, 2021	5,792,080	3.97	6.33	—


			Weighted-
		Weighted-	Average
		Average per	Remaining
		share	Contractual	Aggregate
Options Granted to Employees	Number of	Exercise	Term	Intrinsic
and Directors	Shares	Price	(years)	Value
Outstanding, December 31, 2021	6,247,265	3.83	6.46	—
Forfeited	(99,620)	3.71
Expired	(275,620)	3.99
Exercised	(240)	6.10
Outstanding, December 31, 2022	5,871,785	3.82	5.57	—
Vested and expected to vest at December 31, 2022	5,871,785	3.82	5.57	—
Exercisable at December 31, 2022	5,637,960	3.86	5.53	—

The aggregate intrinsic value represents the difference between the fair value of the Company’s ordinary share and the exercise price. Since the Company’s stock price was lower than the exercise price of the options on December 31, 2020, 2021, and 2022, the intrinsic value of the options was zero for each of these periods.

16. SHARE-BASED PAYMENTS (continued)

Restricted Shares

A summary of the Company’s restricted shares held by both the Company’s employees and CIH’s employees for the years ended December 31, 2020, 2021 and 2022 was stated below:


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

Outstanding, December 31, 2019	626,534	17.55
Forfeited	(27,955)	12.66
Vested	(312,002)	11.59
Unvested, December 31, 2020	286,577	24.52
Forfeited	(3,667)	24.52
Vested	(282,910)	24.52
Unvested, December 31, 2021	—	—
Forfeited	—	—
Vested	—	—
Unvested, December 31, 2022	—	—

As of December 31, 2022, there was US$215 of unrecognized share-based compensation cost related to the Company’s and CIH’s restricted shares held by the Company’s employees that are expected to be recognized over a weighted-average vesting period of 0.42 years.

Total share-based compensation expense of share-based awards granted to employees and directors charged to operations were US$13,347, US$2,137 and US$586 for the years ended December 31, 2020, 2021 and 2022, respectively.

LEASE (Narrative) (Details)	Dec. 31, 2022
LEASE
Weighted average remaining lease term	1 year 2 months 19 days
Weighted average discount rate	6.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant Accounting Policies [Line Items]
Other than Temporary Impairment Losses, Investments		$ 270	$ 390	$ 17
Impairment of equity method investments		0	0	0
Operating Lease, Liability		1,892	2,421	2,680
Impairment charge		0	0	0
Share-based payments		0	0	0
Deferred revenue		$ 52,643	$ 54,122	$ 134,143
Lease, Practical Expedients, Package [true false]	true
Lease, Practical Expedient, Use of Hindsight [true false]	true
Maximum
Significant Accounting Policies [Line Items]
Loan periods		36 months
Listing services term		12 months
Minimum
Significant Accounting Policies [Line Items]
Loan periods		3 months
Listing services term		1 month

ACCOUNTS RECEIVABLE (Schedule of Ageing analysis of accounts receivable) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Held-to-Maturity, Past Due [Line Items]
Accounts receivable	$ 65,311	$ 104,193	$ 103,483
Less: allowance for credit losses	(33,864)	(52,831)	(40,144)	$ (21,810)
Accounts receivable, net	31,447	51,362	63,339
Within 3 months
Debt Securities, Held-to-Maturity, Past Due [Line Items]
Accounts receivable	21,464	34,802	51,224
3 months to 6 months
Debt Securities, Held-to-Maturity, Past Due [Line Items]
Accounts receivable	6,203	15,207	16,237
6 months to 12 months
Debt Securities, Held-to-Maturity, Past Due [Line Items]
Accounts receivable	9,554	19,299	21,061
Over 1 year
Debt Securities, Held-to-Maturity, Past Due [Line Items]
Accounts receivable	$ 28,090	$ 34,885	$ 14,961

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Ordinary Shares Common Class A	Ordinary Shares Common Class B [Member]	Ordinary Shares	Additional Paid-in Capital	Treasury stock Common Class A	Treasury stock	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Foreign currency translation adjustments	Accumulated Other Comprehensive Income (Loss) Intra-entity foreign currency transaction loss	Retained Earnings	Noncontrolling Interest	Common Class A	Total
Beginning Balance at Dec. 31, 2019			$ 12,368	$ 528,620		$ (123,216)	$ (98,371)	$ (90,710)	$ (7,661)	$ 270,358	$ 693		$ 590,452
Beginning Balance (in shares) at Dec. 31, 2019	65,403,527	24,336,650
Net (loss) profit for the year										(8,750)	2		(8,748)
Other comprehensive loss:
Foreign currency translation adjustments							102,613	102,613					102,613
Gain on intra-entity foreign transactions of long-term investment nature							2,089		2,089				2,089
Contribution from shareholder				155									155
Share-based compensation				13,347									13,347
Exercise of share options and vesting of unvested shares						6,033				(6,033)
Exercise of share options and vesting of unvested shares (in shares)	312,002
Ending Balance at Dec. 31, 2020			12,368	542,122		(117,183)	6,331	11,903	(5,572)	255,575	695		699,908
Ending Balance (in shares) at Dec. 31, 2020	65,715,529	24,336,650
Net (loss) profit for the year										(19,584)			(19,584)
Disposal of a non-controlling interests subsidiary											$ (695)		(695)
Other comprehensive loss:
Foreign currency translation adjustments							34,089	34,089					34,089
Gain on intra-entity foreign transactions of long-term investment nature							756		756				756
Contribution from shareholder				166									166
Share-based compensation				2,137									2,137
Exercise of share options and vesting of unvested shares						5,896				(5,852)			44
Exercise of share options and vesting of unvested shares (in shares)	304,910
Ending Balance at Dec. 31, 2021			12,368	544,425		(111,287)	41,176	45,992	(4,816)	230,139			716,821
Ending Balance (in shares) at Dec. 31, 2021	66,020,439	24,336,650
Net (loss) profit for the year										(75,562)			(75,562)
Other comprehensive loss:
Foreign currency translation adjustments							(47,413)	(47,413)					(47,413)
Gain on intra-entity foreign transactions of long-term investment nature							(2,794)		(2,794)				(2,794)
Contribution from shareholder				159									159
Repurchase of treasury stock (in shares)												(7,065,058)
Share-based compensation				586									586
Exercise of share options and vesting of unvested shares				3		4							7
Exercise of share options and vesting of unvested shares (in shares)	240				1,310,051
Ending Balance at Dec. 31, 2022			$ 12,368	$ 545,173		$ (111,283)	$ (9,031)	$ (1,421)	$ (7,610)	$ 154,577			$ 591,804
Ending Balance (in shares) at Dec. 31, 2022	66,020,679	24,336,650

LEASE (Supplemental information related to operating leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
LEASE
Operating lease right-of-use assets	$ 1,835	$ 2,404	$ 2,658
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Lease Right Of Use Asset	Lease Right Of Use Asset	Lease Right Of Use Asset
Operating lease liabilities, current	$ 1,228	$ 1,833	$ 1,925
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current	Other Liabilities, Current
Operating lease liabilities, non-current	$ 664	$ 588	$ 755
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Present value of lease liabilities balance	$ 1,892	$ 2,421	$ 2,680
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities	Other Liabilities	Other Liabilities

ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Carrying Amounts of Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 106,015	$ 120,652	$ 136,837
Restricted cash, current	1,185	267,500	315,912
Short-term investments	108,805	63,461	72,878
Accounts receivable, net of credit losses	31,447	51,362	63,339
Prepayments and other current assets	109,047	112,091	39,678
Total current assets	407,431	713,349	700,741
Non-current assets:
Property and equipment, net	635,453	703,252	717,360
Deferred tax assets	4,944	3,919	3,728
Long-term investment	97,857	219,936	324,323
Restricted cash, non-current portion	3,159	9,713	7,773
Other non-current assets	28,985	29,831	9,158
Total non-current assets	801,492	1,001,940	1,098,032
Total assets	1,208,923	1,715,289	1,798,773
Current liabilities:
Short-term loans and current portion of long-term loans		283,049	236,000
Deferred revenue	49,763	52,643	54,122
Accrued expenses and other liabilities	66,858	73,815	74,399
Total current liabilities	354,403	560,792	481,177
Non-current liabilities:
Deferred tax liabilities	62,591	66,924	79,002
Other non-current liabilities	140,302	154,875	144,093
Total non-current liabilities	262,716	437,676	617,688
Total liabilities	617,119	998,468	1,098,865
PRC Domestic Entities
Current assets:
Cash and cash equivalents	9,808	16,319	31,590
Restricted cash, current	883	192,075	250,675
Short-term investments		3,404
Accounts receivable, net of credit losses	26,166	45,499	56,347
Prepayments and other current assets	40,191	42,879	23,407
Total current assets	77,048	300,176	362,019
Non-current assets:
Property and equipment, net	370,543	418,841	433,064
Deferred tax assets	1,150	1,246	1,228
Long-term investment	60,058	67,994	139,370
Restricted cash, non-current portion	1,436	1,568	1,533
Other non-current assets	30,529	34,598	35,000
Total non-current assets	463,716	524,247	610,195
Total assets	540,764	824,423	972,214
Current liabilities:
Short-term loans and current portion of long-term loans	39,149	87,080	60,962
Deferred revenue	14,246	16,171	18,298
Accrued expenses and other liabilities	21,701	28,925	26,245
Intercompany payable to the non PRC Domestic Entities	212,683	346,001	414,533
Total current liabilities	287,779	478,177	520,038
Non-current liabilities:
Long-term loans, less current portion	19,291	26,444	35,632
Deferred tax liabilities	48,348	52,813	51,606
Other non-current liabilities	52,242	60,457	64,649
Total non-current liabilities	119,881	139,714	151,887
Total liabilities	407,660	617,891	671,925
Net Assets	$ 133,104	$ 206,532	$ 300,289

CONCENTRATION AND RISKS (Narrative) (Details) - USD ($)	12 Months Ended
CONCENTRATION AND RISKS (Narrative) (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Cash and cash equivalents, restricted cash and short term investments	$ 115,112,000
Short-term investments	$ 108,805,000	$ 63,461,000	$ 72,878,000
Maximum amount of equity ownership allowed to foreign investors in any ICP business	50.00%
GTJA
Concentration Risk [Line Items]
Short-term investments	$ 104,052,000
PRC \| Cash Assets \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration Risk, Percentage	60.30%
Outside PRC \| Cash Assets \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration Risk, Percentage	39.70%

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2022

COMMITMENTS AND CONTINGENCIES.

Schedule of capital commitment


	As of December 31, 2022
		Less than	1 to 3	More than
	Total	1 year	years	3 years
	US$	US$	US$	US$
Capital commitments	5,069	979	4,090	—

PREPAYMENTS AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

PREPAYMENTS AND OTHER CURRENT ASSETS

Schedule of prepayments and other current assets

Prepayments and other current assets consisted of the following:


	As of December 31,
	2020	2021	2022
	US$	US$	US$

Prepaid expenses	2,610	3,072	2,746
Advance to employees	801	825	755
Receivables related to disposal of long-term Investments	—	58,974	46,478
Interest receivable	4,530	4,349	3,496
Funds receivable	4,405	4,498	2,694
Properties held for sale	23,857	30,127	43,586
Others	5,685	13,875	18,635
Total	41,888	115,720	118,390
Less: allowance of credit losses	(2,210)	(3,629)	(9,343)
Prepayments and other current assets, net	39,678	112,091	109,047

Schedule of allowance for credit losses of prepayment and other current assets


	For the Years Ended December 31,
	2020	2021	2022
	US$	US$	US$
Movement in allowance for credit losses
Balance at beginning of year	1,467	2,210	3,629
Additional provision	642	1,367	6,021
Foreign currency translation adjustments	101	52	(307)
Balance at end of year	2,210	3,629	9,343

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Property and Equipment Estimated Useful Lives of Assets


Category		Estimated Useful Life

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

Assets Measured Fair Value on a Recurring Basis


	Fair Value Measurement as of December 31, 2020
	Quoted Prices
	in Active	Significant
	Markets for	Other
	Identical	Observable	Unobservable
	Assets	Inputs	Inputs	Fair
	(Level 1)	(Level 2)	(Level 3)	Value
	US$	US$	US$	US$
Short-term investments	—	72,878	—	72,878
Investments accounted for at fair value	73,089	—	—	73,089


	Fair Value Measurement as of December 31, 2021
	Quoted Prices
	in Active	Significant
	Markets for	Other
	Identical	Observable	Unobservable
	Assets	Inputs	Inputs
	(Level 1)	(Level 2)	(Level 3)	Fair Value
	US$	US$	US$	US$
Short-term investments	—	63,461	—	63,461
Investments accounted for at fair value	23,127	—	—	23,127


	Fair Value Measurement as of December 31, 2022
	Quoted Prices
	in Active	Significant
	Markets for	Other
	Identical	Observable	Unobservable
	Assets	Inputs	Inputs
	(Level 1)	(Level 2)	(Level 3)	Fair Value
	US$	US$	US$	US$
Short-term investments	—	108,805	—	108,805
Investments accounted for at fair value	24,117	—	—	24,117

Schedule of disaggregation of Revenue


	For the Year Ended
	December 31,
	2020	2021	2022
	US$	US$	US$
Marketing services	96,753	70,426	37,187
Listing services	48,541	31,128	13,105
Leads generation services	59,931	36,654	15,760
Financial services	7,828	13,290	9,716
Other services	7,360	6,835	4,713
Total revenues	220,413	158,333	80,481

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 106,015	$ 120,652	$ 136,837
Restricted cash, current	1,185	267,500	315,912
Short-term investments	108,805	63,461	72,878
Accounts receivable, net of credit losses	31,447	51,362	63,339
Prepayments and other current assets	109,047	112,091	39,678
Loans receivable, net of credit losses	46,662	96,750	71,668
Amounts due from related parties	4,270	1,533	429
Total current assets	407,431	713,349	700,741
Non-current assets:
Property and equipment, net	635,453	703,252	717,360
Deferred tax assets	4,944	3,919	3,728
Restricted cash, non-current portion	3,159	9,713	7,773
Long-term investments	97,857	219,936	324,323
Right-of-use assets	31,094	35,289	35,690
Other non-current assets	28,985	29,831	9,158
Total non-current assets	801,492	1,001,940	1,098,032
Total assets	1,208,923	1,715,289	1,798,773
Current liabilities:
Short-term loans and current portion of long-term loans	42,978	340,696	334,086
Long-term bond payable within one year	103,380
Deferred revenue	49,763	52,643	54,122
Accrued expenses and other liabilities	66,858	73,815	74,399
Income tax payable	898	1,588	3,263
Amounts due to related parties	90,526	92,050	15,307
Total current liabilities	354,403	560,792	481,177
Non-current liabilities:
Long-term loans, less current portion	59,823	102,948	115,980
Long-term bond payable		112,929	110,347
Convertible senior notes			168,266
Deferred tax liabilities	62,591	66,924	79,002
Other non-current liabilities	140,302	154,875	144,093
Total non-current liabilities	262,716	437,676	617,688
Total liabilities	617,119	998,468	1,098,865
Commitments and contingencies
Shareholders' equity:
Additional paid-in capital	545,173	544,425	542,122
Accumulated other comprehensive income (loss)	(9,031)	41,176	6,331
Retained earnings	154,577	230,139	255,575
Less: Treasury shares (6,060,157, 5,755,247 and 5,755,007 shares as of December 31, 2020, 2021 and 2022, respectively.)	(111,283)	(111,287)	(117,183)
Total Fang Holdings Limited shareholders' equity	591,804	716,821	699,213
Noncontrolling interests			695
Total shareholders' equity	591,804	716,821	699,908
Total liabilities and shareholders' equity	1,208,923	1,715,289	1,798,773
Common Class A
Shareholders' equity:
Ordinary shares	9,244	9,244	9,244
Common Class B
Shareholders' equity:
Ordinary shares	$ 3,124	$ 3,124	$ 3,124

SHARE-BASED PAYMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Equity Award Activity

16. SHARE-BASED PAYMENTS (continued)


			Weighted-
		Weighted-	Average
		Average per	Remaining
		share	Contractual	Aggregate
Options Granted to Employees	Number of	Exercise	Term	Intrinsic
and Directors	Shares	Price	(years)	Value
Outstanding, December 31, 2019	7,217,995	3.84	5.05	5,299
Forfeited	(140,510)	1.19
Expired	(351,630)	2.40
Exercised	—	—
Outstanding, December 31, 2020	6,725,855	3.97	4.84	—
Vested and expected to vest at December 31, 2020	6,725,855	3.97	4.84	—
Exercisable at December 31, 2020	5,700,360	3.87	4.46	—


			Weighted-
		Weighted-	Average
		Average per	Remaining	Aggregate
Options Granted to Employees	Number of	share Exercise	Contractual	Intrinsic
and Directors	Shares	Price	Term (years)	Value
Outstanding, December 31, 2020	6,725,855	3.97	4.84	—
Forfeited	(93,160)	2.30
Expired	(363,430)	6.70
Exercised	(22,000)	5.37
Outstanding, December 31, 2021	6,247,265	3.83	6.46	—
Vested and expected to vest at December 31, 2021	6,247,265	3.83	6.46	—
Exercisable at December 31, 2021	5,792,080	3.97	6.33	—

Restricted shares

Summary of Equity Award Activity

A summary of the Company’s restricted shares held by both the Company’s employees and CIH’s employees for the years ended December 31, 2020, 2021 and 2022 was stated below:


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

Outstanding, December 31, 2019	626,534	17.55
Forfeited	(27,955)	12.66
Vested	(312,002)	11.59
Unvested, December 31, 2020	286,577	24.52
Forfeited	(3,667)	24.52
Vested	(282,910)	24.52
Unvested, December 31, 2021	—	—
Forfeited	—	—
Vested	—	—
Unvested, December 31, 2022	—	—

China Index Holdings Limited [Member]

Summary of Equity Award Activity


			Weighted-
		Weighted-	Average
		Average per	Remaining
		share	Contractual	Aggregate
Options Granted to Employees	Number of	Exercise	Term	Intrinsic
and Directors	Shares	Price	(years)	Value
Outstanding, December 31, 2021	6,247,265	3.83	6.46	—
Forfeited	(99,620)	3.71
Expired	(275,620)	3.99
Exercised	(240)	6.10
Outstanding, December 31, 2022	5,871,785	3.82	5.57	—
Vested and expected to vest at December 31, 2022	5,871,785	3.82	5.57	—
Exercisable at December 31, 2022	5,637,960	3.86	5.53	—

TAXATION (Schedule of Roll-forward of Unrecognized Tax Benefits, Exclusive of Related Interest and Penalties) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
TAXATION
Balance at beginning of year	$ 78,637	$ 75,434	$ 70,812
Increase relating to tax positions		10,574	11,570
Decrease relating to expiration of applicable statute of limitations and reversal	(7,064)	(12,534)	(8,045)
Foreign currency translation adjustments	(5,675)	5,163	1,097
Balance at end of year	$ 65,898	$ 78,637	$ 75,434

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 80,481	$ 158,333	$ 220,413
Gross profit	68,214	140,534	203,017
General and administrative expenses	77,509	99,911	119,577
Operating loss	(39,975)	(10,836)	22,509
Foreign exchange gain (loss)	1,222	2,667	(2,784)
Interest income	6,854	11,925	12,562
Interest expenses	(10,765)	(16,679)	(21,278)
Investment income, net	523	34,253	465
Loss before income taxes	(39,790)	3,920	(5,742)
Income tax expenses	(35,772)	(23,504)	(3,006)
Net loss	(75,562)	(19,584)	(8,748)
Other comprehensive income (loss)
Foreign currency translation adjustments	(47,413)	34,089	102,613
Gain on intra-entity foreign transactions of long-term investment nature	(2,794)	756	2,089
Total comprehensive income (loss)	(125,769)	15,261	95,954
Parent Company
Condensed Financial Statements, Captions [Line Items]
General and administrative expenses	2,257	8,347	42,744
Operating loss	(2,257)	(8,347)	(42,744)
Equity in profits (losses) of subsidiaries, PRC Domestic Entities and PRC Domestic Entities' subsidiaries	(69,947)	(6,291)	66,199
Foreign exchange gain (loss)	264	2,814	(1,928)
Interest income	484	22	59
Interest expenses	(4,932)	(7,452)	(10,043)
Change in fair value of securities	826	(19,142)	(21,807)
Investment income, net		18,812	1,514
Loss before income taxes	(75,562)	(19,584)	(8,750)
Net loss	(75,562)	(19,584)	(8,750)
Other comprehensive income (loss)
Foreign currency translation adjustments	(47,413)	34,089	102,613
Gain on intra-entity foreign transactions of long-term investment nature	(2,794)	756	2,089
Other comprehensive income (loss)	(50,207)	34,845	104,702
Total comprehensive income (loss)	$ (125,769)	$ 15,261	$ 95,952

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2022

PROPERTY AND EQUIPMENT, NET

Schedule of property and equipment

Property and equipment consisted of the following:


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Buildings	794,353	798,216	736,515
Office equipment	21,747	21,733	18,976
Motor vehicles	1,241	1,369	1,488
Leasehold improvement	18,734	19,037	17,701
Land	50,731	50,731	50,731
Total	886,806	891,086	825,411
Less: Accumulated depreciation	(181,390)	(206,244)	(213,329)
Construction in progress	11,944	18,410	23,371
	717,360	703,252	635,453

SHORT-TERM AND LONG-TERM LOAN (Schedule of Short-term and Long-term Loans) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SHORT-TERM AND LONG-TERM LOANS
Short-term loans		$ 283,049	$ 236,000
Long-term loans, current portion	$ 42,978	57,647	98,086
Long-term loans, less current portion	$ 59,823	$ 102,948	$ 115,980

PREPAYMENTS AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
PREPAYMENTS AND OTHER CURRENT ASSETS
Prepaid expenses	$ 2,746	$ 3,072	$ 2,610
Advance to employees	755	825	801
Receivables related to disposal of long-term Investments	46,478	58,974
Interest Receivable	3,496	4,349	4,530
Funds receivable	2,694	4,498	4,405
Properties held for sale	43,586	30,127	23,857
Others	18,635	13,875	5,685
Total	118,390	115,720	41,888
Less: allowance of credit losses	(9,343)	(3,629)	(2,210)	$ (1,467)
Prepayments and other current assets, net	$ 109,047	$ 112,091	$ 39,678

TAXATION (Schedule of Income Tax Expenses (Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
TAXATION
Current tax expense	$ 46,832	$ 26,696	$ 15,561
Deferred tax benefit	(11,060)	(3,192)	(12,555)
Income Tax Expenses (Benefit) from Continuing Operations	$ 35,772	$ 23,504	$ 3,006

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

EARNINGS (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2022

EARNINGS (LOSS) PER SHARE

Schedule of basic and diluted earnings (loss) per share

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


	For the Year Ended December 31,
	2020	2021	2022
	US$	US$	US$
Numerator
Net loss attributable to Class A and Class B ordinary shares	(8,750)	(19,584)	(75,562)

Denominator:
Weighted average number of Class A and Class B ordinary shares outstanding-basic and diluted	89,845,281	90,162,557	90,357,275

Net loss per share
Basic and diluted	(0.10)	(0.22)	(0.84)

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (CONDENSED BALANCE SHEETS) (Parenthetical) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Treasury Stock, Common, Shares	5,755,007	5,755,247	6,060,157
Parent Company
Treasury Stock, Common, Shares	5,755,007	5,755,247	6,060,157
Common Class A
Common Stock, Par or Stated Value Per Share	$ 1	$ 1	$ 1
Common Stock, Shares Authorized	600,000,000	600,000,000	600,000,000
Ordinary Shares, Shares issued	71,775,686	71,775,686	71,775,686
Common Stock, Shares, Outstanding	66,020,679	66,020,439	65,715,529
Common Class A \| Parent Company
Common Stock, Par or Stated Value Per Share	$ 1	$ 1	$ 1
Common Stock, Shares Authorized	600,000,000	600,000,000	600,000,000
Ordinary Shares, Shares issued	71,775,686	71,775,686	71,775,686
Common Stock, Shares, Outstanding	66,020,679	66,020,439	65,715,529
Common Class B
Common Stock, Par or Stated Value Per Share	$ 1	$ 1	$ 1
Common Stock, Shares Authorized	600,000,000	600,000,000	600,000,000
Ordinary Shares, Shares issued	24,336,650	24,336,650	24,336,650
Common Stock, Shares, Outstanding	24,336,650		24,336,650	24,336,650
Conversion of Stock, Shares Issued	1	1	1
Common Class B \| Parent Company
Common Stock, Par or Stated Value Per Share	$ 1	$ 1	$ 1
Common Stock, Shares Authorized	600,000,000	600,000,000	600,000,000
Ordinary Shares, Shares issued	24,336,650	24,336,650	24,336,650
Common Stock, Shares, Outstanding	24,336,650	24,336,650	24,336,650
Conversion of Stock, Shares Issued	1	1	1

SHARE-BASED PAYMENTS - (Summary Of Restricted Shares Granted) (Details) - Restricted shares - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Outstanding, December 31, 2018	286,577	626,534
Forfeited	(3,667)	(27,955)
Vested	(282,910)	(312,002)
Unvested, December 31, 2019		286,577
Weighted-Average Grant date Fair Value per Share
Outstanding, December 31, 2018	$ 24.52	$ 17.55
Forfeited	24.52	12.66
Vested	$ 24.52	11.59
Unvested, December 31, 2019		$ 24.52

PREPAYMENTS AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2022

PREPAYMENTS AND OTHER CURRENT ASSETS

PREPAYMENTS AND OTHER CURRENT ASSETS

6. PREPAYMENTS AND OTHER CURRENT ASSETS

Prepayments and other current assets consisted of the following:


	As of December 31,
	2020	2021	2022
	US$	US$	US$

Prepaid expenses	2,610	3,072	2,746
Advance to employees	801	825	755
Receivables related to disposal of long-term Investments	—	58,974	46,478
Interest receivable	4,530	4,349	3,496
Funds receivable	4,405	4,498	2,694
Properties held for sale	23,857	30,127	43,586
Others	5,685	13,875	18,635
Total	41,888	115,720	118,390
Less: allowance of credit losses	(2,210)	(3,629)	(9,343)
Prepayments and other current assets, net	39,678	112,091	109,047

The movements in the allowance for credit losses of prepayment and other current assets were as follows:


	For the Years Ended December 31,
	2020	2021	2022
	US$	US$	US$
Movement in allowance for credit losses
Balance at beginning of year	1,467	2,210	3,629
Additional provision	642	1,367	6,021
Foreign currency translation adjustments	101	52	(307)
Balance at end of year	2,210	3,629	9,343

RELATED PARTY TRANSACTIONS (Schedule of Amounts From/Due to Related Party) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
Amounts due to a related party	$ 90,526	$ 92,050	$ 15,307
Amounts due from related parties	4,270	1,533	429
Related Party
RELATED PARTY TRANSACTIONS
Amounts due to a related party	90,526	92,050	15,307
Amounts due from related parties	4,270	1,533	429
Related Party \| Beihai Silver Beach
RELATED PARTY TRANSACTIONS
Amounts due from related parties	330	1,533	429
Related Party \| Shanghai Yuyue
RELATED PARTY TRANSACTIONS
Amounts due to a related party		184	4,445
Amounts due from related parties	3,940
Related Party \| CIH
RELATED PARTY TRANSACTIONS
Amounts due to a related party	$ 90,526	$ 91,866	$ 10,862

CONVERTIBLE SENIOR NOTES (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) installment	Dec. 31, 2020 USD ($)	Dec. 31, 2015
CONVERTIBLE SENIOR NOTES
Repayment of debt	$ 84,313
Convertible senior notes
CONVERTIBLE SENIOR NOTES
Number of installments for repayment \| installment	2
Long-term loans	$ 0
Gain on early termination of convertible senior notes	$ 682
Convertible senior notes \| Related Party \| CIH
CONVERTIBLE SENIOR NOTES
Percentage of repayment of convertible debt by related party	50.00%
Repayment of debt	$ 84,133
September 2022 Notes One
CONVERTIBLE SENIOR NOTES
Effective interest rate, as a percent			1.56%
Interest expense		$ 2,506
November 2022 Notes One
CONVERTIBLE SENIOR NOTES
Effective interest rate, as a percent			2.46%
Interest expense	$ 1,879
New November 2022 Notes
CONVERTIBLE SENIOR NOTES
Effective interest rate, as a percent			0.69%

ACCRUED EXPENSES AND OTHER LIABILITIES (Schedule of Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ACCRUED EXPENSES AND OTHER LIABILITIES
Payroll and welfare benefit	$ 3,203	$ 7,063	$ 6,868
Other taxes and surcharges payable	7,931	8,313	9,153
Amounts payable to sales and marketing agents	25,909	27,744	31,499
Interest payables	6,080	2,971	2,869
Utility and property management payables	7,444	10,341	5,148
Construction payables	1,497	2,143	6,021
Payables of decoration services	1,096	890	1,091
Deposits for rental	2,708	2,386	1,890
Lease liability, current	1,228	1,833	1,925
Customers's refundable fees	6,032	7,811	5,913
Others	3,730	2,320	2,022
Accrued expenses and other liabilities	$ 66,858	$ 73,815	$ 74,399

ORGANIZATION AND BASIS OF PRESENTATION (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Restricted Cash, Current	$ 1,185	$ 267,500	$ 315,912
Restricted Cash, Noncurrent	3,159	9,713	7,773
Accounts receivable	31,447	51,362	63,339
PRC Domestic Entities
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Restricted Cash, Current	883	192,075	250,675
Restricted Cash, Noncurrent	1,436	1,568	1,533
Accounts receivable	26,166	$ 45,499	$ 56,347
PRC Domestic Entities \| Pledged
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Restricted Cash, Current	888
Restricted Cash, Noncurrent	269,752
PRC Domestic Entities \| Accounts Receivable \| Pledged
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Accounts receivable	$ 893

INVESTMENTS - Short-term and long-term investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investment And Other Income [Line Items]
Short-term investments	$ 108,805	$ 63,461	$ 72,878
Short-term investments.
Investment And Other Income [Line Items]
Short-term investments	108,805	63,461	72,878
Short-term investments. \| Held-to-maturity securities
Investment And Other Income [Line Items]
Short-term investments	4,753	$ 63,461	$ 72,878
Short-term investments. \| Structured note
Investment And Other Income [Line Items]
Short-term investments	$ 104,052

SHARE-BASED PAYMENTS - (Summary of Equity Award Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Granted (new options)	0	0	0
Employees and Directors [Member] \| China Index Holdings Limited [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at the beginning of the year	6,247,265	6,725,855	7,217,995
Forfeited	(99,620)	(93,160)	(140,510)
Expired	(275,620)	(363,430)	(351,630)
Exercised	(240)	(22,000)
Outstanding at the end of the year	5,871,785	6,247,265	6,725,855	7,217,995
Vested and expected to vest at December 31, 2020	5,871,785	6,247,265	6,725,855
Exercisable at December 31, 2020	5,637,960	5,792,080	5,700,360
Weighted Average Exercise Price
Outstanding, December 31, 2019	$ 3.83	$ 3.97	$ 3.84
Forfeited	3.71	2.30	1.19
Expired	3.99	6.70	2.40
Exercised	6.10	5.37
Outstanding, December 31, 2020	3.82	3.83	3.97	$ 3.84
Vested and expected to vest at December 31, 2020	3.82	3.83	3.97
Exercisable at December 31, 2020	$ 3.86	$ 3.97	$ 3.87
Weighted Average Remaining Contractual Term
Outstanding, December 31, 2019		6 years 5 months 15 days	4 years 10 months 2 days	5 years 18 days
Outstanding, December 31, 2020	0 years		0 years
Vested and expected to vest at December 31, 2020	0 years	6 years 5 months 15 days	0 years
Exercisable at December 31, 2020	0 years	6 years 3 months 29 days	0 years
Aggregated Intrinsic Value
Outstanding, December 31, 2019			$ 5,299
Outstanding, December 31, 2020				$ 5,299

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2022

COMMITMENTS AND CONTINGENCIES.

COMMITMENTS AND CONTINGENCIES

19. COMMITMENTS AND CONTINGENCIES

Significant legal contingencies

On November 12, 2020, certain shareholders of the Company (the “Petitioners”) filed a winding-up petition in the Grand Court of the Cayman Islands (the “Cayman Court”), under Cause No: FSD 278 of 2020, seeking to wind up the Company (the “Winding-up Petition”). The Petitioners also filed an application on December 4, 2020, for the appointment of provisional liquidators over the Company. A hearing was held on December 24, 2020, where the Cayman Court adjourned the application to allow the parties additional time to negotiate undertakings to the Court. The hearing was further adjourned by consent of the parties to a date no earlier than the week of March 29, 2021. These legal proceedings were ongoing during the fiscal years ended December 31, 2020, 2021, and 2022. The Company has actively defended itself in the proceedings, and no liquidators were appointed.

Subsequent to the balance sheet date, on October 24, 2023, the Cayman Court approved a Consent Order signed by all parties, which resulted in the withdrawal of the Winding-up Petition, the application for the appointment of provisional liquidators, and an additional application regarding the reconstitution of the Company’s board of directors filed on June 18, 2021. Accordingly, the proceedings under Cause No: FSD 278 of 2020 were fully discontinued, and the parties were released from all related undertakings given to the Cayman Court.

While this matter has now been resolved without further financial obligations, the Company recognizes that the proceedings were a significant legal matter during the reporting periods of 2020 through 2022. The outcome did not result in any material financial impact on the Company’s consolidated financial statements.

Commitment for Cash Equity Investment

In December 2022, the Company entered into a set of agreements in connection with the planned merger of CIH. As part of the transaction, the Company has committed to making a cash equity investment of US$14,800 to fund the merger. Additionally, the Company has guaranteed certain payment obligations of CIH’s parent company under the merger agreement. These commitments will result in future cash outflows and are considered part of the Company’s financial obligations related to the merger transaction.

Capital commitment


	As of December 31, 2022
		Less than	1 to 3	More than
	Total	1 year	years	3 years
	US$	US$	US$	US$
Capital commitments	5,069	979	4,090	—

As of December 31, 2022, the Company does not have significant capital expenditure plans or commitments for the construction of fixed assets. This is primarily due to the current operational environment and the Company’s strategic focus on maintaining financial flexibility. Given the existing business conditions, the Company has not entered into any material agreements or contracts for future capital expenditures.

19. COMMITMENTS AND CONTINGENCIES (continued)

Contingencies

From time to time, the Company is involved in claims and legal proceedings that arise in the ordinary course of business. Based on currently available information, management does not believe that the ultimate outcome of the unresolved matters, individually and in the aggregate, are likely to have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, litigations are subject to inherent uncertainties and the Company’s view of these matters may change in the future.

LEASE (Tables)

12 Months Ended

Dec. 31, 2022

LEASE

Schedule of right of use assets and the amortization


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Right of use assets	38,953	39,439	36,026
Less: accumulated amortization	(3,263)	(4,150)	(4,932)
Right of use assets	35,690	35,289	31,094

Schedule of supplemental information related to operating leases


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Operating lease right-of-use assets	2,658	2,404	1,835
Operating lease liabilities, current	1,925	1,833	1,228
Operating lease liabilities, non-current	755	588	664
Total operating lease liabilities	2,680	2,421	1,892

Schedule of Operating lease expense


	For the Year Ended December 31,
	2020	2021	2022
	US$	US$	US$
Cost of revenues	547	402	286
General and administrative expenses	1,390	1,022	727
Selling and marketing expenses	1,997	1,468	1,046
Total operating lease expenses	3,934	2,892	2,059
Short-term lease expenses	534	540	679
Total lease expenses	4,468	3,432	2,738

Schedule of maturities of the lease liabilities


For the Year Ended December 31		US$
2023		1,362
2024		654
2025 and thereafter		—
Total undiscounted lease payments		2,016
Less: imputed interest		(124)
Present value of lease liablities balance		1,892
Amounts due within 12 months		1,228
Long-term lease liabilities		664

TAXATION (Schedule of Reconciliation between Amount of Income Tax Expenses (Benefits) and Amount Computed by Applying Statutory Tax Rate to Income (Loss) before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
TAXATION
Income (loss) before income taxes	$ (39,790)	$ 3,920	$ (5,742)
Income tax at applicable tax rate of 25%	(9,948)	980	(1,436)
Effect of international tax rate differences	(607)	3,138	5,894
Non-deductible expenses	9,375	8,325	3,805
Non-taxable income	(69)	(127)	(62)
Effect of tax holidays or preferential tax rates	618	4,843	(7,152)
Withholding tax	35,925	12,693	6,130
Research and development super-deduction	(2,530)	(3,455)	(2,714)
Changes in valuation allowance	8,194	7,932	(243)
Expiration of loss carry forwards	1,878	1,709	6,829
Expiration of unrecognized tax benefits due to applicable statute of limitations	(7,064)	(12,534)	(8,045)
Income Tax Expenses (Benefit) from Continuing Operations	$ 35,772	$ 23,504	$ 3,006

SHORT-TERM AND LONG-TERM LOANS (Tables)

12 Months Ended

Dec. 31, 2022

SHORT-TERM AND LONG-TERM LOANS

Schedule of short-term and long-term loans

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


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Short-term loans	236,000	283,049	—
Long-term loans, current portion	98,086	57,647	42,978
Long-term loans, less current portion	115,980	102,948	59,823

SHARE-BASED PAYMENTS - (Narrative) (Details) - USD ($) $ in Thousands				12 Months Ended			36 Months Ended
	Jun. 04, 2015	Aug. 04, 2010	Sep. 01, 1999	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted				0	0	0
Total incremental share-based compensation				$ 586	$ 2,137	$ 13,347
Intrinsic value of options exercised							$ 0
Impairment on investments				270	$ 390	$ 17
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares						286,577		626,534
Total unamortized share-based compensation				215			215
Unrecognized share-based compensation				$ 215			$ 215
Unrecognized share-based compensation, vesting period				5 months 1 day
Stock Related Award Incentive Plan of 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Shares Issuable to Director and Employees	1.50%
Vesting period	4 years
Contractual term	ten
Stock Incentive Plan 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Shares Issuable to Director and Employees		10.00%
Vesting period		4 years
Contractual term		ten
Stock Plan 1999
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Shares Issuable to Director and Employees			12.00%
Return Period of Awards in case of cessation of employment and violation of certain provisions			2 years
Stock Plan 1999 \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Expiration Period			15 years
Stock Plan 1999 \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Expiration Period			10 years

ORGANIZATION AND BASIS OF PRESENTATION

12 Months Ended

Dec. 31, 2022

ORGANIZATION AND BASIS OF PRESENTATION

ORGANIZATION AND BASIS OF PRESENTATION

1. ORGANIZATION AND BASIS OF PRESENTATION

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

The Company is principally engaged in the provision of marketing services, listing services, leads generation, financial services, and other services to the real estate and home furnishing industries in the PRC. Details of the Company’s major subsidiaries, PRC Domestic Entities and the PRC Domestic Entities’ subsidiaries as of December 31, 2022 were as follows:


Company	Date of Establishment	Place of Establishment	Principal Activities
Beijing SouFun Internet Information Service Co., Ltd. (“Beijing Internet”)	December 17, 2003	PRC	Provision of marketing services and listing services

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1. ORGANIZATION AND BASIS OF PRESENTATION (continued)


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

Nanning Tian Xia Dai Microfinance Co., Ltd.(“Nanning Tian Xia Dai Microfinance”, (previously known as Beihai Tian Xia Dai Microfinance Co., Ltd.)	September 12, 2014	PRC	Provision of microfinance services

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

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

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

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

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

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

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

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

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

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

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

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

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

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

In order to comply with PRC laws and regulations which restrict foreign control of companies involved in internet content provision (“ICP”) and advertising businesses, the Company operates its websites and provides online marketing, listing and leads generation 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, Richard Jiangong Dai, a director of the board who resigned from the board effective February 25, 2016, or Jianning Dai, general manager of the Company’s subsidiary. The effective control of the PRC Domestic Entities is held by the Company through two of its WFOEs, namely, SouFun Network and Jia Tian Xia Network Technology as a result of a series of contractual arrangements and their supplementary agreements signed with each of the PRC Domestic Entities which arrangements and agreements contain similar provisions regarding obligations and rights of the Company and the PRC Domestic Entities (hereinafter, together the “Contractual Agreements”). As a result of the Contractual Agreements, the Company maintains the ability to approve decisions made by the PRC Domestic Entities, is entitled to substantially all of the economic benefits from the PRC Domestic Entities and is obligated to absorb all of the PRC Domestic Entities’ expected losses.

1. ORGANIZATION AND BASIS OF PRESENTATION (continued)

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

The following is a summary of the Contractual Agreements:

Exclusive Technical Consultancy and Service Agreements

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

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 WFOEs. In addition, the PRC Domestic Entities will appoint or remove their directors and executive officers based on instruction from the WFOEs. The agreements can be extended indefinitely at the sole discretion of the WFOEs.

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 WFOEs. The legal shareholders shall not transfer the pledged ownership interests without the prior written consent from the WFOEs. The WFOEs are entitled to dividends and funds obtained through conversion, auction or sale of the ownership interests that the legal shareholders pledged to the WFOEs. The agreements can be extended at the sole discretion of the WFOEs.

The legal shareholders irrevocably appoint the WFOEs 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 WFOEs, the PRC Domestic Entities and their legal shareholders or by their successors.

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

1. ORGANIZATION AND BASIS OF PRESENTATION (continued)

Loan Agreements

The WFOEs 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 WFOEs when permitted by applicable PRC laws and regulations. Any gains from the transfer shall be paid back to the WFOEs or any third party designated by the WFOEs. The legal shareholders shall repay the loan by means of transferring their respective equity interests in the PRC Domestic Entities to the WFOEs or any other person designated by the WFOEs.

Supplementary Agreements

In addition to the above contractual agreements, the Company, the WFOEs, 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 WFOEs, the PRC Domestic Entities and their legal shareholders. While these supplementary agreements were signed in 2010, the terms, intent and substance of all the agreements above remained unchanged. Pursuant to the supplementary agreements:

●

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

●

the WFOEs 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 WFOEs;

●

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 WFOEs in the form of a donation upon the WFOEs’ request.

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

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

●

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

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

1. ORGANIZATION AND BASIS OF PRESENTATION (continued)

Through the design of the aforementioned agreements, the legal shareholders of the PRC Domestic Entities effectively assigned their full voting rights to the WFOEs, which give the WFOEs the power to direct the activities that most significantly impact the PRC Domestic Entities’ economic performance. The WFOEs 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 WFOEs are obligated to absorb a majority of the expected losses from the PRC Domestic Entities’ activities through providing unlimited financial support to the PRC Domestic Entities and are entitled to receive a majority of profits from the PRC Domestic Entities through the exclusive technical consultancy and service fees. As a result, the Company, through the WFOEs, is the primary beneficiary of the PRC Domestic Entities. Accordingly, in accordance with SEC Regulation S-X Article 3A- 02 and ASC 810, the Company, through the WFOEs, has consolidated the operating results of the PRC Domestic Entities in the Company’s financial statements.

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


	As of December 31,
	2020	2021	2022
	US$	US$	US$
ASSETS
Current assets:
Cash and cash equivalents	31,590	16,319	9,808
Restricted cash, current	250,675	192,075	883
Short term investments	—	3,404	—
Accounts receivable, net of credit losses	56,347	45,499	26,166
Prepayment and other current assets	23,407	42,879	40,191
Total current assets	362,019	300,176	77,048

Non-Current assets:
Property and equipment, net	433,064	418,841	370,543
Deferred tax assets	1,228	1,246	1,150
Long-term investment	139,370	67,994	60,058
Restricted cash, non-current portion	1,533	1,568	1,436
Other noncurrent assets	35,000	34,598	30,529
Total non-current assets	610,195	524,247	463,716
Total assets	972,214	824,423	540,764

1. ORGANIZATION AND BASIS OF PRESENTATION (continued)


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Current liabilities:
Short-term loans and current portion of long-term loans	60,962	87,080	39,149
Deferred revenue	18,298	16,171	14,246
Accrued expenses and other liabilities	26,245	28,925	21,701
Intercompany payable to the non PRC Domestic Entities	414,533	346,001	212,683
Total current liabilities	520,038	478,177	287,779

Non-current liabilities
Long-term loans, less current portion	35,632	26,444	19,291
Deferred tax liabilities	51,606	52,813	48,348
Other non-current liabilities	64,649	60,457	52,242
Total non-current liabilities	151,887	139,714	119,881
Total liabilities	671,925	617,891	407,660
Net assets	300,289	206,532	133,104

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


	For the Year Ended December 31,
	2020	2021	2022
	US$	US$	US$
Total revenues	150,577	105,227	53,211
Net income (loss)	1,280	(1,853)	(28,504)


	Year Ended December 31,
	2020	2021	2022
	US$	US$	US$
Net cash used in operating activities	(42,871)	(158,738)	(154,091)
Net cash generated from investing activities	79,831	67,972	11,340
Net cash generated from (used in) financing activities	(20,146)	16,930	(55,084)

As of December 31, 2022, except for the restricted cash, current of US$888, restricted cash, non-current portion of US$893 and property and equipment of US$269,752, which are all pledged to secure bank borrowings (Note 10), 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 PRC Domestic Entities held certain registered copyrights, trademarks and registered domain names, which are used for the Company’s business operations. All of these revenue-producing assets were internally developed, for which the Company did not incur significant development costs.

Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”), regarding financial reporting.

LOANS RECEIVABLE - Loans receivable portfolio (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Credit quality indicator
Delinquency rate	26.20%	11.00%	14.10%
Loans receivable	$ 57,925	$ 107,930	$ 82,927
Current
Credit quality indicator
Loans receivable	42,757	96,048	71,215
1 - 90 days past due
Credit quality indicator
Loans receivable	3,719	2,921	1,073
91 - 180 days past due
Credit quality indicator
Loans receivable	366	173
181 - 360 days past due
Credit quality indicator
Loans receivable	3,892	2,946	4,434
361 - 720 days past due
Credit quality indicator
Loans receivable	1,913	967	3,188
Over 720 days past due
Credit quality indicator
Loans receivable	$ 5,278	$ 4,875	$ 3,017

INVESTMENTS - Equity method investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INVESTMENTS
Equity method investments	$ 27,031	$ 29,607	$ 29,085
Investment income (loss)	$ (236)	$ (156)	$ 26

TAXATION (Narrative) (Details) $ in Thousands, $ in Millions			1 Months Ended	12 Months Ended
	Apr. 14, 2008	Jan. 01, 2008	Mar. 31, 2007	Dec. 31, 2022 USD ($)	Dec. 31, 2022 HKD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2017
Income Tax [Line Items]
Income tax expense (benefit)				$ 35,772		$ 23,504	$ 3,006
Deferred Tax Assets, Net				4,944		3,919	3,728
Unrecognized tax benefits
Unrecognized tax benefits including interest and penalties				$ 126,378		139,767	128,543
Deferred tax liabilities arising from undistributed earnings
Withholding tax rate				10.00%	10.00%
Deferred tax liabilities for undistributed foreign earnings				$ 21,278		21,278	33,895
Cumulative amount of temporary difference				254,877		267,085	282,438
Amount of the unrecognized deferred tax liability for temporary differences related to investments				$ 25,488		26,709	28,244
December 31, 2017
Income Tax [Line Items]
Effective income tax rate reconciliation, GILTI, percent				10.50%	10.50%
December 31, 2025
Income Tax [Line Items]
Effective income tax rate reconciliation, GILTI, percent				13.125%	13.125%
Inland Revenue, Hong Kong \| Foreign Tax Authority
Income Tax [Line Items]
Tax rate on profits				16.50%	16.50%
Withholding on dividend remittance				$ 0
First tier of profits assessed at half tax rate					$ 2
Preferential tax rate				8.25%	8.25%
Income tax expense (benefit)				$ 0		0	0
Internal Revenue Service (IRS) \| Foreign Tax Authority
Income Tax [Line Items]
Tax rate on profits				21.00%	21.00%			35.00%
Inland Revenue, Singapore (IRAS) \| Foreign Tax Authority
Income Tax [Line Items]
Income tax expense (benefit)				$ 0		0	0
Tax assessable profits				$ 0		$ 0	$ 0
State Administration of Taxation, China \| PRC - Domestic Tax Authority
Income Tax [Line Items]
Tax rate on profits			25.00%
State Administration of Taxation, China \| PRC - Domestic Tax Authority \| High And New Technology Enterprises
Income Tax [Line Items]
Preferential tax rate	15.00%			15.00%	15.00%	15.00%	15.00%
Preferential certificate term (in years)				3 years	3 years	3 years	3 years
Preferential certificate renewal term (in years)				3 years	3 years	3 years	3 years
State Administration of Taxation, China \| PRC - Domestic Tax Authority \| PRC Resident Enterprise
Income Tax [Line Items]
Transitional enterprise income tax rate		25.00%
PRC Subsidiaries And PRC Domestic Entities And PRC Domestic Entities' Subsidiaries
Deferred tax liabilities arising from undistributed earnings
Deferred tax liabilities for undistributed foreign earnings				$ 31,191		$ 34,072	$ 33,293
PRC Subsidiaries And PRC Domestic Entities And PRC Domestic Entities' Subsidiaries \| 2023
Operating Loss Carryforwards [Abstract]
Operating loss carryforwards				5,709
PRC Subsidiaries And PRC Domestic Entities And PRC Domestic Entities' Subsidiaries \| 2024
Operating Loss Carryforwards [Abstract]
Operating loss carryforwards				2,294
PRC Subsidiaries And PRC Domestic Entities And PRC Domestic Entities' Subsidiaries \| 2025
Operating Loss Carryforwards [Abstract]
Operating loss carryforwards				42,716
PRC Subsidiaries And PRC Domestic Entities And PRC Domestic Entities' Subsidiaries \| 2026
Operating Loss Carryforwards [Abstract]
Operating loss carryforwards				65,892
PRC Subsidiaries And PRC Domestic Entities And PRC Domestic Entities' Subsidiaries \| 2027
Operating Loss Carryforwards [Abstract]
Operating loss carryforwards				44,567
US Subsidiaries
Operating Loss Carryforwards [Abstract]
Operating loss carryforwards				$ 68,282

LEASE (Schedule of right of use assets and the amortization) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
LEASE
Right of use assets, excluding accumulated amortization	$ 36,026	$ 39,439	$ 38,953
Less: accumulated amortization	(4,932)	(4,150)	(3,263)
Right of use assets	$ 31,094	$ 35,289	$ 35,690

LOANS RECEIVABLE (Details) - USD ($) $ in Thousands	12 Months Ended
LOANS RECEIVABLE (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
LOANS RECEIVABLE
Financing Receivable, Gross	$ 57,925	$ 107,930	$ 82,927
Secured loans
LOANS RECEIVABLE
Financing Receivable, Gross	47,859	98,907	76,477
Unsecured loans
LOANS RECEIVABLE
Financing Receivable, Gross	$ 10,066	$ 9,023	$ 6,450
Maximum \| Secured loans
LOANS RECEIVABLE
Debt Instrument, Term	12 months	12 months	12 months
Interest rate	18.00%	18.00%	18.00%
Maximum \| Unsecured loans
LOANS RECEIVABLE
Debt Instrument, Term	12 months	12 months	12 months
Interest rate	21.60%	21.60%	21.60%
Minimum \| Secured loans
LOANS RECEIVABLE
Debt Instrument, Term	3 months	3 months	3 months
Interest rate	7.80%	7.80%	7.80%
Minimum \| Unsecured loans
LOANS RECEIVABLE
Debt Instrument, Term	3 months	3 months	3 months
Interest rate	5.40%	5.40%	5.40%

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

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+ Details

TAXATION (Schedule of Income (Loss) Before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
TAXATION
PRC	$ (23,020)	$ 49,267	$ 85,277
Non-PRC	(16,770)	(45,347)	(91,019)
Income (loss) from operations before income taxes	$ (39,790)	$ 3,920	$ (5,742)

CONVERTIBLE SENIOR NOTES (Principal amount and unamortized premium) (Details) - Convertible senior notes $ in Thousands	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Principle amount	$ 167,060
Unamortized premium	1,206
Total	$ 168,266

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

BOND PAYABLE (Details) - 364 days RMB denominated bond $ in Thousands	Dec. 31, 2020	Oct. 29, 2019 USD ($)	Oct. 29, 2019 CNY (¥)
BOND PAYABLE
Short term bond payable		$ 102,009	¥ 720,000
Annual interest rate	4.25%	4.80%	4.80%

EARNINGS (LOSS) PER SHARE (Schedule of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net loss attributable to Class A and Class B ordinary shareholders	$ (75,562)	$ (19,584)	$ (8,750)
Denominator:
Weighted average number of Class A and Class B ordinary shares outstanding-basic	90,357,275	90,162,557	89,845,281
Weighted average number of Class A and Class B ordinary shares outstanding-diluted	90,357,275	90,162,557	89,845,281
Basic net loss per share
Basic	$ (0.84)	$ (0.22)	$ (0.10)
Diluted net loss per share
Diluted	$ (0.84)	$ (0.22)	$ (0.10)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

SUBSEQUENT EVENTS (Details)			1 Months Ended
SUBSEQUENT EVENTS (Details)	Sep. 04, 2023 $ / shares	Dec. 22, 2022 USD ($)	Dec. 31, 2022 USD ($)	Oct. 13, 2023 USD ($)	Oct. 13, 2023 CNY (¥)	Oct. 12, 2023
SUBSEQUENT EVENTS
Cash equity investment		$ 14,800,000
Additional expenditures		0
Commitment incurred		$ 14,800,000	$ 14,800,000
Subsequent event
SUBSEQUENT EVENTS
Repurchased face amount				$ 104,052	¥ 720,000,000
Stated interest rate, as a percent				4.80%	4.80%	4.80%
Subsequent event \| Common Class A
SUBSEQUENT EVENTS
Proposed share price \| $ / shares	$ 0.619
Subsequent event \| American depositary shares
SUBSEQUENT EVENTS
Proposed share price \| $ / shares	$ 6.19
Premium percentage of proposed share price over the closing price	210.00%
Premium percentage of proposed share price over the volume weighted average closing price	25.00%
Threshold trading days considered to calculate volume weighted average closing price	30 days
Subsequent event \| 4.25% bonds, maturing in 2024
SUBSEQUENT EVENTS
Repurchased face amount				$ 52,026
Stated interest rate, as a percent				4.25%	4.25%
Principle amount \| ¥					¥ 360,000,000

EMPLOYEE DEFINED CONTRIBUTION PLAN

12 Months Ended

Dec. 31, 2022

EMPLOYEE DEFINED CONTRIBUTION PLAN

EMPLOYEE DEFINED CONTRIBUTION PLAN

18. EMPLOYEE DEFINED CONTRIBUTION PLAN

Full time employees of the Company in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the PRC subsidiaries of the Company make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Company has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefits charged, which were expensed as incurred, were US$12,203, US$11,710 and US$9,088 for the years ended December 31, 2020, 2021 and 2022, respectively.

PROPERTY AND EQUIPMENT, NET (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
PROPERTY AND EQUIPMENT, NET
Property plant and equipment gross	$ 825,411	$ 891,086	$ 886,806
Less: Accumulated depreciation	(213,329)	(206,244)	(181,390)
Construction in progress	23,371	18,410	11,944
Property plant and equipment Net	635,453	703,252	717,360
Building
PROPERTY AND EQUIPMENT, NET
Property plant and equipment gross	736,515	798,216	794,353
Office equipment
PROPERTY AND EQUIPMENT, NET
Property plant and equipment gross	18,976	21,733	21,747
Motor vehicles
PROPERTY AND EQUIPMENT, NET
Property plant and equipment gross	1,488	1,369	1,241
Leasehold improvement
PROPERTY AND EQUIPMENT, NET
Property plant and equipment gross	17,701	19,037	18,734
Land
PROPERTY AND EQUIPMENT, NET
Property plant and equipment gross	$ 50,731	$ 50,731	$ 50,731

LEASE (Schedule of allocation of rental expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allocation of rental expense
Cost Of Lease Operating Lease	$ 2,059	$ 2,892	$ 3,934
Short-term lease expenses	679	540	534
Total lease expenses	2,738	3,432	4,468
Cost of revenues
Allocation of rental expense
Cost Of Lease Operating Lease	286	402	547
General and administrative expenses
Allocation of rental expense
Cost Of Lease Operating Lease	727	1,022	1,390
Selling and marketing expenses
Allocation of rental expense
Cost Of Lease Operating Lease	$ 1,046	$ 1,468	$ 1,997

ACCRUED EXPENSES AND OTHER LIABILITIES

12 Months Ended

Dec. 31, 2022

ACCRUED EXPENSES AND OTHER LIABILITIES

ACCRUED EXPENSES AND OTHER LIABILITIES

12. ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued expenses and other liabilities consisted of the following:


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Payroll and welfare benefit	6,868	7,063	3,203
Other taxes and surcharges payable ⁽¹⁾	9,153	8,313	7,931
Amounts payable to sales and marketing agents	31,499	27,744	25,909
Interest payables	2,869	2,971	6,080
Utility and property management payables	5,148	10,341	7,444
Construction payables	6,021	2,143	1,497
Payables of decoration services	1,091	890	1,096
Deposits for rental	1,890	2,386	2,708
Lease liability, current	1,925	1,833	1,228
Customers’ refundable fees	5,913	7,811	6,032
Others	2,022	2,320	3,730
	74,399	73,815	66,858

(1)

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

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2022

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

22. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Condensed balance sheets


	As of December 31,
	2020	2021	2022
	US$	US$	US$

ASSETS
Current assets:
Cash and cash equivalents	44,413	19,220	2,926
Prepayments and other current assets	2,123	142	126
Amounts due from subsidiaries	429	1,533	4,270
Total current assets	46,965	20,895	7,322

Non-current assets:
Long-term investments	44,656	16,074	17,355
Investment in subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries	1,021,808	1,076,380	984,175
Total non-current assets	1,066,464	1,092,454	1,001,530
Total assets	1,113,429	1,113,349	1,008,852

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:
Short-term loans and current portion of long-term loans	68,186	50,000	—
Long-term bond payable, current	—	—	103,380
Accrued expenses and other liabilities	33,700	33,847	31,440
Amounts due to subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries	33,717	199,752	282,228
Total current liabilities	135,603	283,599	417,048
Non-current liabilities:
Long-term bond payable, non-current	110,347	112,929	—
Convertible senior notes	168,266	—	—
Total non-current liabilities	278,613	112,929	—
Total liabilities	414,216	396,528	417,048

Commitments and contingencies	—	—	—

Shareholders’ equity:

Class A ordinary shares, par value Hong Kong Dollar (“HK$”) 1 per share, 600,000,000 shares authorized for Class A and Class B in aggregate; 71,775,686 shares issued as of December 31, 2020, 2021 and 2022, respectively; 65,715,529, 66,020,439, and 66,020,679 shares outstanding as of December 31, 2020, 2021, and 2022, respectively.	9,244	9,244	9,244
Class B ordinary shares, par value Hong Kong Dollar (“HK$”) 1 per share, 600,000,000 shares authorized for Class A and Class B in aggregate; 24,336,650 shares issued and outstanding as of December 31, 2020, 2021, and 2022, respectively; each Class B ordinary share is convertible into one Class A ordinary share.	3,124	3,124	3,124
Additional paid-in capital	542,122	544,425	545,173
Accumulated other comprehensive income (loss)	6,331	41,176	(9,031)
Retained earnings	255,575	230,139	154,577
Less: Treasury shares (6,060,157, 5,755,247 and 5,755,007 shares as of December 31, 2020, 2021 and 2022, respectively.)	(117,183)	(111,287)	(111,283)
Total shareholders’ equity	699,213	716,821	591,804
Total liabilities and shareholders’ equity	1,113,429	1,113,349	1,008,852

22. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (continued)

Condensed statements of comprehensive income (loss)


	For the Years Ended December 31,
	2020	2021	2022
	US$	US$	US$

Revenues	—	—	—
Cost of revenues	—	—	—
Gross profit	—	—	—
General and administrative expenses	(42,744)	(8,347)	(2,257)
Operating loss	(42,744)	(8,347)	(2,257)
Equity in profits (losses) of subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries	66,199	(6,291)	(69,947)
Foreign exchange gain (loss)	(1,928)	2,814	264
Interest income	59	22	484
Interest expenses	(10,043)	(7,452)	(4,932)
Change in fair value of securities	(21,807)	(19,142)	826
Investment income, net	1,514	18,812	—
Loss before income taxes	(8,750)	(19,584)	(75,562)
Income tax expenses	—	—	—
Net loss	(8,750)	(19,584)	(75,562)
Other comprehensive income (loss)
Foreign currency translation adjustments	102,613	34,089	(47,413)
Gain (loss) on intra-entity foreign transactions of long-term investment nature	2,089	756	(2,794)
Other comprehensive income (loss)	104,702	34,845	(50,207)
Comprehensive income (loss)	95,952	15,261	(125,769)

Condensed statements of cash flows


	For the Year Ended December 31,
	2020	2021	2022
	US$	US$	US$

Net cash generated from (used in) operating activities	(50,903)	52,462	146,815
Net cash generated from (used in) investing activities	(30,665)	22,149	(176)
Net cash generated from (used in) financing activities	110,863	(99,804)	(162,929)
Net increase (decrease) in cash, cash equivalents and restricted cash	29,295	(25,193)	(16,294)
Exchange rate effect on cash, cash equivalents and restricted cash	—	—	(4)
Cash, cash equivalents and restricted cash at beginning of year	15,118	44,413	19,220
Cash, cash equivalents and restricted cash at end of year	44,413	19,220	2,926

Basis of Presentation

For the presentation of the parent company only condensed financial information, the Company records its investment in subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries which it effectively controls through contractual agreements, under the equity method of accounting as prescribed in ASC 323, Investments-Equity Method and Joint Ventures. Such investments are presented on the condensed balance sheets as “Investment in subsidiaries, PRC Domestic Entities, and PRC Domestic Entities’ subsidiaries” and the subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries’ profit or loss as “Equity in profits (losses) of subsidiaries, PRC Domestic Entities and PRC Domestic Entities’ subsidiaries” on the condensed statements of comprehensive income (loss). The parent company only condensed financial information should be read in conjunction with the Company’s consolidated financial statements.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (75,562)	$ (19,584)	$ (8,748)
Adjustments to reconcile net loss to net cash generated from (used in) operating activities:
Share-based compensation	586	2,137	13,347
Depreciation of property and equipment	23,441	21,295	26,180
Amortization of right-of-use assets	1,956	2,747	3,737
Deferred tax benefits	(11,060)	(3,192)	(12,555)
Net allowance for credit loss for accounts receivable, loans receivable and other current assets	50,335	42,374	37,519
Impairment of investment	270	390	17
Investment income	(523)	(34,253)	(465)
Change in fair value of securities	(828)	19,142	18,636
Amortization of transaction costs for structured note	136	124	145
Amortization of issuance costs and unamortized discount (premium) for convertible senior notes		(530)	(663)
Loss (gain) on disposal of property and equipment	(26)	707	(22)
Deemed rental expense (Note 17)	159	166	155
Changes in operating assets and liabilities:
Accounts receivable	(30,837)	(29,888)	(33,851)
Prepayments and other current assets	(10,898)	(48,863)	784
Loans receivable	48,440	(23,780)	(18,230)
Amounts due from related parties	(2,794)	(1,089)	215
Other non-current assets	(1,494)	(6,134)	(8,343)
Deferred revenue	(2,220)	(2,001)	(1,001)
Accrued expenses and other liabilities	8,571	(1,946)	(10,697)
Income tax payable	(678)	(1,691)	(976)
Amounts due to related parties	(323)	75,830	5,928
Other non-current liabilities	(12,712)	10,782	4,229
Net cash generated from (used in) operating activities	(16,061)	2,743	15,341
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from disposal of short-term investments	62,739	73,193	91,170
Proceeds from disposal of long-term investments	32,204	51,840	87,991
Proceeds from disposal of property and equipment	33	16,459	69
Acquisition of property and equipment	(10,795)	(38,873)	(4,787)
Acquisition of short-term investments	(5,474)	(63,147)	(72,517)
Acquisition of long-term investments	(17,770)		(30,665)
Cash received from prepayment for purchase properties	9,634
Proceeds from dividend distribution from equity investments	284	631	1,867
Cash prepayment for purchase properties		(16,239)
Cash payment for the acquisition of subsidiaries from CIH, net of cash acquired			(627)
Net cash generated from investing activities	70,855	23,864	72,501
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of share options	7	44
Proceeds from short-term loans		283,049	236,000
Proceeds from long-term loans		44,615	29,908
Repayment of loans	(340,843)	(334,086)	(264,624)
Redemption of convertible senior notes		(84,313)
Net cash generated from (used in) financing activities	(340,836)	(90,691)	1,284
Exchange rate effect on cash, cash equivalents and restricted cash	(1,464)	1,427	4,566
Net increase (decrease) in cash, cash equivalents and restricted cash	(287,506)	(62,657)	93,692
Cash, cash equivalents and restricted cash at beginning of year	397,865	460,522	366,830
Cash, cash equivalents and restricted cash at end of year	110,359	397,865	460,522
Supplemental schedule of cash flow information:
Income tax paid	38,162	18,296	13,314
Interest paid	7,656	16,577	22,564
Settlement of convertible senior notes with 50% Paid by CIH		84,313
Recognition of operating right-of-use assets	$ 1,387	$ 2,493	$ 1,868

CONCENTRATION AND RISKS

12 Months Ended

Dec. 31, 2022

CONCENTRATION AND RISKS

CONCENTRATION AND RISKS

3. CONCENTRATION AND RISKS

Concentration of Credit Risk

Assets that potentially subject the Company to significant concentration of credit risk primarily consist of cash and cash equivalents, restricted cash, fixed-rate time deposits and structured note classified as short-term investments, accounts receivable, funds receivable, loans receivable and commitment deposits.

As of December 31, 2022, the Company had US$115,112 in cash and cash equivalents, restricted cash and short term held-to-maturity investments, 60.3% and 39.7% of which were held by financial institutions in the PRC and financial institutions outside of the PRC, respectively. Under PRC law, it is generally required that a commercial bank in the PRC that holds third-party cash deposits protect the depositors’ rights and interests over their deposited money; PRC banks are subject to a series of risk control regulatory standards; and PRC bank regulatory authorities are empowered to take over the operation and management of any PRC bank that faces a material credit crisis. In the event of bankruptcy of one of the financial institutions in which the Company has deposits or investments, it may be unlikely to claim its deposits or investments back in full. The Company selected reputable financial institutions with high credit ratings to deposit its assets. Additionally, for cash deposits held overseas, these are maintained in an overseas branch of some reputable and well-established Chinese banks, further ensuring the security of the Company’s assets. The Company regularly monitors the ratings of the financial institutions in case of any defaults. There has been no recent history of default in relation to these financial institutions.

As of December 31, 2022, the Company had US$104,052 of investment in structured note which is issued by Guotai Junan Financial Products Limited (“GTJA”), a financial institution in Hong Kong Special Administrative Region (“SAR”). The repayments of the principal and interests of the Company’s bond received by GTJA are required to settle the structured note (see Note 4). The Company actively monitors the risks of default of its bond to limit the exposure to credit risk of the structured note.

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

The Company is exposed to default risk on its loans receivable. The Company assesses the allowance for credit losses related to loans receivable on a quarterly basis, either on an individual or collective basis. As of December 31, 2020, 2021 and 2022, no single borrower held more than 10% of the Company’s loan portfolio.

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

Concentration of Customers

There were no revenues from customers which individually represented greater than 10% of the total revenues for any of the years ended December 31, 2020, 2021 and 2022. There were no accounts receivable of customers which individually accounted for greater than 10% of the total accounts receivable as of December 31, 2020, 2021 and 2022.

Current Vulnerability Due to Certain Other Concentrations

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

3. CONCENTRATION AND RISKS (continued)

The Company almost transacts all of its business in RMB, which is not freely convertible into foreign currencies. On January 1, 1994, the PRC government abolished the dual rate system and introduced a single rate of exchange as quoted daily by the People’s Bank of China (the “PBOC”). However, the unification of the exchange rates does not imply that the RMB may be readily convertible into United States dollars or other foreign currencies. All foreign exchange transactions continue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC.

Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. Additionally, the value of the RMB is subject to changes in central government policies and international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market.

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

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

3. CONCENTRATION AND RISKS (continued)

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

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

Impact of COVID-19

The COVID-19 pandemic had a considerable impact on the Company's core business segments in China for the year ended December 31, 2020,2021, and 2022, due to movement restrictions that reduced real estate transactions. Marketing services for real estate developers, listing services for agents, and leads generation services all saw declines as these restrictions limited in-person site visits and overall buyer engagement. The downturn was compounded by broader market factors, including regulatory changes and shifts in economic conditions that dampened demand from both buyers and developers.

Despite these pressures, the Company has carefully assessed its financial estimates, including credit losses on financial assets, long-lived assets, long-term investments, share-based compensation, valuation allowances for deferred tax assets, and revenue recognition. Based on this review, and considering the conclusion of the COVID-19 pandemic by the end of 2022, the Company determined that COVID-19 has no significant effect on its long-term forecasts. However, the Company acknowledges the ongoing uncertainties and potential risks associated with the pandemic’s long-term effects. The Company will continue to monitor relevant financial estimates and credit risk impacts as the situation evolves, making adjustments where necessary in response to any further disruptions in its operating environment.

SHORT-TERM AND LONG-TERM LOANS

12 Months Ended

Dec. 31, 2022

SHORT-TERM AND LONG-TERM LOANS

SHORT-TERM AND LONG-TERM LOANS

10. SHORT-TERM AND LONG-TERM LOANS

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


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Short-term loans	236,000	283,049	—
Long-term loans, current portion	98,086	57,647	42,978
Long-term loans, less current portion	115,980	102,948	59,823

Short-term loans of US$236,000 and US$236,000 as of December 31, 2020 and 2021 represents US$ denominated bank borrowings obtained from financial institutions in the United States. The short-term loan are repayable on demand and bear interest rates of 3-month London Interbank Offered Rate (“LIBOR”) plus a rate range from 1.10% - 1.43%. The short-term bank borrowings were secured by RMB denominated bank deposits placed with financial institutions in the PRC of US$278,108 and US$267,754 as of December 31, 2022 and 2021, respectively, and were classified as restricted cash, current on the consolidated balance sheets. As of December 31, 2022, the Company had fully repaid these short-term loans.

Short-term loans of US$47,049 as of December 31, 2021 represent RMB denominated commercial notes discounted to PRC banks at an annualized rate of 4.15%, with a maturity period of one year. As of December 31, 2022, the Company had fully repaid these short-term loans.

10. SHORT-TERM AND LONG-TERM LOANS (Continued)

The long-term loan of US$29,763 and US$28,932 as of December 31, 2020 and 2021 represents US$ denominated bank borrowing obtained from financial institutions in the United States. The long-term loan is repayable by installments from December 1, 2017 to November 11, 2027 and bears interest rate of 4.1% for the first 3 years; thereafter the interest rate will be floating at Industrial and Commercial Bank of China (USA) NA Prime plus 1.0%. US$850 and US$888 of the bank loan were re-classified to short term loans because they were repayable within twelve months as of December 31, 2020 and 2021. The loan is secured by land and building in the United States with carrying value of US$42,581 and US$41,931 as of December 31, 2020 and 2021, respectively. As of December 31, 2020 and 2021, the balance of the account of US$6,241 and US$6,263 were classified as restricted cash (non-current) on the consolidated balance sheets. As of December 31, 2022, the Company had fully repaid these short-term loans in advance.

The long-term loans of US$55,128, US$46,606 and US$33,683 as of December 31, 2020,2021 and 2022 represent RMB denominated bank borrowings from financial institutions in China for the purchase of buildings in Beijing, PRC. The long-term loans are repayable by installments from September 23, 2016 to September 22, 2026 and bear interest rate of 4.9%. As of December 31, 2020, 2021 and 2022, US$55,128, US$46,606 and US$33,683 of the bank loans were classified as short term loans because the Company did not meet certain loan covenants. Even though the Company obtained a waiver from the lender indicating that the lender permanently gave up its right to demand payment as a result of the violation as of December 31, 2022, the loan was classified as current because without the waiver, the Company would be in default at the December 31, 2022 balance sheet date and it is probable that the Company will be unable to comply with all provisions of the debt agreement for a period of one year from the balance sheet date. The loans were secured by building in the PRC with carrying value of US$191,146, US$175,843, and US$160,540 as of December 31, 2020, 2021, and 2022, respectively.

The long-term loan of US$15,653, US$13,458 and US$9,974 as of December 31, 2020, 2021 and 2022 represent RMB denominated bank borrowings from financial institutions in China for the purchase of buildings in Wuhan, PRC. The long-term loan is repayable by installments from March 21, 2017 to March 21, 2027 and bears interest rate of 4.9%. As of December 31, 2020, 2021 and 2022, US$2,504, US$2,562 and US$2,346 of the bank loan were re- classified to short term loans because it was repayable within twelve months. The loan was secured by bank balance of US$1,533, US$1,568, and US$1,436, and building in the PRC with carrying value of US$41,198, US$39,098, and US$36,998 as of December 31, 2020, 2021, and 2022, respectively.

The long-term loan of US$37,888, US$29,720 and US$23,176 as of December 31, 2020, 2021 and 2022 represent RMB denominated bank borrowings from financial institutions in China for the purchase of buildings in Chongqing, PRC. The long-term loan is repayable by installments from August 2, 2018 to August 1, 2028 and bears floating interest rate at 25% above long-term People’s Bank of China benchmark rate (“PBOC rate”). As of December 31, 2020, 2021 and 2022, US$4,889, US$5,003 and US$4,580 of the bank loan was re-classified to short term loans because it was repayable within twelve months. The loan was secured by buildings in the PRC with carrying value of US$85,243, US$80,826, and US$76,409 as of December 31, 2020,2021, and 2022, respectively.

The long-term loan of US$32,186 as of December 31, 2020 represent US$ denominated bank borrowing obtained from financial institutions in Taiwan. The principal of the long-term loan, in the amount of US$40,000, is repayable by 10% on October 23, 2020 and by 90% on October 23, 2023. The loan bears an annual interest rate of 2.35% plus LIBOR of three months. The loan was secured by building in the United States with carrying value of US$6,369 as of December 31, 2020. As of December 31, 2020, the balance of the account of US$32,186 was classified as restricted cash (non-current) on the consolidated balance sheets. As of December 31, 2021, the Company had fully repaid the short-term loan in advance.

The long-term loan of US$43,448, US$41,879 and US$35,968 as of December 31, 2020, 2021 and 2022 represents RMB denominated bank borrowings from financial institutions in China. The long-term loan is repayable by installments from March 5, 2020 to April 22, 2029 and bears interest rate of 5.98%. As of December 31, 2020, 2021 and 2022,US$2,529, US$2,588 and US$2,369 of the bank loan was re-classified to short term loans because it was repayable within twelve months. The loan was secured by buildings in the PRC with carrying value of US$54,116, US$51,493, and US$48,870; and an RMB denominated bank deposits placed with financial institutions in the PRC of US$1,527, US$1,628 and US$345, as of December 31, 2020,2021, and 2022, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

INVESTMENTS

12 Months Ended

Dec. 31, 2022

INVESTMENTS

INVESTMENTS

4. INVESTMENTS


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Short-term investments
Short-term held-to-maturity debt investments	72,878	63,461	4,753
Structured note - maturity within 1 year	—	—	104,052
Total short-term investments	72,878	63,461	108,805

As of December 31, 2020, 2021 and 2022, the Company held short-term held-to-maturity debt investments, which include debt instruments issued by financial institutions with maturities of less than one year for which the Company has the positive intent and ability to hold those securities to maturity.

Interest income on the short-term debt investment and cash and cash equivalents and restricted cash of US$12,562, US$11,925 and US$6,854 were recognized for the years ended December 31, 2020, 2021 and 2022, respectively.

Structured note

On October 29, 2019, Beijing Soufang Network Technology Co., Ltd. (“Beijing Soufang”), a PRC subsidiary of the Company, through a consolidated trust, purchased a 364 days RMB denominated structured note issued by GTJA in the total consideration of RMB720,000 (equivalent to US$102,009). The transaction cost related to the issuance of the structured note is US$796. In connection with the issuance of the structured note, GTJA purchased the 364 days RMB denominated short-term bond issued by Fang Holdings Limited (the “Bond”) in the total consideration of RMB720,000 (equivalent to US$102,009) (Note 11). Pursuant to the agreement, all the repayments of the principal and interests of the Bond received by GTJA are required to settle the structured note with Beijing Soufang. The transfer of the structured note is subject to prior written consent of GTJA. The Company recognized the investment to the structured note at amortized cost.

In 2020, Fang Holdings Limited redeemed the 1-year Bond and reissued a 3-year Bond. As a result of this change in the underlying asset, the investment in the trust was reclassified as long-term investment as of December 31, 2020 and 2021.

On September 21, 2022, Fang Holdings Limited extended the trust term by an additional year, with the new maturity date set to October 21, 2023. As of December 31, 2022, the note had less than one year until maturity, so it was classified as a portion of current assets.


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Structured note (see note above)	111,064	113,663	—
Investments accounted for at Fair Values	73,089	23,127	24,117
Equity investments without Readily Determinable Fair Values	111,085	53,539	46,709
Equity method investments	29,085	29,607	27,031
Total long-term investments	324,323	219,936	97,857

4. INVESTMENTS (continued)

Investments accounted for at Fair Values:

Investments accounted for at fair value consist of marketable equity securities, which are publicly traded stocks measured at fair value.

The following table shows the carrying amount and fair value of marketable securities:


	For the Year Ended December 31,
	2020	2021	2022
	US$	US$	US$
Fair value at the beginning of the year	148,580	73,089	23,127
Purchase of securities	30,665	—	—
Disposal of securities	(89,331)	(30,683)	—
Change in fair value of securities	(18,636)	(19,142)	828
Foreign currency translation adjustments	1,811	(137)	162
Fair value at the end of the year	73,089	23,127	24,117

For the years ended December 31, 2020, 2021, and 2022, the Company recorded a net loss of US$1,340 in 2020, a net gain of US$16,658 in 2021, and nil in 2022 from the disposal of marketable securities, which is reflected in the Company’s consolidated statements of comprehensive income (loss).

Equity investments without Readily Determinable Fair Values

Equity investments without readily determinable fair value in unlisted companies is accounted for under measurement alternative. The total carrying value of investment accounted for under measurement alternative held as of December 31, 2020, 2021 and 2022 were as follows:


	As of December 31,
	2020	2021	2022
	US$	US$	US$
Initial cost basis	112,788	55,677	48,210
Accumulated impairment	(1,703)	(2,138)	(1,501)
Total carrying value	111,085	53,539	46,709

In 2021, the Company disposed a private company Topspur real estate consulting Co., Ltd. amounted to US$58,384, which resulted in the decrease of balance in 2021.

For the years ended December 31, 2020, 2021 and 2022, US$17, US$390, and US$270 impairment was recorded for investments in unlisted companies accounted for under measurement alternative in the Company’s consolidated statements of comprehensive income (loss).

For the years ended December 31, 2020, 2021, and 2022, the Company recorded a net gain of US$17,233 in 2021 from disposal of investment without readily determinable fair values, with nil for both 2020 and 2022, as reflected in the Company’s consolidated statements of comprehensive income (loss).

4. INVESTMENTS (continued)

Equity Method Investments

The Company applies the equity method of accounting to account for its equity investments in common stock, over which it has significant influence but does not own a majority equity interest or otherwise control. As of December 31, 2020, 2021, and 2022, the carrying amounts of these equity investments were US$29,085, US$29,607, and US$27,031, respectively. The Company recognized investment income (loss) of US$26, US$(156), and US$(236) for the years ended December 31, 2020, 2021, and 2022, respectively.

TAXATION (Schedule of Aggregate Amount and Per Share Effect of Tax Holidays and Preferential Tax Rates) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Holiday [Line Items]
The aggregate amount	$ 618	$ 4,843	$ (7,152)
Basic earnings per share
Income Tax Holiday [Line Items]
Income tax holiday and tax preference rates income tax benefits per share	$ (0.01)	$ (0.05)	$ 0.08