v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current assets:          
Cash and cash equivalents $ 26,861 $ 8,337 $ 21,632 $ 56,791 $ 60,980
Restricted cash 6,414 105,454 116,325 112,369 2,065
Short term investments 0 30,796 32,406 32,406 150,150
Rental deposits     18   156
Accounts receivable 6,058 5,894 5,783 5,321 3,965
Real estate properties under development, net       167,869 121,693
Real estate properties held for sales type lease and held for sale 52,552 59,149 128,929   31,558
Prepaid expenses and other receivables 14,492 18,733 14,088 10,886 7,141
Total current assets 106,377 228,363 319,181 385,642 377,708
Rental deposits   87 88 290 287
Real estate properties under development, net 191,549 180,514 174,692 184,603 190,492
Property, plant and equipment, net 16,256 20,447 21,718 25,475 26,568
Real estate properties held for lease, net 135,428 143,692 151,598 170,422 92,207
Right of use assets     37 92 9,695
Deferred income tax assets 2,114 1,038 369 28 4,154
Other assets 1,885 2,366 2,406 2,625 99
Total assets 453,609 576,507 670,089 769,177 701,210
Current liabilities:          
Short term third party loans 7,649 6,243 0 0 0
Current portion of long term bank loans 27,860 18,157 15,762 5,224 122,883
Accounts payable 31,629 32,975 49,351 73,379 61,559
Rental deposits from customers 2,465 1,699 1,138 778 1,498
Accrued expenses and other payables 22,152 190,077 38,486 31,498 30,136
Advance from customers 16,026 5,598 6,953 7,409 69,722
Contract liabilities 7,556 1,809 54,046 59,503 0
Amount due to a shareholder     146,869 146,869 146,869
Amount due to a related company     1,801 554 161
Current portion of lease liabilities   372 361 700 1,064
Total current liabilities 115,337 256,930 314,767 325,914 433,892
Long term bank loans 106,803 128,138 148,818 179,542 0
Long term rental deposits 1,825 2,397 2,860 3,125 300
Financial lease payable 4 6 8 17 19
Other payable 23,130 29,674 28,807 30,034 0
Deferred income tax liabilities 16,342 16,877 17,443 19,314 8,927
Amount due to shareholders 17,836 16,159 19,950 0 0
Noncurrent portion of lease liabilities 0 2,182 2,598 8,506 9,244
Total liabilities 281,277 452,363 535,251 566,452 452,382
Commitments and contingencies (Note 15)
Equity:          
Common shares ($0.01 par value—authorized 200,000,000 shares, issued and outstanding 39,197,991, 39,347,991, 40,547,379, 58,334,115 and 60,203,214 shares as at December 31, 2020, 2021, 2022, 2023 and 2024, respectively) 602 584 405 393 392
Additional paid-in capital 320,389 314,914 272,291 266,928 265,084
Accumulated deficit (138,421) (167,567) (117,119) (64,255) (10,822)
Accumulated other comprehensive loss (10,238) (23,787) (20,739) (341) (5,826)
Total shareholders' equity 172,332 124,144 134,838 202,725 248,828
Total liabilities and equity $ 453,609 $ 576,507 $ 670,089 $ 769,177 $ 701,210