Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2014
Document and Entity Information
Entity Registrant Name	Leju Holdings Ltd
Entity Central Index Key	0001596856
Document Type	20-F
Document Period End Date	Dec. 31, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	138,749,420
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 317,811,056	$ 98,729,639
Accounts receivable, net of allowance for doubtful accounts of $9,353,689 and $15,471,020 as of December 31, 2013 and 2014, respectively	119,741,936	87,315,892
Deferred tax assets	29,857,574	27,714,132
Prepaid expenses and other current assets	13,355,174	5,556,281
Amounts due from related parties	684	3,471,958
Total current assets	480,766,424	222,787,902
Property and equipment, net	7,158,780	7,027,702
Intangible assets, net	105,418,808	128,530,140
Investment in affiliates	272,850	251,606
Goodwill	40,563,075	40,610,620
Other non-current assets	4,085,597	3,730,275
TOTAL ASSETS	638,265,534	402,938,245
Current liabilities:
Accounts payable (including accounts payable of the consolidated VIEs without recourse to Leju of $1,422,956 and $370,652 as of December 31, 2013 and 2014, respectively)	370,652	1,422,956
Accrued payroll and welfare expenses (including accrued payroll and welfare expenses of the consolidated VIEs without recourse to Leju of $28,576,202 and $40,946,532 as of December 31, 2013 and 2014, respectively)	48,007,240	30,504,223
Income tax payable (including income tax payable of the consolidated VIEs without recourse to Leju of $27,921,574 and $26,702,856 as of December 31, 2013 and 2014, respectively)	57,246,193	41,436,898
Other tax payable (including other tax payable of the consolidated VIEs without recourse to Leju of $11,024,857 and $15,883,568 as of December 31, 2013 and 2014, respectively)	27,804,416	18,513,869
Amounts due to related parties (including amounts due to related parties of the consolidated VIEs without recourse to Leju of $47,023,449 and $30,147,834 as of December 31, 2013 and 2014, respectively)	5,289,491	4,501,371
Advance from customers and deferred revenue (including advance from customers and deferred revenue of the consolidated VIEs without recourse to Leju of $7,112,620 and $4,617,183 as of December 31, 2013 and 2014, respectively)	5,054,408	7,162,807
Liability for exclusive rights, current (including liability for exclusive rights, current of the consolidated VIEs without recourse to Leju of $8,967,972 and nil as of December 31, 2013 and 2014, respectively)		8,967,972
Accrued marketing and advertising expenses (including accrued marketing and advertising expenses of the consolidated VIEs without recourse to Leju of $4,605,091 and $3,691,831 as of December 31, 2013 and 2014, respectively)	19,269,565	7,374,109
Consideration payable of acquiring non-controlling interest (including consideration payable of acquiring non-controlling interest of the consolidated VIEs without recourse to Leju of nil and 25,645,630 as of December 31, 2013 and 2014, respectively)	25,645,630
Other current liabilities (including other current liabilities of the consolidated VIEs without recourse to Leju of $2,932,380 and $5,137,314 as of December 31, 2013 and 2014 respectively)	8,613,203	3,700,114
Total current liabilities	197,300,798	123,584,319
Deferred tax liabilities (including deferred tax liabilities, non-current of the consolidated VIEs without recourse to Leju of $655,563 and $469,579 as of December 31, 2013 and 2014, respectively)	26,041,591	27,563,891
Total liabilities	223,342,389	151,148,210
Commitments and contingencies (Note 14)
Equity:
Ordinary shares ($0.001 par value): 500,000,000 and 500,000,000shares authorized, 120,000,000 and 134,015,621 shares issued and outstanding, as of December 31, 2013 and 2014, respectively	134,015	120,000
Additional paid-in capital	788,246,874	686,378,493
Accumulated deficit	(377,876,220)	(443,294,132)
Subscription receivable	(688,989)	(120,000)
Accumulated other comprehensive income	5,029,663	5,621,576
Total Leju equity	414,845,343	248,705,937
Non-controlling interest	77,802	3,084,098
Total equity	414,923,145	251,790,035
TOTAL LIABILITIES AND EQUITY	$ 638,265,534	$ 402,938,245

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Accounts receivable, allowance for doubtful accounts	$ 15,471,020	$ 9,353,689
Accounts payable	370,652	1,422,956
Accrued payroll and welfare expenses	48,007,240	30,504,223
Income tax payable	57,246,193	41,436,898
Other tax payable	27,804,416	18,513,869
Amounts due to related parties	5,289,491	4,501,371
Advance from customers and deferred revenue	5,054,408	7,162,807
Liability for exclusive rights, current		8,967,972
Accrued marketing and advertising expenses	19,269,565	7,374,109
Consideration payable of acquiring non-controlling interest	25,645,630
Other current liabilities	8,613,203	3,700,114
Deferred tax liabilities	26,041,591	27,563,891
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	134,015,621	120,000,000
Common stock, shares outstanding	134,015,621	120,000,000
Consolidated VIEs without recourse
Accounts payable	370,652	1,422,956
Accrued payroll and welfare expenses	40,946,532	28,576,202
Income tax payable	26,702,856	27,921,574
Other tax payable	15,883,568	11,024,857
Amounts due to related parties	30,147,834	47,023,449
Advance from customers and deferred revenue	4,617,183	7,112,620
Liability for exclusive rights, current	0	8,967,972
Accrued marketing and advertising expenses	3,691,831	4,605,091
Consideration payable of acquiring non-controlling interest	25,645,630	0
Other current liabilities	5,137,314	2,932,380
Deferred tax liabilities	$ 469,579	$ 655,563

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues
E-commerce	$ 326,679,871	$ 170,204,545	$ 26,995,814
Online advertising	155,049,818	145,444,790	138,767,288
Listing	14,293,184	19,772,181	5,532,864
Total revenues	496,022,873	335,421,516	171,295,966
Cost of revenues	(51,129,730)	(63,990,693)	(54,117,692)
Selling, general and administrative expenses	(366,341,900)	(226,142,936)	(163,534,947)
Other operating income	2,525,496	599,894	153,340
Income (loss) from operations	81,076,739	45,887,781	(46,203,333)
Interest income	1,316,203	1,082,287	257,204
Other Income (loss), net	35,799	(1,185,121)	(1,979,450)
Income (loss) before taxes and equity in affiliates	82,428,741	45,784,947	(47,925,579)
Income tax benefit (expense)	(15,545,964)	(3,065,725)	4,076,928
Income (loss) before equity in affiliates	66,882,777	42,719,222	(43,848,651)
Loss from equity in affiliates	(223,389)	(69,194)	(508)
Net income (loss)	66,659,388	42,650,028	(43,849,159)
Less: Net income attributable to non-controlling interest	138,494	125,066	910,177
Net income (loss) attributable to Leju shareholders	$ 66,520,894	$ 42,524,962	$ (44,759,336)
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.51	$ 0.35	$ (0.37)
Diluted (in dollars per share)	$ 0.50	$ 0.35	$ (0.37)
Shares used in computation:
Basic (in shares)	129,320,666	120,000,000	120,000,000
Diluted (in shares)	132,502,100	120,000,000	120,000,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 66,659,388	$ 42,650,028	$ (43,849,159)
Other comprehensive income, net of tax of nil:
Foreign currency translation adjustment	(605,736)	2,712,069	178,392
Comprehensive income (loss)	66,053,652	45,362,097	(43,670,767)
Less: Comprehensive income attributable to non-controlling interests	129,794	280,424	915,322
Comprehensive income (loss) attributable to Leju shareholders	$ 65,923,858	$ 45,081,673	$ (44,586,089)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $)	Total Leju Equity	Ordinary Shares	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Subscription Receivable	Non-controlling Interest	Total
Total equity at Dec. 31, 2011								$ 214,830,128
Balance at Dec. 31, 2011	212,803,989	120,000	650,866,001	(440,953,630)	2,891,618	(120,000)	2,026,139
Balance (in shares) at Dec. 31, 2011		120,000,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(44,759,336)			(44,759,336)			910,177	(43,849,159)
Capital contribution by non-controlling interest							252,120	252,120
Dividend to non-controlling interest							(8,723)	(8,723)
Share-based compensation	563,109		563,109					563,109
Changes in equity ownership partial disposal of subsidiary	79,147		79,147				(79,147)
Cash contribution from E-House	1,500,000		1,500,000					1,500,000
Contribution From E - House	21,560,829		21,560,829					21,560,829
Deemed distribution to E-House associated with tax liability	(1,747,590)		(1,747,590)					(1,747,590)
Foreign currency translation adjustments	173,247				173,247		5,145	178,392
Total equity at Dec. 31, 2012								193,279,106
Balance at Dec. 31, 2012	190,173,395	120,000	672,821,496	(485,712,966)	3,064,865	(120,000)	3,105,711
Balance (in shares) at Dec. 31, 2012		120,000,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	42,524,962			42,524,962			125,066	42,650,028
Capital contribution by non-controlling interest							36,904	36,904
Capital contribution in connection with business acquisition	(6,459)		(6,459)					(6,459)
Dividend to non-controlling interest							(338,941)	(338,941)
Share-based compensation	310,504		416,632	(106,128)				310,504
Cash contribution from E-House	1,000		1,000					1,000
Contribution From E - House	15,527,623		15,527,623					15,527,623
Deemed distribution to E-House associated with tax liability	(2,381,799)		(2,381,799)					(2,381,799)
Foreign currency translation adjustments	2,556,711				2,556,711		155,358	2,712,069
Total equity at Dec. 31, 2013								248,705,937
Balance at Dec. 31, 2013	248,705,937	120,000	686,378,493	(443,294,132)	5,621,576	(120,000)	3,084,098	251,790,035
Balance (in shares) at Dec. 31, 2013		120,000,000						120,000,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	66,520,894			66,520,894			138,494	66,659,388
Issuance of ordinary shares, net of issuance cost	120,257,584	13,529	120,244,055					120,257,584
Issuance of ordinary shares, net of issuance cost ( in shares)		13,529,420
Share-based compensation	8,345,796		9,448,778	(1,102,982)				8,345,796
Changes in equity ownership on acquisition of non-controlling interest	32,659,173		32,659,173				3,127,703	35,786,876
Changes in equity ownership partial disposal of subsidiary	317,782		312,659		5,123		(8,387)	309,395
Payment for subscription receivable from E-House	120,000					120,000		120,000
Contribution From E - House	2,857,251		2,857,251					2,857,251
Deemed distribution to E-House associated with tax liability	(571,227)		(571,227)					(571,227)
Vesting of restricted shares	1,012,000	220	1,011,780					1,012,000
Vesting of restricted shares ( in shares)		220,000
Exercise of share options	535,535	266	1,224,258			(688,989)		535,535
Exercise of share options ( in shares)		266,201
Foreign currency translation adjustments	(597,036)				(597,036)		(8,700)	(605,736)
Total equity at Dec. 31, 2014								414,845,343
Balance at Dec. 31, 2014	$ 414,845,343	$ 134,015	$ 788,246,874	$ (377,876,220)	$ 5,029,663	$ (688,989)	$ 77,802	$ 414,923,145
Balance (in shares) at Dec. 31, 2014		134,015,621						134,015,621

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating activities:
Net income (loss)	$ 66,659,388	$ 42,650,028	$ (43,849,159)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	26,118,778	38,342,931	39,789,976
Loss from equity in affiliates	223,389	69,194	508
Allowance for doubtful accounts	11,599,708	6,373,132	7,437,323
Share-based compensation	8,880,397	310,504	563,109
Amortization of discounts related to liability for exclusive rights	52,922	935,177	1,882,804
Valuation allowance for deferred tax assets		194,892	830,348
Others	35,709	20,664	108,108
Changes in operating assets and liabilities:
Accounts receivable	(45,417,127)	(7,325,344)	(32,403,128)
Amounts due from related parties	3,471,274	(3,882,437)
Prepaid expenses and other current assets	(4,236,540)	(1,531,557)	3,694,165
Other non-current assets	(247,654)	(281,717)	137,085
Accounts payable	(1,051,548)	(301,228)	1,714,590
Accrued payroll and welfare expenses	17,515,586	10,398,953	5,215,150
Income tax payable	15,249,420	20,119,753	6,032,353
Other tax payable	9,297,217	8,320,720	3,503,762
Amounts due to related parties	4,381,372	(21,644,489)	21,655,567
Other current liabilities and accrued expenses	14,668,180	8,930,136	(1,027,347)
Deferred taxes	(2,369,482)	(18,276,332)	(11,960,473)
Net cash provided by operating activities	124,830,989	83,422,980	3,324,741
Investing activities:
Deposit for and purchase of property and equipment and intangible assets	(12,122,678)	(16,957,279)	(18,180,574)
Investment in affiliates	(245,138)	(246,027)
Proceeds from disposal of property and equipment	12,400	546,373	21,335
Net cash used in investing activities	(12,355,416)	(16,656,933)	(18,159,239)
Financing activities:
Contribution from non-controlling interest		36,904	252,120
Proceeds of loans from (refund loans to) related parties		(43,818,894)	19,761,083
Advance from related parties	276,000	2,760,000
Contribution from E-House	120,000	1,000	1,500,000
Dividends to non-controlling interests		(338,941)	(8,723)
Proceeds from issuance of ordinary shares, net of paid issuance costs of $15,036,616	120,257,584
Proceeds from exercise of options	535,535
Acquisition of non-controlling interest of subsidiaries	(14,418,056)
Proceeds from partial disposal of subsidiaries	309,395
Net cash provided by (used in) financing activities	107,080,458	(41,359,931)	21,504,480
Effect of exchange rate changes on cash and cash equivalents	(474,614)	2,233,257	166,157
Net increase in cash and cash equivalents	219,081,417	27,639,373	6,836,139
Cash and cash equivalents at the beginning of the year	98,729,639	71,090,266	64,254,127
Cash and cash equivalents at the end of the year	317,811,056	98,729,639	71,090,266
Supplemental disclosure of cash flow information:
Income taxes paid	1,953,177	1,478,483	1,008,454
Non-cash investing and financing activities:
Additional paid in capital recognized in connection with business acquisition		(6,459)
Consideration payable for amount recognized in purchase of exclusive rights		(8,967,972)	(22,892,042)
Related party loans waived and recorded as a capital contribution		1,000	1,500,000
Related party payable recorded as a capital contribution	(2,857,251)	(15,527,623)	(21,560,829)
Deemed distribution to E-House associated with tax liability	(571,227)	(2,381,799)	(1,747,590)
Decrease in amount due to related party due to vesting of restricted shares	1,012,000
Payables for acquisition of non-controlling interest	$ (25,645,630)

Organization and Principal Activities

12 Months Ended

Dec. 31, 2014

Organization and Principal Activities

Organization and Principal Activities

1. Organization and Principal Activities

Leju Holdings Limited (the “Company” or “Leju”) was incorporated on November 20, 2013 in the Cayman Islands as an exempted company with limited liability under the Companies Law of the Cayman Islands. The Company, through its subsidiaries and consolidated variable interest entities (“VIEs”), is principally engaged in providing online advertising, e-commerce services and listing services in the People’s Republic of China (“PRC”). The Company, its subsidiaries and consolidated VIEs are collectively referred to as the “Group”.

E-House (China) Holdings Limited (“E-House Holdings”) is the Company’s parent company. E-House Holdings, its subsidiaries and VIEs, excluding the Group, are collectively referred to as “E-House”.

On February 24, 2008, E-House entered into a joint venture agreement with SINA Corporation (“SINA”) to form China Online Housing Technology Corporation (“COHT”), a joint venture to operate SINA’s real estate and home furnishing channels and related business and provide online advertising services related to the real estate and home furnishing industries in China through a consolidated VIE, Beijing Yisheng Leju Information Service Co., Ltd. (“Beijing Leju”). SINA and E-House owned 66% and 34%, respectively, of the equity interest in COHT.

In October 2009, China Real Estate Information Corporation (“CRIC”), a subsidiary of E-House, acquired SINA’s 66% interest in COHT and COHT became a wholly-owned subsidiary of CRIC.

In April 2012, E-House Holdings acquired all the outstanding shares of CRIC that it did not already own (the “Merger”). As a result, CRIC became a wholly-owned subsidiary of E-House Holdings. E-House retained the controlling interest in CRIC before and after the Merger.

In October 2010, CRIC established a new subsidiary, Omnigold Holdings Limited (“Omnigold”), in the British Virgin Islands. In March 2012, COHT transferred its assets and staff relating to the home furnishing business to Beijing Jiajujiu E-Commerce Co., Ltd. (“Beijing Jiajujiu”), which is a VIE controlled by Omnigold.

In June 2011, CRIC established another subsidiary, China E-Real Estate Holdings Limited (“E-Real”), in the British Virgin Islands. In November 2011, Shanghai Yi Xin E-Commerce Co., Ltd. (“Shanghai Yi Xin”), was established to operate e-commerce business. Shanghai Yi Xin is a VIE controlled by E-Real through contractual arrangements.

E-House City Rehouse Real Estate Agency (Shanghai) Limited (“City Rehouse”) was incorporated in 2010 as a wholly owned subsidiary of E-House China (Tianjin) Holdings Limited (“E-House Tianjin”), a company incorporated in the British Virgin Islands and ultimately wholly controlled by E-House Holdings. Historically City Rehouse was engaged in providing secondary real estate brokerage services in Shanghai and e-commerce business. As part of the Reorganization as defined below, the secondary real estate brokerage services have been transferred to entities outside of the Group, and City Rehouse will only be engaged in e-commerce business subsequent to the Reorganization. Therefore the historical financial results associated with the secondary real estate brokerage services were not included in the Group’s consolidated financial statements, while the historical financial results of e-commerce business have been included in the consolidated financial statements for all periods presented.

In December 2013, E-House transferred all its equity interests in COHT, Omnigold, E-Real and E-House Tianjin to the Company. The restructuring process has been accounted for as a legal reorganization of entities under common control (the “Reorganization”).

Upon incorporation, the Company had 500,000,000 ordinary shares authorized, 50,000 ordinary shares issued and outstanding with a par value of $1.00 per share, all of which were held by E-House Holdings. On December 19, 2013, the Company effected a 1:1,000 share split, resulting in 50,000,000 ordinary shares issued and outstanding with a par value of $0.001 per share. The Company also issued additional 70,000,000 ordinary shares to E-House Holdings for par value, or $70,000. As a result, the Company has 120,000,000 ordinary shares issued and outstanding, all of which are held by E-House Holdings. The ordinary share issuance to E-House Holdings has been retroactively reflected for all periods presented herein.

In addition, E-House historically has provided intercompany loans to COHT, Omnigold and E-House Tianjin in order for these entities to fund capital injections of their respective PRC subsidiaries. These loans were capital in nature and considered permanently invested in the subsidiaries. As part of the Reorganization, E-House transferred such investments to the Company in the legal form of waived loans, which were reflected as a capital contribution from E-House in the Company’s consolidated statements of changes in equity. The accompanying consolidated financial statements have been prepared as if the current corporate structure has been in existence throughout the periods presented, and the waived loans were reflected as a capital contribution as of the date such loans were originally made due to their nature of capital investment.

On March 21, 2014, the Company entered into a share purchase and subscription agreement with E-House Holdings and THL O Limited, a wholly-owned subsidiary of Tencent Holdings Limited (“Tencent’’ are to Tencent Holdings Limited or certain of its affiliates which have entered into agreements with the Company), pursuant to which Tencent has acquired from E-House Holdings 19,201,800 of Leju’s ordinary shares for $180 million in cash.

On April 17, 2014, the Company’s ADSs began trading on the NEW YORK STOCK EXCHANGE, or the NYSE under the symbol “LEJU”. Including the exercise of an over-allotment option, the Company issued a total of 11,500,000 ADSs, representing 11,500,000 ordinary shares, at an initial offering price of $10.00 per ADS. Concurrent with this offering, the Company also issued and sold 2,029,420 ordinary shares in the private placement to Tencent at $10.00 per share. The Company raised from this initial public offering approximately $101.4 million in net proceeds after deducting underwriting commissions and the offering expenses payable by the Company. Concurrently with the initial public offering, the Company also raised from Tencent in a private placement $18.9 million in net proceeds after deducting estimated fees and expenses payable by the Company.

The following table lists major subsidiaries and the consolidated VIEs of the Company as of December 31, 2014:

	Date of Incorporation	Place of Incorporation	Percentage of Ownership
Shanghai SINA Leju Information Technology Co., Ltd (“Shanghai SINA Leju”)	08-May-08	PRC	100	%
City Rehouse	04-Mar-10	PRC	100	%
Shanghai Yi Yue Information Technology Co., Ltd (“Shanghai Yi Yue”)	16-Sep-11	PRC	100	%
Beijing Maiteng Fengshun Science and Technology Co., Ltd (“Beijing Maiteng”)	04-Jan-12	PRC	84	%
Beijing Leju	13-Feb-08	PRC	VIE
Shanghai Yi Xin	05-Dec-11	PRC	VIE
Beijing Jiajujiu	22-Mar-12	PRC	VIE

The Group’s consolidated financial statements for the periods prior to the Company’s initial public offering (“IPO”) in April 2014 have been prepared on a carve-out basis and represent the assets and liabilities and the related results of operations and cash flows of the Group, which represent the online segment of E-House. The financial data of previously separate entities have been combined, to the extent included in the online segment of E-House, for all periods presented as all such entities were under common control. However, such presentation may not necessarily reflect the results of operations, financial position and cash flows if the Group had actually existed on a stand-alone basis during the periods presented. Transactions between the Group and E-House are herein referred to as related party transactions.

In connection with a contemplated IPO of the Company, the Company entered into non-competition arrangements with E-House Holdings, according to which E-House has agreed not to compete with the Group in online services business anywhere in the world and the Group has agreed not to compete with E-House in any services currently provided or contemplated by E-House other than online services. Prior to these non-competition arrangements, E-House and the Group did not have competition in the services provided.

The consolidated financial statements include the Group’s direct expenses as well as allocations for various selling, general and administrative expenses of E-House that are not directly related to online services. These expenses consist primarily of share-based compensation expenses of senior management and shared marketing and management expenses including accounting, administrative, marketing, internal control, customer service support and legal support services. These allocations were made using a proportional cost allocation method and were based on revenues, headcount as well as estimates of actual time spent on the provision of services attributable to the Group. Management believes these allocations are reasonable. Total selling, general and administrative expenses allocated from E-House are $21,560,829, $15,527,623 and $2,857,251 for the years ended December 31, 2012, 2013 and for the period from January 1, 2014 to the IPO date, respectively, recorded as capital contribution by E-House. Income tax provision reflected in the Company’s Consolidated Statements of Operations is calculated based on a separate return basis as if the Group had filed a separate tax return. Subsequent to the IPO, E-House began charging the Group transitional corporate service fees pursuant to agreements entered into in March 2014 in connection with the IPO. Under these transitional services arrangements, E-House provides various corporate support services to the Group, including general finance and accounting, human resource management, administrative, internal control and internal audit, operational management, legal and information technology. E-House charges the Group a fee based on an estimate of the actual cost incurred to provide such services, which amounted to $10,399,978 for the period from the IPO date to December 31, 2014.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References+ Details

Summary of Principal Accounting Policies

12 Months Ended

Dec. 31, 2014

Summary of Principal Accounting Policies

Summary of Principal Accounting Policies

2. Summary of Principal Accounting Policies

(a) Basis of presentation

The consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

(b) Basis of consolidation

The consolidated financial statements include the financial statements of Leju, its majority owned subsidiaries and its VIEs, Beijing Leju, Shanghai Yi Xin and Beijing Jiajujiu. All inter-company transactions and balances have been eliminated in consolidation.

The Group evaluates each of its interests in private companies to determine whether or not the investee is a VIE and, if so, whether the Group is the primary beneficiary of such VIE. In determining whether the Group is the primary beneficiary, the Group considers if the Group (1) has power to direct the activities that most significantly affects the economic performance of the VIE, and (2) receives the economic benefits of the VIE that could be significant to the VIE. If deemed the primary beneficiary, the Group consolidates the VIE.

The VIE arrangements

PRC regulations currently prohibit or restrict foreign ownership of companies that provide internet content and advertising services. To comply with these regulations, the Group provides such activities relating to real estate projects through its VIEs and their subsidiaries. To provide the Group effective control over and the ability to receive substantially all of the economic benefits of its VIEs and their subsidiaries, certain of the Company’s subsidiaries, Shanghai SINA Leju, Shanghai Yi Yue and Maiteng (collectively, the “Foreign Owned Subsidiaries”) entered into a series of contractual arrangements with Beijing Leju, Shanghai Yi Xin and Beijing Jiajujiu (collectively the “VIEs”) and their respective shareholders, respectively, as summarized below:

Name of Foreign Owned Subsidiaries	Foreign Owned Subsidiaries’ Economic Ownership of VIES		Name of VIEs	Activities of VIEs
Shanghai SINA Leju	100	%	Beijing Leju	Operate the online advertising and listing business
Shanghai Yi Yue	100	%	Shanghai Yi Xin	Operate the e-commerce business
Beijing Maiteng	100	%	Beijing Jiajujiu	Operate the online home furnishing business

The VIEs hold the requisite licenses and permits necessary to conduct internet content and advertising services activities relating to real estate projects from which foreign ownership of companies are prohibited or restricted. In addition, the VIEs hold leases and other assets necessary to operate such business and generate a majority of the Group’s revenues.

Agreements that Transfer Economic Benefits of the VIEs to the Group

Exclusive Consulting and Technical Support Agreement. Pursuant to an exclusive consulting and technical support agreement between the Foreign Owned Subsidiaries and the respective VIEs, the Foreign Owned Subsidiaries provide the respective VIEs with a series of consulting and technical support services and are entitled to receive related fees. The term of this exclusive technical support agreement will expire upon dissolution of the VIEs. Unless expressly provided by this agreement, without prior written consent of the Foreign Owned Subsidiaries, the VIEs may not engage any third party to provide the services offered by the Foreign Owned Subsidiaries under this agreement.

Agreements that Provide Effective Control over VIEs

Exclusive Call Option Agreement. Each of shareholders of the VIEs has entered into an exclusive call option agreement with the respective Foreign Owned Subsidiaries. Pursuant to these agreements, each of the shareholders of the VIEs has granted an irrevocable and unconditional option to the respective Foreign Owned Subsidiaries or their designees to acquire all or part of such shareholder’s equity interests in VIEs at its sole discretion, to the extent as permitted by PRC laws and regulations then in effect. The consideration for such acquisition of all equity interests in the VIEs will be equal to the registered capital of the VIEs, and if PRC law requires the consideration to be greater than the registered capital, the consideration will be the minimum amount as permitted by PRC law. In addition, the VIEs irrevocably and unconditionally granted the respective Foreign Owned Subsidiaries an exclusive option to purchase, to the extent permitted under the PRC law, all or part of the assets of the VIEs. The exercise price for purchasing the assets of the VIEs will be equal to their respective book values, and if PRC law requires the price to be greater than the book value, the price will be the minimum amount as permitted by PRC law. The call option may be exercised by the respective Foreign Owned Subsidiaries or their designees.

Loan Agreement. Under the loan agreement among shareholders of the VIEs and the respective Foreign Owned Subsidiaries, the respective Foreign Owned Subsidiaries granted an interest-free loan to the shareholders of the VIEs, solely for their purchase of the equity interest of the VIEs, investing or operating activities conducted in the VIEs. Each loan agreement has a term of twenty years.

Shareholder Voting Right Proxy Agreement. Each of the shareholders of the VIEs irrevocably grant any person designated by the respective Foreign Owned Subsidiaries the power to exercise all voting rights to which he will be entitled to as shareholder of the VIEs at that time, including the right to declare dividends, appoint and elect board members and senior management members and other voting rights.

Each shareholder voting right proxy agreement has a term of twenty years, unless it is early terminated by all parties in writing or pursuant to provision of this agreement. The term of the agreement will be automatically extended for one year upon the expiration, if the Foreign Owned Subsidiary gives the other parties written notice requiring the extension thereof and the same mechanism will apply subsequently upon the expiration of each extended term.

Equity Pledge Agreement. Each of the shareholders of the VIEs has also entered into an equity pledge agreement with the respective Foreign Owned Subsidiaries. Pursuant to which these shareholders pledged their respective equity interest in the VIEs to guarantee the performance of the obligations of the VIEs. The Foreign Owned Subsidiaries, as pledgee, will be entitled to certain rights, including the right to sell the pledged equity interests. Pursuant to the equity pledge agreement, each shareholder of the VIEs cannot transfer, sell, pledge, dispose of or otherwise create any new encumbrance on their respective equity interest in the VIEs without the prior written consent of the respective Foreign Owned Subsidiaries. The equity pledge right enjoyed by the Foreign Owned Subsidiaries will expire when shareholders of the VIEs have fully performed their respective obligations under the above agreements. The equity pledges of the VIEs have been registered with the relevant local branch of the State Administration for Industry and Commerce, or SAIC.

Risks in relation to the VIE structure

The Company believes that the Foreign Owned Subsidiaries’ contractual arrangements with the VIEs are in compliance with PRC law and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements and the interests of the shareholders of the VIEs may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms, for example by influencing the VIEs not to pay the service fees when required to do so.

The Company’s ability to control the VIEs also depends on the power of attorney the Foreign Owned Subsidiaries have to vote on all matters requiring shareholder approval in the VIEs. As noted above, the Company believes this power of attorney is legally enforceable but may not be as effective as direct equity ownership.

In addition, if the legal structure and contractual arrangements were found to be in violation of any existing PRC laws and regulations, the Company may be subject to fines or other actions. The Company does not believe such actions would result in the liquidation or dissolution of the Company, the Foreign Owned Subsidiaries or the VIEs.

The Company, through its subsidiaries and through the contractual arrangements, has (1) the power to direct the activities of the VIEs that most significantly affect the entity’s economic performance and (2) the right to receive benefits from the VIEs. Accordingly, the Company is the primary beneficiary of the VIEs and has consolidated the financial results of the VIEs.

The following financial statement amounts and balances of the Group’s VIEs were included in the accompanying consolidated financial statements:

	As of December 31,
	2013	2014
	$	$
Cash and cash equivalents	63,801,470	95,927,942
Accounts receivable, net of allowance for doubtful accounts	86,715,012	117,835,596
Amounts due from related parties	—	684
Other current assets	29,037,648	31,506,971
Total current assets	179,554,130	245,271,193
Total non-current assets	35,676,076	27,333,289
Total assets	215,230,206	272,604,482
Accounts payable	1,422,956	370,652
Accrued payroll and welfare expenses	28,576,202	40,946,532
Income tax payable	27,921,574	26,702,856
Other tax payable	11,024,857	15,883,568
Amounts due to related parties	47,023,449	30,147,834
Advance from customers	7,112,620	4,617,183
Liability for exclusive rights, current	8,967,972	—
Accrued marketing and advertising expenses	4,605,091	3,691,831
Consideration payable of acquiring non-controlling interest	—	25,645,630
Other current liabilities	2,932,380	5,137,314
Total current liabilities	139,587,101	153,143,400
Deferred tax liabilities, non-current	655,563	469,579
Total liabilities	140,242,664	153,612,979

	Year Ended December 31,
	2012		2013		2014
	$		$		$
Total revenues	163,242,652		316,271,620		484,511,682
Cost of revenues	(53,279,068	)	(58,253,716	)	(41,218,756	)
Net income (loss)	(1,554,046	)	1,285,139		2,532,232
Net cash provided by operating activities	15,967,793		64,832,510		57,761,765
Net cash used in investing activities	(17,543,318	)	(16,640,090	)	(10,927,762	)
Net cash provided by (used in) financing activities	26,686,813		(37,824,941	)	(14,418,056	)

There are no consolidated VIEs’ assets that are collateral for the VIEs’ obligations or are restricted solely to settle the VIEs’ obligations. The Company has not provided any financial support that it was not previously contractually required to provide to the VIEs.

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from such estimates. Significant accounting estimates reflected in the Group’s financial statements include useful lives and valuation of long-lived assets, evaluation of goodwill, allowance for doubtful accounts, assumptions related to share-based compensation arrangements, assumptions related to the consolidation of entities in which the Group holds variable interests, valuation allowance on deferred tax, and selling price hierarchy in multiple-deliverable revenue arrangements.

(d) Fair value of financial instruments

The Group may have certain of its financial assets and liabilities recorded at fair value on a recurring basis. Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability.

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

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

There are no assets or liabilities measured at fair value on a recurring basis subsequent to initial recognition.

There were no assets or liabilities measured at fair value on a nonrecurring basis in 2012, 2013 and 2014.

For cash and cash equivalents, accounts receivable, other receivables, accounts payable, other payables, and amounts due from/to related parties, the carrying value approximates the fair value due to their short-term nature.

(e) Business combinations

Business combinations are recorded using the purchase method of accounting and, accordingly, the acquired assets and liabilities are recorded at their fair market value at the date of acquisition. Any excess of acquisition cost over the fair value of the acquired assets and liabilities, including identifiable intangible assets, is recorded as goodwill.

(f) Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and demand deposits, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less.

(g) Investment in affiliates

Affiliated companies are entities over which the Group has significant influence, but which it does not control. The Group generally considers an ownership interest of 20% or higher to represent significant influence.

Investments in affiliates are accounted for by the equity method of accounting. Under this method, the Group’s share of the post-acquisition profits or losses of affiliated companies is recognized in the income statement and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income. Unrealized gains on transactions between the Group and its affiliated companies are eliminated to the extent of the Group’s interest in the affiliated companies; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Group’s share of losses in an affiliated company equals or exceeds its interest in the affiliated company, the Group does not recognize further losses, unless the Group has incurred obligations or made payments on behalf of the affiliated company.

The Group is required to perform an impairment assessment of its investments whenever events or changes in business circumstances indicate that the carrying value of the investment may not be fully recoverable. An impairment loss is recorded when there has been a loss in value of the investment that is other than temporary. The Group has not recorded any impairment losses in any of the periods reported. As of December 31, 2013 and 2014, the Group determined that no such events were present.

(h) Property and equipment, net

Property and equipment is recorded at cost less accumulated depreciation. Depreciation is computed on a straight-line basis over the following estimated useful lives:

Leasehold improvements		Over the shorter of the lease term or their estimated useful lives
Buildings		30 years
Furniture, fixtures and equipment		3-5 years
Motor vehicles		5 years

Gains and losses from the disposal of property and equipment are included in income from operations.

(i) Intangible assets, net

Acquired intangible assets mainly consist of advertising agency agreement and license agreements with SINA, exclusive rights with Baidu, Inc. (“Baidu”), customer relationships, Database license, and non-compete agreements from business combinations and are recorded at fair value on the acquisition date. All intangible assets, with the exception of customer relationships, are amortized ratably over the contract period. Intangible assets resulting out of acquired customer relationships are amortized based on the timing of the revenue expected to be derived from the respective customer.

(j) Impairment of long-lived assets

The Group evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When these events occur, the Group measures impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Group would recognize an impairment loss equal to the excess of the carrying amount over the fair value of the assets.

(k) Impairment of goodwill and indefinite lived intangible assets

The Group performs an annual goodwill impairment test comprised of two steps. The first step compares the fair value of the Group to its carrying amount, including goodwill and indefinite lived intangible assets. If the fair value of the Group exceeds its carrying amount, goodwill is not considered to be impaired and the second step will not be required. If the carrying amount of the Group exceeds its fair value, the second step compares the implied fair value of goodwill and indefinite lived intangible assets to the carrying value of the Group’s goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a business combination with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the Group. The excess of the fair value of the Group over the amounts assigned to the assets and liabilities is the implied fair value of goodwill. This allocation process is only performed for purposes of evaluating goodwill impairment and does not result in an entry to adjust the value of any assets or liabilities. An impairment loss is recognized for any excess in the carrying value of goodwill over the implied fair value of goodwill.

Management performs a goodwill impairment test at the Group level as of December 31 of each year or when there is a triggering event causing management to believe it is more likely than not that the carrying amount of goodwill may be impaired.

Intangible assets with an indefinite life are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test consists of a comparison of the fair value of the intangible asset to its carrying amount. If the carrying amount exceeds the fair value, an impairment loss is recognized equal in amount to that excess.

(l) Income taxes

Deferred income taxes are recognized for temporary differences between the tax basis of assets and liabilities, and their reported amounts in the financial statements, net operating loss carry forwards and credits by applying enacted statutory tax rates applicable to future years when the reported amounts of the asset or liability are expected to be recovered or settled, respectively. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on the classification of the related assets and liabilities for financial reporting purposes.

The Group only recognizes tax benefits related to uncertain tax positions when such positions are more likely than not of being sustained upon examination. For such positions, the amount of tax benefit that the Group recognizes is the largest amount of tax benefit that is more than fifty percent likely of being sustained upon the ultimate settlement of such uncertain position. The Group records interest and penalties as a component of income tax expense.

(m) Share-based compensation

Share-based compensation cost is measured on the grant date, based on the fair value of the award, and recognized as an expense over the requisite service period. Management has made an estimate of expected forfeitures and recognizes compensation cost only for those equity awards expected to vest.

(n) Revenue recognition

The Group recognizes revenue when there is persuasive evidence of an arrangement, service has been rendered, the sales price is fixed or determinable and collectability is reasonably assured. Revenues are recorded, net of sales related taxes.

The Group generates real estate online revenues principally from e-commerce, online advertising, and listing services.

The Group e-commerce services primarily include discount coupon advertising and online property auctions. The Group also provides property viewing and pre-sale customer support free of charge in connection with the sale of discount coupons and online property auctions. E-commerce revenues are principally generated from selling discount coupons to potential property buyers. Those discount coupons allow buyers to purchase specified properties from real estate developers at discounts greater than the face value of the fees charged by the Group. The discount coupons are refundable to the buyers at any time before they are used to purchase the specified properties. The Group recognizes such e-commerce revenues upon obtaining confirmation letters that prove the use of coupons by property buyers, and when collections are reasonably assured. Revenues are recognized based on the net proceeds received as the Group acts as a marketing agent of the property developer in the transaction.

Revenue from online advertising services is generated principally from online advertising arrangements, sponsorship arrangements, and to a lesser extent, outsourcing arrangements, and keyword advertising arrangements. Online advertising arrangements allow advertisers to place advertisements on particular areas of the Group’s websites, in particular formats and over particular periods of time. Advertising revenues from online advertising arrangements are recognized ratably over the contract period of display when collectability is reasonably assured. Sponsorship arrangements allow advertisers to sponsor a particular area on the Group’s websites in exchange for a fixed payment over the contract period. Advertising revenues from sponsorship arrangements are recognized ratably over the contract period. The Group also generates online advertising revenues from outsourcing certain regional sites for a fixed period of time to local outsourcing partners, who are responsible for both website operation and related advertising sales. Advertising revenues from hosted websites are recognized ratably over the term of the contract. Keyword advertising revenues are recognized ratably over the contract period when collectability is reasonably assured.

The Group also provides listing services to real estate brokers. Listing services entitle real estate brokers to post and make changes to information for properties in a particular area on the website for a specified period of time, in exchange for a fixed fee. Listing revenues are recognized ratably over the contract period of display when collectability is reasonably assured.

There are no multiple elements arrangements within the services provided by the Group. However, E-House has multiple element arrangements that may include provision of online advertising services provided by the Group. The multiple element arrangements may affect the revenue recognition of the Group. E-House has determined that each of the deliverables is considered a separate unit of account as each has value to the customer on a stand-alone basis and has been sold separately on a stand-alone basis, there is no general right of return on delivered items and the delivery or performance of the undelivered item(s) is considered probable and substantially in the control of E-House.

E-House allocates arrangement consideration in multiple-deliverable revenue arrangements at the inception of an arrangement to all deliverables based on the relative selling price in accordance with the selling price hierarchy, which includes: (i) vendor-specific objective evidence (“VSOE”) if available; (ii) third-party evidence (“TPE”) if VSOE is not available; and (iii) best estimate of selling price (“BESP”) if neither VSOE nor TPE is available.

VSOE. E-House determines VSOE based on its historical pricing and discounting practices for the specific service when sold separately. In determining VSOE, E-House requires that a substantial majority of the selling prices for these services fall within a reasonably narrow pricing range. E-House has historically priced its commission rate for the primary real estate services, periodic consulting services, subscription for the CRIC system and online advertising within a narrow range. As a result, E-House has used VSOE to allocate the selling price for these services when they are elements of a multiple element arrangement.

TPE. When VSOE cannot be established for deliverables in multiple element arrangements, E-House applies judgment with respect to whether it can establish a selling price based on TPE. TPE is determined based on competitor prices for similar deliverables when sold separately. Generally, E-House’s marketing strategy differs from that of its peers and its offerings contain a significant level of differentiation such that the comparable pricing of services with similar functionality cannot be obtained. Furthermore, E-House is unable to reliably determine what similar competitor services’ selling prices are on a stand-alone basis. As a result, E-House has not been able to establish selling price based on TPE.

BESP. When it is unable to establish selling price using VSOE or TPE, E-House uses BESP in its allocation of arrangement consideration. The objective of BESP is to determine the price at which E-House would transact a sale if the service were sold on a stand-alone basis. E-House determines BESP for deliverables by considering multiple factors including, but not limited to, prices it charged for similar offerings, market conditions, specification of the services rendered and pricing practices. E-House has used BESP to allocate the selling price of project-based consulting service and promotional event services under these multiple element arrangement. The process for determining BESP involves management judgment. E-House’s process considers multiple factors that may vary depending upon the unique facts and circumstances related to each deliverable. If the facts and circumstances underlying the factors E-House considers change, or should subsequent facts and circumstances lead E-House to consider additional factors, E-House’s BESP could change in future periods. E-House regularly reviews the evidence of selling price for its services and maintains internal controls over the establishment and updates of these estimates. There were no material changes in estimated selling price for its services during the years ended December 31, 2012, 2013 and 2014, nor does E-House expect a material changes in BESP in the foreseeable future.

If E-House had applied the provisions of ASU 2009-13 for the year ended December 31, 2010, there would have been no material effect on revenue during that period. Additionally, the adoption of ASU 2009-13 did not have a material effect on revenue for the years ended December 31, 2012, 2013 and 2014 when compared to the revenue that would have been recognized under the guidance in effect prior to adoption of ASU 2009-13. The effect of adopting this guidance in future periods will depend on the nature of E-House’s customer arrangements in those periods, including the nature of services included in those arrangements, the magnitude of revenue associated with certain deliverables in those arrangements, and the timing of delivery of the related services in those arrangements, among other considerations.

The total amounts of revenue earned by the Group related to agreements that have been accounted for as multiple element arrangements by E-House were $8,278,656, $5,556,867, and $4,836,931in 2012, 2013 and 2014, respectively.

Deferred revenues are recognized when payments are received in advance of revenue recognition.

(o) Cost of revenue

Cost of revenue consists of costs associated with the production of websites, which includes fees paid to third parties for internet connection, content and services, editorial personnel related costs, amortization of intangible assets, depreciation associated with website production equipment and fees paid to SINA for advertising on non-real estate channels.

(p) Marketing and advertising expenses

Marketing and advertising expenses consists primarily of targeted online and offline marketing costs for promoting the Company’s e-commerce projects, increasing the Company’s visibility and building our brand, such as Leju property visit, sponsored marketing campaigns, online or print advertising, public relations and sponsored events. The Company expenses all marketing advertising costs as incurred and record these costs within “Selling, general and administrative expenses” on the consolidated statements of operations when incurred. The nature of the Company’s direct marketing activities is such that they are intended to attract subscribers for the online advertising and potential property buyers to purchase the discount coupons. The Group incurred marketing and advertising expenses amounting to $44,876,635, $96,288,501 and $196,396,734 for the years ended December 31, 2012, 2013 and 2014, respectively.

(q) Foreign currency translation

The functional currency of the Company is the United States dollar (“U.S. dollar”) and is used as the reporting currency of the Group. Monetary assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollar at the rates of exchange ruling at the balance sheet date. Equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as foreign currency translation adjustment and are shown as a separate component of other comprehensive income in the consolidated statements of changes in equity and comprehensive income.

The financial records of certain of the Company’s subsidiaries are maintained in local currencies other than the U.S. dollar, such as Renminbi (“RMB”) and Hong Kong dollar (“HKD”), which are their functional currencies. Transactions in other currencies are recorded at the rates of exchange prevailing when the transactions occur. Transaction gains and losses are recognized in the consolidated statements of operations.

The Group recorded an exchange loss of $96,646, $249,944 and an exchange gain $88,721 for the years ended December 31, 2012, 2013 and 2014, respectively, as a component of other loss, net.

(r) Government subsidies

Government subsidies include cash subsidies received by the Company’s subsidiaries in the PRC from local governments. These subsidies are generally provided as incentives for conducting business in certain local districts. Cash subsidies of $153,340, $599,894 and $2,525,496 were included in other operating income for the years ended December 31, 2012, 2013 and 2014, respectively. Subsidies are recognized when cash is received and when all the conditions for their receipt have been satisfied.

(s) Concentration of credit risk

Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable. The Group places its cash and cash equivalents with reputable financial institutions.

The Group regularly reviews the creditworthiness of its customers, and requires collateral or other security from its customers in certain circumstances when accounts receivables’ aging is over one year. The Group establishes an allowance for doubtful accounts primarily based upon factors surrounding the credit risk of specific customers, including creditworthiness of the clients, aging of the receivables and other specific circumstances related to the accounts.

Movement of the allowance for doubtful accounts for accounts receivable is as follows:

	Year Ended December 31,
	2012		2013		2014
	$		$		$
Balance as of January 1	4,749,752		7,393,312		9,353,689
Provisions for doubtful accounts	7,437,323		6,373,132		11,599,708
Write offs	(4,808,614	)	(4,667,466	)	(5,437,380	)
Changes due to foreign exchange	14,851		254,711		(44,997	)
Balance as of December 31	7,393,312		9,353,689		15,471,020

The allowance for other receivables was nil for all periods presented.

(t) Earnings per share

Basic earnings per share are computed by dividing income attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period.

Diluted earnings per ordinary share reflects the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised or converted into ordinary shares.

The following table sets forth the computation of basic and diluted income per share for the periods indicated:

	Year Ended December 31,
	2012			2013		2014
Net income (loss) attributable to Leju ordinary shareholders—basic and diluted	$	(44,759,336	)	$	42,524,962	$	66,520,894

Weighted average number of ordinary shares outstanding—basic	120,000,000			120,000,000		129,320,666
Weighted average number of ordinary shares outstanding—diluted	120,000,000			120,000,000		132,502,100

Basic earnings (loss) per share	$	(0.37	)	$	0.35	$	0.51

Diluted earnings (loss) per share	$	(0.37	)	$	0.35	$	0.50

Diluted earnings (loss) per share do not include the following instruments as their inclusion would have been anti-dilutive:

	Year Ended December 31,
	2012	2013	2014
Share options and restricted shares	—	599,333	—

(u) Non-controlling interest

Non-controlling interest are classified as a separate line item in the equity section and disclosures in the Company’s consolidated financial statements have distinguished the interest of Leju from the interest of non-controlling interest holders.

(v) Comprehensive income

Comprehensive income includes all changes in equity except those resulting from investments by owners and distributions to owners. For the years presented, total comprehensive income included net income and foreign currency translation adjustments.

(w) Recently issued accounting pronouncements

In May 2014, the FASB and International Accounting Standards Board (“IASB”) issued their converged standard on revenue recognition. The objective of the revenue standards ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” is to provide a single, comprehensive revenue recognition model for all contracts with customers to improve comparability within industries, across industries, and across capital markets. The revenue standard contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. For public companies, the revenue standards is effective for the first interim period within annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements.

- Definition

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

+ References+ Details

Acquisition of Non-controlling Interests	12 Months Ended
Acquisition of Non-controlling Interests	Dec. 31, 2014
Acquisition of Non-controlling Interests [Abstract]
Acquisition of Non-controlling Interests	3. Acquisition of Non-controlling Interests There were 3 major acquisitions of non-controlling interests completed in 2014. As a result of the below transactions, the equity attributable to Leju’s shareholders is decreased by $32,469,069 in the year ended December 31, 2014. In January 2014, the Group entered into an equity transfer agreement with two individual shareholders of Beijing Lotta Times Advertising Co., Ltd (“Beijing Lotta”), a subsidiary of Beijing Leju, to purchase the remaining 40% shares of Beijing Lotta that it did not already own with a total consideration of $16,254,600 (RMB100,000,000). After the acquisition, Beijing Lotta became a wholly-owned subsidiary of the Group. As the Group retains the controlling interest in Beijing Lotta before and after the acquisition, the acquisition was accounted for as an equity transaction. The carrying amount of the non-controlling interest in the subsidiary was adjusted to reflect the change in Group’s ownership interest in Beijing Lotta. Any difference between the fair value of the consideration paid and the amount by which the non-controlling interest was adjusted was recognized in equity. As a result of the transaction, $15,112,828 additional paid capital and $1,141,772 non-controlling interest were derecognized. As of December 31, 2014, $7,190,700 (RMB44,000,000) was unpaid and was due at December 31, 2015. In September 2014, the Group entered into an equity transfer agreement with six individual shareholders (five of them are employees of the Group) of Beijing Yisheng Leju Advertising Co., Ltd (“Beijing Leju Advertisement”) and Yisheng Leju (Shanghai) Information Service Co., Ltd.( “Yisheng Shanghai”), two subsidiaries of Beijing Leju, to purchase the remaining 24.5% shares of Beijing Leju Advertisement and Yisheng Shanghai that it did not own with a total consideration of $19,074,412 (RMB117,355,000). Considerations to the five employees shareholders are $16,054,493 (RMB98,775,000) for 19.5% equity interest, equivalent to $823,307 per 1% equity interest, while the consideration for the rest 5.0% to the non-employee shareholder is $3,019,919 (RMB18,580,000), equivalent to $603,984 per 1% of equity interest. In connection with the equity transfer, the five employees are also required to serve for the Group for two years from the closing date of the transaction. The Group considers the purchase price to the nonemployee shareholder represent fair value of the equity interest on the date of transfer. The consideration premium of $4,276,810 paid to the employee shareholders was treated as share-based compensation to be amortized over the 2-year service period. After the acquisition, Beijing Leju Advertisement and Yisheng Shanghai became wholly-owned subsidiaries of the Group. As the Group retains the controlling interest in Beijing Leju Advertisement and Yisheng Shanghai before and after the acquisition, the acquisition was accounted for as an equity transaction. The carrying amount of the non-controlling interest in two subsidiaries were adjusted to reflect the change in Group’s ownership interest in them. Any difference between the fair value of the consideration paid and the amount by which the non-controlling interest was adjusted was recognized in equity. As a result of the equity transaction, $12,906,772 additional paid capital and $1,890,830 non-controlling interest were derecognized. As of December 31, 2014, $15,534,635 was unpaid and was due at December 31, 2015. In September 2014, the Group entered into an equity transfer agreement with an individual shareholder of Tianjin Yisheng Leju Advertising Co., Ltd (“Tianjin Leju”), a subsidiary of Beijing Leju, to purchase the remaining 30% shares of Tianjin Leju that it did not own with a total consideration of $4,685,913 (RMB28,830,000). After the acquisition, Tianjn Leju becomes a wholly-owned subsidiary of the Group. As the Group retains the controlling interest in Tianin Leju before and after the acquisition, the acquisition was accounted for as an equity transaction. The carrying amount of the non-controlling interest in the subsidiary was adjusted to reflect the change in Group’s ownership interest in Tianjin Leju. Any difference between the fair value of the consideration paid and the amount by which the non-controlling interest was adjusted was recognized in equity. As a result of the transaction, $4,449,469 additional paid capital and $236,444 non-controlling interest were derecognized. As of December 31, 2014, $2,871,268 was unpaid and was due at December 31, 2015.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2014

Property and Equipment, Net

Property and Equipment, Net

4. Property and Equipment, Net

Property and equipment, net consists of the following:

	As of December 31,
	2013		2014
	$		$
Furniture, fixtures and equipment	10,631,922		11,892,101
Leasehold improvements	3,784,747		4,976,638
Buildings	766,994		763,240
Motor vehicles	1,503,273		1,806,268

Total	16,686,936		19,438,247
Accumulated depreciation	(9,659,234	)	(12,279,467	)

Property and equipment, net	7,027,702		7,158,780

Depreciation expenses were $2,926,149, $3,021,130 and $3,030,451 for the years ended December 31, 2012, 2013 and 2014, respectively.

- Definition

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

+ References+ Details

Intangible Assets, Net

12 Months Ended

Dec. 31, 2014

Intangible Assets, Net

Intangible Assets, Net

5. Intangible Assets, Net

			Weighted Average
			Remaining
	As of December 31,		Amortization
	2013	2014	Period in Years
	$	$
Intangible assets subject to amortization are comprised of the following:
Advertising agency agreement with SINA	106,790,000	106,790,000	9.75
License agreements with SINA	80,660,000	80,660,000	9.75
Exclusive rights with Baidu	45,315,329	45,151,494	0.25
Customer relationship	10,811,555	10,795,384	4.57
Database license	8,300,000	8,300,000	3.25
Non-compete agreements	1,662,410	1,657,256	0.25
Computer software licenses	896,317	898,421	2.39

	254,435,611	254,252,555	9.20
Less: Accumulated amortization
Advertising agency agreement	44,495,832	51,286,536
License agreements with SINA	34,280,500	39,377,764
Exclusive rights with Baidu	34,693,471	43,034,803
Customer relationship	6,030,501	7,530,732
Database license	4,150,001	5,126,472
Non-compete agreements	1,456,950	1,645,402
Computer software licenses	798,216	832,038

Intangible assets subject to amortization, net	128,530,140	105,418,808

Total intangible assets, net	128,530,140	105,418,808

The advertising agency agreement and license agreements with SINA were recognized in connection with the Group’s acquisition of COHT in 2009, which allows the Group to operate SINA’s existing real estate and home furnishing related channels and have the exclusive right to sell advertising relating to real estate, home furnishing and construction materials on these channels as well as SINA’s other websites through 2019. If the Group sells advertising on SINA’s websites other than above channels, it will pay SINA fees of approximately 15% of the revenues generated from these sales. The acquisition cost was recognized as an intangible asset and amortized over the term of the agreement. In March 2014, the advertising agency agreement and license agreements originally signed between Leju and SINA in 2009 were extended an additional five years to March 2024 for no additional consideration. All other terms of the agreements remain the same.

In 2011, the Group purchased exclusive rights from Baidu, Inc (“Baidu”) which allow it to sell Baidu’s real estate related Brand Link product, which is a form of keyword advertising, and to use and operate Baidu’s exclusive real estate-related web channel for $47,612,100 through August 2014. In October 2013, the Group extended these rights with Baidu to March 2015, without paying additional consideration. The payment schedule of the remaining liability for exclusive rights was also deferred through the extension period. The fair value of $43,847,992 was recognized in 2011 and calculated by discounting the future cash payments to be made from 2012 to 2014. The difference between the fair value and the principal amount of $3,764,108 is being amortized using the effective interest method over the term of the exclusive rights and amounted to $1,882,804, $935,177 and $52,922 for the years ended December 31, 2012, 2013 and 2014, respectively.

The Group paid $14,249,180, $15,347,915 and $9,004,710 in connection with the exclusive rights in 2012, 2013 and 2014, respectively.

Amortization expenses were $36,863,827, $35,321,801 and $23,088,327 for the years ended December 31, 2012, 2013 and 2014, respectively. The Group expects to record amortization expenses of $14,813,862, $12,374,463, $12,154,158, $11,262,778 and $10,801,496 for the years ending December 31, 2015, 2016, 2017, 2018 and 2019, respectively.

Goodwill

12 Months Ended

Dec. 31, 2014

Goodwill

Goodwill

6. Goodwill

Changes in the carrying amount of goodwill for the years ended December 31, 2012, 2013 and 2014 are as follows:

	2012	2013	2014
	$	$	$
Balance as of January 1	40,152,022	40,215,987	40,610,620
Goodwill recognized upon acquisition	—	—
Exchange rate translation	63,965	394,633	(47,545	)

Balance as of December 31	40,215,987	40,610,620	40,563,075

	As of December 31,
	2013		2014
	$		$
Goodwill, gross	458,432,924		458,385,379
Accumulated impairment charge	(417,822,304	)	(417,822,304	)

Goodwill, net	40,610,620		40,563,075

The Group utilized the income approach valuation method (Level 3) to compute the fair value of the Group. The key assumptions used in the income approach, which requires significant management judgment, include forecasted cash flows which consider the historical financial trends, business growth rate and market share, as well as terminal value and discount rate. Significant increases in discount rate or decrease in terminal value in isolation would result in a significantly lower fair value measurement.

Based on the impairment tests performed, there was no goodwill impairment charged for the years ended December 31, 2012, 2013 and 2014, respectively.

Other Income (Loss), Net

12 Months Ended

Dec. 31, 2014

Other Income (Loss), Net

Other Income (Loss), Net

7. Other Income (Loss), Net

	Year Ended December 31,
	2012		2013		2014
	$		$		$
Amortized discounts related to liability for exclusive rights	(1,882,804	)	(935,177	)	(52,922	)
Foreign exchange (loss) gain	(96,646	)	(249,944	)	88,721

Total	(1,979,450	)	(1,185,121	)	35,799

Income Tax

12 Months Ended

Dec. 31, 2014

Income Tax

Income Tax

8. Income Tax

The following table summarizes Income (loss) before income taxes incurred in the PRC and outside of the PRC:

	Year Ended December 31,
	2012		2013		2014
	$		$		$
Income (loss) before income taxes:
The PRC	37,908,140		91,779,478		111,905,366
Outside of the PRC	(85,833,719	)	(45,994,531	)	(29,476,625	)

Total	(47,925,579	)	45,784,947		82,428,741

The expense (benefit) for income taxes is comprised of:

	Year Ended December 31,
	2012		2013		2014
	$		$		$
Current Tax
The PRC	7,053,197		21,147,165		17,905,374
Outside of the PRC	—		—		10,072

	7,053,197		21,147,165		17,915,446

Deferred Tax
The PRC	(11,130,125	)	(18,081,440	)	(2,369,482	)
Outside of the PRC	—		—		—

	(11,130,125	)	(18,081,440	)	(2,369,482	)

Income tax expense (benefit)	(4,076,928	)	3,065,725		15,545,964

The Company is incorporated in the Cayman Islands, which is exempted from tax.

Enterprise Income Tax Law in China applies a statutory 25% enterprise income tax rate to both foreign invested enterprises and domestic enterprises.

In February 2009, Shanghai SINA Leju, the Group’s subsidiary in China, was granted software enterprise status, which qualified the subsidiary to be exempted from income taxes for 2009, followed by a 50% reduction in its income tax rate, or a rate of 12.5%, from 2010 through 2012. Shanghai SINA Leju was also granted status as a high and new technology enterprise and was entitled to enjoy a favorable statutory tax rate of 15% from 2013 through 2014. Shanghai SINA Leju is in the process of applying to receive the preferential treatment of 15% income tax for 2015.

In February 2012, Shanghai Fangxin information technology Co., Ltd., the Group’s subsidiary in China, was granted software enterprise status, which exempted it from income taxes for 2012 and 2013 and provided a 50% reduction in its income tax rate, or a rate of 12.5%, from 2014 through 2016.

The Group’s subsidiaries in Hong Kong are subject to a profit tax at the rate of 16.5% on assessable profit determined under relevant Hong Kong tax regulations. The Company’s subsidiaries incorporated in the BVI are not subject to taxation.

The Group does not have uncertain tax positions in accordance with ASC740-10, nor does it anticipate any significant increase to its liability for unrecognized tax benefit within next 12 months. The Group will classify interest and penalties related to income tax matters, if any, in income tax expense.

According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to tax authority’s mistake or due to computational errors made by the taxpayer. The statute of limitations will be extended to five years under special circumstances, which are not clearly defined, but an underpayment of tax liability exceeding RMB100,000 ($16,343) is specifically listed as a special circumstance. In the case of a transfer pricing related adjustment, the statute of limitations is 10 years. There is no statute of limitations in the case of tax evasion.

The principal components of the deferred income tax assets/liabilities are as follows:

	As of December 31,
	2013		2014
	$		$
Deferred tax assets:
Accrued salary expenses	7,250,447		11,991,920
Bad debt provision	2,338,422		3,867,755
Net operating loss carry forwards	2,661,176		3,574,524
Advertising expenses temporarily non-deductible	18,026,659		11,097,262
Other	67,396		459,506
Gross deferred tax assets	30,344,100		30,990,967
Valuation allowance	(1,051,973	)	(957,162	)
Total deferred tax assets	29,292,127		30,033,805
Analysis as:
Current	27,714,132		29,857,574
Non-current	1,577,995		176,231

Deferred tax liabilities:
Amortization of intangible and other assets	27,563,891		26,041,591
Total deferred tax liabilities	27,563,891		26,041,591
Analysis as:
Current	—		—
Non-current	27,563,891		26,041,591

Movement of the valuation allowance is as follows:

	Year Ended December 31,
	2012		2013		2014
	$		$		$
Balance as of January 1	—		(831,361	)	(1,051,973	)
Additions	(830,348	)	(194,892	)	—
Write off	—		—		90,811
Changes due to exchange rate translation	(1,013	)	(25,720	)	4,000
Balance as of December 31	(831,361	)	(1,051,973	)	(957,162	)

The Group has recognized a valuation allowance against deferred tax assets on tax loss carry forwards of $830,348, $194,892 and nil for the years ended December 31, 2012, 2013 and 2014, respectively.

The Group assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three year period ended December 31, 2014. Such objective evidence limits the Group’s ability to consider other subjective evidence such as our projections for future growth.

On the basis of this evaluation, as of December 31, 2014, a valuation allowance of $957,162 was recorded to reflect only the portion of the deferred tax assets that is not more likely than not to be realized. The amount of the deferred tax assets considered realizable, however, could be adjusted if estimates of future taxable income during the carry forwards period are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as our projections for growth.

Reconciliation between the provision for income tax computed by applying the statutory tax rate to income before income taxes and the actual provision for income taxes is as follows:

	Year Ended December 31,
	2012		2013		2014
PRC income tax rate	25.00	%	25.00	%	25.00	%
Share based compensation expenses not deductible for tax purposes	(7.89	)%	3.45	%	3.27	%
Other expenses not deductible for tax purposes	(1.34	)%	1.12	%	0.72	%
Effect of tax holiday	(5.98	)%	(19.06	)%	(13.69	)%
Effect of different tax rate of subsidiary operation in other jurisdiction	(0.10	)%	0.02	%	1.08	%
Effect of different tax rate of DTA and DTL applied	0.22	%	(4.36	)%	2.29	%
Valuation allowance movement	(1.73	)%	0.42	%	—
Other	0.33	%	0.11	%	0.19	%
	8.51	%	6.70	%	18.86	%

The aggregate amount and per share effect of the tax holiday are as follows:

	Year Ended December 31,
	2012		2013	2014
	$		$	$
The aggregate dollar effect	(2,864,479	)	8,725,381	11,285,429
Per share effect—basic	(0.02	)	0.07	0.09
Per share effect—diluted	(0.02	)	0.07	0.09

As of December 31, 2013 and 2014, the Group had tax operating loss carry forwards of $10,644,703 and $14,298,098, respectively. These tax losses are available for offset against future profits that may be carried forward until calendar year 2018 and 2019, respectively.

Undistributed earnings of the Company’s PRC subsidiaries of approximately $190,348,634 at December 31, 2014 are considered to be indefinitely reinvested and, accordingly, no provision for PRC dividend withholding tax has been provided thereon. Upon distribution of those earnings generated after January 1, 2008, in the form of dividends or otherwise, the Group would be subject to the then applicable PRC tax laws and regulations. The amounts of unrecognized deferred tax liabilities for these earnings are in the range of $9,517,432 to $19,034,863, as the withholding tax rate of the profit distribution will be 5% or 10% depends on whether the immediate offshore companies can enjoy the preferential withholding tax rate of 5%.

Income tax payable balance of the Group represents the actual cash tax payments to be made by the legal entities within the Group. Income tax provision reflected in the Company’s consolidated statements of operations is calculated based on a separate return basis as if the Group had filed a separate tax return, which has considered the impact of general corporate expenses allocated from E-House. The difference between the income tax provision on a separate return basis and the tax liability accrued was reflected as deemed distribution to E-House associated with tax liability in the consolidated statements of changes in equity before the IPO. Such difference amounted to $1,747,590, $2,381,799 and $571,227 for the years ended December 31, 2012, 2013 and for the period from January 1, 2014 to the IPO date, 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.

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Share-Based Compensation

12 Months Ended

Dec. 31, 2014

Share-Based Compensation

Share-Based Compensation

9. Share-Based Compensation

Leju Plan

In November 2013, the Group adopted a share incentive plan (“Leju Plan”), which allows the Group to offer a variety of share-based incentive awards to employees, officers, directors and individual consultants who render services to the Group. Under the Leju Plan, the maximum number of shares that may be issued shall be 8% of the total outstanding shares on an as-converted and fully diluted basis as of the effective date of the plan. Options have a ten-year life.

Share Options:

On December 1, 2013, the Company granted 7,192,000 options to purchase its ordinary shares to certain of the Group’s employees and E-House’s employees at an exercise price of $4.60 per share. The options expire ten years from the date of grant and vest ratably at each grant date anniversary over a period of three years.

On December 16, 2013, the Company granted 600,000 restricted shares to a director and an E-House employee to replace the same number of options previously granted under the Leju plan, with all other terms unchanged. The purchase price of the restricted shares is $4.60 per share, which were the exercise prices of the options that were replaced. The modification did not result in any incremental compensation expense. Cash received from the advance payment of the restricted shares are recorded as an amount due to related parties as of December 31, 2013.

In January, 2014, the Company granted 60,000 restricted shares to an E-House employee to replace the same number of options previously granted under the Leju plan, with all other terms unchanged. The purchase price of the restricted shares is $4.60 per share, which were the exercise prices of the options that were replaced. The modification did not result in any incremental compensation expense. Cash received from the advance payment of the restricted shares are recorded as an amount due to related parties.

The Company has used the binomial model to estimate the fair value of the options granted under the Leju Plan. The fair value per option was estimated at the date of grant using the following assumptions:

		2013
Risk-free rate of return		2.98%
Contractual life of option		10 years
Estimated volatility rate		56.74%
Dividend yield		0.00%

A summary of option activity under the Leju Plan during the year ended December 31, 2014 is presented below:

	Number of Options		Exercise Price	Remaining Contractual Term	Aggregate Intrinsic Value of Options
			$
Outstanding, as of January 1, 2014	6,592,000		4.60		—
Granted
Replaced by Restricted Share	(60,000	)	4.60
Exercised	(266,201	)	4.60		1,668,693
Forfeited	(132,000	)	4.60
Outstanding, as of December 31, 2014	6,133,799		4.60	8.92	37,784,202
Vested and expected to vest as of December 31, 2014	5,943,719		4.60	8.92	36,613,309
Exercisable as of December 31, 2014	1,867,132		4.60	8.92	11,501,535

The grant-date fair value of the options granted in December 2013 was $2.21 per share. For the year ended December 31, 2013 and 2014, the Company recorded compensation expenses of $289,649 and $3,464,140 for the share options granted to the Group’s employees and recorded deemed distribution to E-House of $92,225 and $1,061,412 for the share options granted to E-House’s employees, respectively.

As of December 31, 2014, there was $8,676,222 of total unrecognized compensation expense related to unvested share options granted under the Leju Plan. That cost is expected to be recognized over a weighted-average period of 1.92 years.

Restricted Shares:

On March 18, 2014, the Company granted 866,000 restricted shares to certain employees, directors and officers, under the terms of each restricted shares, restricted shares vest over three years. On August 21, 2014, the Company granted 229,400 restricted shares to certain employees and officers, under the terms of each restricted shares, restricted shares vest over eight months.

A summary of restricted share activity under the Leju Plan during the year ended December 31, 2014 is presented below:

	Number of Restricted Shares		Grant-date Fair Value
			$
Outstanding, as of January 1, 2014	600,000		2.21
Granted	1,095,400		12.37
Converted from option	60,000		2.21
Vested	(220,000	)	2.21
Forfeited	(8,800	)	16.25
Outstanding, as of December 31, 2014	1,526,600		9.42

The total fair value of restricted shares vested in 2012, 2013 and 2014 was nil, nil and $486,200, respectively.

For the years ended December 31, 2013 and 2014, the Company recorded compensation expenses of $20,855 and $4,881,656 for the restricted shares granted to the Group’s employees and recorded deemed distribution to E-House of $13,903 and $41,570 for the share options granted to E-House’s employees, respectively.

As of December 31, 2014, there was $9,699,247 of total unrecognized compensation expense related to unvested restricted shares granted under the Leju Plan. That cost is expected to be recognized over a weighted-average period of 1.88 years.

E-House’s Share Incentive Plan (the “E-House Plan”)

In 2006, E-House Holdings adopted the E-House Plan, which allows E-House Holdings to offer a variety of share-based incentive awards to employees, officers, directors and individual consultants who render services to E-house. Under the E-House Plan, E-House Holdings authorized 3,636,364 ordinary shares, or 5% of the then total shares outstanding, to grant as options or restricted shares over a three-year period. In October 2010, E-House Holdings authorized an increase of 4,013,619 ordinary shares to the award pool. In November 2012, E-House Holdings further authorized an increase of 1,273,000 ordinary shares to the award pool. In August, 2013, E-House Holdings authorized an increase of 6,644,659 ordinary shares to the award pool. Options have a ten-year life. Share options granted under the E-House Plan can be settled by the employee either by cash or net settled by shares.

Share Options:

In connection with its merger with CRIC in 2012, E-House Holdings exchanged 15,107,745 of its options (“E-House Replacement Options”) at an exercise prices from $0.72 to $8.99 under E-House plan for 16,975,028 of options granted under CRIC plan at an exercise prices from $0.64 to $8.00 (“CRIC Replaced Options”), with other terms unchanged. As a result, CRIC’s Share Incentive Plan (the “CRIC Plan”) merged into the E-House Plan and ceased to exist on its own. The incremental compensation cost of $289,930 was measured as the excess of the fair value of the E-House Replacement Options over the fair value of the CRIC Replaced Options at the exchange date.

E-House Holdings used the binomial model to estimate the fair value of both the E-House Replacement Options and CRIC Replaced Options using the following assumptions:

	E-House	CRIC
	Replacement	Replaced
	Options	Options
Average risk-free rate of return	2.62%	2.62%
Contractual life of option	7.53 years	7.53 years
Average estimated volatility rate	50.42%	54.21%
Average dividend yield	2.03%	—

On May 9, 2012, 396,050 outstanding options granted from September 24, 2009 to October 10, 2011 held by 3 directors of CRIC were modified to be fully vested on the modification date, with other terms unchanged. The unrecognized compensation cost from the initial grant date was immediately expensed.

On May 29, 2012, the exercise price of 4,211,879 outstanding options, previously granted from July 15, 2009 to March 10, 2011, held by 394 employees was reduced from between $6.75 and $8.99 to $5.34, with other terms unchanged. In connection with the above modifications, incremental compensation cost was measured as the excess of the fair value of the modified options over the fair value of the original options immediately before their terms were modified, measured based on the share price and other pertinent factors at the modification date. Total incremental compensation cost was $1,811,935.

E-House Holdings used the binomial model to estimate the fair value of the modified options using the following assumptions:

		2012
Average risk-free rate of return		2.78%
Contractual life of option		8.02 years
Average estimated volatility rate		62.23%
Average dividend yield		2.45%

E-House Holdings recorded compensation expense of $17,157,015, $12,817,935 and $5,950,940 for the years ended December 31, 2012, 2013 and 2014, respectively. During the years ended December 31, 2012, 2013 and 2014, 194,721, 4,596,761 and 3,446,585 options were exercised having a total intrinsic value of $436,259, $25,248,554and $23,679,729, respectively.

A summary of option activity under the E-House Plan during the year ended December 31, 2014 is presented below:

	Number of Options		Weighted Average Exercise Price	Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value of Options
Outstanding, as of January 1, 2014	12,949,951		4.25		140,247,969
Exercised	(3,446,585	)	3.49		23,679,729
Forfeited	(26,662	)	4.94
Outstanding, as of December 31, 2014	9,476,704		4.52	5.58	25,776,635
Vested and expected to vest as of December 31, 2014	9,476,704		4.52	5.58	25,776,635
Exercisable as of December 31, 2014	9,476,704		4.52	5.58	25,776,635

As of December 31, 2014, there is no unrecognized compensation expense related to unvested share options granted under the E-House Plan.

Restricted Shares:

E-House Holdings granted 1,273,000, 1,303,000 and1,439,000 restricted shares to certain employees, directors and officers in 2012, 2013 and 2014 respectively. Under the terms of each restricted shares, restricted shares vest over three years.

In connection with its merger with CRIC, E-House Holdings exchanged 77,875 of its restricted shares (“E-House Replacement Restricted Shares”) at an exercise prices from $3.38 to $6.75 under E-House plan for 87,500 of restricted shares granted under CRIC plan at an exercise prices from $3.00 to $6.00 (“CRIC Replaced Restricted Shares”), with other terms unchanged. No incremental compensation cost was recognized from the exchange.

	E-House	CRIC
	Replacement	Replacement
	Restricted	Restricted
	Shares	Shares
Average risk-free rate of return	2.43%	2.43%
Contractual life of option	0.85 years	0.85 years
Average estimated volatility rate	50.42%	54.21%
Average dividend yield	2.03%	—

A summary of restricted share activity under the E-House Plan during the year ended December 31, 2014 is presented below:

	Number of Restricted Shares		Weighted Average Grant-date Fair Value
			$
Unvested as of January 1, 2014	2,151,684		7.77
Granted	1,439,000		8.72
Vested	(860,301	)	7.08
Forfeited	(33,334	)	7.78
Unvested as of December 31, 2014	2,697,049		8.50

The total fair value of restricted shares vested in 2012, 2013 and 2014 was $9,127,103, $5,612,379 and $6,094,602, respectively.

As of December 31, 2014, there was $20,310,709 of total unrecognized compensation expense related to restricted shares granted under the E-House Plan. That cost is expected to be recognized over a weighted-average period of 2.43 years.

E-House Holdings recorded compensation expense of $9,348,941, $5,668,460 and $6,174,583, for the years ended December 31, 2012 and 2013 and 2014, respectively, related to restricted shares.

CRIC Plan

On September 9, 2008, CRIC adopted the CRIC Plan to provide additional incentives to employees, directors and consultants who render services to CRIC. Under the CRIC Plan, the maximum number of shares that may be issued shall be 15% of the total outstanding shares of CRIC on an as-converted basis assuming all options outstanding were converted into shares as of the effective date of the CRIC Plan, plus an additional number of shares to be added on each of the third, sixth and ninth anniversary of the effective date of the CRIC Plan.

In April 2012, all the options and restricted shares granted under the CRIC Plan were replaced by E-House’s options and restricted shares under E-House plan. After that, there was no compensation cost of the options and restricted shares under CRIC Plan.

Share Options:

CRIC recorded compensation expense of $8,532,772 for the year ended 2012.

The total intrinsic value of options under CRIC Plan exercised was $750,115, during the year ended December 31, 2012.

Restricted Shares:

The Group recorded compensation expense of $54,688 for CRIC restricted shares granted to the E-House’s employee for the year ended December 31, 2012.

The total fair value of restricted shares vested was $130,000 during the year ended December 31, 2012.

Share-based compensation expenses under E-House Plan and CRIC Plan allocated to the Group

The share-based compensation expense under E-House Plan and CRIC Plan allocated to the Group was $14,570,467, $6,000,438 and $572,340 for the years ended December 31, 2012, 2013 and the period from January 1, 2014 to the IPO date, respectively. These expenses are part of the selling, general and administrative expenses allocated from E-House, which were waived and have been reflected as capital contributions as of the date such expenses were originally allocated. Subsequent to the IPO, E-House began charging the Group transitional corporate service fees, $1,857,996 share-based compensation expense under E-House Plan and CRIC Plan were charged to Leju from the IPO date to December 31, 2014. (See Note 13)

Other Equity Compensation

In September 2014, the Group acquired noncontrolling interests from certain employee shareholders. The price premium paid over the fair value of the ordinary shares amounting $4,276,810 was recorded as share-based compensation costs and to be amortized over the required two-year service period (See Note 3). $534,601 stock compensation expense was recognized for the year ended December 31, 2014. As of December 31, 2014, there was $3,742,209 of total unrecognized compensation expense related to this compensation agreement.

- Definition

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

+ References+ Details

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2014
Employee Benefit Plans
Employee Benefit Plans	10. Employee Benefit Plans The Group’s PRC subsidiaries and VIEs are required by law to contribute a certain percentages of applicable salaries for retirement benefits, medical insurance benefits, housing funds, unemployment and other statutory benefits. The PRC government is directly responsible for the payments of such benefits. The Group contributed $13,475,405, $14,174,182, and $17,727,125 for the years ended December 31, 2012, 2013 and 2014, respectively, for such benefits.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References+ Details

Distribution of Profits	12 Months Ended
Distribution of Profits	Dec. 31, 2014
Distribution of Profits
Distribution of Profits	11. Distribution of Profits Relevant PRC statutory laws and regulations permit payment of dividends by the Group’s PRC subsidiaries and VIEs only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Under PRC law, each of the Group’s PRC subsidiaries and VIEs is required to set aside at least 10% of its after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital. Each of the Group’s subsidiaries with foreign investment is also required to further set aside a portion of its after-tax profits to fund the employee welfare fund at the discretion of the board. Although the statutory reserves can be used, among other ways, to increase the registered capital and eliminate future losses in excess of retained earnings of the respective companies, the reserve funds are not distributable as cash dividends, loans or advances except in the event of liquidation of these subsidiaries. The amount of the reserve fund for the Group as of December 31, 2013 and 2014 was $5,058,900 and $7,251,948 respectively. As a result of these PRC laws and regulations, the Group’s PRC subsidiaries and VIEs are restricted in their ability to transfer a portion of their net assets, including general reserve and registered capital, either in the form of dividends, loans or advances. Such restricted portion amounted to $30,210,227 and $33,040,488, of which $8,228,655 and $8,349,188 was attributed to general reserve and registered capital of the VIEs, as of December 31, 2013 and 2014, respectively.

Segment Information

12 Months Ended

Dec. 31, 2014

Segment Information

Segment Information

12. Segment Information

The Group operates and manages its business as a single segment. The Group uses the management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. The Group’s CODM has been identified as the chief executive officer, who reviews the consolidated results of the Group as a whole when making decisions about allocating resources and assessing performance.

The following table summarizes the revenue information of the Group:

	Year Ended December 31,
	2012	2013	2014
	$	$	$
E-commerce	26,995,814	170,204,545	326,679,871
Online advertising	138,767,288	145,444,790	155,049,818
Listing	5,532,864	19,772,181	14,293,184
	171,295,966	335,421,516	496,022,873

Geographic

Substantially all of the Group’s revenues from external customers and long-lived assets are located in the PRC.

Major customers

There were no customers from whom revenue accounted for 10% or more of total revenue for the years ended December 31, 2012, 2013 and 2014, respectively.

Details of the accounts receivable from customers accounting for 10% or more of total net accounts receivable are as follows:

	As of December 31,
	2013	2014
	$	$
Customer A	13,294,502	13,979,270

- Definition

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

+ References

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+ Details

Related Party Balances and Transactions

12 Months Ended

Dec. 31, 2014

Related Party Balances and Transactions

13. Related Party Balances and Transactions

The table below sets forth major related parties and their relationships with the Group:

Company Name		Relationship with the Group
E-House		Under the common control of E-House Holdings
SINA		Mr. Charles Chao, co-chairman of E-House, is SINA’s chairman and chief executive officer
Beijing China Real Estate Research Association Technology Ltd. (“CRERAT”)		Mr. Xin Zhou, co-chairman and chief executive officer of E-House, is the legal representative of CRERAT, and E-House owns 51% of CRERAT

These consolidated financial statements include transactions with E-House and its subsidiaries. Furthermore, E-House provided certain corporate services for the consolidated financial statement periods presented (see Note 1).

During the years ended December 31, 2012, 2013 and 2014, E-House loaned $1,500,000, $1,000 and nil, respectively, to fund capital injections into the Group’s PRC subsidiaries. Such amounts have been waived by E-House and have been reflected as capital contributions as of the date such loans were originally made.

During the years ended December 31, 2012, 2013 and 2014, significant related party transactions were as follows:

	Year Ended December 31,
	2012	2013	2014
	$	$	$
Corporate expenses allocated from E-House	21,560,829	15,527,623	2,857,251
Corporate service provided by E-House under transitional service agreement	—	—	10,399,978
Online advertising agency fee recognized as cost of revenues purchased from SINA	5,145,039	6,033,036	6,630,010
Services purchased from/rental paid to E-House	1,802,101	949,584	1,191,469
Services purchased from CRERAT	476,706	—	—
Online advertising services provided to E-House	1,540,073	10,614	160,238
Online advertising services provided to SINA	1,855	—	—

The transactions are measured at the amount of consideration established and agreed to by the related parties, which approximate amounts charged to third parties.

As at December 31, 2013, amounts due from related parties were $3,471,958, which was primarily for revenues collected by E-House on behalf, and partially offset by loans from E-House for general working capital requirements.

As at December 31, 2014, amounts due from related parties were $684, which were the cash paid to supplier on behalf of CRERAT for the purchase of marketing services.

As at December 31, 2013 and 2014, amounts due to related parties were comprised of the following:

	As of December 31,
	2013	2014
	$	$
SINA (1)	1,741,371	1,705,208
E-House (2)	—	1,560,283
Management (3)	1,656,000	1,840,000
E-House Management (3)	1,104,000	184,000
Total	4,501,371	5,289,491

(1)

The amount due to SINA as of December 31, 2013 and 2014 represents online advertising agency fees payable to SINA.

(2)

The amount due to E-House as of December 31, 2014 was primarily for corporate service fees charged to Leju, and partially offset by the amount due to online services provided to E-House and revenues collected by E-House on behalf. The balance is interest free and settable on demand.

(3)

The amount due to management/ E-House management represents consideration paid by management/ E-House management for unvested restricted shares (see Note 9).

The rollforward of the payable (receivable) balance with E-House for the years ended December 31, 2012, 2013 and 2014 is as follows:

	Year Ended December 31,
	2012		2013		2014
	$		$		$
Balance at January 1	60,900,414		79,553,723		(3,471,958	)
Loans from (Refund to) E-House for working capital	19,761,083		(43,818,894	)	—
Loans from E-House for capital contribution	1,500,000		1,000		—
Corporate expenses allocated from E-House (Note 1)	21,560,829		15,527,623		2,857,251
Corporate service provided by E-House under transitional service agreement (Note 1)	—		—		10,399,978
Revenues collected by E-House on behalf of the Company	(433,290	)	(45,449,972	)	(4,803,958	)
Related party balance waived as capital contribution	(23,060,829	)	(15,528,623	)	(2,857,251	)
Service provided to E-House	(1,540,073	)	(10,614	)	(160,238	)
Service purchased from E-House	1,802,101		949,584		1,191,469
Net (payment) receive for services	(936,512	)	5,304,215		(1,595,010	)
Balance at December 31	79,553,723		(3,471,958	)	1,560,283

- 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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies

Commitments and Contingencies

14. Commitments and Contingencies

(a) Operating lease commitments

The Group has operating lease agreements principally for its office properties in the PRC. Such leases have remaining terms ranging from one to 34 months and are renewable upon negotiation. Rental expenses were $7,783,909, $7,669,866 and $8,601,039, for the years ended December 31, 2012, 2013 and 2014, respectively.

Future minimum lease payments under non-cancelable operating lease agreements at December 31, 2014 were as follows:

Year Ended December 31		Amount
		$
2015		9,752,033
2016		8,595,362
2017		6,581,917
2018		2,908,714
2019		719,066
Then thereafter		538,552
Total		29,095,644

(b) Contingencies

The Group is subject to claims and legal proceedings that arise in the ordinary course of its business. Each of these matters is subject to various uncertainties, and it is possible that some of these matters may be decided unfavorably to the Group. The Group does not believe that any of these matters will have a material effect on its business, assets or operations.

- Definition

The entire disclosure for commitments and contingencies.

+ References+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2014
Subsequent Events.
Subsequent Events	15. Subsequent Events In March 2015, the Company also announced that its board of directors has authorized and approved the Company’s payment of a cash dividend of $0.20 per ordinary share ($0.20 per ADS). The cash dividend will be payable on or about May 15, 2015 to the Company’s shareholders of record as of the close of business on April 10, 2015. Dividends to be paid to the Company’s ADS holders through the depositary bank will be subject to the terms of the deposit agreement, including the fees and expenses payable thereunder. In March 2015, the Group and Baidu agreed to extend the strategic cooperation agreement for the exclusive rights for another nine months through December 2015 and the consideration is RMB 75,000,000. The exclusive rights allow the Group to sell Baidu’s real estate related Brand Link product, which is a form of keyword advertising, and to use and operate Baidu’s exclusive real estate-related web channel.

Summary of Principal Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Summary of Principal Accounting Policies

Basis of presentation

(a) Basis of presentation

The consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

Basis of consolidation

(b) Basis of consolidation

The VIE arrangements

Name of Foreign Owned Subsidiaries	Foreign Owned Subsidiaries’ Economic Ownership of VIES		Name of VIEs	Activities of VIEs
Shanghai SINA Leju	100	%	Beijing Leju	Operate the online advertising and listing business
Shanghai Yi Yue	100	%	Shanghai Yi Xin	Operate the e-commerce business
Beijing Maiteng	100	%	Beijing Jiajujiu	Operate the online home furnishing business

Agreements that Transfer Economic Benefits of the VIEs to the Group

Agreements that Provide Effective Control over VIEs

Risks in relation to the VIE structure

The following financial statement amounts and balances of the Group’s VIEs were included in the accompanying consolidated financial statements:

	As of December 31,
	2013	2014
	$	$
Cash and cash equivalents	63,801,470	95,927,942
Accounts receivable, net of allowance for doubtful accounts	86,715,012	117,835,596
Amounts due from related parties	—	684
Other current assets	29,037,648	31,506,971
Total current assets	179,554,130	245,271,193
Total non-current assets	35,676,076	27,333,289
Total assets	215,230,206	272,604,482
Accounts payable	1,422,956	370,652
Accrued payroll and welfare expenses	28,576,202	40,946,532
Income tax payable	27,921,574	26,702,856
Other tax payable	11,024,857	15,883,568
Amounts due to related parties	47,023,449	30,147,834
Advance from customers	7,112,620	4,617,183
Liability for exclusive rights, current	8,967,972	—
Accrued marketing and advertising expenses	4,605,091	3,691,831
Consideration payable of acquiring non-controlling interest	—	25,645,630
Other current liabilities	2,932,380	5,137,314
Total current liabilities	139,587,101	153,143,400
Deferred tax liabilities, non-current	655,563	469,579
Total liabilities	140,242,664	153,612,979

	Year Ended December 31,
	2012		2013		2014
	$		$		$
Total revenues	163,242,652		316,271,620		484,511,682
Cost of revenues	(53,279,068	)	(58,253,716	)	(41,218,756	)
Net income (loss)	(1,554,046	)	1,285,139		2,532,232
Net cash provided by operating activities	15,967,793		64,832,510		57,761,765
Net cash used in investing activities	(17,543,318	)	(16,640,090	)	(10,927,762	)
Net cash provided by (used in) financing activities	26,686,813		(37,824,941	)	(14,418,056	)

Use of estimates

Fair value of financial instruments

(d) Fair value of financial instruments

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

There are no assets or liabilities measured at fair value on a recurring basis subsequent to initial recognition.

There were no assets or liabilities measured at fair value on a nonrecurring basis in 2012, 2013 and 2014.

Business combinations

(e) Business combinations

Cash and cash equivalents

(f) Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and demand deposits, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less.

Investment in affiliates

(g) Investment in affiliates

Property and equipment, net

(h) Property and equipment, net

Property and equipment is recorded at cost less accumulated depreciation. Depreciation is computed on a straight-line basis over the following estimated useful lives:

Leasehold improvements		Over the shorter of the lease term or their estimated useful lives
Buildings		30 years
Furniture, fixtures and equipment		3-5 years
Motor vehicles		5 years

Gains and losses from the disposal of property and equipment are included in income from operations.

Intangible assets, net

(i) Intangible assets, net

Impairment of long-lived assets

(j) Impairment of long-lived assets

Impairment of goodwill and indefinite lived intangible assets

(k) Impairment of goodwill and indefinite lived intangible assets

Income taxes

(l) Income taxes

Share-based compensation

(m) Share-based compensation

Revenue recognition

(n) Revenue recognition

The Group generates real estate online revenues principally from e-commerce, online advertising, and listing services.

Deferred revenues are recognized when payments are received in advance of revenue recognition.

Cost of revenue

(o) Cost of revenue

Marketing and advertising expenses

(p) Marketing and advertising expenses

Foreign currency translation

(q) Foreign currency translation

The Group recorded an exchange loss of $96,646, $249,944 and an exchange gain $88,721 for the years ended December 31, 2012, 2013 and 2014, respectively, as a component of other loss, net.

Government subsidies

(r) Government subsidies

Concentration of credit risk

(s) Concentration of credit risk

Movement of the allowance for doubtful accounts for accounts receivable is as follows:

	Year Ended December 31,
	2012		2013		2014
	$		$		$
Balance as of January 1	4,749,752		7,393,312		9,353,689
Provisions for doubtful accounts	7,437,323		6,373,132		11,599,708
Write offs	(4,808,614	)	(4,667,466	)	(5,437,380	)
Changes due to foreign exchange	14,851		254,711		(44,997	)
Balance as of December 31	7,393,312		9,353,689		15,471,020

The allowance for other receivables was nil for all periods presented.

Earnings per share

(t) Earnings per share

Basic earnings per share are computed by dividing income attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period.

Diluted earnings per ordinary share reflects the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised or converted into ordinary shares.

The following table sets forth the computation of basic and diluted income per share for the periods indicated:

	Year Ended December 31,
	2012			2013		2014
Net income (loss) attributable to Leju ordinary shareholders—basic and diluted	$	(44,759,336	)	$	42,524,962	$	66,520,894

Weighted average number of ordinary shares outstanding—basic	120,000,000			120,000,000		129,320,666
Weighted average number of ordinary shares outstanding—diluted	120,000,000			120,000,000		132,502,100

Basic earnings (loss) per share	$	(0.37	)	$	0.35	$	0.51

Diluted earnings (loss) per share	$	(0.37	)	$	0.35	$	0.50

Diluted earnings (loss) per share do not include the following instruments as their inclusion would have been anti-dilutive:

	Year Ended December 31,
	2012	2013	2014
Share options and restricted shares	—	599,333	—

Non-controlling interest

(u) Non-controlling interest

Comprehensive income

(v) Comprehensive income

Recently issued accounting pronouncements

(w) Recently issued accounting pronouncements

Organization and Principal Activities (Tables)

12 Months Ended

Dec. 31, 2014

Organization and Principal Activities

Schedule of Major Subsidiaries And Consolidated VIEs

The following table lists major subsidiaries and the consolidated VIEs of the Company as of December 31, 2014:

	Date of Incorporation	Place of Incorporation	Percentage of Ownership
Shanghai SINA Leju Information Technology Co., Ltd (“Shanghai SINA Leju”)	08-May-08	PRC	100	%
City Rehouse	04-Mar-10	PRC	100	%
Shanghai Yi Yue Information Technology Co., Ltd (“Shanghai Yi Yue”)	16-Sep-11	PRC	100	%
Beijing Maiteng Fengshun Science and Technology Co., Ltd (“Beijing Maiteng”)	04-Jan-12	PRC	84	%
Beijing Leju	13-Feb-08	PRC	VIE
Shanghai Yi Xin	05-Dec-11	PRC	VIE
Beijing Jiajujiu	22-Mar-12	PRC	VIE

Summary of Principal Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Summary of Principal Accounting Policies

Schedule of foreign owned subsidiaries economic ownership in variable interest entities

Name of Foreign Owned Subsidiaries	Foreign Owned Subsidiaries’ Economic Ownership of VIES		Name of VIEs	Activities of VIEs
Shanghai SINA Leju	100	%	Beijing Leju	Operate the online advertising and listing business
Shanghai Yi Yue	100	%	Shanghai Yi Xin	Operate the e-commerce business
Beijing Maiteng	100	%	Beijing Jiajujiu	Operate the online home furnishing business

Schedule of financial statement amounts and balances of the Group's VIEs

	As of December 31,
	2013	2014
	$	$
Cash and cash equivalents	63,801,470	95,927,942
Accounts receivable, net of allowance for doubtful accounts	86,715,012	117,835,596
Amounts due from related parties	—	684
Other current assets	29,037,648	31,506,971
Total current assets	179,554,130	245,271,193
Total non-current assets	35,676,076	27,333,289
Total assets	215,230,206	272,604,482
Accounts payable	1,422,956	370,652
Accrued payroll and welfare expenses	28,576,202	40,946,532
Income tax payable	27,921,574	26,702,856
Other tax payable	11,024,857	15,883,568
Amounts due to related parties	47,023,449	30,147,834
Advance from customers	7,112,620	4,617,183
Liability for exclusive rights, current	8,967,972	—
Accrued marketing and advertising expenses	4,605,091	3,691,831
Consideration payable of acquiring non-controlling interest	—	25,645,630
Other current liabilities	2,932,380	5,137,314
Total current liabilities	139,587,101	153,143,400
Deferred tax liabilities, non-current	655,563	469,579
Total liabilities	140,242,664	153,612,979

	Year Ended December 31,
	2012		2013		2014
	$		$		$
Total revenues	163,242,652		316,271,620		484,511,682
Cost of revenues	(53,279,068	)	(58,253,716	)	(41,218,756	)
Net income (loss)	(1,554,046	)	1,285,139		2,532,232
Net cash provided by operating activities	15,967,793		64,832,510		57,761,765
Net cash used in investing activities	(17,543,318	)	(16,640,090	)	(10,927,762	)
Net cash provided by (used in) financing activities	26,686,813		(37,824,941	)	(14,418,056	)

Schedule of Property, Plant and Equipment, Useful Life

Leasehold improvements		Over the shorter of the lease term or their estimated useful lives
Buildings		30 years
Furniture, fixtures and equipment		3-5 years
Motor vehicles		5 years

Schedule of movement of the allowance for doubtful accounts for accounts receivable

	Year Ended December 31,
	2012		2013		2014
	$		$		$
Balance as of January 1	4,749,752		7,393,312		9,353,689
Provisions for doubtful accounts	7,437,323		6,373,132		11,599,708
Write offs	(4,808,614	)	(4,667,466	)	(5,437,380	)
Changes due to foreign exchange	14,851		254,711		(44,997	)
Balance as of December 31	7,393,312		9,353,689		15,471,020

Schedule of the computation of basic and diluted income per share

	Year Ended December 31,
	2012			2013		2014
Net income (loss) attributable to Leju ordinary shareholders—basic and diluted	$	(44,759,336	)	$	42,524,962	$	66,520,894

Weighted average number of ordinary shares outstanding—basic	120,000,000			120,000,000		129,320,666
Weighted average number of ordinary shares outstanding—diluted	120,000,000			120,000,000		132,502,100

Basic earnings (loss) per share	$	(0.37	)	$	0.35	$	0.51

Diluted earnings (loss) per share	$	(0.37	)	$	0.35	$	0.50

Schedule of antidilutive securities excluded from computation of diluted earnings (loss) per share

	Year Ended December 31,
	2012	2013	2014
Share options and restricted shares	—	599,333	—

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2014

Property and Equipment, Net

Schedule of property and equipment, net

	As of December 31,
	2013		2014
	$		$
Furniture, fixtures and equipment	10,631,922		11,892,101
Leasehold improvements	3,784,747		4,976,638
Buildings	766,994		763,240
Motor vehicles	1,503,273		1,806,268

Total	16,686,936		19,438,247
Accumulated depreciation	(9,659,234	)	(12,279,467	)

Property and equipment, net	7,027,702		7,158,780

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2014

Intangible Assets, Net

Schedule of intangible assets, net

			Weighted Average
			Remaining
	As of December 31,		Amortization
	2013	2014	Period in Years
	$	$
Intangible assets subject to amortization are comprised of the following:
Advertising agency agreement with SINA	106,790,000	106,790,000	9.75
License agreements with SINA	80,660,000	80,660,000	9.75
Exclusive rights with Baidu	45,315,329	45,151,494	0.25
Customer relationship	10,811,555	10,795,384	4.57
Database license	8,300,000	8,300,000	3.25
Non-compete agreements	1,662,410	1,657,256	0.25
Computer software licenses	896,317	898,421	2.39

	254,435,611	254,252,555	9.20
Less: Accumulated amortization
Advertising agency agreement	44,495,832	51,286,536
License agreements with SINA	34,280,500	39,377,764
Exclusive rights with Baidu	34,693,471	43,034,803
Customer relationship	6,030,501	7,530,732
Database license	4,150,001	5,126,472
Non-compete agreements	1,456,950	1,645,402
Computer software licenses	798,216	832,038

Intangible assets subject to amortization, net	128,530,140	105,418,808

Total intangible assets, net	128,530,140	105,418,808

Goodwill (Tables)

12 Months Ended

Dec. 31, 2014

Goodwill

Schedule of changes in the carrying amount of goodwill

	2012	2013	2014
	$	$	$
Balance as of January 1	40,152,022	40,215,987	40,610,620
Goodwill recognized upon acquisition	—	—
Exchange rate translation	63,965	394,633	(47,545	)

Balance as of December 31	40,215,987	40,610,620	40,563,075

	As of December 31,
	2013		2014
	$		$
Goodwill, gross	458,432,924		458,385,379
Accumulated impairment charge	(417,822,304	)	(417,822,304	)

Goodwill, net	40,610,620		40,563,075

Other Income (Loss), Net (Tables)

12 Months Ended

Dec. 31, 2014

Other Income (Loss), Net

Schedule of other Income (loss), net

	Year Ended December 31,
	2012		2013		2014
	$		$		$
Amortized discounts related to liability for exclusive rights	(1,882,804	)	(935,177	)	(52,922	)
Foreign exchange (loss) gain	(96,646	)	(249,944	)	88,721

Total	(1,979,450	)	(1,185,121	)	35,799

Income Tax (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax

Schedule of components of income before income taxes

	Year Ended December 31,
	2012		2013		2014
	$		$		$
Income (loss) before income taxes:
The PRC	37,908,140		91,779,478		111,905,366
Outside of the PRC	(85,833,719	)	(45,994,531	)	(29,476,625	)

Total	(47,925,579	)	45,784,947		82,428,741

Schedule of expense (benefit) for income taxes

	Year Ended December 31,
	2012		2013		2014
	$		$		$
Current Tax
The PRC	7,053,197		21,147,165		17,905,374
Outside of the PRC	—		—		10,072

	7,053,197		21,147,165		17,915,446

Deferred Tax
The PRC	(11,130,125	)	(18,081,440	)	(2,369,482	)
Outside of the PRC	—		—		—

	(11,130,125	)	(18,081,440	)	(2,369,482	)

Income tax expense (benefit)	(4,076,928	)	3,065,725		15,545,964

Schedule of principal components of the deferred income tax assets/liabilities

	As of December 31,
	2013		2014
	$		$
Deferred tax assets:
Accrued salary expenses	7,250,447		11,991,920
Bad debt provision	2,338,422		3,867,755
Net operating loss carry forwards	2,661,176		3,574,524
Advertising expenses temporarily non-deductible	18,026,659		11,097,262
Other	67,396		459,506
Gross deferred tax assets	30,344,100		30,990,967
Valuation allowance	(1,051,973	)	(957,162	)
Total deferred tax assets	29,292,127		30,033,805
Analysis as:
Current	27,714,132		29,857,574
Non-current	1,577,995		176,231

Deferred tax liabilities:
Amortization of intangible and other assets	27,563,891		26,041,591
Total deferred tax liabilities	27,563,891		26,041,591
Analysis as:
Current	—		—
Non-current	27,563,891		26,041,591

Schedule of movement of the valuation allowance

	Year Ended December 31,
	2012		2013		2014
	$		$		$
Balance as of January 1	—		(831,361	)	(1,051,973	)
Additions	(830,348	)	(194,892	)	—
Write off	—		—		90,811
Changes due to exchange rate translation	(1,013	)	(25,720	)	4,000
Balance as of December 31	(831,361	)	(1,051,973	)	(957,162	)

Schedule of reconciliation between the provision for income tax computed by applying the statutory tax rate to income before income taxes and the actual provision for income taxes

	Year Ended December 31,
	2012		2013		2014
PRC income tax rate	25.00	%	25.00	%	25.00	%
Share based compensation expenses not deductible for tax purposes	(7.89	)%	3.45	%	3.27	%
Other expenses not deductible for tax purposes	(1.34	)%	1.12	%	0.72	%
Effect of tax holiday	(5.98	)%	(19.06	)%	(13.69	)%
Effect of different tax rate of subsidiary operation in other jurisdiction	(0.10	)%	0.02	%	1.08	%
Effect of different tax rate of DTA and DTL applied	0.22	%	(4.36	)%	2.29	%
Valuation allowance movement	(1.73	)%	0.42	%	—
Other	0.33	%	0.11	%	0.19	%
	8.51	%	6.70	%	18.86	%

Schedule of the aggregate amount and per share effect of the tax holiday

	Year Ended December 31,
	2012		2013	2014
	$		$	$
The aggregate dollar effect	(2,864,479	)	8,725,381	11,285,429
Per share effect—basic	(0.02	)	0.07	0.09
Per share effect—diluted	(0.02	)	0.07	0.09

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Leju Plan

Share-Based Compensation

Schedule of assumptions used to estimate the fair value of share options granted

		2013
Risk-free rate of return		2.98%
Contractual life of option		10 years
Estimated volatility rate		56.74%
Dividend yield		0.00%

Summary of share option activity

	Number of Options		Exercise Price	Remaining Contractual Term	Aggregate Intrinsic Value of Options
			$
Outstanding, as of January 1, 2014	6,592,000		4.60		—
Granted
Replaced by Restricted Share	(60,000	)	4.60
Exercised	(266,201	)	4.60		1,668,693
Forfeited	(132,000	)	4.60
Outstanding, as of December 31, 2014	6,133,799		4.60	8.92	37,784,202
Vested and expected to vest as of December 31, 2014	5,943,719		4.60	8.92	36,613,309
Exercisable as of December 31, 2014	1,867,132		4.60	8.92	11,501,535

Summary of restricted share activity

	Number of Restricted Shares		Grant-date Fair Value
			$
Outstanding, as of January 1, 2014	600,000		2.21
Granted	1,095,400		12.37
Converted from option	60,000		2.21
Vested	(220,000	)	2.21
Forfeited	(8,800	)	16.25
Outstanding, as of December 31, 2014	1,526,600		9.42

E-House Plan

Share-Based Compensation

Summary of share option activity

	Number of Options		Weighted Average Exercise Price	Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value of Options
Outstanding, as of January 1, 2014	12,949,951		4.25		140,247,969
Exercised	(3,446,585	)	3.49		23,679,729
Forfeited	(26,662	)	4.94
Outstanding, as of December 31, 2014	9,476,704		4.52	5.58	25,776,635
Vested and expected to vest as of December 31, 2014	9,476,704		4.52	5.58	25,776,635
Exercisable as of December 31, 2014	9,476,704		4.52	5.58	25,776,635

Summary of restricted share activity

	Number of Restricted Shares		Weighted Average Grant-date Fair Value
			$
Unvested as of January 1, 2014	2,151,684		7.77
Granted	1,439,000		8.72
Vested	(860,301	)	7.08
Forfeited	(33,334	)	7.78
Unvested as of December 31, 2014	2,697,049		8.50

E-House Plan | E-House Replacement Options and CRIC Replaced Options

Share-Based Compensation

Schedule of assumptions used to estimate the fair value of share options granted

	E-House	CRIC
	Replacement	Replaced
	Options	Options
Average risk-free rate of return	2.62%	2.62%
Contractual life of option	7.53 years	7.53 years
Average estimated volatility rate	50.42%	54.21%
Average dividend yield	2.03%	—

E-House Plan | Modified Options

Share-Based Compensation

Schedule of assumptions used to estimate the fair value of share options granted

		2012
Average risk-free rate of return		2.78%
Contractual life of option		8.02 years
Average estimated volatility rate		62.23%
Average dividend yield		2.45%

E-House Plan | E-House Replacement Restricted Shares and CRIC Replaced Restricted Shares

Share-Based Compensation

Schedule of assumptions used to estimate the fair value of share options granted

	E-House	CRIC
	Replacement	Replacement
	Restricted	Restricted
	Shares	Shares
Average risk-free rate of return	2.43%	2.43%
Contractual life of option	0.85 years	0.85 years
Average estimated volatility rate	50.42%	54.21%
Average dividend yield	2.03%	—

Segment Information (Tables)

12 Months Ended

Dec. 31, 2014

Segment Information

Summary of the revenue information of the Group

	Year Ended December 31,
	2012	2013	2014
	$	$	$
E-commerce	26,995,814	170,204,545	326,679,871
Online advertising	138,767,288	145,444,790	155,049,818
Listing	5,532,864	19,772,181	14,293,184
	171,295,966	335,421,516	496,022,873

Accounts receivable | Customer risk

CONCENTRATION OF RISK

Schedule of concentration risk

	As of December 31,
	2013	2014
	$	$
Customer A	13,294,502	13,979,270

- Definition

Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark.

+ References+ Details

Related Party Balances and Transactions (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of major related parties and their relationships

Company Name		Relationship with the Group
E-House		Under the common control of E-House Holdings
SINA		Mr. Charles Chao, co-chairman of E-House, is SINA’s chairman and chief executive officer
Beijing China Real Estate Research Association Technology Ltd. (“CRERAT”)		Mr. Xin Zhou, co-chairman and chief executive officer of E-House, is the legal representative of CRERAT, and E-House owns 51% of CRERAT

Schedule of significant related party transactions

	Year Ended December 31,
	2012	2013	2014
	$	$	$
Corporate expenses allocated from E-House	21,560,829	15,527,623	2,857,251
Corporate service provided by E-House under transitional service agreement	—	—	10,399,978
Online advertising agency fee recognized as cost of revenues purchased from SINA	5,145,039	6,033,036	6,630,010
Services purchased from/rental paid to E-House	1,802,101	949,584	1,191,469
Services purchased from CRERAT	476,706	—	—
Online advertising services provided to E-House	1,540,073	10,614	160,238
Online advertising services provided to SINA	1,855	—	—

Schedule of amounts due to related parties

	As of December 31,
	2013	2014
	$	$
SINA (1)	1,741,371	1,705,208
E-House (2)	—	1,560,283
Management (3)	1,656,000	1,840,000
E-House Management (3)	1,104,000	184,000
Total	4,501,371	5,289,491

(1)

The amount due to SINA as of December 31, 2013 and 2014 represents online advertising agency fees payable to SINA.

(2)

(3)

The amount due to management/ E-House management represents consideration paid by management/ E-House management for unvested restricted shares (see Note 9).

Schedule of rollforward of the payable (receivable) balance

	Year Ended December 31,
	2012		2013		2014
	$		$		$
Balance at January 1	60,900,414		79,553,723		(3,471,958	)
Loans from (Refund to) E-House for working capital	19,761,083		(43,818,894	)	—
Loans from E-House for capital contribution	1,500,000		1,000		—
Corporate expenses allocated from E-House (Note 1)	21,560,829		15,527,623		2,857,251
Corporate service provided by E-House under transitional service agreement (Note 1)	—		—		10,399,978
Revenues collected by E-House on behalf of the Company	(433,290	)	(45,449,972	)	(4,803,958	)
Related party balance waived as capital contribution	(23,060,829	)	(15,528,623	)	(2,857,251	)
Service provided to E-House	(1,540,073	)	(10,614	)	(160,238	)
Service purchased from E-House	1,802,101		949,584		1,191,469
Net (payment) receive for services	(936,512	)	5,304,215		(1,595,010	)
Balance at December 31	79,553,723		(3,471,958	)	1,560,283

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies

Schedule of future minimum lease payments under non-cancelable operating lease agreements

Future minimum lease payments under non-cancelable operating lease agreements at December 31, 2014 were as follows:

Year Ended December 31		Amount
		$
2015		9,752,033
2016		8,595,362
2017		6,581,917
2018		2,908,714
2019		719,066
Then thereafter		538,552
Total		29,095,644

Organization and Principal Activities (Details) (USD $)	12 Months Ended			0 Months Ended				0 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended				0 Months Ended		12 Months Ended
Organization and Principal Activities (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Apr. 17, 2014 Ordinary Shares Initial public offering	Apr. 17, 2014 ADSs Initial public offering	Apr. 17, 2014 Tencent Ordinary Shares Private placement	Apr. 17, 2014 Tencent ADSs Initial public offering	Dec. 19, 2013 E-House	Mar. 31, 2014 E-House	Dec. 31, 2014 E-House	Dec. 31, 2013 E-House	Dec. 31, 2012 E-House	Dec. 19, 2013 E-House	Nov. 20, 2013 E-House	Mar. 21, 2014 E-House Tencent Share purchase and subscription agreement	Mar. 21, 2014 E-House Tencent Share purchase and subscription agreement	Dec. 31, 2014 SINA	Dec. 31, 2013 SINA	Dec. 31, 2012 SINA	Dec. 31, 2014 Shanghai SINA Leju	Dec. 31, 2014 Shanghai Yi Yue	Dec. 31, 2014 Beijing Maiteng	Feb. 24, 2008 COHT E-House	Oct. 31, 2009 COHT SINA	Feb. 24, 2008 COHT SINA	Dec. 31, 2014 City Rehouse
Foreign owned subsidiaries economic ownership in variable interest entities
Ownership percentage																				100.00%	100.00%	84.00%	34.00%	66.00%	66.00%	100.00%
Common stock, shares authorized	500,000,000	500,000,000												500,000,000
Common stock, shares issued	134,015,621	120,000,000											50,000,000	50,000
Common stock, shares issued								70,000,000
Ordinary shares (in dollars)	$ 134,015	$ 120,000											$ 70,000
Ordinary shares, shares outstanding	134,015,621	120,000,000											500,000,000	50,000
Ordinary shares, par value (in dollars per share)	$ 0.001	$ 0.001											$ 0.001	$ 1.00
Share split ratio								0.001
Selling, general and administrative expenses	366,341,900	226,142,936	163,534,947						2,857,251		15,527,623	21,560,829
Corporate service under transitional service agreement										10,399,978							6,630,010	6,033,036	5,145,039
Consideration received																180,000,000
Number of subsidiary shares acquired by counterparty															19,201,800
Number of shares issued or sold				11,500,000	11,500,000	2,029,420
Share price				$ 10.00			$ 10.00
Net proceeds from IPO				101,400,000
Net proceeds from private placement						$ 18,900,000

Summary of Principal Accounting Policies (Details)	12 Months Ended
Summary of Principal Accounting Policies (Details)	Dec. 31, 2014
Foreign owned subsidiaries economic ownership in variable interest entities
Term of loan agreement	20 years
Term of each shareholder voting right proxy agreement	20 years
Automatic extended term of shareholder voting right proxy agreement	1 year
Beijing Leju \| Shanghai SINA Leju
Foreign owned subsidiaries economic ownership in variable interest entities
Ownership interest (as a percent)	100.00%
Shanghai Yi Xin \| Shanghai Yi Yue
Foreign owned subsidiaries economic ownership in variable interest entities
Ownership interest (as a percent)	100.00%
Beijing Jiajujiu \| Beijing Maiteng
Foreign owned subsidiaries economic ownership in variable interest entities
Ownership interest (as a percent)	100.00%

Summary of Principal Accounting Policies (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Financial statement amounts and balances of the Group's VIEs
Cash and cash equivalents	$ 317,811,056	$ 98,729,639	$ 71,090,266	$ 64,254,127
Accounts receivable, net of allowance for doubtful accounts	119,741,936	87,315,892
Amounts due from related parties	684	3,471,958
Total current assets	480,766,424	222,787,902
Accounts payable	370,652	1,422,956
Accrued payroll and welfare expenses	48,007,240	30,504,223
Income tax payable	57,246,193	41,436,898
Other Tax Payable Current	27,804,416	18,513,869
Amounts due to related parties	5,289,491	4,501,371
Deferred Revenue, Current	5,054,408	7,162,807
Liability for exclusive rights, current		8,967,972
Accrued marketing and advertising expenses	19,269,565	7,374,109
Consideration payable of acquiring non-controlling interest	25,645,630
Other current liabilities	8,613,203	3,700,114
Total current liabilities	197,300,798	123,584,319
Deferred tax liabilities, non-current	26,041,591	27,563,891
Total revenues	496,022,873	335,421,516	171,295,966
Cost of revenues	(51,129,730)	(63,990,693)	(54,117,692)
Net income (loss)	66,659,388	42,650,028	(43,849,159)
Net cash provided by operating activities	124,830,989	83,422,980	3,324,741
Net cash used in investing activities	(12,355,416)	(16,656,933)	(18,159,239)
Net cash provided by (used in) financing activities	107,080,458	(41,359,931)	21,504,480
Consolidated VIEs without recourse
Financial statement amounts and balances of the Group's VIEs
Cash and cash equivalents	95,927,942	63,801,470
Accounts receivable, net of allowance for doubtful accounts	117,835,596	86,715,012
Amounts due from related parties	684
Other current assets	31,506,971	29,037,648
Total current assets	245,271,193	179,554,130
Total non-current assets	27,333,289	35,676,076
Total assets	272,604,482	215,230,206
Accounts payable	370,652	1,422,956
Accrued payroll and welfare expenses	40,946,532	28,576,202
Income tax payable	26,702,856	27,921,574
Other Tax Payable Current	15,883,568	11,024,857
Amounts due to related parties	30,147,834	47,023,449
Deferred Revenue, Current	4,617,183	7,112,620
Liability for exclusive rights, current		8,967,972
Accrued marketing and advertising expenses	3,691,831	4,605,091
Consideration payable of acquiring non-controlling interest	25,645,630
Other current liabilities	5,137,314	2,932,380
Total current liabilities	153,143,400	139,587,101
Deferred tax liabilities, non-current	469,579	655,563
Total liabilities	153,612,979	140,242,664
Total revenues	484,511,682	316,271,620	163,242,652
Cost of revenues	(41,218,756)	(58,253,716)	(53,279,068)
Net income (loss)	2,532,232	1,285,139	(1,554,046)
Net cash provided by operating activities	57,761,765	64,832,510	15,967,793
Net cash used in investing activities	(10,927,762)	(16,640,090)	(17,543,318)
Net cash provided by (used in) financing activities	$ (14,418,056)	$ (37,824,941)	$ 26,686,813

Summary of Principal Accounting Policies (Details 3) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenue recognition
Total revenue	$ 4,836,931	$ 5,556,867	$ 8,278,656
Advertising expense
Marketing and advertising expenses	196,396,734	96,288,501	44,876,635
Foreign currency translation
Foreign exchange loss		249,944	96,646
Foreign exchange gain	88,721
Government subsidies
Cash subsidies included in other operating income	2,525,496	599,894	153,340
Movement of the allowance for doubtful accounts for accounts receivable
Balance at the beginning	9,353,689	7,393,312	4,749,752
Provisions for doubtful accounts	11,599,708	6,373,132	7,437,323
Write offs	(5,437,380)	(4,667,466)	(4,808,614)
Changes due to foreign exchange	(44,997)	254,711	14,851
Balance at the end	15,471,020	9,353,689	7,393,312
Allowance for other receivables	$ 0	$ 0	$ 0
Buildings
Property and equipment, net
Estimated useful lives	P30Y
Motor vehicles
Property and equipment, net
Estimated useful lives	P5Y
Minimum \| Furniture, fixtures and equipment
Property and equipment, net
Estimated useful lives	P3Y
Maximum \| Furniture, fixtures and equipment
Property and equipment, net
Estimated useful lives	P5Y

Summary of Principal Accounting Policies (Details 4) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Earnings per share
Net income (loss) attributable to Leju ordinary shareholders-basic and diluted	$ 66,520,894	$ 42,524,962	$ (44,759,336)
Weighted average number of ordinary shares outstanding-basic (in shares)	129,320,666	120,000,000	120,000,000
Weighted average number of ordinary shares outstanding-diluted (in shares)	132,502,100	120,000,000	120,000,000
Basic earnings (loss) per share (in dollars per share)	$ 0.51	$ 0.35	$ (0.37)
Diluted earnings (loss) per share (in dollars per share)	$ 0.50	$ 0.35	$ (0.37)
Share options and restricted shares
Antidilutive instruments excluded from computation of diluted earnings (loss) per share
Antidilutive securities excluded from computation of diluted earnings (loss) per share		599,333

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References+ Details

- Definition

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

+ References+ Details

- 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.

+ References+ Details

- Definition

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

+ References+ Details

Acquisition of Non-controlling Interests (Details)	12 Months Ended		1 Months Ended					1 Months Ended			1 Months Ended				1 Months Ended
Acquisition of Non-controlling Interests (Details)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Sep. 30, 2014 Group of five employees USD ($)	Jan. 31, 2014 Beijing Lotta USD ($) item	Jan. 31, 2014 Beijing Lotta CNY	Dec. 31, 2014 Beijing Lotta USD ($)	Dec. 31, 2014 Beijing Lotta CNY	Sep. 30, 2014 Tianjin Leju USD ($)	Sep. 30, 2014 Tianjin Leju CNY	Dec. 31, 2014 Tianjin Leju USD ($)	Sep. 30, 2014 E-House item	Sep. 30, 2014 Beijing Leju Advertisement and Yisheng Shanghai USD ($) item	Sep. 30, 2014 Beijing Leju Advertisement and Yisheng Shanghai CNY	Dec. 31, 2014 Beijing Leju Advertisement and Yisheng Shanghai USD ($)	Sep. 30, 2014 Beijing Leju Advertisement and Yisheng Shanghai Group of five employees USD ($)	Sep. 30, 2014 Beijing Leju Advertisement and Yisheng Shanghai Group of five employees CNY	Sep. 30, 2014 Beijing Leju Advertisement and Yisheng Shanghai Individual share holder USD ($)	Sep. 30, 2014 Beijing Leju Advertisement and Yisheng Shanghai Individual share holder CNY	Sep. 30, 2014 Beijing Leju item
Acquisition of Non-controlling Interests.
Decrease in equity attributable to Leju's shareholders	$ 32,469,069
Number of individual shareholders entered into equity transfer agreement				2	2							6	6
Percentage of shares acquired				40.00%	40.00%			30.00%	30.00%			24.50%	24.50%
Total consideration				16,254,600	(100,000,000)			4,685,913	28,830,000			19,074,412	117,355,000		16,054,493	98,775,000	3,019,919	18,580,000
Total consideration for 1% equity interest															823,307		603,984
Additional paid-in capital derecognized						15,112,828		4,449,469				12,906,772
Non-controlling interest derecognized						1,141,772		236,444				1,890,830
Liability for Consideration Payable of Acquiring Non-controlling Interest	25,645,630					7,190,700	44,000,000			2,871,268				15,534,635
Number of employee individual shareholders entered into equity transfer agreement											5
Number of subsidiaries to purchase remaining percentage																			2
Percentage of five employee owned															19.50%	19.50%
Percentage of other individual shareholders owned																	5.00%	5.00%
Number of years should serve by five employee individual shareholders after acquisition			2 years
Additional paid-in capital	$ 788,246,874	$ 686,378,493	$ 4,276,810
Recognition period of stock based compensation expense			2 years

Property and Equipment, Net (Details) (USD $)	12 Months Ended
Property and Equipment, Net (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property and equipment, net
Property and equipment, gross	$ 19,438,247	$ 16,686,936
Accumulated depreciation	(12,279,467)	(9,659,234)
Property and equipment, net	7,158,780	7,027,702
Depreciation expenses	3,030,451	3,021,130	2,926,149
Furniture, fixtures and equipment
Property and equipment, net
Property and equipment, gross	11,892,101	10,631,922
Leasehold improvements
Property and equipment, net
Property and equipment, gross	4,976,638	3,784,747
Buildings
Property and equipment, net
Property and equipment, gross	763,240	766,994
Motor vehicles
Property and equipment, net
Property and equipment, gross	$ 1,806,268	$ 1,503,273

Intangible Assets, Net (Details) (USD $)	12 Months Ended			1 Months Ended	12 Months Ended		12 Months Ended		12 Months Ended									12 Months Ended		12 Months Ended		12 Months Ended
Intangible Assets, Net (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2014 SINA Advertising agency agreement and license agreements	Dec. 31, 2014 Advertising agency agreement SINA	Dec. 31, 2013 Advertising agency agreement SINA	Dec. 31, 2014 License agreements SINA	Dec. 31, 2013 License agreements SINA	Dec. 31, 2014 Exclusive rights	Dec. 31, 2013 Exclusive rights	Dec. 31, 2012 Exclusive rights	Dec. 31, 2014 Exclusive rights Baidu	Dec. 31, 2013 Exclusive rights Baidu	Dec. 31, 2012 Exclusive rights Baidu	Dec. 31, 2011 Exclusive rights Baidu	Dec. 31, 2014 Customer relationship	Dec. 31, 2013 Customer relationship	Dec. 31, 2014 Database license	Dec. 31, 2013 Database license	Dec. 31, 2014 Non-compete agreements	Dec. 31, 2013 Non-compete agreements	Dec. 31, 2014 Computer software licenses	Dec. 31, 2013 Computer software licenses
Intangible Assets, Net
Intangible assets subject to amortization	$ 254,252,555	$ 254,435,611			$ 106,790,000	$ 106,790,000	$ 80,660,000	$ 80,660,000				$ 45,151,494	$ 45,315,329			$ 10,795,384	$ 10,811,555	$ 8,300,000	$ 8,300,000	$ 1,657,256	$ 1,662,410	$ 898,421	$ 896,317
Less: Accumulated amortization					51,286,536	44,495,832	39,377,764	34,280,500				43,034,803	34,693,471			7,530,732	6,030,501	5,126,472	4,150,001	1,645,402	1,456,950	832,038	798,216
Intangible assets subject to amortization, net	105,418,808	128,530,140
Total intangible assets, net	105,418,808	128,530,140
Weighted Average Remaining Amortization Period	9 years 2 months 12 days				9 years 9 months		9 years 9 months					3 months				4 years 6 months 26 days		3 years 3 months		3 months		2 years 4 months 21 days
Fair value of intangible assets recognized															43,847,992
Difference between fair value of intangibles and principal amount															3,764,108
Amortization expenses	23,088,327	35,321,801	36,863,827
Amortization of Discounts Related to Liability for Exclusive Rights	52,922	935,177	1,882,804									52,922	935,177	1,882,804
Amount paid in connection with intangible assets									9,004,710	15,347,915	14,249,180				47,612,100
Percentage of revenue fee on sales				15.00%
Additional extension term of agreement				5 years
Additional consideration upon extension term of agreement				0
Expected amortization expenses
2015	14,813,862
2016	12,374,463
2017	12,154,158
2018	11,262,778
2019	$ 10,801,496

Goodwill (Details) (USD $)	12 Months Ended
Goodwill (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Changes in the carrying amount of goodwill
Balance as of January 1	$ 40,610,620	$ 40,215,987	$ 40,152,022
Exchange rate translation	(47,545)	394,633	63,965
Balance as of December 31	40,563,075	40,610,620	40,215,987
Goodwill, net
Goodwill, gross	458,385,379	458,432,924
Accumulated impairment charge	(417,822,304)	(417,822,304)
Goodwill, net	40,563,075	40,610,620	40,215,987
Goodwill impairment charge	$ 0	$ 0	$ 0

Other Income (Loss), Net (Details) (USD $)	12 Months Ended
Other Income (Loss), Net (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Other Income (Loss), Net
Amortized discounts related to liability for exclusive rights	$ (52,922)	$ (935,177)	$ (1,882,804)
Foreign exchange (loss) gain	88,721	(249,944)	(96,646)
Total	$ 35,799	$ (1,185,121)	$ (1,979,450)

Income Tax (Details)	12 Months Ended					1 Months Ended	12 Months Ended	1 Months Ended	12 Months Ended
Income Tax (Details)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2014 PRC USD ($)	Dec. 31, 2014 PRC CNY	Feb. 28, 2009 PRC Shanghai SINA Leju Software Enterprise Tax year 2010 through 2012	Dec. 31, 2009 PRC Shanghai SINA Leju High and new technology enterprise Tax year 2013 through 2014	Feb. 29, 2012 PRC Shanghai Fangxin information technology Co., Ltd. Software Enterprise Tax year 2014 through 2016	Dec. 31, 2014 Hong Kong
Income Tax
The PRC	$ 111,905,366	$ 91,779,478	$ 37,908,140
Outside of the PRC	(29,476,625)	(45,994,531)	(85,833,719)
Income (loss) before taxes and equity in affiliates	82,428,741	45,784,947	(47,925,579)
The PRC	17,905,374	21,147,165	7,053,197
Outside of the PRC	10,072
Current income taxes expenses (benefits)	17,915,446	21,147,165	7,053,197
The PRC	(2,369,482)	(18,081,440)	(11,130,125)
Deferred income taxes expenses (benefits)	(2,369,482)	(18,081,440)	(11,130,125)
Income taxes expenses (benefits)	15,545,964	3,065,725	(4,076,928)
Statutory tax rate (as a percent)	25.00%	25.00%	25.00%
Reduction in tax for the year following the exemption period (as a percent)						50.00%		50.00%
Preferential tax rate (as a percent)						12.50%	15.00%	12.50%
Tax rate (as a percent)									16.50%
Period of statute of limitations				3 years	3 years
Period of statute of limitations, if the underpayment is more than the specified amount				5 years	5 years
Minimum amount of underpayment of taxes for statute of limitations to be extended to five years				16,343	100,000
Period of statute of limitations for transfer pricing issues				10 years	10 years
Deferred tax assets:
Accrued salary expenses	11,991,920	7,250,447
Bad debt provision	3,867,755	2,338,422
Net operating loss carry forwards	3,574,524	2,661,176
Advertising expenses temporarily non-deductible	11,097,262	18,026,659
Other	459,506	67,396
Gross deferred tax assets	30,990,967	30,344,100
Valuation allowance	(957,162)	(1,051,973)	(831,361)
Total deferred tax assets	30,033,805	29,292,127
Analysis as:
Current	29,857,574	27,714,132
Non-current	176,231	1,577,995
Deferred tax liabilities:
Amortization of intangible and other assets	26,041,591	27,563,891
Total deferred tax liabilities	26,041,591	27,563,891
Analysis as:
Non-current	$ 26,041,591	$ 27,563,891

Income Tax (Details 2) (USD $)	12 Months Ended
Income Tax (Details 2) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Movement of the valuation allowance
Balance at the beginning of the period	$ (1,051,973)	$ (831,361)
Additions		(194,892)	(830,348)
Write off	90,811
Changes due to exchange rate translation	4,000	(25,720)	(1,013)
Balance at the end of the period	(957,162)	(1,051,973)	(831,361)
Income Tax
Valuation allowance against deferred tax assets on tax loss carry forwards	0	194,892	830,348
Cumulative loss incurred period as significant piece of objective negative evidence evaluated	3 years
Reconciliation between the provision for income tax computed by applying the statutory tax rate to income before income taxes and the actual provision for income taxes
PRC income tax rate (as a percent)	25.00%	25.00%	25.00%
Share based compensation expenses not deductible for tax purposes (as a percent)	3.27%	3.45%	(7.89%)
Other expenses not deductible for tax purposes (as a percent)	0.72%	1.12%	(1.34%)
Effect of tax holiday (as a percent)	(13.69%)	(19.06%)	(5.98%)
Effect of different tax rate of subsidiary operation in other jurisdiction (as a percent)	1.08%	0.02%	(0.10%)
Effect of different tax rate of DTA and DTL applied (as a percent)	2.29%	(4.36%)	0.22%
Valuation allowance movement (as a percent)		0.42%	(1.73%)
Other (as a percent)	0.19%	0.11%	0.33%
Income tax rate (as a percent)	18.86%	6.70%	8.51%
Aggregate amount and per share effect of the tax holiday
The aggregate dollar effect	$ 11,285,429	$ 8,725,381	$ (2,864,479)
Per share effect-basic (in dollars per share)	$ 0.09	$ 0.07	$ (0.02)
Per share effect-diluted (in dollars per share)	$ 0.09	$ 0.07	$ (0.02)

Income Tax (Details 3) (USD $)	12 Months Ended
Income Tax (Details 3) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax
Tax operating loss carry forwards	$ 14,298,098	$ 10,644,703
Deemed distribution to E-House associated with tax liability	571,227	2,381,799	1,747,590
PRC
Income Tax
Undistributed earnings	190,348,634
Provision for Chinese dividend withholding taxes	0
Preferential withholding tax rate (as a percent)	5.00%
PRC \| Minimum
Income Tax
Deferred income tax liability for the undistributed earnings	9,517,432
Withholding income tax rate for dividends distributed (as a percent)	5.00%
PRC \| Maximum
Income Tax
Deferred income tax liability for the undistributed earnings	$ 19,034,863
Withholding income tax rate for dividends distributed (as a percent)	10.00%

Share-Based Compensation (Details) (USD $)	1 Months Ended			12 Months Ended				0 Months Ended			12 Months Ended	0 Months Ended	12 Months Ended			0 Months Ended		12 Months Ended	0 Months Ended	12 Months Ended	0 Months Ended	12 Months Ended			0 Months Ended		1 Months Ended		12 Months Ended		0 Months Ended		12 Months Ended		0 Months Ended
Share-Based Compensation (Details) (USD $)	Aug. 31, 2013 E-House Plan	Nov. 30, 2012 E-House Plan	Oct. 31, 2010 E-House Plan	Dec. 31, 2006 E-House Plan	Dec. 31, 2014 E-House Plan Share Options	Dec. 31, 2013 E-House Plan Share Options	Dec. 31, 2012 E-House Plan Share Options	May 09, 2012 E-House Plan Share Options Directors item	May 29, 2012 E-House Plan Share Options Employees item	Apr. 20, 2012 E-House Plan E-House Replacement Options	Dec. 31, 2012 E-House Plan E-House Replacement Options	May 29, 2012 E-House Plan Modified Options	Dec. 31, 2014 E-House Plan Restricted Shares	Dec. 31, 2013 E-House Plan Restricted Shares	Dec. 31, 2012 E-House Plan Restricted Shares	Apr. 20, 2012 E-House Plan E-House Replacement Restricted Shares	Apr. 20, 2012 E-House Plan E-House Replacement Restricted Shares	Dec. 31, 2012 E-House Plan E-House Replacement Restricted Shares	Sep. 09, 2008 CRIC Plan Maximum	Dec. 31, 2012 CRIC Plan Share Options	Apr. 20, 2012 CRIC Plan CRIC Replaced Options	Dec. 31, 2012 CRIC Plan CRIC Replaced Options	Dec. 31, 2013 CRIC Plan Restricted Shares	Dec. 31, 2012 CRIC Plan Restricted Shares	Apr. 20, 2012 CRIC Plan CRIC Replaced Restricted Shares	Apr. 20, 2012 CRIC Plan CRIC Replaced Restricted Shares	Nov. 30, 2013 Leju Plan	Nov. 30, 2013 Leju Plan Maximum	Dec. 31, 2014 Leju Plan Share Options	Dec. 31, 2013 Leju Plan Share Options	Dec. 02, 2013 Leju Plan Share Options Group's employees and employees of the reporting entity	Dec. 16, 2013 Leju Plan Restricted Shares	Dec. 31, 2014 Leju Plan Restricted Shares	Dec. 31, 2013 Leju Plan Restricted Shares	Aug. 21, 2014 Leju Plan Restricted Shares Group's employees, directors and officers	Mar. 18, 2014 Leju Plan Restricted Shares Group's employees, directors and officers
Share-Based Compensation
Number of shares authorized				3,636,364
Number of shares that may be issued as a percentage of total outstanding shares				5.00%															15.00%									8.00%
Award grant period				3 years
Award vesting period													3 years																		3 years				8 months	3 years
Additional number of shares authorized	6,644,659	1,273,000	4,013,619
Expiration period				10 years																							10 years				10 years
Options granted for purchase of shares																															7,192,000
Granted (in shares)													1,439,000	1,303,000	1,273,000																		1,095,400		229,400	866,000
Exercise price of shares granted (in dollars per share)																															$ 4.60	$ 4.60
Fair value of option at the date of grant													$ 8.72																				$ 12.37
Exercise price of shares granted after reduction (in dollars per share)									$ 5.34
Exercise price of shares granted, low end of the range (in dollars per share)									$ 6.75	$ 0.72						$ 3.38					$ 0.64				$ 3.00
Exercise price of shares granted, high end of the range (in dollars per share)									$ 8.99	$ 8.99						$ 6.75					$ 8.00				$ 6.00
Incremental compensation cost of the vested options replaced									$ 1,811,935	$ 289,930
Number of employees holding options for which exercise price is reduced								3	394
Number of replacement awards exchanged with replaced awards (in shares)										15,107,745	15,107,745						77,875	77,875			(16,975,028)	(16,975,028)	87,500
Assumptions used in the binomial model
Average risk-free rate of return (as a percent)										2.62%		2.78%					2.43%				2.62%					2.43%				2.98%
Contractual life of option										7 years 6 months 11 days		8 years 7 days					10 months 6 days				7 years 6 months 11 days					10 months 6 days				10 years
Average estimated volatility rate (as a percent)										50.42%		62.23%					50.42%				54.21%					54.21%				56.74%
Average dividend yield (as a percent)										2.03%		2.45%					2.03%
Additional disclosure
Weighted-average grant-date fair value of options granted (in dollars per share)																													$ 2.21	$ 2.21
Compensation expense					5,950,940	12,817,935	17,157,015						6,174,583	5,668,460	9,348,941					8,532,772				54,688					3,464,140	289,649			4,881,656	20,855
Total intrinsic value of options exercised					23,679,729	25,248,554	436,259													750,115									1,668,693
Total number of options previously granted subject to modification (in shares)								396,050	4,211,879
Total unrecognized compensation expense					0								20,310,709																8,676,222				9,699,247
Weighted-average period over which cost is expected to be recognized													2 years 5 months 5 days																1 year 11 months 1 day				1 year 10 months 17 days
Deemed distribution																													$ 1,061,412	$ 92,225			$ 41,570	$ 13,903

Share-Based Compensation (Details 2) (USD $)	12 Months Ended			0 Months Ended	12 Months Ended		0 Months Ended	12 Months Ended
Share-Based Compensation (Details 2) (USD $)	Dec. 31, 2014 E-House Plan Share Options	Dec. 31, 2013 E-House Plan Share Options	Dec. 31, 2012 E-House Plan Share Options	Apr. 20, 2012 E-House Plan E-House Replacement Options	Dec. 31, 2012 E-House Plan E-House Replacement Options	Dec. 31, 2012 CRIC Plan Share Options	Apr. 20, 2012 CRIC Plan CRIC Replaced Options	Dec. 31, 2012 CRIC Plan CRIC Replaced Options	Dec. 31, 2014 Leju Plan Share Options	Dec. 31, 2014 Leju Plan Leju Replaced Options
Number of Options
Outstanding at the beginning of the period (in shares)	12,949,951								6,592,000
Exercised (in shares)	(3,446,585)								(266,201)
Forfeited (in shares)	(26,662)								(132,000)
Number of replacement awards exchanged with replaced awards (in shares)				15,107,745	15,107,745		(16,975,028)	(16,975,028)		(60,000)
Outstanding at the end of the period (in shares)	9,476,704	12,949,951							6,133,799
Vested and expected to vest at the end of the period (in shares)	9,476,704								5,943,719
Exercisable at the end of the period (in shares)	9,476,704								1,867,132
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 4.25								$ 4.60
Exercised (in dollars per share)	$ 3.49								$ 4.60
Forfeited (in dollars per share)	$ 4.94								$ 4.60
Replaced by E-House options (in dollars per share)										$ 4.60
Outstanding at the end of the period (in dollars per share)	$ 4.52	$ 4.25							$ 4.60
Vested and expected to vest at the end of the period (in dollars per share)	$ 4.52								$ 4.60
Exercisable at the end of the period (in dollars per share)	$ 4.52								$ 4.60
Weighted average remaining contractual term
Outstanding at the end of the period	5 years 6 months 29 days								8 years 11 months 1 day
Vested and expected to vest at the end of the period	5 years 6 months 29 days								8 years 11 months 1 day
Exercisable at the end of the period	5 years 6 months 29 days								8 years 11 months 1 day
Aggregate Intrinsic value of options
Outstanding at the beginning of the period	$ 140,247,969
Exercised	23,679,729	25,248,554	436,259			750,115			1,668,693
Outstanding at the end of the period	25,776,635	140,247,969							37,784,202
Vested and expected to vest at the end of the period	25,776,635								36,613,309
Exercisable at the end of the period	$ 25,776,635								$ 11,501,535

Share-Based Compensation (Details 3) (USD $)	12 Months Ended						0 Months Ended	12 Months Ended
Share-Based Compensation (Details 3) (USD $)	Dec. 31, 2014 E-House Plan and CRIC Plan	Dec. 31, 2013 E-House Plan and CRIC Plan	Dec. 31, 2012 E-House Plan and CRIC Plan	Dec. 31, 2014 E-House Plan Restricted Shares	Dec. 31, 2013 E-House Plan Restricted Shares	Dec. 31, 2012 E-House Plan Restricted Shares	Apr. 20, 2012 E-House Plan E-House Replacement Restricted Shares	Dec. 31, 2012 E-House Plan E-House Replacement Restricted Shares	Dec. 31, 2013 CRIC Plan Restricted Shares	Dec. 31, 2012 CRIC Plan Restricted Shares	Dec. 31, 2014 Leju Plan Restricted Shares	Dec. 31, 2013 Leju Plan Restricted Shares	Dec. 31, 2012 Leju Plan Restricted Shares	Dec. 31, 2014 Leju Plan Leju Replacement Restricted Shares	Dec. 31, 2013 Leju Plan Leju Replacement Restricted Shares
Summary of restricted share activity
Award vesting period				3 years
Unvested at the beginning of the period (in shares)				2,151,684							600,000
Granted (in shares)				1,439,000	1,303,000	1,273,000					1,095,400
Number of replacement awards exchanged with replaced awards (in shares)							77,875	77,875	87,500					60,000	600,000
Vested (in shares)				(860,301)							(220,000)
Forfeited (in shares)				(33,334)							(8,800)
Unvested at the end of the period (in shares)				2,697,049	2,151,684						1,526,600	600,000
Weighted average grant-date fair value
Unvested at the beginning of the period (in dollars per share)				$ 7.77							$ 2.21
Granted (in dollars per share)				$ 8.72							$ 12.37
Restricted Share (in dollars per share)														$ 2.21
Vested (in dollars per share)				$ 7.08							$ 2.21
Forfeited (in dollars per share)				$ 7.78							$ 16.25
Unvested at the end of the period (in dollars per share)				$ 8.50	$ 7.77						$ 9.42	$ 2.21
Additional disclosure
Total fair value of restricted shares vested				$ 6,094,602	$ 5,612,379	$ 9,127,103				$ 130,000	$ 486,200	$ 0	$ 0
Total unrecognized compensation expense				20,310,709							9,699,247
Weighted-average period over which cost is expected to be recognized				2 years 5 months 5 days							1 year 10 months 17 days
Compensation expense	572,340	6,000,438	14,570,467	6,174,583	5,668,460	9,348,941				54,688	4,881,656	20,855
Transitional corporate service fees	$ 1,857,996

Share-Based Compensation (Details 4) (USD $)			1 Months Ended	12 Months Ended
Share-Based Compensation (Details 4) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2014 Group of five employees	Dec. 31, 2014 Group of five employees
Other Equity Compensation
Number of years should serve by five employee individual shareholders after acquisition			2 years
Additional paid-in capital	$ 788,246,874	$ 686,378,493	$ 4,276,810
Recognition period of stock based compensation expense			2 years
Compensation expense				534,601
Total unrecognized compensation expense				$ 3,742,209

Distribution of Profits (Details) (PRC, USD $)	12 Months Ended
Distribution of Profits (Details) (PRC, USD $)	Dec. 31, 2014	Dec. 31, 2013
Distribution of profits
Minimum percentage of after-tax profit transferred by subsidiaries and VIEs to fund a statutory reserve	10.00%
Threshold percentage of after-tax income required to be appropriated towards reserve until the reserve balance reaches a specified percentage of the registered capital	50.00%
Reserve fund	$ 7,251,948	$ 5,058,900
Restricted net assets	33,040,488	30,210,227
VIEs
Distribution of profits
Restricted net assets of subsidiaries and VIEs attributed to general reserve and registered capital	$ 8,349,188	$ 8,228,655

Segment Information (Details) (USD $)	12 Months Ended
Segment Information (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenue information of the Group
Total revenues	$ 496,022,873	$ 335,421,516	$ 171,295,966
Net accounts receivable	119,741,936	87,315,892
Accounts receivable \| Customer risk \| Customer A
Revenue information of the Group
Net accounts receivable	13,979,270	13,294,502
E-commerce
Revenue information of the Group
Total revenues	326,679,871	170,204,545	26,995,814
Online advertising
Revenue information of the Group
Total revenues	155,049,818	145,444,790	138,767,288
Listing
Revenue information of the Group
Total revenues	$ 14,293,184	$ 19,772,181	$ 5,532,864

Related Party Balances and Transactions (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Related Party Balances and Transactions
Loans from E-House for capital contribution	$ 120,000	$ 1,000	$ 1,500,000
Significant related party transactions
Due from related parties	684	3,471,958
Amounts due to related parties	5,289,491	4,501,371
Rollforward of payable (receivable) balance
Loans from E-House for capital contribution	120,000	1,000	1,500,000
Corporate service under transitional service agreement	366,341,900	226,142,936	163,534,947
E-House
Related Party Balances and Transactions
Loans from E-House for capital contribution	0	1,000	1,500,000
Significant related party transactions
Corporate expenses allocated from E-House	2,857,251	15,527,623	21,560,829
Services purchased from/rental paid	1,191,469	949,584	1,802,101
Online advertising services provided	160,238	10,614	1,540,073
Amounts due to related parties	1,560,283
Rollforward of payable (receivable) balance
Balance at the beginning of the period	(3,471,958)	79,553,723	60,900,414
Loans from (Refund to) E-House for working capital		(43,818,894)	19,761,083
Loans from E-House for capital contribution	0	1,000	1,500,000
Corporate expenses allocated from E-House	2,857,251	15,527,623	21,560,829
Corporate service under transitional service agreement	10,399,978
Revenues collected by E-House on behalf of the Company	(4,803,958)	(45,449,972)	(433,290)
Related party balance waived as capital contribution	(2,857,251)	(15,528,623)	(23,060,829)
Service purchased from E-House	1,191,469	949,584	1,802,101
Net (payment) receive for services	(1,595,010)	5,304,215	(936,512)
Balance at the end of the period	1,560,283	(3,471,958)	79,553,723
SINA
Significant related party transactions
Online advertising agency fee recognized as cost of revenues purchased	6,630,010	6,033,036	5,145,039
Online advertising services provided			1,855
Amounts due to related parties	1,705,208	1,741,371
CRERAT
Significant related party transactions
Services purchased from/rental paid			476,706
Due from related parties	684
Rollforward of payable (receivable) balance
Service purchased from E-House			476,706
Management
Significant related party transactions
Amounts due to related parties	1,840,000	1,656,000
E-House Management
Significant related party transactions
Amounts due to related parties	$ 184,000	$ 1,104,000
E-House \| CRERAT
Related Party Balances and Transactions
Equity interest (as a percent)	51.00%

Commitments and Contingencies (Details) (USD $)	12 Months Ended
Commitments and Contingencies (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating lease commitments
Rental expenses	$ 8,601,039	$ 7,669,866	$ 7,783,909
Future minimum lease payments under non-cancelable operating lease agreements
2015	9,752,033
2016	8,595,362
2017	6,581,917
2018	2,908,714
2019	719,066
Then thereafter	538,552
Total	$ 29,095,644
Minimum
Operating lease commitments
Operating lease term	1 month
Maximum
Operating lease commitments
Operating lease term	34 months

Subsequent Events (Details) (Subsequent events)	1 Months Ended
Subsequent Events (Details) (Subsequent events)	Mar. 31, 2015 USD ($)	Mar. 31, 2015 Baidu CNY
Subsequent Event [Line Items]
Payment of cash dividend (per share)	$ 0.20
Payment of cash dividend (per ADS)	$ 0.20
Payments to Acquire Intangible Assets		75,000,000

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2014
CONSOLIDATED STATEMENTS OF CASH FLOWS
Issuance costs	$ 15,036,616

Employee Benefit Plans (Details) (USD $)	12 Months Ended
Employee Benefit Plans (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Employee Benefit Plans
Contribution by group	$ 17,727,125	$ 14,174,182	$ 13,475,405