Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2015 shares
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, 2015
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	Accelerated Filer
Entity Common Stock, Shares Outstanding	139,229,418
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 260,295,909	$ 317,811,056
Accounts receivable, net of allowance for doubtful accounts of $15,471,020 and $26,350,814 as of December 31, 2014 and 2015, respectively	113,991,480	119,741,936
Deferred tax assets	31,073,758	29,857,574
Customer deposits	58,833,225
Prepaid expenses and other current assets	20,880,667	13,355,174
Amounts due from related parties	8,906	684
Total current assets	485,083,945	480,766,424
Property and equipment, net	6,800,614	7,158,780
Intangible assets, net	90,736,828	105,418,808
Investment in affiliates	668,938	272,850
Goodwill	39,807,243	40,563,075
Other non-current assets	3,740,797	4,085,597
TOTAL ASSETS	626,838,365	638,265,534
Current liabilities:
Accounts payable (including accounts payable of the consolidated VIEs without recourse to Leju of $370,652 and $327,140 as of December 31, 2014 and 2015, respectively)	327,140	370,652
Accrued payroll and welfare expenses (including accrued payroll and welfare expenses of the consolidated VIEs without recourse to Leju of $40,946,532 and $34,784,706 as of December 31, 2014 and 2015, respectively)	45,691,874	48,007,240
Income tax payable (including income tax payable of the consolidated VIEs without recourse to Leju of $26,702,856 and $27,599,392 as of December 31, 2014 and 2015, respectively)	66,814,874	57,246,193
Other tax payable (including other tax payable of the consolidated VIEs without recourse to Leju of $15,883,568 and $17,268,065 as of December 31, 2014 and 2015, respectively)	31,930,296	27,804,416
Amounts due to related parties (including amounts due to related parties of the consolidated VIEs without recourse to Leju of $30,147,834 and $1,418,096 as of December 31, 2014 and 2015, respectively)	10,214,007	5,289,491
Advance from customers and deferred revenue (including advance from customers and deferred revenue of the consolidated VIEs without recourse to Leju of $4,617,183 and $5,366,944 as of December 31, 2014 and 2015, respectively)	5,703,085	5,054,408
Liability for accrued marketing and advertising expenses (including liability for accrued marketing and advertising expenses of the consolidated VIEs without recourse to Leju of $3,691,831 and $733,473 as of December 31, 2014 and 2015, respectively)	3,914,990	19,269,565
Liability for unpaid consideration for acquiring non-controlling interest (including liability for unpaid consideration for acquiring non-controlling interest of the consolidated VIEs without recourse to Leju of $25,645,630 and $7,338,630 as of December 31, 2014 and 2015, respectively)	7,338,593	25,645,630
Other current liabilities (including other current liabilities of the consolidated VIEs without recourse to Leju of $5,137,314 and $6,340,375 as of December 31, 2014 and 2015 respectively)	7,672,494	8,613,203
Total current liabilities	179,607,353	197,300,798
Deferred tax liabilities (including deferred tax liabilities, non-current of the consolidated VIEs without recourse to Leju of $469,579 and $523,874 as of December 31, 2014 and 2015, respectively)	22,997,731	26,041,591
Total liabilities	$ 202,605,084	$ 223,342,389
Commitments and contingencies (Note 15)
Equity:
Ordinary shares ($0.001 par value): 500,000,000 and 500,000,000 shares authorized, 134,015,621 and 134,930,870 shares issued and outstanding, as of December 31, 2014 and 2015, respectively	$ 134,931	$ 134,015
Additional paid-in capital	773,766,165	788,246,874
Accumulated deficit	(343,658,094)	(377,876,220)
Subscription receivable	(9,200)	(688,989)
Accumulated other comprehensive income (loss)	(5,521,547)	5,029,663
Total Leju equity	424,712,255	414,845,343
Non-controlling interest	(478,974)	77,802
Total equity	424,233,281	414,923,145
TOTAL LIABILITIES AND EQUITY	$ 626,838,365	$ 638,265,534

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Accounts receivable, allowance for doubtful accounts	$ 26,350,814	$ 15,471,020
Accounts payable	327,140	370,652
Accrued payroll and welfare expenses	45,691,874	48,007,240
Income tax payable	66,814,874	57,246,193
Other tax payable	31,930,296	27,804,416
Amounts due to related parties	10,214,007	5,289,491
Advance from customers and deferred revenue	5,703,085	5,054,408
Liability for accrued marketing and advertising expenses	3,914,990	19,269,565
Liability for unpaid consideration for acquiring non-controlling interest	7,338,593	25,645,630
Other current liabilities	7,672,494	8,613,203
Deferred tax liabilities	$ 22,997,731	$ 26,041,591
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	134,930,870	134,015,621
Common stock, shares outstanding	134,930,870	134,015,621
Consolidated VIEs without recourse
Accounts payable	$ 327,140	$ 370,652
Accrued payroll and welfare expenses	34,784,706	40,946,532
Income tax payable	27,599,392	26,702,856
Other tax payable	17,268,065	15,883,568
Amounts due to related parties	1,418,096	30,147,834
Advance from customers and deferred revenue	5,366,944	4,617,183
Liability for accrued marketing and advertising expenses	733,473	3,691,831
Liability for unpaid consideration for acquiring non-controlling interest	7,338,593	25,645,630
Other current liabilities	6,340,375	5,137,314
Deferred tax liabilities	$ 523,874	$ 469,579

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
E-commerce	$ 420,552,177	$ 326,679,871	$ 170,204,545
Online advertising	134,229,255	155,049,818	145,444,790
Listing	21,022,504	14,293,184	19,772,181
Total revenues	575,803,936	496,022,873	335,421,516
Cost of revenues	(60,313,726)	(51,129,730)	(63,990,693)
Selling, general and administrative expenses	(475,445,516)	(366,341,900)	(226,142,936)
Other operating income	3,567,965	2,525,496	599,894
Income from operations	43,612,659	81,076,739	45,887,781
Interest income	1,167,005	1,316,203	1,082,287
Other income (loss), net	290,039	35,799	(1,185,121)
Investment income	271,501
Income before taxes and equity in affiliates	45,341,204	82,428,741	45,784,947
Income tax expense	(10,307,322)	(15,545,964)	(3,065,725)
Income before equity in affiliates	35,033,882	66,882,777	42,719,222
Loss from equity in affiliates	(227,977)	(223,389)	(69,194)
Net income	34,805,905	66,659,388	42,650,028
Less: Net income (loss) attributable to non-controlling interest	(524,184)	138,494	125,066
Net income attributable to Leju shareholders	$ 35,330,089	$ 66,520,894	$ 42,524,962
Earnings per share:
Basic (in dollars per share)	$ 0.26	$ 0.51	$ 0.35
Diluted (in dollars per share)	$ 0.26	$ 0.50	$ 0.35
Shares used in computation:
Basic (in shares)	134,528,971	129,320,666	120,000,000
Diluted (in shares)	136,223,974	132,502,100	120,000,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income	$ 34,805,905	$ 66,659,388	$ 42,650,028
Other comprehensive income (loss), net of tax of nil:
Foreign currency translation adjustments	(10,586,435)	(605,736)	2,712,069
Comprehensive income	24,219,470	66,053,652	45,362,097
Less: Comprehensive income (loss) attributable to non-controlling interests	(559,409)	129,794	280,424
Comprehensive income attributable to Leju shareholders	$ 24,778,879	$ 65,923,858	$ 45,081,673

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
Balance at Dec. 31, 2012	$ 190,173,395	$ 120,000	$ 672,821,496	$ (485,712,966)	$ 3,064,865	$ (120,000)	$ 3,105,711	$ 193,279,106
Balance (in shares) at Dec. 31, 2012		120,000,000
Increase (Decrease) in Stockholders' Equity
Net income	42,524,962			42,524,962			125,066	42,650,028
Capital contribution in connection with business acquisition	(6,459)		(6,459)					(6,459)
Capital contribution by non-controlling interest							36,904	36,904
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
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
Increase (Decrease) in Stockholders' Equity
Net income	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 on 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)
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
Increase (Decrease) in Stockholders' Equity
Net income	35,330,089			35,330,089			(524,184)	$ 34,805,905
Dividends to shareholders	(26,873,022)		(26,873,022)					(26,873,022)
Dividend to non-controlling interest							(10,260)	(10,260)
Share-based compensation	9,366,815		10,478,778	(1,111,963)			12,893	9,379,708
Vesting of restricted shares	1,012,000	$ 719	1,011,281					1,012,000
Vesting of restricted shares ( in shares)		719,064
Exercise of share options	1,582,240	$ 197	902,254			679,789		1,582,240
Exercise of share options ( in shares)		196,185
Foreign currency translation adjustments	(10,551,210)				(10,551,210)		(35,225)	(10,586,435)
Balance at Dec. 31, 2015	$ 424,712,255	$ 134,931	$ 773,766,165	$ (343,658,094)	$ (5,521,547)	$ (9,200)	$ (478,974)	$ 424,233,281
Balance (in shares) at Dec. 31, 2015		134,930,870						134,930,870

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities:
Net income	$ 34,805,905	$ 66,659,388	$ 42,650,028
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	29,279,835	26,118,778	38,342,931
Loss from equity in affiliates	227,977	223,389	69,194
Investment income	(271,501)
Allowance for doubtful accounts	18,959,895	11,599,708	6,373,132
Share-based compensation	11,518,112	8,880,397	310,504
Amortization of discounts related to liability for exclusive rights		52,922	935,177
Others	274,263	35,709	20,664
Changes in operating assets and liabilities:
Accounts receivable	(12,189,414)	(45,417,127)	(7,325,344)
Customer deposits	(58,833,225)
Amounts due from related parties	(8,222)	3,471,274	(3,882,437)
Prepaid expenses and other current assets	(8,334,672)	(4,236,540)	(1,531,557)
Other non-current assets	(264,398)	(247,654)	(281,717)
Accounts payable	(42,576)	(1,051,548)	(301,228)
Accrued payroll and welfare expenses	(2,265,584)	17,515,586	10,398,953
Income tax payable	9,774,416	15,249,420	20,119,753
Other tax payable	4,214,594	9,297,217	8,320,720
Amounts due to related parties	48,449,802	4,381,372	(21,644,489)
Other current liabilities and accrued expenses	(16,319,318)	14,668,180	8,930,136
Deferred taxes	(7,700,893)	(2,369,482)	(18,081,440)
Net cash provided by operating activities	51,274,996	124,830,989	83,422,980
Investing activities:
Deposit for and purchase of property and equipment and intangible assets	(14,810,650)	(12,122,678)	(16,957,279)
Investment in affiliates	(369,595)	(245,138)	(246,027)
Proceeds from disposal of property and equipment	80,472	12,400	546,373
Net cash used in investing activities	(15,099,773)	(12,355,416)	(16,656,933)
Financing activities:
Contribution from non-controlling interest			36,904
Refund loans to related parties	(42,513,286)		(43,818,894)
Advance from related parties		276,000	2,760,000
Contribution from E-House		120,000	1,000
Dividends to non-controlling interests	(10,260)		(338,941)
Proceeds from issuance of ordinary shares, net of paid issuance costs of $15,036,616		120,257,584
Proceeds from exercise of options	1,582,240	535,535
Acquisition of non-controlling interest of subsidiaries	(17,360,080)	(14,418,056)
Dividends to shareholders	(26,873,022)
Proceeds from partial disposal of subsidiaries		309,395
Net cash provided by (used in) financing activities	(85,174,408)	107,080,458	(41,359,931)
Effect of exchange rate changes on cash and cash equivalents	(8,515,962)	(474,614)	2,233,257
Net increase (decrease) in cash and cash equivalents	(57,515,147)	219,081,417	27,639,373
Cash and cash equivalents at the beginning of the year	317,811,056	98,729,639	71,090,266
Cash and cash equivalents at the end of the year	260,295,909	317,811,056	98,729,639
Supplemental disclosure of cash flow information:
Income taxes paid	5,196,133	1,953,177	1,478,483
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)
Related party loans waived and recorded as a capital contribution			1,000
Related party payable recorded as a capital contribution		2,857,251	15,527,623
Deemed distribution to E-House associated with tax liability		(571,227)	$ (2,381,799)
Decrease in amount due to related party due to vesting of restricted shares	1,012,000	1,012,000
Payables for acquisition of non-controlling interest	$ (7,338,593)	$ (25,645,630)

Organization and Principal Activities

12 Months Ended

Dec. 31, 2015

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, 2015:

	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 $15,527,623 and $2,857,251 for the year ended December 31, 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 and $6,040,071 for the period from the IPO date to December 31, 2014 and for the year ended December 31, 2015.

Summary of Principal Accounting Policies

12 Months Ended

Dec. 31, 2015

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,
	2014	2015
	$	$
Cash and cash equivalents	95,927,942	59,170,627
Accounts receivable, net of allowance for doubtful accounts	117,835,596	111,300,756
Customer deposits	—	38,710,027
Amounts due from related parties	684	13,238,930
Other current assets	31,506,971	42,795,082

Total current assets	245,271,193	265,215,422
Total non-current assets	27,333,289	22,008,141

Total assets	272,604,482	287,223,563

Accounts payable	370,652	327,140
Accrued payroll and welfare expenses	40,946,532	34,784,706
Income tax payable	26,702,856	27,599,392
Other tax payable	15,883,568	17,268,065
Amounts due to related parties	30,147,834	1,418,096
Advance from customers	4,617,183	5,366,944
Liability for accrued marketing and advertising expenses	3,691,831	733,473
Liability for unpaid consideration of acquiring non-controlling interest	25,645,630	7,338,593
Other current liabilities	5,137,314	6,340,375

Total current liabilities	153,143,400	101,176,784
Deferred tax liabilities, non-current	469,579	523,874

Total liabilities	153,612,979	101,700,658

	Year Ended December 31,
	2013		2014		2015
	$		$		$
Total revenues	316,271,620		484,511,682		558,714,556
Cost of revenues	(58,253,716	)	(41,218,756	)	(48,032,280	)
Net income	1,285,139		2,532,232		3,307,694
Net cash provided by operating activities	64,832,510		57,761,765		41,577,844
Net cash used in investing activities	(16,640,090	)	(10,927,762	)	(13,884,075	)
Net cash used in financing activities	(37,824,941	)	(14,418,056	)	(59,873,366	)

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 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 2013, 2014 and 2015.

For cash and cash equivalents, accounts receivable, customer deposits, 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) Customer deposits

The Group provides online e-commerce services for customers. Some real estate developers require the Group to pay an upfront and refundable deposit to obtain the exclusive e-commerce services agreement of the real estate development projects. These deposits are refunded to the Group subject to certain pre-determined criteria specified in the contracts. Customer deposits are recorded as either current or non-current assets based on the Group’s estimate of the date of refund. As of December 31, 2015, all customer deposit are refundable within 12 months and none of them passed the original due date.

(h) 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% in common stock or higher to represent a presumption that they are able to exert 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, 2014 and 2015, the Group determined that no such events were present.

(i) 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.

(j) 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.

(k) 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.

(l) 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.

(m) 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.

(n) 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.

(o) 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 total amounts of revenue earned by the Group related to agreements that have been accounted for as multiple element arrangements by E-House were $5,556,867, $4,836,931 and $3,689,272 in 2013, 2014 and 2015, respectively.

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

(p) 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.

(q) Marketing and advertising expenses

Marketing and advertising expenses consists primarily of targeted online and offline marketing costs for promoting our e-commerce projects, increasing our 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 $96,288,501, $196,396,734 and $306,846,482 for the years ended December 31, 2013, 2014 and 2015, respectively.

(r) 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 $249,944, an exchange gain $88,721 and $156,641 for the years ended December 31, 2013, 2014 and 2015, respectively, as a component of other loss, net.

(s) 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 and are typically granted based on the amount of value-added tax, business tax, and income tax payment generated by the Group in certain local districts. Such subsidies allow the Group full discretion in utilizing the funds and are used by the Group for general corporate purpose. The local governments have final discretion as to the amount of cash subsidies. Cash subsidies of $599,894, $2,525,496 and $3,567,965 were included in other operating income for the years ended December 31, 2013, 2014 and 2015, respectively. Subsidies are recognized when cash is received and when all the conditions for their receipt have been satisfied.

(t) 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 and customer deposit. 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,
	2013		2014		2015
	$		$		$
Balance as of January 1	7,393,312		9,353,689		15,471,020
Provisions for doubtful accounts	6,373,132		11,599,708		18,959,895
Write offs	(4,667,466	)	(5,437,380	)	(6,827,314	)
Changes due to foreign exchange	254,711		(44,997	)	(1,252,787	)

Balance as of December 31	9,353,689		15,471,020		26,350,814

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

(u) 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,
	2013		2014		2015
Net income attributable to Leju ordinary shareholders—basic and diluted	$	42,524,962	$	66,520,894	$	35,330,089

Weighted average number of ordinary shares outstanding—basic	120,000,000		129,320,666		134,528,971
Stock options	—		3,181,434		1,695,003

Weighted average number of ordinary shares outstanding—diluted	120,000,000		132,502,100		136,223,974


Basic earnings per share	$	0.35	$	0.51	$	0.26


Diluted earnings per share	$	0.35	$	0.50	$	0.26

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

	Year Ended December 31,
	2013	2014	2015
Share options and restricted shares	599,333	—	2,464,500

(v) 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.

(w) 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.

(x) Recently issued accounting pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued, ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The guidance replaces almost all exiting revenue recognition guidance, including industry specific guidance, in current US GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps:

Step 1: Identify the contract(s) with a customer.

Step 2: Identify the performance obligations in the contract.

Step 3: Determine the transaction price.

Step 4: Allocate the transaction price to the performance obligations in the contract.

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

ASU 2014-09 is originally effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. ASU 2015-14, Revenue from Contracts with Customers, defers the effective date of ASU 2014-09 by one year. As a result, ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017 and interim periods therein. Early adoption is permitted to the original effective date. The Group is in the process of evaluating the impact of adoption of this guidance on the Group’s consolidated financial statements.

In August 2015, the FASB issued a new pronouncement, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The amendments in this ASU provide that public business entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is in the process of evaluating the impact of the standard on our consolidated financial statements.

In February 2015, the FASB issued, ASU 2015-02, “Amendments to the Consolidation Analysis”, regarding consolidation of legal entities such as limited partnerships, limited liability corporations, and securitization structures. The guidance eliminates the deferral issued by the FASB in February 2010 of the accounting guidance for VIE for certain investment funds, including mutual funds, private equity funds and hedge funds. In addition, the guidance amends the evaluation of fees paid to a decision maker or a service provider, and exempts certain money market funds from consolidation. The guidance will be effective for accounting periods beginning after December 15, 2015 with early adoption permitted. The Group early adopted ASU 2015-02 for the year ended December 31, 2015. In adopting the guidance, the Company re-evaluated the existing consolidated VIEs and assessed that the adoption neither changes the conclusion of the consolidated VIEs and nor requires new VIEs to be consolidated, and as such has not had a material impact on the Group’s consolidated financial statements.

In September 2015, the FASB issued ASU2015- 16 related to the accounting for measurement period adjustments recognized in a business combination. Under the previous standard, when adjustments were made to amounts previously reported as part of a business combination during the measurement period, entities were required to revise comparative information for prior periods. Under the new standard, entities must recognize these adjustments in the reporting period in which the amounts are determined rather than retrospectively. The new standard is effective for fiscal years beginning after December 15, 2015, including interim periods within that reporting period and early adoption is permitted. The Group does not expect the adoption of this guidance will have a significant effect on the Group’s consolidated financial statements.

In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which requires deferred income tax liabilities and assets to be classified as noncurrent on the balance sheet rather than being separated into current and noncurrent. The guidance is effective for public entities for annual periods beginning after December 15, 2016, and interim periods within those annual periods with early adoption being permitted. The ASU will only have an impact on the Group’s presentation of tax assets and liabilities in the Group’s consolidated balance sheets upon adoption.

In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires that equity investments, except for those accounted for under the equity method or those that result in consolidation of the investee, be measured at fair value, with subsequent changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU 2016-01 also impacts the presentation and disclosure requirements for financial instruments. ASU 2016-01 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted only for certain provisions. The Group is in the process of evaluating the impact of adoption of this guidance on the Group’s consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires lessees to recognize most leases on the balance sheet. This ASU requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Lessees are permitted to make an accounting policy election to not recognize the asset and liability for leases with a term of twelve months or less. The ASU does not significantly change the lessees’ recognition, measurement and presentation of expenses and cash flows from the previous accounting standard. Lessors’ accounting under the ASC is largely unchanged from the previous accounting standard. In addition, the ASU expands the disclosure requirements of lease arrangements. Lessees and lessors will use a modified retrospective transition approach, which includes a number of practical expedients. The provisions of this guidance are effective for annual periods beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Group is in the process of evaluating the impact of adoption of this guidance on the Group’s consolidated financial statements.

In March 2016, the FASB issued ASU 2016-07, which eliminates the requirement to retroactively adopt the equity method of accounting. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. The Group is in the process of evaluating the impact of adoption of this guidance on the consolidated financial statements.

In March 2016, the FASB issued ASU 2016-08, which amends the principal-versus-agent implementation guidance and illustrations in the Board’s new revenue standard (ASC 606). The amendments in this update clarify the implementation guidance on principal versus agent considerations. When another party, along with the reporting entity, is involved in providing goods or services to a customer, an entity is required to determine whether the nature of its promise is to provide that good or service to the customer (as a principal) or to arrange for the good or service to be provided to the customer by the other party (as an agent). The guidance is effective for interim and annual periods beginning after December 15, 2017. The Group is in the process of evaluating the impact of adoption of this guidance on the consolidated fin0ancial statements.

In March 2016, the FASB issued ASU 2016-09, which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. For public entities, the ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. Early adoption will be permitted in any interim or annual period for which financial statements have not yet been issued or have not been made available for issuance. The Group is in the process of evaluating the impact of adoption of this guidance on the consolidated financial statements.

Acquisition of Non-controlling Interests	12 Months Ended
Acquisition of Non-controlling Interests	Dec. 31, 2015
Acquisition of Non-controlling Interests
Acquisition of Non-controlling Interests	3. Acquisition of Non-controlling Interests There were 3 significant 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 in the year ended December 31, 2014. As of December 31, 2014 and 2015, $7,190,700 (RMB44,000,000) and $3,387,956 (RMB22,000,000)was unpaid, respectively. 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 in the year ended December 31, 2014. As of December 31, 2014 and 2015, $15,534,635 and $3,706,648 was unpaid, respectively. 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, Tianjin Leju becomes a wholly-owned subsidiary of the Group. As the Group retains the controlling interest in Tianjin 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 in the year ended December 31, 2014. As of December 31, 2014 and 2015, $2,871,268 and $243,989 was unpaid, respectively.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2015

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,
	2014		2015
	$		$
Furniture, fixtures and equipment	11,892,101		12,492,343
Leasehold improvements	4,976,638		5,490,605
Buildings	763,240		633,646
Motor vehicles	1,806,268		1,737,572


Total	19,438,247		20,354,166
Accumulated depreciation	(12,279,467	)	(13,553,552	)


Property and equipment, net	7,158,780		6,800,614

Depreciation expenses were $3,021,130, $3,030,451 and $2,626,264 for the years ended December 31, 2013, 2014 and 2015, respectively.

Intangible Assets, Net

12 Months Ended

Dec. 31, 2015

Intangible Assets, Net

Intangible Assets, Net

5. Intangible Assets, Net

	As of December 31,		Weighted Average Remaining Amortization Period in Years
	2014	2015
	$	$
Intangible assets subject to amortization are comprised of the following:
Advertising agency agreement with SINA	106,790,000	106,790,000	8.75
License agreements with SINA	80,660,000	80,660,000	8.75
Exclusive rights with Baidu	45,151,494	54,096,827	—
Customer relationship	10,795,384	10,538,309	3.63
Database license	8,300,000	8,300,000	2.25
Non-compete agreements	1,657,256	1,575,336	—
Computer software licenses	898,421	1,023,321	2.64


	254,252,555	262,983,793	8.46
Less: Accumulated amortization
Advertising agency agreement	51,286,536	57,341,459
License agreements with SINA	39,377,764	43,881,281
Exclusive rights with Baidu	43,034,803	54,096,827
Customer relationship	7,530,732	8,424,820
Database license	5,126,472	6,102,942
Non-compete agreements	1,645,402	1,575,336
Computer software licenses	832,038	824,300


Intangible assets subject to amortization, net	105,418,808	90,736,828


Total intangible assets, net	105,418,808	90,736,828

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 $935,177, $52,922 and nil for the years ended December 31, 2013, 2014 and 2015, respectively. In April 2015, the Group extended these rights with Baidu from April to December 2015, with additional payment of $12,023,475 (RMB75,000,000). The Group paid $15,347,915, $9,004,710 and $12,023,475 in connection with the exclusive rights in 2013, 2014 and 2015, respectively.

Amortization expenses were $35,321,801, $23,088,327 and $26,653,571 for the years ended December 31, 2013, 2014 and 2015, respectively. The Group expects to record amortization expenses of $12,416,185, $12,202,249, $11,304,846, $10,801,496 and $10,576,991 for the years ending December 31, 2016, 2017, 2018, 2019 and 2020, respectively.

Goodwill

12 Months Ended

Dec. 31, 2015

Goodwill

Goodwill

6. Goodwill

Changes in the carrying amount of goodwill for the years ended December 31, 2013, 2014 and 2015 are as follows:

	2013	2014		2015
	$	$		$
Balance as of January 1	40,215,987	40,610,620		40,563,075
Exchange rate translation	394,633	(47,545	)	(755,832	)


Balance as of December 31	40,610,620	40,563,075		39,807,243

	As of December 31,
	2014		2015
	$		$
Goodwill, gross	458,385,379		457,629,547
Accumulated impairment charge	(417,822,304	)	(417,822,304	)


Goodwill, net	40,563,075		39,807,243

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, 2013, 2014 and 2015, respectively.

Other Income (Loss), Net

12 Months Ended

Dec. 31, 2015

Other Income (Loss), Net

Other Income (Loss), Net

8. Other Income (Loss), Net

	Year Ended December 31,
	2013		2014		2015
	$		$		$
Amortized discounts related to liability for exclusive rights	(935,177	)	(52,922	)	—
Foreign exchange (loss) gain	(249,944	)	88,721		156,641
Others	—		—		133,398


Total	(1,185,121	)	35,799		290,039

Income Tax

12 Months Ended

Dec. 31, 2015

Income Tax

Income Tax

9. Income Tax

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

	Year Ended December 31,
	2013		2014		2015
	$		$		$
Income (loss) before income taxes:
PRC	91,779,478		111,905,366		70,382,855
Outside of PRC	(45,994,531	)	(29,476,625	)	(25,041,651	)


Total	45,784,947		82,428,741		45,341,204

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

	Year Ended December 31,
	2013		2014		2015
	$		$		$
Current Tax
PRC	21,147,165		17,905,374		17,990,790
Outside of PRC	—		10,072		17,425


	21,147,165		17,915,446		18,008,215


Deferred Tax
PRC	(18,081,440	)	(2,369,482	)	(7,700,893	)
Outside of PRC	—		—		—


	(18,081,440	)	(2,369,482	)	(7,700,893	)


Income tax expense	3,065,725		15,545,964		10,307,322

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.

Shanghai SINA Leju was 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 renewed its qualification of high and new technology enterprise in 2015 and was entitled to enjoy a favorable statutory tax rate of 15% from 2015 through 2017.

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 ($15,400) 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,
	2014		2015
	$		$
Deferred tax assets:
Accrued salary expenses	11,991,920		11,248,353
Bad debt provision	3,867,755		6,587,704
Net operating loss carry forwards	3,574,524		3,787,766
Advertising expenses temporarily non-deductible	11,097,262		11,307,976
Other	459,506		492,160

Gross deferred tax assets	30,990,967		33,423,959
Valuation allowance	(957,162	)	(654,267	)

Total deferred tax assets	30,033,805		32,769,692

Analysis as:
Current	29,857,574		31,073,758
Non-current	176,231		1,695,934

Deferred tax liabilities:
Amortization of intangible and other assets	26,041,591		22,997,731

Total deferred tax liabilities	26,041,591		22,997,731

Analysis as:
Current	—		—
Non-current	26,041,591		22,997,731

Movement of the valuation allowance is as follows:

	Year Ended December 31,
	2013		2014		2015
	$		$		$
Balance as of January 1	(831,361	)	(1,051,973	)	(957,162	)
Reverse (additions)	(194,892	)	—		255,264
Write off	—		90,811		—
Changes due to exchange rate translation	(25,720	)	4,000		47,631

Balance as of December 31	(1,051,973	)	(957,162	)	(654,267	)

The Group has recognized a valuation allowance against deferred tax assets on tax loss carry forwards of $194,892, nil and reversed $255,264 for the years ended December 31, 2013, 2014 and 2015, 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, 2015. Such objective evidence limits the Group’s ability to consider other subjective evidence such as our projections for future growth. In 2015, some entities start to gain profit and the valuation allowance was reversed accordingly.

On the basis of this evaluation, as of December 31, 2015, a valuation allowance of $654,267 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. In 2015, the Group has determined that the deferred tax assets of several subsidiaries will be more likely than not utilized in the future and has reversed valuation allowance for the determined tax assets.

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,
	2013		2014		2015
PRC income tax rate	25.00	%	25.00	%	25.00	%
Share based compensation expenses not deductible for tax purposes	3.45	%	3.27	%	5.17	%
Other expenses not deductible for tax purposes	1.12	%	0.72	%	3.71	%
Effect of tax holiday	(19.06	)%	(13.69	)%	(13.18	)%
Effect of different tax rate of subsidiary operation in other jurisdiction	0.02	%	1.08	%	2.05	%
Effect of different tax rate of DTA and DTL applied	(4.36	)%	2.29	%	(2.37	)%
Valuation allowance movement	0.42	%	—		(0.56	)%
Withholding tax	—		0.19	%	2.91	%
Other	0.11	%	—		—

	6.70	%	18.86	%	22.73	%

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

	Year Ended December 31,
	2013	2014	2015
	$	$	$
The aggregate dollar effect	8,725,381	11,285,429	5,977,806
Per share effect—basic	0.07	0.09	0.04
Per share effect—diluted	0.07	0.09	0.04

As of December 31, 2014 and 2015, the Group had tax operating loss carry forwards of $14,298,098 and $15,151,067, respectively. These tax losses are available for offset against future profits that may be carried forward until calendar year 2019 and 2020, respectively.

Undistributed earnings of the Company’s PRC subsidiaries of approximately $240,339,365 at December 31, 2015 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 $12,016,968 to $24,033,937, as the withholding tax rate of the profit distribution will be 5% or 10% depending on whether the immediate offshore companies are able to maintain 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 $2,381,799 and $571,227 for the years ended December 31, 2013 and for the period from January 1, 2014 to the IPO date, respectively.

Share-Based Compensation

12 Months Ended

Dec. 31, 2015

Share-Based Compensation

Share-Based Compensation

10. 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.

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.

During 2015, the Company granted 2,517,000 options to purchase its ordinary shares to certain of the Group’s employees at an exercise prices from $5.54 to $9.68 per share, respectively. The options expire ten years from the date of grant and vest ratably at each grant date anniversary over a period of three years.

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	2015
Risk-free rate of return	2.98%	2.14%
Contractual life of option	10 years	10 years
Estimated volatility rate	56.74%	62.82%
Dividend yield	0.00%	2.56%

A summary of option activity under the Leju Plan during the year ended December 31, 2015 is presented below:

	Number of Options		Weighted Average Exercise Price	Weighted Average Remaining Contractual Term	Weighted Average Aggregate Intrinsic Value of Options
			$
Outstanding, as of January 1, 2015	6,133,799		4.60	8.92	37,784,202
Granted	2,517,000		6.38
Exercised	(196,185	)	4.60		949,907
Forfeited	(390,896	)	5.26

Outstanding, as of December 31, 2015	8,063,718		5.12	8.50	4,806,104

Vested and expected to vest as of December 31, 2015	7,824,106		5.51	8.97	1,663,274
Exercisable as of December 31, 2015	3,635,917		4.60	7.92	4,072,227

The weighted average grant-date fair value of the options granted in December 2013 was $2.21 and $3.44 per share of the options granted in 2015. For the year ended December 31, 2013, 2014 and 2015, the Company recorded compensation expenses of $289,649, $3,464,140 and $4,025,809 for the share options granted to the Group’s employees and recorded deemed distribution to E-House of $92,225, $1,061,412 and $1,070,383 for the share options granted to E-House’s employees, respectively. During the years ended December 31, 2014 and 2015, 266,201 and 196,185 options were exercised having a total intrinsic value of $1,668,693 and $949,907, respectively.

As of December 31, 2015, there was $11,525,658 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 2.13 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, 2015 is presented below:

	Number of Restricted Shares		Weighted Average Grant-date Fair Value
			$
Outstanding, as of January 1, 2015	1,526,600		9.42
Granted	—
Vested	(719,064	)	9.98
Forfeited	(10,200	)	16.25

Outstanding, as of December 31, 2015	797,336		8.82

The total fair value of restricted shares vested in 2013, 2014 and 2015 was nil, $486,200 and $7,179,455, respectively.

For the years ended December 31, 2013, 2014 and 2015, the Company recorded compensation expenses of $20,855, $4,881,656 and $5,273,322 for the restricted shares granted to the Group’s employees and recorded deemed distribution to E-House of $13,903, $41,570 and $41,580 for the share options granted to E-House’s employees, respectively.

As of December 31, 2015, there was $4,384,344 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 1.19 years.

Omnigold Plan:

In 2015, the Group’s subsidiary, Omnigold Holdings Limited (“Omnigold”), adopted a share incentive plan (“Omnigold Plan”), which proposed that (i) the maximum number of shares of Omnigold available for issuance pursuant to all awards under the Ominigold Plan shall initially be 5,000,000 as of the date of the Ominigold Plan was approved and adopted by the Board of Omnigold (the “Effective Dare”), and (ii) the Ominigold Plan shall be increased automatically by 5% of the then total issued and outstanding shares of Omnigold on an as-converted fully diluted basis on each of the third, sixth and ninth anniversary of the Effective Date.

On August 11, 2015, Omnigold granted 2,400,000 options to purchase its ordinary shares to certain of the Group’s employees at an exercise price of $1.50 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.

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

		2015
Risk-free rate of return		3.33%
Contractual life of option		10 years
Estimated volatility rate		63.69%
Dividend yield		0.00%

A summary of option activity under the Omnigold Plan during the year ended December 31, 2015 is presented below:

	Number of Options		Exercise Price	Remaining Contractual Term	Aggregate Intrinsic Value of Options
			$
Outstanding, as of January 1, 2015	—
Granted	2,400,000		1.50	10.00	—
Exercised	—
Forfeited	(130,000	)	1.50		—

Outstanding, as of December 31, 2015	2,270,000		1.50	9.61	—

Vested and expected to vest as of December 31, 2015	1,966,771		1.50	9.61	—
Exercisable as of December 31, 2015	—

The grant-date fair value of the options granted in August, 2015 was $0.30 per share. For the year ended December 31, 2015, the Company recorded compensation expenses of $80,577.

As of December 31, 2015, there was $545,884 of total unrecognized compensation expense related to unvested share options granted under the Omnigold Plan. That cost is expected to be recognized over a weighted-average period of 2.61 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:

A summary of option activity under the E-House Plan during the year ended December 31, 2015 is presented below:

	Number of Options		Weighted Average Exercise Price	Weighted Average Remaining Contractual Term	Weighted Average Aggregate Intrinsic Value of Options
Outstanding, as of January 1, 2015	9,476,704		4.52		25,776,635
Exercised	(513,261	)	1.86		1,745,007
Forfeited	(7,160	)	4.74

Outstanding, as of December 31, 2015	8,956,283		4.67	4.80	14,509,178

Vested and expected to vest as of December 31, 2015	8,956,283		4.67	4.80	14,509,178
Exercisable as of December 31, 2015	8,956,283		4.67	4.80	14,509,178

E-House Holdings recorded compensation expense of $12,817,935, $5,950,940 and nil for the years ended December 31, 2013, 2014 and 2015, respectively. During the years ended December 31, 2013, 2014 and 2015, 4,596,761, 3,446,585 and 513,261 options were exercised having a total intrinsic value of $25,248,554, $23,679,729 and $1,745,007, respectively.

As of December 31, 2015, there is no unrecognized compensation expense related to unvested share options granted under the E-House Plan.

Restricted Shares:

E-House Holdings granted 1,303,000, 1,439,000 and nil restricted shares to certain employees, directors and officers in 2013, 2014 and 2015 respectively. Under the terms of each restricted shares, restricted shares vest over three years.

A summary of restricted share activity under the E-House Plan during the year ended December 31, 2015 is presented below:


			Weighted
	Number of		Average
	Restricted		Grant-date
	Shares		Fair Value
			$
Unvested as of January 1, 2015	2,697,049		8.50
Granted	—
Vested	(1,288,330	)	7.69
Forfeited	(50,004	)	7.90

Unvested as of December 31, 2015	1,358,715		8.50

The total fair value of restricted shares vested in 2013, 2014 and 2015 was $5,612,379, $6,094,602 and $9,909,868, respectively.

As of December 31, 2015, there was $11,558,404 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 1.53 years.

E-House Holdings recorded compensation expense of $5,668,460, $6,174,583 and $9,680,385, for the years ended December 31, 2013 and 2014 and 2015, respectively, related to restricted shares.

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

The share-based compensation expense under E-House Plan allocated to the Group was $6,000,438 and $572,340 for the years ended December 31, 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 and $1,066,477 share-based compensation expense under E-House Plan and CRIC Plan were charged to Leju from the IPO date to December 31, 2014 and for the year ended December 31, 2015. (See Note 13)

Other Equity Compensation

In September 2014, the Group acquired non-controlling 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 and $2,138,404 stock compensation expense was recognized for the year ended December 31, 2014 and 2015. As of December 31, 2014 and 2015, there was $3,742,209 and $1,603,805 of total unrecognized compensation expense related to this compensation agreement.

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2015
Employee Benefit Plans
Employee Benefit Plans	11. 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 $14,174,182, $17,727,125, and $20,413,820 for the years ended December 31, 2013, 2014 and 2015, respectively, for such benefits.

Distribution of Profits	12 Months Ended
Distribution of Profits	Dec. 31, 2015
Distribution of Profits
Distribution of Profits	12. 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, 2014 and 2015 was $7,251,948 and $7,990,298 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 $33,040,488 and $33,778,838, of which $8,349,188 and $8,342,759 was attributed to general reserve and registered capital of the VIEs, as of December 31, 2014 and 2015, respectively.

Segment Information

12 Months Ended

Dec. 31, 2015

Segment Information

Segment Information

13. 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,
	2013	2014	2015
	$	$	$
E-commerce	170,204,545	326,679,871	420,552,177
Online advertising	145,444,790	155,049,818	134,229,255
Listing	19,772,181	14,293,184	21,022,504

	335,421,516	496,022,873	575,803,936

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, 2013, 2014 and 2015, 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,
	2014	2015
	$	$
Customer A	13,979,270	14,011,827

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

Related Party Balances and Transactions

12 Months Ended

Dec. 31, 2015

Related Party Balances and Transactions

14. 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, 2013, 2014 and 2015, E-House loaned $1,000, nil 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, 2013, 2014 and 2015, significant related party transactions were as follows:

	Year Ended December 31,
	2013	2014	2015
	$	$	$
Corporate expenses allocated from E-House	15,527,623	2,857,251	—
Corporate service provided by E-House under transitional service agreement	—	10,399,978	6,040,071
Online advertising agency fee recognized as cost of revenues purchased from SINA	6,033,036	6,630,010	6,093,974
Services purchased from/rental paid to E-House	949,584	1,191,469	5,927,764
Online advertising services provided to CRERAT	—	—	3,174
Online advertising services provided to E-House	10,614	160,238	28,679
Online advertising services provided to SINA	—	—	19,899
Dividend declared and paid to E-House	—	—	18,738,984

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, 2014 and 2015, amounts due from related parties were $684 and $8,906 respectively, which were the cash paid to supplier on behalf of CRERAT for the purchase of marketing services.

As at December 31, 2014 and 2015, amounts due to related parties were comprised of the following:

	As of December 31,
	2014	2015
	$	$
SINA (1)	1,705,208	1,418,096
E-House (2)	1,560,283	7,783,911
Management (3)	1,840,000	920,000
E-House Management (3)	184,000	92,000

Total	5,289,491	10,214,007

(1)

The amount due to SINA as of December 31, 2014 and 2015 represents online advertising agency fees payable to SINA.

(2)

The amount due to E-House as of December 31, 2015 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 10).

The rollforward of the payable (receivable) balance with E-House for the years ended December 31, 2013, 2014 and 2015 is as follows:

		Year Ended December 31,
		2013		2014		2015
		$		$		$
Balance at January 1		79,553,723		(3,471,958	)	1,560,283
Refund loan to E-House for working capital	A	(43,818,894	)	—		(42,513,286	)
Loans from E-House for capital contribution	B	1,000		—		—
Dividend declared to E-House	C	—		—		18,738,984
Dividend paid to E-House	D	—		—		(18,738,984	)
Corporate expenses allocated from E-House (Note 1)	B	15,527,623		2,857,251		—
Corporate service provided by E-House under transitional service agreement (Note 1)	E	—		10,399,978		6,040,071
Revenues collected by E-House on behalf of the Company	F	(45,449,972	)	(4,803,958	)	—
Related party balance waived as capital contribution	B	(15,528,623	)	(2,857,251	)	—
Service provided to E-House	E	(10,614	)	(160,238	)	(28,679	)
Service purchased from E-House	E	949,584		1,191,469		5,927,764
Net (payment) receipt for services	G	5,304,215		(1,595,010	)	36,797,758

Balance at December 31		(3,471,958	)	1,560,283		7,783,911

(A)

Represents the movement of the loan payable to E-House

(B)

Represents the movement of the loans from E-House for capital contributions and headquarter expenses allocated by E-House prior to Leju’s initial public offering, which were subsequently 100% waived by E-House and recorded as capital contributions by Leju. Accordingly, the net balance at each year end is zero.

(C)

Represent the cash dividend declared by Leju to its shareholder E-house. In March 2015, the Company’s board of directors approved the payment of a cash dividend of $0.20 per ordinary share ($0.20 per ADS) directly from the additional paid-in capital account.

(D)

Represent the cash dividend paid to E-House.

(E)

Represents the movement of service fees receivable from and payable to E-House

(F)

Represents Leju revenues collected by E-House on behalf of the Company

(G)

Represents the cash flow between the Company and E-House except to the loan from (refund to ) E-House

	As of December 31,
	2014		2015
	$		$
Loan payable to E-House (A)	42,513,286		—
Service payable to E-House (E)	9,852,476		16,440,049
Receivables for E-House collection on behalf of the Company (F)	(50,805,479	)	(8,656,138	)

Amounts due to E-House	1,560,283		7,783,911

- 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, 2015

Commitments and Contingencies

Commitments and Contingencies

15. 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 120 months and are renewable upon negotiation. Rental expenses were $7,669,866, $8,601,039 and $10,078,033, for the years ended December 31, 2013, 2014 and 2015, respectively.

Future minimum lease payments under non-cancelable operating lease agreements at December 31, 2015 were as follows:

Year Ended December 31		Amount
		$
2016		9,446,098
2017		8,059,931
2018		3,787,386
2019		974,745
2020		713,510
Then thereafter		1,035,233

Total		24,016,903

(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.

Summary of Principal Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

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,
	2014	2015
	$	$
Cash and cash equivalents	95,927,942	59,170,627
Accounts receivable, net of allowance for doubtful accounts	117,835,596	111,300,756
Customer deposits	—	38,710,027
Amounts due from related parties	684	13,238,930
Other current assets	31,506,971	42,795,082

Total current assets	245,271,193	265,215,422
Total non-current assets	27,333,289	22,008,141

Total assets	272,604,482	287,223,563

Accounts payable	370,652	327,140
Accrued payroll and welfare expenses	40,946,532	34,784,706
Income tax payable	26,702,856	27,599,392
Other tax payable	15,883,568	17,268,065
Amounts due to related parties	30,147,834	1,418,096
Advance from customers	4,617,183	5,366,944
Liability for accrued marketing and advertising expenses	3,691,831	733,473
Liability for unpaid consideration of acquiring non-controlling interest	25,645,630	7,338,593
Other current liabilities	5,137,314	6,340,375

Total current liabilities	153,143,400	101,176,784
Deferred tax liabilities, non-current	469,579	523,874

Total liabilities	153,612,979	101,700,658

	Year Ended December 31,
	2013		2014		2015
	$		$		$
Total revenues	316,271,620		484,511,682		558,714,556
Cost of revenues	(58,253,716	)	(41,218,756	)	(48,032,280	)
Net income	1,285,139		2,532,232		3,307,694
Net cash provided by operating activities	64,832,510		57,761,765		41,577,844
Net cash used in investing activities	(16,640,090	)	(10,927,762	)	(13,884,075	)
Net cash used in financing activities	(37,824,941	)	(14,418,056	)	(59,873,366	)

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 2013, 2014 and 2015.

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.

Customer deposits

(g) Customer deposits

Investment in affiliates

(h) Investment in affiliates

Property and equipment, net

(i) 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

(j) Intangible assets, net

Impairment of long-lived assets

(k) Impairment of long-lived assets

Impairment of goodwill and indefinite lived intangible assets

(l) Impairment of goodwill and indefinite lived intangible assets

Income taxes

(m) Income taxes

Share-based compensation

(n) Share-based compensation

Revenue recognition

(o) 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

(p) Cost of revenue

Marketing and advertising expenses

(q) Marketing and advertising expenses

Foreign currency translation

(r) Foreign currency translation

The Group recorded an exchange loss of $249,944, an exchange gain $88,721 and $156,641 for the years ended December 31, 2013, 2014 and 2015, respectively, as a component of other loss, net.

Government subsidies

(s) Government subsidies

Concentration of credit risk

(t) Concentration of credit risk

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

	Year Ended December 31,
	2013		2014		2015
	$		$		$
Balance as of January 1	7,393,312		9,353,689		15,471,020
Provisions for doubtful accounts	6,373,132		11,599,708		18,959,895
Write offs	(4,667,466	)	(5,437,380	)	(6,827,314	)
Changes due to foreign exchange	254,711		(44,997	)	(1,252,787	)

Balance as of December 31	9,353,689		15,471,020		26,350,814

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

Earnings per share

(u) 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,
	2013		2014		2015
Net income attributable to Leju ordinary shareholders—basic and diluted	$	42,524,962	$	66,520,894	$	35,330,089

Weighted average number of ordinary shares outstanding—basic	120,000,000		129,320,666		134,528,971
Stock options	—		3,181,434		1,695,003

Weighted average number of ordinary shares outstanding—diluted	120,000,000		132,502,100		136,223,974


Basic earnings per share	$	0.35	$	0.51	$	0.26


Diluted earnings per share	$	0.35	$	0.50	$	0.26

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

	Year Ended December 31,
	2013	2014	2015
Share options and restricted shares	599,333	—	2,464,500

Non-controlling interest

(v) Non-controlling interest

Comprehensive income

(w) Comprehensive income

Recently issued accounting pronouncements

(x) Recently issued accounting pronouncements

Step 1: Identify the contract(s) with a customer.

Step 2: Identify the performance obligations in the contract.

Step 3: Determine the transaction price.

Step 4: Allocate the transaction price to the performance obligations in the contract.

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

Organization and Principal Activities (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015:

	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, 2015

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,
	2014	2015
	$	$
Cash and cash equivalents	95,927,942	59,170,627
Accounts receivable, net of allowance for doubtful accounts	117,835,596	111,300,756
Customer deposits	—	38,710,027
Amounts due from related parties	684	13,238,930
Other current assets	31,506,971	42,795,082

Total current assets	245,271,193	265,215,422
Total non-current assets	27,333,289	22,008,141

Total assets	272,604,482	287,223,563

Accounts payable	370,652	327,140
Accrued payroll and welfare expenses	40,946,532	34,784,706
Income tax payable	26,702,856	27,599,392
Other tax payable	15,883,568	17,268,065
Amounts due to related parties	30,147,834	1,418,096
Advance from customers	4,617,183	5,366,944
Liability for accrued marketing and advertising expenses	3,691,831	733,473
Liability for unpaid consideration of acquiring non-controlling interest	25,645,630	7,338,593
Other current liabilities	5,137,314	6,340,375

Total current liabilities	153,143,400	101,176,784
Deferred tax liabilities, non-current	469,579	523,874

Total liabilities	153,612,979	101,700,658

	Year Ended December 31,
	2013		2014		2015
	$		$		$
Total revenues	316,271,620		484,511,682		558,714,556
Cost of revenues	(58,253,716	)	(41,218,756	)	(48,032,280	)
Net income	1,285,139		2,532,232		3,307,694
Net cash provided by operating activities	64,832,510		57,761,765		41,577,844
Net cash used in investing activities	(16,640,090	)	(10,927,762	)	(13,884,075	)
Net cash used in financing activities	(37,824,941	)	(14,418,056	)	(59,873,366	)

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,
	2013		2014		2015
	$		$		$
Balance as of January 1	7,393,312		9,353,689		15,471,020
Provisions for doubtful accounts	6,373,132		11,599,708		18,959,895
Write offs	(4,667,466	)	(5,437,380	)	(6,827,314	)
Changes due to foreign exchange	254,711		(44,997	)	(1,252,787	)

Balance as of December 31	9,353,689		15,471,020		26,350,814

Schedule of the computation of basic and diluted income per share

	Year Ended December 31,
	2013		2014		2015
Net income attributable to Leju ordinary shareholders—basic and diluted	$	42,524,962	$	66,520,894	$	35,330,089

Weighted average number of ordinary shares outstanding—basic	120,000,000		129,320,666		134,528,971
Stock options	—		3,181,434		1,695,003

Weighted average number of ordinary shares outstanding—diluted	120,000,000		132,502,100		136,223,974


Basic earnings per share	$	0.35	$	0.51	$	0.26


Diluted earnings per share	$	0.35	$	0.50	$	0.26

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

	Year Ended December 31,
	2013	2014	2015
Share options and restricted shares	599,333	—	2,464,500

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2015

Property and Equipment, Net

Schedule of property and equipment, net

	As of December 31,
	2014		2015
	$		$
Furniture, fixtures and equipment	11,892,101		12,492,343
Leasehold improvements	4,976,638		5,490,605
Buildings	763,240		633,646
Motor vehicles	1,806,268		1,737,572


Total	19,438,247		20,354,166
Accumulated depreciation	(12,279,467	)	(13,553,552	)


Property and equipment, net	7,158,780		6,800,614

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2015

Intangible Assets, Net

Schedule of intangible assets, net

	As of December 31,		Weighted Average Remaining Amortization Period in Years
	2014	2015
	$	$
Intangible assets subject to amortization are comprised of the following:
Advertising agency agreement with SINA	106,790,000	106,790,000	8.75
License agreements with SINA	80,660,000	80,660,000	8.75
Exclusive rights with Baidu	45,151,494	54,096,827	—
Customer relationship	10,795,384	10,538,309	3.63
Database license	8,300,000	8,300,000	2.25
Non-compete agreements	1,657,256	1,575,336	—
Computer software licenses	898,421	1,023,321	2.64


	254,252,555	262,983,793	8.46
Less: Accumulated amortization
Advertising agency agreement	51,286,536	57,341,459
License agreements with SINA	39,377,764	43,881,281
Exclusive rights with Baidu	43,034,803	54,096,827
Customer relationship	7,530,732	8,424,820
Database license	5,126,472	6,102,942
Non-compete agreements	1,645,402	1,575,336
Computer software licenses	832,038	824,300


Intangible assets subject to amortization, net	105,418,808	90,736,828


Total intangible assets, net	105,418,808	90,736,828

Goodwill (Tables)

12 Months Ended

Dec. 31, 2015

Goodwill

Schedule of changes in the carrying amount of goodwill

	2013	2014		2015
	$	$		$
Balance as of January 1	40,215,987	40,610,620		40,563,075
Exchange rate translation	394,633	(47,545	)	(755,832	)


Balance as of December 31	40,610,620	40,563,075		39,807,243

	As of December 31,
	2014		2015
	$		$
Goodwill, gross	458,385,379		457,629,547
Accumulated impairment charge	(417,822,304	)	(417,822,304	)


Goodwill, net	40,563,075		39,807,243

Other Income (Loss), Net (Tables)

12 Months Ended

Dec. 31, 2015

Other Income (Loss), Net

Schedule of other Income (loss), net

	Year Ended December 31,
	2013		2014		2015
	$		$		$
Amortized discounts related to liability for exclusive rights	(935,177	)	(52,922	)	—
Foreign exchange (loss) gain	(249,944	)	88,721		156,641
Others	—		—		133,398


Total	(1,185,121	)	35,799		290,039

Income Tax (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax

Schedule of components of Income (loss) before income taxes

	Year Ended December 31,
	2013		2014		2015
	$		$		$
Income (loss) before income taxes:
PRC	91,779,478		111,905,366		70,382,855
Outside of PRC	(45,994,531	)	(29,476,625	)	(25,041,651	)


Total	45,784,947		82,428,741		45,341,204

Schedule of expense (benefit) for income taxes

	Year Ended December 31,
	2013		2014		2015
	$		$		$
Current Tax
PRC	21,147,165		17,905,374		17,990,790
Outside of PRC	—		10,072		17,425


	21,147,165		17,915,446		18,008,215


Deferred Tax
PRC	(18,081,440	)	(2,369,482	)	(7,700,893	)
Outside of PRC	—		—		—


	(18,081,440	)	(2,369,482	)	(7,700,893	)


Income tax expense	3,065,725		15,545,964		10,307,322

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

	As of December 31,
	2014		2015
	$		$
Deferred tax assets:
Accrued salary expenses	11,991,920		11,248,353
Bad debt provision	3,867,755		6,587,704
Net operating loss carry forwards	3,574,524		3,787,766
Advertising expenses temporarily non-deductible	11,097,262		11,307,976
Other	459,506		492,160

Gross deferred tax assets	30,990,967		33,423,959
Valuation allowance	(957,162	)	(654,267	)

Total deferred tax assets	30,033,805		32,769,692

Analysis as:
Current	29,857,574		31,073,758
Non-current	176,231		1,695,934

Deferred tax liabilities:
Amortization of intangible and other assets	26,041,591		22,997,731

Total deferred tax liabilities	26,041,591		22,997,731

Analysis as:
Current	—		—
Non-current	26,041,591		22,997,731

Schedule of movement of the valuation allowance

	Year Ended December 31,
	2013		2014		2015
	$		$		$
Balance as of January 1	(831,361	)	(1,051,973	)	(957,162	)
Reverse (additions)	(194,892	)	—		255,264
Write off	—		90,811		—
Changes due to exchange rate translation	(25,720	)	4,000		47,631

Balance as of December 31	(1,051,973	)	(957,162	)	(654,267	)

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,
	2013		2014		2015
PRC income tax rate	25.00	%	25.00	%	25.00	%
Share based compensation expenses not deductible for tax purposes	3.45	%	3.27	%	5.17	%
Other expenses not deductible for tax purposes	1.12	%	0.72	%	3.71	%
Effect of tax holiday	(19.06	)%	(13.69	)%	(13.18	)%
Effect of different tax rate of subsidiary operation in other jurisdiction	0.02	%	1.08	%	2.05	%
Effect of different tax rate of DTA and DTL applied	(4.36	)%	2.29	%	(2.37	)%
Valuation allowance movement	0.42	%	—		(0.56	)%
Withholding tax	—		0.19	%	2.91	%
Other	0.11	%	—		—

	6.70	%	18.86	%	22.73	%

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

	Year Ended December 31,
	2013	2014	2015
	$	$	$
The aggregate dollar effect	8,725,381	11,285,429	5,977,806
Per share effect—basic	0.07	0.09	0.04
Per share effect—diluted	0.07	0.09	0.04

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

Leju Plan

Share-Based Compensation

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

	2013	2015
Risk-free rate of return	2.98%	2.14%
Contractual life of option	10 years	10 years
Estimated volatility rate	56.74%	62.82%
Dividend yield	0.00%	2.56%

Summary of share option activity

	Number of Options		Weighted Average Exercise Price	Weighted Average Remaining Contractual Term	Weighted Average Aggregate Intrinsic Value of Options
			$
Outstanding, as of January 1, 2015	6,133,799		4.60	8.92	37,784,202
Granted	2,517,000		6.38
Exercised	(196,185	)	4.60		949,907
Forfeited	(390,896	)	5.26

Outstanding, as of December 31, 2015	8,063,718		5.12	8.50	4,806,104

Vested and expected to vest as of December 31, 2015	7,824,106		5.51	8.97	1,663,274
Exercisable as of December 31, 2015	3,635,917		4.60	7.92	4,072,227

Summary of restricted share activity

	Number of Restricted Shares		Weighted Average Grant-date Fair Value
			$
Outstanding, as of January 1, 2015	1,526,600		9.42
Granted	—
Vested	(719,064	)	9.98
Forfeited	(10,200	)	16.25

Outstanding, as of December 31, 2015	797,336		8.82

Omnigold Plan

Share-Based Compensation

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

		2015
Risk-free rate of return		3.33%
Contractual life of option		10 years
Estimated volatility rate		63.69%
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, 2015	—
Granted	2,400,000		1.50	10.00	—
Exercised	—
Forfeited	(130,000	)	1.50		—

Outstanding, as of December 31, 2015	2,270,000		1.50	9.61	—

Vested and expected to vest as of December 31, 2015	1,966,771		1.50	9.61	—
Exercisable as of December 31, 2015	—

E-House Plan

Share-Based Compensation

Summary of share option activity

	Number of Options		Weighted Average Exercise Price	Weighted Average Remaining Contractual Term	Weighted Average Aggregate Intrinsic Value of Options
Outstanding, as of January 1, 2015	9,476,704		4.52		25,776,635
Exercised	(513,261	)	1.86		1,745,007
Forfeited	(7,160	)	4.74

Outstanding, as of December 31, 2015	8,956,283		4.67	4.80	14,509,178

Vested and expected to vest as of December 31, 2015	8,956,283		4.67	4.80	14,509,178
Exercisable as of December 31, 2015	8,956,283		4.67	4.80	14,509,178

Summary of restricted share activity


			Weighted
	Number of		Average
	Restricted		Grant-date
	Shares		Fair Value
			$
Unvested as of January 1, 2015	2,697,049		8.50
Granted	—
Vested	(1,288,330	)	7.69
Forfeited	(50,004	)	7.90

Unvested as of December 31, 2015	1,358,715		8.50

Segment Information (Tables)

12 Months Ended

Dec. 31, 2015

Segment Information

Summary of the revenue information of the Group

	Year Ended December 31,
	2013	2014	2015
	$	$	$
E-commerce	170,204,545	326,679,871	420,552,177
Online advertising	145,444,790	155,049,818	134,229,255
Listing	19,772,181	14,293,184	21,022,504

	335,421,516	496,022,873	575,803,936

Accounts receivable | Customer risk

CONCENTRATION OF RISK

Schedule of concentration risk

	As of December 31,
	2014	2015
	$	$
Customer A	13,979,270	14,011,827

Related Party Balances and Transactions (Tables)

12 Months Ended

Dec. 31, 2015

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,
	2013	2014	2015
	$	$	$
Corporate expenses allocated from E-House	15,527,623	2,857,251	—
Corporate service provided by E-House under transitional service agreement	—	10,399,978	6,040,071
Online advertising agency fee recognized as cost of revenues purchased from SINA	6,033,036	6,630,010	6,093,974
Services purchased from/rental paid to E-House	949,584	1,191,469	5,927,764
Online advertising services provided to CRERAT	—	—	3,174
Online advertising services provided to E-House	10,614	160,238	28,679
Online advertising services provided to SINA	—	—	19,899
Dividend declared and paid to E-House	—	—	18,738,984

Schedule of amounts due to related parties

	As of December 31,
	2014	2015
	$	$
SINA (1)	1,705,208	1,418,096
E-House (2)	1,560,283	7,783,911
Management (3)	1,840,000	920,000
E-House Management (3)	184,000	92,000

Total	5,289,491	10,214,007

(1)

The amount due to SINA as of December 31, 2014 and 2015 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 10).

Schedule of rollforward of the payable (receivable) balance

		Year Ended December 31,
		2013		2014		2015
		$		$		$
Balance at January 1		79,553,723		(3,471,958	)	1,560,283
Refund loan to E-House for working capital	A	(43,818,894	)	—		(42,513,286	)
Loans from E-House for capital contribution	B	1,000		—		—
Dividend declared to E-House	C	—		—		18,738,984
Dividend paid to E-House	D	—		—		(18,738,984	)
Corporate expenses allocated from E-House (Note 1)	B	15,527,623		2,857,251		—
Corporate service provided by E-House under transitional service agreement (Note 1)	E	—		10,399,978		6,040,071
Revenues collected by E-House on behalf of the Company	F	(45,449,972	)	(4,803,958	)	—
Related party balance waived as capital contribution	B	(15,528,623	)	(2,857,251	)	—
Service provided to E-House	E	(10,614	)	(160,238	)	(28,679	)
Service purchased from E-House	E	949,584		1,191,469		5,927,764
Net (payment) receipt for services	G	5,304,215		(1,595,010	)	36,797,758

Balance at December 31		(3,471,958	)	1,560,283		7,783,911

(A)

Represents the movement of the loan payable to E-House

(B)

(C)

(D)

Represent the cash dividend paid to E-House.

(E)

Represents the movement of service fees receivable from and payable to E-House

(F)

Represents Leju revenues collected by E-House on behalf of the Company

(G)

Represents the cash flow between the Company and E-House except to the loan from (refund to ) E-House

	As of December 31,
	2014		2015
	$		$
Loan payable to E-House (A)	42,513,286		—
Service payable to E-House (E)	9,852,476		16,440,049
Receivables for E-House collection on behalf of the Company (F)	(50,805,479	)	(8,656,138	)

Amounts due to E-House	1,560,283		7,783,911

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015 were as follows:

Year Ended December 31		Amount
		$
2016		9,446,098
2017		8,059,931
2018		3,787,386
2019		974,745
2020		713,510
Then thereafter		1,035,233

Total		24,016,903

Organization and Principal Activities (Details)				3 Months Ended	12 Months Ended
Organization and Principal Activities (Details)	Apr. 17, 2014 USD ($) $ / shares shares	Mar. 21, 2014 USD ($) shares	Dec. 19, 2013 USD ($) $ / shares shares	Mar. 31, 2014 USD ($)	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2013 USD ($)	Nov. 20, 2013 $ / shares shares	Oct. 31, 2009	Feb. 24, 2008
Foreign owned subsidiaries economic ownership in variable interest entities
Common stock, shares authorized					500,000,000	500,000,000
Common stock, shares issued					134,930,870	134,015,621
Ordinary shares (in dollars) \| $					$ 134,931	$ 134,015
Ordinary shares, shares outstanding					134,930,870	134,015,621
Ordinary shares, par value (in dollars per share) \| $ / shares					$ (0.001)	$ (0.001)
Selling, general and administrative expenses \| $					$ 475,445,516	$ 366,341,900	$ 226,142,936
Ordinary Shares \| Initial public offering
Foreign owned subsidiaries economic ownership in variable interest entities
Number of shares issued or sold	11,500,000
Share price \| $ / shares	$ 10.00
Net proceeds from IPO \| $	$ 101,400,000
ADSs \| Initial public offering
Foreign owned subsidiaries economic ownership in variable interest entities
Number of shares issued or sold	11,500,000
Tencent \| Ordinary Shares \| Private placement
Foreign owned subsidiaries economic ownership in variable interest entities
Number of shares issued or sold	2,029,420
Net proceeds from private placement \| $	$ 18,900,000
Tencent \| ADSs \| Initial public offering
Foreign owned subsidiaries economic ownership in variable interest entities
Share price \| $ / shares	$ 10.00
Shanghai SINA Leju
Foreign owned subsidiaries economic ownership in variable interest entities
Ownership percentage					100.00%
Shanghai Yi Yue
Foreign owned subsidiaries economic ownership in variable interest entities
Ownership percentage					100.00%
Beijing Maiteng
Foreign owned subsidiaries economic ownership in variable interest entities
Ownership percentage					84.00%
City Rehouse
Foreign owned subsidiaries economic ownership in variable interest entities
Ownership percentage					100.00%
CRIC \| COHT
Foreign owned subsidiaries economic ownership in variable interest entities
Ownership percentage									66.00%
E-House
Foreign owned subsidiaries economic ownership in variable interest entities
Common stock, shares authorized								500,000,000
Common stock, shares issued			50,000,000		120,000,000			50,000
Common stock, shares issued			70,000,000
Ordinary shares (in dollars) \| $			$ 70,000
Ordinary shares, shares outstanding			50,000,000					50,000
Ordinary shares, par value (in dollars per share) \| $ / shares			$ 0.001					$ 1.00
Share split ratio			0.001
Selling, general and administrative expenses \| $				$ 2,857,251			$ 15,527,623
Corporate service under transitional service agreement \| $					$ 6,040,071	$ 10,399,978
E-House \| Tencent \| Share purchase and subscription agreement
Foreign owned subsidiaries economic ownership in variable interest entities
Consideration received \| $		$ 180,000,000
Number of subsidiary shares acquired by counterparty		19,201,800
E-House \| COHT
Foreign owned subsidiaries economic ownership in variable interest entities
Ownership percentage										34.00%
SINA \| COHT
Foreign owned subsidiaries economic ownership in variable interest entities
Ownership percentage										66.00%

Summary of Principal Accounting Policies (Details)	12 Months Ended
Summary of Principal Accounting Policies (Details)	Dec. 31, 2015
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, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Financial statement amounts and balances of the Group's VIEs
Cash and cash equivalents	$ 260,295,909	$ 317,811,056	$ 98,729,639	$ 71,090,266
Accounts receivable, net of allowance for doubtful accounts	113,991,480	119,741,936
Customer deposits	58,833,225
Amounts due from related parties	8,906	684
Total current assets	485,083,945	480,766,424
Accounts payable	327,140	370,652
Accrued payroll and welfare expenses	45,691,874	48,007,240
Income tax payable	66,814,874	57,246,193
Other tax payable	31,930,296	27,804,416
Amounts due to related parties	10,214,007	5,289,491
Advance from customers	5,703,085	5,054,408
Liability for accrued marketing and advertising expenses	3,914,990	19,269,565
Liability for unpaid consideration for acquiring non-controlling interest	7,338,593	25,645,630
Other current liabilities	7,672,494	8,613,203
Total current liabilities	179,607,353	197,300,798
Deferred tax liabilities, non-current	22,997,731	26,041,591
Total revenues	575,803,936	496,022,873	335,421,516
Cost of revenues	(60,313,726)	(51,129,730)	(63,990,693)
Net income	34,805,905	66,659,388	42,650,028
Net cash provided by operating activities	51,274,996	124,830,989	83,422,980
Net cash used in investing activities	(15,099,773)	(12,355,416)	(16,656,933)
Net cash used in financing activities	(85,174,408)	107,080,458	(41,359,931)
Consolidated VIEs without recourse
Financial statement amounts and balances of the Group's VIEs
Cash and cash equivalents	59,170,627	95,927,942
Accounts receivable, net of allowance for doubtful accounts	111,300,756	117,835,596
Customer deposits	38,710,027
Amounts due from related parties	13,238,930	684
Other current assets	42,795,082	31,506,971
Total current assets	265,215,422	245,271,193
Total non-current assets	22,008,141	27,333,289
Total assets	287,223,563	272,604,482
Accounts payable	327,140	370,652
Accrued payroll and welfare expenses	34,784,706	40,946,532
Income tax payable	27,599,392	26,702,856
Other tax payable	17,268,065	15,883,568
Amounts due to related parties	1,418,096	30,147,834
Advance from customers	5,366,944	4,617,183
Liability for accrued marketing and advertising expenses	733,473	3,691,831
Liability for unpaid consideration for acquiring non-controlling interest	7,338,593	25,645,630
Other current liabilities	6,340,375	5,137,314
Total current liabilities	101,176,784	153,143,400
Deferred tax liabilities, non-current	523,874	469,579
Total liabilities	101,700,658	153,612,979
Total revenues	558,714,556	484,511,682	316,271,620
Cost of revenues	(48,032,280)	(41,218,756)	(58,253,716)
Net income	3,307,694	2,532,232	1,285,139
Net cash provided by operating activities	41,577,844	57,761,765	64,832,510
Net cash used in investing activities	(13,884,075)	(10,927,762)	(16,640,090)
Net cash used in financing activities	$ (59,873,366)	$ (14,418,056)	$ (37,824,941)

Summary of Principal Accounting Policies (Details 3) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Customer deposits
Customer deposits maturity period	12 months
Revenue recognition
Total revenue	$ 3,689,272	$ 4,836,931	$ 5,556,867
Advertising expense
Marketing and advertising expenses	306,846,482	196,396,734	96,288,501
Foreign currency translation
Foreign exchange loss			249,944
Foreign exchange gain	156,641	88,721
Government subsidies
Cash subsidies included in other operating income	3,567,965	2,525,496	599,894
Movement of the allowance for doubtful accounts for accounts receivable
Balance at the beginning	15,471,020	9,353,689	7,393,312
Provisions for doubtful accounts	18,959,895	11,599,708	6,373,132
Write offs	(6,827,314)	(5,437,380)	(4,667,466)
Changes due to foreign exchange	(1,252,787)	(44,997)	254,711
Balance at the end	26,350,814	15,471,020	9,353,689
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, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings per share
Net income attributable to Leju ordinary shareholders-basic and diluted	$ 35,330,089	$ 66,520,894	$ 42,524,962
Weighted average number of ordinary shares outstanding-basic (in shares)	134,528,971	129,320,666	120,000,000
Stock options	1,695,003	3,181,434
Weighted average number of ordinary shares outstanding - diluted (in shares)	136,223,974	132,502,100	120,000,000
Basic earnings per share (in dollars per share)	$ 0.26	$ 0.51	$ 0.35
Diluted earnings per share (in dollars per share)	$ 0.26	$ 0.50	$ 0.35
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	2,464,500		599,333

Acquisition of Non-controlling Interests (Details)	1 Months Ended				12 Months Ended
Acquisition of Non-controlling Interests (Details)	Sep. 30, 2014 CNY (¥) item	Sep. 30, 2014 USD ($) item	Jan. 31, 2014 CNY (¥) item	Jan. 31, 2014 USD ($) item	Dec. 31, 2014 USD ($)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 CNY (¥)	Dec. 31, 2014 USD ($)
Acquisition of Non-controlling Interests.
Decrease in equity attributable to Leju's shareholders					$ 32,469,069
Liability for Consideration Payable of Acquiring Non-controlling Interest							$ 7,338,593		$ 25,645,630
Group of five employees
Acquisition of Non-controlling Interests.
Number of years should serve by five employee individual shareholders after acquisition	2 years	2 years
Total unrecognized compensation expense		$ 4,276,810					1,603,805		3,742,209
Recognition period of stock based compensation expense	2 years	2 years
Beijing Lotta
Acquisition of Non-controlling Interests.
Number of individual shareholders entered into equity transfer agreement \| item			2	2
Percentage of shares acquired			40.00%	40.00%
Total consideration			¥ 100,000,000	$ 16,254,600
Additional paid-in capital derecognized									15,112,828
Non-controlling interest derecognized									1,141,772
Liability for Consideration Payable of Acquiring Non-controlling Interest						¥ 22,000,000	3,387,956	¥ 44,000,000	7,190,700
Tianjin Leju
Acquisition of Non-controlling Interests.
Percentage of shares acquired		30.00%
Total consideration	¥ 28,830,000	$ 4,685,913
Additional paid-in capital derecognized									4,449,469
Non-controlling interest derecognized									236,444
Liability for Consideration Payable of Acquiring Non-controlling Interest							243,989		2,871,268
E-House
Acquisition of Non-controlling Interests.
Number of employee individual shareholders entered into equity transfer agreement \| item	5	5
Beijing Leju Advertisement and Yisheng Shanghai
Acquisition of Non-controlling Interests.
Number of individual shareholders entered into equity transfer agreement \| item	6	6
Percentage of shares acquired		24.50%
Total consideration	¥ 117,355,000	$ 19,074,412
Additional paid-in capital derecognized									12,906,772
Non-controlling interest derecognized									1,890,830
Liability for Consideration Payable of Acquiring Non-controlling Interest							$ 3,706,648		$ 15,534,635
Beijing Leju Advertisement and Yisheng Shanghai \| Group of five employees
Acquisition of Non-controlling Interests.
Total consideration	¥ 98,775,000	16,054,493
Total consideration for 1% equity interest		$ 823,307
Percentage of five employee owned	19.50%	19.50%
Beijing Leju Advertisement and Yisheng Shanghai \| Individual share holder
Acquisition of Non-controlling Interests.
Total consideration	¥ 18,580,000	$ 3,019,919
Total consideration for 1% equity interest		$ 603,984
Percentage of other individual shareholders owned	5.00%	5.00%
Beijing Leju
Acquisition of Non-controlling Interests.
Number of subsidiaries to purchase remaining percentage \| item	2	2

Property and Equipment, Net (Details) - USD ($)	12 Months Ended
Property and Equipment, Net (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property and equipment, net
Property and equipment, gross	$ 20,354,166	$ 19,438,247
Accumulated depreciation	(13,553,552)	(12,279,467)
Property and equipment, net	6,800,614	7,158,780
Depreciation expenses	2,626,264	3,030,451	$ 3,021,130
Furniture, fixtures and equipment
Property and equipment, net
Property and equipment, gross	12,492,343	11,892,101
Leasehold improvements
Property and equipment, net
Property and equipment, gross	5,490,605	4,976,638
Buildings
Property and equipment, net
Property and equipment, gross	633,646	763,240
Motor vehicles
Property and equipment, net
Property and equipment, gross	$ 1,737,572	$ 1,806,268

Intangible Assets, Net (Details)	1 Months Ended			12 Months Ended
Intangible Assets, Net (Details)	Apr. 30, 2015 CNY (¥)	Apr. 30, 2015 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2011 USD ($)
Intangible Assets, Net
Intangible assets subject to amortization				$ 262,983,793	$ 254,252,555
Intangible assets subject to amortization, net				90,736,828	105,418,808
Total intangible assets, net				$ 90,736,828	105,418,808
Weighted Average Remaining Amortization Period				8 years 5 months 16 days
Amortization expenses				$ 26,653,571	23,088,327	$ 35,321,801
Amortization of Discounts Related to Liability for Exclusive Rights					52,922	935,177
Expected amortization expenses
2016				12,416,185
2017				12,202,249
2018				11,304,846
2019				10,801,496
2020				10,576,991
SINA \| Advertising agency agreement and license agreements
Intangible Assets, Net
Percentage of revenue fee on sales			15.00%
Additional extension term of agreement			5 years
Additional consideration upon extension term of agreement			$ 0
Advertising agency agreement \| SINA
Intangible Assets, Net
Intangible assets subject to amortization				106,790,000	106,790,000
Less: Accumulated amortization				$ 57,341,459	51,286,536
Weighted Average Remaining Amortization Period				8 years 9 months
License agreements \| SINA
Intangible Assets, Net
Intangible assets subject to amortization				$ 80,660,000	80,660,000
Less: Accumulated amortization				$ 43,881,281	39,377,764
Weighted Average Remaining Amortization Period				8 years 9 months
Exclusive rights \| Baidu
Intangible Assets, Net
Intangible assets subject to amortization				$ 54,096,827	45,151,494
Less: Accumulated amortization				54,096,827	43,034,803
Fair value of intangible assets recognized							$ 43,847,992
Difference between fair value of intangibles and principal amount							3,764,108
Amortization of Discounts Related to Liability for Exclusive Rights				0	52,922	935,177
Amount paid in connection with intangible assets	¥ 75,000,000	$ 12,023,475		12,023,475	9,004,710	$ 15,347,915	$ 47,612,100
Customer relationship
Intangible Assets, Net
Intangible assets subject to amortization				10,538,309	10,795,384
Less: Accumulated amortization				$ 8,424,820	7,530,732
Weighted Average Remaining Amortization Period				3 years 7 months 17 days
Database license
Intangible Assets, Net
Intangible assets subject to amortization				$ 8,300,000	8,300,000
Less: Accumulated amortization				$ 6,102,942	5,126,472
Weighted Average Remaining Amortization Period				2 years 3 months
Non-compete agreements
Intangible Assets, Net
Intangible assets subject to amortization				$ 1,575,336	1,657,256
Less: Accumulated amortization				1,575,336	1,645,402
Computer software licenses
Intangible Assets, Net
Intangible assets subject to amortization				1,023,321	898,421
Less: Accumulated amortization				$ 824,300	$ 832,038
Weighted Average Remaining Amortization Period				2 years 7 months 21 days

Goodwill (Details) - USD ($)	12 Months Ended
Goodwill (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Changes in the carrying amount of goodwill
Balance as of January 1	$ 40,563,075	$ 40,610,620	$ 40,215,987
Exchange rate translation	(755,832)	(47,545)	394,633
Balance as of December 31	39,807,243	40,563,075	40,610,620
Goodwill, net
Goodwill, gross				$ 457,629,547	$ 458,385,379
Accumulated impairment charge				(417,822,304)	(417,822,304)
Goodwill, net	40,563,075	40,610,620	40,215,987	$ 39,807,243	$ 40,563,075
Goodwill impairment charge	$ 0	$ 0	$ 0

Dividends (Details) - USD ($)	1 Months Ended	12 Months Ended
Dividends (Details) - USD ($)	May. 31, 2015	Dec. 31, 2015	Mar. 31, 2015
Dividends
Dividends to shareholders	$ 26,873,022	$ 26,873,022
Ordinary Shares
Dividends
Payment of a cash dividend (in dollars per share)			$ 0.20
ADSs
Dividends
Payment of a cash dividend (in dollars per share)			$ 0.20

Other Income (Loss), Net (Details) - USD ($)	12 Months Ended
Other Income (Loss), Net (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other Income (Loss), Net
Amortized discounts related to liability for exclusive rights		$ (52,922)	$ (935,177)
Foreign exchange (loss) gain	$ 156,641	88,721	(249,944)
Others	133,398
Total	$ 290,039	$ 35,799	$ (1,185,121)

Income Tax (Details)	12 Months Ended
Income Tax (Details)	Dec. 31, 2015 CNY (¥)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Income Tax
PRC		$ 70,382,855	$ 111,905,366	$ 91,779,478
Outside of PRC		(25,041,651)	(29,476,625)	(45,994,531)
Income before taxes and equity in affiliates		45,341,204	82,428,741	45,784,947
The PRC		17,990,790	17,905,374	21,147,165
Outside of the PRC		17,425	10,072
Current income taxes expenses (benefits)		18,008,215	17,915,446	21,147,165
The PRC		(7,700,893)	(2,369,482)	(18,081,440)
Deferred income taxes expenses (benefits)		(7,700,893)	(2,369,482)	(18,081,440)
Income tax expense		$ 10,307,322	$ 15,545,964	$ 3,065,725
Statutory tax rate (as a percent)	25.00%	25.00%	25.00%	25.00%
Deferred tax assets:
Accrued salary expenses		$ 11,248,353	$ 11,991,920
Bad debt provision		6,587,704	3,867,755
Net operating loss carry forwards		3,787,766	3,574,524
Advertising expenses temporarily non-deductible		11,307,976	11,097,262
Other		492,160	459,506
Gross deferred tax assets		33,423,959	30,990,967
Valuation allowance		(654,267)	(957,162)	$ (1,051,973)	$ (831,361)
Total deferred tax assets		32,769,692	30,033,805
Analysis as:
Current		31,073,758	29,857,574
Non-current		1,695,934	176,231
Deferred tax liabilities:
Amortization of intangible and other assets		22,997,731	26,041,591
Total deferred tax liabilities		22,997,731	26,041,591
Analysis as:
Non-current		$ 22,997,731	$ 26,041,591
PRC
Income Tax
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	¥ 100,000	$ 15,400
Period of statute of limitations for transfer pricing issues	10 years	10 years
PRC \| Shanghai SINA Leju \| High and new technology enterprise \| Tax year 2013 through 2014
Income Tax
Preferential tax rate (as a percent)	15.00%	15.00%
PRC \| Shanghai SINA Leju \| High and new technology enterprise \| Tax year 2015 through 2017
Income Tax
Preferential tax rate (as a percent)	15.00%	15.00%
PRC \| Shanghai Fangxin information technology Co., Ltd. \| Software Enterprise \| Tax year 2014 through 2016
Income Tax
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%	12.50%
Hong Kong
Income Tax
Tax rate (as a percent)	16.50%	16.50%

Income Tax (Details 2) - USD ($)	12 Months Ended
Income Tax (Details 2) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Movement of the valuation allowance
Balance at the beginning of the period	$ (957,162)	$ (1,051,973)	$ (831,361)
Reverse (additions)	255,264		(194,892)
Write off		90,811
Changes due to exchange rate translation	47,631	4,000	(25,720)
Balance at the end of the period	$ (654,267)	$ (957,162)	$ (1,051,973)
Income Tax
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)	5.17%	3.27%	3.45%
Other expenses not deductible for tax purposes (as a percent)	3.71%	0.72%	1.12%
Effect of tax holiday (as a percent)	(13.18%)	(13.69%)	(19.06%)
Effect of different tax rate of subsidiary operation in other jurisdiction (as a percent)	2.05%	1.08%	0.02%
Effect of different tax rate of DTA and DTL applied (as a percent)	(2.37%)	2.29%	(4.36%)
Valuation allowance movement (as a percent)	(0.56%)		0.42%
Withholding tax	2.91%	0.19%
Other (as a percent)			0.11%
Income tax rate (as a percent)	22.73%	18.86%	6.70%
Aggregate amount and per share effect of the tax holiday
The aggregate dollar effect	$ 5,977,806	$ 11,285,429	$ 8,725,381
Per share effect-basic (in dollars per share)	$ 0.04	$ 0.09	$ 0.07
Per share effect-diluted (in dollars per share)	$ 0.04	$ 0.09	$ 0.07

Income Tax (Details 3) - USD ($)	12 Months Ended
Income Tax (Details 3) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax
Tax operating loss carry forwards	$ 15,151,067	$ 14,298,098
Deemed distribution to E-House associated with tax liability		$ 571,227	$ 2,381,799
PRC
Income Tax
Undistributed earnings	240,339,365
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	$ 12,016,968
Withholding income tax rate for dividends distributed (as a percent)	5.00%
PRC \| Maximum
Income Tax
Deferred income tax liability for the undistributed earnings	$ 24,033,937
Withholding income tax rate for dividends distributed (as a percent)	10.00%

Share-Based Compensation (Details) - USD ($)						1 Months Ended						12 Months Ended
Share-Based Compensation (Details) - USD ($)	Aug. 11, 2015	Aug. 21, 2014	Mar. 18, 2014	Dec. 16, 2013	Dec. 01, 2013	Aug. 31, 2015	Jan. 31, 2014	Nov. 30, 2013	Aug. 31, 2013	Nov. 30, 2012	Oct. 31, 2010	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2006
Leju Plan
Share-Based Compensation
Expiration period								10 years
Leju Plan \| Maximum
Share-Based Compensation
Number of shares that may be issued as a percentage of total outstanding shares								8.00%
Leju Plan \| Employees Share Options
Share-Based Compensation
Exercise price of shares granted (in dollars per share)												$ 6.38
Assumptions used in the binomial model
Risk-free rate of return (as a percent)												2.14%		2.98%
Contractual life of option												10 years		10 years
Estimated volatility rate (as a percent)												62.82%		56.74%
Dividend yield (as a percent)												2.56%		0.00%
Additional disclosure
Weighted-average grant-date fair value of options granted (in dollars per share)												$ 3.44		$ 2.21
Total intrinsic value of options exercised												$ 949,907	$ 1,668,693
Total unrecognized compensation expense												$ 11,525,658
Weighted-average period over which cost is expected to be recognized												2 years 1 month 17 days
Leju Plan \| Employees Share Options \| Group's employees
Share-Based Compensation
Award vesting period												3 years
Expiration period												10 years
Options granted for purchase of shares												2,517,000
Leju Plan \| Employees Share Options \| Certain Group's Employees and E-House's Employees
Share-Based Compensation
Award vesting period					3 years
Expiration period					10 years
Options granted for purchase of shares					7,192,000
Exercise price of shares granted (in dollars per share)					$ 4.60
Leju Plan \| Employees Share Options \| Minimum \| Group's employees
Share-Based Compensation
Exercise price of shares granted (in dollars per share)												$ 5.54
Leju Plan \| Employees Share Options \| Maximum \| Group's employees
Share-Based Compensation
Exercise price of shares granted (in dollars per share)												$ 9.68
Leju Plan \| Restricted Shares
Additional disclosure
Total unrecognized compensation expense												$ 4,384,344
Weighted-average period over which cost is expected to be recognized												1 year 2 months 9 days
Leju Plan \| Restricted Shares \| Group's employees, directors and officers
Share-Based Compensation
Award vesting period		8 months	3 years
Granted (in shares)		229,400	866,000
Leju Plan \| Leju Replacement Restricted Shares
Share-Based Compensation
Exercise price of shares granted (in dollars per share)				$ 4.60			$ 4.60
Number of replacement awards exchanged with replaced awards (in shares)				600,000			60,000
E-House Plan
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%
Award grant period															3 years
Additional number of shares authorized									6,644,659	1,273,000	4,013,619
Expiration period															10 years
E-House Plan \| Employees Share Options
Additional disclosure
Total intrinsic value of options exercised												$ 1,745,007	$ 23,679,729	$ 25,248,554
Total unrecognized compensation expense												$ 0
E-House Plan \| Restricted Shares
Share-Based Compensation
Award vesting period												3 years
Granted (in shares)												0	1,439,000	1,303,000
Additional disclosure
Total unrecognized compensation expense												$ 11,558,404
Weighted-average period over which cost is expected to be recognized												1 year 6 months 11 days
Omnigold Plan
Share-Based Compensation
Number of shares authorized												5,000,000
Number of shares that may be issued as a percentage of total outstanding shares												5.00%
Additional disclosure
Weighted-average grant-date fair value of options granted (in dollars per share)						$ 0.30
Total unrecognized compensation expense												$ 545,884
Weighted-average period over which cost is expected to be recognized												2 years 7 months 10 days
Omnigold Plan \| Employees Share Options
Share-Based Compensation
Award vesting period	3 years
Expiration period	10 years
Options granted for purchase of shares	2,400,000
Exercise price of shares granted (in dollars per share)	$ 1.50											$ 1.50
Assumptions used in the binomial model
Risk-free rate of return (as a percent)												3.33%
Contractual life of option												10 years
Estimated volatility rate (as a percent)												63.69%
Dividend yield (as a percent)												0.00%

Share-Based Compensation (Details 2) - USD ($)		12 Months Ended
Share-Based Compensation (Details 2) - USD ($)	Aug. 11, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Leju Plan \| Employees Share Options
Share-Based Compensation
Compensation expense		$ 4,025,809	$ 3,464,140	$ 289,649
Number of Options
Outstanding at the beginning of the period (in shares)		6,133,799
Granted (in shares)		2,517,000
Exercised (in shares)		(196,185)	(226,201)
Forfeited (in shares)		(390,896)
Outstanding at the end of the period (in shares)		8,063,718	6,133,799
Vested and expected to vest at the end of the period (in shares)		7,824,106
Exercisable at the end of the period (in shares)		3,635,917
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)		$ 4.60
Granted (in dollars per share)		6.38
Exercised (in dollars per share)		4.60
Forfeited (in dollars per share)		5.26
Outstanding at the end of the period (in dollars per share)		5.12	$ 4.60
Vested and expected to vest at the end of the period (in dollars per share)		5.51
Exercisable at the end of the period (in dollars per share)		$ 4.60
Weighted Average Remaining Contractual Term
Outstanding at the end of the period		8 years 6 months	8 years 11 months 1 day
Vested and expected to vest at the end of the period		8 years 11 months 19 days
Exercisable at the end of the period		7 years 11 months 1 day
Weighted Average Aggregate Intrinsic Value of Options
Outstanding at the beginning of the period		$ 37,784,202
Exercised		949,907	$ 1,668,693
Outstanding at the end of the period		4,806,104	37,784,202
Vested and expected to vest at the end of the period		1,663,274
Exercisable at the end of the period		4,072,227
E-House Plan
Share-Based Compensation
Compensation expense			572,340	6,000,438
E-House Plan \| Employees Share Options
Share-Based Compensation
Compensation expense		$ 0	$ 5,950,940	$ 12,817,935
Number of Options
Outstanding at the beginning of the period (in shares)		9,476,704
Exercised (in shares)		(513,261)	(3,446,585)	(4,596,761)
Forfeited (in shares)		(7,160)
Outstanding at the end of the period (in shares)		8,956,283	9,476,704
Vested and expected to vest at the end of the period (in shares)		8,956,283
Exercisable at the end of the period (in shares)		8,956,283
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)		$ 4.52
Exercised (in dollars per share)		1.86
Forfeited (in dollars per share)		4.74
Outstanding at the end of the period (in dollars per share)		4.67	$ 4.52
Vested and expected to vest at the end of the period (in dollars per share)		4.67
Exercisable at the end of the period (in dollars per share)		$ 4.67
Weighted Average Remaining Contractual Term
Outstanding at the end of the period		4 years 9 months 18 days
Vested and expected to vest at the end of the period		4 years 9 months 18 days
Exercisable at the end of the period		4 years 9 months 18 days
Weighted Average Aggregate Intrinsic Value of Options
Outstanding at the beginning of the period		$ 25,776,635
Exercised		1,745,007	$ 23,679,729	$ 25,248,554
Outstanding at the end of the period		14,509,178	$ 25,776,635
Vested and expected to vest at the end of the period		14,509,178
Exercisable at the end of the period		14,509,178
Omnigold Plan
Share-Based Compensation
Compensation expense		$ 80,577
Omnigold Plan \| Employees Share Options
Number of Options
Granted (in shares)		2,400,000
Forfeited (in shares)		(130,000)
Outstanding at the end of the period (in shares)		2,270,000
Vested and expected to vest at the end of the period (in shares)		1,966,771
Weighted Average Exercise Price
Granted (in dollars per share)	$ 1.50	$ 1.50
Forfeited (in dollars per share)		1.50
Outstanding at the end of the period (in dollars per share)		1.50
Vested and expected to vest at the end of the period (in dollars per share)		$ 1.50
Weighted Average Remaining Contractual Term
Granted		10 years
Outstanding at the end of the period		9 years 7 months 10 days
Vested and expected to vest at the end of the period		9 years 7 months 10 days

Share-Based Compensation (Details 3) - USD ($)		1 Months Ended	12 Months Ended
Share-Based Compensation (Details 3) - USD ($)	Dec. 16, 2013	Jan. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Leju Plan \| Restricted Shares
Summary of restricted share activity
Unvested at the beginning of the period (in shares)			1,526,600
Vested (in shares)			(719,064)
Forfeited (in shares)			(10,200)
Unvested at the end of the period (in shares)			797,336	1,526,600
Weighted Average Grant-date Fair Value
Unvested at the beginning of the period (in dollars per share)			$ 9.42
Vested (in dollars per share)			9.98
Forfeited (in dollars per share)			16.25
Unvested at the end of the period (in dollars per share)			$ 8.82	$ 9.42
Additional disclosure
Deemed distribution			$ 41,580	$ 41,570	$ 13,903
Total fair value of restricted shares vested			7,179,455	486,200	0
Total unrecognized compensation expense			$ 4,384,344
Weighted-average period over which cost is expected to be recognized			1 year 2 months 9 days
Compensation expense			$ 5,273,322	4,881,656	20,855
Leju Plan \| Leju Replacement Restricted Shares
Summary of restricted share activity
Number of replacement awards exchanged with replaced awards (in shares)	600,000	60,000
Leju Plan \| Employees Share Options
Additional disclosure
Deemed distribution			$ 1,070,383	$ 1,061,412	92,225
Exercise of share options			196,185	226,201
Total intrinsic value of options exercised			$ 949,907	$ 1,668,693
Total unrecognized compensation expense			$ 11,525,658
Weighted-average period over which cost is expected to be recognized			2 years 1 month 17 days
Compensation expense			$ 4,025,809	3,464,140	289,649
E-House Plan and CRIC Plan
Additional disclosure
Transitional corporate service fees			$ 1,066,477	1,857,996
E-House Plan
Additional disclosure
Compensation expense				$ 572,340	$ 6,000,438
E-House Plan \| Restricted Shares
Summary of restricted share activity
Award vesting period			3 years
Unvested at the beginning of the period (in shares)			2,697,049
Granted (in shares)			0	1,439,000	1,303,000
Vested (in shares)			(1,288,330)
Forfeited (in shares)			(50,004)
Unvested at the end of the period (in shares)			1,358,715	2,697,049
Weighted Average Grant-date Fair Value
Unvested at the beginning of the period (in dollars per share)			$ 8.50
Vested (in dollars per share)			7.69
Forfeited (in dollars per share)			7.90
Unvested at the end of the period (in dollars per share)			$ 8.50	$ 8.50
Additional disclosure
Total fair value of restricted shares vested			$ 9,909,868	$ 6,094,602	$ 5,612,379
Total unrecognized compensation expense			$ 11,558,404
Weighted-average period over which cost is expected to be recognized			1 year 6 months 11 days
Compensation expense			$ 9,680,385	$ 6,174,583	$ 5,668,460
E-House Plan \| Employees Share Options
Additional disclosure
Exercise of share options			513,261	3,446,585	4,596,761
Total intrinsic value of options exercised			$ 1,745,007	$ 23,679,729	$ 25,248,554
Total unrecognized compensation expense			0
Compensation expense			$ 0	$ 5,950,940	$ 12,817,935

Share-Based Compensation (Details 4) - Group of five employees - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014
Other Equity Compensation
Recognition period of stock based compensation expense	2 years
Compensation expense		$ 2,138,404	$ 534,601
Total unrecognized compensation expense	$ 4,276,810	$ 1,603,805	$ 3,742,209

Distribution of Profits (Details) - PRC - USD ($)	12 Months Ended
Distribution of Profits (Details) - PRC - USD ($)	Dec. 31, 2015	Dec. 31, 2014
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	$ 7,990,298	$ 7,251,948
Restricted net assets	33,778,838	33,040,488
VIEs
Distribution of profits
Restricted net assets of subsidiaries and VIEs attributed to general reserve and registered capital	$ 8,342,759	$ 8,349,188

Segment Information (Details)	12 Months Ended
Segment Information (Details)	Dec. 31, 2015 USD ($) item	Dec. 31, 2014 USD ($) item	Dec. 31, 2013 USD ($) item
Revenue information of the Group
Total revenues	$ 575,803,936	$ 496,022,873	$ 335,421,516
Net accounts receivable	113,991,480	119,741,936
Accounts receivable \| Customer risk \| Customer A
Revenue information of the Group
Net accounts receivable	$ 14,011,827	$ 13,979,270
Revenue \| Customer risk
Revenue information of the Group
Number of customers \| item	0	0	0
E-commerce
Revenue information of the Group
Total revenues	$ 420,552,177	$ 326,679,871	$ 170,204,545
Online advertising
Revenue information of the Group
Total revenues	134,229,255	155,049,818	145,444,790
Listing
Revenue information of the Group
Total revenues	$ 21,022,504	$ 14,293,184	$ 19,772,181

Related Party Balances and Transactions (Details) - USD ($)	1 Months Ended	12 Months Ended
	May. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2015
Related Party Balances and Transactions
Loans from E-House for capital contribution			$ 120,000	$ 1,000
Significant related party transactions
Dividends	$ 26,873,022	$ 26,873,022
Due from related parties		8,906	684
Amounts due to related parties		10,214,007	5,289,491
Rollforward of payable (receivable) balance
Refund loans to related parties		(42,513,286)		(43,818,894)
Loans from E-House for capital contribution			120,000	1,000
Ordinary Shares
Significant related party transactions
Payment of a cash dividend (in dollars per share)					$ 0.20
ADSs
Significant related party transactions
Payment of a cash dividend (in dollars per share)					0.20
E-House
Related Party Balances and Transactions
Loans from E-House for capital contribution		0	0	1,000
Significant related party transactions
Corporate expenses allocated from E-House			2,857,251	15,527,623
Corporate service under transitional service agreement		6,040,071	10,399,978
Services purchased from/rental paid		5,927,764	1,191,469	949,584
Online advertising services provided		28,679	160,238	10,614
Dividends		18,738,984
Cash dividends		(18,738,984)
Amounts due to related parties		7,783,911	1,560,283
Rollforward of payable (receivable) balance
Balance at the beginning of the period		1,560,283	(3,471,958)	79,553,723
Refund loans to related parties		(42,513,286)		(43,818,894)
Loans from E-House for capital contribution		0	0	1,000
Corporate expenses allocated from E-House			2,857,251	15,527,623
Corporate service under transitional service agreement		6,040,071	10,399,978
Revenues collected by E-House on behalf of the Company			(4,803,958)	(45,449,972)
Related party balance waived as capital contribution			(2,857,251)	(15,528,623)
Service provided to E-House		(28,679)	(160,238)	(10,614)
Service purchased from E-House		5,927,764	1,191,469	949,584
Net (payment) receipt for services		36,797,758	(1,595,010)	5,304,215
Loan payable to E-House			42,513,286
Service payable to E-House		16,440,049	9,852,476
Receivables for E-House collection on behalf of the Company		(8,656,138)	(50,805,479)
Amounts due to E- House		$ 7,783,911	1,560,283
Percentage of dues waived		100.00%
Due from Related Parties		$ 0
Balance at the end of the period		7,783,911	1,560,283	(3,471,958)
E-House \| Ordinary Shares
Significant related party transactions
Payment of a cash dividend (in dollars per share)					0.20
E-House \| ADSs
Significant related party transactions
Payment of a cash dividend (in dollars per share)					$ 0.20
E-House Management
Significant related party transactions
Amounts due to related parties		92,000	184,000
SINA
Significant related party transactions
Online advertising agency fee recognized as cost of revenues purchased		6,093,974	6,630,010	$ 6,033,036
Online advertising services provided		19,899
Amounts due to related parties		1,418,096	1,705,208
Rollforward of payable (receivable) balance
Service provided to E-House		(19,899)
CRERAT
Significant related party transactions
Online advertising services provided		3,174
Due from related parties		8,906	684
Rollforward of payable (receivable) balance
Service provided to E-House		(3,174)
Management
Significant related party transactions
Amounts due to related parties		$ 920,000	$ 1,840,000
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, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating lease commitments
Rental expenses	$ 10,078,033	$ 8,601,039	$ 7,669,866
Future minimum lease payments under non-cancelable operating lease agreements
2016	9,446,098
2017	8,059,931
2018	3,787,386
2019	974,745
2020	713,510
Then thereafter	1,035,233
Total	$ 24,016,903
Minimum
Operating lease commitments
Operating lease term	1 month
Maximum
Operating lease commitments
Operating lease term	120 months

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

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2015
Subsequent Events.
Subsequent Events	16. Subsequent Events No significant subsequent events have occured as of April 22, 2016.

Employee Benefit Plans (Details) - USD ($)	12 Months Ended
Employee Benefit Plans (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Employee Benefit Plans
Contribution by group	$ 20,413,820	$ 17,727,125	$ 14,174,182

Dividends	12 Months Ended
Dividends	Dec. 31, 2015
Dividends.
Dividends	7. Dividends In March 2015, the Company’s board of directors approved the payment of a cash dividend of $0.20 per ordinary share ($0.20 per ADS) directly from the additional paid-in capital account, for a total of $26,873,022, which was paid in May 2015 to shareholders of record as of the close of business on April 10, 2015.