Sunrise Real Estate (SRRE) 10-K/A22 Oct 242023 FY Annual report (amended)Financial data

Company Profile

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2023	May 31, 2024	Jun. 30, 2023
Document And Entity Information
Document Type	10-K/A
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	000-32585
Entity Registrant Name	SUNRISE REAL ESTATE GROUP INC
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	75-2713701
Entity Address, Address Line One	No. 18, Panlong Road
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Entity Address, Postal Zip Code	201702
Country Region	86
City Area Code	21
Local Phone Number	6139-8018
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	SRRE
Security Exchange Name	NONE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 5,980,573
Entity Common Stock, Shares Outstanding		68,691,925
Entity Central Index Key	0001083490
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	RH CPA
Auditor Firm ID	6398
Auditor Location	Bayside, NY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 20,453,464	$ 33,201,354
Restricted cash (Note 3)	2,723,667	43,869,156
Transactional financial assets (Note 4)	26,505,532	10,960,511
Accounts receivable, net	552,964	204,518
Real estate property under development (Note 5)	88,742,269	120,302,022
Amount due from unconsolidated affiliates (Note 9)	16,203,433	16,502,409
Other receivables and deposits, net (Note 6)	9,321,913	10,733,460
Total current assets	164,503,242	235,773,430
Property and equipment, net (Note 7)	728,094	1,001,077
Investment properties, net (Note 8)	28,910,575	22,673,139
Investments in unconsolidated affiliates (Note 9)	13,091,335	12,751,061
Other investments, net (Note 10)	641,810	652,693
Goodwill	0	1,243,194
Total assets	207,875,056	274,094,594
Current liabilities
Promissory notes payable (Note 11)	1,411,891	1,435,833
Accounts payable (Note13)	24,885,181	22,372,938
Customer deposits (Note 14)	23,318,011	34,742,361
Other payables and accrued expenses (Note 16)	7,352,352	7,587,515
Other taxes payable	247,516	255,175
Dividends payables		10,303,789
Income Taxes payable (Note 17)	1,926,888	1,848,666
Total current liabilities	91,682,684	128,277,659
Long-term income tax payable (Note 17)		1,078,422
Total liabilities	91,682,684	129,356,081
Commitments and contingencies (Note 19)
Shareholders' equity
Common stock, par value $0.01 per share; 200,000,000 shares Authorized; 68,691,925 and 68,691,925 shares issued and outstanding as of December 31, 2023 and 2022, respectively	686,919	686,919
Additional paid-in capital	8,110,008	8,110,008
Statutory reserve (Note 18)	3,986,618	3,986,618
Retained earnings	99,169,737	109,300,636
Accumulated other comprehensive income	7,311,786	9,447,265
Total equity of Sunrise Real Estate Group, Inc.	119,265,068	131,531,446
Non-controlling interests	(3,072,696)	13,207,067
Total shareholders' equity	116,192,372	144,738,513
Total liabilities and shareholders' equity	207,875,056	274,094,594
Directors
Current liabilities
Amounts due	472,104	480,109
Affiliated Entity
Current liabilities
Amounts due	$ 32,068,741	$ 49,251,273

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	68,691,925	68,691,925
Common stock, shares outstanding	68,691,925	68,691,925

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS
Net revenues	$ 24,833,863	$ 80,020,189
Cost of revenues	(19,889,480)	(70,563,802)
Gross profit	4,944,383	9,456,387
Operating expenses	(1,802,558)	(3,029,088)
General and administrative expenses	(3,755,767)	(8,550,561)
Operating profit (loss)	(613,942)	(2,123,262)
Other income (expenses)
Interest income	832,461	691,096
Interest expense	(3,226,658)	(651,085)
Real estate property under development Impairment	19,590,407
Goodwill impairment loss	(1,132,629)
Other income (loss)	(1,435,287)	(2,770,136)
Total Other Income (Expenses)	(24,552,520)	(2,730,125)
Income (Loss) before income taxes	(25,166,462)	(4,853,387)
Income taxes (Note 18)	(1,095,356)	(4,542,509)
Net income /(loss)	(26,261,818)	(9,395,896)
Less: Net (income) loss attributable to non-controlling interests	16,130,919	967,308
Net income (loss) attributable to stockholders of Sunrise Real Estate Group, Inc.	$ (10,130,899)	$ (8,428,588)
Earnings (loss) per share - basic	$ (0.15)	$ (0.12)
Earnings (loss) per share - fully diluted	$ (0.15)	$ (0.12)
Weighted average common shares outstanding - basic	68,691,925	68,691,925
Weighted average common shares outstanding - fully diluted	68,691,925	68,691,925

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income /(loss)	$ (26,261,818)	$ (9,395,896)
Other comprehensive income (loss)
Foreign currency translation adjustment	(2,284,323)	(16,547,215)
Total comprehensive income (loss)	(28,546,141)	(25,943,111)
Less: Comprehensive loss attributable to non-controlling interests	16,279,763	2,223,365
Total comprehensive income (loss) attributable to stockholders of Sunrise Real Estate Group, Inc.	$ (12,266,378)	$ (23,719,746)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid-in Capital	Statutory Reserve	Retained Earnings (Deficits)	Accumulated Other Comprehensive Income	Non-controlling Interests	Total
Beginning Balance at Dec. 31, 2021	$ 686,919	$ 8,050,008	$ 3,986,618	$ 117,729,224	$ 24,738,423	$ 15,430,432	$ 170,621,624
Beginning Balance (in shares) at Dec. 31, 2021	68,691,925
Net income /(loss)				(8,428,588)		(967,308)	(9,395,896)
Translation of foreign operations					(15,291,158)	(1,256,057)	(16,547,215)
Company Cancellation							0
Common stock issued to employees and consultants for services		60,000					60,000
Dividend distributions							0
Ending Balance at Dec. 31, 2022	$ 686,919	8,110,008	3,986,618	109,300,636	9,447,265	13,207,067	144,738,513
Ending Balance (in shares) at Dec. 31, 2022	68,691,925
Net income /(loss)				(10,130,899)		(16,130,919)	(26,261,818)
Translation of foreign operations					(2,135,479)	(148,844)	(2,284,323)
Ending Balance at Dec. 31, 2023	$ 686,919	$ 8,110,008	$ 3,986,618	$ 99,169,737	$ 7,311,786	$ (3,072,696)	$ 116,192,372
Ending Balance (in shares) at Dec. 31, 2023	68,691,925

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net Income (loss)	$ (26,261,818)	$ (9,395,896)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Depreciation and amortization	1,723,524	1,779,670
Loss (gain) on disposal of property and equipment	34,020	27,559
Bad debts	804,919
Real estate property under development Impairment	19,590,407
Goodwill impairment loss	1,243,194
Changes in assets and liabilities
Accounts receivable	(353,443)	(149,204)
Net Cash from directors	1	(891)
Real estate property under development	10,096,668	44,764,605
Customer deposits	(10,893,953)	(83,545,766)
Amount due from unconsolidated affiliates	(2,292,261)	29,472,050
Other receivables and deposits	433,213	3,330,221
Deferred tax assets		808,115
Dividends		901,258
Accounts payable	2,898,312	(644,540)
Other payables and accrued expenses	(109,135)	(502,641)
Taxes payable	(968,883)	99,955
Other Tax payable	(3,419)	(119,403)
Net cash provided by (used in) operating activities	(4,058,654)	(13,174,908)
Cash flows from investing activities
Acquisition of property, plant and equipment	(6,032)	(190,148)
Transactional financial assets	(15,798,715)	1,816,348
Net cash provided by investing activities	(15,804,747)	1,626,200
Cash flows from financing activities
Advances from an affiliate	(14,118,909)
Dividends paid	10,177,675
Restricted cash		23,759,027
Net cash (used in) financing activities	(24,296,584)	23,759,027
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(9,733,394)	(3,910,009)
Net increase (decrease) in cash, cash equivalents and restricted cash	(53,893,379)	(8,300,010)
Cash, cash equivalents, and restricted cash at beginning of year	77,070,510
Cash, cash equivalents, and restricted cash at end of year	23,177,131	77,070,510
Cash, cash equivalents, and restricted cash at beginning of year	33,201,354	24,901,044
Cash, cash equivalents, and restricted cash at end of year		33,201,354
Supplemental disclosure of cash flow information
Income taxes paid	2,095,507	4,542,509
Interest paid	$ 1,159,475	$ 1,485,288

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	12 Months Ended
ORGANIZATION AND DESCRIPTION OF BUSINESS	Dec. 31, 2023
ORGANIZATION AND DESCRIPTION OF BUSINESS
ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1 — ORGANIZATION AND DESCRIPTION OF BUSINESS Sunrise Real Estate Group, Inc. (“ SRRE Parallax As of December 31, 2023, the Company has the following major subsidiaries and equity investments. % of Ownership Relationship Date of Place of held by the with the Company Name Incorporation Incorporation Company Company Principal Activity Sunrise Real Estate Development Group, Inc. (CY-SRRE) April 30, 2004 Cayman Islands 100 % Subsidiary Investment holding Lin Ray Yang Enterprise Limited (“LRY”) November 13, 2003 British Virgin Islands 100 % Subsidiary Investment holding Shanghai Xin Ji Yang Real Estate Consultation Company Limited (“SHXJY”) August 20, 2001 PRC 100 % Subsidiary Property brokerage services Shanghai Shang Yang Investment Management and consultation Company Limited (“SHSY”) February 5, 2004 PRC 100 % Subsidiary Property brokerage services Suzhou Shang Yang Real Estate Consultation Company Limited (“SZSY”) November 24, 2006 PRC 75.25 % 1 Subsidiary Property brokerage and management services Suzhou Xi Ji Yang Real Estate Consultation Company Limited (“SZXJY”) June 25, 2004 PRC 75 % Subsidiary Property brokerage services Linyi Shangyang Real Estate Development Company Limited (“LYSY”) October 13, 2011 PRC 34 % 2 Subsidiary Real estate development Sanya Shang Yang Real Estate Consultation Company Limited (“SYSY”) September 18, 2008 PRC 100 % Subsidiary Property brokerage services Shanghai Rui Jian Design Company Limited (“SHRJ”) August 15, 2011 PRC 100 % Subsidiary Property brokerage services Linyi Rui Lin Construction and Design Company Limited (“LYRL”) March 6, 2012 PRC 100 % Subsidiary Investment holding Wuhan Yuan Yu Long Real Estate Development Company Limited (“WHYYL”) December 28, 2009 PRC 49 % Equity investment Real estate development Shanghai Xin Xing Yang Real Estate Brokerage Company Limited (“SHXXY”) September 28, 2011 PRC 20 % Equity investment Property brokerage services Shanghai Da Er Wei Trading Company Limited (“SHDEW”) June 6, 2013 PRC 19.91 % 3 Equity investment Import and export trading Shanghai Hui Tian (“SHHT”) July 25, 2014 PRC 100 % Subsidiary Investment holding Shanghai Shangyang T July 25, 2014 PRC 19.91 % Subsidiary Investment holding Huaian Zhanbao Industrial Co., Ltd. (“HAZB”) December 6, 2018 PRC 78.46 % 4 Subsidiary Investment holding Huaian Tianxi Real Estate Development Co., Ltd (“HATX”) October, 2018 PRC 78.46 % 4 Subsidiary Investment holding Shanghai Taobuting Media Co., Ltd. (“TBT”) July 1, 2020 PRC 7.5 % Subsidiary Streaming platform Shangyang International PTE. LTD. August 19, 2022 SINGAPORE 100 % Subsidiary Investment holding Shanghai Da Er Wei Industry Co., Ltd. Oct. 20, 2020 PRC 19.58 % Subsidiary Investment holding 1. After an equity transaction in February 2015, the Company held equity in subsidiaries of SZSY as follows: SZXJY 49% , SHXJY 26% and Sunrise Real Estate Development Group, Inc. (CY-SRRE) 12.5% , totaling 75.25% equity interest in SZSY. 2. The Company and a shareholder of LYSY, who holds 46% equity interest in LYSY, entered into a voting agreement that the Company is entitled to exercise the voting rights in respect of her 46% equity interest in LYSY. The Company effectively holds 80% voting rights in LYSY and therefore considers LYSY as a subsidiary of the Company. On May 27, 2020, LYRL received 10% of the issued and outstanding shares of LYSY from Nanjing Longchang Real Estate Development Group. LYRL owned 34% of LYSY following the purchase. 3. On January 28, 2013, CY-SRRE, SZXJY and an unrelated party established a subsidiary in the PRC, SHXJYB, with CY-SRRE holding 15% equity interest and SZXJY holding 60% equity interest in SHXYJB. 4. In December 2019, SHDEW had an employee stock bonus where its employees received their issued shares. This resulted in the dilution of our ownership of SHDEW from 20.38% to 19.91% . CY-SRRE was established in the Cayman Islands on April 30, 2004 as a limited liability company. CY-SRRE was wholly owned by Ace Develop Properties Limited (“Ace Develop”), a corporation, of which Lin Chi-Jung, an individual, is the principal and controlling shareholder. SHXJY was established in the People’s Republic of China (“PRC”) on August 20, 2001 as a limited liability company. SHXJY was originally owned by a Taiwanese company, of which the principal and controlling shareholder was Lin Chi-Jung. On June 8, 2004, all the fully paid up capital of SHXJY was transferred to CY-SRRE. On June 25, 2004, SHXJY and two individuals established a subsidiary, SZXJY in the PRC, at which point in time, SHXJY held a 90% equity interest in SZXJY. On August 9, 2005, SHXJY sold 10% equity interest in SZXJY to a company owned by a director of SZXJY and transferred 5% equity interest in SZXJY to CY-SRRE. Following the disposal and the transfer, CY-SRRE effectively held 80% equity interest in SZXJY. LRY was established in the British Virgin Islands on November 13, 2003 as a limited liability company. LRY was owned by Ace Develop, Planet Technology Corporation (“Planet Tech”) and Systems & Technology Corporation (“Systems Tech”). On February 5, 2004, LRY established a wholly owned subsidiary, SHSY in the PRC as a limited liability company. On August 31, 2004, SRRE, CY-SRRE and Lin Chi-Jung, an individual and agent for the beneficial shareholder of CY-SRRE, i.e., Ace Develop, entered into an exchange agreement under which SRRE issued 5,000,000 shares of common stock to the beneficial shareholder or its designees, in exchange for all outstanding capital stock of CY-SRRE. The transaction was closed on October 5, 2004. Lin Chi-Jung was Chairman of the Board of Directors of SRRE, the President of CY-SRRE and the principal and controlling shareholder of Ace Develop. Also on August 31, 2004, SRRE, LRY and Lin Chi-Jung, an individual and agent for beneficial shareholders of LRY, i.e., Ace Develop, Planet Tech and SystemsTech, entered into an exchange agreement under which SRRE issued 10,000,000 shares of common stock to the beneficial shareholders, or their designees, in exchange for all outstanding capital stock of LRY. The transaction was closed on October 5, 2004. Lin Chi-Jung was Chairman of the Board of Directors of SRRE, the President of LRY and the principal and controlling shareholder of Ace Develop. Regarding the 10,000,000 shares of common stock of SRRE issued in this transaction, SRRE issued 8,500,000 shares to Ace Develop, 750,000 shares to Planet Tech and 750,000 shares to Systems Tech. As a result of the acquisition, the former owners of CY-SRRE and LRY hold a majority interest in the combined entity. Generally accepted accounting principles require in certain circumstances that a company whose shareholders retain the majority voting interest in the combined business be treated as the acquirer for financial reporting purposes. Accordingly, the acquisition has been accounted for as a “reverse acquisition” arrangement whereby CY-SRRE and LRY are deemed to have purchased SRRE. However, SRRE remains the legal entity and the Registrant for Securities and Exchange Commission reporting purposes. All shares and per share data prior to the acquisition have been restated to reflect the stock issuance as a recapitalization of CY-SRRE and LRY. On January 10, 2005, LRY and a PRC third party established a subsidiary, SZGFH, a limited liability company in the PRC, with LRY holding 80% of the equity interest in SZGFH. On May 8, 2006, LRY acquired 20% of the equity interest in SZGFH from the third party. Following the acquisition, LRY effectively held 100% of the equity interest in SZGFH. The Company sold SZGFH in 2017. On November 24, 2006, CY-SRRE, SHXJY, a shareholder of SZXJY and a third party established a subsidiary, SZSY in the PRC, with CY-SRRE holding 12.5% equity interest, SHXJY holding 26% equity interest and the shareholder of SZXJY holding 12.5% equity interest in SZSY. At the date of incorporation, SRRE and the shareholder of SZXJY entered into a voting agreement that SRRE is entitled to exercise the voting right in respect of its 12.5% equity interest in SZSY. Following that, SRRE effectively holds 51% of the voting rights in SZSY. On September 24, 2007, CY-SRRE sold 5% equity interest in SZXJY to a company owned by a director of SZXJY. Following the disposal, CY-SRRE effectively holds 75% equity interest in SZXJY. In October 2011, SHXJY purchased 24% interest in Linyi Shang Yang Real Estate Consultation Company Limited (“ LYSY LYRL On March 6, 2012, SHXJY established a subsidiary in the PRC — LYRL. The equity interest in LYRL is held by three Chinese individuals in trust for SHXJY. At the date of its incorporation, SHXJY transferred its 24% equity interest in LYSY to LYRL. On August 2014, all the equity interest in LYRL was transferred to SHRJ. On June 6, 2013, SHSY and LYRL together with 4 investors established a company, Shanghai Daerwei (“SHDEW”), in the PRC focusing on the cosmetics and skincare business. SHSY holds 12.6% equity interest and LYRL holds 7.3% equity interest in SHDEW. As the Company does not have significant influence in SHDEW, we adopted the alternative measurement accounting method for the SHDEW investment. On July 25, August 19 and October 15, 2014 respectively, the Company established three investment holding company separately, namely SHHT, SHSYTX and SZSYHT. These three companies were wholly owned subsidiary to the Company and have not commenced their operations. In the year 2017, SHSYTX has transferred its shares of 76.92% to other shareholders and has 19.9% as of 2020. SZSYHT has transferred all of its shares to other shareholders. In October 2018, HATX purchased the property in Huai’an, Qingjiang Pu district with an area of 78,030 square meters. In December 2018 we established HAZB with a 78.46% ownership for the purpose of real estate investment and in March 2019, HAZB purchased 100% of HATX and tis land usage rights to the Huaian property. The Huaian project, named Tianxi Times, started its first phase development in early 2019 with a GFA of 82,218 sqm totaling 679 units, and started its second phase in middle 2020 with a GFA of 99,123 sqm totaling 873 units. As of March 20, 2023, the Company sold and pre-sold 343 units and 327 units, respectively, out of 679 units of first phase and pre-sold 364 out of 873 of second phase. The principal activities of the Company are real estate development, including property marketing, leasing and management services in the PRC.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting and Principles of Consolidation The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“ U.S. GAAP The consolidated financial statements include the financial statements of Sunrise Real Estate Group, Inc. and its subsidiaries. All significant inter-company accounts and transactions have been eliminated on consolidation. Investments in business entities, in which the Company does not have control but can exercise significant influence over operating and financial policies, are accounted for using the equity method. Use of Estimates The preparation of financial statements in accordance with U.S GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value of Financial Instruments The Company follows the provisions of Accounting Standards Codification (“ ASC ASC 820 Level 1-Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2-Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3-Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. The carrying amounts reported in the accompanying consolidated balance sheets for cash and cash equivalents, restricted cash, accounts receivable, promissory deposits, amount due from an unconsolidated affiliate, other receivables and deposits, deferred tax assets, bank loans, promissory notes payable, accounts payable, customer deposits, amounts due to directors, other payables and accrued expenses, other taxes payable and income taxes payable approximate their fair value based on the short-term maturity of these instruments. The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of December 31, 2023. Description Level 1 Level 2 Level 3 Total 10,167,965 10,167,965 Wealth management investment products 16,337,459 16,337,458 Investment in transactional equity securities — — Total $ 26,505,424 $ — $ — $ 26,505,424 The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of December 31, 2022. Description Level 1 Level 2 Level 3 Total 4,795,862 4,795,862 Wealth management investment products 6,164,649 6,164,649 Investment in transactional equity securities — — Total $ 10,960,511 $ — $ — $ 10,960,511 Concentrations of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, other receivables and deposits, and amount due from an unconsolidated affiliate. The Company places its cash and cash equivalents with reputable financial institutions with high credit ratings. The Company conducts credit evaluations of customers and generally does not require collateral or other security from customers. The Company establishes an allowance for doubtful accounts primarily based upon the age of the receivables and factors relevant to determining the credit risk of specific customers. The amount of receivables ultimately not collected by the Company has generally been consistent with management’s expectations and the allowance established for doubtful accounts. Major Customers During the year ended December 31, 2023 and 2022, there was no single customer that represented more than 10% of our net revenues. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and all high liquidity investments with an original maturity of three months or less. The Company maintains cash and cash equivalents with various banks in the PRC which are not insured or otherwise protected. Should any of these banks holding the Company’s cash deposits become insolvent, or if the Company is otherwise unable to withdraw funds for any reason, the Company could lose the cash on deposit with that particular bank. Foreign Currency Translation and Transactions The functional currency of SRRE, CY-SRRE and LRY is U.S. dollars (“ $ RMB Foreign currency transactions during the year are translated into each company’s denominated currency at the exchange rates ruling at the transaction dates. Gain and loss resulting from foreign currency transactions are included in the consolidated statement of operations. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated into each company’s denominated currency at year-end exchange rates. All exchange differences are dealt with in the consolidated statements of operations. The financial statements of the Company’s operations based outside of the United States have been translated into U.S. dollars in accordance with ASC830. Management has determined that the functional currency for each of the Company’s foreign operations is its applicable local currency. When translating functional currency financial statements into U.S. dollars, year-end exchange rates are applied to the consolidated balance sheets, while average exchange rates as to revenues and expenses are applied to consolidated statements of operations. The effect of foreign currency translation adjustments are included as a component of accumulated other comprehensive income in shareholders’ equity. The exchange rates as of December 31, 2023 and December 31, 2022 were $1: RMB7.0827 and $1: RMB6.9646 respectively. The RMB is not freely convertible into foreign currency and all foreign exchange transaction must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rate used in translation. Real Estate Property under Development Real estate property under development, which consists of residential unit sites and commercial and residential unit sites under development, is stated at the lower of carrying amounts or fair value. Expenditures for land development, including cost of land use rights, deed tax, and pre-development costs and engineering costs, are capitalized and allocated to development projects by the specific identification method. Costs are allocated to specific units within a project based on the ratio of the sales value of units to the estimated total sales value times the total project costs. Costs of amenities transferred to buyers are allocated as common costs of the project that are allocated to specific units as a component of total construction costs. For amenities retained by the Company, costs in excess of the related fair value of the amenity are also treated as common costs. Results of operations of amenities retained by the Company are included in current operating results. Real estate property under development is subject to valuation adjustments when the carrying amount exceeds fair value. An impairment loss is recognized only if the carrying amount of the asset is not recoverable and exceeds fair value. The carrying amount is not recoverable if it exceeds the sum of the undiscounted cash flows expected to be generated by the asset. The Company reviewed all of its real estate projects for future losses and impairment by comparing the estimated future undiscounted cash flows for each project to the carrying value of such project. For the years ended December 31, 2023, the Company recognized $19.6 million impairment for real estate property under development. Accumulated impairment losses totaled $19.6 million. Capitalization of Interest Interest incurred during and directly related to real estate development projects is capitalized to the related real estate property under development during the active development period, which generally commences when borrowings are used to acquire real estate assets and ends when the properties are substantially complete or the property becomes inactive. Interest is capitalized based on the interest rate applicable to specific borrowings or the weighted average of the rates applicable to other borrowings during the period. Interest capitalized to real estate property under development is expensed as a component of cost of real estate sales when related units are sold. All other interest is expensed as incurred. Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation and any impairment losses. Depreciation is computed using the straight-line method to allocate the cost of depreciable assets over the estimated useful lives of the assets as follows: Estimated Useful Life (in years) Furniture and fixtures 5‑10 Computer and office equipment 3‑5 Motor vehicles 5 Properties 20 Maintenance, repairs and minor renewals are charged directly to the statement of operations as incurred. Additions and improvements are capitalized. When assets are disposed of, the related cost and accumulated depreciation thereon are removed from the accounts and any resulting gain or loss is included in the statement of operations. Investment Properties, Net Investment properties are stated at cost less accumulated depreciation and any impairment losses. Depreciation is computed using the straight-line method to allocate the cost of depreciable assets over their respective estimated useful lives of 20 years. Significant additions that extend property lives are capitalized and are depreciated over their respective estimated useful lives. Routine maintenance and repair costs are expensed as incurred. Impairment of Long-lived Assets In accordance with ASC 360, “Accounting for the Impairment or Disposal of Long-Lived Assets” (“ ASC 360 The Company tests long-lived assets, including property and equipment, investment properties and other assets, for recoverability when events or circumstances indicate that the net carrying amount is greater than its fair value. Assets are grouped and evaluated at the lowest level for their identifiable cash flows that are largely independent of the cash flows of other groups of assets. The Company considers historical performance and future estimated results in its evaluation of potential impairment and then compares the carrying amount of the asset to the future estimated cash flows expected to result from the use of the asset. If the carrying amount of the asset exceeds estimated expected undiscounted future cash flows, the Company measures the amount of impairment by comparing the carrying amount of the asset to its fair value. The estimation of fair value is generally determined by using the asset’s expected future discounted cash flows or market value. The Company estimates fair value of the assets based on certain assumptions such as budgets, internal projections, and other available information as considered necessary. There is no impairment of long-lived assets during the years ended December 31, 2023 and 2022. Goodwill Goodwill represents the excess of the purchase price consideration from the LYSY merger in 2021 over the fair value of the assets acquired and liabilities assumed. Goodwill is not amortized, but instead tested for impairment on an annual basis, or more frequently if certain events or indicators of potential impairment exists, and goodwill is written down when it is determined to be impaired. In 2023, the annual goodwill impairment test performed by estimating the fair value of each reporting unit using projected future cash flows and comparing those estimated fair value with the carrying values, which include the allocated goodwill. The goodwill impairment test result in the carry value written down to its fair value with the related impairment charge of $1,132,629 recognized in Consolidated Statements of Operations, which reduced the goodwill of this reporting unit to zero. Customer Deposits Customer deposits consist of amounts received from customers relating to the sale of residential units in the PRC. In the PRC, customers will generally obtain permanent financing for the purchase of their residential unit prior to the completion of the project. The lending institution will provide the funding to the Company upon the completion of the financing rather than the completion of the project. The Company receives these funds and recognizes them as a liability until the revenue can be recognized. Long Term Investments The Company accounts for long term investments in equities as follows. Investments in Unconsolidated Affiliates Affiliates are entities over which the Company has significant influence, but which it does not control. The Company generally considers an ownership interest of 20% or higher to represent significant influence. Investments in unconsolidated affiliates are accounted for by the equity method of accounting. Under this method, the Company’s share of the post-acquisition profits or losses of affiliates is recognized in the income statement and its shares of post-acquisition movements in other comprehensive income are recognized in other comprehensive income. Unrealized gains on transactions between the Company and its affiliates are eliminated to the extent of the Company’s interest in the affiliates; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Company’s share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate. The Company 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. During the years ended December 31, 2023 and 2022, the Company provided no allowance for impairment loss on investments in unconsolidated affiliates. Other Investments Where the Company has no significant influence, the investment is classified as other investments in the balance sheet and is carried under the measurement alternative method. The measurement alternative measures the equity investment at cost less impairment, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer. During the year ended December 31, 2023 and 2022, the Company provided no allowance for impairment loss on other investments. Revenue Recognition Most of the Company’s revenue is derived from real estate sales in the PRC. The majority of the Company’s contracts contain a single performance obligation involving significant real estate development activities that are performed together to deliver a real estate property to customers. Revenues arising from real estate sales are recognized when or as the control of the asset is transferred to the customer. The control of the asset may transfer over time or at a point in time. For the sales of individual condominium units in a real estate development project, the Company has an enforceable right to payment for performance completed to date, revenue is recognized at a point in time when the customer obtains control of the asset. All revenues represent gross revenues less sales and business tax. ASC 606 requires an entity to recognize revenue when it transfers 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. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. ASC 606 also specifies the accounting for the incremental costs of obtaining a contract and the costs directly related to fulfilling a contract. In addition, ASC 606 requires extensive disclosures. The Company adopted ASC 606 on January 1, 2018 using the modified retrospective approach with no restatement of comparative periods and no cumulative-effect adjustment to retained earnings recognized as of the date of adoption. A significant portion of the Company’s revenue is derived from development and sales of condominium real estate property in the PRC, with revenue previously recognized using the percentage of completion method. Under the new standard, to recognize revenue over time similar to the percentage of completion method, contractual provisions need to provide the Company with an enforceable right to payment and the Company has no alternative use of the asset. Historically, all contracts executed contained an enforceable right to home purchase payments and the Company had no alternative use of assets, therefore, the adoption of ASC 606 did not have a material impact on the Company’s consolidated financial statements. Comprehensive Income (Loss) In accordance with ASC 220-10-55, comprehensive income (loss) is defined as all changes in equity except those resulting from investments by owners and distributions to owners. The Company’s only components of comprehensive loss during the years ended December 31, 2023 and 2022 were net loss and foreign currency translation adjustments. Net Earnings (Loss) per Common Share The Company computes net earnings (loss) per share in accordance with ASC 260, “Earnings per Share” (“ ASC 260 Stock-Based Compensation The Company accounts for equity instruments issued to employees in accordance with the provisions of ASC 718 Stock Compensation (ASC 718) and Equity-Based Payments to Non-employees pursuant to ASC 2018-07 (ASC 2018-07). The fair values of stock options were determined using the Black-Scholes options pricing model. Income Taxes The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (“ ASC 740 The Company recognizes tax benefits that satisfy a greater than 50% probability threshold and provides for the estimated impact of interest and penalties for such tax benefits. The Company did not incur any interest or penalties related to potential underpaid income tax expenses during the years ended December 31, 2023 and 2022. Recently Adopted Accounting Standards In January 1, 2023, the Company adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which requires disclosure of gross write-offs of finance receivables by year of origination. The adoption of this standard did not have a material impact on our disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which would require additional transparency for income tax disclosures, including the income tax rate reconciliation table and cash taxes paid both in the United States and foreign jurisdictions. This standard is effective for annual periods beginning after December 15, 2024. We are currently assessing the impact this standard will have on our disclosures. New Accounting Pronouncements Accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. The Company does not discuss new accounting pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

RESTRICTED CASH

RESTRICTED CASH	12 Months Ended
RESTRICTED CASH	Dec. 31, 2023
RESTRICTED CASH
RESTRICTED CASH	NOTE 3 — RESTRICTED CASH The Company is required to maintain certain deposits with the bank for those home buyers that has applied for a housing loan from their bank. This deposit is a percentage to each home buyer’s bank loan for the purpose of purchasing in our project. Once we complete the handover to the buyer, these deposits become unrestricted. As of December 31, 2023 and December 31, 2022, the Company held cash deposits of $2,723,667 and $43,869,156, respectively.

TRANSACTIONAL FINANCIAL ASSETS

TRANSACTIONAL FINANCIAL ASSETS	12 Months Ended
TRANSACTIONAL FINANCIAL ASSETS	Dec. 31, 2023
TRANSACTIONAL FINANCIAL ASSETS
TRANSACTIONAL FINANCIAL ASSETS	NOTE 4 — TRANSACTIONAL FINANCIAL ASSETS As of December 31, 2023, we have $26,505,532 invested in bank wealth management investment products. The investments have short maturity periods and can be rolled into a maturity date of our choosing or automatically rolled into subsequent maturity period. The annualized rate of return may range from 2.08% to

REAL ESTATE PROPERTY UNDER DEVE

REAL ESTATE PROPERTY UNDER DEVELOPMENT	12 Months Ended
REAL ESTATE PROPERTY UNDER DEVELOPMENT	Dec. 31, 2023
REAL ESTATE PROPERTY UNDER DEVELOPMENT
REAL ESTATE PROPERTY UNDER DEVELOPMENT	NOTE 5 — REAL ESTATE PROPERTY UNDER DEVELOPMENT Real estate property under development represents the Company’s real estate development project in Linyi, the PRC (“Linyi Project”), which is located on the junction of Xiamen Road and Hong Kong Road in Linyi City Economic Development Zone, Shandong Province, PRC. This project covers a site area of approximately 103,385 square meters for the development of villa-style residential housing buildings. The Company acquired the site and commenced construction of this project during the fiscal year of 2012. We sold 119 of 121 Phase 1 villas, sold all 84 units in Phase 2, and pre-sold 24 units out of 51 units in Phase 3 as of March 28, 2024. In October 2018, HATX purchased the property in Huai’an, Qingjiang Pu district with an area of 78,030 square meters (“sqm”). In December 2018, we established HAZB with a 78.46% ownership for the purpose of real estate investment, and in March 2019, HAZB purchased 100% of HATX and its land usage rights to the Huai’an property. The Huai’an project, named Tianxi Times, started its first phase development in early 2019 with a gross floor area (“GFA”) of 82,218 sqm totaling 679 units, and started its second phase in 2020 with a GFA of 99,123 sqm totaling 873 units. As of March 28, 2024, the Company sold 665 units, respectively, out of 679 units of the first phase and sold 498 units out of 873 of the second phase. As of December 31, 2023, land use rights included in real estate property under development totaled $88,742,269.

OTHER RECEIVABLES AND DEPOSITS,

OTHER RECEIVABLES AND DEPOSITS, NET	12 Months Ended
OTHER RECEIVABLES AND DEPOSITS, NET	Dec. 31, 2023
OTHER RECEIVABLES AND DEPOSITS, NET
OTHER RECEIVABLES AND DEPOSITS, NET	NOTE 6 — OTHER RECEIVABLES AND DEPOSITS December 31, December 31, 2023 2022 Advances to staff $ 20,042 $ 327,262 Rental deposits 719,354 735,860 Prepaid expense 48,462 28,153 Prepaid tax 6,242,218 7,783,185 Other receivables 2,283,757 1,859,000 $ 9,321,913 $ 10,733,460 Prepaid tax are taxes prepaid from the apartment sold but that have not been delivered to the owner of the HATX project in the amount of $4,366,025 and Linyi project in the amount of $1,876,193. Other receivables and deposits as of December 31, 2023 are stated net of allowance for doubtful accounts of $1,265,984 (2022: $1,233,179). Other receivables of $2,283,757 mainly consists of $786,423 from Shanghai Wu Zhao Hao and $705,945 from Shanxi Guoguang, and $1,094,067 of proxy payment repair and maintenance fund of HATX project.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
PROPERTY AND EQUIPMENT, NET	Dec. 31, 2023
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	NOTE 7 — PROPERTY AND EQUIPMENT, NET December 31, December 31, 2023 2022 Furniture and fixtures $ 260,488 $ 223,960 Computer and office equipment 189,592 135,163 Motor vehicles 609,004 747,185 Properties 2,136,116 2,172,338 3,195,199 3,278,646 Less: Accumulated depreciation 2,467,105 2,277,569 $ 728,094 $ 1,001,077 During the year ended December 31, 2023, depreciation and amortization expense for property and equipment amounted to $189,536.

INVESTMENT PROPERTIES, NET

INVESTMENT PROPERTIES, NET	12 Months Ended
INVESTMENT PROPERTIES, NET	Dec. 31, 2023
INVESTMENT PROPERTIES, NET
INVESTMENT PROPERTIES, NET	NOTE 8 – INVESTMENT PROPERTIES, NET December 31, December 31, 2023 2022 Investment properties $ 41,123,783 $ 33,367,887 Less: Accumulated depreciation (12,213,208) (10,694,748) $ 28,910,575 $ 22,673,139 During the year ended December 31, 2023, depreciation and amortization expense for investment properties amounted to $1,495,096.

INVESTMENT IN AND AMOUNT DUE FR

INVESTMENT IN AND AMOUNT DUE FROM AN UNCONSOLIDATED AFFILIATE	12 Months Ended
	Dec. 31, 2023
INVESTMENT IN AND AMOUNT DUE FROM AN UNCONSOLIDATED AFFILIATE
INVESTMENT IN AND AMOUNT DUE FROM AN UNCONSOLIDATED AFFILIATE	NOTE 9 — INVESTMENTS IN AND AMOUNT DUE FROM UNCONSOLIDATED AFFILIATES The investments in unconsolidated affiliates primarily consist of SHDEW (19.91%), DEWSY (Shanghai Da Er Wei Industries Co., Ltd, 19.6%) and SHTX (19.9%). As of December 31, 2023, the investment amount in SHDEW was $12,510,206, DEWSY was $552,891 and in SHTX was $28,238. SHDEW was established in June 2013 as a skincare and cosmetic company developing its own skincare products. SHDEW sells products for its own brands and under third parties. The products include skincare, cosmetics, personal care products such as soaps, shampoos, skin care devices and children’s apparel. SHDEW is improving its own online shopping platform where consumers can purchase its cosmetics and skincare products as well as products imported into China. The online shopping platform has been in operation since 2017.

OTHER INVESTMENTS, NET

OTHER INVESTMENTS, NET	12 Months Ended
OTHER INVESTMENTS, NET	Dec. 31, 2023
OTHER INVESTMENTS, NET
OTHER INVESTMENTS, NET	NOTE 10 — OTHER INVESTMENTS, NET According to ASU 2016-01, where the Company has no significant influence, the investment is classified as other investments in the balance sheet and is carried under the measurement alternative method. The measurement alternative measures the equity investment at cost less impairment, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer. As of December 31, 2023 and December 31, 2022, the carrying amount of the Company’s measurement alternative investments was $641,810 and $652,693, respectively. The Company performs impairment assessment of its investments under the measurement alternative whenever events or changes in circumstances indicate that the carrying value of the investment may not be fully recoverable. Impairment charges in connection with the measurement alternative investments of NIL were recorded in others, net in the Consolidated Statements of Operations and Comprehensive Income/(Loss) for the years ended December 31, 2023 and 2022, respectively.

PROMISSORY NOTES PAYABLE

PROMISSORY NOTES PAYABLE	12 Months Ended
PROMISSORY NOTES PAYABLE	Dec. 31, 2023
PROMISSORY NOTES PAYABLE
PROMISSORY NOTES PAYABLE	NOTE 11 — PROMISSORY NOTES PAYABLE The promissory notes payable consists of the following unsecured notes to unrelated parties. Included in the balances are promissory notes with outstanding principal and unpaid interest of an aggregate of $1,411,891 and $1,435,833 as of December 31, 2023 and December 31, 2022, respectively. The promissory note with a principal as of December 31, 2023 amounting to $705,945 bears interest at a rate of 0% per annum, is unsecured and has no fixed term of repayment. As of December 31, 2023, and December 31, 2022, the outstanding principal and unpaid interest related to this promissory note amounted to $705,945 and $717,916, respectively. The promissory note with a principal as of December 31, 2023 amounting to $705,945 bears interest at a rate of 0% per annum, is unsecured and has no fixed term of repayment. As of December 31, 2023, and December 31, 2022, the outstanding principal and unpaid interest related to this promissory note amounted to $705,945 and $717,916, respectively. During the year ended December 31, 2023 and 2022, there were no interest expenses related to these promissory notes.

AMOUNTS DUE TO DIRECTORS

AMOUNTS DUE TO DIRECTORS	12 Months Ended
AMOUNTS DUE TO DIRECTORS	Dec. 31, 2023
Directors
AMOUNTS DUE TO DIRECTORS
AMOUNTS DUE TO DIRECTORS	NOTE 12 — AMOUNTS DUE TO DIRECTORS December 31, December 31, 2023 2022 Lin Chi-Jung $ 451,640 $ 459,299 Lin Hsin-Hung 20,464 20,811 $ 472,104 $ 480,109 (a) The balance due to Lin Chi-Jung consists of temporary advances. The balances are unsecured, interest-free and have no fixed term of repayment. (b) The balances due to Lin Hsin-Hung was unsecured, interest-free and have no fixed term of repayment .

ACCOUNTS PAYABLE

ACCOUNTS PAYABLE	12 Months Ended
ACCOUNTS PAYABLE	Dec. 31, 2023
ACCOUNTS PAYABLE
ACCOUNTS PAYABLE	NOTE 13 — ACCOUNTS PAYABLE As of December 31, 2023, and 2022, the balances of accounts payable were $24,885,181 and $22,372,938 respectively. The balance of accounts payable as of December 31, 2023 included the unpaid development fee of the Linyi project of $4,057,446 and the HATX project of $19,740,002. The remaining balance was due to agents of the operating business.

CUSTOMER DEPOSITS

CUSTOMER DEPOSITS	12 Months Ended
CUSTOMER DEPOSITS	Dec. 31, 2023
CUSTOMER DEPOSITS
CUSTOMER DEPOSITS	NOTE 14 — CUSTOMER DEPOSITS Customer deposits consisted of the sales from real estate development project (the Linyi project and the HATX project) which cannot be recognized as revenue at the accounting period and deposits received for rental. The Linyi project has started pre-sales in November 2013 and in the year of 2019, the Project has recognized its revenue along with customer deposit, as of December 31, 2023, the pre-sales amounted to $8,755,843. The HATX project has started pre-sales in December 2019, as of December 31, 2023 the pre-sales amounted to $14,511,151.

AMOUNT DUE TO AFFILIATES

AMOUNT DUE TO AFFILIATES	12 Months Ended
AMOUNT DUE TO AFFILIATES	Dec. 31, 2023
Due To Affiliate
AMOUNT DUE TO AFFILIATES
AMOUNT DUE TO AFFILIATES	NOTE 15 — AMOUNT DUE TO AFFILIATES As of December 31, 2023, the amount due to Shanghai Shengji (“SHSJ”) a shareholder of HATX, $31,568,727 and JXSY, $500,014, was an intercompany transfer for day-to- day operations.

OTHER PAYABLES AND ACCRUED EXPE

OTHER PAYABLES AND ACCRUED EXPENSES	12 Months Ended
OTHER PAYABLES AND ACCRUED EXPENSES	Dec. 31, 2023
OTHER PAYABLES AND ACCRUED EXPENSES
OTHER PAYABLES AND ACCRUED EXPENSES	NOTE 16 — OTHER PAYABLES AND ACCRUED EXPENSES December 31, December 31, 2023 2022 Accrued staff commission and bonus $ 44,572 $ 185,124 Rental deposits received 188,355 164,566 Bid bond 78,763 90,457 Other payables 6,850,685 6,954,170 Dividends payable to non-controlling interest 189,977 193,198 $ 7,352,352 $ 7,587,515 Other payables are advances from unrelated parties are unsecured, interest-free and have no fixed term of repayment, it’s mainly from the advance from SHSJ, our related party, at the amount of $6,648,142 for the benefit of HATX project.

INCOME TAXES PAYABLE

INCOME TAXES PAYABLE	12 Months Ended
INCOME TAXES PAYABLE	Dec. 31, 2023
INCOME TAXES PAYABLE
INCOME TAXES PAYABLE	NOTE 17 — INCOME TAXES PAYABLE The 2017 Tax Act was enacted on December 22, 2017. Due to the complexities involved in the accounting for the 2017 Tax Act, the SEC issued SAB 118, which provides guidance on the application of US GAAP for income taxes in the period of enactment. SAB 118 requires companies to include in their financial statements a reasonable estimate of the impact of the 2017 Tax Act, to the extent such an estimate has been determined. As a result, our financial results reflect the income tax effects of the 2017 Tax Act for which the accounting is complete, as well as provisional amounts for those impacts for which the accounting is incomplete but a reasonable estimate could be determined. The Tax Legislation significantly revises the U.S. corporate income tax by, among other things, lowering the corporate income tax rate to 21%, implementing a modified territorial tax system and imposing a one-time repatriation tax on deemed repatriated earnings and profits of U.S.-owned foreign subsidiaries (the Toll Charge). As a fiscal-year taxpayer, certain provisions of the Tax Legislation impacted the Company in fiscal 2018, including the change in the corporate income tax rate and the Toll Charge, while other provisions will be effective starting at the beginning of fiscal 2019, including the implementation of a modified territorial tax system. The U.S. federal income tax rate reduction was effective as of January 1, 2018. Year Ended December 31, 2023 2022 Income /(loss) before income tax expense Income /(loss) from China operations $ (3,479,331) $ 7,783,154 Income /(loss) from non-China operations — 27,726,545 Total income /(loss) before income tax expense (3,479,331) 35,509,699 Income tax expense applicable to China operations Current tax 1,095,356 2,599,250 Deferred tax — — Subtotal income tax expense applicable to China operations 1,095,356 2,599,250 Non-China income tax expense/(benefit) — 2,970,576 Total income tax expense $ 1,095,356 $ 5,569,826 In 2023, of the $NIL income tax expense, was for PRC tax, mainly attributable to the non-U.S. subsidiaries of the Company’s business operations and $0 was for U.S. corporate income tax, resulting primarily from a one-time transition tax recognized in the fourth quarter of 2017 that represented management’s estimate of the amount of U.S. corporate income tax based on the deemed repatriation to the United States of the Company’s share of previously deferred earnings of certain non-U.S. subsidiaries of the Company mandated by the U.S. Tax Reform. The Company may make an election to pay the one-time transition tax over eight years commencing in April 2021 or pay in a single lump sum. Effective Tax Rate The following is reconciliation between the U.S. federal statutory rate and the Company’s effective tax rate: 2023 2022 PRC Statutory rate 25 % 25 % Effect of the U.S. Transition Tax under the 2017 TCJA — % — % Effect of income not taxable for PRC tax purposes (31.5) % 33.4 % Under (Over)-provision for income taxes in prior years 0.0 % — % Effective income tax rate (31.5) % 15.69 % Deferred Tax Assets and Liabilities Significant components of the Company’s deferred tax assets and liabilities consist of the following: As of December 31, 2023 2022 Deferred tax assets: Net operating loss from operations $ — $ — Total deferred tax assets — — Less: Valuation allowance — — Net deferred tax assets $ — $ — In assessing the reliability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or are utilized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon an assessment of the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are tested whether they are deductible or can be utilized, the Company recorded the deferred tax assets resulting from net operating loss carry forwards of $NIL as of December 31, 2023 (2022: $NIL). The Company adopted ASC 740-10-25 Accounting for Uncertainty in Income Taxes and such adoption did not have any material impact on the accompanying consolidated financial statements. The Company is subject to income taxes in the PRC. Tax regulations are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. All tax positions taken, or expected to be taken, continue to be more likely than not ultimately settled at the full amount claimed. The Company’s tax filings are subject to the PRC tax bureau’s examination for a period up to five years. The Company is not currently under any examination by the PRC tax bureau.

STATUTORY RESERVE

STATUTORY RESERVE	12 Months Ended
STATUTORY RESERVE	Dec. 31, 2023
STATUTORY RESERVE
STATUTORY RESERVE	NOTE 18 — STATUTORY RESERVE According to the relevant corporation laws in the PRC, a PRC company is required to transfer at least 10% of its profit after taxes, as determined under accounting principles generally accepted in the PRC, to the statutory reserve until the balance reaches 50% of its registered capital. The statutory reserve can be used to make good on losses or to increase the capital of the relevant company. According to the Law of the PRC on Enterprises with Wholly-Owned Foreign Investment, the Company PRC’s subsidiaries are required to make appropriations from after-tax profits as determined under accounting principles generally accepted in the PRC (“ PRC GAAP In addition to the general reserve, the Company’s PRC subsidiaries are required to obtain approval from the local PRC government prior to distributing any registered share capital. Accordingly, both the appropriations to general reserve and the registered share capital of the Company’s PRC subsidiary are considered as restricted net assets and are not distributable as cash dividends. As of December 31, 2023, the Company’s statutory reserve fund was $3,986,618.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 19 — COMMITMENTS AND CONTINGENCIES Operating Lease Commitments The Company leases certain of its office properties under non-cancellable operating lease arrangements. Payments under operating leases are expensed on a straight-line basis over the periods of their respective terms, and the terms of the leases do not contain rent escalation, or contingent rent, renewal, or purchase options. There are no restrictions placed upon the Company by entering into these leases. Rental expenses under operating leases for the year ended December 31, 2023 and 2022 were $100,289 and $178,251, respectively. As of December 31, 2023, the Company had the following operating lease obligations falling due. Amount Year Ending Within one year $ 27,919 Two to five years — $ 27,919

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
SEGMENT INFORMATION	Dec. 31, 2023
SEGMENT INFORMATION
SEGMENT INFORMATION	NOTE 20 — SEGMENT INFORMATION The Company’s Chief Executive Officer and Chief Operating Officer have been identified as the chief operating decision makers. The Company’s chief operating decision makers direct the allocation of resources to operating segments based on the profitability and cash flows of each respective segment. The Company evaluates performance based on several factors, including net revenue, cost of revenue, operating expenses, and income from operations. The following tables show the operations of the Company’s operating segments: Year Ended December 31, 2023 Property Brokerage Real Estate Investment Services Development Transaction Others Total Net revenues $ 652,371 $ 24,181,492 $ — $ — $ 24,833,863 Cost of revenues (868,012) (19,021,468) — — (19,889,480) Gross profit (215,642) 5,160,025 — — 4,944,383 Operating expenses (261,965) (1,540,593) — — (1,802,558) General and administrative expenses (1,919,153) (1,257,907) — (578,706) (3,755,767) Operating loss (2,396,760) 2,361,525 — (578,706) (613,942) Other income (expenses) Interest income 43,310 490,030 — 299,121 832,461 Interest expense — (3,226,658) — — (3,226,658) Real estate property under development impairment — (19,590,407) — — (19,590,407) Goodwill impairment — — — (1,132,629) (1,132,629) Other income, Net — (24,432) 36,634 (1,447,489) (1,435,287) Total other (expenses) income (43,310) (22,351,467) 36,634 (2,280,997) (24,552,520) Income (loss) before income taxes (2,353,450) (19,989,943) 36,634 (2,859,703) (25,166,462) Income tax — (1,095,356) — — (1,095,356) Net Income (loss) $ (2,353,450) $ (21,085,299) $ 36,634 $ (2,859,703) $ (26,261,818) Year Ended December 31, 2022 Property Brokerage Real Estate Investment Services Development Transaction Others Total Net revenues $ 668,452 $ 79,351,737 $ — $ — $ 80,020,189 Cost of revenues (954,553) (69,609,249) — — (70,563,802) Gross profit (286,101) 9,742,488 — — 945,637 Operating expenses (1,901,469) (1,127,619) — — (3,029,088) General and administrative expenses (1,200,913) (6,644,703) — (704,945) (8,550,561) Operating loss (3,388,483) 1,970,166 — (704,945) (2,123,262) Other income (expenses) Interest income 30,275 598,140 — 62,681 691,096 Interest expense 438,705 (438,705) — (651,085) (651,085) Other income, Net (2,807,313) (55,064) 192,241 (100,000) (2,770,136) Total other (expenses) income (2,338,333) 104,371 192,241 (688,404) (2,730,125) Income (loss) before income taxes (5,726,816) 2,074,537 192,241 (1,393,349) (4,853,387) Income tax (1,571,933) — — (2,970,576) (4,542,509) Net Income (loss) $ (7,298,749) $ 2,074,537 $ 192,241 $ (4,363,925) $ (9,395,896) Property Brokerage Real Estate Investment* Services Development Transaction Others Total As of December 31, 2023 Real estate property under development $ — $ 88,742,269 $ — $ — $ 88,742,269 Total assets 10,865,377 116,436,604 40,238,677 40,334,398 207,875,056 As of December 31, 2022 Real estate property under development $ — $ 120,302,022 $ — $ — $ 120,302,022 Total assets 16,964,879 144,727,138 24,364,265 88,038,312 274,094,594

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 21 — RELATED PARTY TRANSACTIONS A related party is an entity that can control or significantly influence the management or operating policies of another entity to the extent one of the entities may be prevented from pursuing its own interests. A related party may also be any party the entity deals with that can exercise that control. We rent an office of about 71 sqm in Pudong, Shanghai from SHDEW, our related party for $3,709 per month for one year period. We have paid interest for the loan with SHSJ, our related party of $1,139,043 in the year of 2023 and the unpaid interest for the loan with SHSJ was $6,154,690 at the end of 2023. The accrued interest on the loan with SHSJ was $3,228,811.55 in 2023.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 22 — SUBSEQUENT EVENTS None

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	12 Months Ended
Pay vs Performance Disclosure - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (10,130,899)	$ (8,428,588)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting and Principles of Consolidation	Basis of Accounting and Principles of Consolidation The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“ U.S. GAAP The consolidated financial statements include the financial statements of Sunrise Real Estate Group, Inc. and its subsidiaries. All significant inter-company accounts and transactions have been eliminated on consolidation. Investments in business entities, in which the Company does not have control but can exercise significant influence over operating and financial policies, are accounted for using the equity method.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with U.S GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company follows the provisions of Accounting Standards Codification (“ ASC ASC 820 Level 1-Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2-Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3-Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. The carrying amounts reported in the accompanying consolidated balance sheets for cash and cash equivalents, restricted cash, accounts receivable, promissory deposits, amount due from an unconsolidated affiliate, other receivables and deposits, deferred tax assets, bank loans, promissory notes payable, accounts payable, customer deposits, amounts due to directors, other payables and accrued expenses, other taxes payable and income taxes payable approximate their fair value based on the short-term maturity of these instruments. The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of December 31, 2023. Description Level 1 Level 2 Level 3 Total 10,167,965 10,167,965 Wealth management investment products 16,337,459 16,337,458 Investment in transactional equity securities — — Total $ 26,505,424 $ — $ — $ 26,505,424 The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of December 31, 2022. Description Level 1 Level 2 Level 3 Total 4,795,862 4,795,862 Wealth management investment products 6,164,649 6,164,649 Investment in transactional equity securities — — Total $ 10,960,511 $ — $ — $ 10,960,511
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, other receivables and deposits, and amount due from an unconsolidated affiliate. The Company places its cash and cash equivalents with reputable financial institutions with high credit ratings. The Company conducts credit evaluations of customers and generally does not require collateral or other security from customers. The Company establishes an allowance for doubtful accounts primarily based upon the age of the receivables and factors relevant to determining the credit risk of specific customers. The amount of receivables ultimately not collected by the Company has generally been consistent with management’s expectations and the allowance established for doubtful accounts.
Major Customers	Major Customers During the year ended December 31, 2023 and 2022, there was no single customer that represented more than 10% of our net revenues.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand and all high liquidity investments with an original maturity of three months or less. The Company maintains cash and cash equivalents with various banks in the PRC which are not insured or otherwise protected. Should any of these banks holding the Company’s cash deposits become insolvent, or if the Company is otherwise unable to withdraw funds for any reason, the Company could lose the cash on deposit with that particular bank.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions The functional currency of SRRE, CY-SRRE and LRY is U.S. dollars (“ $ RMB Foreign currency transactions during the year are translated into each company’s denominated currency at the exchange rates ruling at the transaction dates. Gain and loss resulting from foreign currency transactions are included in the consolidated statement of operations. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated into each company’s denominated currency at year-end exchange rates. All exchange differences are dealt with in the consolidated statements of operations. The financial statements of the Company’s operations based outside of the United States have been translated into U.S. dollars in accordance with ASC830. Management has determined that the functional currency for each of the Company’s foreign operations is its applicable local currency. When translating functional currency financial statements into U.S. dollars, year-end exchange rates are applied to the consolidated balance sheets, while average exchange rates as to revenues and expenses are applied to consolidated statements of operations. The effect of foreign currency translation adjustments are included as a component of accumulated other comprehensive income in shareholders’ equity. The exchange rates as of December 31, 2023 and December 31, 2022 were $1: RMB7.0827 and $1: RMB6.9646 respectively. The RMB is not freely convertible into foreign currency and all foreign exchange transaction must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rate used in translation.
Real Estate Property under Development	Real Estate Property under Development Real estate property under development, which consists of residential unit sites and commercial and residential unit sites under development, is stated at the lower of carrying amounts or fair value. Expenditures for land development, including cost of land use rights, deed tax, and pre-development costs and engineering costs, are capitalized and allocated to development projects by the specific identification method. Costs are allocated to specific units within a project based on the ratio of the sales value of units to the estimated total sales value times the total project costs. Costs of amenities transferred to buyers are allocated as common costs of the project that are allocated to specific units as a component of total construction costs. For amenities retained by the Company, costs in excess of the related fair value of the amenity are also treated as common costs. Results of operations of amenities retained by the Company are included in current operating results. Real estate property under development is subject to valuation adjustments when the carrying amount exceeds fair value. An impairment loss is recognized only if the carrying amount of the asset is not recoverable and exceeds fair value. The carrying amount is not recoverable if it exceeds the sum of the undiscounted cash flows expected to be generated by the asset. The Company reviewed all of its real estate projects for future losses and impairment by comparing the estimated future undiscounted cash flows for each project to the carrying value of such project. For the years ended December 31, 2023, the Company recognized $19.6 million impairment for real estate property under development. Accumulated impairment losses totaled $19.6 million.
Capitalization of Interest	Capitalization of Interest Interest incurred during and directly related to real estate development projects is capitalized to the related real estate property under development during the active development period, which generally commences when borrowings are used to acquire real estate assets and ends when the properties are substantially complete or the property becomes inactive. Interest is capitalized based on the interest rate applicable to specific borrowings or the weighted average of the rates applicable to other borrowings during the period. Interest capitalized to real estate property under development is expensed as a component of cost of real estate sales when related units are sold. All other interest is expensed as incurred.
Property and Equipment, Net	Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation and any impairment losses. Depreciation is computed using the straight-line method to allocate the cost of depreciable assets over the estimated useful lives of the assets as follows: Estimated Useful Life (in years) Furniture and fixtures 5‑10 Computer and office equipment 3‑5 Motor vehicles 5 Properties 20 Maintenance, repairs and minor renewals are charged directly to the statement of operations as incurred. Additions and improvements are capitalized. When assets are disposed of, the related cost and accumulated depreciation thereon are removed from the accounts and any resulting gain or loss is included in the statement of operations.
Investment Properties, Net	Investment Properties, Net Investment properties are stated at cost less accumulated depreciation and any impairment losses. Depreciation is computed using the straight-line method to allocate the cost of depreciable assets over their respective estimated useful lives of 20 years. Significant additions that extend property lives are capitalized and are depreciated over their respective estimated useful lives. Routine maintenance and repair costs are expensed as incurred.
Impairment of Long-lived Assets	Impairment of Long-lived Assets In accordance with ASC 360, “Accounting for the Impairment or Disposal of Long-Lived Assets” (“ ASC 360 The Company tests long-lived assets, including property and equipment, investment properties and other assets, for recoverability when events or circumstances indicate that the net carrying amount is greater than its fair value. Assets are grouped and evaluated at the lowest level for their identifiable cash flows that are largely independent of the cash flows of other groups of assets. The Company considers historical performance and future estimated results in its evaluation of potential impairment and then compares the carrying amount of the asset to the future estimated cash flows expected to result from the use of the asset. If the carrying amount of the asset exceeds estimated expected undiscounted future cash flows, the Company measures the amount of impairment by comparing the carrying amount of the asset to its fair value. The estimation of fair value is generally determined by using the asset’s expected future discounted cash flows or market value. The Company estimates fair value of the assets based on certain assumptions such as budgets, internal projections, and other available information as considered necessary. There is no impairment of long-lived assets during the years ended December 31, 2023 and 2022.
Goodwill	Goodwill Goodwill represents the excess of the purchase price consideration from the LYSY merger in 2021 over the fair value of the assets acquired and liabilities assumed. Goodwill is not amortized, but instead tested for impairment on an annual basis, or more frequently if certain events or indicators of potential impairment exists, and goodwill is written down when it is determined to be impaired. In 2023, the annual goodwill impairment test performed by estimating the fair value of each reporting unit using projected future cash flows and comparing those estimated fair value with the carrying values, which include the allocated goodwill. The goodwill impairment test result in the carry value written down to its fair value with the related impairment charge of $1,132,629 recognized in Consolidated Statements of Operations, which reduced the goodwill of this reporting unit to zero.
Customer Deposits	Customer Deposits Customer deposits consist of amounts received from customers relating to the sale of residential units in the PRC. In the PRC, customers will generally obtain permanent financing for the purchase of their residential unit prior to the completion of the project. The lending institution will provide the funding to the Company upon the completion of the financing rather than the completion of the project. The Company receives these funds and recognizes them as a liability until the revenue can be recognized.
Long Term Investments	Long Term Investments The Company accounts for long term investments in equities as follows. Investments in Unconsolidated Affiliates Affiliates are entities over which the Company has significant influence, but which it does not control. The Company generally considers an ownership interest of 20% or higher to represent significant influence. Investments in unconsolidated affiliates are accounted for by the equity method of accounting. Under this method, the Company’s share of the post-acquisition profits or losses of affiliates is recognized in the income statement and its shares of post-acquisition movements in other comprehensive income are recognized in other comprehensive income. Unrealized gains on transactions between the Company and its affiliates are eliminated to the extent of the Company’s interest in the affiliates; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Company’s share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate. The Company 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. During the years ended December 31, 2023 and 2022, the Company provided no allowance for impairment loss on investments in unconsolidated affiliates. Other Investments Where the Company has no significant influence, the investment is classified as other investments in the balance sheet and is carried under the measurement alternative method. The measurement alternative measures the equity investment at cost less impairment, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer. During the year ended December 31, 2023 and 2022, the Company provided no allowance for impairment loss on other investments.
Revenue Recognition	Revenue Recognition Most of the Company’s revenue is derived from real estate sales in the PRC. The majority of the Company’s contracts contain a single performance obligation involving significant real estate development activities that are performed together to deliver a real estate property to customers. Revenues arising from real estate sales are recognized when or as the control of the asset is transferred to the customer. The control of the asset may transfer over time or at a point in time. For the sales of individual condominium units in a real estate development project, the Company has an enforceable right to payment for performance completed to date, revenue is recognized at a point in time when the customer obtains control of the asset. All revenues represent gross revenues less sales and business tax. ASC 606 requires an entity to recognize revenue when it transfers 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. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. ASC 606 also specifies the accounting for the incremental costs of obtaining a contract and the costs directly related to fulfilling a contract. In addition, ASC 606 requires extensive disclosures. The Company adopted ASC 606 on January 1, 2018 using the modified retrospective approach with no restatement of comparative periods and no cumulative-effect adjustment to retained earnings recognized as of the date of adoption. A significant portion of the Company’s revenue is derived from development and sales of condominium real estate property in the PRC, with revenue previously recognized using the percentage of completion method. Under the new standard, to recognize revenue over time similar to the percentage of completion method, contractual provisions need to provide the Company with an enforceable right to payment and the Company has no alternative use of the asset. Historically, all contracts executed contained an enforceable right to home purchase payments and the Company had no alternative use of assets, therefore, the adoption of ASC 606 did not have a material impact on the Company’s consolidated financial statements.
Comprehensive Income (Loss)	Comprehensive Income (Loss) In accordance with ASC 220-10-55, comprehensive income (loss) is defined as all changes in equity except those resulting from investments by owners and distributions to owners. The Company’s only components of comprehensive loss during the years ended December 31, 2023 and 2022 were net loss and foreign currency translation adjustments.
Net Earnings (Loss) per Common Share	Net Earnings (Loss) per Common Share The Company computes net earnings (loss) per share in accordance with ASC 260, “Earnings per Share” (“ ASC 260
Stock-Based Compensation	Stock-Based Compensation The Company accounts for equity instruments issued to employees in accordance with the provisions of ASC 718 Stock Compensation (ASC 718) and Equity-Based Payments to Non-employees pursuant to ASC 2018-07 (ASC 2018-07). The fair values of stock options were determined using the Black-Scholes options pricing model.
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (“ ASC 740 The Company recognizes tax benefits that satisfy a greater than 50% probability threshold and provides for the estimated impact of interest and penalties for such tax benefits. The Company did not incur any interest or penalties related to potential underpaid income tax expenses during the years ended December 31, 2023 and 2022.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In January 1, 2023, the Company adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which requires disclosure of gross write-offs of finance receivables by year of origination. The adoption of this standard did not have a material impact on our disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which would require additional transparency for income tax disclosures, including the income tax rate reconciliation table and cash taxes paid both in the United States and foreign jurisdictions. This standard is effective for annual periods beginning after December 15, 2024. We are currently assessing the impact this standard will have on our disclosures.
New Accounting Pronouncements	New Accounting Pronouncements Accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. The Company does not discuss new accounting pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

ORGANIZATION AND DESCRIPTION _2

ORGANIZATION AND DESCRIPTION OF BUSINESS (Tables)	12 Months Ended
ORGANIZATION AND DESCRIPTION OF BUSINESS (Tables)	Dec. 31, 2023
ORGANIZATION AND DESCRIPTION OF BUSINESS
Schedule of major subsidiaries and equity investments	As of December 31, 2023, the Company has the following major subsidiaries and equity investments. % of Ownership Relationship Date of Place of held by the with the Company Name Incorporation Incorporation Company Company Principal Activity Sunrise Real Estate Development Group, Inc. (CY-SRRE) April 30, 2004 Cayman Islands 100 % Subsidiary Investment holding Lin Ray Yang Enterprise Limited (“LRY”) November 13, 2003 British Virgin Islands 100 % Subsidiary Investment holding Shanghai Xin Ji Yang Real Estate Consultation Company Limited (“SHXJY”) August 20, 2001 PRC 100 % Subsidiary Property brokerage services Shanghai Shang Yang Investment Management and consultation Company Limited (“SHSY”) February 5, 2004 PRC 100 % Subsidiary Property brokerage services Suzhou Shang Yang Real Estate Consultation Company Limited (“SZSY”) November 24, 2006 PRC 75.25 % 1 Subsidiary Property brokerage and management services Suzhou Xi Ji Yang Real Estate Consultation Company Limited (“SZXJY”) June 25, 2004 PRC 75 % Subsidiary Property brokerage services Linyi Shangyang Real Estate Development Company Limited (“LYSY”) October 13, 2011 PRC 34 % 2 Subsidiary Real estate development Sanya Shang Yang Real Estate Consultation Company Limited (“SYSY”) September 18, 2008 PRC 100 % Subsidiary Property brokerage services Shanghai Rui Jian Design Company Limited (“SHRJ”) August 15, 2011 PRC 100 % Subsidiary Property brokerage services Linyi Rui Lin Construction and Design Company Limited (“LYRL”) March 6, 2012 PRC 100 % Subsidiary Investment holding Wuhan Yuan Yu Long Real Estate Development Company Limited (“WHYYL”) December 28, 2009 PRC 49 % Equity investment Real estate development Shanghai Xin Xing Yang Real Estate Brokerage Company Limited (“SHXXY”) September 28, 2011 PRC 20 % Equity investment Property brokerage services Shanghai Da Er Wei Trading Company Limited (“SHDEW”) June 6, 2013 PRC 19.91 % 3 Equity investment Import and export trading Shanghai Hui Tian (“SHHT”) July 25, 2014 PRC 100 % Subsidiary Investment holding Shanghai Shangyang T July 25, 2014 PRC 19.91 % Subsidiary Investment holding Huaian Zhanbao Industrial Co., Ltd. (“HAZB”) December 6, 2018 PRC 78.46 % 4 Subsidiary Investment holding Huaian Tianxi Real Estate Development Co., Ltd (“HATX”) October, 2018 PRC 78.46 % 4 Subsidiary Investment holding Shanghai Taobuting Media Co., Ltd. (“TBT”) July 1, 2020 PRC 7.5 % Subsidiary Streaming platform Shangyang International PTE. LTD. August 19, 2022 SINGAPORE 100 % Subsidiary Investment holding Shanghai Da Er Wei Industry Co., Ltd. Oct. 20, 2020 PRC 19.58 % Subsidiary Investment holding 1. After an equity transaction in February 2015, the Company held equity in subsidiaries of SZSY as follows: SZXJY 49% , SHXJY 26% and Sunrise Real Estate Development Group, Inc. (CY-SRRE) 12.5% , totaling 75.25% equity interest in SZSY. 2. The Company and a shareholder of LYSY, who holds 46% equity interest in LYSY, entered into a voting agreement that the Company is entitled to exercise the voting rights in respect of her 46% equity interest in LYSY. The Company effectively holds 80% voting rights in LYSY and therefore considers LYSY as a subsidiary of the Company. On May 27, 2020, LYRL received 10% of the issued and outstanding shares of LYSY from Nanjing Longchang Real Estate Development Group. LYRL owned 34% of LYSY following the purchase. 3. On January 28, 2013, CY-SRRE, SZXJY and an unrelated party established a subsidiary in the PRC, SHXJYB, with CY-SRRE holding 15% equity interest and SZXJY holding 60% equity interest in SHXYJB. 4. In December 2019, SHDEW had an employee stock bonus where its employees received their issued shares. This resulted in the dilution of our ownership of SHDEW from 20.38% to 19.91% .

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of major categories of assets and liabilities measured at fair value on a recurring basis	The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of December 31, 2023. Description Level 1 Level 2 Level 3 Total 10,167,965 10,167,965 Wealth management investment products 16,337,459 16,337,458 Investment in transactional equity securities — — Total $ 26,505,424 $ — $ — $ 26,505,424 The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of December 31, 2022. Description Level 1 Level 2 Level 3 Total 4,795,862 4,795,862 Wealth management investment products 6,164,649 6,164,649 Investment in transactional equity securities — — Total $ 10,960,511 $ — $ — $ 10,960,511
Schedule of property and equipment estimated useful lives	Estimated Useful Life (in years) Furniture and fixtures 5‑10 Computer and office equipment 3‑5 Motor vehicles 5 Properties 20

OTHER RECEIVABLES AND DEPOSIT_2

OTHER RECEIVABLES AND DEPOSITS, NET (Tables)	12 Months Ended
OTHER RECEIVABLES AND DEPOSITS, NET (Tables)	Dec. 31, 2023
OTHER RECEIVABLES AND DEPOSITS, NET
Schedule of other receivables and deposit	December 31, December 31, 2023 2022 Advances to staff $ 20,042 $ 327,262 Rental deposits 719,354 735,860 Prepaid expense 48,462 28,153 Prepaid tax 6,242,218 7,783,185 Other receivables 2,283,757 1,859,000 $ 9,321,913 $ 10,733,460

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
PROPERTY AND EQUIPMENT, NET (Tables)	Dec. 31, 2023
PROPERTY AND EQUIPMENT, NET
Schedule of property and equipment, net	December 31, December 31, 2023 2022 Furniture and fixtures $ 260,488 $ 223,960 Computer and office equipment 189,592 135,163 Motor vehicles 609,004 747,185 Properties 2,136,116 2,172,338 3,195,199 3,278,646 Less: Accumulated depreciation 2,467,105 2,277,569 $ 728,094 $ 1,001,077

INVESTMENT PROPERTIES, NET (Tab

INVESTMENT PROPERTIES, NET (Tables)	12 Months Ended
INVESTMENT PROPERTIES, NET (Tables)	Dec. 31, 2023
INVESTMENT PROPERTIES, NET
Schedule of investment properties, net	December 31, December 31, 2023 2022 Investment properties $ 41,123,783 $ 33,367,887 Less: Accumulated depreciation (12,213,208) (10,694,748) $ 28,910,575 $ 22,673,139

AMOUNTS DUE TO DIRECTORS (Table

AMOUNTS DUE TO DIRECTORS (Tables)	12 Months Ended
AMOUNTS DUE TO DIRECTORS (Tables)	Dec. 31, 2023
AMOUNTS DUE TO DIRECTORS
Schedule of amounts due to directors	December 31, December 31, 2023 2022 Lin Chi-Jung $ 451,640 $ 459,299 Lin Hsin-Hung 20,464 20,811 $ 472,104 $ 480,109 (a) The balance due to Lin Chi-Jung consists of temporary advances. The balances are unsecured, interest-free and have no fixed term of repayment. (b) The balances due to Lin Hsin-Hung was unsecured, interest-free and have no fixed term of repayment .

OTHER PAYABLES AND ACCRUED EX_2

OTHER PAYABLES AND ACCRUED EXPENSES (Tables)	12 Months Ended
OTHER PAYABLES AND ACCRUED EXPENSES (Tables)	Dec. 31, 2023
OTHER PAYABLES AND ACCRUED EXPENSES
Schedule of other payables and accrued expenses	December 31, December 31, 2023 2022 Accrued staff commission and bonus $ 44,572 $ 185,124 Rental deposits received 188,355 164,566 Bid bond 78,763 90,457 Other payables 6,850,685 6,954,170 Dividends payable to non-controlling interest 189,977 193,198 $ 7,352,352 $ 7,587,515

INCOME TAXES PAYABLE (Tables)

INCOME TAXES PAYABLE (Tables)	12 Months Ended
INCOME TAXES PAYABLE (Tables)	Dec. 31, 2023
INCOME TAXES PAYABLE
Schedule of income tax rate reduction	Year Ended December 31, 2023 2022 Income /(loss) before income tax expense Income /(loss) from China operations $ (3,479,331) $ 7,783,154 Income /(loss) from non-China operations — 27,726,545 Total income /(loss) before income tax expense (3,479,331) 35,509,699 Income tax expense applicable to China operations Current tax 1,095,356 2,599,250 Deferred tax — — Subtotal income tax expense applicable to China operations 1,095,356 2,599,250 Non-China income tax expense/(benefit) — 2,970,576 Total income tax expense $ 1,095,356 $ 5,569,826
Schedule of Effective Tax Rate	2023 2022 PRC Statutory rate 25 % 25 % Effect of the U.S. Transition Tax under the 2017 TCJA — % — % Effect of income not taxable for PRC tax purposes (31.5) % 33.4 % Under (Over)-provision for income taxes in prior years 0.0 % — % Effective income tax rate (31.5) % 15.69 %
Schedule of Deferred Tax Assets and Liabilities	As of December 31, 2023 2022 Deferred tax assets: Net operating loss from operations $ — $ — Total deferred tax assets — — Less: Valuation allowance — — Net deferred tax assets $ — $ —

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
Schedule of operating lease obligations maturity	As of December 31, 2023, the Company had the following operating lease obligations falling due. Amount Year Ending Within one year $ 27,919 Two to five years — $ 27,919

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
SEGMENT INFORMATION (Tables)	Dec. 31, 2023
SEGMENT INFORMATION
Schedule of the company's operating segments	Year Ended December 31, 2023 Property Brokerage Real Estate Investment Services Development Transaction Others Total Net revenues $ 652,371 $ 24,181,492 $ — $ — $ 24,833,863 Cost of revenues (868,012) (19,021,468) — — (19,889,480) Gross profit (215,642) 5,160,025 — — 4,944,383 Operating expenses (261,965) (1,540,593) — — (1,802,558) General and administrative expenses (1,919,153) (1,257,907) — (578,706) (3,755,767) Operating loss (2,396,760) 2,361,525 — (578,706) (613,942) Other income (expenses) Interest income 43,310 490,030 — 299,121 832,461 Interest expense — (3,226,658) — — (3,226,658) Real estate property under development impairment — (19,590,407) — — (19,590,407) Goodwill impairment — — — (1,132,629) (1,132,629) Other income, Net — (24,432) 36,634 (1,447,489) (1,435,287) Total other (expenses) income (43,310) (22,351,467) 36,634 (2,280,997) (24,552,520) Income (loss) before income taxes (2,353,450) (19,989,943) 36,634 (2,859,703) (25,166,462) Income tax — (1,095,356) — — (1,095,356) Net Income (loss) $ (2,353,450) $ (21,085,299) $ 36,634 $ (2,859,703) $ (26,261,818) Year Ended December 31, 2022 Property Brokerage Real Estate Investment Services Development Transaction Others Total Net revenues $ 668,452 $ 79,351,737 $ — $ — $ 80,020,189 Cost of revenues (954,553) (69,609,249) — — (70,563,802) Gross profit (286,101) 9,742,488 — — 945,637 Operating expenses (1,901,469) (1,127,619) — — (3,029,088) General and administrative expenses (1,200,913) (6,644,703) — (704,945) (8,550,561) Operating loss (3,388,483) 1,970,166 — (704,945) (2,123,262) Other income (expenses) Interest income 30,275 598,140 — 62,681 691,096 Interest expense 438,705 (438,705) — (651,085) (651,085) Other income, Net (2,807,313) (55,064) 192,241 (100,000) (2,770,136) Total other (expenses) income (2,338,333) 104,371 192,241 (688,404) (2,730,125) Income (loss) before income taxes (5,726,816) 2,074,537 192,241 (1,393,349) (4,853,387) Income tax (1,571,933) — — (2,970,576) (4,542,509) Net Income (loss) $ (7,298,749) $ 2,074,537 $ 192,241 $ (4,363,925) $ (9,395,896) Property Brokerage Real Estate Investment* Services Development Transaction Others Total As of December 31, 2023 Real estate property under development $ — $ 88,742,269 $ — $ — $ 88,742,269 Total assets 10,865,377 116,436,604 40,238,677 40,334,398 207,875,056 As of December 31, 2022 Real estate property under development $ — $ 120,302,022 $ — $ — $ 120,302,022 Total assets 16,964,879 144,727,138 24,364,265 88,038,312 274,094,594

ORGANIZATION AND DESCRIPTION _3

ORGANIZATION AND DESCRIPTION OF BUSINESS (Details)	12 Months Ended
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details)	Dec. 31, 2023	Dec. 31, 2019	Nov. 30, 2019	Dec. 31, 2018
Wuhan Yuan Yu Long Real Estate Development Company Limited ("WHYYL")
ORGANIZATION AND DESCRIPTION OF BUSINESS
Equity investment, Date of Incorporation	Dec. 28, 2009
Equity investment, Place of Incorporation	PRC
Equity investment, % of Ownership held by the Company	49%
Equity investment, Principal Activity	Real estate development
Shanghai Xin Xing Yang Real Estate Brokerage Company Limited ("SHXXY")
ORGANIZATION AND DESCRIPTION OF BUSINESS
Equity investment, Date of Incorporation	Sep. 28, 2011
Equity investment, Place of Incorporation	PRC
Equity investment, % of Ownership held by the Company	20%
Equity investment, Principal Activity	Property brokerage services
Shanghai Da Er Wei Trading Company Limited ("SHDEW")
ORGANIZATION AND DESCRIPTION OF BUSINESS
Equity investment, Date of Incorporation	Jun. 06, 2013
Equity investment, Place of Incorporation	PRC
Equity investment, % of Ownership held by the Company	19.91%	19.91%	20.38%
Equity investment, Principal Activity	Import and export trading
Sunrise Real Estate Development Group, Inc. (CY-SRRE)
ORGANIZATION AND DESCRIPTION OF BUSINESS
Subsidiaries, Date of Incorporation	Apr. 30, 2004
Subsidiaries, Place of Incorporation	Cayman Islands
Subsidiaries, percentage of Ownership held by the Company	100%
Subsidiaries, Principal Activity	Investment holding
Lin Ray Yang Enterprise Limited ("LRY")
ORGANIZATION AND DESCRIPTION OF BUSINESS
Subsidiaries, Date of Incorporation	Nov. 13, 2003
Subsidiaries, Place of Incorporation	British Virgin Islands
Subsidiaries, percentage of Ownership held by the Company	100%
Subsidiaries, Principal Activity	Investment holding
Shanghai Xin Ji Yang Real Estate Consultation Company Limited ("SHXJY")
ORGANIZATION AND DESCRIPTION OF BUSINESS
Subsidiaries, Date of Incorporation	Aug. 20, 2001
Subsidiaries, Place of Incorporation	PRC
Subsidiaries, percentage of Ownership held by the Company	100%
Subsidiaries, Principal Activity	Property brokerage services
Shanghai Shang Yang Investment Management and consultation Company Limited ("SHSY")
ORGANIZATION AND DESCRIPTION OF BUSINESS
Subsidiaries, Date of Incorporation	Feb. 05, 2004
Subsidiaries, Place of Incorporation	PRC
Subsidiaries, percentage of Ownership held by the Company	100%
Subsidiaries, Principal Activity	Property brokerage services
Suzhou Shang Yang Real Estate Consultation Company Limited ("SZSY")
ORGANIZATION AND DESCRIPTION OF BUSINESS
Subsidiaries, Date of Incorporation	Nov. 24, 2006
Subsidiaries, Place of Incorporation	PRC
Subsidiaries, percentage of Ownership held by the Company	75.25%
Subsidiaries, Principal Activity	Property brokerage and management services
Suzhou Xi Ji Yang Real Estate Consultation Company Limited ("SZXJY")
ORGANIZATION AND DESCRIPTION OF BUSINESS
Subsidiaries, Date of Incorporation	Jun. 25, 2004
Subsidiaries, Place of Incorporation	PRC
Subsidiaries, percentage of Ownership held by the Company	75%
Subsidiaries, Principal Activity	Property brokerage services
Linyi Shangyang Real Estate Development Company Limited ("LYSY")
ORGANIZATION AND DESCRIPTION OF BUSINESS
Subsidiaries, Date of Incorporation	Oct. 13, 2011
Subsidiaries, Place of Incorporation	PRC
Subsidiaries, percentage of Ownership held by the Company	34%
Subsidiaries, Principal Activity	Real estate development
Sanya Shang Yang Real Estate Consultation Company Limited ("SYSY")
ORGANIZATION AND DESCRIPTION OF BUSINESS
Subsidiaries, Date of Incorporation	Sep. 18, 2008
Subsidiaries, Place of Incorporation	PRC
Subsidiaries, percentage of Ownership held by the Company	100%
Subsidiaries, Principal Activity	Property brokerage services
Shanghai Rui Jian Design Company Limited ("SHRJ")
ORGANIZATION AND DESCRIPTION OF BUSINESS
Subsidiaries, Date of Incorporation	Aug. 15, 2011
Subsidiaries, Place of Incorporation	PRC
Subsidiaries, percentage of Ownership held by the Company	100%
Subsidiaries, Principal Activity	Property brokerage services
Linyi Rui Lin Construction and Design Company Limited ("LYRL")
ORGANIZATION AND DESCRIPTION OF BUSINESS
Subsidiaries, Date of Incorporation	Mar. 06, 2012
Subsidiaries, Place of Incorporation	PRC
Subsidiaries, percentage of Ownership held by the Company	100%
Subsidiaries, Principal Activity	Investment holding
Shanghai Hui Tian ("SHHT")
ORGANIZATION AND DESCRIPTION OF BUSINESS
Subsidiaries, Date of Incorporation	Jul. 25, 2014
Subsidiaries, Place of Incorporation	PRC
Subsidiaries, percentage of Ownership held by the Company	100%
Subsidiaries, Principal Activity	Investment holding
Shanghai Shangyang Tianxi ("SHTX")
ORGANIZATION AND DESCRIPTION OF BUSINESS
Subsidiaries, Date of Incorporation	Jul. 25, 2014
Subsidiaries, Place of Incorporation	PRC
Subsidiaries, percentage of Ownership held by the Company	19.91%
Subsidiaries, Principal Activity	Investment holding
Huaian Zhanbao Industrial Co., Ltd. ("HAZB")
ORGANIZATION AND DESCRIPTION OF BUSINESS
Subsidiaries, Date of Incorporation	Dec. 06, 2018
Subsidiaries, Place of Incorporation	PRC
Subsidiaries, percentage of Ownership held by the Company	78.46%
Subsidiaries, Principal Activity	Investment holding
Huaian Zhanbao Industrial Co., Ltd. ("HAZB") \| Huai'an Project
ORGANIZATION AND DESCRIPTION OF BUSINESS
Subsidiaries, percentage of Ownership held by the Company				78.46%
Huaian Tianxi Real Estate Development Co., Ltd ("HATX")
ORGANIZATION AND DESCRIPTION OF BUSINESS
Subsidiaries, Date of Incorporation	Oct. 01, 2018
Subsidiaries, Place of Incorporation	PRC
Subsidiaries, percentage of Ownership held by the Company	78.46%
Subsidiaries, Principal Activity	Investment holding
Shanghai Taobuting MediaCo., Ltd. ("TBT")
ORGANIZATION AND DESCRIPTION OF BUSINESS
Subsidiaries, Date of Incorporation	Jul. 01, 2020
Subsidiaries, Place of Incorporation	PRC
Subsidiaries, percentage of Ownership held by the Company	7.50%
Subsidiaries, Principal Activity	Streaming platform
Shangyang International PTE. LTD. ("SYIP")
ORGANIZATION AND DESCRIPTION OF BUSINESS
Subsidiaries, Date of Incorporation	Aug. 19, 2022
Subsidiaries, Place of Incorporation	SINGAPORE
Subsidiaries, percentage of Ownership held by the Company	100%
Subsidiaries, Principal Activity	Investment holding
Shanghai Da Er Wei Industry Co., Ltd.("DEWSY")
ORGANIZATION AND DESCRIPTION OF BUSINESS
Subsidiaries, Date of Incorporation	Oct. 20, 2020
Subsidiaries, Place of Incorporation	PRC
Subsidiaries, percentage of Ownership held by the Company	19.58%
Subsidiaries, Principal Activity	Investment holding

ORGANIZATION AND DESCRIPTION _4

ORGANIZATION AND DESCRIPTION OF BUSINESS - Additional Information (Details)

1 Months Ended

12 Months Ended

Mar. 20, 2023 item

Mar. 15, 2023 item

May 27, 2020

Mar. 06, 2012

Oct. 13, 2011

May 08, 2006

Aug. 09, 2005

Oct. 05, 2004 shares

Feb. 28, 2015

Aug. 31, 2004 shares

Dec. 31, 2023 m²

Dec. 31, 2021 m² item

Dec. 31, 2020 m² item

Dec. 31, 2019 m² item

Dec. 31, 2017

Nov. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Oct. 31, 2018 m²

Jun. 06, 2013

Jan. 28, 2013

Oct. 31, 2011 m²

Sep. 24, 2007

Nov. 24, 2006

Jan. 10, 2005

Jun. 25, 2004

Shareholder Of Szsy

ORGANIZATION AND DESCRIPTION OF BUSINESS

Percentage of additional equity interest acquired (as a percent)

12.50%

Shareholder LYSY

ORGANIZATION AND DESCRIPTION OF BUSINESS

Percentage of additional equity interest acquired (as a percent)

46%

Shareholder of SZXJY

ORGANIZATION AND DESCRIPTION OF BUSINESS

Percentage of additional equity interest acquired (as a percent)

90%

Shareholder SZXJY Member

ORGANIZATION AND DESCRIPTION OF BUSINESS

Percentage of additional equity interest acquired (as a percent)

80%

75%

SZGFH

ORGANIZATION AND DESCRIPTION OF BUSINESS

Percentage of additional equity interest acquired (as a percent)

20%

80%

Shareholder SHXJY

ORGANIZATION AND DESCRIPTION OF BUSINESS

Percentage of additional equity interest acquired (as a percent)

26%

Suzhou Shang Yang Real Estate Consultation Company Limited ("SZSY")

ORGANIZATION AND DESCRIPTION OF BUSINESS

Percentage Of Equity Interest In Subsidiary Transferred To Other Shareholder

76.92%

SZSY

ORGANIZATION AND DESCRIPTION OF BUSINESS

Percentage of additional equity interest acquired (as a percent)

51%

Linyi project

ORGANIZATION AND DESCRIPTION OF BUSINESS

Percentage of additional equity interest acquired (as a percent)

24%

Phase 1

ORGANIZATION AND DESCRIPTION OF BUSINESS

Number of Units

679

Number of units sold

343

Number of Units Pre Sold.

327

Linyi project

ORGANIZATION AND DESCRIPTION OF BUSINESS

Site area | m²

103,385

Phase 2 north

ORGANIZATION AND DESCRIPTION OF BUSINESS

Number of Units

873

Number of Units Pre Sold.

364

Phase 3 [Member]

ORGANIZATION AND DESCRIPTION OF BUSINESS

Number of Units

Number of Units Pre Sold.

Shareholder Of Szsy

ORGANIZATION AND DESCRIPTION OF BUSINESS

Percentage of equity interest in subsidiary sold to related party

49%

Percentage of equity interest in subsidiary transferred to parent

26%

Equity interest

75.25%

Shareholder Of Lysy

ORGANIZATION AND DESCRIPTION OF BUSINESS

Percentage of equity interest in subsidiary sold to related party

46%

Percentage of equity interest in subsidiary transferred to parent

80%

Shanghai Da Er Wei Trading Company Limited ("SHDEW") | Shareholder LYSY

ORGANIZATION AND DESCRIPTION OF BUSINESS

Percentage of additional equity interest acquired (as a percent)

7.30%

Shanghai Da Er Wei Trading Company Limited ("SHDEW") | SHSY

ORGANIZATION AND DESCRIPTION OF BUSINESS

Percentage of additional equity interest acquired (as a percent)

12.60%

Shanghai Da Er Wei Trading Company Limited ("SHDEW")

ORGANIZATION AND DESCRIPTION OF BUSINESS

Percentage of ownership held by the company

19.91%

20.38%

Linyi Shangyang Real Estate Development Company Limited ("LYSY")

ORGANIZATION AND DESCRIPTION OF BUSINESS

Subsidiaries, percentage of Ownership held by the Company

34%

Shareholder of SZXJY

ORGANIZATION AND DESCRIPTION OF BUSINESS

Owners non controlling interest, ownership percentage

60%

Shareholder of SZXJY | Suzhou Shang Yang Real Estate Consultation Company Limited ("SZSY")

ORGANIZATION AND DESCRIPTION OF BUSINESS

Percentage of additional equity interest acquired (as a percent)

12.50%

Shareholder of CY SRRE

ORGANIZATION AND DESCRIPTION OF BUSINESS

Owners non controlling interest, ownership percentage

15%

Linyi Rui Lin Construction and Design Company Limited ("LYRL")

ORGANIZATION AND DESCRIPTION OF BUSINESS

Subsidiaries, percentage of Ownership held by the Company

100%

Linyi Rui Lin Construction and Design Company Limited ("LYRL") | Nanjing Longchang Real Estate Development Group

ORGANIZATION AND DESCRIPTION OF BUSINESS

Percentage of issued and outstanding shares received

10%

Owners non controlling interest, ownership percentage

34%

HATX

ORGANIZATION AND DESCRIPTION OF BUSINESS

Owners non controlling interest, ownership percentage

100%

HAZB

ORGANIZATION AND DESCRIPTION OF BUSINESS

Owners non controlling interest, ownership percentage

78.46%

Huaian Zhanbao Industrial Co., Ltd. ("HAZB")

ORGANIZATION AND DESCRIPTION OF BUSINESS

Subsidiaries, percentage of Ownership held by the Company

78.46%

Huaian Zhanbao Industrial Co., Ltd. ("HAZB") | Phase 1

ORGANIZATION AND DESCRIPTION OF BUSINESS

Area of Real Estate Property | m²

82,218

Number of Units

679

Number of Units Pre Sold.

665

Huaian Zhanbao Industrial Co., Ltd. ("HAZB") | Phase 2 [Member]

ORGANIZATION AND DESCRIPTION OF BUSINESS

Area of Real Estate Property | m²

99,123

Number of Units

873

Number of Units Pre Sold.

498

Suzhou Shang Yang Real Estate Consultation Company Limited ("SZSY")

ORGANIZATION AND DESCRIPTION OF BUSINESS

Owners non controlling interest, ownership percentage

19.90%

Subsidiaries, percentage of Ownership held by the Company

75.25%

SZXJY

ORGANIZATION AND DESCRIPTION OF BUSINESS

Percentage of equity interest in subsidiary sold to related party

10%

Percentage of equity interest in subsidiary transferred to parent

Percentage of equity interest sold

SHXJY

ORGANIZATION AND DESCRIPTION OF BUSINESS

Percentage of equity interest in subsidiary transferred to parent

24%

Sunrise Real Estate Development Group, Inc. (CY-SRRE)

ORGANIZATION AND DESCRIPTION OF BUSINESS

Common stock issued to the beneficial shareholder | shares

5,000,000

Lin Ray Yang Enterprise Limited ("LRY")

ORGANIZATION AND DESCRIPTION OF BUSINESS

Common stock issued to the beneficial shareholder | shares

10,000,000

HAZB | Phase 1

ORGANIZATION AND DESCRIPTION OF BUSINESS

Area of Real Estate Property | m²

82,218

Number of Units

679

HAZB | Phase 2 north

ORGANIZATION AND DESCRIPTION OF BUSINESS

Area of Real Estate Property | m²

99,123

Number of Units

873

HATX

ORGANIZATION AND DESCRIPTION OF BUSINESS

Area of Real Estate Property | m²

78,030

Ace Develop Properties Limited

ORGANIZATION AND DESCRIPTION OF BUSINESS

Common stock issued to the beneficial shareholder | shares

8,500,000

System Tech

ORGANIZATION AND DESCRIPTION OF BUSINESS

Common stock issued to the beneficial shareholder | shares

750,000

Planet Tech

ORGANIZATION AND DESCRIPTION OF BUSINESS

Common stock issued to the beneficial shareholder | shares

750,000

SZGFH

ORGANIZATION AND DESCRIPTION OF BUSINESS

Percentage of voting rights acquired during the period

100%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Dec. 31, 2023 USD ($) customer	Dec. 31, 2022 USD ($) customer	Dec. 31, 2023 CNY (¥) customer	Dec. 31, 2022 CNY (¥) customer
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of customer \| customer	0	0	0	0
Concentration risk threshold percentage	10%	10%
Foreign currency exchange rate translation	$ 1	$ 1	¥ 7.0827	¥ 6.9646
Real estate property under development Impairment	19,590,407
Accumulated real estate property under development Impairment	$ 19,600,000
Real estate investment property estimated useful lives	20 years
Impairment of long-lived assets	$ 0	0
Goodwill impairment loss	1,132,629
Goodwill	0	1,243,194
Impairment loss of investments in unconsolidated affiliates	0	0
Impairment charges on other investments	$ 0	$ 0
Significant influence ownership interest (as of percentage)	20%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value of Financial Instruments (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Transactional financial assets (Note 4)	$ 26,505,532	$ 10,960,511
Recurring
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Transactional financial assets (Note 4)	26,505,424	10,960,511
Recurring \| Wealth management investment products
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Transactional financial assets (Note 4)	16,337,458	6,164,649
Level 1 \| Recurring
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Transactional financial assets (Note 4)	26,505,424	10,960,511
Level 1 \| Recurring \| Wealth management investment products
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Transactional financial assets (Note 4)	$ 16,337,459	$ 6,164,649

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and equipment (Details)	Dec. 31, 2023
Furniture and fixtures \| Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated Useful Life (in years)	5 years
Furniture and fixtures \| Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated Useful Life (in years)	10 years
Computer and office equipment \| Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated Useful Life (in years)	3 years
Computer and office equipment \| Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated Useful Life (in years)	5 years
Motor vehicles
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated Useful Life (in years)	5 years
Properties
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated Useful Life (in years)	20 years

RESTRICTED CASH (Details)

RESTRICTED CASH (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
RESTRICTED CASH
Restricted cash deposits	$ 2,723,667	$ 43,869,156

TRANSACTIONAL FINANCIAL ASSETS

TRANSACTIONAL FINANCIAL ASSETS (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
TRANSACTIONAL FINANCIAL ASSETS
Transactional financial assets	$ 26,505,532	$ 10,960,511
Investment, Type [Extensible Enumeration]	Bank wealth management investment products
Bank wealth management investment products
TRANSACTIONAL FINANCIAL ASSETS
Transactional financial assets	$ 26,505,532
Minimum
TRANSACTIONAL FINANCIAL ASSETS
Investment holdings, annualized rate of return	2.08%
Maximum
TRANSACTIONAL FINANCIAL ASSETS
Investment holdings, annualized rate of return	2.70%

REAL ESTATE PROPERTY UNDER DE_2

REAL ESTATE PROPERTY UNDER DEVELOPMENT (Details)			12 Months Ended
REAL ESTATE PROPERTY UNDER DEVELOPMENT (Details)	Mar. 20, 2023 item	Mar. 15, 2023 item	Dec. 31, 2021 m² item	Dec. 31, 2019 m² item	Dec. 31, 2023 USD ($) m²	Mar. 31, 2019	Dec. 31, 2018	Oct. 31, 2018 m²	Oct. 31, 2011 m²
HAZB
REAL ESTATE PROPERTY UNDER DEVELOPMENT
Noncontrolling interest, ownership percentage by parent					78.46%
HATX project
REAL ESTATE PROPERTY UNDER DEVELOPMENT
Noncontrolling interest, ownership percentage by parent					78.46%
Linyi project
REAL ESTATE PROPERTY UNDER DEVELOPMENT
Site area \| m²					103,385				103,385
Huai'an Project \| HATX
REAL ESTATE PROPERTY UNDER DEVELOPMENT
Property land acquired or purchased (Square meters) \| m²								78,030
Noncontrolling interest, ownership percentage by parent						100%
Huai'an Project \| HAZB
REAL ESTATE PROPERTY UNDER DEVELOPMENT
Noncontrolling interest, ownership percentage by parent							78.46%
Phase 1
REAL ESTATE PROPERTY UNDER DEVELOPMENT
Number of villas sold		119
Total number of villas		121
Number of units pre sold	327
Number of units	679
Number of units sold	343
Phase 1 \| HAZB
REAL ESTATE PROPERTY UNDER DEVELOPMENT
Number of units pre sold		665
Number of units		679		679
Property land acquired or purchased (Square meters) \| m²				82,218
Phase 2
REAL ESTATE PROPERTY UNDER DEVELOPMENT
Number of villas sold		84
Phase 2 \| HAZB
REAL ESTATE PROPERTY UNDER DEVELOPMENT
Number of units pre sold		498
Number of units		873	873
Property land acquired or purchased (Square meters) \| m²			99,123
Phase 3 [Member]
REAL ESTATE PROPERTY UNDER DEVELOPMENT
Number of units pre sold		24
Number of units		51
Land use rights
REAL ESTATE PROPERTY UNDER DEVELOPMENT
Real estate property under development totaled \| $					$ 88,742,269

OTHER RECEIVABLES AND DEPOSIT_3

OTHER RECEIVABLES AND DEPOSITS, NET (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
OTHER RECEIVABLES AND DEPOSITS, NET
Advances to staff	$ 16,203,433	$ 16,502,409
Rental deposits	719,354	735,860
Prepaid expense	48,462	28,153
Prepaid tax	6,242,218	7,783,185
Other receivables	2,283,757	1,859,000
Other receivables and deposit, net	9,321,913	10,733,460
Allowance for doubtful other receivables and deposits	1,265,984	1,233,179
Employees
OTHER RECEIVABLES AND DEPOSITS, NET
Advances to staff	20,042	$ 327,262
Employees \| Shanghai Wu Zhao Hao
OTHER RECEIVABLES AND DEPOSITS, NET
Other receivables	786,423
Employees \| Shanxi Guoguang
OTHER RECEIVABLES AND DEPOSITS, NET
Other receivables	$ 705,945

OTHER RECEIVABLES AND DEPOSITS

OTHER RECEIVABLES AND DEPOSITS - Additional Information (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
OTHER RECEIVABLES AND DEPOSITS, NET
Prepaid tax	$ 6,242,218	$ 7,783,185
Allowance for doubtful other receivables and deposits	1,265,984	1,233,179
Other receivables	2,283,757	$ 1,859,000
Shanghai Wu Zhao Hao \| Employees [Member]
OTHER RECEIVABLES AND DEPOSITS, NET
Other receivables	786,423
Shanxi Guoguang \| Employees [Member]
OTHER RECEIVABLES AND DEPOSITS, NET
Other receivables	705,945
HATX project
OTHER RECEIVABLES AND DEPOSITS, NET
Prepaid tax	4,366,025
HATX project \| Proxy
OTHER RECEIVABLES AND DEPOSITS, NET
Repair and maintenance fund	1,094,067
Linyi project
OTHER RECEIVABLES AND DEPOSITS, NET
Prepaid tax	$ 1,876,193

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	$ 3,195,199	$ 3,278,646
Less: Accumulated depreciation	(2,467,105)	(2,277,569)
Property and equipment, net	728,094	1,001,077
Furniture and fixtures
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	260,488	223,960
Computer and office equipment
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	189,592	135,163
Motor vehicles
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	609,004	747,185
Properties
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	$ 2,136,116	$ 2,172,338

PROPERTY AND EQUIPMENT, NET - A

PROPERTY AND EQUIPMENT, NET - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
PROPERTY AND EQUIPMENT, NET
Depreciation and amortization expense	$ 1,723,524	$ 1,779,670
Property and Equipment
PROPERTY AND EQUIPMENT, NET
Depreciation and amortization expense	$ 189,536

INVESTMENT PROPERTIES, NET (Det

INVESTMENT PROPERTIES, NET (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
INVESTMENT PROPERTIES, NET
Investment properties	$ 41,123,783	$ 33,367,887
Less: Accumulated depreciation	(12,213,208)	(10,694,748)
Investment properties, net	$ 28,910,575	$ 22,673,139

INVESTMENT PROPERTIES, NET - Ad

INVESTMENT PROPERTIES, NET - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)
INVESTMENT PROPERTIES, NET
Depreciation and amortization expense for investment properties	$ 1,495,096

INVESTMENT IN AND AMOUNT DUE _2

INVESTMENT IN AND AMOUNT DUE FROM AN UNCONSOLIDATED AFFILIATE (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2019	Nov. 30, 2019
INVESTMENT IN AND AMOUNT DUE FROM AN UNCONSOLIDATED AFFILIATE
Amount invested	$ 13,091,335	$ 12,751,061
SHDEW
INVESTMENT IN AND AMOUNT DUE FROM AN UNCONSOLIDATED AFFILIATE
Subsidiaries, percentage of Ownership held by the Company	19.91%
SHTX
INVESTMENT IN AND AMOUNT DUE FROM AN UNCONSOLIDATED AFFILIATE
Subsidiaries, percentage of Ownership held by the Company	19.91%
Amount invested	$ 28,238
SHDEW
INVESTMENT IN AND AMOUNT DUE FROM AN UNCONSOLIDATED AFFILIATE
Equity investment, % of Ownership held by the Company	19.91%		19.91%	20.38%
Amount invested	$ 12,510,206
Shanghai Da Er Wei Industry Co., Ltd.("DEWSY")
INVESTMENT IN AND AMOUNT DUE FROM AN UNCONSOLIDATED AFFILIATE
Equity investment, % of Ownership held by the Company	19.60%
Amount invested	$ 552,891

OTHER INVESTMENTS, NET (Details

OTHER INVESTMENTS, NET (Details) - USD ($)	12 Months Ended
OTHER INVESTMENTS, NET (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
OTHER INVESTMENTS, NET
Other investments	$ 641,810	$ 652,693
Impairment charges on other investments	0	0
ASU 2016-01
OTHER INVESTMENTS, NET
Other investments	$ 641,810	$ 652,693

PROMISSORY NOTES PAYABLE (Detai

PROMISSORY NOTES PAYABLE (Details) - USD ($)	12 Months Ended
PROMISSORY NOTES PAYABLE (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
PROMISSORY NOTES PAYABLE
Interest expenses related to promissory notes	$ 0	$ 0
Unsecured Notes Payable One
PROMISSORY NOTES PAYABLE
Outstanding principal and unpaid interest	1,411,891	1,435,833
Unsecured Notes Payable Two
PROMISSORY NOTES PAYABLE
Outstanding principal and unpaid interest	705,945	$ 717,916
Principal amount	$ 705,945
Interest rate	0%

AMOUNTS DUE TO DIRECTORS (Detai

AMOUNTS DUE TO DIRECTORS (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
AMOUNTS DUE TO DIRECTORS
Amounts due to directors	$ 472,104	$ 480,109
Lin Chi-Jung
AMOUNTS DUE TO DIRECTORS
Amounts due to directors	451,640	459,299
Lin Hsin-Hung
AMOUNTS DUE TO DIRECTORS
Amounts due to directors	$ 20,464	$ 20,811

ACCOUNTS PAYABLE (Details)

ACCOUNTS PAYABLE (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
ACCOUNTS PAYABLE
Accounts payable	$ 24,885,181	$ 22,372,938
Linyi project
ACCOUNTS PAYABLE
Unpaid project development fees	4,057,446
HATX project
ACCOUNTS PAYABLE
Unpaid project development fees	$ 19,740,002

CUSTOMER DEPOSITS (Details)

CUSTOMER DEPOSITS (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
CUSTOMER DEPOSITS
Customer Deposits, Current	$ 23,318,011	$ 34,742,361
Linyi project
CUSTOMER DEPOSITS
Customer Deposits, Current	8,755,843
Huaian Tianxi Real Estate Development Co., Ltd ("HATX")
CUSTOMER DEPOSITS
Customer Deposits, Current	$ 14,511,151

AMOUNT DUE TO AFFILIATES (Detai

AMOUNT DUE TO AFFILIATES (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Affiliated Entity
AMOUNT DUE TO AFFILIATES
Amount due to an affiliate	$ 32,068,741	$ 49,251,273
JXSY
AMOUNT DUE TO AFFILIATES
Amount due to an affiliate	31,568,727
SHSJ, a shareholder of HATX
AMOUNT DUE TO AFFILIATES
Amount due to an affiliate	6,648,142
SHSJ, a shareholder of HATX \| Affiliated Entity
AMOUNT DUE TO AFFILIATES
Amount due to an affiliate	$ 500,014

OTHER PAYABLES AND ACCRUED EX_3

OTHER PAYABLES AND ACCRUED EXPENSES (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
OTHER PAYABLES AND ACCRUED EXPENSES
Accrued staff commission and bonus	$ 44,572	$ 185,124
Rental deposits received	188,355	164,566
Bid bond	78,763	90,457
Other payables	6,850,685	6,954,170
Dividends payable to non-controlling interest	189,977	193,198
Other payables	$ 7,352,352	$ 7,587,515

INCOME TAXES PAYABLE (Details)

INCOME TAXES PAYABLE (Details) - USD ($)	3 Months Ended	12 Months Ended
INCOME TAXES PAYABLE (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2023	Dec. 31, 2022
Income /(loss) before income tax expense
Income /(loss) before income tax expense		$ (25,166,462)	$ (4,853,387)
Income tax expense applicable to China operations
Current tax		(3,479,331)	35,509,699
Income tax expense	$ 0	1,095,356	5,569,826
PRC corporate
Income /(loss) before income tax expense
Income /(loss) before income tax expense		(3,479,331)	7,783,154
Income tax expense applicable to China operations
Current tax		1,095,356	2,599,250
Deferred tax		0	0
Income tax expense		1,095,356	2,599,250
Non-China Operations
Income /(loss) before income tax expense
Income /(loss) before income tax expense		0	27,726,545
Income tax expense applicable to China operations
Income tax expense		$ 0	$ 2,970,576

INCOME TAXES PAYABLE - Effectiv

INCOME TAXES PAYABLE - Effective Tax Rate (Details)	12 Months Ended
INCOME TAXES PAYABLE - Effective Tax Rate (Details)	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES PAYABLE
PRC Statutory rate	25%	25%
Effect of income not taxable for PRC tax purposes	(31.50%)	33.40%
Under (Over)-provision for income taxes in prior years	0%
Effective income tax rate	(31.50%)	15.69%

INCOME TAXES PAYABLE - Deferred

INCOME TAXES PAYABLE - Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss from operations	$ 0	$ 0
Total deferred tax assets	0	0
Less: Valuation allowance	0	0
Net deferred tax assets	$ 0	$ 0

INCOME TAXES PAYABLE - Addition

INCOME TAXES PAYABLE - Additional Information (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES PAYABLE
Operating Loss Carryforwards, Valuation Allowance

STATUTORY RESERVE (Details)

STATUTORY RESERVE (Details) - USD ($)	12 Months Ended
STATUTORY RESERVE (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
STATUTORY RESERVE
Statutory reserve	$ 3,986,618	$ 3,986,618
PRC corporate
STATUTORY RESERVE
Minimum percentage of profits after tax to be transferred to statutory reserve	10%
Percentage on registered capital of statutory reserve maintenance	50%
PRC subsidiary
STATUTORY RESERVE
Minimum percentage of profits after tax to be transferred to statutory reserve	10%
Percentage on registered capital of statutory reserve maintenance	50%
Statutory reserve	$ 3,986,618

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
Rental expenses under operating leases	$ 100,289	$ 178,251

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of operating lease obligations (Details)	Dec. 31, 2023 USD ($)
COMMITMENTS AND CONTINGENCIES
Within one year	$ 27,919
Two to five years	0
Operating lease obligations	$ 27,919

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($)	12 Months Ended
SEGMENT INFORMATION (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
SEGMENT INFORMATION
Net revenues	$ 24,833,863	$ 80,020,189
Cost of revenues	(19,889,480)	(70,563,802)
Gross profit	4,944,383	9,456,387
Operating expenses	(1,802,558)	(3,029,088)
General and administrative expenses	(3,755,767)	(8,550,561)
Operating profit (loss)	(613,942)	(2,123,262)
Other income (expenses)
Interest income	832,461	691,096
Interest expense	3,226,658	651,085
Real estate property under development Impairment	19,590,407
Goodwill impairment loss	(1,132,629)
Other income, Net	(1,435,287)	(2,770,136)
Total Other Income (Expenses)	(24,552,520)	(2,730,125)
Income (Loss) before income taxes	(25,166,462)	(4,853,387)
Income tax	1,095,356	4,542,509
Net income /(loss)	(26,261,818)	(9,395,896)
Total assets	207,875,056	274,094,594
Operating Segments
SEGMENT INFORMATION
Net revenues	24,833,863	80,020,189
Cost of revenues	(19,889,480)	(70,563,802)
Gross profit	4,944,383	945,637
Operating expenses	(1,802,558)	(3,029,088)
General and administrative expenses	(3,755,767)	(8,550,561)
Operating profit (loss)	(613,942)	(2,123,262)
Other income (expenses)
Interest income	832,461	691,096
Interest expense	3,226,658	651,085
Real estate property under development Impairment	(19,590,407)
Goodwill impairment loss	(1,132,629)
Other income, Net	(1,435,287)	(2,770,136)
Total Other Income (Expenses)	(24,552,520)	(2,730,125)
Income (Loss) before income taxes	(25,166,462)	(4,853,387)
Income tax	1,095,356	4,542,509
Net income /(loss)	(26,261,818)	(9,395,896)
Real estate property under development	88,742,269	120,302,022
Total assets	207,875,056	274,094,594
Property Brokerage Services \| Operating Segments
SEGMENT INFORMATION
Net revenues	652,371	668,452
Cost of revenues	(868,012)	(954,553)
Gross profit	(215,642)	(286,101)
Operating expenses	(261,965)	(1,901,469)
General and administrative expenses	(1,919,153)	(1,200,913)
Operating profit (loss)	(2,396,760)	(3,388,483)
Other income (expenses)
Interest income	43,310	30,275
Interest expense		(438,705)
Other income, Net		(2,807,313)
Total Other Income (Expenses)	(43,310)	(2,338,333)
Income (Loss) before income taxes	(2,353,450)	(5,726,816)
Income tax	0	1,571,933
Net income /(loss)	(2,353,450)	(7,298,749)
Real estate property under development	0	0
Total assets	10,865,377	16,964,879
Real Estate Development \| Operating Segments
SEGMENT INFORMATION
Net revenues	24,181,492	79,351,737
Cost of revenues	(19,021,468)	(69,609,249)
Gross profit	5,160,025	9,742,488
Operating expenses	(1,540,593)	(1,127,619)
General and administrative expenses	(1,257,907)	(6,644,703)
Operating profit (loss)	2,361,525	1,970,166
Other income (expenses)
Interest income	490,030	598,140
Interest expense	3,226,658	438,705
Real estate property under development Impairment	(19,590,407)
Goodwill impairment loss	0
Other income, Net	(24,432)	(55,064)
Total Other Income (Expenses)	(22,351,467)	104,371
Income (Loss) before income taxes	(19,989,943)	2,074,537
Income tax	1,095,356	0
Net income /(loss)	(21,085,299)	2,074,537
Real estate property under development	88,742,269	120,302,022
Total assets	116,436,604	144,727,138
Investment Transaction \| Operating Segments
SEGMENT INFORMATION
Net revenues	0	0
Cost of revenues	0	0
Gross profit	0	0
Operating expenses	0	0
General and administrative expenses	0	0
Operating profit (loss)	0	0
Other income (expenses)
Interest income	0	0
Interest expense	0	0
Real estate property under development Impairment	0
Goodwill impairment loss	0
Other income, Net	36,634	192,241
Total Other Income (Expenses)	36,634	192,241
Income (Loss) before income taxes	36,634	192,241
Income tax	0	0
Net income /(loss)	36,634	192,241
Real estate property under development	0	0
Total assets	40,238,677	24,364,265
Others \| Operating Segments
SEGMENT INFORMATION
Net revenues	0	0
Cost of revenues	0	0
Gross profit	0	0
Operating expenses	0	0
General and administrative expenses	(578,706)	(704,945)
Operating profit (loss)	(578,706)	(704,945)
Other income (expenses)
Interest income	299,121	62,681
Interest expense	0	651,085
Real estate property under development Impairment	0
Goodwill impairment loss	(1,132,629)
Other income, Net	(1,447,489)	(100,000)
Total Other Income (Expenses)	(2,280,997)	(688,404)
Income (Loss) before income taxes	(2,859,703)	(1,393,349)
Income tax	0	2,970,576
Net income /(loss)	(2,859,703)	(4,363,925)
Real estate property under development	0	0
Total assets	$ 40,334,398	$ 88,038,312

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	12 Months Ended
RELATED PARTY TRANSACTIONS (Details)	Dec. 31, 2023 USD ($) m²
SHSJ, a shareholder of HATX
RELATED PARTY TRANSACTIONS
Accrued interest	$ 3,228,811.55
Unpaid interest for loan	6,154,690
SHDEW \| Rent expense
RELATED PARTY TRANSACTIONS
Related party transaction, amounts of transaction	$ 3,709
Square meters rent \| m²	71
Period of rent agreement	1 year
SHDEW \| Interest expense
RELATED PARTY TRANSACTIONS
Related party transaction, amounts of transaction	$ 1,139,043