Accounts and notes receivable, net (Tables)

9 Months Ended

Sep. 30, 2015

Accounts and Notes Receivable Disclosure [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

The Company’s accounts and notes receivable as of September 30, 2015 and December 31, 2014 are summarized as follows (figures are in thousands of USD):

	September 30, 2015		December 31, 2014
Accounts receivable - unrelated parties ⁽¹⁾	$	117,129	$	137,165
Notes receivable - unrelated parties ^{(2) (3)}		126,615		146,597
Total accounts and notes receivable- unrelated parties		243,744		283,762
Less: allowance for doubtful accounts - unrelated parties		(1,234)		(1,414)
Accounts and notes receivable, net - unrelated parties		242,510		282,348
Accounts and notes receivable, net - related parties		31,423		22,760
Accounts and notes receivable, net	$	273,933	$	305,108

(1)

As of September 30, 2015 and December 31, 2014, the Company has pledged $33.0 million and $34.3 million, respectively, of accounts receivable as security for its comprehensive credit facilities with banks in China.

(2)

Notes receivable represent accounts receivable in the form of bills of exchange for which acceptances are guaranteed and settlements are handled by banks.

(3)

As of September 30, 2015, Henglong collateralized its notes receivable in an amount of RMB232.6 million, equivalent to approximately $36.6 million, including RMB207.1 million, equivalent to approximately $32.6 million, as security in favor of Industrial and Commercial Bank of China, Jingzhou Branch, “ICBC Jingzhou,” for the purpose of obtaining the Henglong Standby Letter of Credit (as defined in Note 14) which is used as security for the non-revolving credit facility in the amount of $30.0 million provided by Industrial and Commercial Bank of China (Macau) Limited, “ICBC Macau”, and RMB25.5 million, equivalent to approximately $4.0 million, as security in favor of the Chinese government for the low-interest government loan (See Note 14).