Accounts and notes receivable, net (Tables)

9 Months Ended

Sep. 30, 2017

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, 2017 and December 31, 2016 are summarized as follows (figures are in thousands of USD):

	September 30, 2017		December 31, 2016
Accounts receivable - unrelated parties	$	150,696	$	154,403
Notes receivable - unrelated parties ⁽¹⁾ ⁽²⁾		120,438		132,409
Total accounts and notes receivable- unrelated parties		271,134		286,812
Less: allowance for doubtful accounts - unrelated parties		(1,191)		(1,081)
Accounts and notes receivable, net - unrelated parties		269,943		285,731
Accounts and notes receivable, net - related parties		17,607		20,984
Accounts and notes receivable, net	$	287,550	$	306,715

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

(2) As of September 30, 2017, the Company collateralized its notes receivable in an amount of RMB 268.3 million, equivalent to approximately $40.4 million, as security for the credit facilities with banks in China and the Chinese government, including RMB 158.9 million, equivalent to approximately $23.9 million, 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 13), which is used as security for the non-revolving credit facility in the amount of $23.9 million provided by Industrial and Commercial Bank of China (Macau) Limited, “ICBC Macau”, RMB 30.0 million, equivalent to approximately $4.5 million, as security in favor of the Chinese government for the low interest government loan (See Note 13), and RMB 79.4 million, equivalent to approximately $12.0 million, in favor of China CITIC Bank, Wuhan Branch, “CITIC Wuhan”, for the purpose of obtaining the Henglong Standby Letter of Credit(as defined in Note 13), which was used to obtain the facility of Taishin Bank in the amount of $10.0 million(See Note 13).