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Debt Investment
6 Months Ended
Jun. 30, 2024
Debt Investment [Abstract]  
DEBT INVESTMENT

9. DEBT INVESTMENT

 

As of June 30, 2024, debt investment was $0.70 million.

 

On May 20, 2024, Future Commercial Management Co., Ltd. entered into a “Debt Transfer Agreement” with a third-party. Future Commercial Management Co., Ltd. paid $0.70 million (RMB5.00 million) to purchase $2.08 million (principal amount RMB7.50 million, interest RMB7.35 million) in debt. The debt has pledge of three properties, amount $2.08 million (RMB8.02 million). The debt is expected to be repaid $8 million within 3 years. The company will perform debt impairment test end of the fiscal year.