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Loans Secured by Real Estate | 12 Months Ended
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Dec. 31, 2017
Debt Disclosure [Abstract] |
Loans Secured by Real Estate | NOTE 10 – LOANS SECURED BY REAL ESTATE
|  | As of |  |  | As of |
|  | December 31, 2017 |  |  | December 31, 2016 |
(A) Standard Chartered Saadiq Berhad, Malaysia |  | $ | 363,974 |  |  | $ | 337,464 |
(B) United Overseas Bank (Malaysia) Berhad |  |  | 249,459 |  |  |  | 229,706 |
(C) Bank of China Limited, Shenzhen, PRC |  |  | 1,383,360 |  |  |  | - |
(D) Loan from non-banking lender, Hong Kong |  |  | 774,194 |  |  |  | - |
|  |  | 2,770,987 |  |  |  | 567,170 |
Less: current portion |  |  | (928,147 | ) |  |  | (13,042 | )
Loans secured by real estate, net of current portion |  | $ | 1,842,840 |  |  | $ | 554,128 |
(A) | In May 2013, the Company obtained a loan in the principal amount of MYR1,629,744 (approximately $495,170) from Standard Chartered Saadiq Berhad, a financial institution in Malaysia to finance the acquisition of leasehold office units at Skypark One City, Selangor in Kuala Lumpur, Malaysia which bears interest at the base lending rate less 2.1% per annum (6.7% at December 31, 2017 and 2016) with 300 monthly installments of MYR9,287 (approximately $2,840) each and will mature in May 2038. The mortgage loan is secured by (i) the first legal charge over the property, (ii) personally guaranteed by Mr. Lee Chong Kuang and Mr. Loke Che Chan Gilbert, the directors of the Company, and (iii) guaranteed by a related corporation which is controlled by the directors of the Company.
(B) | In August 2013, the Company, through Mr. Lee Chong Kuang, the director of the Company, obtained a loan in the principal amount of MYR1,074,696 (approximately $326,530) from United Overseas Bank (Malaysia) Berhad, a financial institution in Malaysia to finance the acquisition of a leasehold office unit at Northpoint, Mid Valley City in Kuala Lumpur, Malaysia which bears interest at the base lending rate less 2.2% per annum (6.81% at December 31, 2017 and 2016) with 360 monthly installments of MYR5,382 (approximately $1,645) each and will mature in August 2043. The mortgage loan is secured by the first legal charge over the property.
(C) | In December 2017, the Company obtained a loan in the principal amount of RMB 9,000,000 (approximately $1,383,360) from Bank of China Limited, a financial institution in China to finance the acquisition of leasehold office units of approximately 5,000 square feet at the Di Wang Building (Shun Hing Square), Shenzhen, China (the Property). The loan bears interest at a 25% premium above the 5-year-or-above RMB base lending rate per annum (6.125% at December 31, 2017) with 120 monthly installments and will mature in December 2027. The monthly installment will be determined by the sum of (i) a 25% premium above the 5-year-or-above RMB base lending rate per annum on the 20th day of each month for the interest payment and (ii) RMB75,000 (approximately $11,528) for the fixed repayment of principal. The mortgage loan is secured by (i) the first legal charge over the Property, (ii) a restricted-cash fixed time deposit of RMB 1,000,000 (approximately $153,707) of the Company, (iii) the accounts receivable of Greenpro Management Consultancy (Shenzhen) Limited, (iv) corporate guaranteed by the Company and by a related company which is controlled by the Loke Che Chan Gilbert, and (v) personally guaranteed by Ms. Chen Yanhong, the legal representative of Greenpro Management Consultancy (Shenzhen) Limited and a shareholder of the Company.
(D) | In September, 2017, the Company borrowed HKD 8,000,000 (approximately $1,032,258) from Laboratory JaneClare Limited, a non-banking lender located in Hong Kong. The loan is secured by the Company’s real estate held for sale, bears interest at 8.4% per annum, and is due September 12, 2018.
Maturities of the loan secured by real estate for each of the five years and thereafter are as follows:
Year ending December 31: |  |  |
2018 |  | $ | 928,147 |
2019 |  |  | 154,703 |
2020 |  |  | 155,413 |
2021 |  |  | 156,311 |
2022 |  |  | 157,175 |
Thereafter |  |  | 1,219,238 |
Total |  | $ | 2,770,987 |

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