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Real Estate Held For Sale
12 Months Ended
Dec. 31, 2019
Real Estate [Abstract]  
Real Estate Held For Sale

NOTE 5 - REAL ESTATE HELD FOR SALE

 

At December 31, 2019 and 2018, real estate held for sale was valued $2,396,238 and $2,530,183, respectively. Real estate held for sale represents multiple units in a building located in Hong Kong. During the year ended December 31, 2019, the Company sold one unit for $189,522, with a cost of $120,965 and other costs of sale of $16,240. During the year ended December 31, 2018, the Company sold eight units for $1,368,220, with related costs of units of $900,457 and other costs of sale of $119,333. The property was developed for resale on a unit by unit basis and is stated at the lower of cost or estimated fair value, less estimated costs to sell. Real estate held for sale represents properties for which a committed plan to sell exists and an active program to market such properties has been initiated. At December 31, 2019, the Company’s real estate held for sale was pledged to a lender as security collateral for a loan of $385,158 (see Note 11).