Property and Equipment, Net
 12 Months Ended
Dec. 31, 2014
Property and Equipment, Net  
Property and Equipment, Net

 

7. Property and Equipment, Net

 

Property and equipment, net consists of the following:

 

 

 

As of December 31,

 

 

 

2013

 

2014

 

 

 

$

 

$

 

Leasehold improvements

 
29,942,721

 
33,760,211

 

Buildings

 
21,787,018

 
18,348,855

 

Furniture, fixtures and equipment

 
26,076,914

 
30,424,438

 

Motor vehicles

 
7,072,583

 
7,427,714

 

 

 

 

 

 

 

Total

 
84,879,236

 
89,961,218

 

Accumulated depreciation

 
(34,802,311

)
(40,851,751

)

 

 

 

 

 

 

Property and equipment, net

 
50,076,925

 
49,109,467

 

 

Depreciation expense was $8,684,626, $8,206,163 and $8,659,092 for the years ended December 31, 2012, 2013 and 2014, respectively.