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Land Use Rights

12 Months Ended

Dec. 31, 2020

Land use rights

Land Use Rights

Land Use Rights

8.	Land Use Rights

Land use rights represent acquired right to use the land on which the Group’s offices and warehouses are built. In 2019 and 2020, the Group obtained the land use rights in Guangzhou and Shanghai from the local authorities. Amortization of the land use right is made over the remaining term of the land use right period from the date when the land was made available for use by the Group. The land use rights are summarized as follows (in thousands):


		December 31,		December 31,
		2019		2020
		RMB		RMB
Cost		3,846,660		4,402,470
Incentive payment from local government		(15,000)		(15,000)
Accumulated amortization		(124,481)		(209,213)
Land use right, net		3,707,179		4,178,257

The total amortization expense for each of the years ended December 31, 2018, 2019 and 2020 amounted to approximately RMB31.3 million, RMB72.2 million and RMB84.7 million, respectively.