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FAIR VALUE MEASUREMENT | 12 Months Ended
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Dec. 31, 2020
FAIR VALUE MEASUREMENT |
FAIR VALUE MEASUREMENT | 17 FAIR VALUE MEASUREMENT The Company did not have financial assets or liabilities measured at fair value on a recurring basis as of December 31, 2020. As of December 31, 2019, the Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows: ​
​ | ​ | ​
​ | ​ | Fair value measurement using
​ | ​ | Level 2 inputs
​ | ​ | ​
Liabilities | ​ | ​
- Interest rate swap contracts (Note 16) |  | 10,759
​ Following is a description of the valuation techniques that the Company uses to measure fair value of other financial assets and financial liabilities:
| ● | Short-term financial instruments (cash, restricted cash, accounts receivable and payable, short-term borrowings, and accrued expenses and other payables) — cost approximates fair value because of the short maturity period.
| ● | Long-term borrowings — fair value is based on the amount of future cash flows associated with each debt instrument discounted at the Company’s current borrowing rate for similar debt instruments of comparable terms. The carrying values of the long-term borrowings approximate their fair values as all the long-term debt carry various interest rates which approximate rates currently offered by the Company’s bankers for similar debt instruments of comparable maturities.
| ● | Convertible Bonds payable—the estimated fair value was RMB 2,448,646 and RMB 3,683,816 as of December 31, 2019 and 2020 , respectively. The fair value was measured based on the price in the open market.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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