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LAND USE RIGHTS, NET | 9 Months Ended
--- | ---
Sep. 30, 2024
LAND USE RIGHTS, NET. |
LAND USE RIGHTS, NET |
7. | LAND USE RIGHTS, NET
​
​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | December 31, 2023 | ​ | September 30, 2024
​ | ​ | RMB | ​ | RMB
Cost |  | 664,272 |  | 664,272
Accumulated amortization |  | (61,769) |  | (75,426)
Land use rights, net |  | 602,503 |  | 588,846
​ The carrying amounts of land use rights pledged by the Company to secure borrowings (Note 10) granted to the Company at the respective balance sheet dates were as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | December 31, 2023 | ​ | September 30, 2024
​ | ​ | RMB | ​ | RMB
Land use rights |  | 196,195 |  | 217,975
​ Amortization expenses were approximately RMB29,977 and RMB13,657 for the nine months ended September 30, 2023 and 2024, respectively.

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