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PROPERTY AND EQUIPMENT, NET | 9 Months Ended
--- | ---
Sep. 30, 2024
PROPERTY AND EQUIPMENT, NET |
PROPERTY AND EQUIPMENT, NET |
5. | PROPERTY AND EQUIPMENT, NET
Property and equipment, including those held under finance leases, consisted of the following: ​
​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | December 31, 2023 | ​ | September 30, 2024
​ | ​ | RMB | ​ | RMB
At cost: |  |  |  |
Property |  | 2,672,822 |  | 3,772,847
Leasehold improvements |  | 5,821,394 |  | 5,996,383
Computer and network equipment |  | 8,437,075 |  | 10,008,760
Optical fibers |  | 142,723 |  | 142,723
Office equipment |  | 93,543 |  | 100,243
Motor vehicles |  | 3,937 |  | 3,937
​ |  | 17,171,494 |  | 20,024,893
Less: Accumulated depreciation |  | (6,987,542) |  | (7,713,091)
​ |  | 10,183,952 |  | 12,311,802
Construction-in-progress |  | 3,444,237 |  | 3,444,905
Impairment |  | (603,796) |  | (603,454)
Property and equipment, net |  | 13,024,393 |  | 15,153,253
​ Depreciation expense was RMB1,214,168 and RMB1,066,483 for the nine months ended September 30, 2023 and 2024, respectively, and were included in the following captions: ​
​ | ​ | ​ | ​ | ​
​ | ​ | For the nine months periods
​ | ​ | ended September 30,
​ |  | 2023 |  | 2024
​ | ​ | RMB | ​ | RMB
Cost of revenues |  | 1,147,638 |  | 1,021,616
Sales and marketing expenses |  | 1,377 |  | 937
General and administrative expenses |  | 28,189 |  | 23,680
Research and development expenses |  | 36,964 |  | 20,250
​ |  | 1,214,168 |  | 1,066,483
​
5. | PROPERTY AND EQUIPMENT, NET (CONTINUED)
The carrying amounts of the Company’s property and equipment held under finance leases at respective balance sheet dates were as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | December 31, 2023 | ​ | September 30, 2024
​ | ​ | RMB | ​ | RMB
Property |  | 993,158 |  | 1,018,459
Computer and network equipment |  | 648,989 |  | 941,513
Optical fibers |  | 137,924 |  | 137,924
​ |  | 1,780,071 |  | 2,097,896
Less: Accumulated depreciation |  | (709,209) |  | (821,390)
​ |  | 1,070,862 |  | 1,276,506
Construction-in-progress |  | 219,283 |  | —
Impairment |  | (19,361) |  | (19,136)
​ |  | 1,270,784 |  | 1,257,370
​ Depreciation of property, computer and network equipment and optical fibers under finance leases was RMB149,395 and RMB112,181 for the nine months periods ended September 30, 2023 and 2024, respectively. The carrying amounts of property and equipment 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
Property |  | 155,239 |  | 370,759
Leasehold improvements |  | 246,662 |  | 224,669
Computer and network equipment |  | 442,167 |  | 399,180
Office equipment |  | 1,829 |  | 1,429
​

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