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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.