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Property and Equipment, Net

12 Months Ended

Dec. 31, 2022

Property and Equipment, Net

Property and Equipment, Net

7. Property and Equipment, Net

Property and equipment, net consists of the following:

​

​	​	​	​	​	​	​
​	​	As of December 31,
​	​	(Amount in Thousands)
​		2021		2022		2022
​	​	RMB	​	RMB	​	US$
Buildings		2,478,741		2,478,634	​	359,368
Leasehold improvements	​	176,442	​	154,900	​	22,458
Furniture, fixtures and equipment		136,624		135,337	​	19,622
Motor vehicles		46,326		33,148	​	4,806
Software		171,079		190,227	​	27,581
​		3,009,212		2,992,246	​	433,835
Accumulated depreciation		(444,876)		(546,988)	​	(79,306)
​		2,564,336		2,445,258	​	354,529
Construction in progress		16,599		41,059	​	5,953
Property and equipment, net		2,580,935		2,486,317	​	360,482

​

Depreciation expense was RMB98,452, RMB146,567 and RMB155,968 for the years ended December 31, 2020, 2021 and 2022, respectively.

​

On May 9, 2021, the Group purchased new office premises by acquiring 100% of equity interests of an unrelated third party (renamed as Shanghai Nuohong Real Estate Co., Ltd. (“Nuohong”) after the acquisition), with a gross floor area of approximately 72,000 square meters in Shanghai Hongqiao Central Business District for a total cash consideration of approximately RMB2.2 billion, which is accounted for as asset acquisition, and recorded as part of property and equipment, net in the Group’s consolidated balance sheet. Due to the difference between tax bases and cost bases of buildings acquired, a deferred tax liability of RMB196.2 million was recorded at acquisition date and amortized through the remaining useful live of the buildings.

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- References

No definition available.

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- Definition

The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI https://asc.fasb.org/topic&trid=2155823

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916

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