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PREPAID LAND LEASE PAYMENTS
 12 Months Ended
Dec. 31, 2011
PREPAID LAND LEASE PAYMENTS
11. PREPAID LAND LEASE PAYMENTS

 

    As at December, 31  
    2010     2011     2011  
    RMB     RMB     US$  
                   
Prepaid land lease payments     28,423       28,423       4,516  
                         
Less: accumulated amortization     (310 )     (1,053 )     (167 )
                         
Net carrying value     28,113       27,370       4,349  

 

The land use right was obtained through the acquisition of 52% equity interest in CCICC during 2010, and is amortized under the straight-line method over the remaining land use certification of 38 years. Amortization expenses for the years ended December 31, 2009, 2010 and 2011 were nil, RMB310 and RMB743 (US$118), respectively.

 

As of December 31, 2011, estimated amortization expense of the prepaid land lease payments acquired for each of next five years is as follows:

 

    Amortization  
    RMB     US$  
2012     743       118  
2013     743       118  
2014     743       118  
2015     743       118  
2016     743       118  
                 
      3,715       590