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NET INVESTMENT IN DIRECT FINANCING LEASES

12 Months Ended

Dec. 31, 2015

NET INVESTMENT IN DIRECT FINANCING LEASES [Abstract]

NET INVESTMENT IN DIRECT FINANCING LEASES

13. NET INVESTMENT IN DIRECT FINANCING LEASES

The Group operates as a lessor in direct financing lease agreements for medical equipment, with hospitals and other companies that engage in ongoing cooperation agreements with hospitals. These leases have terms ranging generally from three to ten years. Net investment in direct financing leases is comprised of the following:

		As at December 31,
		2014				2015				2015
		RMB				RMB				US$
Total minimum lease payments to be received			312,184				233,820				36,096
Initial direct cost			3,963				3,963				612
			316,147				237,783				36,708
Unearned income			(41,360	)			(27,878	)			(4,304	)
Net investment in direct finance leases			274,787				209,905				32,404
Current			143,853				100,988				15,590
Non-current			130,934				108,917				16,814
Total			274,787				209,905				32,404

Net investment in financing leases with carrying value of RMB207,445 and RMB143,440 (US$22,143) were pledged as collaterals for bank borrowings of RMB136,785 and RMB94,248 (US$14,549) as of December 31, 2014 and 2015, respectively (note 17).

Under the sales and leaseback arrangements, the net investment in direct financing lease due from Beijing Nai'ensi Technology Limited (“Nai'ensi”), a related party of the Group (note 24), was RMB31,820 and RMB28,362 (US$4,378) as of December 31, 2014 and 2015 respectively. On April 25, 2016, the Group received a payment commitment signed by both Nai'ensi and Cheng Zheng, the legal representative of Nai'ensi, who also serves as director and principal shareholder of the Group. The commitment includes a strict payment schedule by which Nai'ensi will fully repay by installments the outstanding amount by July 31, 2016 and also stated that the two parties have sufficient non-pledged financial resources to fulfill the payment obligation. The Group subsequently collected RMB9,000 on April 27, 2016. 

The future minimum lease payments to be received from such non-cancelable direct financing leases are as follows:

		Future minimum lease payments
		RMB				US$
2016			110,512				21,026
2017			92,059				10,246
2018			12,287				1,897
2019			7,409				1,144
2020			3,675				567
above 5 years			11,841				1,828

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- Definition

The entire disclosure for lessor's leasing arrangements, which includes direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=25496975&loc=d3e45377-112738

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6452767&loc=d3e37045-112695

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 55
-Paragraph 47
-URI http://asc.fasb.org/extlink&oid=6584217&loc=d3e38847-112698

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X

- References

No definition available.

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