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LEASE | 12 Months Ended
--- | ---
Dec. 31, 2019
Lease |
LEASE | 11. LEASE Leases of medical equipment as lessor The following table presents the lease receivables derive from the Group’s operating, sales-type and direct financing leases:
|  | As at December 31,
|  | 2018 |  | 2019 |  | 2019
|  | RMB |  | RMB |  | US$
Current |  |  |  |  |  |
Account receivable - Operating lease |  | 46,331 |  | 38,201 |  | 5,487
Account receivable - Sales-type lease |  | — |  | 675 |  | 97
Net investment in direct financing leases |  | 29,638 |  | 35,240 |  | 5,062
Non-current |  |  |  |  |  |
Net investment in direct financing leases |  | 42,977 |  | 27,084 |  | 3,890
Total |  | 118,946 |  | 101,200 |  | 14,536
Lease receivables for operating and sales-type leases are presented in accounts receivable on the consolidated balance sheets. Lease receivables for direct financing leases are presented as net investment in direct financing leases. As of December 31, 2018, and 2019, the allowance of lease receivables was RMB2,093 and RMB4,318 (US$620), respectively. Accordingly, risk of default with respect to these receivables is remote. Lease receivables with carrying value of nil and RMB24,997 (US$3,591) were pledged as collaterals for bank and other borrowings of nil and RMB167,165 (US$24,012) as of December 31, 2018 and 2019, respectively. The following table presents the lease income recognized relating to the Group's operating, sales-type and direct financing leases:
|  | For the Year Ended December 31, 2019
|  | Sales-type leases |  | Direct financing |  | Operating leases
|  |  |  |  |  | leases |  |  |  |
|  | RMB |  | US$ |  | RMB |  | US$ |  | RMB |  | US$
Selling loss recognized at the commencement date |  | (21,229) |  | (3,049) |  | — |  | — |  | — |  | —
Interest income on net investment in the lease |  | 1,130 |  | 162 |  | 3,944 |  | 567 |  | — |  | —
Including: Income relating to variable lease payments not included in the measurement of the net investment in a lease |  | 1,130 |  | 162 |  | — |  | — |  | — |  | —
Lease income relating to lease payments |  |  |  |  |  |  |  |  |  | 53,485 |  | 7,683
Including: Income relating to variable lease payments not included in the measurement of lease receivable |  | — |  | — |  | — |  | — |  | 45,887 |  | 6,591
The Group's lease assets do not contain material residual value by the end of the lease term. In order to mitigate the risks associated with the residual value of its leased assets, the Group usually enters into arrangements where the lease terms are approximate to the economic useful life of the leased assets so as to minimize their residual value. Net investment in direct financing leases is comprised of:
|  | As at December 31,
|  | 2018 |  | 2019 |  | 2019
|  | RMB |  | RMB |  | US$
Minimum lease payments to be received |  | 83,079 |  | 68,520 |  | 9,842
Unearned income |  | (10,464) |  | (6,196) |  | (890)
Net investment in direct financing leases |  | 72,615 |  | 62,324 |  | 8,952
Current |  | 29,638 |  | 35,240 |  | 5,062
Non-current |  | 42,977 |  | 27,084 |  | 3,890
Total |  | 72,615 |  | 62,324 |  | 8,952
The future minimum lease payments to be received from such non-cancelable direct financing leases are as follows:
|  | Future minimum
|  | direct financing lease payments
|  | RMB |  | US$
2020 |  | 39,050 |  | 5,609
2021 |  | 17,138 |  | 2,462
2022 |  | 7,446 |  | 1,070
2023 |  | 3,003 |  | 431
2024 |  | 1,883 |  | 270
Above 5 years |  | — |  | —
The future minimum lease payments to be received from such non-cancelable operating leases are as follows:
|  | Future minimum
|  | operating lease payments
|  | RMB |  | US$
2020 |  | 8,972 |  | 1,289
2021 |  | 8,972 |  | 1,289
2022 |  | 7,886 |  | 1,133
2023 |  | 7,196 |  | 1,034
2024 |  | 5,496 |  | 789
Above 5 years |  | 13,708 |  | 1,969
Lease payments for the Group’s sales-type lease payments are all variable based on the profit or revenue generated from the underlying assets thus the Group does not recognize any net investment in the lease at commencement. Failed sales-leaseback transactions as seller-lessee The Group has failed sales-leaseback transactions in which the Group acts as seller-lessee but does not effectively transfer control of the underlying asset to the buyer-lessor. The Group accounts for failed sales-leaseback transactions as financings. The Group recorded RMB30,646 (US$4,402) and RMB205,784 (US$29,559) under “Long-term bank and other borrowings, current portion” and "Long-term bank and other borrowings, non-current portion", respectively as of December 31, 2019. The effective interest rate used in the computation of interest expense ranged from 9.64% to 11.69%. Interest expenses recorded in the Group’s consolidated statement of comprehensive loss amounted to nil, RMB119 , and RMB21,644 (US$3,109) for the years ended December 31, 2017, 2018 and 2019, respectively. Operating leases as lessee The components of lease cost were as follows:
|  | For the year ended December 31, 2019
|  | RMB |  | US$
Operating lease cost |  | 32,002 |  | 4,597
Short term lease cost |  | 625 |  | 90
Total |  | 32,627 |  | 4,687
For the year ended December 31, 2019, total operating and short-term lease costs of RMB8,203 (US$1,178) and RMB23,799 (US$3,419) were recorded in cost of revenue and general and administrative expenses, respectively. Other information
|  | For the year |
|  | ended December 31, 2019 |
|  | RMB |  | US$ |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases |  | 18,491 |  | 2,656 |
ROU assets obtained in exchange for operating lease liabilities * |  | 234,915 |  | 33,743 |
Weighted-average remaining lease terms (in years) |  | 4 |  | 4 |
Weighted-average discount rate |  | 4.87 | % | 4.87 | %
* Includes transition liabilities upon adoption of ASC 842, as well as new leases entered into during the year ended December 31, 2019. Changes in the ROU asset and liability are presented net within operating activities. Future minimum lease payments for operating leases as of December 31, 2019 are as follows:
|  | Minimum Lease Payments
|  | RMB |  | US$
Year ending December 31, |  |  |  |
2020 |  | 25,362 |  | 3,643
2021 |  | 24,481 |  | 3,516
2022 |  | 20,654 |  | 2,967
2023 |  | 19,996 |  | 2,872
2024 |  | 19,306 |  | 2,773
Thereafter |  | 256,158 |  | 36,796
Total future lease payments |  | 365,957 |  | 52,567
Less: Imputed interest |  | 134,256 |  | 19,285
Total lease liability balance |  | 231,701 |  | 33,282
The Group did not have any leasing transactions with related parties. Land use rights The following table presents the original cost payment, accumulated amortization and net carrying value of the Group’s land use rights for the periods presented:
|  | As at December 31,
|  | 2018 |  | 2019 |  | 2019
|  | RMB |  | RMB |  | US$
|  | Prepaid land lease |  |  |  |
|  | payment |  | Right-of-use asset |  | Right-of-use asset
Land use rights |  | 456,823 |  | 456,823 |  | 65,619
Less: accumulated amortization |  | (18,500) |  | (27,962) |  | (4,017)
Net carrying value |  | 438,323 |  | 428,861 |  | 61,602
As of December 31, 2018 and 2019, the Group recorded land lease payment under “Prepaid land lease payment” and “Right-of-use assets, net” of RMB438,323 and RMB428,861 (US$61,602), respectively. Amortization expenses for the years ended December 31, 2017, 2018 and 2019 were RMB5,256, RMB9,610 and RMB9,462 (US$1,359), respectively. The net book value of the Group’s land use right payments pledged to secure bank and other borrowings was RMB425,743 and RMB416,548 (US$59,833), respectively. The estimated annual amortization expenses for the land leases payment for each of the five succeeding years are as follows:
|  | Amortization
|  | RMB |  | US$
2020 |  | 9,462 |  | 1,359
2021 |  | 9,462 |  | 1,359
2022 |  | 9,462 |  | 1,359
2023 |  | 9,462 |  | 1,359
2024 |  | 9,462 |  | 1,359

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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