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Fair value of financial assets and liabilities

12 Months Ended

Dec. 31, 2021

9. Fair Value Of Financial Assets And Liabilities

9. Fair value of financial assets and liabilities

The Company’s financial instruments consist of non-derivative financial assets and liabilities. The fair value of these non-derivative financial instruments is determined using internally generated valuation models, which are usually developed from generally accepted valuation models. The majority of the significant inputs into these models may not be observable in the market, and may be derived from interest rates based on assumptions. The selection of the appropriate valuation model, as well as the determination of key inputs used such as the expected future cash flows on the financial instrument, the probability of counterparty default and the appropriate discount rate to be used, require management judgment and estimation.

	As of December 31, 2021
	Fair value		Carrying Amount
	RMB’000		RMB’000
Financial assets
Cash, cash equivalents and restricted cash		396		396
Loans receivable		555,133		555,133
		555,529		555,529

Financial liabilities
Loans payable		161,569		161,569

The fair values of loans payable are approximately the carrying amount of loans payable as all loans payable are overdue as of December 31, 2021.

	As of December 31, 2020
	Fair value		Carrying amount
	RMB’000		RMB’000
Financial assets
Cash, cash equivalents and restricted cash		97		97
Loans receivable		662,183		662,183
		662,280		662,280
Financial liabilities
Loans payable		171,569		171,569