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LEASES
12 Months Ended
Dec. 31, 2023
LEASES  
LEASES

18.LEASES

The Group’s leases mainly related to buildings and the rights to use the land. The total expense related to short-term leases was insignificant for period of 2021, 2022 and 2023, and sublease income of the Group which was recognized in revenues in the consolidated statements of comprehensive income was RMB134, RMB119 and RMB143 for the years ended December 31, 2021, 2022 and 2023, respectively. The Group recognized a negative lease expense of RMB88, RMB281 and RMB98 for 2021, 2022 and 2023 under the relief of lease concession from COVID-19 as the Group elects using the variable lease expense approach.

A summary of supplemental information related to operating leases in 2022 and 2023 is as follows:

    

Years Ended December 31, 

 

2022

    

2023

Lease cost:

 

  

Operating fixed lease cost

 

4,186

4,217

Finance lease cost

— Amortization of ROU assets

93

87

— Interest on lease liabilities

116

114

Operating variable lease cost

 

(144)

110

Total lease cost

 

4,251

4,528

Other information:

 

Weighted average remaining lease term

 

Operating leases

13 years

13 years

Finance leases

28 years

27 years

Weighted average discount rate

Operating leases

6.28

%

6.27

%

Finance leases

 

3.98

%

4.29

%

As of December 31, 2023, the maturities of lease liabilities, excluding operating lease liabilities classified in liabilities held for sale (Note 9), in accordance with ASC 842 in each of the next five years and thereafter are as follows:

Year Ending December 31, 

    

Total Operating Leases

    

Total Finance Leases

2024

 

4,073

 

155

2025

 

3,981

159

2026

 

3,788

161

2027

 

3,615

165

2028

 

3,384

168

Thereafter

 

22,282

4,056

Total minimum lease payments

 

41,123

4,864

Less: amount representing interest

 

13,299

2,122

Present value of minimum lease payments

 

27,824

2,742

As of December 31, 2023, the Group has entered 25 lease contracts that the Group expects to account for as operating or finance leases, the future undiscounted lease payments for these non-cancellable lease contracts are RMB5,504, which is not reflected in the consolidated balance sheets.

As of December 31, 2022, the maturities of lease liabilities in accordance with ASC 842 in each of the next five years and thereafter were as follows:

Year Ending December 31,

    

Total Operating Leases

    

Total Finance Leases

2023

 

4,209

142

2024

 

4,196

146

2025

 

3,989

146

2026

 

3,793

148

2027

 

3,605

151

Thereafter

 

24,547

3,539

Total minimum lease payments

44,339

4,272

Less: amount representing interest

12,929

1,718

Present value of minimum lease payments

 

31,410

2,554

Supplemental cash flow information related to leases for the years ended December 31, 2022 and 2023 are as follows:

    

Years Ended December, 31

2022

2023

Cash paid for amounts included in the measurement of operating lease liabilities

3,295

4,440

Cash paid for amounts included in the measurement of finance lease liabilities

106

68

Non-cash right-of-use assets obtained in exchange for operating lease liabilities

 

1,010

 

343

Non-cash right-of-use assets obtained in exchange for finance lease liabilities, net of reassessment of finance lease payments

 

(161)

 

361

Non-cash right-of-use assets obtained in acquisition for operating lease

 

171

 

Non-cash lease liabilities obtained in acquisition for operating lease

 

144