Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Operating Leases

v3.21.1
Operating Leases
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Operating Leases

(23)

OPERATING LEASES

The Group generates rental income by leasing its own properties. Rental income under operating lease is recognized on a straight-line basis over the term of the lease, including any periods of free rent, and is classified as “other operating income, net” after netting off relevant costs.

Property on Operating Lease

 

 

 

December 31,

2019

 

 

December 31,

2020

 

 

RMB

 

 

RMB

Building

 

 

53,049,213

 

 

53,049,213

Less: Accumulated depreciation

 

 

(18,714,584)

 

 

(20,497,038)

 

 

 

34,334,629

 

 

32,552,175

 

Since there are no substantive rental contracts outstanding as of December 31, 2020, future minimum rental income under non-cancelable operating lease as of December 31, 2020 is immaterial.