Property, equipment and software, net

12 Months Ended

Dec. 31, 2024

Property, equipment and software, net

9.	Property, equipment and software, net

Property, equipment and software, net consist of the following:


	As of December 31,
	2023			2024
	(RMB in millions)

Land, building and building improvement		56,445			70,977
Logistics, warehouse and other heavy equipment		16,653			18,061
Vehicles		7,268			8,981
Leasehold improvement		5,117			5,895
Electronic equipment		2,644			2,947
Software		1,049			1,072
Office equipment		696			757

Total		89,872			108,690
Less: accumulated depreciation and impairment		(19,837	)		(25,953	)

Net carrying amount		70,035			82,737

Depreciation expenses were RMB5,295 million, RMB6,088 million and RMB6,958 million for the years ended December 31, 2022, 2023 and 2024, respectively. No material impairment loss was recorded for the year ended December 31, 2022. For the year

ended December 31, 2023 and 2024, the Group recorded impairment loss

of RMB819 million and RMB716 million

, respectively