| ACCOUNTS PAYABLE |
15. ACCOUNTS PAYABLE | | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | | | | (in thousands) | Payable related to new home transaction business | | 5,954,209 | | 3,469,628 | Payable for home renovation materials and construction costs | | 1,713,179 | | 1,506,095 | Payable for real estate properties under development | | 538,406 | | 93,164 | Payable for advertising fees | | 396,364 | | 234,026 | Payable for internet service fees | | 333,835 | | 312,209 | Payable for leasehold improvements | | 262,805 | | 167,492 | Others | | 293,831 | | 269,515 | Total | | 9,492,629 | | 6,052,129 |
An ageing analysis of the trade payable as of December 31, 2024 and 2025, based on the invoice date, is as follows: | | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | | | | (in thousands) | – Up to 3 months | | 9,116,991 | | 5,715,186 | – 3 months to 1 year | | 210,375 | | 94,568 | – Over 1 year | | 165,263 | | 242,375 | Accounts payable | | 9,492,629 | | 6,052,129 |
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