| 33 | OBLIGATIONS UNDER FINANCE LEASES |
As at 31 December 2017, the Group had 235 aircraft (2016: 226 aircraft) under finance leases. Under the terms of the leases, the Group has the option to purchase, at or near the end of the lease terms, certain aircraft at either fair market value or a percentage of the respective lessors’ defined cost of the aircraft. The obligations under finance leases are principally denominated in US dollars.
The future minimum lease payments (including interest), and the present values of the minimum lease payments under finance leases were as follows:
| Present values | Present values | |||||||||||||||
| Minimum lease | of minimum | Minimum lease | of minimum | |||||||||||||
| payments | lease payments | payments | lease payments | |||||||||||||
| 2017 | 2017 | 2016 | 2016 | |||||||||||||
| RMB million | RMB million | RMB million | RMB million | |||||||||||||
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Within one year |
11,651 | 8,123 | ||||||||||||||
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In the second year |
10,408 | 7,526 | ||||||||||||||
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In the third to fifth years, inclusive |
27,895 | 21,905 | ||||||||||||||
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After the fifth year |
30,196 | 33,277 | ||||||||||||||
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Total |
80,105 | 66,868 | 70,831 | 61,041 | ||||||||||||
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Less: amounts repayable within one year |
(11,651 | ) | (9,241 | ) | (8,123 | ) | (6,447 | ) | ||||||||
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Long-term portion |
68,454 | 57,627 | 62,708 | 54,594 | ||||||||||||
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