Page 27 - TreasuryChinaTrust

Treasury China Trust Annual Report 2010 70

NOTES TO THE FINANCIAL STATEMENTS

Period from 19 May 2010 (date of constitution) to 31 December 2010

12 Interest-bearing borrowings (Continued)

Terms and debt repayment schedule

Terms and conditions of the outstanding loans and borrowings are as follows:

Nominal interest

rate per annum Final maturity date

Face value

Carrying amount 2010 2010 2010 % $’000 $’000

US$ floating rate term loan LIBOR + 3.5% 10 Dec 2012 48,586 48,586 RMB floating rate term loan PBOC rate * 118% 10 Dec 2012 9,458 9,458 US$ floating rate term loan LIBOR + 3.5% 22 Dec 2013 141,388 136,764 US$ floating rate term loan LIBOR + 3% 26 Jul 2015 354,750 350,804 RMB floating rate term loan PBOC rate 2 Jun 2015 79,950 79,061 US$ floating rate term loan LIBOR + 3.75% 2 Jun 2015 32,143 31,785

666,275 656,458

As at 31 December 2010, the effective interest rates for bank borrowings ranged from 3.26% to 4.76% per annum for US$ term loans and 6.22% to 6.90% per annum for RMB term loans.

Intra-group financial guarantees

Intra-group financial guarantees comprise guarantees given by the Trust to banks in respect of various banking facilities amounting to $666.3 million granted to subsidiaries which expire on the date listed as above.

13 Trade and other payables

Group Trust 2010 2010 $’000 $’000

Trade payables 7,206 – Security deposits 19,502 – Interest payable 538 – Property and business taxes payable 11,409 – Accrued operating expenses 3,613 1,244 Amount due to Trustee-Manager 3,234 3,234 Deposit received for disposal of available-for-sale investment 17,161 – Other payables 2,159 – Advance from customers 1,681 –

66,503 4,478

Trade and other payables are primarily denominated in RMB.

14 Unitholders’ funds

Foreign currency translation reserve

The foreign currency translation reserve comprises foreign exchange differences arising from the translation of the financial statements of foreign operations.

Unit option reserve

The unit option reserve comprises the cumulative value of employee services received for the issue of the units under the Trust’s Substitution Option Scheme.