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8
DERIVATIVE FINANCIAL ASSETS AND LIABILITIES
Derivative financial assets and liabilities relate primarily to the fair value of interest rate cap and floating-to-fixed interest
rate swaps entered into to manage the interest rate risk on the USD denominated floating rate debts. The financial
derivative liabilities also pertain to the derivative component of convertible debt securities issued during the year, as
disclosed in Note 12.
The fair value of the derivative financial assets and liabilities are based on the valuations undertaken by independent
professional valuers. The notional amounts are disclosed in Note 28.
During the period ended 31 December 2010, the Group refinanced certain bank loans and unwound the interest rate
swaps that were linked to the foregoing loans. The Group realised gains of $9.5 million on settlement of such interest
rate swap instruments. There were no similar transactions in the year ended 31 December 2011.
9
TRADE AND OTHER RECEIVABLES
Group
Trust
2011
2010
2011
2010
$’000
$’000
$’000
$’000
Trade receivables
4,957
3,578
–
–
Amounts due from related parties, non-trade
–
–
79,104
–
Other receivables
32,764
3,082
2,355
–
Loans and receivables
37,721
6,660
81,459
–
Prepayments
5,988
1,486
–
139
43,709
8,146
81,459
139
Trade and other receivables of the Group are primarily denominated in Chinese Renminbi (“RMB”).
Amounts due from related parties of the Trust relate mainly to partial payments on behalf of the Trust’s investment
holding vehicles for the acquisition of Central Avenue Mall and Huai Hai Mall.
As at 31 December 2011, the following amounts are included in other receivables of the Group:
1)
Consideration due from the buyer for the disposal of the Group’s equity interest in LuxChina Property
Development Co., Ltd (Note 7) of approximately $16,695,000, which will, as planned by management of the
Trust and the buyer, be offset against the same amount (Note 13) due to a related party of the buyer.
2)
Non-trade amount of approximately $10,314,000 due from the immediate holding company of the minority
shareholder of Sanyang Property Development Co., Ltd (the “Trio Holding Company”). The amount was fully
settled subsequent to the year end (Note 13).
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