Annual Report 2019

Management Discussion and Analysis 24 CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED 2019 2018 HK$’million HK$’million Fixed-rate unlisted notes payable which are repayable (Note (b)): In 2021 — 571 In 2022 2,791 2,853 2,791 3,424 Loans from fellow subsidiaries which are repayable as follows: Within 1 year 509 480 Between 1 and 2 years 69 — Between 2 and 5 years 287 63 More than 5 years 162 91 1,027 634 Loan from immediate holding company Repayable within 1 year 366 — Loan from an associate Repayable within 1 year — 276 Loan from a non-controlling equity holder of a subsidiary Repayable more than 5 years 454 446 Notes: (a) All loans are unsecured except for the secured bank loans of HK$3,358 million (2018: HK$3,646 million). (b) During the year, the Company has early repaid the RMB500 million fixed-rate unlisted notes maturing in 2021.