Annual Report 2023

165 ANNUAL REPORT 2023 30. BANK AND OTHER BORROWINGS 2023 2022 HK$’million HK$’million Bank loans Unsecured short-term bank loans – variable rate 15,469 6,020 – fixed rate — 224 Unsecured long-term fixed rate bank loans 28 28 Long-term variable rate bank loans – unsecured 6,560 5,868 – secured (Note (a)) 1,370 1,241 23,427 13,381 Loans from a fellow subsidiary (Note (b)) 425 269 Loan from immediate holding company (Note (c)) — 1,458 Notes payable (Note (d)) – US$900 million, 4.375% guaranteed listed notes maturing in 2023 — 7,008 – US$500 million, 4.75% guaranteed listed notes maturing in 2025 3,903 3,890 – US$500 million, 4% guaranteed listed notes maturing in 2027 3,897 3,885 – US$600 million, 5% guaranteed listed notes maturing in 2028 4,656 4,638 12,456 19,421 Total 36,308 34,529 Less: amounts due within one year included under current liabilities (16,062) (16,561) Non-current portion 20,246 17,968 Notes: (a) As at 31 December 2023 and 2022, the following assets are pledged against the Group’s secured bank loans: 2023 2022 HK$’million HK$’million Right-of-use assets (note 17) 34 37 In addition to the above, the entire shareholdings in two subsidiaries owned by the Group as at 31 December 2022, were also pledged to various banks for bank facilities granted to the relevant subsidiaries. (b) The amount as at 31 December 2023 and 2022 are loans from a fellow subsidiary which is a financial institution approved and regulated by the People’s Bank of China and the China Banking Regulatory Commission. These amounts are unsecured, interest-bearing at 1.20% to 3.00% (2022: 1.20% to 4.06%) per annum. (c) The amount was unsecured, interest-bearing at 5% discount to the People’s Bank of China Benchmark Interest Rate per annum and fully repaid during the year.