Annual Report 2019

160 Annual Report 2019 Miramar Hotel and Investment Company, Limited Notes to the Financial Statements 19 Bank loan At 31 December 2019, the bank loan was secured as follows: 2019 2018 HK$’000 HK$’000 Secured bank loan 2,727 2,848 Bank loan is repayable within one year. Interest on bank loan is charged at prevailing market rates. The effective interest rate per annum on bank loan is 0.9% for the year ended 31 December 2019 (2018: 0.9%). At 31 December 2019, banking facilities of HK$389,450,000 (2018: HK$391,575,000) were secured by the Group’s investment in listed equity securities with an aggregate carrying value of HK$96,635,000 (2018: HK$93,738,000). The facilities were utilised to the extent of HK$2,727,000 (2018: HK$2,848,000). 20 Deferred liabilities Deferred liabilities represent refundable rental deposits received on properties held under operating leases with unexpired lease terms exceeding one year as at the end of the reporting period. 21 Amounts due to holders of non-controlling interests of subsidiaries Except the amounts due to holders of non-controlling interests of a subsidiary amounting to HK$5,953,000 (2018: HK$12,100,000), which are unsecured, interest bearing at 6% per annum and repayable within one year (2018: interest bearing at 6% per annum and repayable after one year), all of the amounts due to holders of non-controlling interests of subsidiaries are unsecured, interest-free and have no fixed terms of repayment.