Annual Report - QuamIR

Report of the Directors (Continued)
Continuing Connected Transactions (Continued)
(ii) Guarantees to CRE and its subsidiaries (Continued)
a. The Guarantees (Continued)
The loan in the sum of RMB200
million (approximately HK$246.8
million) was originally granted and
utilized. The loan was a term loan
and carried interest at such annual
rate as agreed with lending bank,
determined by reference to PBOC
Benchmark Rate for loans of the
same grade and tenure. The
interest rate will be adjusted
annually on each anniversary of the
related advancement (and, in
relation to an extended term agreed
by lending bank, on each
anniversary of the date falling
immediately after the original
maturity date) based on the PBOC
Benchmark Rate then in effect as
prescribed in the facility agreement.
(ii)
a.
200,000,000
246,800,000
As at 31 December 2011, the total
outstanding principal was RMB154
million (approximately HK$190.1
million) and the extent of the
Guarantee was for the same
amount.
154,000,000
190,100,000
Repayment and
maturity dates of
loan facility
: The loan is repayable by
installments scheduled over the
term of the loan as provided in the
facility agreement, with the final
maturity date falling on 30 August
2021.
58 HKC (Holdings) Limited • Annual Report 2011