Short-Term Bank Borrowings

6 Months Ended

Jun. 30, 2013

Short-Term Bank Borrowings [Abstract]

SHORT-TERM BANK BORROWINGS

6         SHORT-TERM BANK BORROWINGS

Short-term bank borrowings consist of the following:

	June 30, 2013		December 31, 2012
	($’000)		($’000)
	(Unaudited)
Bank borrowings-secured/guaranteed	$	475,614	$	295,146

As of June 30, 2013, short−term bank borrowings carried a weighted average interest rate of 6.25% (2012: 6.21%) for bank loans in RMB; and a weighted average interest rate of 2.52% (2012: 3.97%) for bank loans in USD, and had maturity terms ranging from two to twelve months and interest rates ranging from 1.0% to 7.2% (2012: 1.37% to 7.93%).

As of June 30, 2013, approximately $26 million included in short term bank borrowings was payable to Shanghai Pudong Development Bank, and was secured by a one-year fixed term deposit and pledged deposits with a carrying amount of $19 million. In addition, as of June 30 2013, $60 million payable to Bank of China was secured by a one-year fixed term deposit with a carrying amount of $36 million; $65 million payable to China Construction Bank was secured by a one-year fixed term deposit with a carrying amount of $65 million; $3 million payable to Agricultural Bank of China was secured by a one-year fixed term deposit with a carrying amount of $3 million; $3 million payable to Bank of Shanghai was secured by a one-year fixed deposit with a carrying amount of $3 million; $4 million payable to Bank of Communication was secured by a one-year fixed deposit with a carrying amount of $4 million; and $5 million payable to Guangdong Development Bank was secured by a one-year fixed deposit with a carrying amount of $5 million. Furthermore, $16 million payable to Pin An Bank was secured by a one-year fixed deposit with a carrying amount of $16 million. Among the rest of the Group's short-term borrowings, as of June 30, 2013, $259 million was guaranteed by related party and third-party entities and individuals, and $35 million was secured by the Group’s land, buildings and equipment with a carrying amount of $92 million.