# 25 BORROWINGS

<table><tr><td></td><td colspan="2">As at 31 December</td></tr><tr><td></td><td>2016</td><td>2015</td></tr><tr><td></td><td>RMB’000</td><td>RMB’000</td></tr><tr><td>Non-current</td><td></td><td></td></tr><tr><td>Long-term bank borrowings</td><td></td><td></td></tr><tr><td>– guaranteed (a)</td><td>700</td><td>1,430</td></tr><tr><td>– secured (b)</td><td>6,505</td><td>77,204</td></tr><tr><td>– unsecured</td><td>830,488</td><td>11,542</td></tr><tr><td>Debentures (c)</td><td>1,998,591</td><td>–</td></tr><tr><td>Other borrowings</td><td>–</td><td>3,233</td></tr><tr><td></td><td>2,836,284</td><td>93,409</td></tr><tr><td>Current</td><td></td><td></td></tr><tr><td>Short-term bank borrowings</td><td></td><td></td></tr><tr><td>– guaranteed (a)</td><td>182,550</td><td>249,390</td></tr><tr><td>– secured (b)</td><td>513,356</td><td>1,253,740</td></tr><tr><td>– unsecured</td><td>8,914,583</td><td>8,885,127</td></tr><tr><td>Other borrowings</td><td>17,310</td><td>1,000</td></tr><tr><td></td><td>9,627,799</td><td>10,389,257</td></tr><tr><td>Current portion of long-term bank borrowings</td><td></td><td></td></tr><tr><td>– guaranteed (a)</td><td>730</td><td>730</td></tr><tr><td>– secured (b)</td><td>9,000</td><td>9,000</td></tr><tr><td>Other borrowings</td><td>3,233</td><td>–</td></tr><tr><td></td><td>9,640,762</td><td>10,398,987</td></tr><tr><td>Total borrowings</td><td>12,477,046</td><td>10,492,396</td></tr></table>

(a) As at 31 December 2016, the bank borrowings as guaranteed by the non-controlling interests of the Group’s subsidiaries amounted to approximately RMB57,550,000 (2015: RMB139,000,000).

As at 31 December 2016, the bank borrowings as jointly guaranteed by the Group’s subsidiary and one of the Group’s non-controlling interests amounted to approximately RMB125,000,000. (2015: RMB110,390,000).

As at 31 December 2016, the bank borrowings as guaranteed by a related party amounted to approximately RMB1,430,000 (2015: RMB2,160,000) (Note 44 (d)).

# 25 BORROWINGS (continued)

# (b) Analysis of the secured borrowings are as follows:

<table><tr><td rowspan="3"></td><td colspan="2">As at 31 December</td></tr><tr><td>2016</td><td>2015</td></tr><tr><td>RMB’000</td><td>RMB’000</td></tr><tr><td>Secured by:</td><td></td><td></td></tr><tr><td>– PP&E and land use rights (Notes 7, 9)</td><td>343,905</td><td>451,554</td></tr><tr><td>– Trade receivables (Note 18)</td><td>184,956</td><td>868,490</td></tr><tr><td>– Bank deposits (Note19)</td><td>–</td><td>19,900</td></tr><tr><td></td><td>528,861</td><td>1,339,944</td></tr></table>

# (c) Debentures

On 28 January 2016, the Company received RMB1,980,000,000 from the issuance of 3-year-maturity-debentures, with an aggregate amount of RMB2,000,000,000 at a rate of 2.98% per annum.

# (d) The carrying amounts of the Group’s borrowings are denominated in the following currencies:

<table><tr><td rowspan="3"></td><td colspan="2">As at 31 December</td></tr><tr><td>2016</td><td>2015</td></tr><tr><td>RMB’000</td><td>RMB’000</td></tr><tr><td>RMB</td><td>12,273,100</td><td>10,492,396</td></tr><tr><td>NZD</td><td>203,946</td><td>–</td></tr><tr><td></td><td>12,477,046</td><td>10,492,396</td></tr></table>

# (e) The weighted average effective interest rates of borrowings are set out as follows:

<table><tr><td rowspan="3"></td><td colspan="2">As at 31 December</td></tr><tr><td>2016</td><td>2015</td></tr><tr><td>RMB’000</td><td>RMB’000</td></tr><tr><td>Borrowings</td><td></td><td></td></tr><tr><td>– RMB</td><td>3.77%</td><td>4.52%</td></tr><tr><td>– NZD</td><td>2.92%</td><td>–</td></tr></table>

Interest rates of borrowings denominated in RMB are reset periodically according to the benchmark rates announced by the People’s Bank of China.