Table:
|  | Audited | Unaudited |
| --- | --- | --- |
|  | 31 December | 30 September |
|  | 2019 | 2019 |
|  | (RMB in millions) |  |
| Cash and cash equivalents | 132,991 | 145,607 |
| Term deposits and others | 72,270 | 54,499 |
|  | 205,261 | 200,106 |
| Borrowings | (126,952) | (112,148) |
| Notes payable | (93,861) | (95,131) |
| Net debt | (15,552) | (7,173) |
| Fair value of our stakes in listed investee companies (excluding subsidiaries) | 419,818 | 352,656 |
Paragraphs:
As at 31 December 2019, the Group had net debt of RMB15,552 million, compared to net debt of RMB7,173 million as at 30 September 2019. The sequential increase in indebtedness mainly reflected payments for M&A initiatives and media contents, as well as the consolidation of indebtedness at Halti, partly offset by strong free cash flow generation.
As at 31 December 2019, the Group had net debt of RMB15,552 million, compared to net debt of RMB7,173 million as at 30 September 2019. The sequential increase in indebtedness mainly reflected payments for M&A initiatives and media contents, as well as the consolidation of indebtedness at Halti, partly offset by strong free cash flow generation.
For the fourth quarter of 2019, the Group had free cash flow of RMB37,896 million. This was a result of net cash flow generated from operating activities of RMB50,604 million, offset by payments for capital expenditure of RMB12,708 million.
Question:
What is the group's net debt as at 31 December 2019?
Answer: RMB15,552 million