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Glorious Property
126
Annual Report 2011
Notes to the Consolidated Financial Statements
(Continued)
31 December 2011
12 Properties under Development
RMB’000
2011
2010
Within normal operating cycle included under current assets
22,862,050
16,791,838
Amount comprised:
Land use rights
12,017,488
9,399,020
Construction costs and capitalised expenditures
6,697,715
4,174,757
Interest capitalised
4,146,847
3,218,061
22,862,050
16,791,838
The properties under development are all located in the PRC.
As at 31 December 2011, properties under development of carrying value of RMB5,219,284,000 (2010:
RMB3,624,025,000) were pledged as collateral for the Group’s borrowings (note 20). As at 31 December 2011,
properties under development of RMB421,169,000 (2010: Nil) were being pledged as collateral for certain loan
facilities of principal amount not exceeding RMB240,000,000 of a non-controlling shareholder of a subsidiary.
RMB’000
2011
2010
Properties under development:
Expected to be completed and available for sale after more than 12 months
15,723,624
13,237,163
Expected to be completed and available for sale within 12 months
7,138,426
3,554,675
22,862,050
16,791,838
13 Completed Properties Held for Sale
RMB’000
2011
2010
Completed properties held for sale comprised:
Land use rights
655,976
494,987
Construction costs and capitalised expenditures
2,170,525
1,388,522
Interest capitalised
102,767
105,495
2,929,268
1,989,004
The completed properties held for sale are all located in the PRC.
As at 31 December 2011, completed properties held for sale of carrying value of RMB1,750,637,000 (2010:
RMB942,530,000) were pledged as collateral for the Group’s borrowings (note 20).
14 Inventories
RMB’000
2011
2010
Construction materials, at cost
6,849
6,636
The cost of inventories recognised as expense in “cost of sales” amounted to RMB3,643,000 (2010: RMB3,978,000).