Annual Report 2019

190 CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED Notes to the Consolidated Financial Statements For the year ended 31 December 2019 20. LAND USE RIGHTS The Group’s interests in land use rights represented prepaid operating lease payments and the movements for the year ended 31 December 2018 were analysed as follows: HK$’million As at 1 January 2018 12,851 Exchange adjustments (511) Acquisition of assets through acquisition of a subsidiary (note 41) 45 Transfer to non-current assets held for sale (note 29) (110) Amortisation (278) Disposal of subsidiaries (note 39) (1,023) Disposal (1) As at 31 December 2018 10,973 Notes: (a) The Group’s interest in land use rights as at 31 December 2018 were located in: HK$’million Mainland China, medium-term lease 8,920 Other locations outside of Mainland China and Hong Kong, long-term lease 2,053 10,973 (b) As at 31 December 2018, land use rights with a net book value of HK$184 million were pledged as security for the Group’s bank borrowings (note 33(a)).