Annual Report 2019

205 ANNUAL REPORT 2019 28. CASH AND BANK BALANCES (CONTINUED) Cash and bank balances are denominated in the following currencies: 2019 2018 HK$’million HK$’million Hong Kong dollar 70 123 Renminbi 4,973 4,475 United States dollar 1,773 1,484 Euro 590 411 Brazilian Real 334 616 Other currencies 60 66 7,800 7,175 Notes: (a) The weighted average effective interest rate on the balances as at the end of the reporting period is approximately 2.15% (2018: 3.22%) per annum. These deposits can be readily convertible to cash before maturity. (b) The weighted average effective interest rate on the balances as at the end of the reporting period is approximately 3.67% (2018: 3.76%) per annum. These deposits are not convertible to cash until maturity. (c) The restricted bank balance as at 31 December 2018 represented a deposit with a bank denominated in United States dollar which will be utilised for port and marine-related activities in overseas. The Company was entitled to repatriate any amounts in the bank account at the expiration of an one-year period if no agreement has been reached for the use of the funds. During the year, these balances have been released after the expiration of an one-year period with no agreement being reached. 29. NON-CURRENT ASSETS HELD FOR SALE During the year ended 31 December 2018, the Group commenced the negotiation with a municipal PRC government, pursuant to which the counter-party agreed to resume a piece of land and harbour works, buildings and dockyard (previously included in land use rights and property, plant and equipment respectively in the consolidated statement of financial position) in Mainland China. As at 31 December 2018, the compensation for resumption were expected to exceed the carrying amount of the relevant assets and, accordingly, no impairment loss has been recognised. The transaction has been completed in the current year. During the current year, the Group commenced the negotiation with the same municipal PRC government, pursuant to which the counter-party agreed to resume another piece of land and harbour works, buildings and dockyard (previously included in rights-of-use assets and property, plant and equipment respectively in the consolidated statement of financial position) in Mainland China. The compensation for resumption are expected to exceed the carrying amount of the relevant assets and, accordingly, no impairment loss has been recognised. This transaction is expected to be completed within one year from the date of this reclassification and the assets are therefore classified as held for sale as at 31 December 2019.