NOTES ON THE ACCOUNTS
18 UNDERTAKINGS FOR CHARGE OF PROPERTIES
The title deeds of certain of the Company's land, with a net book value of HK$9,576,000 at 31st December, 1988, have been deposited with certain banks together with agreements of undertaking to execute a legal mortgage in an event of default of the Company's obligations under the respective loan agreements.
At 31st December, 1988, the Company's liabilities covered by the above agreements of undertaking were HK$37,191,000 (1987- HK$66,460,000)
19 COMMITMENTS
a At 31st December, the Company had commitments under operating leases to make payments in
the next year as follows:
Leases expiring:
Within I year
After year but within 5 years
Land and Buildings
1988
HK$'000
1987 HK$'000
1,449
1,322
1.317
1.073
2,766
2.395
b Capital commitments outstanding at 31st December not provided for in the accounts were as
follows:
49
Contracted for
Authorised but not contracted for
1988
1987
HK$'000
HK$'000
290.155
64,884
2,350
52,608
292,505
117,492