1996 — Page 134

20 UNDERTAKINGS FOR CHARGE OF PROPERTIES

The title deeds of certain of the Group's properties, with a net book value of HK$147,241,000 at 31 December 1996 (1995: HK$143,931,000), have been deposited with certain banks together with agreements of undertaking to execute a legal mortgage in an event of default of the Group's obligations under the respective loan agreements.

At 31 December 1996, the Group's liabilities covered by the above agreements of undertaking amounted to HK$81,429,000 (1995: HK$117,143,000).

21

COMMITMENTS

(a) At 31 December, the Company and the Group had commitments under operating leases for properties

to make payments in the next year as follows:

The Group The Company

1996

1996

HK$'000

HK$'000

1995

HK$'000

Leases expiring:

Within 1 year

43

43

184

After 1 year but within 5 years

882

882

261

925

925

445

(b) Capital commitments outstanding at 31 December not provided for in the accounts were as follows:

The Group The Company

1996

1996

HK$'000

HK$'000

1995

HK$'000

Contracted for

544,790

298,252

293,777

Authorised but not contracted for

443,766

443,766

515,669

988,556

742,018

809,446

61