NOTES TO
THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2015
96
GKE CORPORATION LIMITED
ANNUAL REPORT 2015
12.
LAND USE RIGHTS
Group
2015
2014
$’000
$’000
Cost:
At 1 June
3,666
3,684
Exchange differences
358
(18)
Additions (Note 19)
1,632
–
At 31 May
5,656
3,666
Accumulated amortisation:
At 1 June
160
87
Charge for the year
91
75
Exchange differences
16
(2)
At 31 May
267
160
Net carrying amount:
At 31 May
5,389
3,506
Amount to be amortised:
– Not later than one year
114
75
– Later than one year but not later than five years
454
300
– Later than five years
4,821
3,131
The Group has land use rights over a plot of state-owned land in People’s Republic of China (“PRC”)
where the Group’s PRC warehouse is located at No. 338 Yesheng Road, Yangshan Free Trade Port Area,
Pudong District, Shanghai, People’s Republic of China. The land use rights are not transferable and have
a remaining tenure of 47 years (2014: 48 years).
During the year, the Group acquired land use rights over a plot of state-owned land in Wuzhou, People’s
Republic of China (“PRC”) where the Group is currently constructing a ready-mix plant. The land use rights
are transferable and have a remaining tenure of 50 years (2014: Nil).
