CITIC Limited Half-Year Report 2019

128 CITIC Limited Half-Year Report 2019 For the six months ended 30 June 2019 31 Structured entities (continued) (d) Transfers of financial assets For the six months ended 30 June 2019, the Group entered into transactions which involved transfers of financial assets including securitisation transactions, structured transfers on assets usufruct, transfers of loans including non-performing loans, and financial assets sold under repurchase agreements. Details of securitisation, structured transfers on assets usufruct and loan transfer transactions conducted by the Group for the six months ended 30 June 2019 totalled HK$39,733 million are set forth below (six months ended 30 June 2018: HK$193,834 million). The Group enters into securitisation transactions in the normal course of business by which it transfers credit assets to structured entities which issue asset-backed securities to investors. For the six months ended 30 June 2019, the Group entered into securitisation transactions and structured transfers on assets usufruct backed by financial assets transferred with book value before impairment of HK$34,658 million (six months ended 30 June 2018: HK$177,048 million). Among them, the book value of credit assets transferred was HK$18,742 million (six months ended 30 June 2018: HK$149,819 million). The Group continued to recognise assets and liabilities of HK$2,153 million (six months ended 30 June 2018: Nil) respectively, arising from such continuing involvement and the rest was terminally confirmed. For the six months ended 30 June 2019, the Group also through other types of transactions transferred non-performing loans of book value before impairment of HK$5,075 million (six months ended 30 June 2018: HK$16,786 million). The Group carried out assessment based on the criteria and concluded that these transferred assets qualified for full de-recognition. Notes to the Consolidated Financial Statements