Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2020

Property Plant And Equipment [Abstract]

4.	Property, Plant and Equipment, Net

Property, plant and equipment, net consist of the following:

At December 31,	2019			2020
	(’000)			(’000)
At cost:
Land	$	339		$	363
Buildings		24,978			26,740
Machinery and equipment		395			643
Leasehold improvements		5,944			6,456
Furniture and fixtures		245			272
Motor vehicles		274			278
Total		32,175			34,752
Less: accumulated depreciation		(6,247	)		(8,335	)
Construction in process		22			151
Net book value	$	25,950		$	26,568

Depreciation expenses were $3.8 million, $1.2 million and $1.6 million for the years ended December 31, 2018, 2019 and 2020, respectively.

Buildings of $12.8 million (2019: $12.8 million) have been pledged to banks to obtain loan facilities as of December 31, 2020 (See Note 9).

In October 2018, the Company signed a rental agreement to lease the former site of Wuxi factories to a third party. The term of the lease is 12 years, with 10 months of rent-free incentive from the date the property is handed over. The property was handed over to the tenant in February 2019.