Page 30 - TreasuryChinaTrust

Treasury China Trust Annual Report 2010 67

NOTES TO THE FINANCIAL STATEMENTS

Period from 19 May 2010 (date of constitution) to 31 December 2010

5 Property, plant and equipment

Self-use office units

Furniture, fittings and

equipment Total Group $’000 $’000 $’000

Cost

At 19 May 2010 (date of constitution) – – – Acquisition of subsidiaries (Note 15) 1,045 430 1,475 Additions – 40 40 Exchange translation (55) (26) (81) At 31 December 2010 990 444 1,434

Accumulated depreciation

At 19 May 2010 (date of constitution) – – – Depreciation charge for the period 35 86 121 Exchange translation (2) (5) (7) At 31 December 2010 33 81 114

Carrying amounts

At 19 May 2010 (date of constitution) – – – At 31 December 2010 957 363 1,320

6 Subsidiaries

Details of significant subsidiaries are as follows:

Name of subsidiaries

Country of incorporation

Effective interest held 2010 %

Indirect subsidiaries

* Shanghai Hua Tian Property Development Co., Ltd PRC 100 * Shanghai Central Land Estate Co., Ltd PRC 100 * Shanghai Vision Honest Real Estate Development Co., Ltd PRC 100 * Beijing Dream Land Industrial Development Co., Ltd PRC 100

* Audited by other member firms of KPMG International

The cost of investment in subsidiaries recorded in the Trust’s balance sheet is based on the acquired net asset value of China Real Estate Opportunities Ltd (formerly known as China Real Estate Opportunities plc, “CREO”) and its subsidiaries at the date of the acquisition. Details of the acquisition of these subsidiaries made by the Trust are set out in Note 15.

7 Deferred tax

Movement in deferred tax liabilities is as follows:

At 19 May 2010

Acquisition of subsidiaries

Charged to income statement

Translation differences on consolidation

At 31 December 2010 Group $’000 $’000 $’000 $’000 $’000

Changes in fair value of investment

properties – 328,622 12,205 (17,815) 323,012