Page 25 - TreasuryChinaTrust

Treasury China Trust Annual Report 2010 72

NOTES TO THE FINANCIAL STATEMENTS

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

15 Units in issue (Continued)

The list of subsidiaries acquired on 21 June 2010 is as follows:

Name of subsidiaries

Jurisdiction of incorporation

Effective interest held 2010 %

China Real Estate Opportunities Limited Jersey 100 CREO (Pudong) Limited Jersey 100 Dream Land Properties Limited Jersey 100 CREO (Shanghai City Center) Limited Jersey 100 CREO (Shanghai Central Plaza) Limited Jersey 100 Grand Eastern Limited British Virgin

Islands

100

CREO NJ (I) Limited Jersey 100 CREO (Qingdao) Warehousing Limited Jersey 100 Image Lead Group Limited Hong Kong 100 Brightime Limited Hong Kong 100 State Properties Limited Hong Kong 100 Will Win Holdings Limited Hong Kong 100 Oakman Dean Limited Hong Kong 100 Fine Run Holdings Limited Hong Kong 100 Glory Achieve Limited Hong Kong 100 CREO NJ (I) Limited Hong Kong 100 Central Land Estate Limited Hong Kong 100 Beijing Dream Land Industrial Development Co., Ltd PRC 100 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

The net assets of subsidiaries acquired on 21 June 2010 are provided below:

Recognised value on acquisition 2010 $’000

Investment properties 1,940,710 Plant and equipment 1,475 Available-for-sale financial assets 16,674 Derivative financial assets 131 Trade and other receivables 14,829 Cash and cash equivalents 131,396 Interest-bearing borrowings (711,903) Deferred tax liabilities (328,622) Derivative financial liabilities (11,118) Trade and other payables (76,698)

Net assets acquired 976,874

Consideration paid, satisfied by:

– issue of units of the Trust 961,154 – implementation of TCT Substitution Option Scheme (Note 16) 15,720

976,874