Page 86 - TreasuryChinaTrust2011

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Notes to the Financial Statements
6
SUBSIDIARIES
Details of significant subsidiaries are as follows:
Name of subsidiaries
Country of
incorporation Effective interest held
2011
2010
%
%
Indirect subsidiaries
*
Shanghai Hua Tian Property Development Co., Ltd
PRC
100
100
*
Shanghai Central Land Estate Co., Ltd
PRC
100
100
*
Shanghai Vision Honest Real Estate Development Co.,
Ltd
PRC
100
100
*
Beijing Dream Land Industrial Development Co., Ltd
PRC
100
100
*
Sanyang Property Development Co., Ltd
PRC
55
–
*
Shanghai Haici Investment Operation Co. Ltd
PRC
100
–
*
Audited by other member firms of KPMG International
Except for Sanyang Property Development Co., Ltd and Shanghai Haici Investment Operation Co. Ltd, the cost of
investment in subsidiaries recorded in the Trust’s Statement of Financial Position is based on the acquired net asset
value of China Real Estate Opportunities plc and its subsidiaries at the date of the acquisition (Note 16).
Acquisitions of subsidiaries
The Trust, through its wholly owned investment holding vehicles, completed on 1 April 2011 the acquisition of 55%
equity interest in Sanyang Property Development Co., Ltd, which owns the Central Avenue Mall in Qingdao, the PRC.
In addition, the Trust, through its wholly owned investment holding vehicles, completed on 10 May 2011 the acquisition
of 100% equity interest in Shanghai Haici Investment Operation Co. Ltd, which owns the Huai Hai Mall in Shanghai, the
PRC. The Group’s objective in the two acquisitions is primarily to purchase the property and not the existing process
within in the entity. Hence, each acquisition is accounted for as the acquisition of an asset rather than as a business
combination.
7
AVAILABLE-FOR-SALE FINANCIAL ASSETS
Group
2011
2010
$’000
$’000
Unquoted equity investment
LuxChina Property Development Co., Ltd
–
15,783
Available-for-sale financial assets at 31 December 2010 comprised a 5% equity interest in LuxChina Property
Development Co., Ltd, a property investment company located in the PRC. The equity interest was disposed of during
the year ended 31 December 2011. The investment at 31 December 2010 was carried at cost which had been assessed
to approximate the fair value of the investment.
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