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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
2012 2011
% %
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
* Qingdao Sanyang Real Estate Co., Ltd. PRC 55 55
* Shanghai Haici Real Estate Co., Ltd PRC 100 100
* Audited by other member firms of KPMG International
The cost of investment in respect of China Real Estate Opportunities Limited (formerly known as
China Real Estate Opportunities plc) 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.
Acquisitions of subsidiaries in 2011
On 1 April 2011, the Trust, through its wholly-owned investment holding vehicles, completed the
acquisition of a 55% equity interest in Qingdao Sanyang Real Estate Co., Ltd., which owns the Central
Park Mall in Qingdao, the PRC. In addition, on 10 May 2011, the Trust, through its wholly owned
investment holding vehicles, completed the acquisition of a 100% equity interest in Shanghai Haici
Real Estate Co., Ltd, which owns the Huai Hai Mall in Shanghai, the PRC. The Group’s objective in
the above acquisitions is primarily to purchase the property and not the existing processes within
the entity. Hence, the acquisitions are accounted for as the acquisition of an asset rather than as
a business combination.