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124 / 159

122

2010 HK$000

2009 HK$000

Cost of investment in associates: Unlisted associates in Hong Kong

12

12

Unlisted associate in the Peoples Republic of China (PRC) (note a)

189,198

Listed associates in Hong Kong: investment in Champion REIT (note b) others

10,795,911 2,596

2,596

10,798,507

2,596

Share of post acquisition profit and other comprehensive income, net of dividend received

1,977,080

56,858

12,964,797

59,466

Fair value of listed associates

11,774,827

58,188

Notes to the Consolidated Financial Statements

For the year ended 31 December 2010

18.Interests in associates

(a)

On 19 August 2010, the Group completed an acquisition of one-third of the entire issued share capital of Magic Garden Investments Limited (MGIL), a wholly owned subsidiary of Shui On Investment Company Limited (Shui On), at a consideration of US$24,118,000 (equivalent to HK$188,120,000) pursuant to a sale and purchase agreement entered into on 1 April 2010 among an indirectly wholly owned subsidiary of the Company, the chairman and managing director of the Group and Shui On, a related company in which a director, who is also a shareholder, of the Company has controlling interest. MGIL indirectly holds a hotel under development in the Luwan District, Shanghai. Details of the sales and purchase agreement were disclosed in an announcement issued on 1 April 2010 and a circular dated 21 April 2010 pursuant to the Listing Rules.

Great Eagle Holdings Limited

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