Interests in associates (continued)
On 23 July 2010, Champion REIT announced that amendments have been made to the Trust Deed to comply with the revisions to the Code on Real Estate Investment Trusts published by The Securities and Future Commission of Hong Kong (the “REIT Code”) on 25 June 2010. The Directors of the Company evaluated the amendments to the REIT Code, the Trust Deed and those factors as disclosed in note 20 and concluded that the Group is able to exert significant influence on Champion REIT upon amendment to the Trust Deed in July 2010. Accordingly, the Group’s holding of units issued by Champion REIT (included in available-for-sale investments and held-for-trading investments as disclosed in notes 20 and 27, respectively) were reclassified to investment in an associate at their carrying amounts. Thereafter, investment revaluation reserve thereon of HK$1,309,822,000 was released upon reclassification.
The summarised financial information in respect of the Group’s principal associate is set out below:
Group’s share of net assets of the principal associate
Profit for the year
Group’s share of results of the principal associate for the year
Group’s share of other comprehensive income of the principal associate
Particulars regarding the associates are set out in note 41.
Annual Report 2010