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  • 18.

    Interests in associates (continued)

    • (b)

      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 Groups 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 Groups principal associate is set out below:

Total assets

52,435,559

649,074

Total liabilities

(21,058,276)

(262,434)

Net assets

31,377,283

386,640

Groups share of net assets of the principal associate

12,691,218

59,466

Revenue

805,822

698,689

Profit for the year

3,556,399

80,748

Groups share of results of the principal associate for the year

1,829,056

16,450

Groups share of other comprehensive income of the principal associate

66,251

Particulars regarding the associates are set out in note 41.

2010

2009

HK$000

HK$000

Annual Report 2010

123

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