Income recognised in profit or loss
Expenses recognised in profit or loss
Other comprehensive income
19.Interest in a jointy controlled entity (continued)
The summarised financial information in respect of the Group’s interest in the jointly controlled entity is set out below:
Available-for-sale investments comprise:
Listed in Hong Kong:
units issued by Champion REIT
Unlisted equity securities in Hong Kong
Market value of listed securities
As described in note 18, the Group’s investment in Champion REIT was reclassified to interests in associates upon amendments to the Trust Deed on 23 July 2010.
At 31 December 2009, the Directors were of the view that Champion REIT is a trust constituted by the Trust Deed and regulated by, inter alia, the REIT Code, which prescribes certain rights, duties and obligations of the manager, trustee and unitholders under the Trust Deed. The Directors concluded that the Group did not exercise control or significant influence on the operating and financial policies of Champion REIT. Accordingly, Champion REIT was not regarded as a subsidiary nor an associate of the Group.
In determining the impairment of the Group’s investment in Champion REIT at 31 December 2009, the Directors considered any loss events at the end of the reporting period which have an impact on the estimated future cash flows of Champion REIT. The Directors assessed that no objective evidence of impairment was identified. Accordingly, no impairment was recognised.
Annual Report 2010