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Notes to the Consolidated Financial Statements

For the year ended 31 December 2010

36.Pledge of assets

At 31 December 2010, the Group pledged the following assets for credit facilities granted to its subsidiaries:

  • (a)

    the Groups investment properties with a total carrying value of HK$3,392,106,000 (2009: HK$2,936,000,000) together with assignments of sales proceeds, insurance proceeds, rental income, revenue and all other income generated from the relevant property;

  • (b)

    the Groups freehold land, leasehold land and hotel buildings with a total carrying value of HK$6,084,116,000 (2009: HK$6,863,673,000); and

    • (c)

      the Groups leasehold land and owner occupied buildings in Hong Kong with a total carrying value of HK$138,836,000 (2009: HK$94,244,000).

  • 37.

    Commitments and contingent liabilities

At 31 December 2010, the Group has authorised capital expenditure for acquisition of investment properties and property, plant and equipment which is not provided for in these consolidated financial statements amounting to HK$73,744,000 (2009: HK$308,947,000) of which HK$69,517,000 (2009: HK$308,947,000) was contracted for.

As at 31 December 2010, the Group has outstanding financial commitment in respect of capital injection to a jointly controlled entity of RMB180 million (equivalent to HK$211 million) and share of commitment of construction cost to completion of a hotel property owned by an associate of RMB233 million (equivalent to HK$275 million).

In addition to the above, the Group has provided several corporate guarantee and a charge over its interest in the share capital of an associate to a bank in respect of the Groups share of banking facility utilised by the associate of US$20 million (equivalent to HK$152 million).

Other than that, the Group did not have any significant commitments and contingent liabilities at the end of the reporting period.

Great Eagle Holdings Limited

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