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Notes to the Consolidated Financial Statements

For the year ended 31 December 2010

41. Particulars of the associates

Details of the Groups associates at 31 December 2010 and 2009 are set out below:

Indirect associates

  • incorporated in the British Virgin Islands:

Issued and paid up equity share capital/units

Principal activity

Percentage of issued equity share capital held by the Group

3,500 shares of US$1 each

Investment holding

3 shares of US$1 each

Investment holding of subsidiaries which are engaged in hotel development and operation

City Apex Limited

Magic Garden Investments Limited*

23%

33.33%

  • a trust constituted by the Trust Deed, regulated by, inter alia, the REIT Code and listed on the Stock Exchange:

Champion REIT*

2,536,014,605 units

Property investment

51.43%

  • incorporated in the Cayman Islands and listed on The Stock Exchange of Hong Kong:

Recruit Holdings Limited

310,566,000 shares of HK$0.2 each

Investment holding of subsidiaries which are engaged in printing and publishing

20.15%

  • *

    Champion REIT became an associate of the Group and Magic Garden Investments Limited was newly acquired during the year ended 31

December 2010 as disclosed in note 18.

Indirect jointly controlled entity

Issued and paid up equity share capital

incorporated in the British Virgin Islands:

Wealth Joy Holdings Limited

2 shares of US$1 each

Investment holding of subsidiaries which are engaged in property development

50%

42.Particulars of a jointly controlled entity

Details of the Groups jointly controlled entity at 31 December 2010 are set out below:

Principal activity

Percentage of issued equity share capital held by the Group

Great Eagle Holdings Limited

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