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  • 2.

    Long positions in shares of associated corporations of the Company

    • (a)

      Recruit Holdings Limited (Recruit Holdings) is an associated company of the Company. The Company was interested in 21,638,000 shares in Recruit Holdings representing 6.96% of the issued share capital of Recruit Holdings as at 31 December 2010. Dr. Lo Ka Shui beneficially owned 150,000 shares in Recruit Holdings, representing 0.048% of its issued share capital.

    • (b)

      Magic Garden Investments Limited (Magic Garden) is an associated company of the Company. The Company was interested in 1 share in Magic Garden representing 33.3% of the issued share capital of Magic Garden as at 31 December 2010. Mr. Lo Hong Sui, Vincent was interested in the remaining 66.7% interests in Magic Garden through a company privately and beneficially owned by him. Save as disclosed above, as at 31 December 2010, none of the Directors or chief executives of the Company were taken to be interested or deemed to have any other interests or short positions in shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which would have to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO, or which were recorded in the register required to be kept by the Company under Section 352 of the SFO, or which were required to be notified to the Company and the Stock Exchange pursuant to the Model Code.

DirectorsInterest in Competing Businesses

The interests of Directors in a business apart from the Groups business, which competes or is likely to compete either directly or indirectly, with the Groups business as informed by the relevant Directors pursuant to Rule 8.10(2) of the Listing Rules are as follows:

  • (a)

    Mr. Lo Hong Sui, Vincent is the founder and Chairman of the Shui On Group which was established in 1971. He also leads the key positions in the following subsidiaries of the Shui On Group:

    • Chairman of Shui On Land Limited, the Shui On Groups flagship property development company in the Chinese Mainland specialising in city-core large-scale re-development projects. The company was listed on the Hong Kong Stock Exchange in 2006.

  • Chairman of Shui On Construction And Materials Limited, which is engaged in property, cement and construction

in the Chinese Mainland, Hong Kong and Macau. The company was listed on the Hong Kong Stock Exchange in 1997.

(b)

Mr. Lo Kai Shui is the Chairman of Sun Fook Kong Group Limited, which engages in, among other things, property development in Mainland China.

As the Board of Directors of the Company is independent of the Board of Directors of Shui On Land Limited, Shui On Construction And Materials Limited and Sun Fook Kong Group Limited, the Group has therefore been capable of carrying on its businesses independently of, and at arms length from, the above businesses.

In addition, Dr. Lo Ka Shui is the Chairman and Non-executive Director and Mr. Lo Kai Shui is a Non-executive Director of Eagle Asset Management (CP) Limited, Manager of Champion Real Estate Investment Trust (Champion REIT). Champion REIT is a trust formed to own and invest in income-producing office and retail properties.

Annual Report 2010

55

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