21. INVESTMENTS IN SUBSIDIARIES

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1 Franshion Properties (China) Limited Annual Report INVESTMENTS IN SUBSIDIARIES HK$ 000 HK$ 000 Unlisted investments, at cost 24,532,759 21,050,076 The amounts due from subsidiaries included in the s current assets of HK$15,631,655,000 (2012: HK$5,640,277,000) are unsecured, interest-free and are repayable on demand or within one year. The amounts due to subsidiaries included in the s non-current liabilities of HK$15,197,718,000 (2012: HK$11,377,681,000) are unsecured, interest-free and are not repayable within one year, except for the amounts of HK$3,673,460,000 (2012: Nil) and HK$3,858,698,000 (2012: Nil) which are interest-bearing at 5.1% and 7.78% per annum respectively. Particulars of the principal subsidiaries are as follows: name Shanghai Pudong Jinxin Real Estate Development Co., Ltd. ( Pudong Jinxin )* Shanghai Port International Cruise Terminal Development Co., Ltd. ( SPICT ) Shanghai International Shipping Service Center Co., Ltd. ( SISSC )* Sinochem Franshion Real Estate (Zhuhai) Co., Ltd.*** Sinochem Franshion Property (Beijing) Co., Ltd.*** Shanghai Yin Hui Real Estate Development Co., Ltd. ( Shanghai Yin Hui )* Qingdao Franshion Development Co., Ltd. ( Qingdao Franshion )** Chongqing Xingtuo development Co., Ltd.*** US$5,600,000 50% # Investment holding RMB61,490,000 Property development RMB3,150,000,000 50% # Property development RMB490,000, % Property development US$635,000, % Property development RMB1,355,000,000 50% # Property development RMB100,000, % Investment holding US$200,000, % Property development

2 224 Annual Report 2013 Franshion Properties (China) Limited name Jin Mao (Shanghai) Real Estate Co., Ltd.** Beijing Chemsunny Property * Sinochem Jin Mao Property Management (Beijing) Co., Ltd.* Sinochem International Property and Hotels Management Co., Ltd.*** Wangfujing Hotel Management * Sinochem Franshion (Shanghai) Properties Management * China Jin Mao Group Co., Ltd.*** Shanghai Jin Mao Construction & Decoration Jin Mao (Beijing) Real Estate Jin Mao Sanya Resort Hotel Beijing Franshion Rongchuang Properties ( Franshion Rongchuang ) Changsha Jin Mao Meixi Lake International Plaza Properties * Changsha Meixi Lake International Research and Development RMB1,010,000, % Property development US$102,400,000 50% 50% Property investment RMB5,000,000 85% 15% Property management RMB387,600,000 25% 75% Property management US$73,345,000 25% 75% Hotel operation US$8,000, % Investment holding RMB2,635,000, % Hotel operation and property investment RMB10,000, % Provision of building decoration services RMB1,600,000, % Hotel operation RMB300,000, % Hotel operation RMB100,000,000 51% Property development US$352,000, % Property development RMB10,000,000 80% Property development

3 Franshion Properties (China) Limited Annual Report name Changsha Xing Mao Development Sanya Yazhouwan Economic Development Limited ( Sanya Yazhouwan )** Jin Mao Sanya Tourism Jin Mao Shenzhen Hotel Investment Jin Mao (Li Jiang) Zhi Ye Co., Ltd.** Jin Mao (Li Jiang) Hotel Investment Co., Ltd.** Jin Mao Investment (Changsha) Co., Ltd. ( Jin Mao Changsha )** Franshion Capital Limited Franshion Development Limited Franshion Investment Limited Franshion Brilliant Limited Premier Action International Ltd. Enhanced Experience Limited Hong Kong Island/ RMB10,000, % Land development RMB160,000,000 51% Land development RMB500,000, % Hotel operation RMB700,000, % Hotel operation RMB100,000, % Property development RMB100,000, % Property development RMB3,750,000,000 80% Land development US$100 80% Investment holding US$100 51% Investment holding

4 226 Annual Report 2013 Franshion Properties (China) Limited name Changsha Franshion Shengrong Properties Shanghai Yingtan Investment Changsha Jin Yue Development Franshion Properties (Suzhou) * Franshion Properties (Ningbo) * Shanghai Xingwaitan Development and Construction Limited* Beijing Franshion Yicheng Properties Limited ( Franshion Yicheng )** Leading Holdings Limited Nanjing International Group RMB50,000, % Property development RMB21,000, % Investment holding RMB150,000,000 70% Property development USD395,000,000 80% Property development USD146,300,000 60% Property development RMB6,000,000,000 50% # Property development RMB1,742,800,000 51% Property development US$40,000 51% Investment holding RMB1,246,237,500 Property development, Hotel operation and property investment * Registered as Sino-foreign joint ventures under PRC law ** Registered as limited liability companies under PRC law *** Registered as wholly-foreign-owned entities under PRC law # The Group controls the boards of directors of these entities by virtue of its power to cast the majority of votes at meetings of the boards, and therefore has the power to exercise control over the entities operating and financing The entity is being a subsidiary of a non-wholly-owned subsidiary of the and, accordingly, is accounted for as a subsidiary by virtue of the s control over it.

5 Franshion Properties (China) Limited Annual Report The English names of certain of the above companies represent the best efforts by management of the in directly translating the Chinese names of these companies as no English names have been registered or available. During the year, the Group acquired Leading Holdings Limited and its subsidiaries from Bateson Investment Limited. Further details of this acquisition are included in note 39 to the financial statements. The above table lists the subsidiaries of the which, in the opinion of the directors, principally affected the results for the year or formed a substantial portion of the net assets of the Group. To give details of other subsidiaries would, in the opinion of the directors, result in particulars of excessive length. Details of the Group s subsidiaries that have material non-controlling interests are set out below: 2013 SISSC Yin Hui Rongchuang Changsha HK$ 000 HK$ 000 HK$ 000 HK$ 000 interest held by non-controlling interests 50% 50% 49% 20% Profit/(loss) for the year allocated to non-controlling interests (2,226) 666,093 (28,311) 470,381 Dividends declared to non-controlling interests 544, ,076 Accumulated balances of non-controlling interests at the reporting date 1,981,387 1,599,963 8,538 1,235, Pudong Jinxin & SISSC Yin Hui Rongchuang Changsha HK$ 000 HK$ 000 HK$ 000 HK$ 000 HK$ 000 interest held by non-controlling interests 50% 50% 50% 49% 20% Profit/(loss) for the year allocated to non-controlling interests 202,325 (5,572) 609,614 (24,181) 83,637 Dividends declared to non-controlling interests 162,118 Accumulated balances of non-controlling interests at the reporting date 702,766 1,923,448 1,431,940 36,173 1,002,451

6 228 Annual Report 2013 Franshion Properties (China) Limited The following tables illustrate the summarised financial information of the above subsidiaries. The amounts disclosed are before any inter-company eliminations: 2013 SISSC Yin Hui Rongchuang Changsha HK$ 000 HK$ 000 HK$ 000 HK$ 000 Revenue 3,799,024 8,382,622 Total expenses (4,451) (2,466,838) (57,778) (6,030,715) Profit/(loss) for the year (4,451) 1,332,186 (57,778) 2,351,907 Total comprehensive income for the year (115,879) 1,425,733 (56,399) 2,524,782 Current assets 5,350,090 3,453,711 7,602,538 14,630,871 Non-current assets 1,536 1,921,328 37,206 1,673,579 Current liabilities (1,134,471) (2,175,113) (7,378,747) (3,933,636) Non-current liabilities (254,380) (243,573) (6,194,153) Net cash flows from/(used in) operating activities (517,355) 1,342, ,039 4,797,084 Net cash flows used in investing activities (383) (645,927) (1,193,133) (1,388,368) Net cash flows from/(used in) financing activities 522,387 (1,239,374) 132,440 (1,748,475) Net increase/(decrease) in cash and cash equivalents 4,649 (542,552) (144,654) 1,660, Pudong Jinxin & SISSC Yin Hui Rongchuang Changsha HK$ 000 HK$ 000 HK$ 000 HK$ 000 HK$ 000 Revenue 1,539,234 2,973,768 2,810,303 Total expenses (1,134,584) (11,145) (1,754,540) (49.350) (2,392,120) Profit/(loss) for the year 404,650 (11,145) 1,219,228 (49.350) 418,183 Total comprehensive income for the year 405,771 (4,206) 1,223,627 (49,086) 450,460 Current assets 4,027,178 4,080,944 3,340,159 5,064,452 13,524,297 Non-current assets 371,141 1, ,414 17, ,197 Current liabilities (2,992,787) (235,637) (1,324,117) (4,638,550) (2,372,243) Non-current liabilities (151,576) (369,990) (6,406,994) Net cash flows from/(used in) operating activities 587,784 (91,744) 1,640,695 (61,558) (689,090) Net cash flows used in investing activities (362,064) (534) (850,977) (1,636) (263,158) Net cash flows from/(used in) financing activities (407,171) 152,717 (13,894) 740, ,438 Net increase/(decrease) in cash and cash equivalents (181,451) 60, , ,257 (601,810) & The construction and sales work were fully completed before 2013, and the Group considered it would not be material since 2013.