Annual Report 2009 - Greentown China Holdings Limited

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Notes to the Consolidated Financial Statements For The Year Ended 31 December 2009 15. PROPERTY, PLANT AND EQUIPMENT (Continued) The above items of property, plant and equipment other than construction in progress are depreciated on a straight-line basis at the following rates per annum: Hotel buildings Over the shorter of the term of the land use rights or 40 years Land and buildings Over the shorter of the term of the land use rights or 20 years Leasehold improvements Over the shorter of the lease term or five years Machinery 10% to 33 1 /3% Furniture, fixtures and equipment 10% to 33 1 /3% Transportation equipment 10% to 20% During 2008, the Group engaged DTZ Debenham Tie Leung Limited, independent qualified professional valuers not connected with the Group, to conduct a review of the Group’s hotel buildings and determined that one of those buildings was impaired due to the economic downturn and the performance of the hotel building being adversely affected. Accordingly, an impairment loss of RMB53,000,000 was recognised in 2008 in respect of hotel buildings. The recoverable amount of the relevant hotel building has been determined on the basis of its value in use. The discount rate adopted in measuring the amount of value in use of the relevant hotel building was 10%. The Group again engaged DTZ Debenham Tie Leung Limited to update their review of the Group’s hotel buildings through 31 December 2009 and no significant changes have been identified. The land and buildings shown above are located on: 2009 2008 RMB’000 RMB’000 Land in the PRC: Medium-term lease 50,194 54,509 Details of the hotel buildings, land and buildings and construction in progress pledged to secure banking facilities granted to the Group are disclosed in Note 36. 16. INVESTMENT PROPERTY RMB’000 FAIR VALUE At 1 January 2008 26,052 Decrease in fair value recognised in profit or loss (1,052) At 31 December 2008 and 2009 25,000 The fair value of the Group’s investment property at 31 December 2008 and 2009 have been arrived at on the basis of a valuation carried out on that date by DTZ Debenham Tie Leung Limited, independent qualified professional valuers not connected with the Group. The professional valuers from DTZ Debenham Tie Leung Limited are members of the Hong Kong Institute of Surveyors. The valuation was arrived at by reference to market evidence of transaction prices for similar properties. 138 Greentown China Holdings Limited Annual Report 2009
Notes to the Consolidated Financial Statements For The Year Ended 31 December 2009 16. INVESTMENT PROPERTY (Continued) The investment property shown above is located on: 2009 2008 RMB’000 RMB’000 Land in the PRC Medium-term lease 25,000 25,000 17. INTERESTS IN ASSOCIATES 2009 2008 RMB’000 RMB’000 Cost of unlisted investments in associates 1,357,755 1,175,255 Share of post-acquisition profits, net of dividends received 404,344 259,255 1,762,099 1,434,510 As at 31 December 2008 and 2009, the Group had interests in the following associates established and operating in the PRC: Name of associate Registered capital Attributable equity interest held by the Group 2009 2008 Principal activities Hangzhou Jimei Real Estate Development Co., Ltd. Hangzhou Yuhang Greentown Jiuzhou Real Estate Development Co., Ltd. Hangzhou Jade City Real Estate Development Co., Ltd. (“Hangzhou Jade City”) Shanghai Jingyu Real Estate Co., Ltd. RMB32,000,000 30% 30% Real estate development RMB85,000,000 35% 35% Real estate development RMB50,000,000 45% 45% Real estate development RMB100,000,000 49% 49% Property investment Hangzhou Qianxin Greentown Real Estate Development Co., Ltd. (“Hangzhou Qianxin Greentown”) RMB30,000,000 50% (i) 50% (i) Real estate development Zhejiang Fazhan Greentown Real Estate Development Co., Ltd. RMB50,000,000 45% 45% Real estate development Greentown China Holdings Limited Annual Report 2009 139
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eauties in life Start with a dream
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Contents Corporate Information 2 Co
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Corporate Information Registered Of
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Corporate Profile Greentown China H
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Villa Changsha Bamboo Garden Shangh
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Mansion Beijing Majestic Mansion Th
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Urban Complex
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Jinan National Games Project
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Thousand-Island Lake Resort Condo -
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Xinjiang 1.9% Proportion to total l
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Portfolio Property projects Type In
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Portfolio Completion schedule of pr
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Portfolio Wenzhou Lucheng Plaza Nin
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Portfolio Nanjing Rose Garden Prope
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Portfolio Qingdao Ideal City Jinan
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A romantic trip of timeless splendo
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Dear Shareholders, In early 2009, t
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CEO’s Review Sales of major proje
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CEO’s Review Maintaining the “e
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Management Discussion and Analysis
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58 Greentown China Holdings Limited
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Directors and Senior Management The
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Directors and Senior Management Boa
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Directors and Senior Management Ind
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Directors and Senior Management Tan
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Corporate Governance Report The Com
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Corporate Governance Report Appoint
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Corporate Governance Report (B) Dur
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Report of the Directors The Directo
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Report of the Directors (4) Pursuan
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Report of the Directors (4) A contr
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Report of the Directors Name of gra
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Report of the Directors (b) As Harb
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Report of the Directors (d) (e) Sha
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Report of the Directors (B) After c
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Notes to the Consolidated Financial
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Five Years Financial Summary Consol
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Valuation Report and Analysis Metho
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Valuation Report and Analysis SUMMA
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Valuation Report and Analysis Prope
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Valuation Report and Analysis 3. As
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Valuation Report and Analysis 25. A
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Annual Report 2009 - Greentown China Holdings Limited

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