Annual Report 2009 - Greentown China Holdings Limited
Annual Report 2009 - Greentown China Holdings Limited
Annual Report 2009 - Greentown China Holdings Limited
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Notes to the Consolidated Financial Statements<br />
For The Year Ended 31 December <strong>2009</strong><br />
17. INTERESTS IN ASSOCIATES (Continued)<br />
Notes:<br />
(i)<br />
(ii)<br />
Only two out of five directors of Hangzhou Qianxin <strong>Greentown</strong> are appointed by the Group, while a valid board<br />
resolution requires two-thirds of the total votes. The Group does not have the power to direct the financial and<br />
operating policies of Hangzhou Qianxin <strong>Greentown</strong>. Therefore, Hangzhou Qianxin <strong>Greentown</strong> is accounted for as an<br />
associate of the Group.<br />
Henan Zhongzhou, Deqing Xizi, Deqing Zhongtian and Cixi <strong>Greentown</strong> are subsidiaries of Zhejiang Zhongqinglv.<br />
(iii) Wuxi <strong>Greentown</strong> became a subsidiary of the Group in 2008 (see Note 31).<br />
Wuxi <strong>Greentown</strong> became an associate of the Group in <strong>2009</strong> pursuant to the Trust arrangements set out in Note 27.<br />
(iv)<br />
Only two out of five directors of Hangzhou Binlv are appointed by the Group, while a valid board resolution requires<br />
half of the total votes. The Group does not have the power to direct or jointly control the financial and operational<br />
policies of Hangzhou Binlv. Therefore, Hangzhou Binlv is accounted for as an associate of the Group.<br />
(v) Hangzhou Zheneng is a subsidiary of Taizhou Zheneng. Both entities were newly established in 2008.<br />
(vi)<br />
Taizhou <strong>Greentown</strong>, Taizhou <strong>Greentown</strong> Nengyuan, Zhejiang Tiejian <strong>Greentown</strong> and Shaoxing <strong>Greentown</strong> were newly<br />
established in <strong>2009</strong>. Hangzhou Tielv was newly established in <strong>2009</strong> and is wholly owned by Hangzhou Jade City.<br />
(vii) Hangzhou Baida and Hangzhou Xinlvxi were newly acquired in <strong>2009</strong>.<br />
The summarised financial information in respect of the Group’s associates is set out below:<br />
<strong>2009</strong> 2008<br />
RMB’000 RMB’000<br />
Total assets 33,559,496 19,525,949<br />
Total liabilities (28,947,362) (16,041,310)<br />
Net assets 4,612,134 3,484,639<br />
Group’s share of net assets of associates 1,762,099 1,434,510<br />
Revenue 5,405,888 3,423,220<br />
Profit for the year 957,072 468,690<br />
Group’s share of results of associates for the year 456,031 242,158<br />
142<br />
<strong>Greentown</strong> <strong>China</strong> <strong>Holdings</strong> <strong>Limited</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2009</strong>
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