Annual Report 2009 - Greentown China Holdings Limited

Notes to the Consolidated Financial Statements
For The Year Ended 31 December 2009
18. INTERESTS IN JOINTLY CONTROLLED ENTITIES (Continued)
Notes:
(i)
(ii)
(iii)
Zhejiang Newspapering Greentown and Richwise Holdings Limited (“Richwise”), a subsidiary of the Company,
respectively hold 70% and 25% of the equity interest in Ningbo Greentown Osmanthus Garden. Ningbo Greentown
Osmanthus Garden is therefore a subsidiary of Zhejiang Newspapering Greentown. Only one out of five directors of
Ningbo Greentown Osmanthus Garden is directly appointed by the Group, while a valid board resolution requires
two-thirds of the total votes. The Group does not have the power to direct the financial and operational policies of
Ningbo Greentown Osmanthus Garden. Therefore, Ningbo Greentown Osmanthus Garden is equity accounted for as a
subsidiary of a jointly controlled entity of the Group.
Linan Xizi, Nantong Jiahui, Zhejiang Xizi, Greentown Xinxing, Hangzhou Kaixiya and Nantong Goldsteward are
subsidiaries of Zhejiang Lvxi Group.
Three out of five directors of Shaoxing Greentown Baoye are appointed by the Group, while a valid board resolution
requires unanimous approval from all directors. The Group does not have the power to direct the financial and
operational policies of Shaoxing Greentown Baoye. Therefore, Shaoxing Greentown Baoye is accounted for as a jointly
controlled entity of the Group.
(iv) Zhejiang Newspapering Greentown Real Estate became a subsidiary of the Company in 2009 (see Note 31).
(v) Zhejiang Greentown Sinhoo became a wholly owned subsidiary of Haining Greentown in 2009.
(vi) Zhejiang Tietou Greentown Investment and Zhejiang Tietou Greentown Real Estate were both established in 2009.
Zhejiang Tietou Greentown Investment holds 100% equity interest in Zhejiang Tietou Greentown Real Estate.
The summarised financial information in respect of the Group’s interests in the jointly controlled entities which
are accounted for using the equity method is set out below:
2009 2008
RMB’000 RMB’000
Current assets 6,813,684 3,804,530
Non-current assets 102,770 21,962
Current liabilities (5,616,394) (2,825,360)
Non-current liabilities (1,077,077) (682,925)
Income 879,858 1,260,895
Expenses (707,400) (1,137,172)
Greentown China Holdings Limited Annual Report 2009 145