Annual Report 2009 - Greentown China Holdings Limited

Notes to the Consolidated Financial Statements
For The Year Ended 31 December 2009
31. ACQUISITION OF SUBSIDIARIES (Continued)
Particulars of the subsidiaries acquired during 2009 were as follows:
Acquired company Principal activities Acquisition date
Effective
equity interest
acquired by
the Group
Consideration
RMB’000
Real Estate
Development
Zhejiang Newspapering
Greentown Real Estate (Note i)
18 May 2009 100% 100,000
Hangzhou Xiuboyuan Hupan
Lvjing Xiuxian Development
Co., Ltd. (“Hangzhou
Xiuboyuan”) (Note ii)
Henan Jinjiang Real Estate
Co., Ltd.
Zhuji Yuedu Real Estate
Co., Ltd. (“Zhuji Yuedu”)
(Note iii)
Skymoon International
Limited (Note iv)
Real Estate
Development
Real Estate
Development
Real Estate
Development
Real Estate
Development
25 May 2009 50% 60,000
17 November 2009 100% 136,733
7 July 2009 90% 270,000
16 July 2009 100% 537,691
1,104,424
Notes:
(i)
(ii)
(iii)
(iv)
Zhejiang Newspapering Greentown Real Estate was previously a wholly owned subsidiary of Zhejiang Newspapering
Greentown, a jointly controlled entity of the Group.
The Group has the right to appoint a majority of directors for the board of directors of Hangzhou Xiuboyuan and hence
has the power to direct the financial and operational policies of the entity. Therefore, it is accounted for as a subsidiary
of the Group.
30% equity interest in Zhuji Yuedu was subsequently sold to a minority shareholder on 30 November 2009. Please refer
to Note 39(iii)(b) for details.
Skymoon International holds 100% equity interest in Litao (Hangzhou) Construction and Design Consultancy Co., Ltd.,
which in turn holds 100% equity interests in Hangzhou Chuangjing Property Co., Ltd. Hangzhou Chuangjing Property
Co., Ltd. holds 100% equity interest in Beijing Laifu Century Property Co., Ltd.
Greentown China Holdings Limited Annual Report 2009 169