Annual Report 2009 - Greentown China Holdings Limited

Notes to the Consolidated Financial Statements
For The Year Ended 31 December 2009
39. RELATED PARTY DISCLOSURES (Continued)
(iii) (a) During the year, in addition to those disclosed in Note 31, the Group made acquisitions from
related parties as follows: (Continued)
On 14 January 2008, the Group entered into an agreement to acquire a 40% equity interest held by
Hangzhou Binjiang Properties Limited in Hangzhou Lvbin Real Estate Development Co., Ltd., a
subsidiary of the Company, for a consideration of RMB155,007,000.
On 6 October 2008, the Group entered into an agreement to acquire a 20% equity interest held
by DOU Zhenggang in Huzhou Xinjinjiang, a subsidiary of the Company, for a consideration of
RMB59,350,000.
On 28 March 2009, the Group entered into an agreement to acquire a 10% equity interest held
by Beijing Qiantian Real Estate Company Limited in Beijing Greentown Yinshi Real Estate
Development Company for a consideration of RMB5,000,000.
On 10 April 2009, the Group entered into an agreement to acquire a 40% equity interest in
Hangzhou Greentown Haiqi held by Nanjing Julong. Please refer to Note 32 for details.
On 23 June 2009, the Group entered into an agreement to acquire a 9% equity interest held by
Hefei Chuangyi Technology Investment Company in Anhui Greentown Real Estate Development
Company Limited, a subsidiary of the Company, for a consideration of RMB4,200,000.
(b)
During the year, in addition to those disclosed in Note 32, the Group made disposals to related
parties as follows:
2009 2008
RMB’000 RMB’000
Disposal of interests in subsidiaries to a minority shareholder 90,000 –
On 30 November 2009, the Group entered into an agreement to dispose of a 30% equity interest
held by Greentown Real Estate in Zhuji Yuedu Real Estate Development Co., Ltd., a subsidiary
newly acquired in 2009, for a consideration of RMB90,000,000 to a minority shareholder.
(iv)
Compensation of key management personnel
The remuneration of directors and other members of key management during the year was as follows:
2009 2008
RMB’000 RMB’000
Short-term benefits 18,776 25,970
Post-employment benefits 150 506
Share-based payments 56,386 –
75,312 26,476
The remuneration of directors and key executives is determined by the remuneration committee having
regard to the performance of individuals and market trends.
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Greentown China Holdings Limited Annual Report 2009