16 JOINT VENTURES
Group
2015
2014
HK$’000
HK$’000
Share of net assets
3,586,045
3,596,049
Loans to joint ventures
312,450
554,250
3,898,495
4,150,299
A loan of HK$300,000,000 to a joint venture (2014: HK$540,000,000) is interest bearing at Hong Kong Interbank O
ered Rate
(“HIBOR”) plus 5.0% per annum (2014: HIBOR plus 5.0% per annum). Another loan to a joint venture of HK$12,450,000 (2014:
HK$14,250,000) is interest free. Both of the loans to joint ventures are unsecured and not expected to be repayable within one
year. The carrying amount of the loans to joint ventures approximates its fair value.
Details of principal joint ventures at 31 December 2015 and 2014 are as follows:
Place of
Name
establishment
Principal activities
Interest held
COSCO-HIT Terminals (Hong Kong) Limited
(1)
Hong Kong
Development and operation of a
50.00%
container terminal
Asia Container Terminals Limited
(1)
Hong Kong
Development and operation of a
40.00%
container terminal
Beijing Leading Edge Container
PRC
Provision of logistic services
50.00%
Services Co., Limited
(1)
Mercury Sky Group Limited
(2)
British Virgin
Investment holding
50.00%
Islands
Shenzhen Leading Edge Port
PRC
Provision of port agency services
49.00%
Services Co., Limited
(1)
Yantian Port International Information
PRC
Provision of electronic port community system 28.21%
Company Limited
(1) Audited by PricewaterhouseCoopers network firms
(2) Not required to be audited under the laws of the country of incorporation
There is no joint venture as at 31 December 2015, which in the opinion of the directors of the Trustee-Manager, is individually
material to the Group.
There are no material contingent liabilities relating to the Group’s interests in the joint ventures.
Notes to the
Financial Statements
OPTIMISING FOR THE FUTURE
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