NOTES TO CONDENSED CONSOLIDATED FINANCIAL INFORMATION For the six months ended 30 June 2022 29. EVENTS AFTER THE REPORTING PERIOD On 3 July 2022, certain wholly-owned subsidiaries of the Company entered into agreements to dispose a portfolio of logistics and warehousing facilities in the PRC to a new China income venture. Following completion of the transaction, the Group will continue to maintain an indirect interest in the China income venture and act as the investment manager of the China income venture and asset manager of its property assets and earn management fees for such services. The portfolio to be disposed has been presented as “assets and liabilities of a disposal group classified as held for sale” as of 30 June 2022. On 21 July 2022, Sunrise Victory Limited (“Sunrise Victory”), a wholly-owned subsidiary of the Company, received the letter from the Lands Department of the Government of Hong Kong confirming that its tender for a piece of land located at the junction of Mei Ching Road and Container Port Road South, Kwai Chung, New Territories registered in the Land Registry as Kwai Chung Town Lot No. 531 at the land premium of approximately HK$5,257 million has been accepted. Subsequently, on 15 August 2022, the Group through its wholly-owned subsidiary, Victory Door Limited (“Victory Door”), entered into shares subscription and shareholders’ agreement (the “SSA”) with its JV partner in relation to the formation of a JV Company, namely Victory Lane Development Limited. The JV Company will hold the entire equity interest in Sunrise Victory. Prior to the entering into the SSA, Sunrise Victory was indirectly wholly-owned by the JV Company, which in turn was wholly-owned by Victory Door. Following completion, the JV company is treated as a joint venture of the Group (with the Group holding 51% interest in the JV Company) and ceases to be a subsidiary of the Group. The JV Company will be equity accounted for in the financial statements of the Group and its financial results will not be consolidated into the financial statements of the Group. 30. APPROVAL OF THE FINANCIAL INFORMATION The condensed consolidated financial information was approved and authorised for issue by the board of directors on 25 August 2022. R E A C H I N G N E W H E I G H T S 94
RkJQdWJsaXNoZXIy ODIwNTc=