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Hong Kong Ferry (Holdings) Company Limited Annual Report 2013
Notes to the Accounts (Continued)
28 MATERIAL RELATED PARTY AND CONNECTED TRANSACTIONS (Continued)
(b) Other material related party and connected transactions (Continued)
(xi)
(xii)
(xiii)
In February 2012, the Group appointed a wholly-owned subsidiary of HLD as the contractor for carrying out the substructure works of TCS Property. In January 2013, the Group revised the annual cap of the substructure works of the respective years. The annual ceiling for the year ended 31 December 2012 and 31 December 2013 were HK$11,000,000 and HK$19,000,000 respectively. A total fee of HK$16,223,000 (2012: HK$10,405,000) was charged to the Group for the year. At 31 December 2013, an amount of HK$9,047,000 (2012: HK$10,405,000) remained unpaid and was included in trade and other payables.
In March 2012, the Group entered into a letter agreement with HLD Sub A and appointed HLD Sub A as the agent of the Group to lease certain shops and spaces of Miramar Shopping Centre (the "Premises") for the marketing services of the Fanling Property for the period from 20 March 2012 to the earlier of 15 June 2013 and the date on which the last residential unit of the Fanling Property is sold, subject to the respective ceilings of HK$7,500,000 for the period from 20 March 2012 to 31 December 2012 and HK$4,500,000 for the period from 1 January 2013 to 15 June 2013. The letter agreement expired on 15 June 2013.
In August 2013, the Group entered into a letter agreement with HLD Sub B and appointed HLD Sub B as the agent of the Group to lease the Premises for the continuation of the marketing services of the Fanling Property for the period from 16 June 2013 to the earlier of 15 October 2013 and the date on which the last residential unit of the Fanling Property is sold, subject to the ceiling of HK$4,300,000. The letter agreement expired on 15 October 2013.
In December 2013, the Group entered into a letter agreement with HLD Sub B and HLD Sub B continued to act as the agent of the Group to lease the Premises for the continuation of the marketing services of the Fanling Property for the period from 16 October 2013 to the earlier of 31 December 2013 and the date on which the last residential unit of the Fanling Property is sold, subject to the ceiling of HK$2,687,500. The letter agreement expired on 31 December 2013.
A total fee of HK$10,410,000 (2012: HK$7,020,000) was charged to the Group for the year. At 31 December 2013, an amount of HK$12,653,000 (2012: HK$7,020,000) remained unpaid and was included in trade and other payables.
In September 2013, the Group appointed HLD Sub A as the project manager of the development of Hung Hom Inland Lot No. 555 (the "Hung Hom Property") for a term of three years commencing from 5 September 2013 in consideration for a fee equivalent to the aggregate of 1% of the construction costs of the Hung Hom Property and other lump sum fees for supplementary services subject to a ceiling of HK$2,500,000. A total fee of HK$1,280,000 was charged to the Group for the year. At 31 December 2013, an amount of HK$1,280,000 remained unpaid and was included in trade and other payables.