9
FIXED ASSETS (continued)
(c) All the Group's leasehold land is held in Hong Kong and on long leases.
(d) Valuation
Included in the cost or valuation figure shown in the fixed assets summaries of the Group and the Company is the following asset shown at valuation:
Leasehold land
Date of valuation
Valuation Net book value
HK$'000
HK$'000
15 July 1959
3,284
In preparing these accounts, advantage has been taken of the transitional provisions set out in paragraph 72 of SSAP 17 "Property, Plant and Equipment" issued by the Hong Kong Society of Accountants, with the effect that leasehold land has not been revalued to fair value at the balance sheet date.
10
INTEREST IN A SUBSIDIARY
Unlisted shares at cost
Amount due from the subsidiary
1996
HK$'000
1995
HK$'000
33,494
23,859
Details of the subsidiary, which is incorporated and operates its business in Hong Kong, are as follows:
Nominal value of
Name of company
ordinary issued share capital
Percentage of ordinary
shares held
Principal activity
Long Win Holdings Limited
HK$2
100%
Provision of franchised
public bus services for
North Lantau and the
new airport at Chek Lap Kok
The name of the subsidiary has been changed to "Long Win Bus Company Limited" with effect from 21 March
1997.
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