Notes on The Accounts (Continued)
9. FIXED ASSETS (Continued)
(i) The group's investment properties which are situated in Hong Kong and held under long and medium term leases, have been revalued at 30th June, 2001 by Insignia Brooke (Hong Kong) Limited, an independent firm of professional surveyors, or G. J. Ongley, an Associate of The Hong Kong Institute of Surveyors and a Professional Associate of The Royal Institution of Chartered Surveyors, on an open market value basis, after taking into consideration the net income and allowing for development potential or reversionary potential as appropriate.
(ii) The group's investment properties which are situated in the United Kingdom and are freehold properties, have been revalued at 30th June, 2001 by FPDSAVILLS Commercial Limited, an independent firm of professional surveyors, on an open market value basis, after taking into consideration the net income and allowing for reversionary potential.
(iii) The surpluses or deficits arising on revaluations have been dealt with in the investment properties revaluation reserve.
(iv) The gross carrying amounts of investment properties of the group held for use in operating leases were $1,029,389,000 (2000:
$884,949,000). Further details of the leasing arrangements are contained in note 23(a).
10. INTEREST IN SUBSIDIARIES
Unlisted shares, at cost
Details of the subsidiaries are as follows:-
The company
2001
2000
$000's $000's
1,018,356 1,018,356
Name of
company
Place of incorporation
Place of operation
Issued ordinary
Percentage
directly indirectly
Principal
share capital
held
held
activity
Island Communication Enterprises Limited
Hong Kong
Hong Kong
185,073,024
100%
Investment holding
HK$1 shares
Heartwell Limited
Hong Kong
Hong Kong
9,000,002
100%
Investment holding
HK$10 shares
Communication Holdings Limited
British Virgin Islands
Hong Kong
35,900,010
100%
Investment holding
HK$10 shares
Affluent Dragon Island Limited
Hong Kong
Hong Kong
2 HK$10 shares
100%
Dormant
Island Communication Investments Limited
British Virgin Islands
Hong Kong
2
100%
HK$1 shares
Investment property holding
Grand Island Place Investments Limited
British Virgin Islands
Hong Kong
2
100%
Investment property
HK$1 shares
holding
Nottingham Developments Limited
British Virgin Islands
Hong Kong
1
100%
Investment holding
US$1 share
Oxney Investments Limited
British Virgin Islands United Kingdom
1
100%
Investment property
US$1 share
holding
Communication Properties Limited
British Virgin Islands United Kingdom
1
100%
Investment property
US$1 share
holding
Eaglefield Properties Limited
Prosperous Orient Limited
British Virgin Islands
Hong Kong
100%
Inactive
US$1 share
Hong Kong
Hong Kong
2
100%
Property holding
HK$10 shares
for redevelopment
27
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