1996 — Page 128

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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.

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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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