2015 — Page 104

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

13

INTEREST IN SUBSIDIARIES (Continued)

All the subsidiaries listed above are incorporated in Hong Kong except for Merry World Assets Limited which is incorporated in the British Virgin Islands.

Except for HYFCO Travel Agency Limited which operates outbound tours in the Mainland China and Macau, all the other subsidiaries operate in Hong Kong.

14

INTEREST IN ASSOCIATES

Share of net assets

Amounts due from associates

Less: impairment loss

2015

HK$'000

2014

HK$'000

5,725

5,442

12,190

14,976

17,915

20,418

(6,794)

(6,794)

11,121

13,624

Except for the amount advanced to 20K Company Limited ("20K") which is interest-bearing at Hong Kong dollar prime rate minus 3% (2014: Hong Kong dollar prime rate minus 3%) per annum, as disclosed in note 28(b)(ii), all of the amounts due from associates are unsecured, interest-free and have no fixed terms of repayment. All the amounts due from associates are

not expected to be recovered within one year.

The following list contains the particulars of associates, all of which are unlisted corporate entities whose quoted market price is not available:

Particulars of issued and paid up capital

Proportion of ownership interest held by

subsidiaries

Principal activities

20K

10 ordinary shares

50%

Property financing

Authian Estates Limited

5,000 A shares

50%

Property investment

5,000 B shares

100 ordinary shares.

30%

Trading

Winwide Limited

All of the associates are incorporated and operate in Hong Kong.

All of the above associates are accounted for using the equity method in the consolidated financial statements.

102

Hong Kong Ferry (Holdings) Company Limited

Annual Report 2015

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