2016 — Page 111

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

13 INVESTMENT PROPERTIES, OTHER PROPERTY, PLANT AND EQUIPMENT AND

LEASEHOLD LAND (Continued)

(c)

The Group leases out investment properties under operating leases. The leases typically run for an initial period of one month to nine years, with an option to renew the lease after that date at which time all terms are renegotiated. Certain of the leases include contingent rentals calculated with reference to the revenue of tenants.

All properties held under operating leases that would otherwise meet the definition of investment properties are classified as investment properties.

The Group's total future minimum lease payments under non-cancellable operating leases are receivable as follows:

Within 1 year

After 1 year but within 5 years

After 5 years

14

INTEREST IN SUBSIDIARIES

2016

HK$'000

2015

HK$'000

61,690

59,415

69,791

62,807

14,159

18,800

145,640

141,022

The following list contains only the particulars of subsidiaries which principally affected the results, assets or liabilities of the Group. The class of shares held is ordinary unless otherwise stated.

Proportion of ownership interests

Particulars of issued and paid up capital

Held

by the Company subsidiaries

Held

by

Principal activities

HYFCO Development Company, Limited

1,200,003 shares

100%

Investment holding

The Hong Kong Shipyard Limited

170,000 shares

100%

Shipbuilding and

repairs

HYFCO Trading and Investments

Company Limited

2 shares

100%

Trading

HYFCO Estate Management

& Agency Limited

2,500,000 shares

100%

Property management

Hong Kong Ferry (Holdings) Company Limited

Annual Report 2016 109