New World Development Company Limited
NOTES TO CONDENSED ACCOUNTS
32
11 Non-current assets classified as assets held for sale/liabilities directly associated
with non-current assets classified as assets held for sale
Non-current assets classified as assets held for sale
As at
31 December
2015
As at
30 June
2015
HK$m
HK$m
Listed equity securities, Hong Kong
–
7.8
Investment properties
1,262.2
257.0
Assets of the Disposal Property Group classified as held for sale (Note a)
22,343.2
–
Assets of the Disposal Hotel Group classified as held for sale (Note b)
–
2,097.8
23,605.4
2,362.6
Liabilities directly associated with non-current assets classified as assets held for sale
As at
31 December
2015
As at
30 June
2015
HK$m
HK$m
Liabilities of the Disposal Property Group classified as held for sale (Note a)
5,443.9
–
Liabilities of the Disposal Hotel Group classified as held for sale (Note b)
–
927.9
5,443.9
927.9
Notes:
a.
On 2 December 2015 and 29 December 2015, New World Development (China) Limited (“NWDCL”), a wholly owned subsidiary
of New World China Land Limited (“NWCL”), had entered into sale and purchase agreements with a wholly owned subsidiary of
Evergrande Real Estate Group Limited, a company listed on the Main Board of the Hong Kong Stock Exchange to sell its entire
interest in certain subsidiaries and joint ventures (collectively referred to as the “Disposal Property Group”) and the shareholders’
loan for an aggregate consideration of RMB20,800 million (equivalent to approximately HK$25,106.1 million), subject to adjustments.
The Disposal Property Group is engaged in the provision of property sale and investment in Wuhan, Huiyang, Haikou, Guiyang and
Chengdu.
b.
On 3 July 2015, NWDCL entered into the sale and purchase agreement with Chow Tai Fook Enterprises Limited, the substantial
shareholder of the Group, to sell its entire interest in New World Hotel Management (BVI) Limited, its subsidiaries and a joint venture
(collectively referred to as the “Disposal Hotel Group”) and to assign and transfer of the shareholder’s loan. The Disposal Hotel
Group is engaged in the provision of worldwide hotel management services, which is not the core business of NWCL. The disposal
of Disposal Hotel Group was completed on 29 December 2015 for an aggregate consideration of HK$2,753.0 million, and NWCL
recognised a gain of approximately HK$768.9 million.
