220
PERENNIAL REAL ESTATE HOLDINGS LIMITED
Annual Report 2015
NOTES TO THE FINANCIAL STATEMENTS
6 ASSOCIATES AND JOINT VENTURES
(continued)
Joint ventures
The Group has 4 joint ventures that are material and a number of joint ventures that are individually immaterial to the
Group. The material joint ventures own and develop commercial, retail, hospitality and residential related real estate assets
which are aligned to the Group’s principal activities. All are equity accounted. The following are material joint ventures:
Ownership
interest
Country of
held by
Principal activities incorporation the Group
%
Capitol Investment Holdings Pte. Ltd.
Investment holding
Singapore
50.0
and its subsidiaries
(b)
(“Capitol”)
Chengdu Huifeng Commercial Real Estate Co., Ltd.
(a)
Property development
PRC
50.0
(“Chengdu Huifeng”)
Chengdu Changfeng Real Estate Development Co., Ltd.
(a)
Property development
PRC
50.0
(“Chengdu Changfeng”)
Shenyang Summit Real Estate Development Co., Ltd.
(a)
Investment holding and
PRC
50.0
(“Shenyang Summit”)
property holding
(a)
Audited by other member firms of KPMG International
(b)
Audited by other auditor
The following summarises the financial information of each of the Group’s material joint ventures based on their respective
(consolidated) financial statements prepared in accordance with FRS, modified for fair value adjustments on acquisition
and differences in the Group’s accounting policies. The table also analyses, in aggregate, the carrying amount and share
of profit and OCI of the remaining individually immaterial joint ventures.
