Urban Renewal Authority 2018-19 Annual Report

167 (expressed in Hong Kong Dollars) NOTES TO THE FINANCIAL STATEMENTS 24. Statement of Financial Position of the Authority (Continued) (a) Interest in subsidiaries 2019 2018 $’000 $’000 Unlisted shares, at cost 1 1 Amounts due from subsidiaries (Note) 23,224 22,147 Less: Provision for impairment (23,225) (22,148) – – Note: The amounts due from subsidiaries are unsecured, interest-free and have no fixed terms of repayment. The balances are expected to be recovered more than one year. The names of the principal subsidiaries, all of which are wholly and directly owned by the Authority and incorporated in Hong Kong, are as follows: Name Number of shares Total share capital Opalman Limited 2 $2 Urban Redevelopment Facilitating Services Company Limited 1 $10 Urban Redevelopment Facilitating Services Company Limited is engaged in the provision of facilitating services to interested owners in amalgamating their property interests for joint sale in the market or for disposal under the prevailing market mechanism and other relevant legislation. The other subsidiaries are acting as mere trustees for holding properties under certain joint development projects.