Page 162 - Urban Renewal Authority 2023-24 Annual Report

NOTES TO THE FINANCIAL STATEMENTS

(expressed in Hong Kong Dollars)

22. Statement of Financial Position of the Authority (Continued)

(a) Interest in subsidiaries

2024 2023

$’000 $’000
Unlisted shares, at cost 1 1
Amounts due from subsidiaries (Note) 85,344 82,022
Less: Provision for impairment (45,025) (41,703)

40,320 40,320

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:

Number of Total share
Name shares capital Principal activities

$
Champ Dragon Properties Limited 1 1 Property holding

Ease Shine Development Limited 1 1 Property holding

Full Wisdom Enterprises Limited 1 1 Property holding

High Union Development Limited 1 1 Property holding

Hong Kong Building Rehabilitation 1 1 Building rehabilitation
Facilitation Services Limited facilitation services

Joyful Success Investment Limited 1 1 Property holding

Max Grace Properties Limited 1 1 Property holding

Opalman Limited 2 2 Property holding

Sunny Joy Properties Limited 1 1 Property holding

Urban Redevelopment Facilitating 1 10 Urban redevelopment
Services Company Limited facilitating services

Well Nice Properties Limited 1 1 Property holding

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