Annual Report 2019

ANNUAL REPORT 2019 221 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 March 2019 19. INTERESTS IN ASSOCIATES (continued) Summarised financial information of material associates (continued) The Group has discontinued to recognise its share of losses of certain associates. The amounts of unrecognised share of losses of those associates, extracted from the relevant management accounts of the associates, both for the year and cumulatively, are as follows: 2019 2018 HK$’000 HK$’000 The unrecognised share of losses for the year – (707) Cumulative unrecognised share of losses (51,153) (51,153) 20. INTERESTS IN JOINT VENTURES (a) Joint ventures 2019 2018 HK$’000 HK$’000 Unlisted investments, at cost 655,059 406,121 Share of post-acquisition results, net of dividends/ distributions received 6,015 4,301 Less: impairment (5) (5) 661,069 410,417 Particulars of the Group’s principal joint ventures at the end of the reporting period are as follows: Name of entity Country of registration/ incorporation and operation Proportion of registered capital held by the Company indirectly Principal activities 2019 2018 Guangdong Xin Shi Dai Real Estate Limited PRC 50% 50% Property development Raeon International Limited HK 25% 25% Real estate agency Festival Car Park Pty Ltd Australia 25% 25% Car park operation QWB Residential Precinct Holdings Pty Ltd Australia 50% 50% Property development and investment BC Group Holdings Limited (“BC Group”) Cayman Islands 50.66% – Provision of mortgage services Destination Gold Coast Investments Pty Ltd Australia 25% 25% Hotel management Cuscaden Homes Pte Limited Singapore 10% – Hotel management Note: The Group and the other joint venturers are contractually agreed sharing of control and have rights to the net assets of these entities. The decisions about the relevant activities of these entities required unanimous consent of the Group and the other joint venturers. Accordingly, these investments are accounted for as joint ventures.