Annual Report 2021

172 Notes to the Financial Statements Annual Report 2021 Miramar Hotel and Investment Company, Limited 25 Operating lease commitments At 31 December 2021, the total future minimum lease income under non-cancellable operating leases are receivable as follows: 2021 2020 HK$’000 HK$’000 Within 1 year 569,191 608,084 After 1 year but within 2 years 299,421 419,900 After 2 years but within 3 years 119,380 168,015 After 3 years but within 4 years 22,118 37,908 After 4 years but within 5 years 13,121 6,092 After 5 years 762 – 1,023,993 1,239,999 26 Material related party transactions In addition to the transactions and balances disclosed elsewhere in these financial statements, the Group entered into the following material related party transactions under the ordinary course of business and were carried out on normal commercial terms: 2021 2020 HK$’000 HK$’000 Property agency fee payable to a subsidiary of the Group’s major shareholder (note (a)) 3,000 3,000 Travel and ticketing income from subsidiaries and associates of the Group’s major shareholder (note (a)) (237) (463) Management fee income from a subsidiary of the Group’s major shareholder (note (b)) (723) (747) Hotel and catering service income from subsidiaries and associates of the Group’s major shareholder (note (c)) (2,749) (1,804) Rental and building management fee income from: – an entity controlled by a director for leasing of Office Units 1706– 1707 and units 1801–07 and 1812–18, Mira Place Tower A (23,418) (25,252) – a subsidiary of the Group’s major shareholder for leasing of Shops 312, 501–03, 505–06, B109–113 and Pillar Signage and short term lease of G/F Entrance, Mira Place 1 (40,687) (34,789) Cash rental paid to: – an associate of the Group’s major shareholder for the leasing of Shop Nos. 3101–3107 and certain floor space of ifc Mall (note (d)) 19,337 17,632 – a subsidiary of the Group’s major shareholder for the leasing of a building located at No. 388 Jaffe Road, Wanchai, Hong Kong (note (e)) 8,048 7,034 Professional consultancy and management services income from an associate of the Group’s major shareholder (note (f)) (336) (246)