Annual Report 2021

173 Notes to the Financial Statements Miramar Hotel and Investment Company, Limited Annual Report 2021 26 Material related party transactions (Continued) All of the above related party transactions constitute connected transactions or continuing connected transactions as defined in Chapter 14A of the Listing Rules. The disclosures required by Chapter 14A of the Listing Rules are provided in paragraphs headed “Continuing Connected Transactions” in the Report of the Directors as set out in the Company’s annual report for the year ended 31 December 2021. Notes: (a) The property agency fee payable to a subsidiary of the Group’s major shareholder for the provision of property agency services to the Group’s investment properties in Hong Kong, was calculated at a certain percentage of the gross rental income from the Group’s investment properties during the year. The Group’s travel division provides agency services to certain subsidiaries and associates of the Group’s major shareholder in respect of air ticket booking, hotel accommodation and hire car services under similar terms it provides to other customers. The net amounts due to these companies as at 31 December 2021 amounted to HK$6,044,000 (2020: HK$3,048,000) are unsecured, interest-free and have no fixed terms of repayment. (b) The management fee income from a subsidiary of the Group’s major shareholder for the provision of management services to a serviced apartment, was calculated at a certain percentage of revenue generated from that serviced apartment for the year the service provided. The amount due from this company as at 31 December 2021 amounted to HK$48,000 (2020: HK$44,000) is unsecured, interest-free and has no fixed terms of repayment. (c) The Group provides hotel and catering services to certain subsidiaries and associates of the Group’s major shareholder in respect of hotel and outside catering services and food and beverage services under similar terms it provides to other customers. The amounts due from these companies as at 31 December 2021 amounted to HK$646,000 (2020: HK$17,000) are unsecured, interest-free and have no fixed terms of repayment. (d) The amount represented rental, building management fee, air-conditioning charges and other outgoings paid to an associate of the Group’s major shareholder during the year. The amount due from this company as at 31 December 2021 represented prepaid rental fee of HK$1,610,000 (2020: HK$1,610,000) and is unsecured, interest free and have no fixed term of repayment. (e) The amount represented rental, building management fee and other outgoings paid to a subsidiary of the Group’s major shareholder during the year. The amount due from this company as at 31 December 2021 represented prepaid rental fee of HK$823,000 (2020: amount due to this company represented unsettled rental fee HK$2,000) and is unsecured, interest free and have no fixed terms of repayment. (f) The consultancy and management services income from an associate of the Group’s major shareholder for the provision of consultancy and management services to parking facilities, was calculated at a certain percentage of direct operating expenses incurred from the operation of that parking facilities for the year service provided. The amount due from this company as at 31 December 2021 represented advance consultancy and management fee of HK$124,000 (2020: HK$42,000) and is unsecured, interest free and have no fixed terms of repayment. (g) Remuneration for key management personnel is disclosed in notes 5 and 6.