Annual Report 2021

103 2021 Annual Report Transport International Holdings Limited TM Properties Investment Limited (“TMPI”) TMPI is jointly owned by TM Properties Holdings Limited (“TMPH”), an indirect wholly-owned subsidiary of the Group, and Mega Odyssey Limited (“MOL”), an indirect wholly-owned subsidiary of SHKP subsequent to the disposal of TMPH’s 50% equity interest in TMPI to MOL on 29 December 2020. TMPI, the owner of the property at Tuen Mun Town Lot No. 80 in the New Territories, has become a 50%-owned joint venture of the Group. TMPI owns an industrial property which is currently designated for industrial use or godown purposes or both. TMPI has applied to the relevant authorities for approval for a change of use from the existing industrial use to office, shop and services uses. As at 31 December 2021, the entire lettable area of the property has been leased out to generate rental income for the Group. China Mainland Transport Operations The Group’s China Mainland Transport Operations Division reported a profit after taxation of HK$19.6 million for 2021, representing an increase of HK$13.1 million or 201.5% compared with HK$6.5 million for 2020. As at 31 December 2021, the Group’s total interests in associates within the China Mainland Transport Operations Division amounted to HK$681.7 million (2020: HK$656.6 million). Such investments are mainly related to the operation of public transport services in Shenzhen, and taxi and car rental services in Beijing. Summary of Investments in China Mainland Transport Operations as at 31 December 2021 Shenzhen Beijing Nature of business Bus and taxi hire services Taxi and car rental services Form of business structure Sino-foreign joint stock company Sino-foreign joint stock company Operation commenced January 2005 April 2003 The Group’s investment cost (RMB million) 387 80 The Group’s effective interest 35% 31.38% Fleet size at year-end 2021 (Number of vehicles) 11,170 5,056 Bus passenger volume (Million trips) 422 N/A Bus kilometres travelled (Million km) 343 N/A Staff number at year-end 2021 25,615 2,933