Annual Report 2023

244 2023 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 19 Interest in joint venture The following list contains the particulars of the joint venture, which is an unlisted corporate entity whose quoted market price is not available: Percentage of ownership interest Name of joint venture Form of business structure Place of establishment and business Particulars of registered and paid-up capital Group’s effective interest Held by subsidiaries Principal activity TM Properties Investment Limited Incorporated Incorporated in the British Virgin Islands and operates in Hong Kong 2 share of US$2 50 50 Property investment (note 1) Note 1: TM Properties Investment Limited operates in Hong Kong and generates rental income from the leasing of an industrial building in Tuen Mun. Summarised financial information of the joint venture, adjusted for any differences in accounting policies, and reconciled to the carrying amounts in the consolidated financial statements, are disclosed below: TM Properties Investment Limited 2023 2022 $’000 $’000 Gross amounts of the joint venture Current assets 2,307 8,543 Non-current assets 1,500,015 1,500,017 Current liabilities 31,956 54,414 Total equity 1,470,366 1,454,146 Revenue 20,536 20,559 Profit for the year 16,220 16,498 Total comprehensive income 16,220 16,498 Reconciled to the Group’s interest in the joint venture Gross amounts of net assets of the joint venture attributable to equity shareholders 1,470,366 1,454,146 Group’s effective interest 50% 50% Group’s share of net assets of the joint venture 735,183 727,073 Loan to a joint venture (note 2) 13,377 24,114 Carrying amount in the consolidated financial statements 748,560 751,187 Note 2: Loan to a joint venture is unsecured, interest-free and has no fixed terms of repayment.