Information of the Property. The Property comprises the whole of the Ground Floor and Basement Floor at the Bank of America Tower, Harcourt Road, Central, Hong Kong and is primarily a shopping arcade. Independent of the Disposal, MEC is scheduled to redeem the mortgage, with a current outstanding principal amount of approximately HK$199,000,000, from internal resources, which MEC shall continue to do so with related Disposal expenses.
Information of the Property. The Property is a non-residential property which was acquired by the Vendor in 1993 at the cost of HK$35,364,340. The market value of the Property was valued at HK$79,000,000 as at 31 March 2011 by RHL Appraisal Limited, a professional independent valuer. The revenue and net profit before and after taxation generated by the Property for the year ended 31 March 2010 and 31 March 2011 were as follows: For the year ended 31 March 31 March 2010 2011 Rental income HK$2,086,938 HK$1,962,216 Net rental income (after deduction of government rent and rates and before taxation) HK$2,086,938 HK$1,962,216 Net rental income (after deduction of government rent and rates and taxation) HK$2,086,938 HK$1,962,216 As at 31 Mach 2011, the book value of the Property and the fixture were approximately HK$79,000,000 and nil respectively. It is expected that the Group will record a book gain, before tax and expense, from the Disposal of approximately HK$11,000,000 being the difference between the net sale proceeds and the carrying value of the Property as at 31 Mach 2011.
Information of the Property. The Property comprises office premises located at part of the second floor and the whole of the third floor of Golden Bridge Building, A. Xx. 0 Xxxx Xxx Men Wai Avenue, Chaoyang District, Beijing, the PRC（ 中國北京市朝陽區建國門外大街甲一號金之橋大廈三樓部份及四樓全層）, with gross floor area of 3,183.1 square metres. The Property is wholly owned by BD Property, free from encumbrances and was leased to third parties during prior years. As the Property is situated in a location under a redevelopment plan of the Beijing Municipal Government and is subject to relocation, the Property was vacant since the second quarter of 2010 and was demolished in August 2017. No revenue was generated from the Property since 2011. The audited net loss both before and after taxation (prepared in accordance with the PRC generally accepted accounting principles) of BD Property for the years ended 31 December 2016 and 2017 were approximately HK$88,000 and HK$193,000, respectively. The historical cost of the Property was approximately RMB81,958,000 (equivalent to approximately HK$100,250,000). As the Property was demolished in August 2017, an estimated compensation receivable of approximately HK$132,709,000 (the “Receivable”) has been recorded in the financial statements of Group as at 31 December 2017. INFORMATION OF THE PARTIES Information of the Group The Company is a company incorporated in Hong Kong with limited liability, the shares of which are listed on the main board of the Stock Exchange (stock code: 154). The Company is an investment holding company and its subsidiaries are principally engaged in environmental protection and solid waste treatment in the PRC.
Information of the Property. The Property is a non-residential property located in Mongkok, Kowloon, Hong Kong, and it is currently used and occupied by the Group as one of the approximately 146 retail stores of its watch retailing business. It is the current intention of the Group that, upon or before Completion, the retail store currently operating at the Property will be closed.
Information of the Property. The Property, Lane Up, is a 13-storey commercial complex occupying a gross floor area of approximately 173,000 square feet located at Xx. 0 Xxx Xxx Xxxx, Xxxx Xxx, xxxxxxxx diverse functions such as food and beverage, retail and office spaces. It has been revitalised and transformed from an industrial building into a commercial complex in 2021. FINANCIAL EFFECT OF THE DISPOSAL Upon Completion, the Company will not hold any equity interest in the Target Group and they will cease to be subsidiaries of the Company. Taking into account (i) the consideration for the Disposal of approximately HK$1,137.3 million, (ii) the unaudited pro forma combined net asset value of the Target Group as at 30 November 2022 in the amount of approximately HK$1,059.4 million after adjustment on the book value of the Property to HK$1,160.0 million as at 23 December 2022 as indicated in a preliminary valuation report prepared by an independent professional valuer; and (iii) the amount of Sale Loan of approximately HK$77.9 million as at 30 November 2022, the Directors do not expect to recognise any gain/loss from the Disposal. The aforesaid estimation is for illustrative purpose only and does not purport to represent the financial position of the Group after Completion. The actual financial effects of the Disposal will be determined with reference to the financial status of the Target Group as at the Completion Date. The net proceeds from the Disposal is estimated to be approximately HK$1,136.8 million (subject to adjustments), which will be used for future business development of the Group and as general working capital.
Information of the Property. The Property comprises 142 properties owned by Beijing Wangangtong with a gross floor area of approximately 22,521.09 square meters located on lower ground 3rd floor to 12th floor of the Building. The market value of the Building as at 31 December 2021 was RMB1,088 million according to the valuation report prepared by an independent professional valuer. Based on the audited financial statements of Beijing Wangangtong for the financial years ended 31 December 2020 and 2021, the net profit (before taxation) of Beijing Wangangtong were approximately RMB2.7 million and RMB27.5 million respectively, and the net loss (after taxation) of Beijing Wangangtong for the financial year ended 31 December 2020 was approximately RMB2.3 million and the net profit (after taxation) of Beijing Wangangtong for the financial year ended 31 December 2021 was approximately RMB18.7 million.
