Annual Report 2020

2020 Annual Report Transport International Holdings Limited 209 Notes to the Financial Statements (Expressed in Hong Kong dollars unless otherwise indicated) 18 Interest in joint venture On 29 December 2020, the Group disposed of 50% of its equity interest in TM Properties Investment Limited (“TMPI”), being the wholly-owned subsidiary which holds the Tuen Mun Town Lot No. 80 site, but retained joint control through holding the remaining 50% equity interest. The investment in TMPI has been treated as a joint venture subsequent to the disposal. See note 35 for further details. 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 shares of US$1 each 50 50 Property investment (note 1) Note 1: TMPI 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 2020 $’ 000 Gross amounts of the joint venture Current assets 6,684 Non-current assets 78,946 Current liabilities 85,560 Total equity 70