Annual Report 2021

208 Transport International Holdings Limited 2021 Annual Report NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 17 Interest in associates (continued) Aggregate information of associates that are not individually material: 2021 2020 $’000 $’000 Aggregate carrying amount of individually immaterial associates in the consolidated financial statements 90,298 97,883 Aggregate amounts of the Group’s share of those associates Loss for the year (5,587) (1,849) Total comprehensive income (5,587) (1,849) 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 2021 2020 $’000 $’000 Gross amounts of the joint venture Current assets 16,277 6,684 Non-current assets 78,945 78,946 Current liabilities 78,648 85,560 Total equity 16,574 70