117 / 135
HALF-YEAR REPORT 2016
Notes to the Consolidated Financial Statements
For the six months ended 30 June 2016
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35 Discontinued operations
On 14 March 2016, the Company, CITIC Pacific and CITIC Corporation entered into an agreement with China
Overseas Land & Investment Limited (“China Overseas”) to sell the Group’s interest in certain residential
real estate projects in the PRC to one of the affiliates of China Overseas. As a result, the assets and liabilities
related to such residential real estate projects have been classified as held for sale following this agreement.
In accordance with HKFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”, the
results and cash flows of the above mentioned residential real estate projects have been included in the
discontinued operations of the Group. Comparative figures for the six months ended 30 June 2015 have
been reclassified accordingly.
(a) The aggregate results of the discontinued operations were as follows:
Six months ended 30 June
2016
2015
HK$ million
HK$ million
Revenue
7,484
4,899
Expenses
(10,415)
(5,412)
Loss before taxation
(2,931)
(513)
Income tax
(1,851)
(98)
Loss arising from discontinued operations
(4,782)
(611)
Attributable to:
– Ordinary shareholders of the Company
(4,736)
(486)
– Non-controlling interests
(46)
(125)
(4,782)
(611)
(b) Cumulative income recognised in other comprehensive income relating to
disposal group classified as held for sale
30 June 2016
HK$ million
Cumulative income recognised in other comprehensive income
relating to disposal group classified as held for sale
617