C C LAND HOLDINGS LIMITED 中 渝 置 地 控 股 有 限 公 司*** (Incorporated in Bermuda with Limited Liability) Website: (Stock Code: 1224)

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C C LAND HOLDINGS LIMITED 中 渝 置 地 控 股 有 限 公 司*** (Incorporated in Bermuda with Limited Liability) Website: (Stock Code: 1224) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. C C LAND HOLDINGS LIMITED *** 中 渝 置 地 控 股 有 限 公 司 (Incorporated in Bermuda with limited liability) Website: www.ccland.com.hk (Stock Code: 1224) INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2009 The board of directors (the “Board”) of C C Land Holdings Limited (the “Company”) announces the unaudited consolidated results of the Company and its subsidiaries (collectively, the “Group”) for the six months ended 30 June 2009 together with comparative figures for the corresponding period in 2008 as follows: CONSOLIDATED INCOME STATEMENT Six months ended 30 June 2009 200 8 (Unaudited) (Unaudited) Notes HK$’000 HK$’000 REVENUE 3, 4 372 ,976 479,831 Cost of sales (305,879 ) (444,242) Gross profit 67,097 35,589 Other income and gains 4 50,845 225,017 Selling and distribution costs (27,584) (25,139) Administrative expenses (115,593) (106,703) Other expenses (48,720) (81,917) Finance costs (14,591) (18,687) Share of profits and losses of: Jointly -controlled entiti es (8,178) (8,361) Associates (1, 979 ) (2,098) PROFIT /(LOSS) BEFORE TAX 5 ( 98,703 ) 17,701 Tax 6 (25,930 ) 6,559 PROFIT /(LOSS) FOR THE PERIOD (124 ,633 ) 24,260 * For identification purposes only - 1 - Attributable to: Equity holders of the parent (110,672) 39,620 Minority interests (13,961) (15,360) (124,633) 24,260 EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT 8 Basic (5.16) HK cents 1.83 HK cents Diluted N/A 1.82 HK cents CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Six months ended 30 June 2009 200 8 (Unaudited) (Unaudited) HK$’000 HK$’000 PROFIT/(LOSS) FOR THE PERIOD (124, 633 ) 24 ,260 Exchange differences on translation of foreign operations 3,717 644, 502 Fair values changes on available -for -sale investments 120 ,085 (220 ,114 ) Deferred tax (29,686) 49 ,886 90,399 (170 ,228 ) OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX 94,116 474 ,274 TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD, NET OF TAX (30,517) 498 ,534 Attributable to: Equity holders of the parent (16,795) 461 ,372 Minority interests (13,722) 37 ,162 (30,517) 498 ,534 - 2 - CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30 June 31 December 2009 2008 (Unaudited) (Audited) Notes HK$’000 HK$’000 NON-CURRENT ASSETS Property, plant and equipment 282,319 286,668 Investment properties 259,892 250,294 Prepaid land lease payments 2,194,398 2,222,536 Interests in jointly-controlled entities 1,294,824 1,210,921 Interests in associates 768 2,747 Convertible note receivable - loan portion 34,526 34,212 Available-for-sale investments 736,447 150,757 Properties under development 6,545,547 6,901,012 Interests in land use rights for property development 582,965 389,098 Total non-current assets 11,931,686 11,448,245 CURRENT ASSETS Properties under development 1,381,173 851,486 Completed properties held for sale 227,355 352,682 Land development rights - 166,270 Prepaid land lease payments 58,090 58,066 Inventories 56,117 74,941 Trade and bills receivables 9 70,505 116,126 Prepayments, deposits and other receivables 397,521 551,522 Equity investments at fair value through profit or loss 95,019 5,855 Conversion option derivative - 31 Tax recoverable 19,419 20,140 Deposits with brokerage companies 3,722 906 Pledged time deposits 1,000 328,167 Restricted bank balances 61,676 11,940 Cash and cash equivalents 1,414,521 1,665,469 Total current assets 3,786,118 4,203,601 CURRENT LIABILITIES Trade payables 10 535,959 521,135 Other payables and accruals 673,700 478,630 Loans from minority shareholders of subsidiaries 35,568 48,463 Interest-bearing bank and other borrowings 914,177 940,566 Tax payable 47,131 25,648 Due to a related party 20,000 20,000 Consideration payable on acquisition of subsidiaries 1,100 3,100 Total current liabilities 2,227,635 2,037,542 - 3 - 30 June 31 December 2009 2008 (Unaudited) (Audited) HK$’000 HK$’000 NET CURRENT ASSETS 1,558,483 2,166,059 TOTAL ASSETS LESS CURRENT LIABILITIES 13,490,169 13,614,304 NON-CURRENT LIABILITIES Interest-bearing bank and other borrowings 1,749,932 1,828,646 Deferred tax liabilities 1,895,668 1,898,014 Total non-current liabilities 3,645,600 3,726,660 Net assets 9,844,569 9,887,644 EQUITY Equity attributable to equity holders of the parent Issued capital 214,463 214,463 Reserves 9,040,794 9,018,254 Proposed dividend - 42,893 9,255,257 9,275,610 Minority interests 589,312 612,034 Total equity 9,844,569 9,887,644 - 4 - Notes: 1. BASIS OF PREPARATION The Company is incorporated in Bermuda with limited liability and whose shares are publicly traded on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). The principal activities of the Group are described in note 3 below. The unaudited interim condensed consolidated financial statements of the Group for the six months ended 30 June 2009 were authorised for issue in accordance with a resolution of the directors on 18 September 2009. 2. PRINCIPAL ACCOUNTING POLICIES The unaudited interim condensed consolidated financial statements of the Group have been prepared in accordance with Hong Kong Accounting Standard (“HKAS”) 34 “Interim Financial Reporting” issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and the applicable disclosure requirements of Appendix 16 of the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”). The unaudited interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group’s annual financial statements for the year ended 31 December 2008. The accounting policies and basis of preparation adopted in the preparation of these unaudited interim condensed consolidated financial statements are consistent with those used in the preparation of the Group’s annual financial statements for the year ended 31 December 2008 and in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) (which include all Hong Kong Financial Reporting Standards, HKASs, and Interpretations) issued by HKICPA, except that the Group has in the current period applied, for the first time, the following new HKFRS. HKFRS 1 and HKAS 27 Amendments to HKFRS 1 First-time Adoption of HKFRSs Amendments and HKAS 27 Consolidated and Separate Financial Statements – Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate HKFRS 2 Amendments Amendments to HKFRS 2 Share-based Payment – Vesting Conditions and Cancellations HKFRS 7 Amendments Financial Instruments: Disclosures HKFRS 8 Operating Segments HKAS 1 (Revised) Presentation of Financial Statements HKAS 23 (Revised) Borrowing Costs HKAS 32 and HKAS 1 Amendments to HKAS 32 Financial Instruments: Amendments Presentation and HKAS 1 Presentation of Financial Statements – Puttable Financial Instruments and Obligations Arising on Liquidation HK(IFRIC)-Int 9 and Amendments to HK(IFRIC)-Int 9 Reassessment of HKAS 39 Amendments Embedded Derivatives and HKAS 39 Financial Instruments: Recognition and Measurement HK(IFRIC)-Int 13 Customer Loyalty Programmes HK(IFRIC)-Int 15 Agreements for the Construction of Real Estate HK(IFRIC)-Int 16 Hedges of a Net Investment in a Foreign Operation Apart from the above, the Group has also adopted Improvements to HKFRSs* which sets out amendments to a number of HKFRSs primarily with a view to removing inconsistencies and clarifying wording. - 5 - * Improvements to HKFRSs contain amendments to HKFRS 7, HKAS 1, HKAS 8, HKAS 10, HKAS 16, HKAS 18, HKAS 19, HKAS 20, HKAS 23, HKAS 27, HKAS 28, HKAS 29, HKAS 31, HKAS 34, HKAS 36, HKAS 38, HKAS 39, HKAS 40 and HKAS 41. The adoption of these new interpretations and amendments has had no significant financial effect on these unaudited interim condensed consolidated financial statements and there have been no significant changes to the accounting policies applied in these unaudited interim condensed consolidated financial statements, except for the followings: (a) HKFRS 8 Operating Segments HKFRS 8 requires disclosure of information about the Group’s operating segments and replaces the requirement to determine primary (business) and secondary (geographical) reporting segments of the Group. The adoption of HKFRS 8 did not have any effect on the financial position or performance of the Group. The Group determined that the operating segments were the same as the business segments as previously identified under HKAS 14 Segment Reporting. (b) HKAS 1 (Revised) Presentation of Financial Statements HKAS 1 (Revised) has introduced a number of terminology changes (including revised titles for the financial statements) and has resulted in a number of changes in presentation and disclosure. HKAS 1 (Revised) also separates owner and non-owner changes in equity. The statement of changes in equity includes only details of transactions with owners, with non-owner changes in equity presented as a single line. In addition, the standard introduces the statement of comprehensive income which presents all items of recognised income and expense, either in one single statement, or in two linked statements. The Group has elected to present two linked statements. The Group has not applied the following new and revised HKFRSs that have been issued but are not yet effective, in the unaudited interim condensed consolidated financial statements.
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