The Company and its subsidiaries (the "Group") announced annual results for the year ended 31 December 2006. The audited net profit amounted to HK$25,860,547. The consolidated net asset value per share of the Company was HK$0.309 as at 31st December 2006. The Group's audited combined loss for the year ended 31st December 2005, and combined net asset value per share as at 31st December 2005 were HK$12,726,109 and HK$0.264 respectively. The Directors recommend the payment of a final dividend of HK 1.6 cents per share for the year ended 31 December 2006.
The real estate business of the Group has smooth development during the year under review. The Group has invested in China Property Development (Holdings) Limited ("CPDH"), since February 2002. CPDH holds a 100% interest in a Beijing residential development project, the Pacific Town Project (marketed as Richmond Park in Beijing). The units of Phase I of the Project have been handed over to buyers in April 2006. The project development company, Richmond Park has completed and submitted the tax audit report of Phase I during 2006. Phase II-A consists of two buildings, A4 and A5. Phase III has one building of B5. The two phases represent total floor area of 51,327 sqm in 230 units, which have been substantially pre-sold in the market, and their construction works are scheduled to complete in late 2007. The Group shared approximately HK$21.5 million from the investment in 2006.