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Glorious Property
144
Annual Report 2011
Notes to the Consolidated Financial Statements
(Continued)
31 December 2011
35 Commitments
(Continued)
(b) OPERATING LEASE COMMITMENTS
The future aggregate minimum lease payments under non-cancellable operating leases in respect of land and
buildings are as follows:
RMB’000
2011
2010
No later than 1 year
37,175
34,861
Later than 1 year and no later than 5 years
24,666
40,242
Later than 5 year
625
309
62,466
75,412
36 Related Party Transactions
Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or
exercise significant influence over the other party in making financial and operating decisions. Parties are also
considered to be related if they are subject to common control or common significant influence. In the opinion of
the directors of the Company, the related party transactions were carried out in the normal course of business and
at terms mutually negotiated between the Group and the respective related parties.
The following transactions were carried out with related parties:
(a) PURCHASE OF SERVICES:
RMB’000
2011
2010
Purchase of construction services from:
— Shanghai Ditong Construction (Group) Co., Ltd. (“Shanghai Ditong”)
a company controlled by close family member of the Chairman of
the Company
1,194,894
1,077,148
Purchase of property design services from an associate
39,549
38,897
Purchase of consultancy services from related companies
—
1,667