as at 31 March 2008
(Expressed in thousands of Hong Kong dollars)

	Note	2008		2007
Non-current assets
Property, plant and equipment	9	337,011		355,130
Intangible assets	10	55,867		59,603
Held-to-maturity securities	11	100,216		100,380
		493,094		515,113
Current assets
Debtors and prepayments		19,732		21,555
Amounts due from related parties		6,419		5,366
Placements with banks		653,000		503,500
Cash and bank balances		31,911		9,954
		711,062		540,375
Current liabilities
Deferred revenue	12	12,414		4,310
Customers' deposits	13	24,456		22,953
Creditors		11,076		5,409
Amounts due to related parties		2,228		1,288
Provision for employee benefits		1,955		841
Tax payable		16,247		5,971
		68,376		40,772
Net current assets		642,686		499,603
Total assets less current liabilities		1,135,780		1,014,716
Non-current liabilities
Deferred tax	14	15,888		19,053
Provision for employee benefits		74,249		67,276
NET ASSETS		1,045,643		928,387
CAPITAL AND RESERVES
Trading fund capital	15	118,300		118,300
Retained earnings	16	639,337		751,331
Proposed dividend	7	288,006		58,756
		1,045,643		928,387

K.A. SALKELD, J.P.
Land Registrar and General Manager,
Land Registry Trading Fund
5 September 2008


The Notes to the Accounts form part of these accounts.