D. Property, Plant and Equipment  Please refer to “—B. Business Overview” for a discussion of our property, plant and equipment.  None.  You should read the following discussion of our financial condition and results of operations together with the consolidated  financial statements and the notes to such statements included in this annual report.  For the convenience of readers, NT dollar amounts used in this section for, and as of, the year ended December 31, 2011 have  been translated into U.S. dollar amounts using US$1.00=NT$30.27, set forth in the statistical release of the Federal Reserve Board  on December 30, 2011. The U.S. dollar translation appears in parentheses next to the relevant NT dollar amount.  A number of recent and expected future developments have had, and in the future may have, a material impact on our  financial condition and results of operations. These developments include:  ●  changes in our revenue composition and sources of revenue growth;  ●  tariff adjustments;  ●  capital expenditures as a result of technological improvements and changes in our business;  Overview  ITEM 5.  OPERATING AND FINANCIAL REVIEW AND PROSPECTS  ITEM 4A.  UNRESOLVED STAFF COMMENTS  51%  Chunghwa  Sochamp  Technology  Inc.  ( “ CHST ” )  65%  Smartfun  Digital Co.,  Ltd. ( “ SFD ” )  Chunghwa Telecom Co., Ltd.  (Chunghwa)  100%  Chunghwa  Telecom  Global, Inc.  ( “ CHTG ” )  100%  New Prospect  Investments  Holdings Ltd.  ( “ New  Prospect ” )  100%  Chunghwa  Telecom  Japan Co.,  Ltd.  ( “ CHTJ ” )  100%  Donghwa  Telecom Co., Ltd.  ( “ DHT ” )  100%  Light Era  Development  Co., Ltd.  ( “ LED ” )  100%  Yao Yong Real  Property Co.,  Ltd. ( “ YYRP ” )  0.39%  100%  Chunghwa  System  Integration  Co., Ltd.  (“CHSI”) 100%  100%  100%  Concord  Technology Co.,  Ltd.  ( “ Concord ” )  Glory Network  System Service  (Shanghai) Co.,  Ltd.  (“GNSS  (Shanghai)”) 100%  100%  Chunghwa  Telecom  Vietnam  Co., Ltd.  ( “ CHTV ” )  100%  Ceylon  Innovation  Co., Ltd.  (“ CEI ”) 27.94%  Senao  International  Co., Ltd.  (“SENAO”) 100%  Chunghwa  Telecom  (China) Co.,  Ltd.  (“CTC”) Chunghwa  Hsingta  Company Ltd.  (“C HC ”) 100%  Prime Asia  Investments  Group Ltd.  ( “ Prime Asia ” ) Chunghwa  Precision Test  Tech. USA  Corporation  ( “ CHPT (US) ” )  53.19%  Chunghwa  Precision Test  Tech. Co.,  Ltd.  (“CHPT”) 100%  Chunghwa  Investment  Holding  Company  ( “ CIHC ” )  100%  CHI One  Investment  Co., Ltd.  ( “C OI ” )  69.36%  CHIEF  Telecom Inc.  (“CHIEF”) 56.04%  Spring House  Entertainment  Tech. Inc.  (“SHE”) 100%  Chief  International  Corp. ( “ CIC ” )  Unigate  Telecom Inc.  (“Unigate”) 100%  3.66%  89%  Chunghwa  Investment  Co., Ltd.  (“CHI”) Chunghwa  Telecom  Singapore  Pte., Ltd.  ( “ CHTS ” )  100%  Chunghwa  International  Yellow Pages  Co., Ltd.  (“CIYP”) 100%  100%  100%  Senao  International  HK Limited  ( “ SIHK ” )  Senao  International  (Samoa)  Holding Ltd.  ( “ SIS ” )  100%  Senao  International  Trading  (Shanghai) Co., Ltd.  (“SITS”) 100%  Senao  International  Trading  (Jiangsu) Co., Ltd.  (“SITJ”) 100%  Senao  Trading  (Fujian) Co., Ltd.  (“STF”) 100%  Senao  International  Trading  (Shanghai) Co., Ltd.  (“S E ITS”) )  Jiangsu Zhenhua  Information  Technology  Company, LLC.  (“ JZIT ”) 75%  P AR T I 66