The movements under this heading of the consolidated balance sheet during 2019 and 2018 were as follows (in thousands of euros):

In January 2019, the Group sold its 49% shareholding in Beijing NH Grand China Hotel Management Co., Ltd. (see Note 2.7.4).

The Group’s policy on holdings in associated companies consists of ceasing to book losses in these companies if the associated company’s consolidated losses attributable to the Group are equivalent to or exceed the cost of its holding in them, provided there are no additional contingencies or guarantees connected with existing losses. This is the situation of the stake in Losan Investment, Ltd.

The balance sheet of these companies accounted for using the equity method at year-end is as follows (in thousands of euros):