NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 9 INVESTMENTS IN AND BALANCES WITH JOINT VENTURES (CONT’D) (c) The non-trade amounts owing by joint ventures are unsecured. In respect of interest-bearing amounts owing by joint ventures, interest at rates ranging from 2.00% to 4.66% (2022: 1.38% to 7.50%) per annum were charged by the Group. The non-trade amounts presented as receivable within one year are receivable on demand. The non-trade amounts owing by joint ventures after one year were loans to joint ventures for which settlement was neither planned nor likely to occur in the foreseeable future. (d) The movements in impairment losses in respect of balances with joint ventures are as follows: Group Company Lifetime ECL Lifetime ECL Note 2023 2022 2023 2022 $’000 $’000 $’000 $’000 At 1 January 4,431 4,431 5,246 5,050 Impairment loss recognised – – – 196 At 31 December 4,431 4,431 5,246 5,246 (e) The non-trade amounts owing to joint ventures are unsecured and repayable on demand. In respect of interest-bearing amounts owing to a joint venture, interest is charged at 1.65% (2022: Nil) per annum. Immaterial joint ventures The Group has interests in a number of individually immaterial joint ventures. The following table summarises, in aggregate, the share of profit and other comprehensive income of these immaterial joint ventures that are accounted for using the equity method: Group 2023 2022 $’000 $’000 Carrying amount of interests in individually immaterial joint ventures 1,122,370 1,083,024 Group’s share of: – profit from continuing operations 44,233 83,332 – other comprehensive income 1 615 – total comprehensive income 44,234 83,947 The Group’s share of the joint ventures’ commitments is as follows: Group 2023 2022 $’000 $’000 Commitments Development expenditure contracted but not provided for in the financial statements 371,568 576,059 Capital expenditure contracted but not provided for in the financial statements 30,669 42,666 Commitments in respect of purchase of a property for which deposit has been paid 363,000 – 10 FINANCIAL ASSETS Group Company Note 2023 2022 2023 2022 $’000 $’000 $’000 $’000 Non-current investments Unquoted debt investments mandatorily at FVTPL – non-related companies (a) – 20,011 – – Unquoted equity investments at FVOCI – a fellow subsidiary 404,089 407,903 404,089 407,903 – a non-related company 22,264 24,261 – – 426,353 432,164 404,089 407,903 Unquoted equity investments mandatorily at FVTPL – other related parties 107,086 61,175 – – – non-related companies 77,403 75,538 – – 184,489 136,713 – – Quoted equity investments at FVOCI – a fellow subsidiary 27,203 26,006 22,874 21,868 Quoted equity investments mandatorily at FVTPL – an associate 14,681 18,910 – – – non-related companies 2,343 3,626 1,774 1,828 17,024 22,536 1,774 1,828 Total non-current financial assets 655,069 637,430 428,737 431,599 Current investments Quoted equity investments mandatorily at FVTPL – an associate 120 135 120 135 – non-related companies 5,646 6,969 – – 5,766 7,104 120 135 Unquoted debt investment at amortised cost – a non-related company (b) 304,405 309,488 – – Impairment loss (304,405) (309,488) – – – – – – Total current financial assets 5,766 7,104 120 135 Total financial assets 660,835 644,534 428,857 431,734 FINANCIALS FINANCIALS ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED 175 174
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