NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 6 ASSETS HELD FOR SALE Group 2024 2023 $’000 $’000 Assets held for sale Investment properties 95,900 – Property, plant and equipment 10,188 – 106,088 – At 31 December 2024, assets held for sale relate to the following proposed divestments: (a) The Group’s indirect subsidiary, City Condominiums Pte Ltd, has entered into a sale and purchase agreement to dispose of two strata units in Fortune Centre (which is in the investment properties segment), to a third party for a sale consideration of $3.2 million. The sale is expected to be completed within the next one year. (b) The Group has entered into a sale and purchase agreement to dispose of the retail component of Hong Leong City Center (which is in the investment properties segment), owned by Suzhou Global City Genway Properties Co Ltd., to a joint venture for a sale consideration of RMB548.1 million ($102.0 million). The sale was completed in February 2025 and the gain on disposal is not material to the Group. (c) The Group’s indirect subsidiary, Millennium & Copthorne Hotels Limited, has entered into a sale and purchase agreement to sell Millennium Hotel St Louis (which is in the hotel operations segment), to a third party for a sale consideration of US$7.5 million ($10.2 million). The sale is expected to be completed within the next one year. 7 INVESTMENTS IN AND BALANCES WITH SUBSIDIARIES Company Note 2024 2023 $’000 $’000 Investments in subsidiaries Unquoted shares, at cost 1,972,344 1,999,428 Impairment losses (21,735) (11,618) 1,950,609 1,987,810 Balances with subsidiaries Amounts owing by subsidiaries: – trade 76,149 18,110 – non-trade, interest-free 7,096,770 6,541,709 – non-trade, interest-bearing 9,023,535 7,894,407 16,196,454 14,454,226 Impairment losses (322,927) (313,928) 15,873,527 14,140,298 Receivable: – Within 1 year 16 7,213,297 6,498,901 – After 1 year 12 8,660,230 7,641,397 15,873,527 14,140,298 Amounts owing to subsidiaries: – trade 329 18,069 – non-trade, interest-free 734,962 478,442 – non-trade, interest-bearing 852,725 702,955 1,588,016 1,199,466 Repayable: – Within 1 year 30 943,016 1,199,466 – After 1 year 27 645,000 – 1,588,016 1,199,466 ANNUAL REPORT 2024 FINANCIALS 131
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