NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 39 ACQUISITION OF AND LOSS OF CONTROL IN SUBSIDIARIES, AND CHANGES IN INTERESTS IN SUBSIDIARIES WITHOUT LOSS OF CONTROL (CONT’D) (I) Acquisition of subsidiaries (cont’d) 2023 (a) On 9 March 2023, the Group through its indirect wholly-owned subsidiary, City Pinnacle UK Holdings Limited (formerly known as Maplegate Holdings Limited) (i) acquired 100% of the shares and voting interests in MPG St Katharine Limited, which via its direct/indirect wholly-owned subsidiaries holds the St Katharine Docks development in London, United Kingdom; and (ii) settled existing indebtedness amounts, for a total consideration of approximately $596.4 million (£372.8 million). The acquisition was accounted for as an acquisition of assets. (b) On 21 April 2023, the Group through its indirect wholly-owned subsidiary, Hoko Toowong Pty Ltd, acquired the remaining equity interests in the following entities for a total consideration of $5.7 million (AUD6.4 million), including payment for assumption of the joint venture loans: (i) 58 High Street Pty Ltd (58 High Street) – 15% equity interest comprising 15 ordinary shares; and (ii) 58 High Street Unit Trust (58 HS Trust) – equity interests comprising 15 Class A ordinary units and 45 Class B ordinary units. 58 HS Trust holds a residential property in Queensland, Australia. Following the acquisition, 58 High Street and 58 HS Trust, previously accounted for as investment in joint ventures, became wholly-owned subsidiaries of the Group. The acquisition was accounted for as an acquisition of assets. (c) On 16 May 2023, the Group through its indirect wholly-owned subsidiary, Suzhou Longcheng Development Investment Co., Ltd, acquired a 100% equity stake in Suzhou Gaoxin Properties Co., Ltd. which owns an undeveloped piece of land in Suzhou, People’s Republic of China for a consideration of $67.1 million (RMB350.0 million). The acquisition was accounted for as an acquisition of assets. (d) On 23 November 2023, the Group through its direct wholly-owned subsidiary, Grande Strategic Pte. Ltd., acquired 100% equity interest of Summervale for a consideration of $2. The acquisition was accounted for as a business combination. From the date of acquisition to 31 December 2023, Summervale contributed revenue of $Nil and profit before tax of $107,000 to the Group’s results. If acquisition had occurred on 1 January 2023, there is no significant changes to the Group’s revenue and profit before tax. The acquisition-related cost of $77,000 was included in “other operating expenses”. ANNUAL REPORT 2024 FINANCIALS 169
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