NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2025 6 ASSETS HELD FOR SALE (CONT’D) At 31 December 2024, assets held for sale were related to the following proposed divestments: (a) The Group’s indirect subsidiary, City Condominiums Pte Ltd, entered into a sale and purchase agreement to dispose of two strata units in Fortune Centre (which was in the investment properties segment), to a third party for a sale consideration of $3.2 million. The sale was completed in February 2025 and the Group recognised a gain of $2.9 million on the sale. (b) The Group entered into a sale and purchase agreement to dispose of the retail component of Hong Leong City Center (which was 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 Group recognised a gain of $0.9 million on the sale. (c) The Group’s indirect subsidiary, Millennium & Copthorne Hotels Limited, entered into a sale and purchase agreement to sell Millennium Hotel St Louis (which was in the hotel operations segment), to a third party for a sale consideration of US$7.5 million ($10.2 million). The sale was completed in July 2025. 7 INVESTMENTS IN AND BALANCES WITH SUBSIDIARIES Company Note 2025 2024 $’000 $’000 Investments in subsidiaries Unquoted shares, at cost 1,972,407 1,972,344 Impairment losses (21,798) (21,735) 1,950,609 1,950,609 Balances with subsidiaries Amounts owing by subsidiaries: – trade 85,181 76,149 – non-trade, interest-free 6,603,551 7,096,770 – non-trade, interest-bearing 10,131,284 9,023,535 16,820,016 16,196,454 Impairment losses (320,350) (322,927) 16,499,666 15,873,527 Receivable: – Within 1 year 16 8,092,958 7,213,297 – After 1 year 12 8,406,708 8,660,230 16,499,666 15,873,527 Amounts owing to subsidiaries: – trade 277 329 – non-trade, interest-free 1,266,840 734,962 – non-trade, interest-bearing 675,932 852,725 1,943,049 1,588,016 Repayable: – Within 1 year 30 1,943,049 943,016 – After 1 year 27 – 645,000 1,943,049 1,588,016 154 | CITY DEVELOPMENTS LIMITED
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