NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2025 9 INVESTMENTS IN AND BALANCES WITH JOINT VENTURES (CONT’D) (a) At the reporting date, included in the carrying amount of the Group’s investments in joint ventures is goodwill amounting to $15.3 million (2024: $15.3 million) relating to the Group’s interests in one (2024: one) joint venture. The movement in impairment losses in respect of investments in joint ventures are as follows: Group Company 2025 2024 2025 2024 $’000 $’000 $’000 $’000 At 1 January 12,164 12,105 – – Translation differences on consolidation (183) 59 – – At 31 December 11,981 12,164 – – The impairment loss recognised was included in “Share of after-tax profit of joint ventures” in the consolidated statement of profit or loss and the investment properties segment. (b) 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 3.00% (2024: 2.00% to 4.05%) 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 are loans to joint ventures for which settlement was neither planned nor likely to occur in the foreseeable future. (c) 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% (2024: 1.65%) 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 2025 2024 $’000 $’000 Carrying amount of interests in individually immaterial joint ventures 946,936 1,162,454 Group’s share of: – profit from continuing operations 216,795 46,641 – other comprehensive income (11,622) (299) – total comprehensive income 205,173 46,342 The Group’s share of the joint ventures’ commitments is as follows: Group 2025 2024 $’000 $’000 Commitments Development expenditure contracted but not provided for in the financial statements 351,424 372,366 Capital expenditure contracted but not provided for in the financial statements 86,644 33,482 158 | CITY DEVELOPMENTS LIMITED
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