NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2025 15 CONTRACT ASSETS/(LIABILITIES) Group Company 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Contract assets 373,905 319,815 – – Contract liabilities (283,735) (271,975) – – Significant changes in the contract assets and the contract liabilities balances during the year are as follows: Group 2025 2024 $’000 $’000 Contract liabilities at the beginning of the year recognised as revenue during the year 83,450 153,431 Increases due to cash received, excluding amounts recognised as revenue during the year (94,615) (268,494) Contract assets reclassified to trade receivables (319,815) (937,055) Changes in measurement of progress 373,905 319,815 16 TRADE AND OTHER RECEIVABLES Group Company Note 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Trade receivables 273,283 329,764 601 725 Impairment losses (32,069) (26,793) (79) (153) 241,214 302,971 522 572 Other receivables 508,384 506,581 3,655 6,245 Impairment losses (376,413) (393,678) (1,094) (1,046) 131,971 112,903 2,561 5,199 Accrued rent receivables 46,658 43,719 – – Impairment losses (3,008) (1,490) – – 43,650 42,229 – – Deposits 50,793 186,661 268 271 Amounts owing by: – subsidiaries 7 – – 8,092,958 7,213,297 – associates 8 12,761 12,971 1,284 1,284 – joint ventures 9 692,434 857,153 75,891 107,014 – fellow subsidiaries 17 1,124 1,007 – – 1,173,947 1,515,895 8,173,484 7,327,637 Prepayments 74,606 83,396 3,981 3,262 Tax recoverable 16,186 14,102 – – 1,264,739 1,613,393 8,177,465 7,330,899 Included in other receivables of the Group as at 31 December 2025 is a receivable of $364.9 million (2024: $381.7 million) from HCP Chongqing Property Development Co., Ltd (HCP) and its subsidiaries (HCP Group) which has been fully impaired. Included in deposits of the Group as at 31 December 2024 is an amount of $169.6 million relating to deposit paid for the acquisition of mixed-use development site in Xintiandi area in Shanghai. Information about the Group’s and Company’s exposure to credit risk on other receivables is included in note 41. 164 | CITY DEVELOPMENTS LIMITED
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