NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 15 CONTRACT ASSETS/(LIABILITIES) Group Company 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Contract assets 319,815 937,055 – – Contract liabilities (271,975) (156,203) – – Significant changes in the contract assets and the contract liabilities balances during the year are as follows: Group 2024 2023 $’000 $’000 Contract liabilities at the beginning of the year recognised as revenue during the year 153,431 565,008 Increases due to cash received, excluding amounts recognised as revenue during the year (268,494) (111,364) Contract assets reclassified to trade receivables (937,055) (465,018) Changes in measurement of progress 319,815 937,055 16 TRADE AND OTHER RECEIVABLES Group Company Note 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Trade receivables 329,764 263,091 725 801 Impairment losses (26,793) (20,444) (153) (150) 302,971 242,647 572 651 Other receivables 506,581 479,100 6,245 5,545 Impairment losses (393,678) (380,857) (1,046) (985) 112,903 98,243 5,199 4,560 Accrued rent receivables 43,719 49,198 – 111 Impairment losses (1,490) (10,802) – – 42,229 38,396 – 111 Deposits 186,661 13,585 271 278 Amounts owing by: – subsidiaries 7 – – 7,213,297 6,498,901 – associates 8 12,971 17,705 1,284 1,289 – joint ventures 9 857,153 1,266,133 107,014 194,411 – fellow subsidiaries 17 1,007 132 – – 1,515,895 1,676,841 7,327,637 6,700,201 Prepayments 83,396 113,157 3,262 3,149 Tax recoverable 14,102 19,689 – – 1,613,393 1,809,687 7,330,899 6,703,350 Included in other receivables of the Group as at 31 December 2024 is a receivable of $381.7 million (2023: $374.0 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. ANNUAL REPORT 2024 FINANCIALS 141
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