NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 38 RELATED PARTIES Other than as disclosed elsewhere in the financial statements, the transactions with related parties based on terms agreed between the parties are as follows: Group 2024 2023 $’000 $’000 Management services fees received and receivable from: – fellow subsidiaries 1,304 1,224 – associates 22,481 15,996 – joint ventures 12,222 8,506 36,007 25,726 Maintenance services fees received and receivable from: – fellow subsidiaries 438 404 – an associate 239 226 – joint ventures 1,206 2,627 1,883 3,257 Rental and rental-related income received and receivable from: – a fellow subsidiary 59 350 – associates 1,235 6,543 – joint ventures 92 120 1,386 7,013 Management services fees paid and payable to: – a fellow subsidiary (92) (33) – joint ventures – (18) (92) (51) Rental and rental-related expenses paid and payable to: – joint ventures (2,005) (1,949) – associates (74,498) (72,395) (76,503) (74,344) Compensation paid and payable to key management personnel: - directors’ fees (2,216) (1,871) – short-term employee benefits (18,678) (23,076) – other long-term benefits (2,944) (1,881) (23,838) (26,828) During 2023, a key management personnel of the Group had entered into sale and purchase agreement with a subsidiary of the Group to purchase a residential property with sale value of $1,755,000. Revenue from the sale will be recognised by the Group over time based on the progress of completion of the residential project. ANNUAL REPORT 2024 FINANCIALS 167
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