NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023 6. SUBSIDIARIES (continued) (a) The details of the significant subsidiaries held by the Group are as follows (continued): Name of subsidiaries Principal activities Place of incorporation/ business Effective equity held by the Group 2023 2022 % % Ascendas Hangzhou Data Processing Co., Ltd.(1)(2) Property investment China 80 80 Xi An Ascendas-Science Technology Investment Co., Ltd.(1)(2) Property investment China 80 80 Ascendas Xi An High-Tech Development Co., Ltd.(1)(2) Property investment China 100 100 Ascendas – Xinsu Development (Suzhou) Co., Ltd.(1)(2) Property investment China 51 51 Kunshan Jixinxiang Auto Development Co. Ltd.(1)(2) Property investment China 100 100 Wuhan Lin Gang Zenith Logistics Limited(1)(2) Property investment China 100 100 Agility Distribution Services Ltd.(1)(2) Property investment China 100 100 Chengdu Xindi Chengyun Logistics Co., Ltd.(1)(2) Property investment China 100 100 CLCT MTN Pte. Ltd.(3) Financial, treasury services and investment holding Singapore 100 – (1) Audited by other member firms of KPMG International. (2) Indirectly held by CapitaLand China Trust. (3) The first financial year end of the subsidiary is 31 December 2024. ^ Reclassified as held for sale in 2023. (b) The loans to subsidiaries, amounting to $200.7 million (2022: $203.7 million) and the non-trade amounts due from subsidiaries amounting to $2,005.1 million (2022: $2,065.1 million) are unsecured, interest free and repayable with a notice period of 366 days. The remaining $1.9 million (2022: $4.4 million) of the non-trade amounts due from subsidiaries are unsecured, interest-free and repayable on demand. The loans to subsidiaries bear interest rates of 4.60% to 6.37% (2022: 4.60% to 6.37%) per annum. There is no allowance for doubtful debts arising from these outstanding balances as ECL is not material. ANNUAL REPORT 2023 187 Financials Framework Portfolio Performance Leadership Overview
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