Notes to the financial statements Year ended 31 December 2024 6. SUBSIDIARIES (continued) Name of subsidiaries Principal activities Place of incorporation/ business Effective equity held by the Group 2024 2023 % % 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 100 100 (1) Audited by other member firms of Deloitte & Touche LLP (2023: KPMG International). (2) Indirectly held by CapitaLand China Trust. (3) The first financial year of the subsidiary is 18 August 2023 to 31 December 2024 and is audited by Deloitte & Touche LLP. (4) Audited by other member firms of KPMG International. ^ The divestment was completed on 23 January 2024. (b) In 2023, there were outstanding loans to subsidiaries amounting to $200.7 million and bore interest rates of 4.60% to 6.37% per annum. This has been fully settled during the year. Non-trade amounts due from subsidiaries amounting to $2,194.7 million (2023: $2,005.1 million) are unsecured, interest free and repayable with a notice period of 366 days. In 2023, the remaining $1.9 million of the non-trade amounts due from subsidiaries were unsecured, interest-free and repayable on demand. There is no allowance for doubtful debts arising from these outstanding balances as ECL is not material. 123 Annual Report 2024
RkJQdWJsaXNoZXIy NTM2MDQ5