Notes to the financial statements Year ended 31 December 2024 13. LEASES (continued) Leases as lessee (continued) i. Amounts recognised in the statement of total return 2024 2023 $’000 $’000 Group Interest on lease liabilities 1 148 ii. Amounts recognised in statement of cash flows 2024 2023 $’000 $’000 Total cash outflow for leases 48 1,303 CapitaMall Qibao has ceased operations since March 2023 and the land and building lease in the Group has ended as at 31 December 2023. The motor vehicle lease in the Group has also ended as at 31 December 2024. Leases as lessor Operating leases, in which the Group is the lessor, relate to investment properties consisting of its owned retail and commercial properties, as well as leased properties (see Note 4). These leases are classified as operating leases because they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets. Note 4 sets out information about the operating leases of investment properties. Rental income from investment properties and investment property subleases recognised by the Group during 2024 was $309.9 million (2023: $330.9 million). The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date. 2024 2023 $’000 $’000 Group Less than one year 275,288 292,649 One to two years 161,558 185,408 Two to three years 94,615 112,328 Three to four years 48,781 51,121 Four to five years 31,714 28,452 More than five years 55,113 56,041 Total 667,069 725,999 134 CapitaLand China Trust
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