FORWARD TOGETHER 68 Notes to Condensed Consolidated Financial Information 30 June 2023 10. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (continued) Particulars of the Group’s material joint ventures and associates are as follows: Percentage of Name Place of registration and business Ownership interest Voting power Profit sharing Principal activities Classified as investment in e-Shang Star Cayman Limited (“e-Shang Star”) Cayman Islands 25.6455% 25.6455% 25.6455% Investment holding Joint venture Sunwood Star Pte. Ltd. (“Sunwood Star”) Singapore 20.00% 20.00% 20.00% Investment holding Joint venture ESR GIC Limited (“ESR-GIC”) British Virgin Islands 51.00% 51.00% 51.00% Investment holding Joint venture ESR Milestone Partnership (“EMP”) Australia 20.00% 20.00% 20.00% Investment holding Associate Cromwell Property Group Australia 30.69% 30.69% 30.69% Property investment, funds management, property management and property development Associate Kenedix, Inc Japan 30.00% 30.00% 30.00% Fund management Associate BW Industrial Development Joint Stock Company Vietnam 10.40% note (i) 10.40% Warehousing and storage business, property management and property development Associate note (i) The Group has voting power of 10.40% at shareholder meeting, and 1 vote at board of director meeting. The joint ventures and associates are accounted for using equity method. Unanimous agreements from all joint venture parties are required for investments in joint ventures. Investments in joint ventures and associates with a carrying amount of US$341,527,000 (31 December 2022: US$371,459,000) were pledged to secure bank and other borrowings granted to the Group (note 16). As of 30 June 2023, the fair value of a material associate based on its quoted market price was amounted to US$287,118,000 (31 December 2022: US$361,433,000).
RkJQdWJsaXNoZXIy MTIwODcxMw==