FORWARD TOGETHER 74 Notes to Condensed Consolidated Financial Information 30 June 2023 14. OTHER NON-CURRENT ASSETS 30 June 2023 31 December 2022 (Unaudited) (Audited) US$’000 US$’000 Contract costs 326 375 Due from joint ventures 18,177 7,998 Due from non-controlling interests of subsidiaries 29,325 25,184 Financial derivative assets 19,491 10,765 Investment in Optionally Convertible Debentures (note (i)) 5,707 5,380 Investment in Non-convertible Debentures 11,329 10,622 Input tax recoverable 8,458 5,367 Loan receivables from third parties 21,694 41,583 Prepayments for acquiring land use rights 150,699 99,195 Prepayments for construction 1,056 1,700 Prepayments for property, plant and equipment 195 – Receivable from funds 36,995 3,758 Rental deposits 5,608 4,569 Rental income receivables 535 517 Others 9,721 10,427 319,316 227,440 Note: (i) The Group subscribed to the Optionally Convertible Debentures (“OCD”) issued by the Group’s joint ventures. The OCD, at the request of the lender and consent of the borrower, shall be convertible into equity shares at any time before 3 years from the drawdown date, but before the date of completion of 6 years from the drawdown date. The OCD may be converted into equity shares in one or more tranches. The OCD shall convert into equity shares at the fair market value of the equity shares on the date of conversion of OCD into equity shares. The outstanding OCD that are neither converted nor redeemed, shall be compulsorily redeemed on the date of completion of 6 years from the drawdown date. The fair value measurement for the OCD has been categorised as a Level 3 fair value based on the inputs to the valuation techniques used (see note 30). The balances due from non-controlling interests of subsidiaries are non-trade in nature and unsecured. As at 30 June 2023, the balance of US$26,564,000 (31 December 2022: US$22,277,000) bears interest of 4.00% to 5.50% (31 December 2022: 4.00% to 5.50%) per annum. The remaining balance is non-interest bearing. The balance due from joint ventures are non-trade in nature and unsecured. As at 30 June 2023, the balance of US$17,759,000 (31 December 2022: US$7,569,000) bears interest of 6.00% per annum. The remaining balance is non-interest bearing.
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