ESR Group Limited Interim Report 2023 Notes to Condensed Consolidated Financial Information 30 June 2023 83 24. COMMITMENTS (continued) (b) Capital commitments 30 June 2023 31 December 2022 (Unaudited) (Audited) US$’000 US$’000 Contracted, but not provided for investment properties 314,506 367,421 Contracted, but not provided for plant and machinery 4,129 7,636 Undrawn capital calls to real estate investment funds 1,692,666 1,300,989 2,011,301 1,676,046 25. RELATED PARTY TRANSACTIONS The Group had the following material transactions with related parties during the six months ended 30 June 2023 and 2022: (a) Transactions with related parties: For the six months ended 30 June 2023 2022 (Unaudited) (Unaudited) US$’000 US$’000 Associates: — Management fee income (note (i)) 77,587 35,539 — Sale of investment property 14,192 – Joint ventures and associates: — Management fees income (note (i)) 42,989 44,403 — Repayment from/(Advances to) joint ventures and associates (note (ii)) (11,093) (22,378) — Repayment from joint ventures (note (iii)) – 63,120 — Investments in debentures issued by joint ventures (note (iv)) – 1,834 — Interest income on investment in debentures (note (ii)) 826 525 Directors: — Interest receivables from Directors (note 25 (d)) 438 210 Notes: (i) The Group and its subsidiaries entered into agreements with joint ventures (including their operating subsidiaries) and some associates to charge management services, which comprised the following: a) Land acquisition fee at a certain percentage of the net land cost; b) Development fee at a certain percentage of total budget of project development cost during the construction period; c) Asset management fee at a certain percentage of the aggregate costs of the project before stabilisation or fair value after stabilisation; and d) Leasing fee in respect of each new lease entered into. (ii) Repayment from/(advances to) joint ventures and associates are unsecured, interest-free and repayable on demand. The outstanding amounts due from related parties as of 30 June 2023 is US$36,581,000 (30 June 2022: US$49,590,000). (iii) During the period ended 30 June 2022, the Group received repayment of US$63,120,000 from the subsidiaries disposed to joint ventures of the Group. The amount was paid to the Group after disposal was completed. (iv) Investments in debentures issued by joint ventures and related interest income are relating to the Group’s investments in Optionally Convertible Debentures and Non-convertible Debentures.
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