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Notes to the Consolidated Financial Statements31 December 2024184ADVANCING AHEAD15.INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (continued)Particulars of the Group%u2019s material joint ventures and associates are as follows:Percentage ofNamePlace of registrationand businessOwnershipinterestVotingpowerProfitsharingPrincipal activitiesClassified asinvestment ine-Shang Star Cayman Limited (%u201ce-Shang Star%u201d)Cayman Islands25.65%25.65%25.65%Investment holdingJoint ventureSunwood Star Pte. Ltd. (%u201cSunwood Star%u201d)Singapore20.00%20.00%20.00%Investment holdingJoint ventureESR GIC Limited (%u201cESR-GIC%u201d)British Virgin Islands51.00%51.00%51.00%Investment holdingJoint ventureVictory Lane Development Limited (%u201cVictory Lane%u201d)Hong Kong70.00%70.00%70.00%Property investmentJoint ventureESR Milestone Partnership (%u201cEMP%u201d)Australia20.00%20.00%20.00%Investment holdingAssociateCromwell Property GroupAustralia30.69%30.69%30.69%Property investment, funds management, property management and property developmentAssociateKenedix, IncJapan30.00%30.00%30.00%Fund managementAssociateBW Industrial Development Joint Stock Company (%u201cBW%u201d)Vietnam15.57%note (i)15.57%Warehousing and storage business, property management and property developmentAssociatenote(i)TheGrouphasvotingpowerof15.57%atshareholdermeeting,and1voteatboardofdirectormeeting.The joint ventures and associates are accounted for using equity method.Unanimous agreements of all joint venture parties are required for key investments and operational decisions in joint ventures.InvestmentsinjointventuresandassociateswithacarryingamountofUS$389,974,000(2023:US$405,721,000)were pledged to secure certain bank and other borrowings of the Group (note 25).