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Notes to the Consolidated Financial Statements31 December 2024ESR Group Limited Annual Report 2024223STRATEGIC REPORTSCORPORATE GOVERNANCEFINANCIAL STATEMENTS35.DISPOSAL OF SUBSIDIARIES (continued)Disposal of Kunshan Yifu and Jiangsu Friend to ESR C-REITIn connection with the ESR C-REIT listing, the Group made a reorganisation and as a result the Group holds the entire equity interest in Jiangsu Friend Warehouse Co., Ltd. (%u201cJiangsu Friend%u201d) indirectly through Kunshan Yifu Enterprise Management Consulting Co., Ltd. (%u201cKunshan Yifu%u201d) and thereafter, the Group disposed of the entire equity interest in Kunshan Yifu to the infrastructure asset-backed specific plan established as required by applicable PRC laws and regulations (the %u201cABS Vehicle%u201d), which is wholly-owned by the ESR C-REIT, pursuant to an equity transfer agreement dated 24 November 2023 (as restated and amended by the equity transfer agreement dated 16 April 2024) (collectively, the %u201cDisposals%u201d).Following completion of the Disposals, ESR C-REIT indirectly holds the ESR C-REIT Assets through the ABS Vehicle and Jiangsu Friend.US$%u2019000Net assets disposed of:Investment properties287,784Cash and bank balances67,213Other assets2,351Bank and other borrowings(76,863)Other liabilities(30,788)249,697Exchange fluctuation reserve1,039Gain on disposal of subsidiaries18,874269,610Satisfied by:Other receivables269,610An analysis of the net cash and cash equivalents in respect of the disposal of a subsidiary is as follows:US$%u2019000Cash considerationCash and bank balances of a subsidiary disposed of(67,213)Net outflow of cash and cash equivalents included in cash flows related to investing activities(67,213)