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Notes to the Consolidated Financial Statements31 December 2024228ADVANCING AHEAD39.RELATED PARTY TRANSACTIONSThe Group had the following material transactions with related parties during the years ended 31 December 2024 and 2023:(a)Transactions with related parties:20242023US$%u2019000US$%u2019000Associates:%u2014 Management fee income (note (i))121,312162,877%u2014 Sale of investment property%u201312,685%u2014 Construction revenue60,91839,000%u2014 Repayment from/(Advances to) associates (note (ii))1,083(2,377)Joint ventures:%u2014 Management fees income (note (i))90,38690,775%u2014 Advances to joint ventures (note (ii))(32,421)(18,638)%u2014 Repayment from joint ventures (note (iii))%u201350,532%u2014 Investments in debentures issued by joint ventures (note (iv))%u20131,799%u2014 Interest income on investment in debentures (note (iv))2,0391,773Directors:%u2014 Interest469921Notes:(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 the 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 at fair value after stabilisation; andd)Leasing fee in respect of each new lease entered into.(ii)Advances to associates and joint ventures are unsecured, interest-free and repayable on demand. The outstanding net amount due from associates and joint ventures as of 31 December 2024 is US$42,546,000 (2023: US$29,424,000).(iii)During the year ended 31 December 2023, the Group received repayment of US$50,532,000 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 Group%u2019s investments in Optionally Convertible Debentures and Non-convertible Debentures as disclosed in Note 21.(b)Commitments with related partiesThe Group expects the total capital commitment to associates and joint ventures to be US$1,032,881,000 and US$544,674,000(2023:US$306,473,000andUS$519,720,000),respectively.