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Notes to the Consolidated Financial Statements31 December 2024254ADVANCING AHEAD46.FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (continued)Liabilities measured at fair valueSignificant observable inputs (Level 2)Significant unobservable inputs (Level 3)TotalUS$%u2019000US$%u2019000US$%u2019000At 31 December 2024Financial derivative liabilities%u2013%u2013%u2013Redemption value of option%u2013%u2013%u2013%u2013%u2013%u2013At 31 December 2023Financial derivative liabilitiesRedemption value of option112,864112,864112,864112,864During the years ended 31 December 2024 and 2023, there were no transfers of fair values measurements into or out of Level 3 for financial liabilities.47.EVENTS AFTER THE REPORTING DATESCompletion of proposed spin-off and separate listing of logistics assets through a publicly offered infrastructure securities investment fund on the Shanghai Stock ExchangeReference is made to the announcements of ESR Group Limited dated 13 December 2022, 6 March 2023, 1 December 2023, 21 June 2024, 29 November 2024, 10 December 2024 and 24 January 2025 (the %u201cAnnouncements%u201d) in relation to the potential listing of Jiangsu Friend %u2014 I, Jiangsu Friend %u2014 II and Jiangsu Friend %u2014 III, three highstandard logistics projects located in Kunshan, Jiangsu Province, the PRC, through a publicly offered infrastructure securities investment fund on the Shanghai Stock Exchange pursuant to a pilot programme launched by the NDRC and the CSRC. Unless otherwise stated, capitalised terms used in this section shall have the same meanings as those defined in the Announcements. All the conditions precedent to the Proposed Transaction have been fulfilled and completion of the Proposed Transaction took place on 24 January 2025. The REIT has been listed on the ShanghaiStockExchangewithstockcode508078since9:30a.m.on24January2025.Immediately upon completion of the Unit Subscription and the Proposed Transaction, the Company effectively holds 41% equity interest in the Project Company through the REIT, and the Project Company is no longer a subsidiary of the Company and is deconsolidated from the Group%u2019s consolidated financial statements.