Page 34 - Demo

32ADVANCING AHEADAssets (net of liabilities) of a disposal group classified as held for sale increased from US$60.6 million to US$249.8 million, arising from the reclassification of Cromwell to assets held for sale as mentioned above.Total bank and other borrowings as at 31 December 2024 increased slightly to US$6.1 billion as compared to US$6.0 billion as at 31 December 2023 largely attributable to delay in receipt of net proceeds from capital recycling transactions.TOTAL EQUITYTotalequitydecreasedfromUS$8.7billionasat31December2023toUS$7.5billionasat31December2024.This decline was primarily driven by a net loss for the year ofUS$726.3millionandunrealisedcurrencytranslationlosses from the Group%u2019s foreign operations, including the Group%u2019s share of such losses from joint venture and associates, resulting from the strengthening of the US dollars against local currencies.Additionally, total equity as at 31 December 2024 reflects deductionfortheFY2023finaldividendofUS$67.4millionandsharerepurchasesofUS$72.2million.ASSETS AND LIABILITIESThe Group%u2019s total assets decreased from US$16.2 billion as at 31 December 2023 to US$14.8 billion as at 31 December 2024. Main movements are as described below.Investmentpropertiesdecreasedby26.7%toUS$2.3billion as at 31 December 2024 (31 December 2023: US$3.2 billion). The decrease was mainly attributable to the disposal of the three balance sheet assets in Mainland China to ESR C-REIT, sale of certain properties under development in Japan as well as downward valuation of certain properties in Mainland China as mentioned above. The reduction was partially offset by an increase in properties under development during FY2024.Investment in joint ventures and associates decreased by 8.9% to US$3.1 billion as at 31 December 2024 (31 December 2023: US$3.4 billion), mainly due to the abovementioned negative fair value movements relating to assets in Mainland China, reclassification of Cromwell to assets held for sale, and the write-down of USHT. The reduction was partially offset by the successfully listing of ESR C-REIT which is accounted as an associate.Financial assets at fair value through other comprehensive incomedecreasedby14.2%orUS$148.7milliontoUS$901.8 million as at 31 December 2024, mainly attributable to the disposal of ARA Private Funds.Goodwill and other intangible assets decreased from US$4.8 billion as at 31 December 2023 to US$4.5 billion as at 31 December 2024, due to the non-core divestments of USHT and ARA Private Funds, in line with the Group%u2019s key business priorities that include streamlining and simplifying the business with renewed focus on New Economy.Trade receivables decreased from US$532.9 million as at 31 December 2023 to US$335.8 million as at 31 December 2024, from the collection of promote fee receivables coupled with nil accrued promote for FY2024.