168 Notes to the Consolidated Financial Statements 31 December 2023 5. REVENUE, OTHER INCOME AND GAINS, NET (continued) (a) Revenue (continued) Performance obligations (continued) Management services For base management, asset management and development management fees, the performance obligation is satisfied over time as services are rendered. For acquisition/disposal and leasing fees, the performance obligation is satisfied at a point in time upon the successful acquisition/disposal of properties and carrying out leasing services, as the customers only receive and consume the benefits provided by the Group upon successful acquisition/disposal and provision of leasing services. For promote fee, the performance obligation is satisfied when the real asset investment funds exceed certain specified hurdles and it is highly probable that a significant reversal will not occur. 2023 2022 US$’000 US$’000 Revenue recognised from performance obligations satisfied (or partially satisfied) in previous periods: Management fee 173,152 104,773 Solar energy sales Performance obligations in the contract are the provision of electricity power through the solar panels to electric power companies. They are provided continuously over the contractual period, and the services in the contract represent a single performance obligation. The electric power companies simultaneously receive and consumes the benefits provided by the Group. The amounts of transaction prices allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at 31 December 2023 and 2022 are as follows: 2023 2022 US$’000 US$’000 Within one year 71,550 54,152 After one year 23,016 63,894 94,566 118,046 The amounts of transaction prices allocated to the remaining performance obligations relate to construction services that are to be satisfied within three years, of which the amounts disclosed above do not include variable consideration which is constrained; and promote fee relates to management services to which management has exercised judgement in applying constraint on the recognition of the promote fee income. STRENGTH IN UNITY
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