194 Notes to the Consolidated Financial Statements 31 December 2023 20. OTHER INTANGIBLE ASSETS (continued) Notes: (i) In June 2019, the Group had acquired SIP, an asset management company providing trust management services in Singapore. The trust management services are expected to continuously contribute to the net cash inflow of the Group. The Group’s trust management rights have indefinite useful lives and are allocated to the Group’s SIP asset management business, which is treated as a cash-generating unit for impairment testing. Intangible asset impairment loss of US$15,596,000 has been provided in financial year ended 31 December 2023. The impairment loss is included in Administrative Expenses. Further details of the impairment test of the SIP asset management business cash-generating unit are given in note 19. (ii) In January 2017, the Group had acquired Infinitysub Pte. Ltd. (“Infinitysub”), an asset management company providing trust management and property management services in Singapore. In October 2018, the Group had acquired Viva Industrial Trust Management Pte. Ltd. (“VITM”), an asset management company providing trust management services in Singapore. Through the acquisition, the management rights of Viva Trust were transferred to ESR-LOGOS Funds Management (S) Limited (“E-LOG FM”), a subsidiary of Infinitysub and the manager of ESR-LOGOS REIT. VITM was subsequently dissolved in May 2021. In May 2022, there was a merger between ESR-LOGOS REIT and ARA LOGOS Logistics Trust (“ALOG Trust”). Consequently, Infinitysub through E-LOG FM now provides trust management services to ESR-LOGOS REIT and its sub-trusts, namely Viva Trust and ALOG Trust (collectively, “E-LOG Group”). The trust management services are expected to continuously contribute to the net cash inflow of the Group. The Group’s trust management rights under Infinitysub are expected to have indefinite useful lives as the trust deeds constituting the aforementioned trusts do not limit the time period over which E-LOG FM may serve as the trusts’ manager. Management considers Infinitysub asset management business of E-LOG Group as a single cash generating unit (“CGU”) based on how it monitors the business and makes decisions regarding the assets and operations, in this regard management does not make a distinction between ESR-LOGOS REIT and its sub-trusts. The trust management rights under Infinitysub are therefore treated as a single CGU for impairment testing. Further details of the impairment test of the Infinitysub asset management business cash-generating unit are given in note 19. (iii) In January 2022, the Group had acquired ARA Asset Management Limited and its subsidiaries (“ARA Group”), an asset management company providing trust management and property management services including in Singapore and Hong Kong. The Group’s trust management rights are expected to have indefinite useful lives as the trust deed does not stipulate a fixed termination date until it is removed or the trust is terminated. Accordingly, the related trusts can exist perpetually. The trust management rights are allocated to the Group's ARA asset management business, which is treated as a cash-generating unit for impairment testing. Further details of the impairment test of the ARA asset management business cash-generating unit are given in note 19. 21. OTHER NON-CURRENT ASSETS As at 31 December 2023 As at 31 December 2022 US$’000 US$’000 Contract costs 277 375 Consideration receivable from disposal of subsidiaries 2,222 — Due from joint ventures 20,000 7,998 Due from non-controlling interests of subsidiaries 30,173 25,184 Financial derivative assets 13,235 10,765 Investment in Optionally Convertible Debentures (note (i)) 5,902 5,380 Investment in Non-convertible Debentures 13,577 10,622 Input tax recoverable 23,458 5,367 Loan receivables from third parties 24,541 41,583 Prepayments for acquiring land use rights 169,393 99,195 Prepayments for construction — 1,700 Receivable from funds 39,869 3,758 Rental deposits 5,661 4,569 Rental income receivables 707 517 Others 13,276 10,427 362,291 227,440 STRENGTH IN UNITY
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