216 Notes to the Consolidated Financial Statements 31 December 2023 40. RELATED PARTY TRANSACTIONS The Group had the following material transactions with related parties during the years ended 31 December 2023 and 2022: (a) Transactions with related parties: 2023 2022 US$’000 US$’000 Associates: — Management fee income (note (i)) 162,877 81,456 — Sale of investment property 12,685 — — Construction revenue 39,000 — Joint ventures: — Management fees income (note (i)) 90,775 122,342 — Repayment from/(Advances to) joint ventures and associates (note (ii)) (21,015) (3,784) — Repayment from joint ventures (note (iii)) 50,532 63,120 — Investments in debentures issued by joint ventures (note (iv)) 1,799 6,482 — Interest income on investment in debentures (note (iv)) 1,773 1,212 Entity associated with Directors: — Loans — (50,000) — Repayment — 50,000 — Interest — 578 Directors: — Interest 921 464 Notes: (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; and d) Leasing fee in respect of each new lease entered into. (ii) Repayment from/(advances to) related parties and joint ventures are unsecured, interest-free and repayable on demand. The outstanding net amount due from joint ventures and associates as of 31 December 2023 is US$29,424,000 (2022: US$8,409,000). (iii) During the year, the Group received repayment of US$50,532,000 (2022: US$63,120,000) 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’s investments in Optionally Convertible Debentures and Non-convertible Debentures as disclosed in Note 21. (b) Commitments with related parties The Group expects the total capital commitment to associates and joint ventures to be US$306,473,000 and US$519,720,000 (2022: US$301,335,000 and US$386,099,000), respectively. STRENGTH IN UNITY
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