ESR AR 2019 EN

Notes to the Consolidated Financial Statements 31 December 2019 183 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ESR Annual Report 2019 17. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (continued) Particulars of the material associates and a joint venture are summarised below: Name of associates and joint venture Principal activity Country of incorporation/ registration Effective ownership interest As at 31 December 2019 2018 % % Redwood Fujiidera Pte. Ltd. Investment holding Singapore 33.18 33.18 RW Midori-Ku Pte. Ltd. Investment holding Singapore 40.00 40.00 RW Noda Pte. Ltd. Investment holding Singapore 40.00 40.00 RW Chigasaki Pte. Ltd. Investment holding Singapore 20.10 20.10 Redwood Kawasaki Pte. Ltd. Investment holding Singapore 20.10 20.10 RW Moriya Pte. Ltd. Investment holding Singapore 20.10 20.10 ESR Japan Core Fund Limited Partnership Investment holding Singapore 29.10 29.10 ESR India Logistics Fund Pte. Ltd. (ii) Investment holding Singapore 100 100 Jiangsu Yitian Warehousing Service Co., Ltd. Warehousing business The PRC 16.25 16.25 Taicang Mingzhan Logistics Company Limited Warehousing business The PRC 16.25 16.25 Shanghai Fengyuan Logistic Co., Ltd. Warehousing business The PRC 16.25 16.25 Note: (ii) The group are in the process of issuing 50% of the shares in the India Fund to joint venture partner. 18. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME As at 31 December As at 31 December 2019 2018 USD’000 USD’000 Listed equity investments, at market value 542,925 484,239 Listed equity investments at fair value represent the Group’s investments in publicly listed companies, which are quoted in an active market.