NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 December 2021 31. SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS Details of the Group’s subsidiaries that have material non-controlling interests are set out below: As at 31 December As at 31 December 2021 2020 Percentage of equity interests held by non-controlling interests at the reporting date: Preference shares issued by subsidiaries: Redwood Fujiidera Investor Ltd.(i) 86% 86% Redwood Asian Investments 2 Ltd.(ii) 86% 86% Equity interest held by non-controlling interests: Higashi 30% 30% Shanghai Yurun 30% 26% US$’000 US$’000 Profit/(loss) for the year allocated to non-controlling interests: Preference shares issued by subsidiaries: Redwood Fujiidera Investor Ltd.(i) (5) (36) Redwood Asian Investments 2 Ltd.(ii) (41) (536) (46) (572) Equity interests held by non-controlling interests: Mingyue Logistics Pte. Ltd.(iii) – 592 Higashi 6,512 8,186 Shanghai Yurun 7,559 8,947 14,071 17,725 14,025 17,153 Accumulated balances of non-controlling interests at the reporting date: Preference shares issued by subsidiaries: Redwood Fujiidera Investor Ltd.(i) 200 225 Redwood Asian Investments 2 Ltd.(ii) 159 219 359 444 Equity interests held by non-controlling interests: Higashi 29,442 74,695 Shanghai Yurun 106,561 65,701 136,003 140,396 136,362 140,840 R E A C H I N G N E W H E I G H T S 208
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