ESR IR 2021 - EN

61 ESR Interim Report 2021 Notes to Condensed Consolidated Financial Information 30 June 2021 10. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES 30 June 31 December 2021 2020 (Unaudited) (Audited) US$’000 US$’000 Share of net assets from joint ventures 932,675 942,680 Share of net assets from associates 245,651 86,754 Goodwill on retaining interests in joint ventures 2 2 1,178,328 1,029,436 Shareholder loan to a joint venture 93,907 52,854 1,272,235 1,082,290 Shareholder loan to a joint venture is unsecured and interest-free. It is part of the capital commitment to the joint venture and is only repayable upon mutually agreed by all joint venture partners. Accordingly, the shareholder loan is considered as part of the Group’s investments in the joint venture. Particulars of the Group’s material joint ventures and associates are as follows: Percentage of Name Place of registration and business Ownership interest Voting power Profit sharing Principal activities Classified as investment in e-Shang Star Cayman Limited (“ e-Shang Star ”) Cayman Islands 25.6455% 33.33% 25.6455% Investment holding Joint venture Sunwood Star Pte. Ltd. (“ Sunwood Star ”) Singapore 20.00% 33.33% 20.00% Investment holding Joint venture ESR GIC Limited (“ ESR-GIC ”) British Virgin Islands 51.00% 50.00% 51.00% Investment holding Joint venture ESR Australia Logistics Partnership (“ EALP ”) Australia 10.00% 10.00%* 10.00% Investment holding Associate ESR Milestone Partnership (“ EMP ”) Australia 20.00% 20.00% 20.00% Investment holding Associate The joint ventures and associates are accounted for using equity method. Unanimous agreements from all joint venture parties are required for investments in joint ventures. * Unanimous agreement from all shareholders are required for certain matters. Investments in joint ventures and associates with a carrying amount of nil (31 December 2020: US$115,899,000) were pledged to secure bank and other borrowings granted to the Group (note 15).