7 ASSOCIATES AND JOINT VENTURES (continued) Joint ventures The Group has 7 (2022: 6) joint ventures that are material and a number of joint ventures that are individually immaterial to the Group. The material joint ventures own and develop commercial, retail, hospitality and residential related real estate assets and healthcare services which are aligned to the Group’s principal activities. All joint ventures are equity accounted. The following are material joint ventures: Name of joint ventures Principal activities Country of incorporation Ownership interests held by the Group 2023 2022 % % Chengdu Changfeng Real Estate Development Co., Ltd. (“Chengdu Changfeng”) Property development PRC 50.0 50.0 Perennial Mei Rong Jia 4 (Beijing) Real Estate Co., Ltd., Perennial Mei Rong Jia 5 (Beijing) Real Estate Co., Ltd. and Perennial Mei Rong Jia 6 Property development PRC 50.0 50.0 (Beijing) Real Estate Co., Ltd. (“Perennial Mei Rong Jia 4-6”) Shenyang Summit Real Estate Development Co., Ltd. (“Shenyang Summit”) Investment and property holding PRC 50.0 50.0 Shanghai Renshoutang Eldercare Group Co., Ltd. (“Renshoutang”) Investment holding PRC 49.9 49.9 Perennial HC Holdings Pte. Ltd. and its subsidiaries (“PHCH”) Investment and property holding Singapore 45.0 45.0 GMC Property Pte. Ltd. (“GMC”) (previously known as PRE 17 Pte. Ltd.) Property development Singapore 50.0 50.0 PRE 13 Pte. Ltd. and its joint venture (“PRE 13”) Investment and property holding Singapore 20.0 20.0 The following summarises the financial information of each of the Group’s material joint ventures based on their respective (consolidated) financial statements prepared in accordance with SFRS(I), modified for fair value adjustments on acquisition and differences in the Group’s accounting policies. The table also analyses, in aggregate, the carrying amount and share of profit or loss and OCI of the remaining individually immaterial joint ventures. Notes to the Financial Statements Year ended 31 December 2023 182 PERENNIAL HOLDINGS PRIVATE LIMITED
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