29 SUBSIDIARIES Company 2023 2022 $’000 $’000 Equity investments, at cost 1,104,835 834,863 Loans to subsidiaries: – Interest-bearing 365,542 180,954 – Interest-free 1,273,853 1,316,054 2,744,230 2,331,871 The loans are unsecured, bear interest rates ranging from 4.5% – 7.22% (2022: 4.35% – 6.74%) per annum and are not expected to be repaid within the next twelve months from 31 December 2023. As at 31 December 2023, the shares in certain subsidiaries were pledged as security for loans and borrowings (see note 12). The following are the Group’s significant investments in subsidiaries: Name of subsidiaries Country of incorporation Ownership interests 2023 2022 % % Directly held by the Company Perennial Treasury Pte. Ltd. Singapore 100.0 100.0 Perennial China Retail Trust(1) Singapore 100.0 100.0 Perennial China Investment Holdings Pte. Ltd. Singapore 100.0 100.0 Perennial Singapore Investment Holdings Pte. Ltd.(2) Singapore 80.4 100.0 Perennial Management Investment Holdings Pte. Ltd. Singapore 100.0 100.0 Perennial EM Holdings Pte. Ltd. Singapore 100.0 100.0 Perennial Healthcare Pte. Ltd. Singapore 100.0 100.0 Directly or indirectly held by Perennial China Retail Trust Perennial China Retail Pte. Ltd. Singapore 100.0 100.0 Shenyang Retail 1 (BVI) Limited British Virgin Islands (“BVI”) 100.0 100.0 Shenyang Retail 2 (BVI) Limited BVI 100.0 100.0 Perennial (Chengdu) Industries Co., Ltd. PRC 100.0 100.0 Perennial Foshan Retail Co., Ltd. PRC 100.0 100.0 Chengdu Ruifeng Real Estate Development Co., Ltd. PRC 80.0 80.0 Notes to the Financial Statements Year ended 31 December 2023 214 PERENNIAL HOLDINGS PRIVATE LIMITED
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