Name of subsidiaries Country of incorporation Ownership interests 2023 2022 % % Directly or indirectly held by Perennial EM Holdings Pte. Ltd. Skillplus Investments Ltd. BVI 55.0 55.0 Perennial Ghana Development Ltd. Ghana 100.0 100.0 Perennial Penang Pte. Ltd. Singapore 100.0 100.0 Perennial SL Pte. Ltd. Singapore 100.0 100.0 Sanctuary City 2 Pte. Ltd. Singapore 100.0 100.0 Perennial BSL Pte. Ltd. Singapore 100.0 100.0 Perennial MTP Pte. Ltd. Singapore 100.0 100.0 Directly or indirectly held by Perennial Healthcare Pte. Ltd. Chengdu Penghong Management Co., Ltd. PRC 100.0 100.0 Chengdu Pengyi Management Co., Ltd. PRC 100.0 100.0 Perennial (Shanghai) Health Management Co., Ltd. PRC 100.0 100.0 Xi’an Qujiang Perennial Louguan Eldercare Services Co., Ltd PRC 80.0 80.0 Wecare Services Pte. Ltd. Singapore 100.0 100.0 Perennial Healthcare Chengdu Pte. Ltd. Singapore 100.0 – PRE 20 Pte. Ltd. Singapore 100.0 – (1) Includes 2.3% interest indirectly held through Perennial China Retail Trust Management Pte. Ltd. (2) On 31 March 2023, the Group disposed 19.6% equity interests in Perennial Singapore Investment Holdings Pte. Ltd. (“PSIH”). Consequently, the Group’s equity interest in PSIH decreased from 100% to 80.4%. (3) Includes 13.3% interest indirectly held through Perennial China Retail Trust. (4) On 30 June 2023, the Group disposed 20.9% equity interests in PRE 8 Investments Pte. Ltd. (“PRE 8”). Consequently, the Group’s equity interests in PRE 8 decreased from 51.6% to 33.2% and PRE 8 ceased to be a subsidiary and became an indirect associate of the Company (See Note 7). (5) On 9 May 2022, the Group acquired 48.6% additional equity interests in Perennial Shenton Investors Pte. Ltd. (“Perennial Shenton”), then disposed 19.1% equity interests in Perennial Shenton on 20 July 2022. Consequently, the Group’s equity interests in Perennial Shenton increased from 31.2% to 60.7% and Perennial Shenton ceased to be an associate and become an indirect subsidiary of the Company. 30 LEASES Leases as lessor The Group leases out its investment properties consisting of its owned commercial properties (see note 6). All leases are classified as operating leases from a lessor perspective. Operating lease The Group leases out its investment properties. The Group has classified these leases as operating leases, because they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets. Note 6 sets out information about the operating leases of investment properties. Rental income from investment properties recognised by the Group during 2023 was $76,422,000 (2022: $88,784,000). Notes to the Financial Statements Year ended 31 December 2023 29 SUBSIDIARIES (continued) 216 PERENNIAL HOLDINGS PRIVATE LIMITED
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