7 ASSOCIATES AND JOINT VENTURES (continued) Joint ventures (continued) The Group has 7 (2023: 7) 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 2024 2023 % % 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 (Beijing) Real Estate Co., Ltd. (“Perennial Mei Rong Jia 4-6”) Property development PRC 50.0 50.0 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”) 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 Notes to the Financial Statements Year ended 31 December 2024 OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 193 ANNUAL REPORT 2024
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