FORWARD TOGETHER Notes to the Consolidated Financial Statements 31 December 2022 188 20. OTHER INTANGIBLE ASSETS (continued) Notes: (i) In June 2019, the Group had acquired SIP, an asset management company providing trust management services in Singapore. The trust management services are expected to continuously contribute to the net cash inflow of the Group. The Group’s trust management rights have indefinite useful lives and are allocated to the Group’s SIP asset management business, which is treated as a cash-generating unit for impairment testing. Further details of the impairment test of the SIP asset management business cash-generating unit are given in note 19. (ii) In January 2017, the Group had acquired Infinitysub Pte. Ltd. (“Infinitysub”), an asset management company providing trust management and property management services in Singapore. In October 2018, the Group had acquired Viva Industrial Trust Management Pte. Ltd. (“VITM”), an asset management company providing trust management services in Singapore. The trust management services are expected to continuously contribute to the net cash inflow of the Group. Both Infinitysub and VITM were consolidated as a single cash-generating unit namely Infinitysub asset management business pursuant to the merger of ESR-REIT and Viva Industrial Trust in October 2018. The Group’s trust management rights have indefinite useful lives and are allocated to the Group’s Infinitysub asset management business, which is treated as a cash-generating unit for impairment testing. Further details of the impairment test of the Infinitysub asset management business cash-generating unit are given in note 19. (iii) In January 2022, the Group had acquired ARA Asset Management Limited and its subsidiaries (“ARA Group”), an asset management company providing trust management and property management services including in Singapore and Hong Kong. The Group’s trust management rights have indefinite useful lives and are allocated to the Group’s ARA asset management business, which is treated as a cash-generating unit for impairment testing. Further details of the impairment test of the ARA asset management business cashgenerating unit are given in note 19. 21. OTHER NON-CURRENT ASSETS As at 31 December 2022 As at 31 December 2021 US$’000 US$’000 Contract costs 375 — Due from joint ventures 7,998 974 Due from non-controlling interests of subsidiaries 25,184 13,319 Financial derivative assets 10,765 — Investment in Compulsorily Convertible Debentures (note (i)) — 6,815 Investment in Optionally Convertible Debentures (note (ii)) 5,380 5,376 Investment in Non-convertible Debentures 10,622 8,660 Input tax recoverable 5,367 19,004 Loan receivables from third parties 41,583 — Prepayments for acquiring land use rights 99,195 12,723 Prepayments for construction 1,700 9,372 Receivable from funds 3,758 7,207 Rental deposits 4,569 2,541 Rental income receivables 517 2,321 Others 10,427 2,555 227,440 90,867
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