FORWARD TOGETHER Notes to the Consolidated Financial Statements 31 December 2022 198 29. DEFERRED TAX (continued) At 31 December 2022, no deferred tax (2021: nil) has been recognised for withholding taxes that would be payable on the unremitted earnings that are subject to withholding taxes of the Group’s subsidiaries established in China and the Group’s investments in joint ventures. In the opinion of the directors, it is not probable that these subsidiaries and investments in joint ventures will distribute such earnings in the foreseeable future. The aggregate amounts of temporary differences associated with investments in subsidiaries in China for which deferred tax liabilities have not been recognised totalled approximately US$39,418,000 at 31 December 2022 (2021: US$41,132,000). 30. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (a) Major non-cash transactions The Group had non-cash additions to right-of-use assets and lease liabilities of US$25,623,000 and US$24,771,000 (2021: US$3,858,000 and US$3,708,000), respectively. (b) Changes in liabilities arising from financing activities Bank and other borrowings Interest payable Other payable - Due to related parties Lease liabilities US$’000 US$’000 US$’000 US$’000 31 December 2022 At 1 January 2022 4,247,895 35,659 366 9,089 Changes from financing cash flows 888,057 (237,366) 3,488 (12,125) Changes in investing cash flows — additions to investment properties — (11,449) — — Reclassed to liabilities held for sale (111,709) (4,097) — — Foreign exchange movements (196,564) — — (645) Interest expense — 232,517 — 1,347 Capitalised interest expense — 11,449 — — Additions — — — 24,771 Acquisition of subsidiaries 1,015,518 — — 16,222 Disposal of subsidiaries (346,567) — — — Modifications — — — (4,471) At 31 December 2022 5,496,630 26,713 3,854 34,188
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