ESR Group Limited Annual Report 2022 Notes to the Consolidated Financial Statements 31 December 2022 207 34. BUSINESS COMBINATION (continued) Acquisition of subsidiaries that are not businesses (continued) The Group also acquired the following subsidiaries during the year ended 31 December 2022 for a total consideration of US$121,114,000: Name of subsidiaries acquired Equity interest acquired Month of acquisition Hainan Hujiang Enterprise Management Co., Ltd 100% January 2022 Shanghai Zhaoran Enterprise Management Co., Ltd 75% January 2022 Foshan Rongjin Food and Beverage Co., Ltd 75% June 2022 Sanhe City Yiyang E-commerce Industrial Park Co., LTD 87.3% June 2022 Shanghai Huanlu Industrial Co., Ltd 100% July 2022 NuoFeng Investment Limited 90% October 2022 JinChang International Limited 90% October 2022 Space4anseong PFV 100% October 2022 Bakefsfield Enterprises Co., Ltd 75% November 2022 Fresno Industry Co Ltd 75% November 2022 On the acquisition date, there were no other material assets and liabilities other than those disclosed in the table below. The transactions were accounted for as an asset acquisition. Net assets acquired US$’000 Net assets acquired Investment properties 174,471 Cash and bank balances 12,496 Other assets 11,225 Other liabilities (70,504) Non-controlling interests (6,574) 121,114 Satisfied by Cash 116,146 Consideration payable 4,968 121,114 STRATEGIC REPORT FINANCIAL STATEMENT CORPORATE GOVERNANCE
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