FORWARD TOGETHER Notes to the Consolidated Financial Statements 31 December 2022 208 34. BUSINESS COMBINATION (continued) Acquisition of subsidiaries that are not businesses (continued) An analysis of the cash flows in respect of the acquisition of subsidiaries are as follows: Cashflow on acquisition US$’000 Cash consideration (116,146) Cash and bank balances acquired 12,496 Net outflow of cash and cash equivalents included in cash flows related to investing activities (103,650) 35. INTERESTS IN THE UNCONSOLIDATED STRUCTURED ENTITIES As at 31 December 2022, the Group considers its equity investments in 48 (2021: 20) investment funds to be interests in unconsolidated structured entities. The investment funds are designed so that the management rights are not the dominant factor in deciding who controls them, and are financed through the issue of an ownership interest instrument to each investor. The Group also acts as the investment/asset manager for 71 (2021: 25) real estate funds to manage the operations of those assets to earn fee income based on their capital contributed by investors, development costs incurred on real estate projects, or for the acquisition advisory services and brokerage services. The assets have been designed so that voting and similar rights are not the dominant factor in deciding how the investing activities should be conducted and are financed through the issue of ownership interest instruments to investors. The Group did not provide any financial support and has no intention of providing financial or any other support. The Group earned a total gross fee Income of US$266,869,000 (2021: US$65,619,000) from the real estate funds for the year ended 31 December 2022. As at 31 December 2022, the Group’s maximum exposure to loss as a result of acting as the investment manager of the real estate funds was equivalent to the carrying amount of the fee income receivable from them amounting to US$69,344,000 (2021: US$35,978,000) and the carrying amount of the investments amounting to US$731,965,000 (2021: US$538,066,000).
RkJQdWJsaXNoZXIy MTIwODcxMw==