ESR Group Limited Annual Report 2022 Notes to the Consolidated Financial Statements 31 December 2022 209 36. DISPOSAL OF SUBSIDIARIES On 3 July 2022, certain wholly-owned subsidiaries of the Company entered into share sale and purchase agreements to dispose 100% interests in a portfolio of logistics and warehousing facilities in China to a new China income venture. Following completion of the transaction, the Group continues to maintain an indirect interest in the China income venture and acts as the investment manager of the China income venture and asset manager of its property assets and earns management fees for such services. US$’000 Net assets disposed of Property, plant and equipment 1 Investment properties 720,436 Cash and bank balances 42,370 Prepayments, trade and other receivables and other assets# 140,694 Deferred tax assets 4,430 Bank and other borrowings (280,058) Trade payables, accruals and other payables# (275,032) Deferred tax liabilities (67,028) Non-controlling interests (5,067) 280,746 Exchange fluctuation reserve 343 Other reserve (927) Gain on disposal of subsidiaries 47,834 327,996 Satisfied by Cash 320,590 Other receivables 7,406 327,996 An analysis of the net inflow of cash and cash equivalents in respect of the disposal of subsidiaries is as follows: US$’000 Cash consideration 320,590 Cash and bank balances of subsidiaries disposed of (42,370) Net inflow of cash and cash equivalents included in cash flows related to investing activities 278,220 # Included net amount of US$98,126,000 that was subsequently repaid by China income venture to the Group during the year. STRATEGIC REPORT FINANCIAL STATEMENT CORPORATE GOVERNANCE
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