NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 December 2021 5. REVENUE, OTHER INCOME AND GAINS, NET (a) Revenue An analysis of revenue is as follows: 2021 2020 US$’000 US$’000 Rental income from investment property operating leases (note (i)) 110,508 101,402 Management fee 244,042 189,278 Construction income 43,815 92,160 Solar energy income 6,061 5,491 Total 404,426 388,331 Timing of revenue recognition 2021 2020 US$’000 US$’000 Rental income from investment property operating leases 110,508 101,402 Point in time Management fee 69,286 54,024 Over time Management fee 174,756 135,254 Construction income 43,815 92,160 Solar energy income 6,061 5,491 404,426 388,331 Note: (i) Rental income from investment property operating leases does not include variable lease payments that do not depend on an index or a rate. Performance obligations Information about the Group’s performance obligations is summarised below: Construction services The performance obligation is satisfied over time as services are rendered and payment is generally due within 30 days from the date of billing. Management services For base management fees, asset management fees and development management fees, the performance obligation is satisfied over time as services are rendered. For acquisition fee, leasing fees and promote fee, the performance obligation is satisfied at a point in time upon the successful acquisition of properties, carrying out leasing services and reaching the performance target, as the customers only receive and consume the benefits provided by the Group upon successful acquisition, provision of leasing services and reaching or exceeding certain internal rate of return target. R E A C H I N G N E W H E I G H T S 172
RkJQdWJsaXNoZXIy ODIwNTc=