27. IMMEDIATE AND ULTIMATE HOLDING CORPORATIONS The immediate and ultimate holding companies are Forchn Global Pte. Ltd. and Forchn Holdings Group Co., Ltd. incorporated in Singapore and the People’s Republic of China respectively. 28. RELATED PARTY TRANSACTIONS For the purpose of these financial statements, parties are considered to be related to the Group when the Group has the ability, directly or indirectly to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group and the party are subjected to common significant influence. The Manager and the Property Manager are indirect wholly-owned subsidiaries of Forchn Holdings Group Co., Ltd.. In addition to the information disclosed elsewhere in the financial statements, the following transactions took place between the Group and related parties at terms agreed between the parties: Group 2024 2023 S$’000 S$’000 Property management fees paid/payable (1,897) (1,901) Trustee’s fees paid/payable (184) (294) Manager’s base fees paid/payable (1,951) (3,658) Rental and other related income received/receivable from the ultimate holding corporation and fellow subsidiaries 67,625 93,537 Late payment interest received/receivable from the ultimate holding corporation and fellow subsidiaries 7,661 1,106 Operating lease commitment from fellow subsidiaries where the Group is a lessor 4,407 72,678 Outstanding balances at 31 December 2024, arising from sale/purchase of goods and services, are unsecured and receivable/payable within 12 months from the reporting date and are disclosed in Notes 11 and 16 respectively. 29. FINANCIAL RATIOS Group 2024 2023 % % Ratio of expenses to weighted average net assets1 – including performance component of Manager’s fees 7.53 1.72 – excluding performance component of Manager’s fees 7.53 1.72 Portfolio turnover ratio2 – – 1 The annualised ratios are computed in accordance with the guidelines of Investment Management Association of Singapore dated 25 May 2005. The expenses used in the computation relate to expenses of the Group, excluding property expenses, borrowing costs and income tax expenses. 2 In accordance with the formulae stated in the CIS Code, the ratio reflects the number of times per year that a dollar of assets is reinvested. The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties of the Group expressed as a percentage of daily average net asset value. EC WORLD REIT 122 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
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