B. UTILISATION OF THE SECURITY DEPOSITS As at the reporting date, the Group has received rental deposits of RMB345.1 million (equivalent to S$64.3 million) from the Master Lease tenants (the “Security Deposits”). As at the reporting date, the management is in the negotiations with the Sponsor to enter a Master Offset Agreement. The Master Offset Agreement will establish the legal right of offset, among other things, the security deposits against rental receivables across different legal entities with the Group and the prepayment, deferred distribution and intercompany loan. There are reasonable grounds to believe that ECW and the Group will be able to settle the Security Deposits at the expiry of the Master Leases. ANNUAL REPORT 2024 127 ADDITIONAL INFORMATION
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