Notes to the Condensed Interim Financial Statements 31. Business Combinations As mentioned in note 16, the Group further acquired 35% equity interests in existing joint venture companies in Sino-Ocean Taikoo Li Chengdu in the Chinese Mainland from Sino-Ocean Group Holding Limited and its subsidiaries and these joint venture companies became wholly-owned subsidiaries of the Group during the period after completion. The acquisition is expected to make immediate income contribution to the Group and create long term value for the Group and its shareholders. Details of the purchase consideration, the net identifiable assets acquired and goodwill are as follows: Fair value HK$M Property, plant and equipment 632 Investment properties* 15,291 Intangible assets 8 Right-of-use assets 105 Stocks 6 Trade and other receivables 536 Cash and cash equivalents 684 Trade and other payables (837) Taxation payable (27) Long-term loans and bonds (3,151) Lease liabilities (42) Deferred tax liabilities (2,536) Net identifiable assets acquired 10,669 Goodwill 1,419 12,088 Satisfied by: Purchase consideration settled in cash 4,072 Deferred consideration 311 Fair value of the equity interests previously held by the Group 7,705 12,088 Analysis of the net outflow of cash and cash equivalents for acquisition: Purchase consideration settled in cash 4,072 Less: Cash and cash equivalents acquired (684) Net cash outflow on acquisition 3,388 * The amounts include investment properties acquired of HK$15,230 million and initial leasing costs acquired of HK$61 million. 78 Swire Properties Limited Interim Report 2023