Parents & Children
When dealing with hierarchies such as the location hierarchy, you use the kinds of term you'd use when dealing with a family tree.
If asset A contains asset B, then A is the parent of B, and B is the child of A.
In the same way, if A contains B, which contains C, A is the grandparent of C, and C is the grandchild of A.
This terminology makes it a little easier to describe the relationships in an easy-to-understand fashion.