Car parking spaces in the PRC were valued under the direct
comparison approach. The market unit rate is one of the key inputs.
The higher the market unit rate the higher the fair value, and vice
versa. The adopted market unit rates range from RMB110,000 to
RMB170,000 (2013: RMB115,000 to RMB150,000) per unit.
Details of the Group's investment properties which falls under
Level 3 of the fair value hierarchy as at 31 December 2014 and 31
December 2013 are as follows:
Fair value
as at
2014 2013
HK$'000 HK$'000
Commercial property located
in Hong Kong 7,907,000 7,780,000
Commercial properties located
in the PRC 2,451,285 2,436,706
-------------- --------------
10,358,285 10,216,706
======== ========
There were no transfers between Level 1, 2 and 3 in both years
presented.
18. PROPERTY, PLANT AND EQUIPMENT
Hotel Other Furniture,
property properties fixtures
in in and
Hong Hong equipment
Kong Kong
Properties Crockery,
in Plant utensils
the and Motor Leasehold and
PRC machinery vehicles improvements linen Total
HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
COST
At 1 January
2013 1,089,672 - - 39,175 35,893 7,011 73,658 5,051 1,250,460
Additions - - - 5,910 1,627 701 805 - 9,043
Disposals - - - - (619) (47) - - (666)
Exchange
adjustments - - - 88 120 166 193 - 567
-------------- -------------- -------------- -------------- -------------- -------------- --------------- --------------- ---------------
At 31
December
2013 1,089,672 - - 45,173 37,021 7,831 74,656 5,051 1,259,404
Additions - - - 408 1,868 724 293 - 3,293
Transfer
from
investment
properties - 421,000 47,387 - - - - - 468,387
Disposals - - - - (46) (31) (1,329) - (1,406)
Exchange
adjustments - - (115) (18) (12) (20) (27) - (192)
-------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
At 31
December
2014 1,089,672 421,000 47,272 45,563 38,831 8,504 73,593 5,051 1,729,486
-------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
DEPRECIATION
At 1 January
2013 87,586 - - 13,085 25,332 3,360 57,386 - 186,749
Provided
for the
year 27,517 - - 5,153 7,535 1,213 14,945 - 56,363
Eliminated
on disposals - - - - (557) (4) - - (561)
Exchange
adjustments - - - 19 40 76 111 - 246
-------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
At 31
December
2013 115,103 - - 18,257 32,350 4,645 72,442 - 242,797
Provided
for the
year 27,516 12,923 1,030 5,368 1,521 1,165 960 - 50,483
Eliminated
on disposals - - - - (8) (31) (1,196) - (1,235)
Exchange
adjustments - - 4 2 1 (6) (16) - (15)
-------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
At 31
December
2014 142,619 12,923 1,034 23,627 33,864 5,773 72,190 - 292,030
-------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
CARRYING
VALUES
At 31
December
2014 947,053 408,077 46,238 21,936 4,967 2,731 1,403 5,051 1,437,456
======== ======== ======== ======== ======== ======== ======== ======== ========
At 31
December
2013 974,569 - - 26,916 4,671 3,186 2,214 5,051 1,016,607
======== ======== ======== ======== ======== ======== ======== ======== ========
The above items of property, plant and equipment are depreciated
on a straight-line basis after taking into account their estimated
residual values at the following rates per annum:
Leasehold land and properties Over the lease terms ranging from
42 years to 45.5 years
Completed hotel building 40 years
Plant and machinery 10%
Furniture, fixtures and equipment 25%
Motor vehicles 25%
Leasehold improvements 25%
The carrying amounts of properties shown above comprise
properties situated in:
2014 2013
HK$'000 HK$'000
Hotel and other properties
in Hong Kong
Medium-term leases 1,355,130 974,569
======== ========
Properties in the PRC
Medium-term leases 46,238 -
======== ========
19. PROPERTIES FOR DEVELOPMENT
2014 2013
HK$'000 HK$'000
COST
At 1 January 1,417,033 1,336,169
Additions 51,459 125,366
Transfer to properties held
for sale (133,126) (86,436)
Exchange adjustments (3,254) 41,934
-------------- --------------
At 31 December 1,332,112 1,417,033
-------------- --------------
AMORTISATION
At 1 January 66,220 43,926
Provided for the year 23,298 24,124
Transfer to properties held
for sale (5,695) (3,455)
Exchange adjustments (143) 1,625
-------------- --------------
At 31 December 83,680 66,220
-------------- --------------
CARRYING VALUE
At 31 December 1,248,432 1,350,813
======== ========
The carrying amount represents the Group's interest in certain
pieces of land located in the PRC to be held for future
development.
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