Annual Report - QuamIR

Notes to the Consolidated Financial Statements (Continued)
16 Investment properties (Continued)
Notes:
16
(a)
Management changed its intention to sell the investment properties and
(a)
the change in use was evidenced by commencement of development.
The deemed cost of the properties held for sale transferred from
investment property is the fair value of the properties at the date of
change in use.
(b)
The reclassification from “properties held for sale” in 2010 was evidenced
(b)
by commencement of lease agreements.
(c)
The 2011 valuations were based on independent assessments made by
(c)
Knight Frank. The valuation techniques adopted are described in the Note
4 to the consolidated financial statements.
4
(d)
At 31 December 2011, investment properties in the Mainland China of
(d)
HK$1,761.3 million (2010: HK$1,594.8 million) were pledged as securities
1,761,300,000
for the Group’s borrowings (Note 36).
1,594,800,000
36
(e)
The Group’s interests in investment properties at their carrying values and
(e)
the lease terms are analysed as follows:
2011 2010
HK$ Million
HK$ Million
In Mainland China, held on:
Leases of between 10 to 50 years 1050 5,746.2 6,187.0
Leases less than 10 years 10 220.1 –
5,966.3 6,187.0
140 HKC (Holdings) Limited • Annual Report 2011