Annual Report - QuamIR

Notes to the Consolidated Financial Statements (Continued)
40 Commitments – Group (Continued)
(b) Commitments under operating leases
The aggregate future minimum lease payments under noncancellable
operating leases in respect of land and buildings are
as follows:
40
(b)
2011 2010
HK$ Million HK$ Million
No later than 1 year 14.4 12.5
Later than 1 year and no later than 5 years 42.9 40.7
Later than 5 years 47.9 55.8
105.2 109.0
(c) Future minimum rental receivable
The future aggregate minimum rental receivable under noncancellable
operating leases is as follows:
(c)
2011 2010
HK$ Million HK$ Million
No later than 1 year 90.3 59.9
Later than 1 year and no later than 5 years 164.4 120.1
Later than 5 years 68.1 14.5
322.8 194.5
The Group leases out investment properties under operating
leases. The lease runs for an initial period of one to ten
years, with an option to renew the lease when all terms are
renegotiated. Lease payments are usually increased annually to
reflect market rentals. No contingent rent was recognised in both
2010 and 2011.
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