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Notes to the Financial Statements
4
INVESTMENT PROPERTIES
Group
2011
2010
$’000
$’000
At 1 January 2011/19 May 2010 (date of constitution)
1,874,161
–
Acquisition of subsidiaries (2011: Note 6, 2010: Note 16)
276,045
1,940,710
Additions
55,812
4,716
Changes in fair value
312,461
33,040
Exchange translation
150,168
(104,305)
At 31 December
2,668,647
1,874,161
Investment properties with an aggregate carrying value of $2,398.3 million (2010: $1,849.7 million) as at 31 December
2011 are pledged as security for banking facilities granted to the subsidiaries (see Note 12).
Included in the costs capitalised above are capitalised borrowing costs related to the construction of the investment
properties of approximately $1,511,498 (2010: nil).
The investment properties are stated at their fair values based on valuations undertaken by independent international
valuation firm, CBRE HK Ltd, on 31 December 2011. They were released to the market in an announcement dated 19
January 2012. Valuations at 31 December 2010 were performed by DTZ Debenham Tie Leung Ltd.
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