SEO Version
81
4
INVESTMENT PROPERTIES (CONTINUED)
Description
of property
Year of
completion/
projected
completion
Type
Location
2011
valuation
2010
valuation
$’000
$’000
The HQ (formerly
known as City Center)
2002
Office/Retail
No. 118, Zi Yun Road,
Changning District,
Shanghai
1,244,018
1,122,077
The HQ Extension
(formerly known as City
Center Extension)
2013
Office/Retail
No. 100, Zi Yun Road,
Changning District,
Shanghai
290,017
260,725
Central Avenue Mall,
Qingdao
2006
Office/Retail
Central Avenue Mall,
Qinlin Road, Laoshan
District, Qingdao
405,507
–
Huai Hai Mall
1994
Office/Retail
No. 158, Middle Huai Hai
Road, Shanghai
160,685
–
Central Plaza
1998
Office/Retail
No. 227, Huangpi Road
North, Huangpu District,
Shanghai
368,564
335,413
Treasury Building
2006
Office/Retail
No. 1568, Huashan
Road, Changning District,
Shanghai
145,194
131,435
Beijing International
Logistics Park
2012 Office/Logistics Shunyi District, Beijing
54,662
24,511
2,668,647
1,874,161
The Trustee-Manager believes that the independent valuer has appropriate professional qualifications and experience
in the location and category of the properties being valued. In determining the fair value, the valuer used the direct
comparison approach, discounted cash flow approach, income capitalisation approach and residual approach which
involve certain estimates. The Trustee-Manager has exercised its judgement and is satisfied that the valuation methods
and estimates are reflective of the current market conditions. The key assumptions used to determine the fair value of
investment properties include market-corroborated capitalisation yields, terminal yields and discount rates.
SAR1112034_TCT_AR_().indb 81
3/23/2012
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