Page 19 - SAR141018_Forterra AR 2013

FORTERRA
ANNUAL REPORT 2013
COMMERCIAL
REAL ESTATE PORTFOLIO
17
Forterra undertakes independent valuations of its real estate portfolio in June and December of each year.
The results of the December 2013 valuation process, prepared by DTZ Debenham Tie Leung in accordance
with the guidelines of the Royal Institute of Chartered Surveyors and the subject of a separate review by
Forterra’s Audit Committee are detailed below.
Investment Properties
As at
31 December 2013
(RMB million)(1)
As at
31 December 2012
(RMB million)(2)
Variance
%
Stabilised Assets
Forterra House, Shanghai 720 721 -0.1%
Beijing Logistics Park, Beijing 338 326 3.7%
Total Stabilised Assets 1,058 1,047 1.1%
Transitional Assets
The Place Existing (3), Shanghai 6,077 6,164 -1.4%
Huai Hai Mall, Shanghai 816 809 0.9%
Central Park Mall (Phase I), Qingdao 624 665 -6.2%
Total Transitional Assets 7,517 7,638 -1.6%
Development Asset
The Place Extension (4), Shanghai 2,057 1,690 21.7%
Land-Bank Asset
Central Park Mall (Phase II-IV), Qingdao 1,379 1,349 2.2%
Total Portfolio Valuation 12,011 11,724 2.4%
Total Portfolio reflecting 55% ownership
of Central Park Mall
11,110 10,818 2.7%
Notes:
(1) The independent valuation analysis was undertaken by DTZ Debenham Tie Leung.
(2) The independent valuation analysis was undertaken by CB Richard Ellis.
(3) Formerly known as The HQ Existing.
(4) Formerly known as The HQ Extension.