FORWARD TOGETHER Notes to the Consolidated Financial Statements 31 December 2022 182 18. INVESTMENT PROPERTIES (continued) (b) Completed investment properties leased out under operating leases The Group leases out completed investment properties under operating lease arrangements. All leases run for a period of one to ten years, with an option to renew the leases after the expiry dates, at which time all terms will be renegotiated. The Group’s total future minimum lease receivables under non-cancellable operating leases generated from completed investment properties are as follows: As at 31 December 2022 As at 31 December 2021 US$’000 US$’000 Within one year 58,891 107,325 After one year but within two years 69,345 79,404 After two years but within three years 17,044 46,860 After three years but within four years 5,409 32,614 After four years but within five years 3,123 15,444 After five years 6,043 10,162 159,855 291,809 (c) Certain of the Group’s completed investment properties and investment properties under construction with a fair value of US$2,802,672,000 (2021: US$2,971,458,000) were pledged to secure bank and other borrowings granted to the Group as disclosed in note 25. (d) Fair value hierarchy The following table illustrates the fair value measurement hierarchy of the Group’s investment properties: As at 31 December 2022 As at 31 December 2021 US$’000 US$’000 Significant observable inputs (Level 2) 698,023 453,465 Significant unobservable inputs (Level 3) 2,624,209 3,250,778 3,322,232 3,704,243 During the year, there were no transfers of fair value measurement between Level 1 and Level 2 (2021: nil).
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