NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 December 2021 18. INVESTMENT PROPERTIES Completed investment properties Investment properties under construction Total US$’000 US$’000 US$’000 At 1 January 2020 1,558,752 1,227,174 2,785,926 Additions 20,108 314,169 334,277 Acquisition of subsidiaries 87,648 46,527 134,175 Changes in fair values of investment properties 53,717 170,963 224,680 Transfer from investment properties under construction to completed investment properties 189,772 (189,772) – Reclassification to assets held for sale (note (i)) – (6,732) (6,732) Disposal of subsidiaries (464,081) (181,736) (645,817) Disposal (86,174) (261,006) (347,180) Exchange realignment 94,267 90,121 184,388 At 31 December 2020 and 1 January 2021 1,454,009 1,209,708 2,663,717 Additions 443,607 343,891 787,498 Acquisition of subsidiaries (note 32) 226,364 30,424 256,788 Changes in fair values of investment properties 95,825 178,659 274,484 Transfer from investment properties under construction to completed investment properties 217,409 (217,409) – Disposal of subsidiaries (note 34) (259,895) (15,251) (275,146) Exchange realignment 20,464 (23,562) (3,098) At 31 December 2021 2,197,783 1,506,460 3,704,243 Note: (i) This related to land under development of which the disposal was completed during financial year ended 31 December 2021. (a) All completed investment properties and investment properties under construction of the Group were revalued at 31 December 2021 based on valuation performed by independent professionally qualified valuers, Beijing Colliers International Real Estate Valuation Co., Ltd., Jones Lang LaSalle Property Consultants India Private Limited., Cushman & Wakefield K.K., CBRE K.K., and KJPP Rengganis, Hamid & Rekan at fair value. They are industry specialists in investment property valuation. In determining fair value, a combination of approaches and methods were used, including the Direct Comparison Method and Discounted Cash Flow Method. The Direct Comparison Method is applied based on the market prices of comparable properties. Comparable properties with similar sizes, characters and locations were analysed, and weighted against all respective advantages and disadvantages to arrive at the fair value of the properties. The Discounted Cash Flow Method measures the value of a property by the present worth of the net economic benefit to be received over the life of the asset. R E A C H I N G N E W H E I G H T S 190
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