NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 December 2021 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 As at 31 December 2021 2020 US$’000 US$’000 Within one year 107,325 75,048 After one year but within two years 79,404 63,372 After two years but within three years 46,860 38,813 After three years but within four years 32,614 18,581 After four years but within five years 15,444 8,503 After five years 10,162 10,001 291,809 214,318 (c) Certain of the Group’s completed investment properties and investment properties under construction with a fair value of US$2,971,458,000 (2020: US$2,082,085,000) were pledged to secure bank and other borrowings granted to the Group as disclosed in note 25. (d) Fair value hierarchy The following table illustrates the fair value measurement hierarchy of the Group’s investment properties: As at 31 December As at 31 December 2021 2020 US$’000 US$’000 Significant observable inputs (Level 2) 453,465 112,808 Significant unobservable inputs (Level 3) 3,250,778 2,550,909 3,704,243 2,663,717 During the year, there were no transfers of fair value measurement between Level 1 and Level 2 (2020: nil). E S R C A Y M A N L I M I T E D A N N U A L R E P O R T 2 0 2 1 191
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