NOTES TO CONDENSED CONSOLIDATED FINANCIAL INFORMATION For the six months ended 30 June 2022 13. INVESTMENT PROPERTIES Completed investment properties Investment properties under construction Total US$’000 US$’000 US$’000 At 1 January 2021 1,454,009 1,209,708 2,663,717 Additions 443,607 343,891 787,498 Acquisition of subsidiaries 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 (259,895) (15,251) (275,146) Exchange realignment 20,464 (23,562) (3,098) At 31 December 2021 (audited) and 1 January 2022 2,197,783 1,506,460 3,704,243 Additions 3,175 267,192 270,367 Acquisition of subsidiaries (note 19) 159,254 52,922 212,176 Disposal of subsidiaries (note 20) (114,312) (47,305) (161,617) Disposal – (59,331) (59,331) Changes in fair values of investment properties 43,249 119,678 162,927 Transfer from investment properties under construction to completed investment properties 158,989 (158,989) – Transfer from completed investment properties to investment properties under construction for redevelopment (65,659) 65,659 – Reclassification to assets of a disposal group classified as held for sale (726,716) – (726,716) Exchange realignment (103,682) (131,579) (235,261) At 30 June 2022 (unaudited) 1,552,081 1,614,707 3,166,788 (a) All completed investment properties and investment properties under construction of the Group were revalued at 30 June 2022 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., The Tanizawa Sogo Appraisal Co., Ltd., KJPP Rengganis, Hamid & Rekan and Colliers International (Hong Kong) Limited at fair value. They are industry specialists in investment property valuation. In determining fair value, a combination of approaches andmethods 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 relevant factors to arrive at the fair value of the property. 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 64
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