Annual Report 2011 - Hongkong Land

Notes to the Financial Statements
12 Tangible Assets
Investment
Other
properties assets Total
US$m US$m US$m
2011
Cost or valuation 18,036.0 15.1 18,051.1
Cumulative depreciation – (10.9) (10.9)
Net book value at 1st January 18,036.0 4.2 18,040.2
Exchange differences 28.1 – 28.1
Additions 83.1 2.8 85.9
Depreciation – (1.7) (1.7)
Net revaluation surplus 4,382.7 – 4,382.7
Net book value at 31st December 22,529.9 5.3 22,535.2
Cost or valuation 22,529.9 17.8 22,547.7
Cumulative depreciation – (12.5) (12.5)
22,529.9 5.3 22,535.2
2010
Cost or valuation 14,817.7 13.9 14,831.6
Cumulative depreciation – (10.0) (10.0)
Net book value at 1st January 14,817.7 3.9 14,821.6
Exchange differences (6.9) 0.1 (6.8)
Additions 27.6 1.3 28.9
Depreciation – (1.1) (1.1)
Net revaluation surplus 3,197.6 – 3,197.6
Net book value at 31st December 18,036.0 4.2 18,040.2
Cost or valuation 18,036.0 15.1 18,051.1
Cumulative depreciation – (10.9) (10.9)
18,036.0 4.2 18,040.2
The Group’s investment properties were revalued at 31st December 2011 by independent qualified valuers. The Group employed
Jones Lang LaSalle to value its commercial investment properties in Hong Kong, Singapore, Vietnam and Cambodia which
are either held under leases with unexpired lease terms of more than 20 years or freehold. The valuations, which conform to the
International Valuation Standards issued by the International Valuation Standards Committee and the HKIS Valuation Standards
on Properties issued by the Hong Kong Institute of Surveyors, were arrived at by reference to the net income allowing for
reversionary potential of each property. The Report of the valuers is set out on page 71.
44 Hongkong Land