Annual Report 2011 - Hongkong Land

Report of the Valuers
To Hongkong Land Holdings Limited
Dear Sirs
Revaluation of Commercial Investment Properties Held under Freehold and Leasehold
Further to your instructions, we have valued in our capacity as external valuers the commercial investment properties held under
freehold and leasehold as described in Note 12 to the consolidated financial statements of Hongkong Land Holdings Limited. We are of
the opinion that the market value of the commercial investment properties held under freehold in Cambodia and leasehold in Hong
Kong, Singapore and Vietnam as at 31st December 2011, totalled US$22,391,500,000 (United States Dollars Twenty Two Billion Three
Hundred Ninety One Million and Five Hundred Thousand).
Our valuations are prepared in accordance with the International Valuation Standards by the International Valuation Standards Committee
and The HKIS Valuation Standards on Properties by The Hong Kong Institute of Surveyors.
We have inspected the properties without either making structural surveys or testing the services. We have been supplied with details
of tenure, tenancies and other relevant information.
In arriving at our opinion, each property was valued individually, on market value basis, calculated on the net income allowing for
reversionary potential, however no allowance has been made for expenses of realisation or for taxation which might arise in the event
of disposal.
Yours faithfully
Jones Lang LaSalle Limited
Hong Kong, 1st March 2012
Annual Report 2011 71