in PDF - Hongkong Land

Notes to the Financial Statements
13 Tangible assets
Investment Other Other
properties properties assets Total
US$m US$m US$m US$m
2008
Cost or valuation 14,260.6 10.5 11.9 14,283.0
Cumulative depreciation – (2.4) (7.7) (10.1)
Net book value at 1st January 14,260.6 8.1 4.2 14,272.9
Exchange rate adjustments 96.5 – – 96.5
Additions 44.5 0.4 3.9 48.8
Depreciation – (0.2) (1.5) (1.7)
Disposals – – (0.1) (0.1)
Net revaluation deficit (698.9) – – (698.9)
Net book value at 31st December 13,702.7 8.3 6.5 13,717.5
Cost or valuation 13,702.7 10.9 15.3 13,728.9
Cumulative depreciation – (2.6 ) (8.8 ) (11.4 )
13,702.7 8.3 6.5 13,717.5
2007
Cost or valuation 11,650.7 11.9 11.0 11,673.6
Cumulative depreciation – (2.8) (7.0) (9.8)
Net book value at 1st January 11,650.7 9.1 4.0 11,663.8
Exchange rate adjustments (4.2) – 0.1 (4.1)
Additions 35.9 0.2 2.2 38.3
Depreciation – (0.1) (0.8) (0.9)
Disposals (10.7) (1.1) (1.3) (13.1)
Net revaluation surplus 2,588.9 – – 2,588.9
Net book value at 31st December 14,260.6 8.1 4.2 14,272.9
Cost or valuation 14,260.6 10.5 11.9 14,283.0
Cumulative depreciation – (2.4 ) (7.7 ) (10.1 )
14,260.6 8.1 4.2 14,272.9
The Group’s investment properties were revalued at 31st December 2008 by independent qualified valuers. As a result, a net
deficit of US$698.9 million (2007: surplus of US$2,588.9 million) has been taken to the consolidated profit and loss account.
All the Group’s investment properties in Hong Kong and Singapore are held under leases with unexpired lease terms of more than
20 years except for The Hong Kong Club Building in Hong Kong, which is held under a sub-lease. Details concerning the Group’s
commercial investment properties are set out on page 66.
36 Hongkong Land