Annual Report (in PDF) - Hongkong Land

Report of the Valuers
To Hongkong Land Holdings Limited
Dear Sirs,
Revaluation of Commercial Investment Properties Held on Leases
Further to your instructions, we have valued in our capacity as external valuers the commercial investment
properties held on leases as described in the Annual Report of Hongkong Land Holdings Limited. We are of
the opinion that the market value of the commercial investment properties held on leases in Hong Kong,
Singapore and Vietnam as at 31st December 2007, totalled US$14,242,950,000 (United States Dollars
Fourteen Thousand Two Hundred Forty Two Million Nine Hundred and Fifty Thousand).
Our valuations are prepared in accordance with the International Valuation Standards (‘IVS’ ) (Eighth Edition
2007) by the International Valuation Standards Committee and The HKIS Valuation Standards on Properties by
The Hong Kong Institution 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 opinions, 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 Ltd
Hong Kong, 6th March 2008
Annual Report 2007 65