Notes to Fina - 星島新聞集團

ncial Statements
15. FIXED ASSETS (continued)
Certain of the Group’s land and buildings were valued
individually at 31 December 2002 by Chung, Chan &
Associates, independent professionally qualified valuers,
at an aggregate value of HK$93,328,000, on an open
market value and existing state basis. The Group’s
remaining land and buildings and all of the Company’s
land and buildings were valued individually at 31 July
2002 by Chung, Chan & Associates and Jones Lang
LaSalle Limited at an aggregate value of
HK$176,432,000 and HK$8,030,000, respectively, on an
open market value and existing state basis (the “July
Valuations”). Based on a letter dated 29 January 2003
issued by Chung, Chan & Associates and a letter dated
13 February 2003 issued by Jones Lang LaSalle Limited
(the “Letters”), the directors are of the opinion that,
except for one of the Group’s properties which has its
value declined by HK$7,000,000 during the period
between 31 July 2002 and 31 December 2002, the
differences between individual valuations of the
remaining land and buildings as at 31 July 2002 and 31
December 2002 are not significant and accordingly,
these land and buildings were stated at the directors’
valuation at HK$169,432,000 with reference to the July
Valuations and the Letters.
15.
93,328,000
176,432,0008,030,000
7,000,000
169,432,000
Had all the land and buildings of the Group and the
Company been carried at cost less accumulated
depreciation and impairment, the carrying values of
these properties would have been stated at
approximately HK$249,921,000 (2001: HK$434,805,000)
and HK$8,030,000 (2001: HK$9,444,000), respectively.
249,921,000
434,805,0008,030,000
9,444,000
An aggregate revaluation surplus of HK$9,849,000 (2001:
HK$3,449,000) and an aggregate revaluation deficit of
HK$14,927,000 (2001: HK$30,994,000) attributable to
the Group has been credited to the Group’s land and
buildings revaluation reserve and charged to the profit
and loss account, respectively. An aggregate revaluation
surplus attributable to the Company of HK$97,000
(2001: deficit of HK$95,000) has been credited to the
Company’s profit and loss account.
9,849,000
3,449,000
14,927,00030,994,000
97,00095,000
Global China Group Holdings Limited Annual Report 2002
103