notes to financial statements - the grande holdings limited

12. INVESTMENT PROPERTIESAt valuationGroup2003 2002HK$HK$million millionnotes tofinancial statements31 December 2003At beginning of year 14 –Acquisition 49 9(Deficit)/surplus on revaluation (3) 5At end of year 60 14The carrying amount of investment properties comprises land as follows:Group2003 2002HK$HK$million millionLand outside Hong Kong:Freehold 46 –Medium term leasehold 5 551 5Medium term leasehold land in Hong Kong 9 9Carrying amount 60 14The investment properties of HK$14 million was revalued by Dudley Surveyors Limited,an independent firm of professional valuators, on an open market, existing use basisas at 31 December 2003.The investment properties of HK$46 million was revalued by Allsop & Co, anindependent firm of professional valuators, on an open market, existing use basis asat 17 October 2003. The directors considered that there is no material fluctuation inthe value of these properties between the year end date and the valuation date.All the Group’s investment properties were rent out under operating leases.45