Page 171 - Hong Kong Housing Society 香港房屋協會 - Annual Report 2018 年報

Notes to the Financial Statements 財務報表附註

12. Investment properties (continued) 12. 投資物業€ᚃ
(b) Fair values (b) 公允價࠽
The Housing Society’s investment properties comprises (i) ג܊՘ึٙҳ༟يุܼ̍(i)ί
rental estates and properties built on land granted by the ִ݁ҭ̈ٙɺήɪጳܔٙ̈ॡ
government, and (ii) commercial and residential premises for ܊㡼ʿيุʿ(ii) Ъڗಂҳ༟މ
long term investment purpose. ͦٙʘਠุʿИσᅽρf

For rental estates and properties with carrying value of ఱሪࠦ࠽މಥ࿆ʞɤʬᄂ
HK$5,667.3 million (2017: HK$5,850.6 million), the government ʬɷɖϵɧɤຬʩ€ɚཧɓɖ
has included in the land grant terms and conditions governing ϋjʞɤɞᄂʞɷཧʬɤຬʩ
the sale and rental of the properties. The recoverable amounts ٙ̈ॡ܊㡼ʿيุϾԊdִ݁ʊ
of the properties of HK$5,667.3 million (2017: HK$5,850.6 ॶɝɺή̈ᜫʿيุॡ༣ૢಛʿ
million) were assessed based on the value-in-use approach ૢ΁f̙ϗΫږᕘᄆ࠽މಥ࿆
using the discounted cash flow method, because (i) the ʞɤʬᄂʬɷɖϵɧɤຬʩ€ɚ
government may or may not consider giving approval for the ཧɓɖϋjʞɤɞᄂʞɷཧʬɤ
Housing Society to sell any or all of its rental properties; (ii) ຬʩٙيุɗ࣬ኽତږݴඎұ
there are no comparable market transactions to provide ତجࠇၑٙԴ͜ᄆ࠽ج൙Пdࡡ
references; and (iii) concessionary rents are charged to tenants Ϊ݊€ɓִ̙݁ঐึא̙ঐʔ
of the public rental estates or tenants are age-restricted. ึϽᅇҭࡘג܊՘ึ̈ਯ΂Оא
Ό௅ٙ̈ॡيุi€ɚӚϞ̙ˢ
༰̹ٙఙʹ׸౤ԶਞϽiʿ€ɧ
ॡ༣ʮ܊ॡ˒אॡ˒աϋᙧࠢՓ
Ͼϗ՟Ꮄ౉ॡږf

The carrying value and fair value of completed commercial and ംʈਠุʿИσᅽρٙሪࠦ࠽ʿ
residential premises at 31 March 2018 were HK$4,088.1 million ʮ ʪ ᄆ࠽ʱйމಥ࿆̬ɤᄂ
and HK$11,448.8 million, respectively (2017: HK$4,203.3 million ɞɷɞϵɓɤຬʩʿಥ࿆
and HK$10,447.2 million). The fair value of completed ɓϵɓɤ̬ᄂ̬ɷɞϵɞɤຬʩ
commercial and residential premises at 31 March 2018 and €ɚཧɓɖϋjಥ࿆̬ɤɚᄂཧ
2017 have been arrived at on the basis of a valuation carried ɧϵɧɤຬʩʿಥ࿆ɓϵཧ
out on that date by an in-house professional surveyor. The ̬ᄂ̬ɷɖϵɚɤຬʩfംʈ
investment properties have been valued individually, on a ਠุʿИσᅽρ׵ɚཧɓɞϋʿ
market value basis, which conforms to Hong Kong Institute of ɚཧɓɖϋɧ˜ɧɤɓ˚ٙʮʪ
Surveyors Valuation Standards on Properties. The valuation ᄆ࠽d݊͟ʫ௅ਖ਼ุ಻ඎࢪ׵຅
involves the use of certain significant inputs for which the ˚ආБП࠽fҳ༟يุɗ፭ς࠰
market data are not available. The fair value measurement of ಥ಻ඎࢪኪึيุП࠽๟ۆࡈй
the investment properties falls into Level 3 of the fair value ή̹ܲ࠽ආБࠠПf༈П࠽Դ͜
hierarchy as defined in HKFRS 13. The valuation was mainly ʘࠠɽᅰኽɗ̹ఙᅰኽ͊ঐ౤Զ
arrived at by reference to comparable market transactions for ʘ፩ɝᅰኽf༈ҳ༟يุʘʮʪ
similar properties and on the basis of capitalisation of net ᄆ࠽ࠇඎ࣬ኽ࠰ಥৌਕజѓ๟ۆ
income with due allowance for the reversionary income and ୋɤɧ໮˜ʮʪᄆ࠽ࠇඎ™஗ޢ
redevelopment potential. ֛މୋɧॴП࠽f༈П࠽ɗਞϽ
޴߰يุʘ̹ఙʹ׸ʿܲϗɝଋ
ᕘ༟͉ʷdԨࠇɝॡ༣ಂတܝϗ
ɝሜ዆ʿࠠܔʘ̙ঐ׌f

香港房屋協會2017/18年度年報 169