Page 226 - Hong Kong Housing Society Annual Report 2023/24

11. Investment properties (continued) 11. 投資物業 （續）
Rental estates and properties 出租屋邨及物業

For rental estates and properties with carrying value and 就賬面值及公允價值為港幣
fair value of HK$7,188.1 million (2023: HK$7,221.1 million), 七十一億八千八百一十萬元（二零二三
the government has included in the land grant terms and 年：港幣七十二億二千一百一十萬元）
conditions governing the sale and rental of the properties. 的出租屋邨及物業而言，政府已納入土
At the end of the reporting period, the Housing Society 地出讓及物業租賃條款及條件。於報告
assessed the recoverable amounts of rental estates and 期末，房屋協會評估了出租屋邨及物業
properties based on the value-in-use approach using the 的可收回金額並根據其土地租賃期內使
discounted cash flow method along the land lease term, 用現金流量折現法計算的使用價值法評
because (i) the government may or may not consider giving 估，原因是(i)政府可能會或可能不會考
approval for the Housing Society to sell any or all of its 慮批准房屋協會出售任何或全部的出租
rental properties; (ii) there are no comparable market 物業；(ii)沒有可比較的市場交易提供參
transactions to provide references; and (iii) concessionary 考；及(iii)租賃公屋租戶或租戶受年齡
rents are charged to tenants of the public rental estates or 限制而收取優惠租金。該計算使用的折
tenants are age-restricted. The discount rate used in the 現率為百分之四（二零二三年：百分之
calculation was 4 per cent (2023: 4 per cent). 四）。

In addition, as at 31 March 2024, development costs of 此外，於二零二四年三月三十一日，預
certain rental estates and properties under development 期現金流入（如租金收入）不足以悉數抵
are not expected to be fully recovered by the projected 償若干發展中出租屋邨及物業的發展成
cash inflow (i.e. rental income). In view of this, impairment 本。鑑於此，房屋協會對相關的投資物
assessment of the relevant investment properties was 業使用現金流量折現法的使用價值法進
performed by the Housing Society based on a value in use 行減值評估。
calculation using the discounted cash flow method.

Based on the impairment assessment, an impairment loss 本年度，於全面收益表「投資物業淨減
of HK$558.8 million (2023: HK$115.3 million, which included 值」項下根據減值評估確認減值為港幣
an impairment loss of HK$427.0 million and a reversal 五億五千八百八十萬元（二零二三年：
of impairment loss of HK$311.7 million) was recognised 港幣一億一千五百三十萬元，其中包括
under “Investment properties impairment, net” in the 減值港幣四億二千七百萬元及減值回撥
comprehensive income during the year, which were arose 港幣三億一千一百七十萬元），由發展
from properties under development. 中物業產生。

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