9. FIXED ASSETS (continued)
Company
Cost or valuation
At 1 January 1988
350,000
18,505
39,727
518,581
22,448
949,261
Additions and transfer
from assets under
construction
1,334
53,328 2,857
57,519
Valuation surplus
53,000
53,000
Disposals
(1,559)
At 31 December 1988 403,000
18.505
(582)
39,502 571,327 24,919
(386)
(2,527)
1,057,253
Aggregate
depreciation
At 1 January 1988
89
13,774 178,873 10,707
203,443
Written back on
disposals
Charge for the year
At 31 December 1988
(1,270)
(293)
(386)
(1,949)
65 1,159 21,732
2,238
25,194
154
13,663 200,312
12,559
226,688
Net book value
At 31 December 1988
403,000
18,351
25,839 371,015
12,360
830,565
At 31 December 1987
350,000 18.416 25,953 339,708
11,741
745,818
(i)
Leasehold land is held in Hong Kong and comprises the following:
Group and company
1988
HK$'000
1987
HK$'000
Long lease
17,853
17,853
Medium term lease
Short term lease
325
173
333
230
18.351
18,416
(ii) The group's investment properties are held in Hong Kong on long leases and have been revalued by an officer of the company, who is a Fellow of The Royal Institution of Chartered Surveyors, at 31 December 1988 on an open market value basis.
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