Hong Kong Ferry (Holdings) Company Limited Annual Report 2013
Notes to the Accounts (Continued)
13
FIXED ASSETS (Continued)
(a)
Fair value measurement of investment properties (Continued)
(ii)
Information about Level 3 fair value measurements (Continued)
Fair value adjustment of investment properties is recognised in the line item "valuation gains on investment properties and investment property held for development" on the face of the consolidated
profit and loss account.
All the gains recognised in profit or loss for the year arise from the properties held at the balance sheet
date.
(b) The analysis of the net book value of all the properties, which are held in Hong Kong, is as follows:
(c)
Medium-term leases
The Group
2013
HK$'000
2012
HK$'000
1,308,252
1,241,048
The Group leases out investment properties under operating leases. The leases typically run for an initial period of one month to three years, with an option to renew the lease after that date at which time all terms are renegotiated. Certain of the leases include contingent rentals calculated with reference to the revenue of
tenants.
All properties held under operating leases that would otherwise meet the definition of investment properties
are classified as investment properties.
The Group's total future minimum lease payments under non-cancellable operating leases are receivable as
follows:
Within 1 year
After 1 year but within 5 years
After 5 years
2013
2012
HK$'000
HK$'000
34,752
32,108
21,407
25,802
1,594
56,159
59,504
87