76
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
13 FIXED ASSETS (Continued)
(a) Fair value measurement of investment properties
(i)
Fair value hierarchy
The following table presents the fair value of the Group's investment properties measured at the end of the reporting period on a recurring basis, categorised into the three-level fair value hierarchy as defined in HKFRS 13, Fair value measurement. The level into which a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation technique as follows:
Level 1 valuations: Fair value measured using only Level 1 inputs i.e. unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date
Level 2 valuations: Fair value measured using Level 2 inputs i.e. observable inputs which fail to meet Level 1, and not using significant unobservable inputs. Unobservable inputs are inputs for which market data are not available
Level 3 valuations: Fair value measured using significant unobservable inputs
The Group Recurring fair value
measurement
Investment properties
The Group Recurring fair value
measurement
Fair value measurements as at 31 December 2014 categorised into
Fair value at
31 December
2014
HK$'000
Level 1
HK$'000
Level 2
HK$'000
Level 3
HK$'000
1,880,200
1,880,200
Fair value measurements as at
31 December 2013 categorised into
Fair value at
31 December
2013
HK$'000
Level 1
HK$'000
Level 2
HK$'000
Level 3
HK$'000
Investment properties
1,251,900
Hong Kong Ferry (Holdings) Company Limited Annual Report 2014
1,251,900
K