78
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
13 FIXED ASSETS (Continued)
(a) Fair value measurement of investment properties (Continued)
(ii)
Information about Level 3 fair value measurements (Continued)
The fair value measurement of investment properties is positively correlated to the occupancy rate and market unit sales price and negatively correlated to the capitalisation rate.
The movements during the year in the balance of these Level 3 fair value measurements are as follows:
Investment properties
At 1 January
Transfer from inventories
Disposals
Valuation gains
At 31 December
2014
HK$'000
2013
HK$'000
1,251,900
1,182,800
486,624
(24,000)
141,676
93,100
1,880,200
1,251,900
Fair value adjustment of investment properties is recognised in the line item "valuation gains on investment properties" on the face of the consolidated statement of profit or loss.
All the gains recognised in profit or loss for the year arise from the properties held at the end of the reporting period.
(b)
The analysis of the net book value of all the properties, which are held in Hong Kong, is as follows:
The Group
2014
HK$'000
2013
HK$'000
Medium-term leases
Hong Kong Ferry (Holdings) Company Limited Annual Report 2014
1,936,124
1,308,252
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