NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
13 INVESTMENT PROPERTIES, OTHER PROPERTY, PLANT AND EQUIPMENT AND
LEASEHOLD LAND (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
Fair value measurements as at 31 December 2016 categorised into
Fair value at
31 December
2016
HK$'000
Level 1
HK$'000
Level 2
HK$'000
Level 3
HK$'000
Recurring fair value measurement Investment properties
2,050,655
Recurring fair value measurement Investment properties
Hong Kong Ferry (Holdings) Company Limited
106 Annual Report 2016
-
2,050,655
Fair value measurements as at 31 December 2015 categorised into
Fair value at
31 December
2015
HK$'000
Level 1
HK$'000
Level 2
HK$'000
Level 3
HK$'000
2,001,100
2,001,100