1999 — Page 47

Notes on the Accounts

Hong Kong Ferry (Holdings) Co. Ltd.

45

11. FIXED ASSETS

(b) The analysis of the net book value of leasehold properties, which are all held in Hong Kong, is

as follows:

Group

Company

1999

1998

HK$'000

HK$'000

1999

HK$'000

1998

HK$'000

Medium term lease

457,071

2,882,254

193,445

198,109

Short term lease

30,980

32,114

488,051

2,914,368

193,445

198,109

12. PROPERTIES UNDER DEVELOPMENT

1999

1998

HK$'000

HK$'000

Transfer from investment properties

893,567

Transfer from properties held for development

1,092,138

Additions

2,085,306

Disposals

(202,500)

At 31 December

3,868,511

13. PROPERTIES PENDING TRANSFER TO SUBSIDIARIES

These properties were transferred to subsidiaries of the Company during 1999.