Hong Kong Housing Society Annual Report 2014
134
Notes to the Financial Statements
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11 Investment properties
(continued)
(a) Fair values
(continued)
Excluding certain commercial premises under development with
carrying amount of HK$360.8 million (2013: HK$298.5 million) at
31 March 2014 whereby their fair values cannot be reliably
determined at the reporting date, the carrying value and fair value
of completed commercial premises at 31 March 2014 were
HK$3,442.6 million and HK$7,682.5 million respectively (2013:
HK$3,444.7 million and HK$7,097.2 million). The fair value of
completed commercial premises at 31 March 2014 and 2013
have been arrived at on the basis of a valuation carried out on that
date by an in-house professional surveyor. The investment
properties have been valued individually, on a market value basis,
which conforms to Hong Kong Institute of Surveyors Valuation
Standards on Properties. The valuation involves the use of certain
significant inputs for which the market data are not available. The
fair value measurement of the investment properties falls into Level
3 of the fair value hierarchy as defined in HKFRS 13,
Fair value
measurement
. The valuation was mainly arrived at by reference to
comparable market transactions for similar properties and on the
basis of capitalisation of net income with due allowance for the
reversionary income and redevelopment potential.
11
投資物業
（續）
(a)
公允價值
（續）
於二零一四年三月三十一日，
除 賬 面 值 為 港 幣 三 億 六 千 零
八 十 萬 元（二 零 一 三 年： 港 幣
二億九千八百五十萬元）的部份發
展中商業樓宇，其公允價值不能
於結算日可靠地估計外，竣工商
業樓宇的賬面值及公允價值分別
為港幣三十四億四千二百六十萬
元及港幣七十六億八千二百五十
萬 元（二 零 一 三 年： 港 幣
三十四億四千四百七十萬元及港幣
七十億九千七百二十萬元）。竣工
商業樓宇於二零一四年及二零一三
年三月三十一日的公允價值，是由
內部專業測量師於當日進行估值。
投資物業乃遵守香港測量師學會物
業估值準則個別地按市值進行重
估。該估值使用之重大數據乃市場
數據未能提供之輸入數據。該投資
物業之公允價值計量根據《香港財
務報告準則》第十三號「公允價值
計量」被界定為第三級估值。該估
值乃參考相若物業之市場交易及按
收入淨額資本化，並計入租賃期滿
後收入調整及重建之可能性。
