143 / 166
12
投資物業
（續）
(a)
減值
於報告期末，房屋協會評估了物業
租賃分部的投資物業中的可收回
數額。而部分竣工物業及發展中
物業的賬面金額分別撇減至港幣
二億七千二百七十萬元及港幣零
元（二零一五年：部分發展中物業
的賬面金額撇減至港幣零元）。因
此，分別為數港幣三千七百九十
萬元（二零一五年：港幣零元）及
一億五千八百六十萬元（二零一五
年：港幣八百五十萬元）的竣工物
業及發展中物業減值於全面收益表
之「投資物業減值及撇銷」中確認。
竣工物業的可收回數額是以公允價
值減去出售成本。該估值是根據附
註十二
( b )
的估值準則。而該估值
使用的資本化率為
3.6%
至
4%
（二
零一五年：無）。
發展中物業的可收回數額根據使用
價值法計算。該計算使用的折現率
為
4%
（
2015
：
4%
）。
(b)
公允價值
房屋協會的投資物業包括
(i)
在政府
批出的土地上興建的出租屋邨及物
業及
( i i )
作長期投資為目的之商業
及住宅樓宇。
政府在批出土地作興建出租屋邨
及物業時，已加入限制此等物
業出售及租賃的特定條文。這些
總值為港幣五十九億四千七百
萬 元（二 零 一 五 年： 港 幣
五十五億二千六百四十萬元）的投
資物業，其公允價值因以下因素而
不能可靠地估計：
(i)
政府可能不會
批准房屋協會出售其任何或全部出
租物業；
( i i )
沒有可用作比較的市
場交易；
( i i i )
公共屋邨租客只須付
出優惠租金或租客有年齡限制。
12 Investment properties
(continued)
(a) Impairment loss
At the end of the reporting period, the Housing Society
assessed the recoverable amounts of investment properties of
the property leasing segment. As a result the carrying amounts
of certain completed properties and properties under
development were written down to HK$272.7 million and
HK$Nil respectively (2015: the carrying amount of a property
under development was written down to HK$Nil). Impairment
losses of HK$37.9 million (2015: HK$Nil) and HK$158.6
million (2015: HK$8.5 million) were recognised respectively
for the completed properties and properties under
development under “Investment properties impairment and
written off” in the statement of comprehensive income.
The recoverable amounts of the completed properties are
their fair values less costs of disposal. The valuation is arrived
at the same valuation basis as set out in note 12(b). The
capitalisation rates used in the valuation ranged from 3.6%
to 4% (2015: Nil).
The recoverable amounts of the properties under development
are determined by using value-in-use calculation. The discount
rate used in the calculation was 4% (2015: 4%).
(b) Fair values
The Housing Society’s investment properties comprises
(i) rental estates and properties built on land granted by the
government, and (ii) commercial and residential premises
for long term investment purpose.
For rental estates and properties with carrying value of
HK$5,947.0 million (2015: HK$5,526.4 million), the
government has included in the land grant terms and
conditions governing the sale and rental of the properties.
The fair values of the properties cannot be reliably assessed
because (i) the government may or may not consider giving
approval for the Housing Society to sell any or all of its rental
properties; (ii) there are no comparable market transactions
to provide references; and (iii) concessionary rents are
charged to tenants of the public rental estates or tenants
are age-restricted.
139
香港房屋協會
2016
年年報
Notes to the Financial Statements
財務報表附註