Page 238 - Hong Kong Housing Society Annual Report 2024/25

12. Investment properties (continued) 12. 投資物業 （續）
Rental estates and properties 出租屋邨及物業

For rental estates and properties with carrying value and 就賬面值及公允價值為港幣
fair value of HK$9,818.2 million (2024: HK$7,188.1 million), 九十八億一千八百二十萬元（二零二四
the government has included in the land grant terms and 年：港幣七十一億八千八百一十萬元）
conditions governing the sale and rental of the properties. 的出租屋邨及物業而言，政府已納入土
At the end of the reporting period, the Housing Society 地出讓及物業租賃條款及條件。於報告
assessed the recoverable amounts of rental estates and 期末，房屋協會評估了出租屋邨及物業
properties based on the value-in-use approach using the 的可收回金額並根據其土地租賃期內使
discounted cash flow method along the land lease term, 用現金流量折現法計算的使用價值法評
because (i) the government may or may not consider giving 估，原因是(i)政府可能會或可能不會考
approval for the Housing Society to sell any or all of its 慮批准房屋協會出售任何或全部的出租
rental properties; (ii) there are no comparable market 物業；(ii)沒有可比較的市場交易提供參
transactions to provide references; and (iii) concessionary 考；及(iii)租賃公屋租戶或租戶受年齡
rents are charged to tenants of the public rental estates or 限制而收取優惠租金。該計算使用的折
tenants are age-restricted. The discount rate used in the 現率為百分之四（二零二四年：百分之
calculation was 4 per cent (2024: 4 per cent). 四）。

In addition, as at 31 March 2025, development costs of 此外，於二零二五年三月三十一日，預
certain rental estates and properties under development 期現金流入（如租金收入）不足以悉數抵
are not expected to be fully recovered by the projected 償若干發展中出租屋邨及物業的發展成
cash inflow (i.e. rental income). In view of this, impairment 本。鑑於此，房屋協會對相關的投資物
assessment of the relevant investment properties was 業使用現金流量折現法的使用價值法進
performed by the Housing Society based on a value in use 行減值評估。
calculation using the discounted cash flow method.

Based on the impairment assessment, an impairment 本年度，於全面收益表「投資物業減
loss of HK$886.4 million (2024: HK$558.8 million) was 值」項下根據減值評估確認減值為港幣
recognised under “Investment properties impairment” in 八億八千六百四十萬元（二零二四年：
the comprehensive income during the year, which were 港幣五億五千八百八十萬元），由發展
arose from properties under development and completed 中物業產生及竣工物業。
properties.

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