Page 166 - Hang Lung Properties 2012 Annual Report

2 PRINCIPAL ACCOUNTING POLICIES (Continued)
(f) Properties
1. Investment properties and investment properties
under development
Investment properties are land and/or buildings which are owned or
held under a leasehold interest to earn rental income and/or for capital
appreciation. These include land held for a currently undetermined
future use and property that is being constructed or developed for
future use as investment property.
Investment properties are stated at fair value, unless they are still in the
course of construction or development at the end of the reporting period
and their fair value cannot be reliably determined at that time. Any gain or
loss arising from a change in fair value or from the retirement or disposal
of an investment property is recognized in profit or loss. Rental income
from investment properties is accounted for as described in note 2(q).
When the Group holds a property interest under an operating lease
to earn rental income and/or for capital appreciation, the interest is
classified and accounted for as an investment property on a property-by-
property basis. Any such property interest which has been classified as
an investment property is accounted for as if it were held under a finance
lease, and the same accounting policies are applied to that interest as
are applied to other investment properties leased under finance leases.
Lease payments are accounted for as described in note 2(g).
2. Properties under development for sale
Properties under development for sale are classified under current
assets and stated at the lower of cost and net realizable value. Costs
include the acquisition cost of land, aggregate cost of development,
borrowing costs capitalized (note 2(o)) and other direct expenses. Net
realizable value represents the estimated selling price less estimated
costs of completion and costs to be incurred in selling the property.
3. Completed properties for sale
Completed properties for sale are classified under current assets and
stated at the lower of cost and net realizable value. Cost is determined
by apportionment of the total development costs, including borrowing
costs capitalized, attributable to unsold properties. Net realizable value
represents the estimated selling price as determined by reference to
management estimates based on prevailing market conditions, less
costs to be incurred in selling the property.
2 主要會計政策（續）
(f) 物業
1. 投資物業及發展中投資物業
投資物業是根據租賃權益擁有或持有，用
作賺取租金收入及／或資本增值之土地及／
或樓宇。當中包括現時持有但未確定將來
用途之土地及仍在興建或發展中以供日後
用作投資物業之物業。
投資物業以公平值入賬，除非物業於結算
日仍在興建或發展而物業的公平值在當時
不能可靠計量。因公平值變動或報廢或出
售投資物業所產生的任何收益或虧損將確
認為損益。投資物業之租金收入如附註 2(q)
所述入賬。
倘本集團根據營業租約持有一項物業權益
以賺取租金收入及／或作資本增值，該權
益則按不同的物業而分類及入賬為投資物
業。任何已分類為投資物業的物業權益乃
分類為猶如根據融資租約持有的權益，相
同的會計政策亦適用於根據融資租約持有
的其他投資物業的權益。應付租金如附註
2(g) 所述入賬。
2. 待售發展中物業
待售發展中物業皆列入流動資產內，並以
成本值及可變現淨值之較低者入賬。成本
包括土地購買成本、發展成本、資本化之
借貸成本（附註 2(o)）及其他直接開支之總
和。可變現淨值乃估計物業售價減估計落
成成本及出售物業涉及之費用。
3. 待售已建成物業
待售已建成物業皆列入流動資產內，並以
成本值及可變現淨值之較低者入賬。成本
乃按未出售單位應佔之比例攤分總發展成
本，包括資本化借貸成本而釐定。可變現
淨值指管理層參照目前市況而釐定之估計
物業售價減出售物業涉及之費用。
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