[Valuation of our investment properties
Our investment properties are office properties that we hold for rental income. We state our investment properties at their fair value as non-current assets on our balance sheet on the basis of valuations by a qualified independent professional valuer. We supply the independent professional valuer with various information including the leases existing on our investment properties and our estimate as to when and whether the lease terms may be extended, for the valuer to use as a basis of its valuation. Property valuation involves the exercise of professional judgment and requires the use of certain bases and assumptions with respect to factors including:
在截至二零零五年及二零零六年十二月三十一日止两个年度，我们投资物业公平值的收益分别为 228.0 百万元人民币及 282.2 百万元人民币，而在截至二零零七年三月三十一日止三个月则为 314.0 百万元人民币。
- current prices in an active market for properties of different nature, condition or location (or subject to different lease or other contracts), adjusted to reflect those differences;
规限）的物业 在活跃市场的现 时价 格， 再作出调整以反映 以上差别；
- recent prices of similar properties in less active markets, with adjustments to reflect any changes in economic conditions since the date of the transactions that occurred at those prices; and
上同类物业的最近价格， 再作出调整以反映 以该价格 进行交易的日期 后的经济状况的任何 转变；及
- discounted cash flow projections based on reliable estimates of future cash flows, derived from the terms of any existing lease and other contracts, and (where possible) from external evidence such as current market rents for similar properties in the same location and condition, and using discount rates that reflect current market assessments of the uncertainty in the amount and timing of the cash flows.
计算的可靠未来现金流量 估算 作出现金流 折现 预测，亦考虑
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