Annual Report 2016
129
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2016
15. PROPERTY, PLANT AND EQUIPMENT
– continued
Fair value measurement of the Group’s leasehold land and buildings
The Group’s leasehold land and buildings are stated at their revalued amounts, being the fair
value at the date of revaluation, less any subsequent accumulated depreciation and subsequent
accumulated impairment losses. The fair value measurements of the Group’s leasehold land and
buildings as at March 31, 2016 were performed by Assets Appraisal Limited (2015: DTZ Debenham
Tie Leung Limited), independent valuer not connected with the Group, who have appropriate
qualifications and recent experience in the fair value measurement of the properties in the relevant
locations.
The fair value of the leasehold land and buildings was determined based on the direct comparison
method that reflects recent transaction prices for similar properties, adjusted for difference in the
location, view, floor area, lot size and age and condition of the properties under review.
In estimating the fair value of the properties, the highest and best use of the properties is their
current use.
Significant
Relationship of
Category of property,
Fair value
Valuation technique(s)
unobservable
unobservable
plant and equipment
Fair value as at
hierarchy
and key input(s)
inputs
inputs to fair value
March 31,2016 March 31, 2015
Land and buildings
HK$244,251,000 HK$259,900,000
Level 2
Direct comparison
N/A
N/A
method – based on
market observable
transactions of similar
properties and adjusted for
difference in the location,
view, floor area, lot size and
age and condition of the
properties under review
