Page 192 - Hang Lung Properties 2012 Annual Report

11 FIXED ASSETS – GROUP (Continued)
(a) (Continued)
The net book value of other fixed assets of the Group included
long leases of $14 million (2011: $15 million) in respect of land
and building held in Hong Kong, medium term leases of $8
million (2011: $8 million) and long leases of $35 million (2011:
$32 million) in respect of land and buildings held outside Hong
Kong respectively.
Property leasing revenue includes gross rental income from
investment properties of $6,098 million (P.E. 12/2011: $2,876
million; Y.E. 12/2011: $5,519 million).
(b) The Group leases out its properties under operating leases
and subleases under finance lease. Leases typically run for an
initial period of two to five years, with some having the option to
renew, at which time all terms are renegotiated. Long term leases
contain rent review or adjustment clauses and the Group has a
regular proportion of its leases up for renewal each year. Certain
leases include contingent rentals calculated with reference to the
revenue of tenants.
11 固定資產 — 集團（續）
(a) （續）
本集團其他固定資產之賬面淨值包括
位於香港以長期地契持有之土地及建
築物一千四百萬元（二零一一年：一
千五百萬元）以及香港境外以中期地
契持有之土地及建築物八百萬元（二
零一一年：八百萬元）及以長期地契
持有之土地及建築物三千五百萬元
（二零一一年：三千二百萬元）。
物業租賃收益包括投資物業之租金
收入總額六十億九千八百萬元（二零
一一期間：二十八億七千六百萬元；
二零一一年度：五十五億一千九百
萬元）。
(b) 本集團根據營業租約出租及按融資租
約分租其物業。該等租約一般初步
為期二至五年，其中部份有權選擇續
約，屆時重新協商所有條款。長期租
約通常會訂明重新檢討或調整租金之
條款，而本集團每年均有一定比例的
租約期滿續約。若干租約包括或然租
金，乃參照租戶之收入而釐定。
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