NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023 4. INVESTMENT PROPERTIES (continued) Level 3 fair values The following table shows the significant unobservable inputs used in the valuation models: Valuation methods Significant unobservable inputs Inter-relationship between key unobservable inputs and fair value measurement Capitalisation approach • Capitalisation rates (from 3.25% to 6.50%) (2022: from 4.00% to 6.75%) The fair value increases (decreases) as capitalisation rates decrease (increase). Discounted cash flows approach • Discount rates (from 7.00% to 9.00%) (2022: from 7.00% to 8.85%) • Terminal rates (from 4.00% to 6.00%) (2022: from 4.80% to 6.25%) The fair value increases (decreases) as discount rates and terminal rates decrease (increase). 5. PLANT AND EQUIPMENT Group Improvement to premises Plant and machinery Motor vehicles Furniture, fittings and equipment Total $’000 $’000 $’000 $’000 $’000 Cost At 1 January 2022 11,678 1,553 77 9,208 22,516 Additions 286 11 113 319 729 Disposal/written off (7) (10) (66) (1,755) (1,838) Reclassification to investment property-depreciation offset (54) – – – (54) Reclassification to investment property (Note 4) (53) – – – (53) Translation difference on consolidation (961) (122) (6) (641) (1,730) At 31 December 2022 10,889 1,432 118 7,131 19,570 Additions – 55 – 425 480 Disposal/written off (10) (73) – (865) (948) Reclassified to assets held for sale (Note 10) (9) (58) – (1) (68) Translation difference on consolidation (445) (64) (5) (266) (780) At 31 December 2023 10,425 1,292 113 6,424 18,254 184 CAPITALAND CHINA TRUST
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