Notes to the financial statements Year ended 31 December 2024 4. INVESTMENT PROPERTIES Group Note 2024 2023 $’000 $’000 At 1 January 4,543,213 4,909,377 Reclassified to asset held for sale 10 – (156,907) Expenditure capitalised 10,998 30,257 Changes in fair value (89,733) (39,769) Translation differences (20,547) (199,745) At 31 December 4,443,931 4,543,213 Security At 31 December 2024, investment properties of the Group with carrying amounts of $972.9 million (2023: $1,444.2 million) are pledged as security to secure bank loans (see Note 12). Measurement of fair value Investment properties are stated at fair value based on valuation performed by independent professional valuers having appropriate recognised professional qualifications and recent experience in the location and category of property being valued. In determining the fair value, the valuers have used valuation methods which involve certain estimates. The Manager reviews the key valuation parameters and underlying data including discount, capitalisation and terminal yield rates adopted by the valuers and is of the view that the valuation methods and estimates are reflective of the current market conditions. 118 CapitaLand China Trust
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