Annual Report 2023

235 2023 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 13 Interest in leasehold land and other property, plant and equipment (continued) (c) In 2023, subsidies totalling $27,763,000 (2022: $96,846,000) were received or receivable from the HKSAR Government for retrofitting buses with appropriate safety devices and for installation of facilities at bus stops and terminus. The purposes of the subsidies are to enhance the operational safety of franchised buses and to expedite the installation of facilities for the convenience of passengers respectively. The subsidies received or receivable have been deducted from the carrying amount of the assets directly in accordance with the accounting policy set out in note 1(k). 14 Investment properties and investment property under development (a) Movements during the year Investment properties Investment property under development Total $’000 $’000 $’000 Valuation: At 1 January 2023 (restated) 1,468,800 5,840,000 7,308,800 Additions – 615,320 615,320 Transfer to investment properties upon completion 3,880,715 (3,880,715) – Increase in fair value, net 56,985 230,395 287,380 At 31 December 2023 5,406,500 2,805,000 8,211,500 Investment properties Investment property under development Total $’000 $’000 $’000 (restated) (restated) (restated) Valuation: At 1 January 2022 1,503,300 4,735,000 6,238,300 Additions 1,223 620,595 621,818 (Decrease)/increase in fair value, net (35,723) 484,405 448,682 At 31 December 2022 1,468,800 5,840,000 7,308,800