ANNUAL REPORT 2025 161 NOTES TO THE FINANCIAL STATEMENTS 11 Projects under development Group 2025 2024 HK$’000 HK$’000 At beginning of the year 501,612 664,194 Additions 407,469 332,390 Transfer to fi xed assets (Note 10) (367,805) (493,930) Currency translation diff erences 1,251 (1,042) At end of the year 542,527 501,612 Projects under development mainly represent the cost of construction of port facilities in Hong Kong and Chinese Mainland. 12 Leasehold land and land use rights Group 2025 2024 HK$’000 HK$’000 Net book value At beginning of the year 30,462,936 31,858,286 Amortisation (1,262,863) (1,289,476) Transfer to assets classifi ed as held for sale (Note 24) (12,054) (76,443) Currency translation diff erences 46,807 (29,431) At end of the year 29,234,826 30,462,936 Cost 47,944,817 47,900,930 Accumulated amortisation (18,709,991) (17,437,994) 29,234,826 30,462,936 The net book value of land use rights, which are accounted for as right-of-use assets, was HK$6,064,365,000 at 31 December 2025 (2024: HK$6,346,152,000). The corresponding amortisation charge for the year was HK$281,787,000 (2024: HK$281,793,000). 13 Railway usage rights Group 2025 2024 HK$’000 HK$’000 Net book value At beginning of the year 7,944 8,658 Amortisation (488) (486) Currency translation diff erences 362 (228) At end of the year 7,818 7,944 Cost 14,735 13,723 Accumulated amortisation (6,917) (5,779) 7,818 7,944
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