HSBC 2003 Annual Report Download - page 37

HSBC HOLDINGS PLC
Description of Property
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At 31 December 2003, HSBC had some 9,700
operational properties worldwide, of which
approximately 3,300 were located in Europe, 600 in
Hong Kong and the rest of Asia Pacific, 3,700 in
North America (including 1,500 in Mexico) and
1,700 in Brazil. Additionally, properties with a net
book value of US$715 million were held for
investment purposes. Of the total net book value of
HSBC properties, more than 73 per cent were owned
or held under long-term leases. Further details are
included in Note 25 of the ‘Notes on the Financial
Statements’ .
HSBC values its properties on an annual basis
and updates their balance sheet values accordingly.
Legal Proceedings
HSBC, together with a number of its subsidiary
undertakings, is named in and is defending legal
actions in various jurisdictions arising from its
normal business. None of the above proceedings is
regarded as material litigation.