HSBC 2004 Annual Report Download - page 27
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HSBC HOLDINGS PLC
Description of Property
25
At 31 December 2004, HSBC had some 9,500
operational properties worldwide, of which
approximately 3,200 were located in Europe, 600 in
Hong Kong and the rest of Asia Pacific, 3,800 in
North America (including 1,600 in Mexico) and
1,700 in Brazil. Additionally, properties with a net
book value of US$1,163 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 24 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 out of its
normal business operations. None of the above
proceedings is regarded as material litigation.