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85Consolidated Financial Statements Summary and Notes
Investment property
The Group leased out certain buildings to third parties.
Such buildings are classified as investment property.
The carrying value of investment property as at
December 31, 2014 is CNY16 million (2013: CNY127
million). The fair value of investment property as at
December 31, 2014 is estimated by management to be
CNY71 million (2013: CNY252 million).
The fair value of investment property is determined by
the Group internally with reference to market conditions
and discounted cash flow forecasts. The Group's
current lease agreements, which were entered into on
an arm's-length basis, are taken into account when
estimating future cash flow. The fair value measurement
is categorised into level 3 of the three-level fair value
hierarchy as defined in IFRS 13, Fair value measurement.
12. Long-term leasehold prepayments
2014 2013
CNY million CNY million
At January 1 2,761 2,361
Additions 607 462
Acquisition of subsidiaries (note 28(c)) 61 –
Amortisation for the year (80) (62)
At December 31 3,349 2,761
13. Interest in associates
The following list contains only the particulars of material associates, all of which are unlisted corporate entities
whose quoted market price is not available:
Name of associate
Form of
business
structure
Place of
incorporation
and business
Proportion of
ownership interest Nature of the relationship
2014 2013
TD Tech Holding Limited
("TD Tech") Incorporated Hong Kong, PRC 49% 49%
Research and development,
production and sale of TD-SCDMA
telecommunication products
Tianwen Digital Media Technology
(Beijing) Co., Ltd.
("Tianwen Digital Media")
Incorporated Beijing, PRC 49% 49%
Development, publication and
operation of digital media
related services
All of the associates are accounted for using the equity method in the consolidated financial statements summary.