NOTES TO THE FINANCIAL STATEMENTS 16. Investment Properties (continued) Under Completed Development Total HK$M HK$M HK$M At 1st January 2022 236,703 31,112 267,815 Translation differences (3,279) (170) (3,449) Additions 935 6,806 7,741 Cost written back (367) (53) (420) Disposals (269) – (269) Transfer between categories 15,629 (15,629) – Net transfers from right-of-use assets – 2 2 Transfer to assets classified as held for sale (474) – (474) Disposal of subsidiary companies – (556) (556) Net fair value (losses)/gains (764) 1,565 801 248,114 23,077 271,191 Add: Initial leasing costs 177 – 177 At 31st December 2022 248,291 23,077 271,368 At 1st January 2021 239,493 27,338 266,831 Translation differences 1,142 13 1,155 Additions 1,191 3,056 4,247 Cost written back (6) – (6) Disposals (1,603) – (1,603) Transfer between categories 1,131 (1,131) – Net transfers from property, plant and equipment (note 15) 41 – 41 Net transfers from right-of-use assets 242 633 875 Transfer to assets classified as held for sale (1,646) – (1,646) Disposal of subsidiary companies – (132) (132) Net fair value (losses)/gains (3,282) 1,335 (1,947) 236,703 31,112 267,815 Add: Initial leasing costs 144 – 144 At 31st December 2021 236,847 31,112 267,959 158