Notes to the Condensed Interim Financial Statements 18. Fair Value Measurement of Financial Instruments (a) Financial instruments that are measured at fair value are included in the following fair value hierarchy: Total carrying Level 2 Level 3 amount HK$M HK$M HK$M Assets as per consolidated statement of financial position At 30th June 2023 Derivatives used for hedging (note 19) 142 – 142 Financial assets at fair value through profit or loss – Unlisted equity investments – 616 616 142 616 758 At 31st December 2022 Derivatives used for hedging (note 19) 96 – 96 Financial assets at fair value through profit or loss – Unlisted equity investments – 460 460 96 460 556 Liabilities as per consolidated statement of financial position At 30th June 2023 Put option in respect of a non-controlling interest (note 21) – 583 583 At 31st December 2022 Put option in respect of a non-controlling interest (note 21) – 590 590 Notes: The levels in the hierarchy represent the following: Level 2 – Financial instruments measured at fair value using inputs other than quoted prices but where those inputs are based on observable market data. Level 3 – Financial instruments measured at fair value using inputs not based on observable market data. There were no transfers of financial instruments between the levels in the fair value hierarchy. The change in level 3 financial instruments for the period ended 30th June 2023 is as follows: Financial assets at Put option in respect fair value through of a non-controlling profit or loss interest HK$M HK$M At 1st January 2023 460 590 Translation differences – 3 Additions 156 – Distributions during the period – (15) Change in fair value recognised as net finance charges* – 5 At 30th June 2023 616 583 * Including unrealised losses recognised on balances held at 30th June 2023 – 5 70 Swire Properties Limited Interim Report 2023