23. Properties for Sale Accounting Policy Properties for sale comprise freehold and leasehold land at cost, construction costs and interest costs capitalised, less provisions for possible losses. Properties under development are active construction projects which are expected to be sold within the Group’s normal operating cycle and are classified as current assets. Properties for sale are available for immediate sale and are classified as current assets. 2022 2021 HK$M HK$M Properties for sale Properties under development – development costs 619 494 – leasehold land 7,389 5,759 Completed properties – development costs 138 8 – freehold land – 149 – leasehold land 118 1 8,264 6,411 Refer to the table with heading “Audited Financial Information” on page 86 for details of the Group’s capitalised interest rates and the amount of interest capitalised. SWIRE PROPERTIES ANNUAL REPORT 2022 173