SWIRE PROPERTIES ANNUAL REPORT 2023 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. Completed properties are available for immediate sale and are classified as current assets. 2023 2022 HK$M HK$M Properties for sale Properties under development – development costs 1,586 619 – leasehold land 7,389 7,389 Completed properties – development costs 84 138 – leasehold land 62 118 9,121 8,264 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. 181