SWIRE PROPERTIES ANNUAL REPORT 2023 16. Investment Properties (continued) Under Completed Development Total HK$M HK$M HK$M At 1st January 2023 248,114 23,077 271,191 Translation differences (1,144) (56) (1,200) Acquisition of subsidiary companies (note 43) 15,230 – 15,230 Additions 975 1,957 2,932 Cost written back (55) – (55) Disposals (4,006) – (4,006) Net transfers from property, plant and equipment (note 15) 96 – 96 Net transfers to right-of-use assets (80) (8) (88) Net fair value losses (2,344) (485) (2,829) 256,786 24,485 281,271 Add: Initial leasing costs 192 – 192 At 31st December 2023 256,978 24,485 281,463 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 23,077 271,368 165