161 SWIRE PROPERTIES ANNUAL REPORT 2024 16. Investment Properties (continued) Completed HK$M Under Development HK$M Total HK$M At 1st January 2024 256,786 24,485 281,271 Translation differences (1,866) (145) (2,011) Additions 924 3,742 4,666 Cost written back (21) – (21) Transfer between categories 4,283 (4,283) – Net transfers (to)/from property, plant and equipment (note 15) (51) 283 232 Net transfers (to)/from right-of-use assets (211) 9 (202) Transfer to properties for sale – (1,682) (1,682) Transfer to assets classified as held for sale (4,755) – (4,755) Net fair value losses (4,977) (1,019) (5,996) 250,112 21,390 271,502 Add: Initial leasing costs 115 – 115 At 31st December 2024 250,227 21,390 271,617 At 1st January 2023 248,114 23,077 271,191 Translation differences (1,144) (56) (1,200) Acquisition of subsidiary companies 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