URA

126 (expressed in Hong Kong Dollars) NOTES TO THE FINANCIAL STATEMENTS 13. Properties held for sale As at 31 March 2018, properties held for sale were stated at the lower of cost and net realisable value with carrying amounts of $852,202,000 (31 March 2017: $926,217,000). The Group’s properties held for sale are located in Hong Kong and their carrying amounts are analysed as follows: 2018 2017 $’000 $’000 Long leases 7,196 7,196 Medium-term leases 845,006 919,021 852,202 926,217 14. Balances with joint development projects 2018 2017 $’000 $’000 Amounts due from joint development projects 67,789 66,462 Amounts due to joint development projects (436,973) (125,646) (369,184) (59,184) All amounts due from/(to) joint development projects are expected to be recovered/settled within one year. The Group have the following active joint development projects as at 31 March 2018. Actual Expected Total gross completion completion floor area date date Project Name/Location Land use (m 2 ) (calendar year) (calendar year) The Zenith/One Wanchai Commercial/Residential 62,310 2006 – (Wan Chai) (Site A & B) 2013 (Site C) * Vision City/Citywalk Commercial/Residential 137,885 2007 – (Tsuen Wan) # The Masterpiece/K11 Commercial/Hotel/ 103,844 2008 – (Tsim Sha Tsui) Service Apartment