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Notes to the Consolidated Financial Statements31 December 2024192ADVANCING AHEAD18.INVESTMENT PROPERTIES (continued)(d)Fair value hierarchy (continued)The valuation of investment properties categorised within Level 2 of the fair value hierarchy is based on comparable market transactions for which the Group considers sales of similar properties that have been transacted in the open market.Below is a summary of the valuation techniques used and the key unobservable inputs to the valuation of investment properties categorised within Level 3 of the fair value hierarchy:Investment property detailsValuation techniqueKey unobservable inputsInter-relationship between key unobservable inputs and fair value measurementLogistics Facility, Data Centres, LandIncome capitalisationCapitalisation rate:China:5.40%to7.25%(2023:5.40%to7.00%)Japan: 3.80% to 4.00%(2023: 3.30% to 4.80%)The estimated fair value varies inversely against capitalisation rateIndia:7.50%(2023:N/A)Discounted cash flowsDiscount rate:China:7.25%to9.00%(2023:7.25%to9.00%)Japan: 3.50% to 3.80%(2023:3.10%to4.70%)The estimated fair value varies inversely against the discount rateIndia: 11.50% to 13.85%(2023:11.27%to14.50%)Terminal capitalisation rate:China: 4.25% to 6.25%(2023: 4.25% to 6.25%)Japan: 3.80% to 4.10%(2023: 3.50% to 5.20%)The estimated fair value varies inversely against the terminal capitalisation rateIndia:7.50%(2023:7.50%)