ESR AR 2019 EN

Notes to the Consolidated Financial Statements 31 December 2019 186 Focused 19. INVESTMENT PROPERTIES (continued) (b) Completed investment properties leased out under operating leases The Group leases out completed investment properties under operating lease arrangements. All leases run for a period of one to ten years, with an option to renew the leases after the expiry dates, at which time all terms will be renegotiated. The Group’s total future minimum lease receivables under non-cancellable operating leases generated from completed investment properties are as follows: As at 31 December As at 31 December 2019 2018 USD’000 USD’000 Within one year 103,453 82,472 After one year but within two years 89,430 72,997 After two years but within three years 68,636 53,194 After three years but within four years 43,894 49,534 After four years but within five years 27,326 32,109 After five years 59,130 18,667 391,869 308,973 (c) Certain of the Group’s completed investment properties and investment properties under construction with a fair value of USD1,899,602,000 (2018: USD1,591,741,000) were pledged to secure bank and other borrowings granted to the Group as disclosed in note 26. (d) Fair value hierarchy The following table illustrates the fair value measurement hierarchy of the Group’s investment properties: As at 31 December As at 31 December 2019 2018 USD’000 USD’000 Significant observable inputs (Level 2) 233,089 20,202 Significant unobservable inputs (Level 3) 2,552,837 1,865,300 2,785,926 1,885,502 During the year, there were no transfers of fair value measurement between Level 1 and Level 2 (2018: nil).