ESR IR 2021 - EN

65 ESR Interim Report 2021 Notes to Condensed Consolidated Financial Information 30 June 2021 13. 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: 30 June 31 December 2021 2020 (Unaudited) (Audited) US$’000 US$’000 Within one year 113,007 75,048 After one year but within two years 90,033 63,372 After two years but within three years 57,292 38,813 After three years but within four years 29,171 18,581 After four years but within five years 14,276 8,503 After five years 10,469 10,001 314,248 214,318 (c) Certain of the Group’s completed investment properties and investment properties under construction with a fair value of US$3,028,285,000 (31 December 2020: US$2,082,085,000) were pledged to secure bank and other borrowings granted to the Group (note 15). (d) Fair value hierarchy The following table illustrates the fair value measurement hierarchy of the Group’s investment properties: For the six months ended 30 June 2021 2020 (Unaudited) (Unaudited) US$’000 US$’000 Significant observable inputs (Level 2) 235,405 75,456 Significant unobservable inputs (Level 3) 3,362,834 2,510,323 3,598,239 2,585,779 During the period, there were no transfers of fair value measurement between Level 1 and Level 2 (30 June 2020: nil).