
	Land		Buildings and Improvements			Right-of-use Assets		Total
	NT$		NT$			NT$		NT$

Accumulated depreciation

Balance at January 1, 2020	$	—	$	972,571		$	487,484	$	1,460,055
Depreciation expenses		—		353,048			209,212		562,260
Disposals		—		(1,293	)		—		(1,293	)
Reclassification		—		(1,498	)		10,617		9,119
Effects of foreign currency exchange differences		—		19,639			9,820		29,459


Balance at December 31, 2020	$	—	$	1,342,467		$	717,133	$	2,059,600


Carrying amount at December 31, 2020	$	35,965	$	6,480,338		$	6,021,780	$	12,538,083

For the year ended December

31, 2021


	Land			Buildings and Improvements			Right-of-use Assets			Total
	NT$			NT$			NT$			NT$

Cost

Balance at January 1, 2021	$	35,965		$	7,822,805		$	6,738,913		$	14,597,683
Disposals		—			(5,350	)		—			(5,350	)
Disposal of subsidiaries (Note 30)		—			(1,290,187	)		(87,412	)		(1,377,599	)
Reclassification (Note 12)		(393	)		9,818,133			3,398,139			13,215,879
Effects of foreign currency exchange differences		—			30,697			(6,962	)		23,735


Balance at December 31, 2021	$	35,572		$	16,376,098		$	10,042,678		$	26,454,348


Accumulated depreciation

Balance at January 1, 2021	$	—		$	1,342,467		$	717,133		$	2,059,600
Depreciation expenses		—			482,625			268,422			751,047
Disposals		—			(3,671	)		—			(3,671	)
Disposal of subsidiaries (Note 30)		—			(570,403	)		(19,946	)		(590,349	)
Reclassification		—			2,014,201			78,914			2,093,115
Effects of foreign currency e x change differences		—			6,927			(7,108	)		(181	)


Balance at December 31, 2021	$	—		$	3,272,146		$	1,037,415		$	4,309,561


Carrying amount at December 31, 2021	$	35,572		$	13,103,952		$	9,005,263		$	22,144,787

For the year ended December 31, 2022


	Land		Buildings and Improvements			Right-of-use Assets			Total
	NT$		NT$			NT$			NT$

Cost

Balance at January 1, 2022	$	35,572	$	16,376,098		$	10,042,678		$	26,454,348
Additions		—		114,786			—			114,786
Disposals		—		(9,770	)		—			(9,770	)
Reclassification		—		39,158			(10,314	)		28,844
Effects of foreign currency exchan g e differences		—		237,171			143,516			380,687


Balance at December 31, 2022	$	35,572	$	16,757,443		$	10,175,880		$	26,968,895


Accumulated depreciation

Balance at January 1, 2022	$	—	$	3,272,146		$	1,037,415		$	4,309,561
Depreciation expenses		—		779,431			327,583			1,107,014
Disposals		—		(8,354	)		—			(8,354	)
Reclassification		—		(198,631	)		(12,186	)		(210,817	)
Effects of foreign currency exchange differences		—		23,515			18,884			42,399


Balance at December 31, 2022	$	—	$	3,868,107		$	1,371,696		$	5,239,803


Carrying amount at December 31, 2022	$	35,572	$	12,889,336		$	8,804,184		$	21,729,092


	Land		Buildings and Improvements			Right-of-use Assets			Total
	US$ (Note 4)		US$ (Note 4)			US$ (Note 4)			US$ (Note 4)

Cost

Balance at January 1, 2022	$	1,158	$	532,903		$	326,804		$	860,865
Additions		—		3,735			—			3,735
Disposals		—		(318	)		—			(318	)
Reclassification		—		1,274			(336	)		938
Effects of foreign currency exchange differences		—		7,718			4,670			12,388


Balance at December 31, 2022	$	1,158	$	545,312		$	331,138		$	877,608


Accumulated depreciation

Balance at January 1, 2022	$	—	$	106,481		$	33,759		$	140,240
Depreciation expenses		—		25,364			10,660			36,024
Disposals		—		(272	)		—			(272	)
Reclassification		—		(6,464	)		(397	)		(6,861	)
Effects of foreign currency exchange differences		—		765			615			1,380


Balance at December 31, 2022	$	—	$	125,874		$	44,637		$	170,511


Carrying amount at December 31, 2022	$	1,158	$	419,438		$	286,501		$	707,097

Construction in progress located on Hutai Road in Shanghai was completed in 2021 and immediately leased out for shopping centers business. As a result, the Group reclassified those buildings and land use right under the line item of “inventories related to real estate - construction in progress” to investment properties with amount of NT$9,722,579 thousand.

Right-of-use

assets included in investment properties were leasehold land located in Shanghai and were subleased under operating leases.

The abovementioned investment properties were leased out for 1 to 20 years, with an option to extend for an additional lease term. The lease contracts contain market review clauses in the event that the lessees exercise their options to extend. The lessees do not have bargain purchase options to acquire the investment properties at the expiry of the lease term.

In addition to fixed lease payments, some of the lease contracts also indicated that the lessees should make variable payments determined at a specific percentage of the excess of respective lessee’s monthly revenues over a specific amount.

The maturity analysis of lease payments receivable under operating leases of investment properties was as follows:


	December 31
	2021		2022
	NT$		NT$		US$ (Note 4)

Year 1	$	1,693,659	$	1,683,010	$	54,768
Year 2		1,405,450		1,380,058		44,909
Year 3		1,210,891		1,119,779		36,439
Year 4		1,019,498		990,867		32,244
Year 5		929,609		808,851		26,321
Year 6 onwards		3,241,525		2,492,305		81,103


	$	9,500,632	$	8,474,870	$	275,784

The investment properties were depreciated on a straight-line basis over the following useful lives:


Main buildings			10-40 years
Right-of-use assets			10-50 years

Because the market conditions were severely affected by

COVID-19

in 2020, 2021 and 2022, the Group agreed to provide unconditional rent concessions for some lease contracts. The rent concessions were accounted for as adjustments to related income over the remaining lease term. For the years ended December 31, 2020, 2021 and 2022, total amount from the rent concessions were NT$54,139 thousand, NT$3,865 thousand and NT$114,538 thousand (US$3,727 thousand), respectively.

The fair value of the investment properties was measured using the market approach and the income approach based on level 3 inputs by independent professional appraisers. The significant unobservable inputs were discount rates. The fair value of the investment properties was as follows:


	December 31
	2021		2022
	NT$		NT$		US$ (Note 4)

Fair value	$	36,158,216	$	36,869,289	$	1,199,782

Refer to Note 36 for the carrying amount of the investment properties that had been pledged by the Group to secure borrowings.