The arrangementsentered into by the Group with developers for property developments along theAirport Railway are considered to be jointly controlled operations pursuant toSSAP 21 "'Accounting for interests in joint ventures". Pursuant tothe development arrangements, the Group is normally responsible for its owncosts, including in-house staff costs1and the costs of enabling works,2and the developers normally undertake to pay for all other project costs suchas land premium,3construction costs, professional fees, etc. Suchcosts are deductible from the proceeds of sale before surplus proceeds areshared. In respect of its interests in such operations, the Group accounts forthe costs of enabling works net of up-front payments received as propertydevelopment in progress.

根据《标准会计实务公告》第21条“‘合营业务的会计处理’”，本集团与开发商就机场铁路沿线的物业开发项目达成的安排，均被视为共同控制业务。按照该等物业开发安排，本集团通常自行负责本身的开支，包括属下员工薪酬和准备过程的开支；至于土地出让金、建造成本、专业费用等一切其他工程开支，一般由开发商承担。而该等开支在分摊收益盈余前，在售楼款项中扣除。根据本集团在该等业务中的权益，本集团承担的准备工程开支可从开发中物业的售款项中扣除。

Monetary assetsand liabilities denominated in foreign currencies are translated into Hong Kongdollars at the rates of exchange prevailing at the balance sheet date1 orat the relevant forward contract2rates where applicable. Exchangedifferences are included in the profit and loss account.3Transactions during the year are converted into Hong Kong dollars at rates ofexchange ruling at the dates of transactions

The accounts ofsubsidiaries ,4jointly controlled entities5orassociated company6 denominated in foreign currencies are translatedinto Hong Kong dollars using the year end rates of exchange for balance sheetitems and the average rates of exchange for the year for the profit and lossaccount. Exchange differences are dealt with as a movement in reserves.

以外币结算的货币性资产和债务，均按照资产负债表结算日的汇兑率，或依照有关远期合同汇率换算为港元。兑换差额列报于损益帐内。年内进行的交易依照交易时的汇兑率换算为港元。

子公司、共同控制实体或联营公司以外币结算的账项已换算为港元，列于资产负债表内的账项以年终汇兑率换算，而列于损益帐内的账项则以年内平均汇兑率换算。兑换差额列作储动变动处理。