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Notes to the Consolidated Financial Statements

31st March 2016

31 COMMITMENTS (CONTINUED)

(b) Operating lease commitments (as lessee)

The future aggregate minimum lease payments under non-cancellable operating leases in respect
of land and buildings are as follows:

2016 2015
HK$’000 HK$’000
Not later than one year 32,843 35,165
Later than one year and not later than five years 134,980 139,017
Later than five years 295,644 326,267

463,467 500,449

(c) Operating lease commitments (as lessor)

The Group leases various properties under non-cancellable operating lease agreements. The
leases have varying terms, escalation clauses and renewal rights.

The future aggregate minimum lease rental receivables under non-cancellable operating leases in
respect of land and buildings are as follows:

2016 2015
HK$’000 HK$’000

Not later than one year 924 4,370
Later than one year and not later than five years 152 336
1,076 4,706

The lease terms are from one to two years.

84 ALCO HOLDINGS LIMITED ANNUAL REPORT 2016