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Notes to the Consolidated Financial Statements

31st March 2017

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:

2017 2016
HK$’000 HK$’000

Not later than one year 33,713 32,843
Later than one year and not later than five years 128,998 134,980
Later than five years 232,852 295,644

395,563 463,467

(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:

2017 2016
HK$’000 HK$’000

Not later than one year 3,841 924
Later than one year and not later than five years 1,234 152
5,075 1,076

The lease terms are from one to two years.

102 ALCO HOLDINGS LIMITED ANNUAL REPORT 2017