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1. In this appeal, issues arise as to the methodology used in the assessment of the rateable value (for the purposes of calculating the rates and government rent under, respectively, the Rating Ordinance, Cap 116 and the Government Rent (Assessment and Collection) Ordinance, Cap 515) of the tenement occupied by the appellant, the Hong Kong Electric Company Limited (“the Company”). A discrete issue also arises in relation to what has been termed by the parties the “assets under construction” iss