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## 11. INVENTORIES 

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The operating costs related to inventories were NT$23,116 million (including the valuation loss on inventories of NT$56 million), NT$27,046 million (including valuation loss on inventories of NT$17 million) and NT$32,826 million (including the valuation loss on inventories of NT$187 million) for the years ended December 31, 2009, 2010 and 2011, respectively. 

Land held for sale on December 31, 2011 was for Wan-Xi and Covent projects. 

Land held under development and construction in progress on December 31, 2010 was for Guang-Diang, Wan-Xi, Covent, Li- Shui (A), and Li-Shui (B) projects. 

Land held under development and construction in progress on December 31, 2011 was for Guang-Diang and Li-Shui (A) projects. Guang-Diang and Li-Shui (A) projects are expected to be completed in 2012. 

LED recognizes the relevant revenues of Guang-Diang Project by percentage of completion method. The related information were as follows (in millions): 

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