URA

112 (expressed in Hong Kong Dollars) NOTES TO THE FINANCIAL STATEMENTS 3. Financial risk management and fair value of financial instruments (Continued) (a) Financial risk factors (Continued) (ii) Credit risk (Continued) The credit risk on trade receivables is limited as rental deposits in the form of cash are usually received from tenants. The credit risk on other receivables is limited as the Group is entitled to refund and has monitoring procedures to claim for refund of Buyer’s Stamp Duty and Ad Valorem Double Stamp Duty from the Government upon the happening of the refund event in accordance with Stamp Duty Ordinance Chapter 117. (iii) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through committed credit facilities. Management monitors rolling forecasts of the Group’s cash and bank balances on the basis of expected cash flow. The table below analyses the Group’s financial liabilities into relevant maturity groupings based on the remaining period from the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying amounts (except for debt securities issued which include interest element), as the impact of discounting is insignificant. 2018 2017 $’000 $’000 Less than 1 year  Trade and other payables 2,959,980 3,179,155  Amounts due to joint development projects 436,973 125,646  Debt securities issued 65,772 569,791 Between 1 to 3 years  Trade and other payables 299,200 529,700  Debt securities issued 1,806,550 1,127,037 Between 3 to 5 years  Trade and other payables 7,300 42,200  Debt securities issued 364,462 777,507 Over 5 years  Trade and other payables 369,500 370,300  Debt securities issued 859,375 1,191,615