Urban Renewal Authority 2018-19 Annual Report

154 (expressed in Hong Kong Dollars) NOTES TO THE FINANCIAL STATEMENTS 12. Investments As at 31 March 2019, the debt securities investments are analysed as follows: 2019 2018 $’000 $’000 Non-current portion – Investments at amortised cost (2018: Held-to-maturity investments) 1,253,000 2,761,306 Current portion – Investments at amortised cost (2018: Held-to-maturity investments) 3,158,065 1,746,547 – Investments at fair value through profit or loss – 477,958 3,158,065 2,224,505 As at 31 March 2019, the Group’s debt securities represent high quality corporate and government bonds. The following table presents the Group’s assets that are measured at fair value at 31 March 2019. The different fair value hierarchy of the Group’s investments have been defined as follows: • Level 1 valuations: Quoted prices in active markets for identical assets or liabilities. No adjustments are made to the quoted price for these investments. • Level 2 valuations: Investments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotation or alternative pricing sources supported by observable inputs. • Level 3 valuations: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Level 1 Level 2 Total 2019 2018 2019 2018 2019 2018 $’000 $’000 $’000 $’000 $’000 $’000 Debt securities – 439,999 – 37,959 – 477,958 During the years ended 31 March 2018 and 2019, there were no transfers between Level 1 and Level 2.