Urban Renewal Authority 2018-19 Annual Report

162 (expressed in Hong Kong Dollars) NOTES TO THE FINANCIAL STATEMENTS 17. Trade and other payables (Continued) Contract liabilities recognised arise from property development activities. Typical payment terms are as follows: The Group receives certain percentage of the contract value as deposit from customers when they sign the sale and purchase agreement. The deposit is recognised as a contract liability until the properties are completed and transferred to the customers. The rest of the consideration is typically paid when the property is assigned to the customer. Movements in contract liabilities $’000 Balance at 1 April 2018 6,660 Decrease in contract liabilities as a result of recognising revenue during the year that was included in the contract liabilities at the beginning of the period (6,660) Increase in contract liabilities as a result of receiving forward sales deposits and instalments during the year in respect of properties still under construction as at 31 March 2019 1,241 Balance at 31 March 2019 1,241 18. Debt securities issued As at 31 March 2019, the Group has issued the following fixed rate notes under a Medium Term Note programme. 2019 2018 $’000 $’000 Non-current portion HK dollar Fixed rate notes with coupon of 1.75% due 2019 – 500,000 HK dollar Fixed rate notes with coupon of 1.65% due 2020 – 500,000 HK dollar Fixed rate notes with coupon of 1.64% due 2020 300,000 300,000 HK dollar Fixed rate notes with coupon of 2.92% due 2021 400,000 400,000 HK dollar Fixed rate notes with coupon of 2.18% due 2023 300,000 300,000 HK dollar Fixed rate notes with coupon of 2.15% due 2023 300,000 300,000 HK dollar Fixed rate notes with coupon of 3.85% due 2026 500,000 500,000 Less: Unamortised debt securities issuing costs (6,189) (9,294) 1,793,811 2,790,706