Page 167 - URA Annual Report 2021-22

(expressed in Hong Kong Dollars)
16. Capital
On 21 June 2002, the Finance Committee of the Legislative Council approved a commitment of $10 billion for injection as equity into the Authority. The Government injected the equity into the Authority in phases over the five financial years from 2002/03 to 2006/07. At 31 March 2022, the Authority had received all five tranches of equity injection of $10 billion in total.
17. Trade and other payables
As at 31 March 2022, the trade and other payables are analysed as follows: Note
2022 $’000
6,255 62,960 97,550
599,992
2,033
5,585 2,213,045
2,987,420
2022 $’000
387,085 2,600,335
2,987,420
2021 $’000
29,175
91,302 103,448 148,415
566,460 5,567 2,766,325
3,710,692
2021 $’000
418,292 3,292,400
3,710,692
Contract liabilities
Lease liabilities
Trade payables
Rental and other deposits received
Proceeds received in advance from sale of properties of joint
development projects Other payables Accrued expenses
Representing:
Non-current portion Current portion
Note:
(a) Contract liabilities
(a)
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.
URA ANNUAL REPORT 2021-22 161