Page 88 - URA Annual Report 2021-22

MANAGEMENT DISCUSSION AND ANALYSIS
(c) Debt Securities Issued
The URA is rated AA+ by Standard & Poor’s Rating Services. As at 31 March 2022, the outstanding debt securities issued by the URA under the Medium Term Note (MTN) Programme was $1,098 million.
(d) Net Asset Value
The URA’s net asset value as at 31 March 2022 was $53,810 million (31 March 2021: $47,242 million), representing the Government’s capital injection of $10,000 million (31 March 2021: $10,000 million) and an accumulated surplus of $43,810 million (31 March 2021: $37,242 million).
The financial summary of the past ten years is described on page 117 of this Annual Report.
(III) Capital Injection and Tax Exemption
Following approval by the Finance Committee of the Legislative Council on 21 June 2002, the Government injected $10,000 million of equity capital into the URA in five tranches of $2,000 million each over a five- year period from 2002/03 to 2006/07. The Government continues to exempt the URA from taxation.
(IV) Waiver of Land Premia by the Government
The Government waives the land premia for redevelopment sites granted to the URA. A total of 48 land grants have been waived in respect of all the tendered projects with aggregate land premia totalling $20,805 million up to 31 March 2022.
Without this waiver, the URA’s accumulated surplus as at 31 March 2022 would have been lowered by $20,805 million to $23,005 million; and its net asset value as at 31 March 2022 would have been decreased to $33,005 million.
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