Page 158 - Urban Renewal Authority 2023-24 Annual Report

NOTES TO THE FINANCIAL STATEMENTS

(expressed in Hong Kong Dollars)

17. Trade and other payables (Continued)

Note: (Continued)

(a) Contract liabilities (Continued)
Movements in contract liabilities

2024 2023

$’000 $’000

Balance at 1 April 61,561 6,255
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 (18,721) (3,750)
Increase in contract liabilities as a result of receiving forward
sales deposits and instalments during the year in respect of
property sales not yet completed as at 31 March 69,752 59,056

Balance at 31 March 112,592 61,561

18. Debt securities issued
As at 31 March 2024, the Group has issued the following fixed rate notes under a Medium Term Note
programme.

2024 2023

$’000 $’000

Non-current portion
HK dollar Fixed rate notes with coupon of 3.85% due 2026 500,000 500,000
Less: Unamortised debt securities issuing costs (889) (1,378)

499,111 498,622

Current portion
HK dollar Fixed rate notes with coupon of 2.15% due 2023 – 300,000
Less: Unamortised debt securities issuing costs – (21)

– 299,979

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