Annual Report 2023

167 ANNUAL REPORT 2023 31. LEASE LIABILITIES 2023 2022 HK$’million HK$’million Lease liabilities payable: Within 1 year 88 65 Between 1 and 2 years 50 13 Between 2 and 5 years 68 30 More than 5 years 976 842 Total 1,182 950 Less: Amount due for settlement within one year included shown under current liabilities (88) (65) Non-current portion 1,094 885 The lease liabilities ranged from 1 to 50 years, depending on the classes of assets rented. The Group does not have a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the Group’s treasury function. The Group’s weighted average incremental borrowing rate for lease liabilities as at 31 December 2023 is 5.09% (2022: 5.24%). Lease liabilities of HK$1,182 million (2022: HK$950 million) are recognised with related right-of-use assets of HK$978 million (2022: HK$751 million) as at 31 December 2023. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor and the relevant leased assets may not be used as security for borrowing purposes. Details of the lease maturity analysis of the Group’s lease liabilities are set out in note 35.1 (iii).