Hang Lung strengthens its commitment to sustainability with inaugural green loan from OCBC Bank
Hang Lung Properties Limited (“Hang Lung”, HKSE Stock Code: 00101), a leading property developer headquartered in Hong Kong, has secured a HK$1 billion green loan facility from OCBC Hong Kong Branch. This is Hang Lung’s maiden green loan, the proceeds of which will be used to finance commercial property development projects in mainland China, which have received gold certifications or pre-certifications issued by the U.S. Green Building Council of Leadership in Energy and Environmental Design (“LEED”), promoting sustainable development in the real estate industry on the Mainland.
In upholding its sustainability principle Build to Own, Build to Last, Hang Lung is committed to putting sustainable development at the heart of its core values as they create architectural landmarks in cities with great potential. The company has been selected as an index component of the Dow Jones Sustainability Indices in the Asia Pacific Index for two consecutive years since 2017, recognizing its achievements in corporate sustainability.
This green loan is issued under Hang Lung’s Green Finance Framework, which outlines the criteria and guidelines that will be used in the allocation of the green finance proceeds in line with the 2018 Green Bond Principles and 2018 Green Loan Principles. The framework has been reviewed and confirmed by Sustainalytics, a global provider of ESG research and ratings, to be credible and impactful.
For OCBC Bank, which recently topped two regional sustainable finance league tables, this green loan is the latest milestone towards its target of achieving a S$10 billion sustainable finance portfolio by 2022.
Tan Wing Ming, Regional General Manager for North East Asia of OCBC Bank, said, “We are proud to support Hang Lung’s ambition of spearheading green developments in Hong Kong and Mainland China. This green loan is the latest sustainable finance transaction to come out of OCBC Hong Kong Branch and positions the bank well to capture the growing green finance opportunity in the Greater Bay Area.”