09 June 2022

Chinachem Group and Hang Seng Sign HK$ 1 Billion Sustainability-linked Loan Facility for Sustainable Business Development

Chinachem Group (the ‘Group’ or ‘Chinachem’) and Hang Seng Bank (‘Hang Seng’) are pleased to announce the signing of a sustainability-linked loan facility totaling HK$ 1 billion to support the advancement of the Group’s sustainability goals. The arrangement between the Bank and Chinachem reflects the joint commitment to creating a greener future and fostering sustainable development in Hong Kong. Hong Kong Quality Assurance Agency (HKQAA) is serving as independent external reviewer for the facility.   The loan is directly tethered to the Group’s environmental, social and governance (‘ESG’) strategy. As the sole lender and sustainability structuring bank, Hang Seng has developed a tailor-made financing mechanism with interest rate reductions linked to specific sustainability performance targets to incentivise the Group to fulfil a set of ESG metrics. These include reducing water and energy use intensity at its hotels and properties under management and increasing training to further raise staff awareness of sustainability issues and considerations. The loan, which will also be used for corporate funding purpose of the Group’s upcoming green development projects and ongoing sustainability-related working capital and capital expenditures, will greatly facilitate the Group’s journey to continue integrating sustainability into its operations and achieving its CCG3050+ carbon reduction target as part of the transition to a low-carbon future.   The Group has developed a sustainability framework and objectives matching the 17 United Nations’ Sustainability Development Goals by batches, which epitomises the balance between financial return and community responsibility. Earlier this year, the science-based targets (SBTs) set by the Group were officially approved by the Science Based Targets initiative (SBTi). Chinachem Group has become Hong Kong’s second real estate developer to have completed SBT validation with a 1.5°C-aligned target.   Donald Lam, Head of Commercial Banking at Hang Seng Bank said, “Hang Seng has built considerable expertise in sustainable and green financing. We are delighted to be working with Chinachem Group to further its commitment to sustainable development while achieving financing cost benefits. The transition to a greener business model requires strategic investment. Sustainability is an integral part of Hang Seng’s strategy and we are actively involved in the development of sustainable capital markets and the pursuit of environmental betterment to support large corporations such as Chinachem as well as Hong Kong’s SMEs with sustainable financing solutions that incentivise positive change.”   Donald Choi, Executive Director and Chief Executive Officer at Chinachem Group, said “As a developer of ‘Places with Heart’, we strive to create shared value for the community through a ‘Triple Bottom Line’ approach, which balances People, Prosperity and Planet. We have set science-based targets, committed to keeping the magnitude of global warming within 1.5°C. We have also established a carbon emission reduction target CCG3050+, aimed at reducing carbon emissions by over 50% by 2030 compared with the base year of 2020. To support the Group’s business strategy and vision, we launched our Green Finance Framework in 2021 intending to fund projects that will deliver environmental benefits and this is the fourth round of green financing we have arranged. We look forward to working together with other like-minded partners to help Hong Kong’s transition to a more liveable city.”   As a Bank with deep roots in Hong Kong, Hang Seng aspires to become a leading entity to drive ESG in the banking industry, supporting the creation of a sustainable future for the city and future generations. The Bank is committed to being carbon-neutral in its operations by 2030. To this end, Hang Seng has embedded ESG into its strategy, operations, products and services. The Bank is also leveraging its expertise to help customers transition to a greener future and achieve sustainable business growth by tailoring green and sustainable financing solutions for a diverse range of needs. For the first five months of 2022, Hang Seng approved HK$12.4 billion in green loans and sustainability-linked loans in total, representing a year-on-year growth of 196% and almost doubling that for the whole year of 2021. The Bank will continue to explore financing solutions with green and sustainable features to help commercial customers capitalize on opportunities.
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29 March 2022

City’s largest Community Vaccination Centre on private land opens today, offering convenient service for hundreds of thousands

A new pop-up Community Vaccination Centre (CVC) commenced operations in the heart of Causeway Bay today (29 March), potentially allowing several hundred thousand more citizens to get fully vaccinated and help Hong Kong return to normal life as soon as possible. The CVC at the junction of Leighton Road and Caroline Hill Road is the largest yet set up within a private property portfolio, having been jointly offered to the Government for three months by Chinachem Group (the Group) and Hysan Development, who will later be developing a retail, commercial and community complex on the 160,000 sq ft site. Constructed in an exceptionally short period of just 18 days, the CVC offers 18 vaccination booths, providing a smooth and comfortable experience for the public. Gammon Construction, which has also sponsored the initiative, took the lead in creating the temporary facilities using pre-fabricated containers, working alongside other partners including Arup, Ronald Lu and Partners and WSP. The site was handed over to the Hong Kong Government on 23 March 2022 and will be operational for three months until the end of June. The School of Nursing at the Hong Kong Polytechnic University will operate the vaccination centre in a non-profit-making mode. “Since the start of the pandemic, we’ve assiduously explored how we can use our property spaces and other resources to help the Government and the community combat the pandemic,” explains Chinachem Group’s Executive Director and CEO Donald Choi. “As in this case, we’ve also joined hands with like-minded partners where possible to maximise the support we can offer, and help speed Hong Kong’s recovery through a team effort. This exemplifies our people-centric philosophy and our vision of creating shared value for the community through a ‘Triple Bottom Line’ approach, which balances People, Prosperity and Planet.” Chinachem Group has also made a number of its hotels available for quarantine or isolation purposes, while Nina Hotel Tsuen Wan West recently hosted a community vaccination day co-organised with Tsuen Wan District Office. In late January, the Group organised pop-up mini-flower markets at selected properties to support local farmers affected by the last-minute cancellation of the traditional Chinese New Year markets. Besides putting its properties to good use amid the pandemic, the Group has helped make 100,000 Rapid Antigen Test (RAT) kits available to people in need, donating 50,000 kits directly and a further 50,000 through matching donations by C-MER Eye Care Holdings and Shenzhen YHLO Biotech. The first batch of 20,000 RAT kits were delivered to the Fu Hong Society to help its residential care homes and daycare centres combat the pandemic. The remaining 80,000 were packed into 8,000 goodie bags – together with other anti-epidemic supplies and daily necessities such as masks, hand sanitiser, canned food and more – then distributed to subdivided flat households in Tsuen Wan, Sham Shui Po and Yau Tsim Mong districts, benefiting around 4,000 low-income families. To ensure the timely and safe delivery of these supplies and ease the current pressure on NGOs, the Group arranged distribution through smart logistics start-up Zeek, in which it is an investor. The Group has also donated HK$500,000 to Hong Kong Sheng Kung Hui Welfare Council to alleviate their substantial expenses of employing temporary care workers, paying special allowances, and purchasing anti-epidemic supplies and disinfection. In the earlier stages of the Government’s vaccination drive, the Group organised a HK$20 million Vaccination Lucky Draw to encourage more people to get vaccinated. By playing its part to boost the city’s vaccination rate, the Group hopes that Hong Kong can build a sufficient immunity barrier to speed up its relaxation of anti-epidemic measures and return to a healthy economy. The Group will continue to provide support and care to citizens in need while paying close attention to their well-being. The Group will join hands with others in the city to fight against the epidemic and build a beautiful home together.
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Awards and accolade

With efforts in contributing to the various aspects of the society, the Group is well recognized in the industry through soliciting various awards and accolades.

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