New World’s First Green Credit Investment in North Point Commercial Reconstruction
New World Development (00017) announced that it has launched the “Green Finance Framework" and is the first Hong Kong company to launch a green financial framework for the issuance of green bonds or loans. The group stated that it has successfully awarded the first green loan in accordance with the framework and invested in a large-scale commercial reconstruction project at King’s Road, North Point, Hong Kong. It is planned to be completed in 2019. Green bonds or loans will follow the framework and invest in projects that meet specific criteria, including green buildings, energy efficiency, renewable energy, water resources management, waste disposal, and climate change responses. The Hongkong and Shanghai Banking Corporation is the Group’s green financial advisor.
The transaction is believed to be the first green loan in Hong Kong and has been certified by the Hong Kong Quality Assurance Agency. At the same time, the reconstruction project at King’s Road can fully meet the green standards, and future users and communities can benefit from sustainable development projects that will be eligible through green bonds or loan investments. The base point of Thomson Reuters reported that the loan involved HK$3.6 billion