HONG KONG, June 29, 2021 /PRNewswire/ -- Sino Group (the 'Group') announced today that Kingdom Investment Limited, a wholly-owned subsidiary of Sino Land Company Limited ('Sino Land') has converted a five-year HK$1 billion loan signed with Bank of China (Hong Kong) ('BOCHK') in April last year to a sustainability-linked loan, marking Sino Land's first financing arrangement directly linked to its sustainability targets. Aligning with the Group's vision of Creating Better Lifescapes, the proceeds will be used for funding sustainability- and ESG-related initiatives as part of its Sustainability Vision 2030 ('SV2030').
Sino Group announced Sino Land secures the first HK$1 billion sustainability-linked loan from Bank of China (Hong Kong). Representatives (from left): Mr Ringo Chan, Executive Director & Group Finance Director, Sino Group, Mr Thomas Tang, Executive Director & Group Chief Financial Officer, Sino Group, Ms Kennis Chong, Deputy General Manager, Global Corporate Banking, Bank of China (Hong Kong), and Mr Calvin Woo, Assistant General Manager, Global Corporate Banking, Bank of China (Hong Kong)
Upon achieving sustainability performance targets as part of the Group's SV2030, as mutually agreed with BOCHK, Sino Land will be incentivised with a reduction in the interest rate applied to the loan. The sustainability targets are set in accordance with goals that align with the Group's key areas of focus, including reducing greenhouse gas emissions, the generation of renewable energy, reduced consumption of single-use plastics, green building certification for all new buildings in Hong Kong, and initiatives to improve the wellbeing of less-resourced families.
In 2020, Sino Group announced its SV2030, an important blueprint charting the course for 2030 and beyond, where it set a clear direction for sustainability to be embraced across the Group's cross-functional operations. This sustainability-linked loan is Sino Land's subsequent sustainable financing initiative, following the HK$2 billion green loan raised in 2018 under its Green Finance Framework.
In 2020, Sino Land became a constituent member of the Hang Seng ESG 50 index and joined the United Nations Global Compact as a Signatory. In 2021, Sino Land finds itself among the top ten of the 6th Hong Kong Business Sustainability Index as well as receiving ratings in the MSCI ESG Indexes, GRESB and Sustainalytics benchmarks. Sino Land is also one of the five real estate developers in Asia to join the global pledge to support the 'Business Ambition for 1.5°C' and strive for net zero carbon by 2050.
Mr Wang Bing, Deputy Chief Executive of Bank of China (Hong Kong), said, 'BOCHK, being a close partner of Sino Group, is delighted to offer the company its first sustainability-linked loan. Sino Group's commitment to sustainable development serves as an example for the industry to follow. The loan will enable the company to achieve its development goals. BOCHK will continue to offer customers a comprehensive suite of products and tailor-made financing solutions, supporting them to establish sustainable business models that promote the transition to a green economy.'
'At Sino, sustainability is central to our business operations as we seek to create value for stakeholders and make business a driver of sustainability for a better future. This sustainability-linked loan reaffirms the Group's commitment to deliver on our SV 2030 and drive ESG excellence in our daily operations as well as provide the necessary funding to accelerate our sustainability goals into achievements. We are delighted to have Bank of China (Hong Kong) alongside us as we continue our sustainability journey. We shall continue to do our part to contribute to a more sustainable future,' said Mr David Ng, Group Associate Director of Sino Group.
About Sino Group
Sino Group is one of the leading property developers in Hong Kong. It comprises three listed companies – Sino Land Company Limited (HKSE: 083), Tsim Sha Tsui Properties Limited (HKSE: 0247) and Sino Hotels (Holdings) Limited (HKSE: 1221) as well as private companies held by the Ng Family.
The Group's core business is developing residential, office, industrial and retail properties for sale and investment. In addition to an extensive portfolio in Hong Kong, the Group has footprints in mainland China, Singapore and Australia. The Group has developed more than 250 projects, spanning a total plot ratio area of over 84.6 million sq ft. Our core business is complemented by the gamut of property services encompassing management, security and environmental services to ensure a seamless Sino Experience. We are also a key player in hotel and club management.
The Group employs more than 11,000 dedicated employees, who share the vision of creating better lifescapes. Lifescape is our vision – to build a better life together, where the community thrives in harmony by embracing green living and wellness, by engaging with all and pursuing meaningful designs, and by seeking innovation while respecting heritage and culture. Committed and together, we create a better community where people live, work and play. In the year 2021, the Group celebrates its 50th anniversary, commemorating our five decades of community-building and dedication to Creating Better Lifescapes.
The Group focuses its sustainability efforts on three areas, namely Green Living, Innovative Design, and Community Spirit. Sino Land Company Limited (083) has been a constituent member of the Hang Seng Corporate Sustainability Index Series since September 2012 for its continual efforts in promoting sustainability.
