Chinachem concludes on its first-ever Social Loan, secured from Standard Chartered, in witness by Andy Cheung, Executive Director and Chief Executive Officer, Chinachem Group (right first). The financing project is led by Ricky Tsang, Executive Director and Chief Financial Officer, Chinachem Group (right second); Alan Lee, Managing Director and Head of Local Corporates, Client Coverage Corporate & Investment Banking, Standard Chartered (left first); and Tracy Wong Harris, Head, Sustainable Finance, Asia, Standard Chartered (left second).
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Chinachem Group Launches its Enhanced Sustainable Finance Framework
Being First Real Estate Developer to Comply with Hong Kong Taxonomy and Common Ground Taxonomy
04 October 2024
(Right) Andy Cheung, Executive Director and Chief Executive Officer, Chinachem Group and (Left) Alan Lee, Managing Director and Head of Local Corporates, Client Coverage Corporate & Investment Banking, Standard Chartered.
Chinachem Group (“Chinachem”) announces today the publication of its enhanced Sustainable Finance Framework (“CCG SF Framework”) which will allow the Group to further leverage sustainable financing opportunities to deliver on its ambition to be an environmentally and socially responsible business.
The enhanced CCG SF Framework extends the coverage of its existing Green Finance Framework, established in 2021, further aligning it to the United Nations Sustainable Development Goals while supporting Chinachem to deliver its business strategy and realise its vision.
Chinachem sets a precedent in Hong Kong by becoming the first real estate developer to align the relevant categories under its CCG SF Framework with both the Hong Kong Taxonomy for Sustainable Finance published by the Hong Kong Monetary Authority in May 2024 and the International Platform on Sustainable Finance (IPSF)’s Common Ground Taxonomy. The CCG SF Framework has also sought to align to the latest international standards and best practices, including the Green Bond, Green Loan, Social Bond and Social Loan Principles. A Second Party Opinion was obtained with respect to the CCG SF Framework from ISS-Corporate Solutions.
Andy Cheung, Executive Director and Chief Executive Officer of Chinachem Group said, "At Chinachem, we recognise that sustainable financing plays a key role in our broader efforts to support the transition to a low-carbon economy and more liveable city. A more comprehensive and robust sustainable finance framework further strengthens the governance of our financial decision-making process, bringing us closer to our goal of creating long-term value for our stakeholders and the communities we serve.”
In conjunction with the launch of the enhanced CCG SF Framework, Chinachem has secured its first-ever Social Loan, a HK$150-million facility from Standard Chartered, committing to finance social projects for (1) Community Investment and Engagement, (2) Culture and Heritage Preservation, (3) Affordable Housing, and (4) Development of Age-friendly and Inclusive Buildings, as set out in the CCG SF Framework.
Helen Hui, Head of Coverage, Hong Kong and Greater China, Corporate and Investment Banking, Standard Chartered, said, “Standard Chartered is proud to be the Sole Sustainability Advisor for Chinachem Group’s enhanced CCG SF Framework and its debut Social Loan. Sustainability is a strategic priority for Standard Chartered. Through our full suite of sustainable finance solutions, we are dedicated to supporting our clients to deliver on their environmental and social sustainability goals, whilst catalysing Hong Kong’s growth as an international sustainable finance centre.”
To know more about the Chinachem Group Sustainable Finance Framework and our efforts in sustainable finance, please visit this webpage.
Corporate Communications