Hang Lung will be incentivized if it achieves pre-determined sustainability performance targets agreed with DBS Hong Kong. These targets include maintaining the property developer’s listing on the Dow Jones Sustainability Asia Pacific Index each year, and achieving annual reduction in electricity intensity across parts of its portfolio While the loan proceeds can be used for general corporate funding purposes, Hang Lung aims to give priority to fund initiatives that drive its long-term sustainability performance.
Alex Cheung, Managing Director and Head of Institutional Banking Group of DBS Hong Kong, said, “We are very pleased to be a part of this significant first for Hang Lung Properties, and are committed to supporting its sustainability aspirations. As businesses transition to a low-carbon economy, DBS remains committed to enabling long-term value for our customers.”
Hang Lung’s commitment and goal-driven approach to sustainability is embodied in its sustainability framework that focuses on four sustainability priority areas over the next ten years – Climate Resilience, Resource Management, Wellbeing, and Sustainable Transactions. Over the years, Hang Lung's commitment to sustainability excellence has gained local and international recognition. Accolades include selection as a member of the DJSI Asia Pacific Index for three consecutive years since 2017, a 3-star performance and A-grade disclosure ratings under GRESB since 2018, and selection as a constituent of the Hang Seng Corporate Sustainability Index and Hang Seng (Mainland and Hong Kong) Corporate Sustainability Index with an AA rating.
DBS is a signatory to the United Nations Global Compact and is committed to driving progress towards the United Nations Sustainable Development Goals in ways that are meaningful to its businesses. This includes acting on climate change by partnering with corporates in adopting responsible financing practices. Since 2018, DBS has provided sustainable financing amounting to about SG$15 billion.
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About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world. Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 12 consecutive years from 2009 to 2020. DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia. With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 29,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
