The agreement is the first ESG loan between DBS Hong Kong and CR Land. As the first ESG loan received by CR Land, the loan will not only direct towards the company’s general corporate funding requirements, but also enable the company to step up efforts in sustainable business development.
Joining hands with DBS Hong Kong to promote sustainable development, CR Land is committed to building better cities through a focus on property quality as well as forward-thinking responses to addressing broader environmental issues such as climate change. This year, CR Land has an upgraded MSCI ESG Rating at BBB, and is listed in the Hang Seng Corporate Sustainability Index and the Hang Seng ESG 50 Index. [1]
CR Land is actively supporting the realisation of China’s target of hitting peak carbon emissions by 2030 and attaining carbon neutrality by 2060. CR Land has established special task force with cross-team efforts to conduct research on peak carbon emissions and carbon neutrality, formulate solutions and paths that work towards the goals. Meanwhile, CR Land is making good progress in the development of green architecture, prefabricated buildings, energy management and green financing.
As DBS bolsters efforts to help clients embracing sustainability, the Bank has raised its sustainable finance target to SGD50 billion by 2024[2], accelerating its sustainability agenda in helping customers incorporate sustainable business practices into their overall business strategy. The commitment reinforces DBS’ efforts in responsible banking which is a key pillar of the bank’s approach to sustainability.
DBS continues to see a good mix of sustainable financing deals across the markets it operates in, and across sectors. The ESG transaction marks another milestone in a longstanding partnership between China Resources Group and DBS that spans more than 15 years. As one of its top offshore banking partners, DBS has consistently served the Group across multiple entities and industries, from real estate, energy, and chemicals to healthcare and microelectronics. DBS has played a comprehensive and leading role in many of the Group’s deals.
Alex Cheung, Managing Director and Head of Institutional Banking Group of DBS Hong Kong, said, “DBS has proudly and unceasingly supported China Resources Group over the years. It is our privilege to extend our partnership with this ESG loan and assist China Resources Land in forging a sustainable future for the country.”
Guo Shiqing, Chief Financial Officer and Assistant President of China Resources Land Limited, said, “The successful ESG loan transaction is a recognition of CR Land’s ESG work by financial institutions. Moving forward, CR Land will continue to improve ESG management level and work along with local and foreign financial institutions to support the realisation of “dual carbon” goals.”
[1] Hang Seng Corporate Sustainability Index Series
https://www.hsi.com.hk/eng/indexes/all-indexes/corporatesustainability
[2] DBS Bank raises sustainable finance target to SGD50 billion by 2024
https://www.dbs.com/newsroom/DBS_Bank_raises_sustainable_finance_target_to_SGD50_billion_by_2024
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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 and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 13 consecutive years from 2009 to 2021. 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. For more information, please visit www.dbs.com.
