Hongkong Land continues to grow Sustainable Financing with S$910 Million Sustainability-linked SORA-based loans signed in Singapore

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HONG KONG, June 29, 2021 /PRNewswire/ — Hongkong Land has continued to drive sustainable financing with the signing in June of S$910 million (US$688 million) of sustainability-linked loans. Including these transactions, Hongkong Land has executed sustainability-linked loans amounting to US$1.9 billion with lenders in Hong Kong, Singapore and Thailand in the last 12 months.

Hongkong Land Logo (PRNewsfoto/Hongkong Land)

The transactions are five-year revolving credit facilities signed bilaterally with DBS, MUFG, OCBC Bank, SMBC, and UOB which reference the Singapore Overnight Rate Average (SORA).   

Hongkong Land will be eligible to receive a tiered discount on the interest rate of the loans if it achieves agreed ESG targets.  hese targets include demonstrating continuous improvements in greenhouse gas emissions, electricity consumption, food waste, and solar energy generation, whilst maintaining green building certifications for the Group’s Central Portfolio in Hong Kong. 

The proceeds of the loans will be used for general working capital and corporate funding purposes, and to fund ongoing green building initiatives.

Mr Robert Wong, Chief Executive of Hongkong Land, said, “We are pleased to continue the momentum of growing sustainable financing in the region which reflects our commitment to finding more sustainable ways to finance and operate our business. With the impending discontinuation of interest rate benchmark for Swap Offer Rate, we are also glad to partner with our long-term relationship banks to achieve a smooth and seamless transition to SORA.”

Mr Chew Chong Lim, Managing Director & Global Head of Real Estate, Institutional Banking, DBS, said, “With sustainability now a key focus for many corporate agendas, DBS has observed a growing interest amongst our clients in real estate sector for more sustainable financing instruments. Having partnered Hongkong Land on its first sustainability-linked loan in August last year, DBS is privileged to be able to continue supporting Hongkong Land as it moves ahead with its sustainability journey with today’s new SORA-linked deal. As a purpose-driven bank, DBS is committed to walking alongside forward-thinking companies such as Hongkong Land as they advance their ESG agendas and collectively work towards a lower-carbon future.”

Mr Colin Chen, Head of ESG Finance Asia Pacific, MUFG said, “MUFG is delighted to announce this first Singapore Dollar, sustainability-linked loan linked to the SORA rate of the bank. As a company, MUFG is fully committed to upholding its ESG principles and remains unwavering in its support of our customers in accelerating their sustainability ambitions. We are therefore pleased to partner with Hongkong Land once again in its sustainability journey.”

Ms Elaine Lam, Head, Global Corporate Banking, OCBC Bank, said, “Hongkong Land has been a market leader for sustainable finance. Having partnered them recently on a HK$750 million sustainability-linked loan, we are pleased to follow that up with another sustainability-linked transaction – this time, Hongkong Land’s first Singapore Dollar denominated sustainability-linked loan pegged to SORA. The loan’s sustainability targets reflect Hongkong Land’s ambitions and the important role that sustainability plays in their business strategy. In addition, with the loan being pegged to SORA, Hongkong Land is contributing to the smooth industry transition away from SOR and other forward-looking reference rates.  We look forward to the continued engagement with them on other innovative sustainable financing transactions.”

Mr Rajeev Kannan, Managing Executive Officer and Deputy Head, Asia Pacific Division of Sumitomo Mitsui Banking Corporation said, “We are pleased to support Hongkong Land’s continued commitment in addressing sustainability to achieve greater positive social and environmental impacts. SMBC is committed to make sustainability a reality and are delivering on this in multiple ways, including helping our customers move towards more sustainable business models. Well-structured sustainability-linked loans are another example of how we are embedding sustainability into our products and services, including access to capital markets, lending, transaction banking and advisory services.”

Mr Leong Yung Chee, Managing Director, Head of Group Corporate Banking, UOB said, “Our sustainable finance frameworks, including the UOB Real Estate Sustainable Finance Framework, simplifies the sustainable financing process for our clients through a clearly-defined list of criteria.  The sustainability-linked loan facility to Hongkong Land recognises its integration of sustainable practices across their business and demonstrates clearly UOB’s commitment to forging a sustainable future as we open doors to business growth in the region.”

Hongkong Land

Hongkong Land is a major listed property investment, management and development group. The Group owns and manages more than 850,000 sq. m. of prime office and luxury retail property in key Asian cities, principally in Hong Kong, Singapore, Beijing and Jakarta.  The Group also has a number of high quality residential, commercial, and mixed-use projects under development in cities across China and Southeast Asia.  In Singapore, its subsidiary, MCL Land, is a well-established residential developer.  Hongkong Land Holdings Limited is incorporated in Bermuda and has a standard listing on the London Stock Exchange, with secondary listings in Bermuda and Singapore.  The Group’s assets and investments are managed from Hong Kong by Hongkong Land Limited.  Hongkong Land is a member of the Jardine Matheson Group. 


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. For more information, please visit www.dbs.com.


Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups.  Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with around 2,500 locations in more than 50 markets. The Group has over 180,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing.

The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges.

MUFG Bank, Ltd. is Japan’s premier bank, with a global network spanning more than 50 markets.  Outside of Japan, the bank offers an extensive scope of commercial and investment banking products and services to businesses, governments and individuals worldwide.

In Asia, MUFG has a presence across 20 markets – Australia, Bangladesh, Cambodia, China, Hong Kong, Indonesia, India, South Korea, Laos, Malaysia, Mongolia, Myanmar, New Zealand, Pakistan, Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam. 

It has also formed strategic partnerships with some of the most prominent banks in Southeast Asia, further augmenting its unrivalled network across the region – VietinBank in Vietnam, Krungsri in Thailand, Security Bank in the Philippines and Bank Danamon in Indonesia.

For more information, visit https://www.mufg.jp/english.


OCBC Bank is the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with Aa1 by Moody’s and AA- by both Fitch and S&P. Recognised for its financial strength and stability, OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker.

OCBC Bank and its subsidiaries offer a broad array of commercial banking, specialist financial and wealth management services, ranging from consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stockbroking services.

OCBC Bank’s key markets are Singapore, Malaysia, Indonesia and Greater China. It has more than 470 branches and representative offices in 19 countries and regions. These include over 230 branches and offices in Indonesia under subsidiary Bank OCBC NISP, and over 70 branches and offices in Mainland China, Hong Kong SAR and Macau SAR under OCBC Wing Hang.

OCBC Bank’s private banking services are provided by its wholly-owned subsidiary Bank of Singapore, which operates on a unique open-architecture product platform to source for the best-in-class products to meet its clients’ goals. 

OCBC Bank’s insurance subsidiary, Great Eastern Holdings, is the oldest and most established life insurance group in Singapore and Malaysia.  Its asset management subsidiary, Lion Global Investors, is one of the largest private sector asset management companies in Southeast Asia.

For more information, please visit www.ocbc.com.

Sumitomo Mitsui Banking Corporation 

Headquartered in Tokyo, Sumitomo Mitsui Banking Corporation (SMBC) is a leading global financial institution and a core member of Sumitomo Mitsui Financial Group (SMBC Group).

SMBC is one of the largest Japanese banks by assets, with strong credit ratings across our global integrated network spanning over 41 countries and regions, 16 of which are here in Asia. We work across SMBC Group to offer personal, corporate and investment banking services to meet the needs of our customers.

Built upon our rich Japanese heritage, we put our customers first and provide seamless access to, from and within the region.

Rising in Asia, with Asia.

For more information, please visit www.smbc.co.jp/asia/.


United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings. In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, as well as branches and representative offices across the region.

Over more than eight decades, generations of UOB employees have carried through the entrepreneurial spirit, the focus on long-term value creation and an unwavering commitment to do what is right for our customers and our colleagues.

We believe in being a responsible financial services provider and we are committed to making a difference in the lives of our stakeholders and in the communities in which we operate. Just as we are dedicated to helping our customers manage their finances wisely and to grow their businesses, UOB is steadfast in our support of social development, particularly in the areas of art, children and education.

For further information, please contact:

Hongkong Land

Jennifer Lam, +852 2842 8222, [email protected] 

Charles Ngai, +852 2842 8541, [email protected]

Suetlin Lo, +852 2842 8547, [email protected] 


Janniefer Chan, +852 2501 7939, [email protected]

Katherine Ng, +852 2501 7925, [email protected]


SOURCE Hongkong Land

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