HONG KONG SAR – Media OutReach – August 21, 2023 – DBS Bank (Hong Kong) Limited (“DBS Hong Kong”) and HSH Financial Services Limited (“HSH Financial Services”), a wholly owned subsidiary of The Hongkong and Shanghai Hotels, Limited (“HSH”), have finalized a three-year HK$800 million revolving credit facility to facilitate general corporate objectives, including the refinancing of its existing debt.
Wallace Lam, Managing Director and Head of Institutional Banking Group of DBS Hong Kong (left) and Clement Kwok, Managing Director and CEO of The Hongkong and Shanghai Hotels, Limited (right) completed an $800 million revolving loan HK over a three-year sustainability-linked facility to facilitate HSH’s overall business objectives, including the refinancing of its existing debt.
This facility marks the first bilateral sustainability-related loan between DBS Hong Kong and HSH Financial Services, for which the bank will serve as sole lender. Key Performance Indicators (“KPIs”) defined by HSH Financial Services include reducing carbon intensity and energy intensity, increasing the rate of waste diversion, and increasing the number of hotels receiving sustainability certification by EarthCheck.
Last year, DBS was among nine banks to sign a £675m (HK$5.95bn) three-year green loan facility with HSH Financial Services, which will continue to fund construction and upgrades. operating costs of The Peninsula London project. .
Clement Kwok, Managing Director and CEO of The Hongkong and Shanghai Hotels, Limitedcommented: “We are delighted to partner with DBS on this new sustainability linked revolving credit facility. This reflects our company’s strong commitment to integrating elements of sustainability into our business and fundraising strategy, as outlined in our Sustainable Luxury Vision 2030. We value the knowledge and expertise of our partner DBS and look forward to working together. working closely with them to create long-term value for our stakeholders.”
Wallace Lam, Managing Director and Head of Institutional Banking Group of DBS Hong Kongsaid: “We are delighted to support HSH Financial Services with our first sustainability-linked bilateral loan. As a purpose-driven bank, DBS is committed to promoting responsible banking practices that align with our sustainability mission. We look forward to continuing our partnership with HSH and supporting them in their future developments.”
DBS has a proven track record of supporting its real estate clients to meet their financing needs and has been active in structuring, directing and executing historic and complex real estate finance transactions. As the best real estate bank[1]DBS Hong Kong had signed the first social performance guarantee for public housing development in Hong Kong with Gammon Construction Limited, and secured sustainability related financings with Yuexiu REIT and Prosperity REIT in the past 12 months.
[1] DBS named Best Bank for Real Estate Globally, Asia Pacific and Hong Kong at the 2022 Euromoney Real Estate Awards
Hashtag: #DBS #HSH
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