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New World obtains HK$3.6B loan under green financing program

Hong Kong-listed New World Development Co. Ltd. is getting a HK$3.6 billion financing boost for its green commercial redevelopment project on King's Road in Hong Kong's North Point, following its signing of a loan agreement with a syndicate of international and local banks, the South China Morning Post reported.

The Hongkong and Shanghai Banking Corp., acting as green finance adviser to New World, is also one of the banks providing the loan, along with Australia and New Zealand Banking Group, Bank of China (Hong Kong) Ltd. and Hang Seng Bank, among others, the March 21 report noted.

The amount was Hong Kong's first green loan, and, according to the report, the city is aiming to become a hub for green financing when it unveiled a plan in early March to issue up to HK$100 billion of green paper under a grant program for the issuance of such bonds.

New World said in a release that the green loan is also the first sum raised through its green finance framework, a program that will allow the developer and its subsidiaries to finance sustainable projects and redevelopments through green bonds or loans. The company noted that the framework aligns with the group's New World Sustainability Vision 2030 initiative.