HSBC Group’s Hang Seng Bank has become the first foreign invested bank in China to provide green mortgages to consumers as part of its green finance offerings.
Hang Seng Bank (China) announced on 10 June that it had entered agreements with green residential housing projects situated in the Yangtze River Delta and the Greater Bay Area for the provision of related mortgage loans to home buyers.
The residential projects are distinct from traditional domiciles in terms of design and materials, satisfying green building standards and obtaining green building certifications from bodies including the Shanghai Green Building Association, the German Sustainable Building Council and the International WELL Building Institute.
Hang Seng Bank China will use green mortgages to provide preferential lending rates to clients who purchase green domiciles.
“Hang Seng Bank (China) has devoted itself to continually raising its green financial services capabilities, providing differentiated green finance products to customers,” said Hang Seng Bank (China) vice-president Qin Yi (秦宜).
“The goal of the launch of these green mortgage services is to encourage clients to pursue sustainable lifestyles, and expedite the comprehensive green transition of economic and social development.”