OCBC Wing Hang China has extended a 500 million yuan (US$78.2 million) green loan to Shanghai Kai Tong Wen An Development, a subsidiary of Hong Kong-based property developer K. Wah International Holdings (KWIH). The first tranche was disbursed on May 24 2021.
Funds from the green loan will be used to support KWIH's new office tower, EDGE, located at Suzhou Creek in Jingan District, Shanghai. The office tower was completed in early 2020, with sustainable development at the core of its design concept. Energy-saving measures and other environment-friendly features include panoramic sky gardens on the middle and high levels of the building to improve the air quality and alleviate the urban heat island effect.
Other innovative features include the use of low-reflectivity glass façade to reduce light pollution to the surrounding environment, and the use of rainwater recycling system to irrigate landscape plants. These efforts have resulted in EDGE being recognized as a model of sustainable development within the green building industry. It has been awarded LEED (core and shell) Gold certification by the US Green Building Council.
In recent years, OCBC Bank has been promoting sustainable projects, working closely with its business customers. The bank aims to build a sustainable finance portfolio of S$25 billion (US$18.9 billion) by 2025.