DBS Bank (Hong Kong) Limited (“DBS Hong Kong”) and Gammon Construction Limited (“Gammon”) have finalised a HK$32 million social performance guarantee to support a public housing project under the Housing Authority of Hong Kong in Lam Tin.

Carrying a tenure of 2.5 years, the social performance guarantee is the first such facility issued by DBS Hong Kong on behalf of Gammon. The social performance guarantee is for the foundation works for a major public housing project in Lam Tin. The social performance guarantee aims to support the development of affordable housing in Hong Kong, which is under one of the eligible “Social Project” categories under the International Capital Market Association (ICMA)’s Social Bond Principles (SBP) 2021.

As a leading construction and engineering contractor in Hong Kong, Gammon has implemented one of the earliest green guarantees in the Asia Pacific, including a residential project in Kai Tak. Gammon also supported the development of the Sustainable Finance Certification Scheme for the Construction Industry Council and has taken a leading position in adopting green and sustainable finance products in Hong Kong’s construction sector.

Kevin O’Brien, Chief Executive of Gammon, stated, “Our responsibility to the environment and to society is a core part of our business. This social performance guarantee issued by DBS Hong Kong is a milestone in Gammon’s sustainability mission as we strive to deliver excellence in construction while driving positive impact through building affordable housing, to respond to the needs in Hong Kong. We are very delighted to work with our long-term partner DBS Hong Kong on this meaningful project.”

Wallace Lam, Managing Director and Head of Institutional Banking Group, DBS Bank (Hong Kong) Limited, remarked, “The DBS Hong Kong team is thrilled to support Gammon in this project under the Housing Authority. Gammon’s industry-leading approach to social and sustainability financing aligns with our own commitment to identify and realise solutions that serve the needs of our clients and communities. We are proud to assist Gammon in making greater strides towards its long-term ESG aims.”

Photo caption:
Wallace Lam, Managing Director and Head of Institutional Banking Group, DBS Hong Kong (centre-left), Kevin O’Brien, Chief Executive of Gammon (centre-right) and representatives from DBS Hong Kong and Gammon are present to finalise a HK$32 million social performance guarantee to support a public housing project under the Housing Authority of Hong Kong in Lam Tin.