Bank of East Asia: BEA signs a first green loan agreement with Chevalier International

For immediate release

BEA signs first green loan agreement with Chevalier International

Funding of HK$50 million granted for the construction of

the Chung Yuet Lau MiC project of the Hong Kong Housing Society

Hong Kong, 21 years oldst June 2022 – The Bank of East Asia, Limited (“BEA” or the “Bank”, stock code: 0023) and Chevalier International Holdings Limited (“CIHL”, stock code: 0025), a diversified conglomerate, are pleased to announce an agreement for a HK$50 million green loan, the first green loan from BEA for CIHL.

The proceeds of the loan, drawn by Chevalier (Construction) Company Limited, a subsidiary of CIHL, will be used to build Chung Yuet Lau, a Hong Kong Housing Society (“HKHS”) senior housing project at Jat Min Chuen in ShaTin. The 10-story building, constructed using a modular integrated construction (“MiC”) steel method, will provide 64 senior-friendly rental units, as well as a seniors’ lounge, pedestrian walkway, elevators and playground. badminton refurbished within the estate.

Mr. Kelvin Au, Managing Director and Head of BEA’s Wholesale Banking Division, said, “BEA strives to promote sustainable development in Hong Kong. This green loan is one of many examples that demonstrate BEA’s support for local businesses to grow and participate in green businesses. and projects, as well as helping to foster and promote a green and sustainable Hong Kong. The Chung Yuet Lau project is particularly meaningful, not only because it is built using environmentally friendly methods, but also because it will provide lasting value to our local community for years to come.”

Mr. HS Kuok, President and CEO of CIHL, said, “At Chevalier, we adhere to the key corporate objective of sustainability in our various business operations. It is a great pleasure for us to partner with BEA and realize this significant green loan facility. will propel us even further to reaffirm our commitment to sustainability as we leverage this green funding to support the construction of the Chung Yuet Lau Project. »

Chung Yuet Lau is HKHS’ first MiC project. It combines the Hybrid-MiC (“Hybrid Modular Integrated Construction”) and MiMEP (“Multitrade Integrated Mechanical, Electrical and Plumbing”) methods. Compared to traditional construction, MiC significantly improves the sustainability and lessens the environmental impact of construction projects. MiC also dramatically improves construction waste management both on site and during material production. Dust and noise on the construction site are also reduced thanks to prefabrication, which shortens the construction period. By adopting MiC, the Chung Yuet Lau project will have a lower carbon footprint, thereby contributing to a green environment.

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BEA is committed to contributing to the transition to a low-carbon economy and aims to pave the way to a more sustainable and resilient future. The Bank aims to grow its green and sustainable finance portfolio by supporting clients who are engaged in environmentally and socially responsible businesses and projects. Additionally, BEA promotes financing solutions that help customers achieve carbon neutrality by improving their energy efficiency, building a sustainable supply chain and increasing the use of renewable energy. BEA is also leveraging its competitive advantage in cross-border business to seize green finance opportunities in the Greater Bay Area and beyond.

CIHL is at the forefront of green finance in Hong Kong. The Group’s Green Finance Framework is assessed by an external consultant and meets all requirements for green finance transactions. The CIHL strives to help Hong Kong achieve its goal of sustainable development and carbon neutrality. This commitment has seen the introduction of renewable solar panel systems and participation in the feed-in tariff program, in several warehouses and premises under his management. CIHL will continuously explore sustainability projects in business operations and community causes, and is committed to playing a part in the collective effort to build a sustainable future by aligning itself with Hong Kong’s environmental policies and the goal of carbon neutral by 2050.

About Bank of East Asia, Limited

Established in 1918, The Bank of East Asia, Limited (“BEA”) is a leading Hong Kong-based financial services group listed on the Hong Kong Stock Exchange, with total consolidated assets of $907.47 billion HK (US$116.39 billion) as of 31st December 2021.

BEA offers a full range of corporate banking, personal banking, wealth management and investment services to its customers through an extensive network of approximately 150 outlets covering Hong Kong, the rest of the Greater China, Southeast Asia, United Kingdom and United States. For more information, please visit www.hkbea.com.

About Chevalier International Holdings Limited

The Chevalier Group was founded in 1970 by Dr. Chow Yei Ching and its holding company, Chevalier International Holdings Limited, is listed on the Hong Kong Stock Exchange. The group has grown into a diversified global conglomerate with a presence in Hong Kong, Macau, Mainland China, Singapore, Thailand, Vietnam, Canada, UK, USA and Australia, and is a seasoned industry expert who can provide one-stop service for all types of construction and engineering projects.

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Our diversified business portfolio includes construction and engineering, real estate investment, property development and operation, healthcare investment and automotive dealership.

www.chevalier.com

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Mr. Kelvin Au, Managing Director and Head of BEA’s Wholesale Banking Division (right); and CIHL Chairman and CEO MHS Kuok (left) complete a HK$50 million green loan facility.

Proceeds from Chevalier Group’s first green loan will be used to construct Hong Kong Housing Society’s first eco-friendly modular integrated construction (“MiC”) elderly housing project – Chung Yuet Lau at Jat Min Chuen in ShaTin. (This is an artist view)

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