HSBC OFFERS FIRST SLP-BASED FINANCING IN SOUTHEAST ASIA TO MALAYSIAN DEVELOPER

KUALA LUMPUR, April 25 (Bernama) -- HSBC has granted its inaugural social financing in Malaysia, which also represents its first Social Loan Principles (SLP)-based financing in Southeast Asia for the real estate sector, to property developer Jayyid Land Sdn Bhd.

HSBC Amanah Malaysia Bhd provided the financing amounting to RM136 million to Jayyid Land, a joint venture between Platinum Victory and Jakel Group, for the development of Phase One of the J.Satine project in Setapak.

“(The development) comprises 2,068 units of affordable residential apartments under Residensi Wilayah Keluarga Malaysia, a housing programme under the purview of the Federal Territories Ministry in collaboration with private sector developers to promote homeownership,” HSBC Malaysia said in a statement today.

bootstrap slideshow

The bank said the financing seeks to improve socio-economic activities targeted to mitigate social issues and housing affordability, a challenge faced especially in city centres.

"The SLP is administered by the International Capital Markets Association and is aligned to the Social Bond Principles, one of the main internationally recognised voluntary issuance guidelines that promotes transparency, disclosure and reporting in the social bond market," it added.

Platinum Victory Group managing director and Jayyid Land executive director Tan Sri Gan Yu Chai said the financing complements the government’s aim to build more affordable housing and promotes home ownership for all Malaysians.

Meanwhile, HSBC South and Southeast Asia head of commercial banking Amanda Murphy said the social loan will help deliver economic opportunities and social benefits to the local community.

"In Malaysia, we have earmarked RM1 billion towards green and sustainable financing to enable businesses to embark on their sustainability journeys and switch to more sustainable ways of doing business," she added. 

-- BERNAMA