Paul Y. Engineering Group Secures HSBC’s Inaugural Green Loan for HKU MiC Project2020-05-25
Paul Y. Engineering Group (“PYE”) is pleased to share that we have secured the inaugural green loan facility for HKD150 million from The Hongkong and Shanghai Banking Corporation Limited (HSBC) in Hong Kong. This green facility will support our construction of a Student Residence at Police School Road, Wong Chuk Hang for the University of Hong Kong (HKU), a Pilot Modular Integrated Construction (MiC) Project under the Development Bureau of The Hong Kong SAR Government (HKU MiC Project).
With this arrangement of the first green loan facility in Hong Kong, HSBC has demonstrated its staunch support and recognition of our promotion and strong performance in sustainable construction. The HKU MiC Project meets the requirements under the green building certification – the Hong Kong Building Environmental Assessment Method – Gold Rating, which is consistent with the criteria laid down in HSBC’s green financing initiative. This new green facility is a testament to our commitment and effort in moving the green initiatives forward in close cooperation and partnership with HSBC.
The HKU MiC Project consists of two 17-storey student residences and three-level podium with carpark, functional facilities and a hall, to accommodate around 1,224 students. The HKU MiC Project is scheduled to be completed by June 2023.
We had the pleasure of exhibiting our off-site typical 2-storey HKU MiC student hostel mock-up at the Construction Innovation Expo 2019 (CIExpo 2019) and the opportunity to share our practical experience from the HKU MiC Project at a recent webinar organized by the Hong Kong Institute of Construction Managers (HKICM), which attracted wide interest from both construction professionals and the public.
PYE is one of the largest main contractors in Hong Kong with a proven track record of delivering full-fledged construction solutions, which has positioned us at the forefront of construction innovation and excellence. Prioritisation of sustainable construction and promotion of innovation in construction is at the heart of our core values.