September 2021
CIC has not carried out any audit mission for nor commissioned any consultancy services with Hip Hing Construction Company Limited and there is no established relationship (financial or others) between CIC and Hip Hing Construction Company Limited.
The opinion provided herein is an independent opinion on the sustainability credentials and management of the financial instrument, based on the information made available to CIC. CIC has neither interviewed any of the Hip Hing Construction Company Limited’s employees, nor performed any on-site assessment and tests to check the accuracy of the information provided by Hip Hing Construction Company Limited. The accuracy, comprehensiveness and trustworthiness of the information collected rests with Hip Hing Construction Company Limited. CIC, in providing this opinion, has not certified the effectiveness, the quality or the irreversibility of the assets to be financed by the sustainable financing instrument. Hip Hing Construction Company Limited is fully responsible for attesting the compliance with its commitments defined in its policies, for their implementation and monitoring. The opinion delivered by CIC neither focuses on the financial performance of Hip Hing Construction Company Limited, nor on the effective allocation of its proceeds. CIC is not liable for the consequences arising if third parties use this opinion either to make investment decisions or to make any kind of business transaction.
The opinion provided by CIC on Hip Hing Construction Company Limited can only be used by Hip Hing Construction Company Limited and the Financial Institution. The distribution and publication are at the discretion of Hip Hing Construction Company Limited, subject to CIC’s approval.
| Application no. | SFCS-APPLY-2021-009 |
|---|---|
| Certificate no. | SFCS-2021-010 |
| Date of application | 2021.12.08 |
| Company name | Hip Hing Construction Company Limited |
| Business registration no. | 01254486 |
| Company profile | Hip Hing Construction Co., Ltd. ("Hip Hing") has established since 1961 and grown to become one of the leading contractors in Hong Kong. During this time we have been trusted by our clients to construct many of the landmark buildings which define Hong Kong. The construction services provided by Hip Hing Construction Group have contributed to the development of Hong Kong and its economy and have helped to shape a better living environment for the people of Hong Kong. Our mission is “To build and shape a better living environment, To deliver projects that exceed the expectations of our clients, To provide rewarding careers and personal development opportunities to our staff”. Our projects focus on commercial, residential, community, industrial, healthcare, hotel and retail, and education buildings. Hip Hing is committed to making environmental considerations an integral part of our corporate culture and decision-making process. Being one of the leading construction companies in Hong Kong, we take our responsibility to protect the environment and preserve the earth's limited resources for future generations very seriously. To that end, we have implemented comprehensive Environmental and Energy Management Systems which establish the policy, directives and goals of the Company. |
| Sustainable financing instrument | Green Guarantee |
| Application level | Project Level |
Hip Hing Construction Company Limited has confirmed that the proceeds will be used exclusively for the financing the project below:
| Project name | Main Contract for AIA Urban Campus Redevelopment |
| Location | No. 1 Stubbs Road, Hong Kong |
| Project description | AIA Urban Campus Redevelopment project involved construction of one 19-storey office tower and 4-storey lower ground floors carpark, and demolition of existing podium / basement structure. |
| Project schedule | 2021-04-22 to 2023-04-11 |
| Eligible category |
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| Framework |
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| Highlights of green elements and estimated environmental impact | 1.AIA project (The Project) is active in applying green building scheme, like BEAM Plus version 1.2 with Platinum Rating, WELL version 2 pilot (Q3 2018 addenda) with Platinum Rating and LEED v4.0 with Platinum Rating to minimize environmental impact through design and planning stage.2.The Project is willing to adopt CIC Carbon Assessment Tool (CAT) to evaluate the performance in carbon emission. The Project joined the CAT in July 2021.3.For better energy performance and minimize environmental impact through site management measures, The Project adopted new energy solution, a greener power product – Enertainer (Clean Energy Hub) to replace traditional diesel generators. The Enertainer adopted to reduce the carbon emission and pollution control. Besides, Enertainer performs zero emission on air pollutant at construction site and lower noise nuisance for nearby sensitive receivers (education institutes, residential area, temple and etc.). |
Hip Hing proposes to obtain Green Guarantee for the AIA project that falls into one of the Green Loan Principle project categories which is green building. In the design and planning stage, the project can obtain platinum rating for all BEAM Plus, WELL and LEED green building schemes under the assessment of an independent consultant.
Hip Hing confirmed the Project will adopt CIC CAT for the evaluation of performance in carbon emission. Besides, Enertainer is adopted in the Project to replace traditional diesel generator for carbon emission and pollution control.
Hip Hing Construction Company Limited has established an evaluation process with the following key elements:
Evaluation and selection
Hip Hing proposes to obtain Green Guarantee for the AIA project that falls into one of the Green Loan Principle project categories which is green building. In the design and planning stage, the project can obtain platinum rating for all BEAM Plus, WELL and LEED green building schemes under the assessment of an independent consultant.
Hip Hing confirmed the Project will adopt CIC CAT for the evaluation of performance in carbon emission. Besides, Enertainer is adopted in the Project to replace traditional diesel generator for carbon emission and pollution control.
Hip Hing Construction Company Limited is committed to transparent reporting and will prepare Project Progress Report within one year from the date of issuance of each sustainable financing instrument and annualy thereafter until completion of the project. The report will consist of project descriptions including highlights of green elements. In terms of impact reporting, Hip Hing Construction Company Limited will report on relevant environmental metrics of the project.
| Metrics | Percentage of energy use reduced/avoided compared with local baseline or building code |
| Methodologies | BEAM Plus |
| Metrics | Percentage of water reduced/ avoided compared with local baseline |
| Methodologies | BEAM Plus |
| Metrics | Waste minimised, reused, recycled in percentage of total waste and/or in tonnes p.a. |
| Methodologies | BEAM Plus |
| Metrics | Calculate/record the green roof area (square meter) |
| Methodologies | BEAM Plus |
| Metrics | Total carbon emissions |
| Methodologies | CIC Carbon Assessment Tool (CAT) |
We confirmed that Hip Hing has committed to continue to perform impact reporting on an annual basis through project progress report.
| Purpose of Trade Instrument | Compliant |
|---|---|
| Evaluation of underlying activity | Compliant |
| Reporting | Compliant |
Based on the above assessment, we recommend to approve the application (Application no.: SFCS-APPLY-2021-009, Certificate no.: SFCS-2021-010) of the CIC Sustainable Finance Certification Scheme with validity from 30-09-2021 to 29-09-2023 .