September 2021
CIC has not carried out any audit mission for nor commissioned any consultancy services with Paul Y. General Contractors Limited and there is no established relationship (financial or others) between CIC and Paul Y. General Contractors 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 Paul Y. General Contractors Limited’s employees, nor performed any on-site assessment and tests to check the accuracy of the information provided by Paul Y. General Contractors Limited. The accuracy, comprehensiveness and trustworthiness of the information collected rests with Paul Y. General Contractors 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. Paul Y. General Contractors 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 Paul Y. General Contractors 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 Paul Y. General Contractors Limited can only be used by Paul Y. General Contractors Limited and the Financial Institution. The distribution and publication are at the discretion of Paul Y. General Contractors Limited, subject to CIC’s approval.
| Application no. | SFCS-APPLY-2021-010 |
|---|---|
| Certificate no. | SFCS-2021-012 |
| Date of application | 2021.12.08 |
| Company name | Paul Y. General Contractors Limited |
| Business registration no. | 00621410 |
| Company profile | Headquartered in Hong Kong, Paul Y. Engineering Group Limited is dedicated to providing full-fledged engineering and property services, with operations in Hong Kong, Mainland China, Macau, Singapore and Malaysia. For over 70 years, Paul Y. Engineering has been at the heart of some of the most challenging and impactful construction projects that have shaped the iconic skylines of Hong Kong and many other cities. Our projects include commercial and residential buildings, institutional facilities, highways, airport runways, railways, tunnels, port works, water and sewage treatment facilities etc. We serve our valuable clientele by delivering integrated solutions, from concept to completion and ongoing management, as well as components that best match clients' needs and expectations. Meanwhile, we are deeply committed to our role as a responsible corporate citizen contributing to building harmonious and sustainable communities. |
| Sustainable financing instrument | Green Guarantee |
| Application level | Project Level |
Paul Y. General Contractors Limited has confirmed that the proceeds will be used exclusively for the financing the project below:
| Project name | Mixed Housing Development at Pak Wo Road, FSSTL 264, Fanling |
| Location | Pak Wo Road, Fanling New Territories FSST Lot No.264 |
| Project description | Two domestic blocks of 29 domestic storeys and One domestic block of 30 domestic storeys (comprise of acoustic window) setting on transfer plates and 3 storeys podium complex containing podium roof garden, planter areas, open landscape, recreation facilities, resident dormitories, elderly centre and property management office, truck lorry carpark at 1/F, shopping area at G/F and two level basements of private vehicle carpark. |
| Project schedule | Start date (i.e. contract award date): 2021 June 16 Completion date (i.e. contract completion date): Tentative December 2023 |
| Eligible category |
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| Framework |
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| Highlights of green elements and estimated environmental impact | Reduction of 20% annual sewage volume Reduction of 30% annual water use At least 50% of total roof area meet Solar Reflectance Index (SRI) of 78 or vegetation roof Using CIC carbon assessment tools Using Green Label NRMM for generator |
Paul Y. proposes to obtain Green Guarantee for the Mixed Housing Development Project at Pak Wo Road, FSSTL 264, Fanling that falls into one of the Green Loan Principle project categories which is green building. The project has been registered in the HKGBC project directory and targets to achieve either silver or gold rating of BEAM Plus under the contract requirements with the assessment of an independent consultant.
Paul Y. confirmed the Project will achieve 20% reduction of annual sewage volume, 30% reduction of annual water use and at least 50% of total roof area meet Solar Reflectance Index (SRI) of 78 or vegetation roof. CIC CAT will be adopted for the evaluation of performance in carbon emission. Besides, Green Label NRMM is adopted for generators to reduce emissions and pollutants.
Based on the above information, we concluded that the project would bring significant environmental benefits.
Paul Y. General Contractors Limited has established an evaluation process with the following key elements:
Evaluation and selection
We confirmed that Paul Y. has clear defined governance body for project evaluation process.
Paul Y. General Contractors 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 annually thereafter until completion of the project. The report will consist of project descriptions including highlights of green elements. In terms of impact reporting, Paul Y. General Contractors Limited will report on relevant environmental metrics of the project.
| Metrics | Green Building |
| Methodologies | BEAM Plus |
| 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 - Calculation is based on reduction of water consumption when comparing with a similarly occupied space whose water fittings and appliances conform to a baseline performance. The calculation takes into account the number of occupants, male to female ratio, and the number of operational days per annum. |
| Metrics | Waste minimised, reused, recycled in percentage of total waste and/or in tonnes p.a. |
| Methodologies | BEAM Plus, Environment, Transport and Works Bureau. Technical Circular (Works) No. 19/2005. Environmental Management on Construction Sites. (ETWB TWC 19/2005) |
| Metrics | Calculate/record the green roof area (square meter) |
| Methodologies | BEAM Plus As-fit drawing and site photo to demonstrate the green roof area. |
| Metrics | Total carbon emissions |
| Methodologies | CIC Carbon Assessment Tool (CAT) |
We confirmed that Paul Y. has committed to continue to perform impact reporting on an annual basis or upon request of bank institution on a periodic basis through the Group’s financial or sustainability 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-2021-010, Certificate no.: SFCS-2021-012) of the CIC Sustainable Finance Certification Scheme with validity from 30-09-2021 to 29-09-2023 .