Green Bond Fact Sheet

Swire Properties

Date: 10-Jan-2018

Issue date: 10-Jan-2018 Maturity date: 10-Jan-2028 Tenor: 10Issuer Name

Swire Properties

Amount Issued

USD500m

Country of risk

China (Hong Kong)

CBI Database

Included

Issuer Type1

Non-Financial Corporate

Bond TypeGreen Bond

Green Bond Framework

Link to Framework

Second party opinion

Sustainalytics

Certification Standard

N/A

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

GB1 (Moody’s)☐ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ Waste to energy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☒ Buildings☒ Certified Buildings☐ HVAC systems☒ Energy performance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emission vehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewater treatment☐ Water storage☐ Storm water mgmt
☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Land use &agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose & paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
Reporting

Proceeds allocation will be reviewed by an independent accountant and disclosed annually on
the issuer’s website and in its Sustainable Development Report, along with impact reporting
where data is available.

Company information

Real estate company developing and managing commercial, retail and residential
properties. Their portfolio is spread across Hong Kong, Mainland China, Singapore andthe US.

Firsts, records andcertificationsFirst green bond in Hong Kong to obtain a pre-issuance certification under the Hong
Kong Quality Assurance Agency’s (HKQAA) Green Finance Certification Scheme.

Proceeds description

Energy Efficiency: A 10% efficiency improvement is well below the market’s bestpractice set at 20-30%. However, as noted in Sustainalytics’ second opinion, Swire
Properties have already achieved 18.9% energy efficiency improvements (comparedto 2001 levels) in its Hong Kong asset portfolio and 32% energy intensity reductions in
its Mainland China asset portfolio.
Green Buildings: Swire Properties aims at top level of certification for both LEED andBREAM.

Climate Bonds view

Achieved energy efficiency improvements are commendable, but we would prefer tosee energy efficiency improvements in the order of 20-30% going forward too. As
noted already, it’s always good practice to achieve a high ambition level for Green
Building certification.

Underwriters

Bank of America Merrill Lynch, HSBC

Deal comments
Credit Rating

A2 (Moody’s), A (Fitch)

Pricing summary
Investors summary

1

Institutional investors with a commitment to green or sustainable investing made up a
substantial portion of investors.

Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, nonfinancial corporate, sovereign