Global law firm Clifford Chance has advised a syndicate of local and international banks, led by Bank of China (Hong Kong) Limited (BOCHK) and The Hongkong and Shanghai Banking Corporation Limited (HSBC), as coordinators, on the Hong Kong Housing Society’s (HKHS) HK$12 billion 5-year term and revolving syndicated loan facilities. The loan facilities which include a social tranche marks the largest syndicated loan ever for HKHS.

As HKHS has highlighted, the loan facilities will be used to support their development, particularly the construction of subsidised housing projects. The HK$3 billion social tranche will specifically fund designated affordable housing projects to support a variety of Hong Kong residents.

Partner Vicky Ma who led the deal said, “We are honoured to have advised the bank syndicate on this meaningful transaction. The HK$12 billion syndicated loan facilities underscore the significant trust and confidence the banking community places in the Hong Kong Housing Society’s mission, and the HK$3 billion social tranche also symbolises a strong commitment from the parties in contributing to the sustainable housing development in Hong Kong. This financing will play a crucial role in advancing the development of subsidised housing projects, thereby contributing to the long-term social and economic sustainability of Hong Kong.”

Vicky was supported by senior associate Anthony Chan, associate Timothy Nip and trainee solicitors Vanessa Li and Jonathan L. Wong.

In addition to this latest transaction aimed at supporting Hong Kong’s housing needs, Clifford Chance recently advised Urban Renewal Authority on its HK$12 billion Hong Kong dollar bond issuance. The proceeds from this bond will fund capital expenditure on urban renewal projects in Hong Kong.