OCBC Macau extends social loan for urban redevelopment project


OCBC Bank (Macau) Limited has extended a social loan to support the redevelopment of a 61-year-old residential building under the city’s refreshed urban renewal framework, becoming the first bank to finance such a project under the framework.
The loan was provided to Companhia De Fomento Predial Kuan Seng Limitada for the redevelopment of the ageing property, which has experienced structural deterioration, including concrete spalling and water leakage. More than half of its residents are elderly, while the building currently has no elevator.
The financing was structured in accordance with the international Social Loan Principles, with OCBC’s Hong Kong Sustainable Finance team assessing the project’s social outcomes through site visits.
OCBC Macau said its long-standing relationship with Kuan Seng enabled the bank to support the project from its early stages, including during coordination involving nearly 100 property owners and government authorities.
Under the redevelopment framework, existing owners will retain ownership of replacement units.
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