Bank of China dangles cash reward for going green with mortgages for sustainable housing
- Lender launches green mortgage scheme for buyers in local residential projects with green certifications
- Financing plan may induce others to do their share for cleaner environment though it may take time to gain popularity, broker mReferral says
“We are working closely with other developers and look forward to extending the plan to more certified green developments to promote the transition to a low-carbon and sustainable economy,” said Florence Chan, deputy general manager in the personal digital banking product department. “The market response has been positive.”
The bank first launched the mortgage plan earlier this month in a tie-up with Sino Land Company, dangling a cash reward of HK$6,888 (US$886) to successful homebuyers and mortgage applicants until the end of the year.
The scheme aims to generate savings in the form of 900 pieces of paper for each approval, the lender estimates. That is equivalent to 0.02 tonnes of carbon emission reduction in a paperless and digitalised process.
