The Hong Kong Special Administrative Region Government today welcomed the Ministry of Finance’s announcement that is has successfully issued renminbi (RMB) sovereign green bonds totalling RMB6 billion, marking the central government’s first such issuance in the city.

Total subscriptions amounted to RMB62.4 billion - 10.4 times the issue size.

The three-year bonds were oversubscribed by 9.8 times, while the five-year bonds were oversubscribed by 11 times, highlighting strong market demand.

To be listed on Hong Kong’s stock exchange, all proceeds raised from the bond issuance will be applied to eligible green expenditures under the central fiscal budget in accordance with the People's Republic of China Sovereign Green Bond Framework.

Financial Secretary Paul Chan noted that the issuance strengthens the role of Hong Kong's “Finance+” development strategy in supporting national high-quality development.

"This issuance will further enhance the yield curve for Hong Kong's offshore RMB bond market, provide a new investment benchmark for international capital, and attract more cross-boundary RMB financing and trading activities to Hong Kong,” he said.

“It will also support the efficient matching of global capital with the country's high-quality green projects. By giving strong impetus to the green transition while delivering reasonable returns for investors, the issuance will help attract more long-term capital into the green sector and promote sustainable development,” Mr Chan added.