Author: Eric Ng Martin Choi

Climate Change: Hong Kong property firms are assessing risks and improving resilience, as extreme floods and storms loom on horizon

Source(s): South China Morning Post

Hong Kong property companies have sprung into action – they are assessing their exposure to climate change impact, devising plans and adopting measures to bolster their resilience and capacity to adapt, especially to extreme flood and storm risks.

It remains to be seen, however, whether such plans and their implementation will be sufficient to prevent asset damage and life loss in coming decades due to the uncertainty and severity of climate change.

A stress test found that about 28 per cent of 27 banks’ lending in the city in January last year was exposed to climate risks, besides potential policy changes related to carbon emissions, the Hong Kong Monetary Authority said in January.

The banks studied had HK$2.9 trillion (US$370.6 billion) in property related loans, half of which were residential mortgage loans. Nearly a third of the properties used as collateral were located in coastal or low-lying areas, and were more vulnerable to the risks of flooding, or a rise in sea levels.

[...]

Explore further

Country and region Hong Kong (China)
Share this

Please note: Content is displayed as last posted by a PreventionWeb community member or editor. The views expressed therein are not necessarily those of UNDRR, PreventionWeb, or its sponsors. See our terms of use

Is this page useful?

Yes No Report an issue on this page

Thank you. If you have 2 minutes, we would benefit from additional feedback (link opens in a new window).