2024-06-12
5 out of Hang Lung Properties’ 10 Operating Properties in Mainland China are Powered by Renewable Energy
Since 1 April 2024, half of Hang Lung’s operating properties in Mainland China have been powered by renewable energy through power purchase agreements, solidifying its market leadership in sustainable real estate practices.
The move represents a remarkable milestone in Hang Lung's sustainability journey, and means that by the end of 2024 Hang Lung will go well beyond its 2025 sustainability target of 25% renewable energy for its mainland China portfolio. The achievement includes 5 properties in 4 cities: Plaza 66 and Grand Gateway 66 in Shanghai, Center 66 in Wuxi, Spring City 66 in Kunming, and Parc 66 in Jinan.
These innovative transactions – which draw on wind and solar power – support China’s goals of peaking carbon emissions by 2030 and achieving carbon neutrality by 2060, and demonstrate Hang Lung’s commitment to sustainability leadership. They also align with the Company's commitment to achieving net-zero greenhouse gas emissions across its value chain by 2050, in accordance with climate science and its Science Based Target initiative (SBTi) target.
“Hang Lung aims to push the boundaries of what is possible for sustainability in the real estate industry and to inspire others to follow suit. We are leading the way, showing that it is possible to accelerate emissions reductions and sustainability progress in an economically viable way,” said Mr Adriel CHAN, Chair of Hang Lung Properties and Chair of Sustainability Steering Committee.
Hang Lung’s Renewable Energy Chronology:
The move represents a remarkable milestone in Hang Lung's sustainability journey, and means that by the end of 2024 Hang Lung will go well beyond its 2025 sustainability target of 25% renewable energy for its mainland China portfolio. The achievement includes 5 properties in 4 cities: Plaza 66 and Grand Gateway 66 in Shanghai, Center 66 in Wuxi, Spring City 66 in Kunming, and Parc 66 in Jinan.
These innovative transactions – which draw on wind and solar power – support China’s goals of peaking carbon emissions by 2030 and achieving carbon neutrality by 2060, and demonstrate Hang Lung’s commitment to sustainability leadership. They also align with the Company's commitment to achieving net-zero greenhouse gas emissions across its value chain by 2050, in accordance with climate science and its Science Based Target initiative (SBTi) target.
“Hang Lung aims to push the boundaries of what is possible for sustainability in the real estate industry and to inspire others to follow suit. We are leading the way, showing that it is possible to accelerate emissions reductions and sustainability progress in an economically viable way,” said Mr Adriel CHAN, Chair of Hang Lung Properties and Chair of Sustainability Steering Committee.
Hang Lung’s Renewable Energy Chronology:
- December 2021: Spring City 66 in Kunming is Hang Lung’s first property and the first commercial complex in Yunnan Province to be powered by renewable energy
- January 2023: Parc 66 in Jinan is the first commercial property in Jinan and Shandong Province to be powered by renewable energy
- April 2024: Plaza 66 and Grand Gateway in Shanghai, and Center 66 in Wuxi build on the successes in Kunming and Jinan and are also powered by renewable energy. Altogether, 5 out of 10 of Hang Lung’s Mainland operating properties are powered by renewable energy
Plaza 66, Shanghai has built its unique position as the “HOME TO LUXURY”, and accommodates more than 100 prestigious international luxury brands,
bringing customers a more diverse offering in a highly refined shopping environment
bringing customers a more diverse offering in a highly refined shopping environment
Grand Gateway 66, Shanghai boasts a spectrum of global luxury brands, many of which have made their China debuts,
successfully establishing its position as the “Gateway to Inspiration”
successfully establishing its position as the “Gateway to Inspiration”
Located in the most prosperous commercial district in downtown Wuxi, Center 66 is the city’s centre of luxury
Designed to “Bring the Best to Kunming; Showcase the Best of Kunming to the World”, Spring City 66 is Hang Lung’s
first development project in Southwest China
first development project in Southwest China
Situated in Jinan’s commercial centre, Parc 66 is one of the city’s largest and most prestigious malls