Sustainability progress to 2030 delivering value for Hongkong Land
Key achievements include:
33.3% reduction in Scope 1 and 2 carbon emissions against 2019 baseline, making good progress toward 2030 target.
96% of Hongkong Land’s leasing portfolio has achieved the second highest or above ratings for green building certification, ahead of its 2030 target of 90%.
81% of Hongkong Land’s wholly owned leasing portfolio has achieved the highest ratings across global green building certifications.
48% in commercial waste diversion rate, showing progress towards the 2030 target of 50%.
HONG KONG SAR - Media OutReach Newswire - 16 April 2025 - In 2024, Hongkong Land made significant strides towards its Sustainability Framework 2030 goals. The Company has already met and exceeded several targets due to decarbonisation efforts, the transformation of LANDMARK in Tomorrow's CENTRAL, innovative tenant partnerships, and various CSR initiatives.
Mark Lam, Head of Investor Relations and ESG Engagement, Hongkong Land; Andy Yeung, Director and Head of Technical Services, Hongkong Land; Grace Lam, Senior Sustainability Manager, Hongkong Land (From left to right)
Progress to net zero: Reducing our science-based target carbon emissions
Hongkong Land has achieved a 33.3% reduction in Scope 1 and 2 carbon emissions against the 2019 baseline. The Company has also improved its commercial waste diversion rate to 48%, progressing to the 2030 target which is set at 50%.
By enhancing its bespoke embodied carbon tools and updating its emissions factor databases, the Company successfully advanced the granularity of its sustainability efforts along the supply chain. Beyond these achievements, Hongkong Land has reduced operational disruption and increased asset value through enhancement upgrades and energy efficiency measures with an estimated annual savings of US$1 million.
Reinvesting in existing assets to accelerate decarbonisation pathway
Hongkong Land has a long history of reinvesting in existing assets, ensuring each building not only withstands the test of time but also meets the latest global green building certification standards.
In 2024, Hongkong Land’s sustainability efforts were once again recognised by esteemed ESG indices and rating agencies such as Global Real Estate Sustainability Benchmark (GRESB), the Dow Jones Sustainability World Index, and the S&P Global Sustainability Yearbook 2025.
Hongkong Land has set a new benchmark in the city by becoming the first developer to achieve “Triple Platinum” status across its entire Hong Kong commercial portfolio. 96% of Hongkong Land’s leasing portfolio has attained the second-highest ratings or above for green building certification, and 70% of the portfolio is WELL certified. The Company is committed to maintaining the highest efficiency of its existing buildings, continuously reducing its existing portfolio’s carbon footprint and steadily progressing towards the goal of 100% certification for existing leasing portfolios by 2030.
Always forward: Collaborating with tenants and partners to have greater positive environmental impact
The Tenant Sustainability Partnership Programme (TSPP) was launched in 2023 to cultivate collaboration between Hongkong Land and its tenants. By the end of the first year, 23% of the Company’s total Central lettable office area – over 840,000 sq. ft. – had joined the TSPP. The TSPP has since expanded to properties on the Chinese mainland.
Demolition materials account for a large proportion of a project’s total construction waste. Hongkong Land conducted a circularity study before the commencement of Tomorrow’s CENTRAL and set a 75% waste diversion rate target. The Company collaborated with contractors, suppliers and academia to identify reuse, recycle and waste reduction opportunities throughout the project.
Mr Michael Smith, Chief Executive of Hongkong Land, said: “Meeting a number of our 2030 sustainability targets ahead of schedule reflects our commitment to a sustainable future as we think in generations and create lasting value for all our stakeholders. ESG leadership is fundamental to our operations, and these milestones demonstrate our ability to align business excellence with sustainable values.”
The issuer is solely responsible for the content of this announcement.
Hongkong Land
Hongkong Land is a major listed property investment, management and development group. Founded in 1889, it is a market leader in the development of experience-led city centres that unlock value for generations by combining innovation, placemaking, exceptional hospitality and sustainability.
The Group focuses on developing, owning and managing ultra-premium mixed-use real estate in Asian gateway cities, featuring Grade A office, luxury retail, residential and hospitality products. Its mixed-use real estate footprint spans more than 830,000 sq. m., with flagship projects in Hong Kong, Singapore and Shanghai. Its properties hold industry-leading green building certifications and attract the world's foremost companies and luxury brands.
The Group's Hong Kong Central portfolio represents some 450,000 sq. m. of prime property. LANDMARK, the luxury shopping destination of the Hong Kong Central portfolio, is undergoing a three-year, US$1 billion expansion and upgrade, which aims to reinforce the portfolio as a world-class destination for luxury, retail, lifestyle and business. The Group has a further 165,000 sq. m. of prestigious office space in Singapore, mainly held through joint ventures, and five retail centres on the Chinese mainland, including a luxury retail centre at Wangfujing in Beijing.
In Shanghai, the Group owns a 43% interest in a 1.1 million sq. m. mixed-use project in West Bund. Due to complete in 2028, it will comprise of Grade A offices, luxury and retail space, high-end waterfront residential apartments, hotels and convention and cultural facilities. Alongside LANDMARK, it forms part of the Group's CENTRAL Series of globally-recognised destinations for luxury and lifestyle experiences.
Hongkong Land Holdings Limited is incorporated in Bermuda and has a primary listing in the equity shares (transition) category of the London Stock Exchange, with secondary listings in Bermuda and Singapore. Hongkong Land is a member of the Jardine Matheson Group.
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