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Beyond the Carbon Blind Spot — Embodied Carbon and Scope 3 Emissions in the Commercial Property Sector on the Chinese Mainland
- What is Embodied Carbon?
- Scope 1, 2 and 3 Emissions in Commercial Real Estate
- Shanghai – The Average Green Grade A Office Rental Compared to the Average Non-Green Grade A Office Rental (Q4 2015-Q1 2026)
Source: Cushman & Wakefield Research
The report finds that while operational energy efficiency has improved significantly across the sector, embodied carbon and Scope 3 emissions now represent the majority of total lifecycle emissions in many commercial buildings.
A Shift to Whole-Life Carbon Thinking
As building efficiency improves and electricity grids decarbonise, the relative importance of embodied carbon is increasing. The report highlights the “redevelopment paradox”: while new buildings are more energy efficient, demolition and reconstruction can generate such high upfront carbon that total lifecycle emissions may exceed those of retained and refurbished assets.
This shift is particularly relevant in rapidly evolving urban markets such as Shanghai, Beijing, Shenzhen, and Guangzhou, where redevelopment cycles are frequent and asset repositioning is common.
Scope 3 Becomes a Core Market Driver
Scope 3 emissions – covering embodied carbon, tenant energy use, and supply chain activities – are now the largest emissions category for most real estate portfolios.
The report shows that leased office space is increasingly a key Scope 3 exposure point for occupiers, especially multinational companies operating under global net-zero commitments. As a result, Scope 3 performance is now influencing:
- Leasing decisions and tenant demand
- Capital allocation and ESG investment screening
- Access to green finance
- Corporate disclosure and benchmarking frameworks
Carbon as a Financial Factor
Embodied carbon and Scope 3 emissions are no longer just sustainability metrics – they are collectively a financially material driver of asset value. The report demonstrates that differences in whole-life carbon performance can create meaningful divergence in asset outcomes through:
- Rental performance and occupancy resilience
- Operating costs and capital expenditure requirements
- Exit yields and investor demand
A comparative analysis shows that carbon performance alone can drive a value differential of approximately 37% between otherwise identical assets.
From Risk to Opportunity
While regulatory frameworks continue to evolve, global capital and leading occupiers are already embedding whole-life carbon considerations into decision-making. The report highlights a clear opportunity for market participants who act early through:
- Adaptive reuse and retrofit-first strategies
- Low-carbon materials and construction innovation
- Supply chain engagement and procurement reform
- Green leasing and tenant collaboration
- Improved carbon data and governance frameworks
Beyond the Carbon Blind Spot concludes that the Chinese mainland commercial real estate sector is entering a decisive new phase where whole-life carbon performance is becoming central to competitiveness, asset value, and investment strategy. Stakeholders who integrate embodied carbon and Scope 3 considerations into core decision-making today will be best positioned to enhance resilience, unlock capital, and deliver long-term value in a rapidly evolving market.
Alton Wong, Executive Director, Head of Sustainability Advisory Services, Head of Advisory Services, Valuation and Advisory Services, Greater China, said, “Embodied carbon and Scope 3 emissions are now firmly at the centre of the decarbonisation agenda for commercial real estate. As operational performance improves, the industry is being forced to confront the much larger, and more complex, emissions embedded across the full asset lifecycle. This is driving a fundamental shift in how buildings are designed, constructed and managed, with increasing emphasis on material choices, retrofit strategies, and supply chain engagement. What was once considered a technical sustainability issue is now a core strategic priority for investors and occupiers alike.”
Shaun Brodie, Head of Research Content, Greater China, said, “Our research shows that carbon is rapidly becoming a defining factor in commercial real estate performance on the Chinese mainland. The transition to whole-life carbon thinking is not just about reducing emissions – it is about understanding how sustainability directly impacts asset value, leasing dynamics, and investment outcomes. As occupiers and capital providers place greater weight on embodied carbon and Scope 3 emissions, assets that fail to adapt risk accelerated obsolescence, while those that lead on carbon performance stand to capture a clear competitive advantage.”
Please click here to download the full report
Hashtag: #Cushman&Wakefield
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About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 53,000 employees in nearly 350 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2025, the firm reported revenue of $10.3 billion across its core services of Valuation, Consulting, Project & Development Services, Capital Markets, Project & Occupier Services, Industrial & Logistics, Retail, and others. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.hk or follow us on LinkedIn (
https://www.linkedin.com/company/cushman-&-wakefield-greater-china).
Through DaaS, enterprise customers can access drone equipment, trained personnel, mission execution, data collection and project deliverables without purchasing and maintaining a complete in-house drone system. The model extends ZenaTech’s business beyond equipment sales and enables the company to generate recurring service revenue from customers’ operational requirements.
ZenaTech reported revenue of CAD 8.4 million for the first quarter of 2026, an increase of 640% from CAD 1.13 million in the same period of 2025. DaaS contributed approximately CAD 7.8 million, accounting for around 93% of quarterly revenue.
In 2025, the company generated annual revenue of CAD 12.9 million, up 558% from approximately CAD 2 million in 2024. DaaS contributed approximately CAD 10.1 million during its first full year of operations, representing around 78% of total annual revenue.
Acquisitions Support Service Network Expansion
ZenaTech has expanded its DaaS operations through a combination of internal technology development and acquisitions. The acquired businesses bring existing customers, professional teams and local operating capabilities, while ZenaTech gradually introduces drones, automated data collection and AI-supported analytics into selected workflows.
In 2025, the company completed 20 acquisitions, including 19 businesses providing engineering data, facility inspection and related professional services, as well as one enterprise software company.
By June 2026, ZenaTech had completed its 24th DaaS-related acquisition and expanded its services into property cleaning, facility inspection and maintenance.
Through its ZenaDrone subsidiary, ZenaTech has also developed drone products for indoor and outdoor operations. The IQ Quad supports site data collection, engineering imagery and 3D modelling, while the IQ Nano uses barcode and RFID scanning to support inventory records, shelf inspections and indoor data collection.
The company’s reported revenue growth, acquisition activity and DaaS contribution provide investors following the AI and drone sectors with measurable indicators of how its technologies are being integrated into commercial operations and converted into service revenue.
Hashtag: #ZenaTech
The issuer is solely responsible for the content of this announcement.
About ZenaTech
ZenaTech (Nasdaq: ZENA) is a technology company specialising in AI-powered drones, Drone-as-a-Service (DaaS), enterprise SaaS solutions and related technologies. Through its ZenaDrone subsidiary, the company develops drone products and software for commercial applications including engineering data collection, agriculture, warehouse management, facility inspection and property maintenance. ZenaTech combines its technology capabilities with a growing professional service network to support the adoption of drone-based solutions across a range of operational environments.
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A Defining Milestone for Gene Solutions: SPOT-MAS Multi-Cancer Screening Test Receives U.S. FDA Breakthrough Device Designation
The proposed indications for use describe SPOT-MAS 10 as a qualitative in vitro diagnostic test performed on plasma derived from a single direct-draw venous whole blood specimen. The test analyzes circulating cell-free DNA methylation and fragmentomic signatures using a machine-learning-based algorithm to detect a cancer-associated signal. It is intended for use as an adjunctive screening test in asymptomatic adults aged 40 years and older to assist in detecting cancers within the scope of the assay. These include five common cancers — breast, lung, liver, colorectal and gastric cancers — and five aggressive, less common cancers that currently lack standard screening methods — ovarian, pancreatic, esophageal, endometrial and head & neck cancers.
SPOT-MAS has been developed through years of rigorous scientific research and clinical development. In March 2025, SPOT-MAS became the first multi-cancer screening blood test in Asia to complete a large prospective cohort validation, with the K-DETEK study evaluating more than 9,000 asymptomatic participants and demonstrating strong performance, including high specificity and the ability to identify cancer-associated signals across multiple cancer types.
Since then, SPOT-MAS has been used in more than 100,000 individuals in real-world practice, with consistent performance observed beyond controlled study settings. Real-world data were presented at ESMO Asia 2025 and were featured at ASCO Breakthrough 2026 in Singapore.
The platform is built on a multi-omic approach— integrating genetics, epigenetics, and fragmentomics — together with AI-driven analysis, large-scale prospective validation, growing real-world evidence and focus on cancer types with high clinical relevance in the regions where the test is deployed.
For the United States, Breakthrough Device Designation provides Gene Solutions with a prioritized channel of engagement with the FDA as the company advances its U.S. development and validation plans.
Looking ahead, Gene Solutions will continue to collaborate with academic, clinical, laboratory, commercial and strategic partners to support responsible adoption of SPOT-MAS in accordance with local regulations, clinical guidelines and best practices.
Important Regulatory Notice: SPOT-MAS 10 has received U.S. FDA Breakthrough Device Designation. Breakthrough Device Designation is not FDA approval, clearance or marketing authorization. The device remains subject to applicable FDA regulatory review requirements, and the designation does not guarantee future FDA approval, clearance or authorization.
For more information, visit https://spotmas.com.hk
Contact:
hk***@***********ns.com
Source: Gene Solutions Hong Kong Limited.
SPOTMAS_062026_04
Hashtag: #SPOTMAS
https://spotmas.com.hk/The issuer is solely responsible for the content of this announcement.
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St Francis Methodist School International Shares 2023–2024 WACE Outcomes and Student Journeys
Overview of the WACE Curriculum at SFMS
SFMS International is among a small number of institutions in Singapore offering the WACE curriculum and has delivered this programme for over 23 years. The WACE is a recognised senior secondary qualification awarded by the School Curriculum and Standards Authority (SCSA) on behalf of the Ministry of Education, Western Australia. It prepares students for university admission both locally and internationally.
SFMS is also currently the only school in Singapore offering a Senior High Preparatory Pathway (WACE) for students in Years 9–10. This introduces students to the structure and expectations of the curriculum earlier, building familiarity with subject content and assessment formats before progressing to the senior years. Additionally, subject selection in Years 11A and 12A is structured to meet university entry requirements and reflect students’ academic interests.
Academic Outcomes and University Placements
In 2023, 8 out of 12 WACE graduates from SFMS International achieved ATAR scores above 90, meeting the eligibility criteria for universities such as the National University of Singapore (NUS) and Nanyang Technological University (NTU). The cohort’s top scorer, Wang Dawei, recorded an ATAR of 96.15 and enrolled at NTU to study Business and International Trading. In addition to local placements, graduates were admitted to international universities such as the University of Melbourne and Fudan University in China.
In 2024, 2 out of 8 graduates also attained ATAR scores above 90. The highest scorer, Youn Chae-Won, achieved an ATAR of 95.3. Her university placement is currently pending.
Student Journeys and Holistic Development
Students in the WACE programme at SFMS International engage in both academic and co-curricular activities as part of their overall learning experience. Recent graduates have taken part in service learning, subject specialisation, and personal reflection throughout their time in the pre-university programme.
Youn Chae-Won, the 2024 valedictorian, joined SFMS International from Korea in 2021. Over time, she adjusted to a new academic environment and explored subjects such as accounting, which influenced her interest in finance-related pathways. She also took part in various aspects of school life, including a service learning trip to Bintan in 2023, where students supported local sanitation efforts. Her involvement in both academic and co-curricular settings marked a broad engagement with school life during her time at SFMS.
Andrew Zhuang, who enrolled in SFMS International in 2019, pursued subjects such as Business Management, Accounting, and English as an Additional Language (EALD). Beyond academics, he was involved in community fundraising and joined the same Bintan service trip. He also attended weekly chapel sessions and received support from peers and teachers during a period of health-related absence.
These outcomes reflect the ongoing role of the WACE programme at SFMS International in supporting students through both academic pathways and broader educational experiences. Under the leadership of Principal Mr Lee Hak Boon, the school continues to emphasise academic planning, subject selection, and student wellbeing as part of its overall approach to pre-university education.
Hashtag: #StFrancisMethodistSchoolInternational
https://www.sfms.edu.sg/
https://www.facebook.com/sfms.singapore
https://www.instagram.com/sfms_sg/
https://www.youtube.com/channel/UC_bb9hcNhAk7WgYBE_FI61A/featured
The issuer is solely responsible for the content of this announcement.
About St Francis Methodist School International
Established in 1960, St Francis Methodist School International (SFMS) is an educational institution in Singapore that offers primary, secondary, and pre-university programmes. The school provides several academic pathways, including the International Baccalaureate (IB), Cambridge IGCSE, and the Western Australian Certificate of Education (WACE), preparing students for further studies in local and overseas institutions.
