Media OutReach
Hong Kong Residential Prices and Volume to Pick Up in 2025, Student Accommodation Takes the Spotlight in City’s Capital Market
New supply to weigh on office sector rental levels, while core retail high street rents continue to recover
- Grade A office year-to-date (YTD) net absorption as at mid-November recorded 1 million sq ft, with overall rents down by 5.9% in the same period. Rents are forecast to experience further downwards pressure in the 7%–9% range in 2025.
- Prime retail high street store leasing momentum slightly picked up in 2024, with core high street rents rising by 3%–7%. The retail rental level is expected to further increase by 3%–5% in 2025.
- Driven by the rate cut and relaxation of loan-to-value (LTV) ratio, residential market sentiment has improved, and transaction volume is forecast reach 53,800 cases in 2024. If rate cuts continue in 2025, housing prices and transaction volume are expected to rise by 5% and 3%–5%, respectively.
- Capital market sentiment remains cautious with YTD transaction volume of non-residential big-ticket deals recording just HK$28.5 billion as at December 6. The student housing sector is expected to remain as investors’ key focus in 2025.
HONG KONG SAR – Media OutReach Newswire – 9 December 2024 – Global real estate services firm Cushman & Wakefield today held its Hong Kong Property Markets 2024 Review and 2025 Outlook press conference. With the U.S. Federal Reserve initiating an interest rate easing cycle, coupled with the relaxation of the LTV ratio for residential properties, as stated in the Hong Kong government’s Policy Address, residential market sentiment has improved. Demand for rental housing assets has also increased, and with the government expanding the non-local student ratio, student accommodation has become a key focus in the city’s capital market. In the Grade A office sector, despite positive net absorption for five consecutive quarters, the high availability rate has kept overall rents in a downward cycle. As for the retail market, active new lettings in prime streets have reduced vacancy rates across core districts. Amid the revival of the “multiple entry” Individual Visit Schemes (IVS), we expect core high street rents to continue to recover in 2025.
Grade A office leasing market: YTD net absorption reached more than 1 million sq ft, the highest since 2019
In Q4 2024, as at mid-November, Grade A office net absorption slowed to 46,000 sq ft, but still representing the fifth consecutive quarter of positive net absorption, bringing YTD net absorption to more than 1 million sq ft, the highest level since 2019. As no major new office projects completed during the quarter, the overall availability rate edged down to 19.2%, marking the second consecutive quarter of decline. New lettings in Q4 were mainly driven by the Banking & Finance sector, accounting for about 33% of total leased area. However, demand from the education sector rose notably to 12% of total leased area, with examples such as the Hong Kong University of Science and Technology and the University of Hong Kong committing to more than 10,000 sq ft of office space in Manulife Financial Centre and Kingston International Centre in Kowloon East, respectively.
Grade A office rents continued to fall in Q4 2024 up to the end of November, by 2.1% q-o-q and 5.9% YTD (Chart 1), to record HK$45.1 per sq ft per month. However, supported by demand from insurance companies, rents in Tsim Sha Tsui fell by just 2.3% YTD, outperforming the overall market average.
Chart 1: Rents of Grade A offices in Hong Kong
Source: Cushman & Wakefield Research
John Siu, Managing Director, Hong Kong, Cushman & Wakefield, said, “The Hong Kong Grade A office market recorded net absorption of 1 million sq ft as at mid-November 2024, while the availability rate has declined for two consecutive quarters, suggesting market sentiment is somewhat improving. Looking ahead in the short-to-medium term, leasing market sentiment in the Grade A office sector will still depend on the overall economic recovery and the performance of the local IPO and stock markets, which could support leasing demand from related and downstream industries. However, as total Grade A office supply is expected to reach 3.5 million sq ft next year, the availability rate is expected to stand at above 20%, and overall Grade A office rents will continue to decline by 7%–9% in 2025.”
Retail leasing market: New leasing activities underpinned the recovery of high street rents, while Causeway Bay witnessed zero vacancy
The change in consumption patterns of tourists and local residents continued to affect the Hong Kong retail market. For the January to October 2024 period, total retail sales in the city recorded HK$312.3 billion, a y-o-y drop of 7.1%. Among the major retail categories, only Medicines and Cosmetics witnessed an increase in sales at 5.7% y-o-y, while sales in the Jewellery & Watches and Fashion & Accessories sectors, formerly very popular with tourists, fell by 15.5% and 10.6% y-o-y, respectively. This indicates a structural change in the consumption habits of tourists and local residents following city’s post-pandemic border reopening.
In Q4 2024, the overall retail high street vacancy rate among core districts fell to 7.6%, as the market continued to see leasing activity from both local and Chinese mainland brands. Across the key submarkets, Causeway Bay recorded a vacancy rate of 0%, for the first time since 2019, suggesting brands are willing to return to the traditional tourist-oriented districts amid the significant rental correction. Vacancy levels in Central, Tsimshatsui and Mongkok remained stable q-o-q, staying at 8.6%, 9.4% and 8.4%, respectively.
With the accelerating leasing momentum, high street retail rents across districts continued to rise steadily in Q4, recording a q-o-q increase ranging from 0.6% to 1.3% (Chart 2), bringing the y-o-y increase to 3% to 7%, with Central and Tsimshatsui both registering a more notable y-o-y increase of 6.7%. Meanwhile, F&B rents dropped in a range of 0.7% to 2.0% q-o-q across districts, due to the increasing operating costs and the northbound travel of Hong Kong consumers.
Chart 2: High street retail rents in prime districts in Hong Kong
Source: Cushman & Wakefield Research
John Siu added, “Throughout 2024, although the number of visitor arrivals continued to recover, the overall retail sentiment in the city has not been able to sustain the growth momentum from last year. In the face of the change in tourists’ and local residents’ consumption patterns, retailers are generally undergoing an adjustment period. While high street leasing activity in core districts has become more active, retailers have remained cautious with their expansion strategies, given the uncertainty surrounding the changing spending habits of consumers. We believe leasing demand in the coming year will mainly be driven by Chinese mainland brands who view Hong Kong as a key stepping stone to promote their brands on the international stage, gradually absorbing vacant space on high streets. Looking ahead to 2025, we believe the series of economic and consumption stimulus measures launched by the Central government will continue to benefit the Hong Kong retail market, including the recent resumption of “multiple-entry” Individual Visit Schemes (IVS) for Shenzhen residents. Coupled with the gradual easing of the strong Hong Kong dollar, we expect total retail sales in Q1 2025 to increase by 3% to 5% y-o-y, with high street retail rents across core districts recording single-digit growth of 3%–5% throughout 2025.”
Residential market: Q4 transactions improved amid rate cut, 2025 home prices to see 5% upside
Hong Kong residential market sentiment improved in Q4, with more investors and potential buyers entering the housing market again, supported by the U.S. interest rate cut in November as well as the relaxation of the LTV ratio announced by the Hong Kong government in the 2024 Policy Address. We forecast that residential transactions in Q4 2024 will reach approximately 15,800 units, up 54% q-o-q and 108% y-o-y from the previous low base, bringing the full-year 2024 annual transaction volume to 53,800 units, climbing 25% from last year’s low (Chart 3). Following the U.S. Federal Reserve’s commencement of the interest rate easing cycle, developers have been actively launching new projects, in turn competing with purchasing power in the secondary market. From January to October, primary market transactions accounted for about 32% of total residential transactions.
Chart 3: Number of residential sale & purchase agreements
Source: Land Registry, Cushman & Wakefield Research
Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield, commented, “Rating and Valuation Department data shows that the housing price index stemmed the prior five months’ drop in October, with the index edging up by 0.6% m-o-m, narrowing the cumulative drop in the first ten months of the year to 6.8%. Meanwhile, our C
Cushman & Wakefield mid-and-small size units price index strengthened slightly by 1% in Q4, as at December 6. Home prices in popular estates across segment also rose. Prices at City One Shatin, representing the small-sized market, rebounded by 13.5% q-o-q. Prices at Taikoo Shing, representing the middle-sized market, increased by 0.7% q-o-q, while Residence Bel-Air in the luxury market moved up by 0.5% q-o-q.”
Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield, added, “The U.S. Federal Reserve has cut interest rates twice since September this year, with major banks in Hong Kong following suit. This has prompted some potential buyers to reassess and compare the performance of banks’ deposit rates versus residential rental yields. In fact, our inquiry volume index in November has risen by around 18% from August’s low following the rate cuts, suggesting that the market generally believes that interest rates have peaked, thereby supporting the return of certain capital allocations to the residential market. Looking ahead to 2025, if interest rates continue to stay on a downward trend, and the stock market remains stable, we expect residential transaction volume will increase by 5%–8% to a level of 56,000–58,000 units, supporting an overall price rebound in the range of 5%.”
Non-residential investment market (deals exceeding HK$100 million): Capital market muted by high interest rates in 2024, rental housing emerging as the market highlight
Amid the high interest rate environment, bank have tightened approvals on commercial mortgage loans. Coupled with a lack of high-yield assets in the market, this shackled overall investment activity which remained sluggish through 2024. For the year to date, the non-residential investment market for deals exceeding HK$100 million has recorded 65 transactions as at December 6, with total transaction volume recording HK$28.5 billion, a drop of 41% y-o-y (Chart 4). In face of the liquidity challenges and heavy interest expenses amid the high interest rate environment, landlords are more willing to offer price discounts on property disposals, thus leading to further correction of property prices and the average deal size. At the same time, this situation has provided windows for cash-rich investors and end-users to bottom-fish. In 2H 2024, local capital accounted for nearly half of total transaction volume by consideration, while Chinese and foreign capital accounted for 34% and 17%, respectively.
Chart 4: Annual non-residential investment transactions (2015-2024*)
Source: Cushman & Wakefield Research
Tom Ko, Executive Director and Head of Capital Markets, Hong Kong, Cushman & Wakefield,
concluded, “In 2024, the office sector accounted for 43% of the total transaction number, the highest across all sectors. This was chiefly due to the significant reduction in asking prices for the asset class, thus attracting end-users acquiring assets for saving future rental expenses. Some investors are also eyeing the capital appreciation potential of new Grade A offices. Meanwhile, the retail sector accounted for around one-third of the total transaction number, with a few transactions of neighborhood malls with relatively stable rental income and shops at prime locations recorded. It is worth noting that in 2024, there were a total of nine hotel and rental housing-related transactions, at around 14% of the total number of deals this year, up from 5% in 2023. Following the renewed influx of expat talent and non-local students, demand for co-living properties, multifamily assets, and student accommodation has continued to rise. Furthermore, the latest Hong Kong Policy Address encourages the private sector to convert hotels and commercial buildings into student housing, and we believe this sector will continue to be sought-after in the coming year, particularly for those assets in prime locations with conversion potential. Looking ahead, despite the rate cut in September 2024, commercial mortgage rates are still higher than the property yields for most commercial sectors. We expect total investment volume to pick up by around 10% to HK$ 30billion in 2025.”
Please click here to download photos and presentation deck.
(From left to right) Tom Ko, Executive Director and Head of Capital Markets, Hong Kong, Cushman & Wakefield; John Siu, Managing Director, Head of Project and Occupier Services, Hong Kong, Cushman & Wakefield; Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield and Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield.
Hashtag: #cushman&wakefield
The issuer is solely responsible for the content of this announcement.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2023, the firm reported revenue of $9.5 billion across its core services of valuation, consulting, project & development services, capital markets, project & occupier services, industrial & logistics, retail and others. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.hk or follow us on LinkedIn (
https://www.linkedin.com/company/cushman-&-wakefield-greater-china).
Media OutReach
From Engineering Feats to Ecological Regeneration, Vinhomes Green Paradise Debuts the ESG++ Framework for Future Cities
Today, that narrative is shifting. When Vinhomes Green Paradise confidently steps onto the global stage, alongside projects from the world’s most advanced economies, it represents far more than the launch of a new development. It marks a moment when Vietnamese urban thinking moves beyond its domestic context, ready to be assessed, debated, and recognized at a regional and international level.
This is not merely a project announcement. It is a signal of transformation.
When Vietnamese Cities Enter the Global Conversation
Vietnam has, in recent years, earned international recognition through prestigious awards in planning, architecture, and real estate, including the Asia Pacific Property Awards and the International Property Awards. These accolades reflect the growing professionalism and creative capacity of Vietnamese developers, architects, and planners.
Yet Vinhomes Green Paradise occupies a different dimension of aspiration. Its significance does not lie in a single master plan or architectural statement, but in a comprehensive urban philosophy, one where sustainability, advanced technology, and environmental responsibility are no longer supporting ideas, but core drivers placed on equal footing with economic growth.
In this sense, the project signals that Vietnamese expertise has matured. It suggests a readiness not just to learn from the world, but to engage in meaningful dialogue with it, and to contribute original thinking to the global discourse on future cities.
The choice of location is no coincidence. Can Gio is one of Vietnam’s most ecologically sensitive regions, home to more than 75,000 hectares of mangrove forests recognized by UNESCO as a World Biosphere Reserve.
Developing nearly 3,000 hectares in such an environment presents an unprecedented challenge. In a place where ecosystems are delicate and interconnected, any miscalculation could leave irreversible consequences.
Vinhomes Green Paradise emerges precisely within this context. It serves as a comprehensive test of urban knowledge, technological capability, governance capacity, and, above all, environmental accountability. Its implementation demonstrates that Vietnamese enterprises are prepared to meet the most demanding international standards in ecological urban development.
From Urban Project to Urban–Nature Ecosystem
What truly distinguishes Vinhomes Green Paradise is not its scale, but its development philosophy. The project is not positioned as a conventional modern township. Instead, it is conceived as an integrated urban–nature ecosystem, where human life and the natural environment coexist in a state of long-term balance.
Green infrastructure, smart-city technologies, renewable energy systems, digital governance, and ecological restoration are woven into a single, unified framework. Globally, only a handful of pioneering cities, such as Masdar in the United Arab Emirates or Songdo in South Korea, have pursued such an integrated approach at scale.
The emergence of Vinhomes Green Paradise signals that Vietnam is no longer standing at the periphery of this movement. It is entering the arena with the confidence to participate, and potentially to lead, in the global race toward sustainable urban futures.
ESG++: Beyond Sustainability Toward Regeneration
While ESG (Environmental, Social, Governance) principles have become a global standard, Vinhomes Green Paradise advances the concept further through an ESG++ framework, adding two critical dimensions: Regeneration and Resilience.
Rather than expanding by consuming natural resources, the project prioritizes ecological restoration, aiming not merely to minimize harm, but to actively return value to the environment. The vision is of a city that can generate its own energy, treat and reuse its wastewater, and maintain ecological equilibrium over time.
Urban experts increasingly agree that such models are essential in an era of climate change, particularly for coastal cities facing rising sea levels and extreme weather. In this context, Vinhomes Green Paradise contributes to defining a new benchmark for sustainable coastal urbanism, not only in Vietnam, but globally.
Building a megacity in an environmentally sensitive coastal zone demands deep interdisciplinary expertise, spanning geology, hydrology, ecology, materials science, and energy systems. The financial and technological investments required are immense, and few developers are willing, or able, to assume such complexity and risk.
It is within this demanding framework that the involvement of AOMI Construction Co., Ltd., becomes particularly significant. AOMI is the owner of the K-DPM soil solidification technology, one of the world’s most advanced solutions for soft-ground and land reclamation projects.
Drawing from Japan’s extensive experience as an island nation with limited land resources, Mr. Okori Katsumi, a Japanese expert, representative of AOMI Construction Co., Ltd., explains: “Japan has long faced constraints in land availability. For decades, we have turned to the sea, creating airports, urban spaces, and new living environments through carefully engineered land reclamation.”
Traditional methods, such as mixing cement directly with soil, revealed critical limitations in scale and transportability. K-DPM technology was developed to overcome these barriers by using high-pressure air to move and solidify large volumes of dredged material, reducing construction time while minimizing environmental impact through reduced reliance on sand extraction.
From Engineering Feats to a 21st-Century Symbol
Japan’s experience in land reclamation has consistently emphasized environmental protection, using containment barriers to limit water turbidity, and applying strict standards for pH levels and material compatibility with surrounding ecosystems. These principles are now being adapted and elevated in Can Gio.
For Vingroup, Vinhomes Green Paradise is not its first venture into coastal engineering. In 2017, the VinFast manufacturing complex in Hai Phong, over 60% of which involved land reclamation, was completed in a record 21 months, setting new benchmarks for speed and technical execution.
In Can Gio, the challenge has been taken further. The project benefits from consultancy by Dutch experts, representing a nation globally renowned for water management and land reclamation expertise. The objective extends beyond structural durability to the comprehensive preservation of indigenous ecosystems over the long term.
If land reclamation once astonished the world through icons like Palm Jumeirah in Dubai, Vinhomes Green Paradise seeks to redefine that legacy through a fundamentally different philosophy: Respect for nature and ecological regeneration.
This ESG++ megacity is more than proof of advanced engineering capability. It stands as a symbol of Vietnam’s national vision, one that looks toward the ocean not as a frontier to conquer, but as a partner in shaping resilient, future-ready cities.
Ultimately, Vinhomes Green Paradise is not simply a real estate development. It is a declaration of aspiration and confidence, a statement that Vietnamese urbanism has entered a new era, where healing people and healing nature are no longer separate goals, but a shared mission for sustainable progress in the 21st century.
Hashtag: #Vinhomes
The issuer is solely responsible for the content of this announcement.
The announcement was made at “The USD100 Million Green Bond Issuance Disclosure Ceremony” recently held between HDBank and its green bond investors including FMO, BII and the International Finance Corporation (IFC) – a member of the World Bank Group in the presence of the Deputy Consul General of the Netherlands and representatives from the British Consulate General in Ho Chi Minh City.
The bonds included $30 million privately issued to FMO and $20 million to BII. The first tranche was issued to IFC, which facilitated the participation of FMO and BII in the second tranche.
The bonds have a three-year term, are non-convertible and unsecured and issued without warrants.
Nguyen Huu Dang, HDBank’s CEO, said: “Sustainable development goals lie at the heart of HDBank’s strategy, which is centred on delivering the best value for customers, partners and the community. This international green bond initiative marks an important stepping stone on our journey towards achieving those goals.”
The issuance help diversify HDBank’s funding sources, support its sustainable growth strategy and create a foundation for it to continue attracting additional international capital for green finance, sustainable development and inclusive finance initiatives in Vietnam.
This, in turn, helps customers access capital to deploy solar energy projects, electric vehicles, green buildings, and other energy-saving solutions.
Projects financed by the green bond proceeds must undergo rigorous screening, meet environmental and social risk management requirements, and comply with eligibility criteria under the Bank’s Sustainable Finance Framework. These projects are expected to reduce approximately 102,000 tons of CO₂ over 10 years, improve environmental quality and contribute to Vietnam’s Net Zero 2050 commitment.
Weichuan Xu, IFC’s lead for the Financial Institutions Group in Vietnam, Cambodia and Lao PDR, said the issuance marked a significant step in expanding HDBank’s climate finance portfolio and advancing Vietnam’s economic and social progress.
“The funds raised will support projects that foster sustainable industries, generate jobs and strengthen communities,” he added.
Representatives from FMO and BII also highlighted the transaction as a strong signal of the growing readiness and potential of Vietnam’s sustainable finance ecosystem, helping attract more capital for climate-responsible projects.
With this milestone, HDBank reinforces its commitment to sustainable finance and the long-term prosperity of its customers, partners and the community, while expanding its presence on the global financial map.
Hashtag: #HDBank
The issuer is solely responsible for the content of this announcement.
Media OutReach
Hang Lung Enters the Next Phase in Its Sustainability Journey with Ambitious New Targets
New targets outlined for 2030 following the successful conclusion of the 25×25 sustainability targets
HONG KONG SAR and SHANGHAI, CHINA – Media OutReach Newswire – 12 January 2026 – Hang Lung Properties Limited (SEHK stock code: 00101) (“Hang Lung” or the “Company”) today announces a new phase in its sustainability journey, unveiling 20 refreshed 2030 targets that build on its success in achieving its 25 x 25 Sustainability Targets.
Launched in 2021, the 25 x 25 targets defined Hang Lung’s agenda to the end of 2025 across four priorities: Climate Resilience, Resource Management, Wellbeing, and Sustainable Transactions. The Company has achieved its earlier ambitions, and exceeded targets related to greenhouse gas emissions reduction, renewable energy, and energy efficiency. Establishing such a concrete and robust set of targets also helped the Company develop practices in sustainability innovation and continual improvement.
Building on this success, now with expanded data, greater organizational maturity, and heightened ambition, Hang Lung’s refreshed 2030 targets reflect its position as an industry leader in sustainability.
The 20 targets for 2030 continue to be organized under the four priorities that define Hang Lung’s approach to sustainability, including the below highlights:
- Climate Resilience: Among the first real estate companies in Asia to have near- and long-term targets fully aligned with the Science Based Target initiative’s Buildings Criteria and its emission reduction pathway (1.5°C). Also, Hang Lung is the first real estate company in Asia to establish a Climate Value-at-Risk target.
- Resource Management: The first real estate company in Asia to formulate a target for biodiversity net gain (10%) on all new development projects and major renovations, supporting urban ecosystems and enhancing green spaces.
- Wellbeing: Generate at least HK$40 million in social value through community investments.
- Sustainable Transactions: Collaborate with tenants representing 25% of our leased floor area through our sustainability partnerships program.
Collaboration across the value chain remains central to Hang Lung’s approach, extending beyond traditional metrics. Hang Lung aims to partner with suppliers and tenants through quantifiable targets to drive progress upstream and downstream. In addition, the Company is committed to supporting innovation in standards development to facilitate impactful sustainability initiatives across sectors and jurisdictions.
Mr. Adriel Chan, Chair of Hang Lung Properties and Chair of the Sustainability Steering Committee, commented: “We are excited to embark on this next phase of our sustainability journey, reflecting Hang Lung’s growing role not just as a leader in sustainability action, but also in sustainability thought leadership. By working closely with partners across our value chain, we are confident that we can deliver on these commitments and continue to foster excellence in sustainable development in Asia.”
Mr. John Haffner, Deputy Director – Sustainability, added: “Over the past several years, we have seen how ambitious targets focus our efforts and help develop a culture of innovation. Building on our achievements and lessons learned, our 2030 targets are sharper and more data-driven, and will help us achieve greater impact in our communities.”
Full details of the 25 x 25 wrap-up and the new 2030 targets will be shared in Hang Lung’s 2025 Sustainability Report to be released in March. The report will provide further insights into the Company’s achievements, lessons learned, and emerging plans to support the refreshed 2030 targets, inviting partners and the wider public to join forces in shaping a sustainable future.
Appendix
Overview of 2030 Sustainability Goals and Targets
| Priority | 2030 Goals | 2030 Targets |
| Climate Resilience
|
Reduce carbon footprint in line with science and adapt to a changing climate
|
1. In-use operational emissions: 56.1% per m2 reduction in scope 1, 2 and 3 in-use operational GHG emissions of owned and leased buildings from a 2023 base year. |
| 2. Upfront embodied emissions: 42% reduction in upfront embodied emissions from a 2023 base year. | ||
| 3. Renewable electricity: 70% of our landlord’s electricity consumption across the portfolio provided by renewable electricity. | ||
| 4. Adaptation: 10% reduction in our Climate Value-at-Risk compared to the absence of implemented adaptation measures. | ||
| Resource Management
|
Drive efficient and circular use of natural resources and help regenerate nature | 5. Energy Use Intensity: 10% reduction in the landlord’s energy use intensity from a 2023 base year. |
| 6. Operational Waste: 35% recycling of municipal solid waste generated from operating properties. | ||
| 7. Construction Waste: 90% recycling of construction waste generated from construction sites. | ||
| 8. Water: 8% reduction in freshwater intensity from a 2023 base year. | ||
| 9. Biodiversity: 10% biodiversity net gain on all new development projects and major renovations with landscape renovation. | ||
| Wellbeing | Foster safe, inclusive and healthy spaces that enhance quality of life for all stakeholders | 10. Health and safety: Maintain zero work-related fatalities, serious injuries, and occupational diseases for employees and contractors. Maintain a Lost Time Injury Rate of 1.5 or below for employees and contractors. |
| 11. Indoor air quality: Maintain, more than 90% of the time, PM2.5, TVOC and CO2 levels below levels defined in the RESET Air standard. | ||
| 12. Employee engagement: Maintain an employee engagement survey rating greater than or equal to the 75th percentile. | ||
| 13. Diversity: At least 5% of our workforce across the portfolio is comprised of people from diverse backgrounds.* | ||
| 14. Diversity: Maintain Female-to-Male pay ratio of 1:1; maintain gender balance in management positions. | ||
| 15. Social impact: Create at least HK$40 million in social value through our community investments. | ||
| Sustainable Transactions
|
Collaborate with key stakeholders across our value chain to advance our sustainability priorities | 16. Tenant electricity intensity: Benchmarking provided to 100% of tenants across the Chinese Mainland portfolio and work with tenants towards a 10% reduction in their electricity intensity from a 2023 base year. |
| 17. Tenants: Tenants representing 25% of our leased floor area in applicable Chinese Mainland and Hong Kong properties participate in our tenant sustainability partnerships program. | ||
| 18. Suppliers: Regularly conduct ESG risk screening for 100% of active suppliers and provide ESG assessments for suppliers covering 50% of spending. | ||
| 19. Procurement: 15% of spending on operational procurement qualifies as sustainable procurement. | ||
| 20. Standards development: Undertake at least three innovative initiatives in standards development to help accelerate learning and sustainability impact. |
* Our definition of diverse background includes people with disabilities and ethnic minorities.
Hashtag: #HangLungProperties
The issuer is solely responsible for the content of this announcement.
About Hang Lung Properties
www.hanglung.com. 
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