Green power purchase agreements cover properties in Shanghai, Wuxi, Kunming and Jinan

HONG KONG SAR and SHANGHAI, CHINA - Media OutReach Newswire - 8 April 2024 - Hang Lung Properties (SEHK stock code: 00101) ("the "Company" or "Hang Lung") announced that half of its operating properties in Mainland have been powered by renewable energy through power purchase agreements since April 1, 2024, 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 five properties in four 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, Hang Lung Properties Vice Chair and Chair of Sustainability Steering Committee.