Hong Kong property group Chinachem has been recognized as a Global Sector Leader for 2024 in the prestigious Global Real Estate Sustainability Benchmark ( GRESB ), achieving the highest possible five-star rating in both the development and standing investment benchmark categories.

The developer, which received a four-star rating from GRESB in 2023, has taken it up a notch by achieving the five-star rating for the first time. This recognition, the company says, highlights the significant progress it has made in governance, risk management, stakeholder engagement and the green performance of its properties.

Over half of all annual carbon emissions globally are generated by the built environment, making it a major contributor to climate change. The developer, it notes, has addressed this challenge by implementing an ambitious Carbon Reduction Roadmap – CCG 3050+ – which commits it to reducing carbon intensity by 51.8% by 2030, compared with the 2020 baseline. As of this year, the company has already achieved a 33% reduction in carbon intensity.

The property firm has been an industry pioneer in introducing green building technologies in Hong Kong. It has promoted the adoption of a smart site safety system and is the first private developer in the city to adopt modular integrated construction technology for a private residential development, helping to reduce construction waste, noise and carbon emissions.

Lee Garden Eight, a joint venture commercial property project by Chinachem and Hysan Development at Caroline Hill Road, Causeway Bay, is the first private construction project in the city to extensively adopt multi-trade integrated mechanical, electrical and plumbing technology. This innovative approach, the developer notes, not only reduces on-site construction waste and carbon emissions, but also shortens construction time and reduces the need for mechanical and electrical manpower.

In addition, Chinachem has partnered with CLPe to build and operate the first Net Zero Carbon Chiller in Hong Kong at the NINA MALLs to enhance energy efficiency. It also encourages its tenants to contribute to a sustainable future by offering partial management fee waivers to promote their participation in carbon reduction initiatives.

GRESB is a leading sustainability assessment and benchmark organization for the global real estate industry. Each year, it evaluates companies’ sustainability performances and examines their progress towards achieving global sustainability goals. A total of 2,223 real estate portfolios participated in the GRESB assessment in 2024.