(Hong Kong, Shanghai and Paris, October 25, 2022) Hang Lung Properties (SEHK stock code: 00101) ("Hang Lung"), a leading developer, manager and owner of a diversified portfolio of world-class properties in Hong Kong and mainland China, and LVMH Moët Hennessy Louis Vuitton, ("LVMH"), the world's leader in luxury, today announced a pioneering and ambitious partnership to collaborate on sustainability initiatives across mainland China. The partnership, a first of its kind globally, demonstrates the leadership and commitments of both Groups in the sustainability arena. It also reimagines the relationship between property owners and leading retail brands on sustainability.
Spanning Hang Lung's portfolio of properties across seven cities in mainland China, the partnership engages 26 LVMH brands occupying over 90 retail spaces with a lettable floor area in excess of 27,000 sq. m. It will bring Hang Lung and LVMH together with a clear focus on five key areas: Climate Resilience, Resource Management, Wellbeing, Sustainable Transactions, and Sustainability Communication, Events and Progress Reviews. With plans to engage the employees and suppliers of both Groups, the partnership will run to the end of 2025, and is expected to be renewed thereafter.
Mr. Adriel Chan, Hang Lung Properties Vice Chair and Chair of Sustainability Steering Committee, said: "Hang Lung and LVMH are excited to launch this groundbreaking partnership, leveraging our strategic relationship to help ensure a sustainable future for the world, while providing unique experiences to our customers. Although Hang Lung already has ambitious ESG goals and targets, the partnership with LVMH takes our sustainability agenda to the next level, demonstrating how landlords and tenants can work creatively together for the greater good. We are confident that the partnership will make a positive impact in support of China's goals to peak its carbon emissions by 2030 and to reach carbon neutrality by 2060. I have always held that one of the great things about sustainability is that it is a positive-sum game. To this point, Hang Lung and LVMH have made explicit in our agreement that we encourage one another to work with other tenants and other landlords to further the sustainability agenda, and so we welcome the proliferation of these types of agreements going forward."
"The design of our stores, like that of our products, is inspired by LVMH's core values of creativity, innovation and excellence. And this of course means guaranteeing the environmental performance of our over 5,550 stores around the world. We are thus delighted with the unprecedented scope of this agreement with Hang Lung Properties. Our collaboration will allow us to expand our environmental commitments, especially with regards to climate," stated Mr. Antoine Arnault, LVMH Image and Environment.
The first major event under the partnership is a Real Estate & Climate Forum on November 24 and 25, 2022. The forum will bring together changemakers who will formulate ideas for actions in 12 areas, ranging from energy efficiency and circularity to social impact. Further details about the partnership and its inaugural forum will be announced in due course.