Sustainable development (SD) is an important cornerstone of our real estate business. Throughout our company’s history, we have been committed to caring for the environment, preserving cultural heritage, and building and sustaining vibrant communities. We care for our colleagues, partners, and stakeholders, and do our utmost to uphold and raise the quality of our governance.
Faced with increasing global and stakeholder concerns and scrutiny about critical issues including climate change and resource scarcity; and as China has pledged to become carbon neutral by 2060, we recognise our role as a property developer to help support these commitments. Our sustainable business model balances financial profitability with sustainability, social and environmental impact, as well as our contribution to local and regional economies, effectively encompassing all aspects of responsible environmental, social, and governance (ESG) management.
In 2019, we announced our intention to enlarge our vision of what sustainability means for the Company via the development and implementation of a 2030 5C Sustainable Development Strategy (5C Strategy). To continue to advance our work in this area, we have carefully and thoughtfully crafted a ten-year sustainable development strategy, which will point the way for the Group’s sustainable future to 2030 and beyond.
The 5C Strategy intends to unite these priorities in alignment with our new corporate vision: To become a pioneer of sustainable premium urban communities. The ambitions and priority themes for each ‘C’ component of the 5C Strategy were developed from an in-depth review of the materiality assessment conducted in 2019, internal and external engagement, as well as rigorous action plan development in 2020. They reflect the types of projects and initiatives we want to drive over the next ten years and serve as a feedback loop to ensure that we remain focussed in meeting our corporate vision.
We will roll out the 5C strategy beginning in 2021, and the strategic goals and targets that have been developed will be gradually implemented in the coming years. We recognise that as we achieve our short-term goals, our longer-term targets will evolve and as such our work plans will have to constantly be updated. We are confident that this new strategy will consistently provide the group with a roadmap for success in the coming decade and bring us all closer to living in a truly sustainable world.
5C SD Governance Structure: Sustainability Committee at Board Level
The Group’s sustainability governance structure has been revamped to facilitate effective implementation of the “5C” sustainable development strategy. The Board of Directors – our highest governance body – has overall responsibility for our sustainable development efforts. The Sustainability Committee – consisting of selected company directors – meets regularly to discuss and make decisions on sustainability goals. The Sustainability Committee directly monitors and guides our overall sustainability performance and may delegate certain of its responsibilities to the Sustainable Development Executive Committee. The responsibility for specific proposals and the implementation of specific goals at the operational level is delegated to five cross-departmental C Working Teams. Each team holds the KPIs of the goals, meets every month to drive implementation, and solves problems as they arise. KPIs are cascaded to relevant companies and departments for execution. The Sustainable Development Executive Committee and each C Working Team reports its progress and status to the Sustainability Committee for review on a regular basis, and the Sustainability Committee provides consolidated reports for submission to the Board of Directors.
Please click to read: TERMS OF REFERENCE OF THE SUSTAINABILITY COMMITTEE
2020 Sustainable Development Recognition and Awards
Sustainable Development Policies