Hong Kong property developers, blamed for the city’s housing crisis, cleaned up their act in 2021. Here’s how
- Developers such as NWD, Henderson Land and Wheelock undertook housing projects aimed at lower income groups
- Sino Group, Hang Lung Group and Li Ka-shing’s companies were among firms that launched schemes to encourage the uptake of Covid-19 vaccines
They have been blamed for pushing the city’s home prices higher, leaving many unable to get on the property ladder.
But, in 2021, Hong Kong property developers tried to change their image by introducing environmental, social and corporate governance (ESG) initiatives, such as social housing and other projects aimed at benefiting the wider society.
Here is a list of some major ESG projects undertaken by the city’s developers in 2021:
New World Development
As part of New World Subsidised Housing, the developer will offer 300 one, two and three-bedroom flats on a site in New Territories West with a gross floor area of 130,000 sq ft to buyers who are permanent Hong Kong residents and first-time buyers aged between 25 and 45.
If it fails to do so, it will pay a penalty worth 0.25 per cent of the bond per year that will go towards carbon offset schemes.
Henderson Land Development
Applications for Hong Kong’s largest transitional housing project in Yuen Long, a joint venture between Henderson Land and Pok Oi Hospital, opened in October.
In June, the developer also launched a series of lucky draws to incentivise the public to get vaccinated against Covid-19. The prizes were worth about HK$10 million and included 300 taels of gold, as well as more than HK$4 million in coupons to be used at its businesses and subsidiaries.
Wheelock Properties
Sun Hung Kai Properties
Upon completion in 2022, around 1,800 units will be available for underprivileged families. SHKP leased the site to the NGO for a nominal sum of HK$1 over a period of eight years in 2020.
In June, the developer also offered HK$10 million in lucky draws to encourage vaccinations among the public and its employees.
Sino Group
In December, Ng Teng Fong Charitable Foundation donated 200 prizes of prepaid bank cards with a value of HK$10,000 each for vaccinated residents aged 70 or above, to encourage the elderly to get vaccinated.
Hang Lung Properties
In June, the developer also launched initiatives worth more than HK$10 million to encourage staff and customers to get vaccinated, including online shopping coupons and two days of paid vaccination leave.
Swire Properties
Swire Properties set new science-based targets to limit the global temperature rise to 1.5 degrees Celsius in 2021. These include measures to reduce greenhouse gas emissions from its operations by 25 per cent in 2025 and 46 per cent in 2030, from 2019 levels.
In July, the developer also partnered with Spare-it, a Boston-based clean technology start-up, to launch a waste reduction challenge among tenants in its office buildings as well as staff.
CK Asset Holdings
In June, CK Asset Holdings, CK Hutchison Holdings and the Li Ka Shing Foundation announced that they would give away a total of HK$20 million worth of vouchers to fully vaccinated Hong Kong residents through a lucky draw.