An Innovative Initiative to Foster Sustainability in Commercial Real Estate

SHANGHAI, Nov. 14, 2022 /PRNewswire/ — At an official signing ceremony on 10 November 2022, Shui On Workx launched its latest sustainable innovation program, the “Deep” Green Lease, in collaboration with the U.S. Green Building Council (USGBC), developer and owner of the LEED green building and city rating system. The first of its kind and differing from preceding voluntary green initiatives, the “Deep” Green Lease is a contractually binding sustainable lease that introduces financial incentives for tenants, in addition to regular office lease terms, to promote energy savings with the plan to further explore water reduction and waste recycling in the future. Ushering in a new era of sustainability, Shui On Workx’s “Deep” Green Lease is the latest milestone that represents the Group’s continuing efforts in the areas of energy saving and carbon emission reduction to correspond to its 5C Sustainable Development Strategy.

The signing ceremony
The signing ceremony

“Our ‘Deep’ Green Lease partnership between Shui On Workx and LEED is an exciting, new development in sustainable work solutions – and at the very heart of our ‘value creation’ ethos,” says Ms. Betty Wang, General Manager of Commercial Management (Office) of Shui On Xintiandi. “As a pioneer of sustainability, the “Deep” Green Lease joins other initiatives we have launched previously including the industry’s first ever Green Pledge and the establishment of the Low-Carbon Workspace Alliance.  We are encouraged to see that our tenants and other stakeholders in the community find merit in such initiatives in their constant search for practical solutions to attain low carbon emissions and sustainability. We welcome more industry players to follow suit.  Such pilot programs not only celebrate our brand DNA to be ‘visionary, innovative and professional’ but inspire all stakeholders to build a sustainable community together.”

To realize Shui On Group’s 5C Sustainable Development Strategy, Shui On Workx has joined forces with LEED to implement this new environmentally conscious “leasing innovation”. A solid step to accelerate sustainability in its business, Shui On Workx and LEED’s collaboration on the “Deep” Green Lease will focus mainly on energy consumption reduction of office units. According to estimates, if all Shui On Workx office projects across the country implemented the “Deep” Green Lease, every 10% reduction in HVAC energy consumption alone would produce the equivalent effect of planting approximately 300,000 trees or saving some 1.5 million pairs of disposable chopsticks – an extraordinary sustainability value.

“Green building certification represented by LEED has become the standard for Grade A office buildings in first-tier cities and how property managers are diligently working with tenants to promote reduction in Greenhouse gases (GHGs) emissions is an important indicator of the ongoing ‘greening’ of commercial real estate,” said Jing Wang, Vice President of USGBC North Asia. “For tenants, building-related emission reduction is a tangible indicator of corporate ESG performance, and setting up measurable and sustainable development targets with building operators will also be a major part of corporate carbon neutral solutions. We are looking forward to working with Shui On Workx to put our sustainable commitments into place and to set a new benchmark for the industry in terms of collaborative carbon reduction.”

With its deep insights and comprehensive practical experience accumulated over 20 years of asset management, Shui On Workx is committed to playing a leading role in the industry and aims to better serve enterprises that are also willing to contribute to the cause of sustainability. Shui On Workx believes that every step in innovation today, no matter how small, can eventually lead to the sustainable development of the industry and generate momentum to guide its partners to a clearer and cleaner “Deep” Green future.