Hang Lung Properties and LVMH have taken sustainability one step further through an innovative collaboration that seeks to keep both parties accountable in reaching specific goals.
Based in Hong Kong, Hang Lung Properties develops, owns and manages properties in Hong Kong and nine cities across mainland China. LVMH is a family-run conglomerate that is headquartered in Paris and owns 75 luxury brands operating around the world.
Driven by a shared conviction about the urgency of the current climate crisis, both groups wanted to create a fresh model of partnership for sustainability, without a template or precedent. With the unwavering commitment of top management and strong support from employees, both sides embraced the principle of “learning by doing” to take the collaboration forward.
Desire to set a global example
Their three-year partnership, which is expected to be renewed in 2025, demonstrates both groups’ commitment to sustainability, as well as their desire to set new standards that will inspire more collaborations of this nature between property owners and retailers around the world.
“The real estate industry is not known for innovation,” he says. “However, today we start to change this by introducing a new way for real estate developers and tenants to engage and to find more innovative ways to be more sustainable together.”