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2021
25 Nov

New World Development Launches Industry-First Creating Shared Value Lease to Empower Tenants with K Dollar Rewards and Drive Carbon Neutrality Goals

New World Development Company Limited ("NWD" or the "Group") announces today the launch of "Creating Shared Value Lease" ("CSV Lease"), an industry-first tenant engagement initiative with a direct-to-employee programme to scale up the benefits of sustainable operation via innovation, knowledge exchange, and instil a sense of achievement.

Underpinned by the Group's Creating Shared Value (CSV) principles, CSV Lease is a win-win initiative that brings together NWD, its tenants and their employees to drive sustainability initiatives. As a leader in ESG integration, NWD prioritises certified green building designs and operational carbon reduction. NWD further committed to achieving Science Based Targets (1.5°C scenario) by 2030 and carbon neutrality by 2050. To reach these goals, NWD will partner with tenants to raise their sustainability awareness and support their efforts in energy saving and waste management, driving carbon reduction and overall sustainability practices along its supply chain.

Adrian Cheng, Chief Executive Officer of New World Development, said, "We are dedicated to empowering the next generation and our business partners to drive sustainability. The new initiative creates shared value with tenants and their employees by aligning profit and purpose for positive impact. By signing the CSV Lease, tenants will be guided and rewarded for adopting environmentally and socially sustainable practices in their operation and employee engagement. We hope to take active steps in realising a carbon neutral future together with our business partners across the New World ecosystem."

Building on the success of the voluntary Sustainable Tenancy Pledge launched in 2019 for K11 office and retail tenants, CSV Lease expands the educational and sustainable offerings to a wider group of tenants as well as their employees. All employees of CSV Lease tenants will be encouraged to play an integral part in the sustainability initiatives. Upon reaching agreed sustainability milestones such as energy saving, CSV Lease tenants will earn K Dollars, which can be redeemed as instant cash at over 450 participating merchants across NWD’s expansive ecosystem – marking an innovative approach in simultaneously helping tenants engage their employees while boosting NWD’s ecosystem connectivity.

On signing a CSV Lease, tenants will join like-minded peers to contribute to carbon reduction, and they will be encouraged to participate in a variety of sustainability initiatives, such as waste recycling programmes and wellness workshops. To facilitate knowledge exchange, CSV Lease tenants will also be engaged via regular communication for sustainability news and trends sharing, and networking opportunities.

CSV Lease is open to tenants at K11 ATELIER King's Road, K11 ATELIER Victoria Dockside and K11 ATELIER 11 SKIES, with phased expansion across the retail and office portfolio of NWD and K11 in Hong Kong in the near term.

NWD integrates its Sustainability Vision 2030, which references the United Nations Sustainable Development Goals to set four key pillars of Green, Wellness, Smart and Caring, into property lifecycle stages and builds sustainable cities and communities. The Company has a track record in achieving state-of-the-art certified green and healthy building designs and award-winning sustainable operation in buildings such as K11 ATELIER King’s Road. The Company also committed to achieving 100% renewable energy for its rental properties in the Greater Bay Area and Greater China by end of FY2026 and FY2031, respectively. The new CSV Lease will further NWD’s efforts to manage whole building and supply chain carbon emissions for a sustainable future.