Hang Lung Properties Limited is leading the charge in real estate decarbonization in China with its Pavilion Extension project at Plaza 66 in Shanghai, which utilizes nearly 100% low carbon emissions steel. This initiative marks the first commercial real estate project in mainland China to incorporate such steel, sourced from Baoshan Iron & Steel Co., Ltd. (Baosteel), achieving a 35% reduction in embodied carbon compared to traditional steel. The project aims to address the significant carbon footprint of the real estate sector, which accounts for over 38% of China's annual CO2 emissions. Hang Lung's collaboration with Baosteel includes the supply of 1,171 tonnes of BeyondECO® low carbon emissions structural steel and 325 tonnes of reinforcing bars, set to be completed by 2026. This move aligns with Hang Lung's commitment to achieving net-zero targets and demonstrates how the real estate industry can contribute to China's carbon neutrality goals by 2060.