The Chinese Mainland government's “dual-carbon” goals has further spurred the demand for green building certifications. Wang Jing, director of USGBC North Asia, said Hong Kong real estate companies and developers with sustainable development visions are pioneers in this field. Swire Properties, for instance, not only applied for LEED certifications for all self-built projects, but also gives preference to companies that abide by sustainable development concepts when attracting tenants for malls and offices. INDIGO received the LEED Platinum Certification in 2019.

In addition to the forward-looking concepts, there is also pressure from the information disclosure regime for the green standard to be adopted by Hong Kong-owned real estate companies. For example, HKEX has begun to require listed companies to launch synchronous release of ESG information and annual results. Green building certifications have become a way for listed companies to show their ESG performance in reports.

However, there are industry voices that question how effective these green building standards are in promoting truly sustainable practices. Some professionals noted, “Real green buildings need to be designed from broader and more historically aware perspectives.” Rather than just making buildings certificated by some particular green building standards, they advocate for establishing more responsible building practices.