In 2017, we developed our Waste Management Policy to guide our approaches to reducing waste, from the design and construction phases of our projects to the daily operation and management of our buildings. In 2020, Swire Properties began to review this policy to highlight the value of rethinking resource use and promoting circularity and in 2021, we announced our Resource and Circularity Policy, putting greater emphasis on “designing out” waste and keeping products in use while continuing to enhance resource recovery and recycling across our operations.

Reframing waste in the context of resource use and management encourages our employees, tenants, suppliers and others with whom we do business to engage with the topic with greater positivity and creativity before resources are consumed. This approach supports our transition to a circular economy and our goal to achieve zero waste to landfill by 2050. The emphasis on circularity will also help prepare the Company and our tenants for upcoming waste-related legislation, such as the compulsory garbage sorting legislation that has been introduced in major Chinese Mainland cities and the municipal solid waste charging legislation in Hong Kong which may be enacted in the latter half of 2023.