HONG KONG SAR -�Media OutReach�- 29 December 2021 -�Hang Lung Properties (Stock Code: 00101) (the "Company" or "Hang Lung") is pleased to announce that its world-class commercial complex in Kunming, Spring City 66 is now 100% powered by renewable energy, making it the first development of the Company and the first commercial complex in Yunnan Province to achieve net zero carbon emissions in terms of annual electricity consumption for both landlords' and tenants' operations.

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Spring City 66, Kunming

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Spring City 66 is a notable example of Hang Lung's sustainability philosophy. Opened in 2019, this commercial development has implemented the latest technologies and various measures to improve its energy efficiency. It has also attained the Leadership in Energy and Environmental Design (LEED) for Core and Shell Development � Gold Level certification issued by the U.S. Green Building Council in 2020 for its mall and office tower. �The renewable energy procurement will provide approximately 57,800MWh of electricity per year from solar and wind, and thereby reduce the property's carbon emissions by approximately 46,471 tonnes per year. The transaction will take the Company's own usage of renewable electricity in its Mainland developments to over 14% and accelerate Hang Lung's progress in achieving ambitious greenhouse gas reductions. It will also help our tenants to reduce their own carbon emissions.

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"The procurement of 100% renewable energy for Hang Lung's Spring City 66 project in Kunming is a significant milestone on our sustainability journey, and a major step toward our 2030 Sustainability Goals and Targets announced last year. The transaction reaffirms our commitment to achieving net-zero, and also supports the Central Government's pledge of achieving carbon neutrality by 2060. While Hang Lung is happy to reach this milestone, we will continue to explore opportunities in renewable energy for our developments across China," said Mr. Adriel Chan, Vice Chair of Hang Lung Properties, who also chairs the Company's Sustainability Steering Committee.

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About Hang Lung Properties

Hang Lung Properties Limited (stock code: 00101) creates compelling spaces that enrich lives. Headquartered in Hong Kong, Hang Lung Properties develops and manages a diversified portfolio of world-class properties in Hong Kong and the nine Mainland cities of Shanghai, Shenyang, Jinan, Wuxi, Tianjin, Dalian, Kunming, Wuhan and Hangzhou. With its luxury positioning under the "66" brand, the company's Mainland portfolio has established its leading position as the "Pulse of the City". Hang Lung Properties is recognized for leading the way in enhanced sustainability initiatives in real estate as it pursues sustainable growth by connecting customers and communities.

At Hang Lung Properties � We Do It Well.

For more information, please visit www.hanglung.com.

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The issuer is solely responsible for the content of this announcement.