HONG KONG SAR and SHANGHAI, CHINA - Media OutReach Newswire^[1] - 7 December 2023 - Hang Lung Properties (SEHK stock code: 00101) ("Hang Lung" or "the Company") is delighted to announce that Westlake 66 in Hangzhou, its 11^th large-scale commercial development in Mainland China, has won the Gold Award in the "Best New Mega Development" category at the MIPIM Asia Awards 2023. Scheduled for completion in phases starting in 2024, Westlake 66 ingeniously blends Hangzhou's urban cultural heritage with the intricate details and sophisticated aesthetic of modern architecture. The complex's unique design echoes the beauty of the natural landscape in a perfect synergy of exquisite craftsmanship and cultural legacy.

Mr. Kenneth Chiu, Executive Director and Chief Financial Officer (fourth left), Mr. Adrian Lo, Director – Project Management (third left), other executives of Hang Lung Properties and Westlake 66’s design consultants receive the Gold Award in the “Best New Mega Development” category at the MIPIM Asia Awards 2023

Mr. Adrian Lo, Director of Project Management of Hang Lung Properties, said, "We are honored to receive this international recognition for multiple years consecutively. Strategically nestled in the heart of Gongshu District, Westlake 66 offers a diversified portfolio, including a shopping mall, office towers, and a luxury hotel. Based on our past successes, we are confident to elevate this large-scale commercial development to the next level and reshape the traditional business landscape of the center of Hangzhou city. Adhering to the Company's customer-centric service philosophy, we will make Westlake 66 a new urban landmark in Hangzhou and a popular destination for residents and visitors to explore and enjoy quality life."

Westlake 66 is located in the key area of Wulin Business Circle in Gongshu District and comprises 100,000 square meters of prestigious retail space, five Grade A office towers, and a luxury hotel – the first Mandarin Oriental in Zhejiang Province (Remarks: the photo is an artist’s impression for reference only)

Westlake 66 is located in the key area of Wulin Business Circle in Gongshu District and comprises 100,000 square meters of prestigious retail space, five Grade A office towers, and a luxury hotel – the first Mandarin Oriental in Zhejiang Province. Throughout the construction process, Hang Lung skillfully integrated commercial and cultural relics, preserving and reconstructing historical buildings at 5 Yesutang Lane and the ancient well of Yesutang, as well as restoring the historical building at 1 Jingqingli. Furthermore, the project preserves the ruins of Renhe County of the Southern Song Dynasty and the Yuan Dynasty at their original sites. By creating a compelling lifestyle hub where historical culture intertwines with modern life, Hang Lung continues to reaffirm its motto of "We Do It Well" and its relentless pursuit of excellence.

Westlake 66 has received Platinum pre-certification and Gold pre-certification from the U.S. Green Building Council for "Leadership in Energy and Environmental Design (LEED) for Core and Shell Development under the LEED V4.0: Building Design and Construction (LEED BD+C) rating system – Platinum Pre-certification." The entire portfolio has received China Green Building Design Label 3-Star certification as well. Additionally, Hang Lung has entered into a two-year strategic collaboration with the carbon capture, utilization, and storage (CCUS) company CLEANCO2 to reduce embodied carbon in the Westlake 66 development and in other projects. Westlake 66 is also the first commercial development project in Mainland China and Hong Kong to use low-carbon concrete bricks, which forms part of the Company's comprehensive plan to take action on reducing emissions in its construction projects.

The MIPIM Asia Awards, known as the "Oscars of the Asia Pacific real estate world," have recognized many projects under Hang Lung's portfolio in addition to Westlake 66. For more information about the Company's awards, please visit www.hanglung.com/en-us/about-us/awards-recognition?year=2023^[2].

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