ENVIRONMENTAL, 
SOCIAL AND 
GOVERNANCE REPORT 
2022
Stock Code: 778

Contents
1
Message from the CEO
2
Sustainability Statement from the Board
3
About Fortune REIT
4
Vision, Mission and Core Values
5
2022 at a Glance
7
ESG milestones
8
About this Report
10
Value Creation
11
Sustainability Approach
12
Sustainability Strategy
16
Stakeholder Engagement
21
Our Space
31
Our Conduct
37
Our People
43
Our Footprint
57
Our Community
59
Climate Disclosure Report
65
Performance Data Summary
68
Independent Assurance Opinion Statement
72
HKEX ESG Reporting Guide Content Index
76
GRI Content Index

Fortune Real Estate Investment Trust   ESG Report 2022 
1
Message from the CEO
Sustainability is a continuous journey and has been embedded into our DNA as one of our core 
values.  Extreme weather events have demonstrated the pertinence of climate change and 
coupled with the COVID-19 pandemic, highlighted the fragility of the world we live in. Companies 
can no longer rest on their laurels. There needs to be prompt concerted action to address the 
global climate emergency. Amidst global uncertainties and challenges, Fortune REIT charted 
through the headwinds and embarked on the road to recovery by building resilience into our 
operations. With the overarching objective of creating shared value for the local community and 
our stakeholders, our team worked tirelessly to improve our sustainability performance and to 
further integrate sustainability into our operations to accelerate our decarbonisation journey.
Based on The Global Risks Report 2022 by the World Economic Forum, climate change remains one of the top global 
risks facing the world, and the impacts of climate change have become more frequent and severe. 
Our dedication and collaborative efforts in sustainability have been recognized by local and global prestigious 
organizations. We are honoured to be awarded 5-stars in the 2022 GRESB assessment, marking the second consecutive 
year that Fortune REIT has received the highest rating. In addition, Fortune REIT was recognised as a constituent of the 
Hang Seng Corporate Sustainability Benchmark Index for six consecutive years. These two major recognitions are a true 
testament of our unrelenting pursuance of sustainability excellence.
During the Reporting Year, Fortune REIT continued to deliver shared value to our stakeholders. Fortune REIT acquired its 
Stars of Kovan property in Singapore, marking our first overseas investment. Fortune REIT has four sustainability-linked 
loans in place, accounting for 45% of our total loans and one sustainability-linked interest rate swap, all of which are 
linked to the sustainability performance of Fortune REIT. With our malls located within residential estates, Fortune REIT 
aims to build a community that provides a diverse array of shopping experiences for our shoppers and creating value for 
our stakeholders. Initiatives include Farm@Fortune at Fortune City One, the interactive wall and green wall at +WOO help 
raise ESG awareness among our shoppers and visitors.
Fortune REIT disclosed its first TCFD-aligned Climate Disclosures Report during the Reporting Year, demonstrating our 
steadfast commitment to sustainability, improving our transparency and adopting best practices.  Fortune REIT sees 
climate change as a crucial element of the success of its sustainability strategy. To accelerate towards a net-zero reality, 
Fortune REIT is currently planning its net-zero strategy and commitment to a Science-based target to drive the transition 
to lower-carbon operations. 
I would like to thank our stakeholders for their unwavering support and collaborative effort on sustainability which has 
enabled Fortune REIT to achieve new highs. We look forward to strengthening our partnerships with our stakeholders to 
build a more sustainable and brighter future for all.
CHIU YU, JUSTINA
Chief Executive Officer
ARA Asset Management (Fortune) Limited
as Manager of Fortune REIT

2
Sustainability Statement from the Board
The Board oversees all sustainability issues, covering environmental, social and governance issues, and a Sustainability 
Committee was established to assist the Board in the effective execution of Fortune REIT’s sustainability strategy, 
managing its sustainability performance and conveying its expectation to stakeholders. 
Fortune REIT’s sustainability strategy focuses on five key focus areas, namely Our Footprint, Our Community, Our 
People, Our Space and Our Conduct. Management have implemented actions under each of these key focus areas to 
drive sustainability initiatives throughout the Reporting Year; details of which have been set out in this Report. 
To allow for a more comprehensive understanding of its operating landscape and preparedness, Fortune REIT conducts 
a risk assessment across multiple risk categories, identifying potential risks, outcomes/impacts, and mitigation 
measures for the identified risks. Given the increasing significance of climate change for Fortune REIT’s stakeholders, 
Fortune REIT has also included climate change as an identified risk in its risk register, to ensure that these risks will be 
properly considered and managed. 
The risk assessment of Fortune REIT is reviewed by the Audit Committee, as delegated by the Board, on a semi-annual 
basis. Risks are then managed through the Manager setting out adaptive and mitigation measures according to the risk 
analysis results and reviewing the effectiveness of the measures regularly to ensure the risks identified are managed in 
an appropriate manner.
The Board will continue to push forward Fortune REIT’s sustainability plans to fruition, with the aim of delivering 
sustainability excellence and maximising shared value for all our stakeholders.

Fortune Real Estate Investment Trust   ESG Report 2022 
3
About Fortune REIT
Established in 2003, Fortune Real Estate Investment Trust (“Fortune REIT”) is a real estate investment trust constituted 
by a trust deed (as amended, supplemented or otherwise modified from time to time). It is the first REIT to hold Hong Kong 
assets and is currently listed on the Main Board of the Stock Exchange of Hong Kong Limited (the “SEHK”). Fortune REIT 
holds a portfolio of 17 retail properties, with 16 private housing estate retail properties in Hong Kong and 1 neighbourhood 
mall in Singapore, comprising 3.0 million square feet (“sq. ft.”) of retail space and 2,793 car parking spaces. 
Fortune REIT is managed by ARA Asset Management (Fortune) Limited (the “Manager”) a wholly-owned subsidiary of 
ARA Asset Management Limited (“ARA”). ARA Asset Management is part of the ESR Group (“ESR”).
100%
FORTUNE REIT’S STRUCTURE AND PROPERTIES PORTFOLIO
TRUSTEE
FEES
DISTRIBUTIONS
MANAGEMENT
FEES
MANAGEMENT
SERVICES
OWNERSHIP
OF SHARES
PROPERTY
MANAGEMENT
SERVICES
INVESTMENT IN
ACTS ON
BEHALF OF
UNITHOLDERS
DIVIDENDS/
DISTRIBUTIONS
UNITHOLDERS
PROPERTY
HOLDING
COMPANIES
PROPERTY
MANAGER
TRUSTEE
HSBC Institutional
Trust Services
(Asia) Limited
MANAGER
ARA Asset
Management
(Fortune) Limited
PROPERTY
MANAGEMENT
FEES
PROPERTIES
• +WOO
• Fortune City One
• Ma On Shan Plaza
• Metro Town
• Fortune Metropolis
• Laguna Plaza
• Belvedere Square
• Waldorf Avenue
• Caribbean Square
• Smartland
• Jubilee Square 
• Tsing Yi Square
• Centre de Laguna
• Hampton Loft
• Lido Avenue
• Rhine Avenue
• Stars of Kovan 
   Property

4
Vision, Mission and Core Values
EXCELLENCE
We strive for excellence in every aspect of our business. We maintain high 
standards of performance and accountability, and we seek to learn, explore 
and improve continuously.
INCLUSION
We embrace diversity, equity and inclusion in the workplace. We believe trust 
and mutual respect among colleagues, partners and stakeholders are 
cornerstones of growth and success.
ENTREPRENEURSHIP
Our entrepreneurial spirit reflects our passion, courage and desire to succeed 
and ultimately drives the creation of opportunities and the delivery of superior 
outcomes in a competitive marketplace.
SUSTAINABILITY
Sustainability is central to our mission because we aspire to improve the 
environmental prospects of our planet. Our responsibilities to stakeholders, 
local communities and the world at large grow in tandem with our business. 
Accordingly, we commit to lead and embrace the highest standards of 
governance in forging a path to become a carbon neutral business.
CORE VALUES
The Manager’s mission is to deliver 
regular and stable returns to holders of 
Fortune REIT units (“Unitholders”) 
through proactive management of Fortune 
REIT’s portfolio of assets and acquiring 
properties that generate long term 
benefits to Unitholders.
Our vision is to be the best-of-class 
REIT manager, offering bespoke solutions 
and enduring value to 
our investors and partners.
VISION
MISSION

Fortune Real Estate Investment Trust   ESG Report 2022 
5
2022 at a Glance
  
Global Real Estate Sustainability Benchmark
  
Hang Seng Corporate Sustainability Benchmark Index
  
Green Building Certification
All 16 Fortune Malls
in Hong Kong have
green building
certification in Management
Fortune Metropolis has attained 
Platinum rating 
for BEAM Plus
Comprehensive Scheme
Ma On Shan Plaza
Excellent
in Energy Use
Fortune Metropolis
Excellent
in Water Use
KEY ACHIEVEMENTS 
In recognition of our continued sustainability efforts, Fortune REIT has achieved the following recognitions during the 
Reporting Year: 
First
Hong Kong REIT to attain a
5-star rating 
Ranked 2nd
in Eastern-Asia Listed Retail
Rated 5-stars
for 2 consecutive years
Awarded A rating
for public disclosure
for 3 consecutive years
Included for
6 years
consecutively with
a rating of A
or above
Rated
A+
for 2022–23

6
2022 at a Glance
Awards
CarbonCare®
ESG Reporting Label
Level 4
CarbonCare®
ESG Star Label
Hong Kong Management Association  
Hong Kong Sustainability Award 2022 Corporate Award – 
Merit Award 
Hong Kong Management Association  
Hong Kong Sustainability Award 2022 Individual Award – 
“Distinguished Sustainability Leadership Award”  
for CEO Justina Chiu
Greater Bay Area Corporate 
Sustainability Awards
jointly organised by
HKQAA and Metro Finance
ESG Leading Enterprise  
Awards 2021
by Bloomberg Businessweek,
Chinese Edition and Deloitte
KEY METRICS IN 2022
Over
3 million
sq. ft. of gross
rentable area
Female
staff 65%
Male
staff 35%
22
CSR events
malls in
Hong Kong
16
mall in
Singapore
1
Over890
hours of training 
provided to 
employees
Approximately
260
CSR hours clocked 
by employees

Fortune Real Estate Investment Trust   ESG Report 2022 
7
ESG Milestones
2017 
•	
Published Fortune REIT’s first ESG report for the 
year ending 31 December 2016 
 
•	
A constituent of the Hang Seng Corporate 
Sustainability Benchmark Index
2019
•	
A constituent of the Hang Seng Corporate 
Sustainability Benchmark Index
2021
•	
First REIT in HK to attain the highest 5-star rating for 
GRESB
•	
100% of Hong Kong portfolio obtained green 
building certifications from BEAM Plus
•	
Entered into the first sustainability-linked swap
•	
A constituent of the Hang Seng Corporate 
Sustainability Benchmark Index
2018
•	
A constituent of the Hang Seng Corporate 
Sustainability Benchmark Index
2020
•	
Entered into the first sustainability-linked loan
 
•	
A constituent of the Hang Seng Corporate 
Sustainability Benchmark Index
2022
•	
Retained 5-star rating for GRESB
•	
A constituent of the Hang Seng Corporate 
Sustainability Benchmark Index
•	
Published Fortune REIT’s first Climate Disclosure 
Report for the year ending 31 December 2021
Stock Code : Hong Kong 778 • Singapore F25U
Environmental, Social and Governance Report 2016

8
About this Report
REPORTING YEAR AND SCOPE
The Environmental, Social and Governance Report (the “Report”) of Fortune REIT presents its sustainability performance 
for the financial year from 1 January to 31 December 2022 (“2022” or the “Reporting Year”). On 30 September 2022, 
Fortune REIT completed the acquisition of the Stars of Kovan property located in Singapore1. As such, the reporting 
scope of this Report focuses on Fortune REIT’s full scope of operations for 16 private housing estate retail properties in 
Hong Kong and 1 private housing estate retail property in Singapore.
Property
Number of 
Car Parking Lots
Gross Rentable Area 
(sq. ft.)
Fortune City One 
653
414,469
+WOO
622
665,244
Ma On Shan Plaza 
290
310,084
Metro Town 
74
180,822
Fortune Metropolis 
179
332,168
Laguna Plaza 
150
163,203
Belvedere Square 
329
276,862
Caribbean Square 
117
63,018
Jubilee Square 
97
170,616
Smartland 
67
123,544
Hampton Loft 
35
74,734
Waldorf Avenue 
73
80,842
Tsing Yi Square 
27
78,836
Centre de Laguna 
–
43,000
Lido Avenue 
–
9,836
Rhine Avenue 
–
14,604
Stars of Kovan Property
80
22,638
Total 
2,793
3,024,520
1  Data for the Stars of Kovan property has been included from 30 September 2022 until 31 December 2022 (both dates inclusive).

Fortune Real Estate Investment Trust   ESG Report 2022 
9
REPORTING STANDARDS AND PRINCIPLES
The Report is prepared in accordance with the “comply or explain” provisions of the Environmental, Social and 
Governance Reporting Guide (the “ESG Reporting Guide”) under Appendix 27 of the Rules Governing the Listing of 
Securities on the SEHK.
In addition, this Report refers to the Global Reporting Initiative (“GRI”) Standards on certain material issues. This Report 
references Disclosures 2-3, 2-5, 2-7 to 2-9, 2-12, 2-22, 2-27, 2-29 from GRI 2: General Disclosures 2021, Disclosure 
205-2 to 205-3 from GRI 205: Anti-corruption 2016; Disclosures 302-1 and 302-3 from GRI 302: Energy 2016; Disclosures 
305-1 to 305-4 from GRI 305: Emissions 2016; Disclosure 404-1 and 404-3 from GRI 404: Training and Education 2-16; 
Disclosure 413-1 from GRI 413: Local Communities 2016; and Disclosure 416-2 from GRI 416: Customer Health and 
Safety 2016. The Report also refers to the recommendations from the Task Force on Climate-Related Financial 
Disclosures (“TCFD”).
Fortune REIT adheres to the following reporting principles in defining the reporting content:
•	
Materiality: Fortune REIT focuses on issues that have a significant impact on its business and are important to its 
stakeholders. Material issues are identified through a series of stakeholder engagement activities and are 
validated.
•	
Quantification: In order to illustrate the performance of Fortune REIT, key performance indicators are presented 
in quantitative terms with methodology explained whenever feasible.
•	
Balance: The Report provides stakeholders with an unbiased picture of Fortune REIT’s achievements and the 
risks it faces.
•	
Consistency and comparability: Fortune REIT employs a consistent measurement methodology to allow for 
meaningful comparison of ESG data over time. There is no significant change in the methodology in the 
preparation of the Report during the Reporting Year.
•	
Completeness: The Report responds to the material topics identified in the Reporting Year to avoid omission of 
any aspects that are material to stakeholders.
•	
Accuracy: Fortune REIT is committed to upholding the truthfulness of the information set out in the Report and 
ensuring its traceability.
•	
Timeliness: To allow timely and informed decisions of stakeholders, the Report discloses its impact on the 
environment and society with the Reporting Year.
•	
Clarity: The Report is written in a manner that is comprehensible and accessible to relevant stakeholders.
REPORT ASSURANCE
Fortune REIT has established internal controls and a formal review process to ensure that any information presented in 
the Report is as accurate and reliable as possible. With the assistance of the Sustainability Committee, the Manager’s 
Board of Directors (the “Board”) has reviewed and approved the Report.
In the Reporting Year, Fortune REIT appointed the British Standards Institution (“BSI”) to provide independent assurance 
of the Report and the environmental data (including energy, water, greenhouse gas and waste) in accordance with the 
ESG Reporting Guide. The assurance, the scope of work and conclusions can be found in the Independent Assurance 
Statement on pages 68–71.
FEEDBACK MECHANISM
Fortune REIT values feedback and comments from stakeholders. Stakeholders are welcome to share their views with 
Fortune REIT via enquiries@fortunereit.com to help define and strengthen its future sustainability strategy.

10
Value Creation
PROPERTY MANAGER 
AND CONTRACTORS
Fortune REIT maintains open 
dialogue with its property manager 
and contractors to allow effective 
execution of the sustainability
strategy.
VALUE CREATION
As an integral part of the real estate 
industry, Fortune REIT understands 
its operations have economic, 
environmental, and social impacts 
on the community. Fortune REIT 
strives to create value for its 
stakeholders and the community 
where it operates, through catering 
to the needs of its stakeholders.
EMPLOYEES
Fortune REIT aims to 
empower its employees in a 
work environment which 
promotes inclusion and 
prioritises health and safety.
TRUSTEE AND 
REGULATORY BODIES
Fortune REIT, through the Manager, 
meets its obligations under the Code on 
Real Estate Investment Trusts (REIT Code) 
and Trust Deed to remain compliant and 
to satisfy its ﬁduciary duties, 
with oversight from the Trustee and 
regulatory bodies.
TENANTS AND 
SHOPPERS
Fortune REIT has created a healthy 
and safe environment which enables 
tenants and shoppers to enjoy a 
quality retail environment.
LOCAL COMMUNITY AND 
NON-GOVERNMENTAL 
ORGANISATIONS
Fortune REIT creates comfortable 
shared spaces that are inclusive and 
continually invests in the 
community.
INVESTORS
Fortune REIT maintains active 
communication with its investors to 
enable them to make informed 
investment decisions.

Fortune Real Estate Investment Trust   ESG Report 2022 
11
Sustainability Approach
Fortune REIT’s sustainability strategy sets the foundation of its approach in managing sustainability in pursuance of its 
sustainability objectives and concentrates its efforts on material issues which have a significant impact on Fortune REIT’s 
operations and stakeholders. With the collaborative efforts of the Board, the Sustainability Committee and stakeholders, 
Fortune REIT progressively improves its performance through assessing and managing sustainability risks and 
opportunities, while addressing stakeholders’ concerns in its decision-making processes.
SUSTAINABILITY GOVERNANCE
BOARD OF DIRECTORS
REPRESENTATIVES FROM 
THE MANAGER
SUSTAINABILITY COMMITTEE
(Chaired by the CEO, 
a member of the Board)
SENIOR REPRESENTATIVES 
FROM THE PROPERTY 
MANAGER
BOARD OF DIRECTORS
The Board bears the fundamental responsibility for Fortune REIT’s sustainability. The Board oversees all sustainability 
issues, covering environmental, social and governance topics, including climate change. Management reports to the 
Board on material ESG issues requiring the Board’s deliberation in a timely and adequate manner. Directors are 
experienced and were provided with training on sustainability regularly.
SUSTAINABILITY COMMITTEE
The Sustainability Committee was established to assist the Board in effective execution of Fortune REIT’s sustainability 
strategy, managing its sustainability performance and conveying its expectation to stakeholders including employees and 
the Property Manager. The Sustainability Committee conducts bi-monthly meetings to review sustainability issues, 
progress of implemented measures and pursues constant improvement on Fortune REIT’s sustainability performance. 
Senior representatives from the Property Manager form part of the Sustainability Committee lending their experience, 
valuable insights and deep knowledge on the daily operations of the malls, helping Fortune REIT drive its sustainability 
initiatives.
RESPONSIBILITIES OF THE SUSTAINABILITY COMMITTEE
•     Formulate sustainability strategy
•     Target setting and review
•     Monitor performance
•     Coordinate ESG reporting
•     Ensure execution of measures by 
       Property Manager
•     Engage stakeholders in the 
       decision-making process
•     Review policies and measures
•     Identify, prioritise and manage 
       sustainability risks and opportunities

12
Sustainability Strategy
The sustainability strategy paves the foundation for Fortune REIT in its pursuance of sustainability excellence. Fortune 
REIT has set focus areas around Environmental (E), Social (S) and Governance (G) aspects, enabling Fortune REIT to 
prioritise its efforts and resources on issues that have the greatest impact on Fortune REIT’s operations and implement 
relevant action plans.
SUSTAINABILITY OBJECTIVES
SUSTAINABILITY STRATEGY
 
FOCUS AREAS
KEY TOPICS
   
ENVIRONMENT 
Our Footprint
To minimise Fortune REIT’s 
environmental footprint
•	 Energy efficiency
•	 Waste reduction
•	 Water saving
•	 Climate change
SOCIAL
Our Community
To deliver value to the community 
and address their needs
•	 Giving back (Corporate Social Responsibility)
•	 Building an inclusive community
•	 Stakeholder engagement
Our People
To provide our employees a
constructive and balanced 
working environment
•	 Employee health and well-being
•	 Training and development
Our Space
To enhance our shoppers’ 
experience with advanced
technologies and pleasant 
shopping environment
•	 Customer health and safety
•	 Innovation integration
  
GOVERNANCE
Our Conduct
To set a solid foundation for 
our business success
•	 Business integrity and sustainability 
governance (anti-corruption, prevention of 
anti-competitive practices, labour practices 
and human rights)
•	 Management of sustainability-related risks
To conserve the 
environment
Be a responsible 
corporation
Promote a  
healthy lifestyle
Act in the  
best interests of  
our stakeholders

Fortune Real Estate Investment Trust   ESG Report 2022 
13
KEY SUSTAINABILITY OBJECTIVES/TARGETS AND 2022 PROGRESS
ENVIRONMENT 
KEY TOPICS
KEY OBJECTIVES/TARGETS
(MID TO LONG-TERM)
2022 PROGRESS
Our 
Footprint
Energy efficiency
•	 To meet the energy 
intensity target 
•	 Improve energy efficiencies 
of buildings
•	 Increase in solar energy 
generation
•	 Building management and building 
optimization system has been installed at 
six Fortune Malls, allowing better 
operational efficiency leading to energy 
saving
•	 Working with tenants to reduce their 
energy consumption
•	 Three Fortune Malls have solar panels 
installed and are expected to reduce GHG 
emissions by 107.16 tonnes annually
Waste reduction
•	 To meet the waste intensity 
target 
•	 Set up Farm@Fortune at Fortune City One 
in 2021, which continued to raise 
environmental awareness in the 
community, and helped tackle food waste
•	 Installed the Recycling Fund’s Beverage 
Carton Smart Recycling and Reverse 
Vending Machines for plastic bottles in 
our malls
•	 Tackled food waste at our malls by 
participating in the Environmental 
Protection Department’s pilot scheme for 
food waste collection and recycled 4.48 
tonnes of food waste in December 2022, 
equivalent to 2.1 tonnes of CO2
Water saving
•	 To meet the water 
reduction target 
•	 Installed water saving faucets
•	 Used reclaimed water and harvested 
rainwater for landscaping irrigation
Climate change
•	 Build resilience to climate 
change
•	 Incorporate green leases 
clause in standard Tenancy 
Agreement
•	 Increase in green building 
certifications
•	 Increase in green financing
•	 To meet the GHG reduction 
target
•	 Green lease clauses have been included 
in our standard tenancy agreements
•	 100% green building certifications across 
our HK portfolio
•	 45% of loans are sustainability-linked
•	 Initiated net-zero strategy planning

14
Sustainability Strategy
   SOCIAL
KEY TOPICS
KEY OBJECTIVES/TARGETS
(MID TO LONG-TERM)
2022 PROGRESS
Our 
Community
Giving back 
(Corporate Social 
Responsibility)
•	 Infuse CSR into our 
corporate DNA
•	 Increase community 
involvement & philanthropy
•	 Farm@Fortune, an integrated social value 
chain, at Fortune City One continued to 
raise environmental awareness in the 
community and over 103kgs of produce 
was grown and donated
•	 22 CSR events held during the year 
focused on “Nurturing the youth”, 
“Creating a better community” and 
“Caring for the elderly” for Fortune REIT’s 
community investment
Building an inclusive 
community
•	 Enhance accessibility of our 
malls to offer safety and 
convenience
•	 Renovation at +WOO prioritizes customer 
experience
•	 Unveiled +WOO Playground, installed 
interactive wall and green wall to 
enhance customers’ experience and raise 
environmental awareness
Stakeholder 
engagement
•	 Engage with stakeholders 
and respond to their needs 
and concerns
•	 Engaged with our stakeholders via 
various means including the stakeholder 
survey and CSR events
Our People
Employee health and 
well-being
•	 Promote employee well-
being and increase 
employee satisfaction
•	 Maintain zero fatalities and 
work injuries
•	 Employee’s performance review was 
linked to sustainability performance 
indicators, in order to promote a 
sustainable culture
•	 Workshops were held to promote 
employee health and well-being
Training and 
development
•	 Develop and train talent
•	 Average of 44 training hours per 
employee which included sustainability, 
compliance and cybersecurity topics
Our Space
Customer health and 
safety
•	 Obtain Indoor Air Quality 
(IAQ) certification (Good 
Class)
•	 Prioritise health and safety 
of our malls
•	 Obtained Indoor Air Quality (IAQ) 
certification for 11 malls and regular 
inspection of mall facilities
•	 Additional cleaning/disinfection robots 
were rolled out across more malls
Innovation 
integration
•	 Adopt innovative practices 
into our operations
•	 Promote awareness of 
privacy concerns and 
cybersecurity attacks 
through training
•	 Installed EV chargers in the carpark of 
+WOO Phase 2
•	 eVouchers launched on the Fortune Malls 
App
•	 Cleaning and disinfection robots were 
rolled out across four Fortune Malls

Fortune Real Estate Investment Trust   ESG Report 2022 
15
GOVERNANCE
KEY TOPICS
KEY OBJECTIVES/TARGETS
(MID TO LONG-TERM)
2022 PROGRESS
Our 
Conduct
 
Business integrity 
and sustainability 
governance
•	 Promote business integrity 
and sound corporate 
governance through 
training internal and 
external stakeholders
•	 Maintain channels for 
enquiries, feedback and 
complaints (including 
whistleblowing)
•	 Contractors were required to comply with 
the Contractor Environmental Regulation 
and Contractor Safety Regulation
•	 ESG training was provided to internal 
and external stakeholders (including 
the Board, employees and staff of the 
Property Manager)
•	 All employees completed sustainability, 
anti-corruption and compliance training
Management of 
sustainability-
related risks
•	 Review sustainability 
megatrends affecting our 
industry
•	 Material risks have been integrated into 
the existing risk management framework
•	 Published our first Climate Disclosures 
Report for 2021, which is aligned to the 
TCFD reporting framework
Solar panels installed at Fortune City One

16
Stakeholder Engagement
Fortune REIT believes that active response to the expectations and concerns of stakeholders is integral to its operations 
and development. As committed in its Stakeholder Engagement Policy, Fortune REIT communicates frequently and 
effectively with its stakeholders to develop positive relationships with the communities in which it operates.
STAKEHOLDER ENGAGEMENT MECHANISM
During the Reporting Year, Fortune REIT engaged with its significant stakeholders through various channels including 
questionnaires/surveys, roadshows and community events.
SIGNIFICANT STAKEHOLDERS OF FORTUNE REIT
Stakeholders
Concerned topics
Communication channels
Trustee/investors
•	 Anti-corruption
•	 Business integrity
•	 Management of sustainability-related 
risks
•	 Climate change
•	 Building certifications
•	 Annual general meeting
•	 Annual reporting
•	 Questionnaires
•	 Website and social media
•	 Email and hotline
•	 Press releases
•	 Investor meetings and roadshows
Customers and 
shoppers
•	 Customer health and safety
•	 Service quality management
•	 Business integrity
•	 Community engagement and investment
•	 Community impact monitoring
•	 Questionnaires
•	 Website and social media
•	 Fortune Malls App
•	 Email and hotline
•	 Customer service counters and 
management offices
•	 Partnering with NGOs and community 
events
Property Manager
•	 Customer health and safety
•	 Service quality management
•	 Procurement practice
•	 A safe and healthy working environment
•	 Greenhouse gases and other air 
emissions
•	 Waste management
•	 Energy efficiency
•	 Regular meetings
•	 Sustainability Committee meeting
•	 Questionnaires
•	 Website
•	 Email and hotline

Fortune Real Estate Investment Trust   ESG Report 2022 
17
Stakeholders
Concerned topics
Communication channels
Tenants
•	 Business integrity
•	 Anti-corruption
•	 Customer health and safety
•	 Greenhouse gases and other air 
emissions
•	 Waste management
•	 Energy efficiency
•	 Tenants meeting
•	 Circulars
•	 Eco-taskforce
•	 Tenant satisfaction survey
•	 Questionnaires
•	 Website and social media
•	 Fortune Malls App
•	 Email and hotline
Contractors
•	 Procurement practice
•	 Business integrity
•	 Anti-corruption
•	 Supplier Code of Conduct
•	 Questionnaires
•	 Website
•	 Email and hotline
•	 Meetings
Employees
•	 Anti-corruption
•	 Talent attraction and retention
•	 A safe and healthy working environment
•	 Diversity and fairness in workplace
•	 Greenhouse gases and other air 
emissions
•	 Waste management
•	 Energy efficiency
•	 Employee satisfaction survey
•	 Employee communication and 
engagement programmes
Non-governmental 
organisations
•	 Anti-corruption
•	 Customer health and safety
•	 Diversity and fairness in workplace
•	 Climate change
•	 Greenhouse gases and other air 
emissions
•	 Waste management
•	 Community impact monitoring
•	 Website
•	 Annual reporting
•	 Email
•	 Questionnaires
•	 Partnering with NGOs and community 
events

18
Stakeholder Engagement
MATERIALITY ASSESSMENT
1
IDENTIFICATION
Fortune REIT reviewed sustainability issues from previous years and focused on 18 issues 
that respond to global sustainability megatrends in the real estate industry, stakeholder 
feedback, as well as local and international reporting standards to identify sustainability 
issues relevant to its operation.
The 18 issues align with the focus areas in Fortune REIT’s sustainability strategy.
2
ENGAGEMENT
Feedback and opinions from internal stakeholders (Directors and employees) and external 
stakeholders (tenants, customers, suppliers, trustee, professional bodies, non-governmental 
organisations, media etc.) were collected via an online survey. Fortune REIT uses a double 
materiality approach and stakeholders were invited to express their views on the identified 
sustainability issues based on their importance to the stakeholders and relevant impact of 
Fortune REIT’s business on the environment and society.
In the Reporting Year, Fortune REIT received 256 valid survey responses (2021: 254).
3
PRIORITISATION
Fortune REIT considered its stakeholders’ feedback and prioritised the identified 
sustainability issues according to their importance to stakeholders and their impact on 
Fortune REIT’s operation. Among the sustainability issues identified, six issues were 
considered as most material.
4
VALIDATION
The results of the materiality assessment were reviewed and approved by the Sustainability 
Committee and the Board.

Fortune Real Estate Investment Trust   ESG Report 2022 
19
The materiality assessment results for 2022 are presented in the below materiality matrix with six most material issues 
identified for the Reporting Year. Management of sustainability-related risks was the most material issue identified with 
the other material issues in the order of decreasing materiality being: training and development, diversity and fairness in 
the workplace, climate change, community impact monitoring and community engagement and investment.
1
22
3
7
8
9
10
4
5
6
17
17
18
11
12
12
13
14
15
16
Level of impact on Fortune REIT
Most material issue
Level of impact on Fortune REIT on the environment and society
Level of impact on Fortune REIT on the environment and society
Sustainability issue
Material issue
Our Space 
Our Conduct
Our People
Our Footprint
Our Community


OUR SPACE
OUR CONDUCT
OUR PEOPLE
OUR FOOTPRINT
 OUR COMMUNITY
1	
Customer 
health and 
safety
2	
Service quality 
management
3	
Procurement 
practice
4	
Management of 
sustainability- 
related risks
5	
Business 
integrity
6	
Anti-corruption
7	
Talent attraction 
and retention
8	
A safe and 
healthy working 
environment
9	
Training and 
development
10	 Diversity and 
fairness in 
workplace
11	 Climate change 
12	 Building 
certifications
13	 Greenhouse 
gases and other 
air emissions
14	 Water and 
effluents
15	 Waste 
management
16	 Energy 
efficiency
17	 Community 
engagement  
and investment
18	 Community 
impact 
monitoring

20
Stakeholder Engagement
Fortune REIT’s response:
Fortune REIT conducted climate scenario analysis during the Reporting Year 
to understand the actual and potential climate-related impacts on our 
operations and Fortune Malls, please refer to the TCFD-aligned Climate 
Disclosures Report included in this Report.
Fortune REIT’s response:
A robust training programme has been put in place for our employees, 
covering the topics of sustainability, compliance and cybersecurity, with all 
employees participating. In addition, Fortune REIT also trains its Directors as 
well as employees of its Property Manager. Please refer to Our People and 
Our Conduct sections for further details.
Stakeholders’ feedback 
and concerned topics:
Training and development
Stakeholders’ feedback 
and concerned topics:
Management of 
sustainability-related 
risks
Fortune REIT’s response:
Fortune REIT promotes the diversity and fairness in workplace through 
flexible work arrangements and listening to employees’ needs through 
active engagement. Inclusion is one of its core values and has been 
embedded within the Employee Handbook which outlines human resource 
matters. Please refer to Our People section for further details.
Fortune REIT’s response:
Fortune REIT disclosed its first TCFD-aligned Climate Disclosures Report 
during the Reporting Year, which is available on its website, and its second 
TCFD-aligned Climate Disclosures Report as well as actions untaken to tackle 
climate change can be found in this Report.
Stakeholders’ feedback 
and concerned topics:
Climate change
Stakeholders’ feedback 
and concerned topics:
Diversity and fairness in 
workplace
Fortune REIT’s response:
Fortune REIT conducted its first annual community impact assessment in 
2021, to understand the community’s needs. Please refer to Our 
Community section for further details.
Fortune REIT’s response:
Fortune REIT organises community events from time to time. Continuing on 
from the popularity and success from 2021, Fortune REIT organised 
workshops at Farm@Fortune to raise the public’s awareness on environmental 
protection during the Reporting Year. Various other community engagement 
activities were carried out throughout the Reporting Year. Please refer to Our 
Community section for further details.
Feedback and opinions from stakeholders are valuable drivers for Fortune REIT’s continuous improvement, and various 
measures have been implemented during the Reporting Year. In addition to conducting the materiality assessment 
annually, Fortune REIT responds to stakeholders’ feedback through the implementation of various measures, the table 
below is shown in the order of decreasing materiality: 
Stakeholders’ feedback 
and concerned topics:
Community impact 
monitoring
Stakeholders’ feedback 
and concerned topics:
Community engagement 
and investment

Fortune Real Estate Investment Trust   ESG Report 2022 
21
Our Space
Customer health and safety is our priority
Baby care room newly installed at +WOO
Disabled ramps
2	
The Smart City Walk App is a mobile application for indoor navigation which shows the current location of users and is able to navigate users to their 
destination. The Smart City Walk App is developed under the Jockey Club Smart City Walk Project initiated by the Hong Kong Blind Union and funded by 
The Hong Kong Jockey Club Charities Trust. 
Fortune Malls are the destination-of-choice for local residents to fulfil their daily necessities. As part of the Manager’s 
aim to serve the community and to uphold the living quality of the surrounding residents, policies and procedures have 
been put in place to prioritize high levels of customer health and safety, and service quality.
Fortune REIT seeks to build an inclusive community and prioritises the accessibility of its malls by implementing 
accessible designs throughout Fortune Malls when planning its asset enhancement initiatives. These include barrier-
free access, disabled ramps, lifts, automatic doors at mall entrances, assistance bell for visitors requiring assistance. In 
creation of an inclusive place, baby care rooms and family toilets are open for shoppers, to ensure a safe and convenient 
visit for the elderly, young families and the disabled.
With our ethos of serving the community at the forefront of our thinking, to increase walkability and accessibility of our 
malls for the vision-impaired, ten Fortune Malls have been included on the Smart City Walk App2. Moreover, the Fortune 
Malls App (the “App”) also has an integrated way-finding function.

22
Our Space
CASE STUDY
Supporting our shoppers
To minimise the risk of transmission under the COVID-19 pandemic, additional resources for cleaning and 
disinfection have been deployed across Fortune Malls. Cleaning and disinfection robots were rolled out 
across four Fortune Malls (+WOO, Fortune Metropolis, Laguna Plaza and Fortune City One) in 2022. 
Programmed with a cleaning map of the malls, the robot is able to run autonomously. The robot routinely 
sweeps and mops the floor, freeing up employees to tackle other high-touch surfaces such as door handles, 
railings and elevator buttons that robots cannot yet handle. Through its built-in sensors, the robot is able to 
avoid objects and people, and can generate a report after completion, analysing the time spent cleaning, the 
coverage area and cleaning efficiency.
The indoor air quality of the malls is vigilantly 
monitored, and 11 Fortune Malls in Hong Kong are 
certified with Indoor Air Quality Certification 
Scheme (Good Class). Additionally, all Fortune 
Malls are certified with the Anti-Epidemic Hygiene 
Measures Certification Scheme, to ensure a 
comfortable and safe experience for shoppers. 
Moreover, three flagship Fortune Malls (Fortune 
Metropolis, Fortune City One and +WOO) have been 
recognised at the HKQAA Business Resilience & 
Community Contribution Awards 2022, alongside 
six individuals from our Management and Senior 
Property Management teams for their leadership 
and frontline work.
Working Hand-in-Hand with Our Stakeholders in the Fight Against COVID-19
With the threat of COVID-19 heightened during the Reporting Year, Fortune REIT’s priority remains to 
provide a healthy and safe environment for shoppers, tenants, employees, and the communities it serves. In 
accordance with the Asset Level Safety Policy, the Manager, acting through the Property Manager, has also 
engaged independent consultants to carry out periodic safety inspections as well as monitoring and 
inspections related to the environmental quality and safety of its buildings.
The COVID-19 pandemic has presented many 
challenges, forcing many companies to innovate 
and step up their strategic and digitalization 
efforts. Through the use of robotics, IT solutions 
can reduce the amount of time spent on tedious 
tasks, eliminate human errors and protect 
employees from potential threats to their health 
and safety. To future-proof our business, Fortune 
REIT has embraced the development and utilization 
of new technologies, one such example being the 
introduction of the cleaning and disinfection robots, 
to maintain high levels of hygiene and comfort for 
our shoppers and tenants alike.
Disinfection Robot

Fortune Real Estate Investment Trust   ESG Report 2022 
23
CASE STUDY
Supporting our tenants
To support our tenants through the fifth wave of the pandemic, Fortune REIT launched a new round of rental 
concessions with priority given to businesses impacted by the COVID-19 restrictions implemented by the 
HKSAR Government. Rental concessions were granted on a case-by-case basis to alleviate the operating 
pressure of our tenants while incentivising timely rent payment.
As the pandemic substantially subsided in April 2022 with most business activities resuming, the Manager 
boosted mall traffic and tenants’ sales through targeted marketing campaigns such as free parking as well 
as redemption of auspicious gifts and cash coupons to lure more shoppers to Fortune Malls. To coincide 
with Fortune Malls App celebrating its second anniversary in June 2022, Fortune Malls eVouchers were 
introduced to reward Fortune+ members and attracted new members to sign up. The App remains an 
integral tool for retaining and expanding the customer base and a means for Fortune Malls to effecfively 
drive marketing campaigns through another medium.
Gift redemption
Introduction of Fortune Malls eVouchers

24
Our Space
CASE STUDY
Supporting our employees
During the COVID-19 pandemic, split office arrangement was implemented in the Manager’s office, which 
enabled employees to reduce contact in a socially distanced work environment. Greater flexibility of work 
arrangement was also implemented so that employees could avoid peak travel hours in the morning and 
evening. On top of that, the Manager monitored the body temperature of its employees and provided 
employees with adequate sanitizing equipment to ensure a healthy and safe work environment.
Supporting our Property Manager
When the ferocity of the COVID-19 pandemic struck Hong Kong at the beginning of the Reporting Year, it 
inevitably changed the way we live and work. Given the nature of Fortune REIT’s business as a mall operator, 
employees of the Property Manager serve as frontline workers who were in contact with shoppers at 
Fortune Malls. To minimise the risk of transmission to our frontline workers, Fortune REIT responded 
promptly with action plans to address threats posed by COVID-19, including the donation of over 250 care 
packages to employees of the Property Manager and provided them with adequate sanitising equipment.

Fortune Real Estate Investment Trust   ESG Report 2022 
25
THE PREFERRED SHOPPING EXPERIENCE
Fortune REIT is committed to continuously improve the quality of service offered at its malls, and works hand in hand 
with its Property Manager to regularly monitor the mall environment with an aim to provide a quality experience for 
shoppers and tenants alike.
The Fortune Malls App (the “App”) integrates information and offers for 
shopping, dining and parking for all 16 Fortune Malls and features the 
Fortune+ loyalty programme which enables the Manager to promote its 
marketing campaigns in an effective and timely manner. Since its launch 
in June 2020, it has garnered over 40,000 Fortune+ members, with a 
growing customer base as more functions are integrated into the App. In 
addition to being a useful marketing tool to stimulate spending in Fortune 
Malls, the App has integrated features such as a directory and way-finding 
to optimise usability and offers a seamless offline-to-online shopping 
experience for shoppers. Fortune REIT protects the data privacy of its 
Fortune+ members as outlined by the Privacy Policy Statement and 
Personal Information Collection Statement featured on its website and 
the App.
In a bid to digitise, the App underwent further development during the 
Reporting Year with the introduction of eVouchers onto the App. The 
launch of the eVouchers has been well-received by tenants and shoppers, 
with over 200 tenants accepting eVouchers and over 4,800 eVouchers 
redeemed since its launch in June 2022. This exemplifies how Fortune 
Malls supports its tenants during difficult operating conditions.
Fortune REIT constantly improves performance by collecting 
customer’s feedback. Open and direct communication with tenants 
and shoppers is vital in achieving and maintaining high standards of 
customer service. While dedicated hotlines, emails and satisfaction 
surveys are set up to collect feedback, shoppers can also submit 
comments and enquiries through Fortune Malls’ website. All 
feedback will be followed up in a timely manner. The Property 
Manager is also required to equip their employees with the adequate 
knowledge and skills to address shoppers’ concerns professionally. 
Guidelines and training programs are made available to the 
employees of the Property Manager. As part of its supply chain 
management, Fortune REIT considers the feedback and complaints 
received to evaluate the performance of the Property Manager. 
During the Reporting Year, Fortune REIT received 12 complaints 
from shoppers regarding customer service. The complaints were 
resolved and handled in a timely manner through clarification of 
relevant policies and procedures, with appropriate remedial action 
and improvements undertaken as necessary.
Fortune Malls App
eVouchers on the Fortune Malls App

26
Our Space
CASE STUDY
+WOO Playground
Spanning a large area of 6,000 sq.ft. and located on the open area on the second floor of +WOO Phase 2, 
+WOO Playground brings boundless delights for our young shoppers. With seven sets of playground 
equipment offered, there is plenty of shared space for our young shoppers to explore.
Children can test their balancing skills on the balancing beam, transform into pirates with their imaginary 
play, bond with new friends on the swing, spin to their hearts content on the merry-go-round, crawl through 
tunnels and slide down from the playground equipment. Decorated with our resident +WOO mascots, Woolu 
and Woola, +WOO Playground is an inviting and safe environment for our young shoppers and their parents. 
With padded floors, shade cover for sunny days and a baby care room nearby, +WOO Playground has been 
thoughtfully designed by our team for the whole community to enjoy.
Pioneering Innovation at +WOO
+WOO, one of our flagship malls, located in Tin Shui Wai, has 
been undergoing asset enhancement initiatives in various 
phases since 2018. With an expanding catchment area, +WOO 
has been designed to serve the community, including 
enhancing the functionality, safety and environmental 
considerations of the mall. To elevate the shopping experience, 
+WOO Phase 2 has been revitalized with an enhanced layout 
and inclusive facilities as well as interactive digital touches and 
recreational elements, making it a desirable destination for 
shoppers of all ages.
New upgraded escalator and LED screen
Children enjoying the new facilities at +WOO Playground

Fortune Real Estate Investment Trust   ESG Report 2022 
27
CASE STUDY
Interactive Wall
For those who prefer indoor games, +WOO has you 
covered as well. Located on the second floor of 
+WOO Phase 2, the interactive wall game with 
motion sensors tests your hand-eye coordination 
and speed.
Green wall
A green wall has also been added as part of the AEIs at 
+WOO. In addition to being aesthetically pleasing, the 
green wall serves to add greenery to the indoors, purify 
the indoor air and create a comfortable ambience for our 
shoppers.
Well - Urban Spring
Fortune Malls partnered with Urban Spring to 
provide high quality filtered Water to our shoppers 
free of charge. Water dispensers have been 
installed at +WOO to reduce the usage of single-
use plastic bottles, and to encourage the Bring-
Your-Own-Bottle refill culture.

28
Our Space
CASE STUDY
EV chargers
With the popularity of electrical vehicles (“EV”) on 
the rise and to reap the associated environmental 
benefits, six EV charger bays have been installed in 
the carpark of +WOO Phase 2. The EV chargers 
were installed in response to the increasing number 
of EVs on the road due to the HKSAR Government’s 
policy of encouraging the replacement of more 
polluting traditional commercial vehicles with EVs.
Smart toilet
Going to the toilet in a shopping mall should be a stress-
free exercise, but more often than not, long queues snake 
from the toilet to the adjoining corridors. In order to 
optimize the shopping experience at +WOO, smart toilets 
have been installed as part of the AEIs at +WOO, along with 
smart dispensers for soap, toilet rolls and paper towels. 
With occupancy information displayed at the toilet entrance, 
shoppers can now determine the occupancy of the closest 
toilet in real time, as well as the occupancy of other toilets 
within +WOO. These thoughtful touches elevate the 
shopping experience of our shoppers; a testament to our 
customer-centric philosophy.
Cleaning is traditionally a labour intensive task, but the 
introduction of smart cleaning technology can help 
overcome this hurdle. The smart toilet solution allows for 
cleaning-on-demand, which not only improves hygiene 
standards for shoppers, but also reduces manpower costs 
and waste. Further air quality and  occupancy data will be 
sent to the site management team in real time so that the 
cleanliness and status of the toilet can be monitored 
remotely.
EV Chargers
Smart toilet

Fortune Real Estate Investment Trust   ESG Report 2022 
29
Contractor Safety Regulation
•	 Workplace health and safety
•	 Potential hazards management
•	 Maintenance safety plan
Due to the business nature of Fortune REIT’s operations, Fortune REIT works hand in hand with a number of suppliers, 
such as its Property Manager and cleaning contractors. In order to cultivate a culture of sustainability with its operations, 
all suppliers of Fortune Malls are required to adhere to the Supplier Code of Conduct, and to undertake compliance with 
this code of conduct, including applicable laws and regulations, the ethical conduct of business, the protection of the 
rights of all employees and responsible operations, covering principles including health and safety, human rights, 
modern slavery, workplace relations, fair competition and bribery. As a result, the Manager manages the environmental 
and social risks in its supply chain through stipulating its minimum expectations of its suppliers in its Supplier Code of 
Conduct.
234
62%
OFFICE
in Asia
of suppliers with 
management practices 
implemented
289
100%
FORTUNE 
MALLS
in Asia
of suppliers with 
management practices 
implemented
NUMBER OF SUPPLIERS IN 2022 
RESPONSIBLE PARTNERSHIPS WITH OUR SUPPLIERS
SUPPLIER 
MANAGEMENT
Supplier Code of Conduct
•	 Compliance with applicable laws and regulations
•	 Business ethics
•	 Employee protections
•	 Responsible operations and Health and safety
•	 Human Rights, Modern slavery and workplace relations
•	 Fair Competition and Bribery
Contractor Environmental 
Regulation
•	 Energy efficiency
•	 Waste management
•	 Water efficiency

30
Our Space
To further align suppliers with Fortune REIT’s sustainability strategy, the Manager considers the environmental and 
social impacts in its selection of suppliers and contractors. Furthermore, the Contractor Environmental Regulation and 
Contractor Safety Regulation policies are provided to contractors when performing work at Fortune Malls. The 
Contractor Safety Regulation mandates the establishment of a safety plan when performing maintenance work in 
common areas of Fortune Malls, whilst the Contractor Environmental Regulation sets out Fortune REIT’s minimum 
expectations of its contractors in carrying works in its malls in relation to the usage of energy, water and the disposal of 
waste. Approved contractor lists are reviewed regularly and ESG-specific requirements are included in the contractor 
declaration form as part of the tender process to manage ESG risks in the supply chain. The Manager actively 
communicates with suppliers and contractors to ensure outlined expectations are met so that operations are running 
smoothly and responsibly.
Given that effective communication and management of suppliers are key to achieving Fortune REIT’s sustainability 
ambitions, senior representatives from the Property Manager have been invited to sit on the Sustainability Committee to 
provide their insights and on-the-ground perspectives on the daily operations of the malls.
Fortune REIT aims to leverage its platform to drive sustainable change amongst its stakeholders. To keep the employees 
of the Property Manager abreast of developments, ESG training was also organised on the topics of waste management, 
Sustainability and ESG, diversity and inclusion, mental health and well-being, employee health and safety, anticorruption, 
supply chain management and anti-competition.
RESPONSIBLE PARTNERSHIPS WITH OUR TENANTS
Fortune REIT also cares about its tenants and invited all tenants to participate in the annual tenant satisfaction survey to 
collect opinions on various topics including Fortune REIT’s environmental performance, communication, condition of 
communal facilities health and safety. Based on the results of this survey, Fortune REIT has stepped up its social media 
presence on LinkedIn, Facebook and will continue to connect with its tenants via publications/notifications; a testament 
to Fortune REIT’s commitment to addressing its tenants’ feedback.
 
Fortune REIT also extended its ESG training to its tenants, with a focus on waste reduction initiatives, recycling and 
innovative packaging solutions to aid them to integrate sustainability practices into their operations. Tenants are provided 
with a copy of the Fitting-out Guide at the commencement of their lease which sets out Fortune REIT’s minimum 
expectations on the design and use of materials for renovation works. Over the term of the lease, the Property Manager 
remains in close contact with tenants and supports our tenants on their sustainability journey by offering tenants tailor-
made solutions to reduce their environmental footprint through the eco-tips and eco-taskforce. Adequate waste disposal 
and recycling facilities are available for tenants to utilize as well.
Fortune City One Piazza

Fortune Real Estate Investment Trust   ESG Report 2022 
31
Our Conduct
Fortune REIT sees integrity and ethics as the foundation of its operation. The Manager upholds highest standards in 
maintaining a corruption-free and free market, and the Board has established a framework for managing internal 
controls and business risks. The Manager also assesses relevant sustainability risks periodically to ensure risks are 
managed in a timely manner. For further details of Fortune REIT’s approach to managing sustainability risks, please 
refer to “Sustainability Approach” section.
Anti-corruption awareness training 
provided to the Board, all employees and 
employees of the Property Manager
Zero whistleblowing cases
Zero incidence of non-compliance of 
relevant laws and regulations on Fortune REIT
COMPLIANCE MANAGEMENT
Adherence to all applicable laws and regulations sets the foundation for Fortune REIT’s daily operation. Through effective 
management, policies and measures, risks of repercussions such as enforcement actions, fines, penalties and lawsuits 
due to non-compliance of relevant laws and regulations are minimised.
Under the Manager’s risk management system, Fortune REIT assesses the regulatory compliance risks and identifies 
laws and regulations that have significant impact on Fortune REIT’s operations, such as the Employment Ordinance and 
Minimum Wage Ordinance, Personal Data (Privacy) Ordinance, Occupational Safety and Health Ordinance, Air Pollution 
Control Ordinance, Water Pollution Control Ordinance and Waste Disposal Ordinance. Fortune REIT stays abreast of the 
latest regulatory developments and provides appropriate training for its employees.

32
Our Conduct
ENVIRONMENTAL
SOCIAL
GOVERNANCE
BOARD 
CORPORATE GOVERNANCE
OPERATIONAL 
COMPLIANCE
Energy Consumption and 
Management
Labour Management 
Relations
Outsourcing 
Staff Declaration
Authorisation Grid 
Enterprise Risk 
Management
Waste Management
Asset Level Safety Policy
Unitholders Communication 
Policy
Intellectual Property Rights
Employee Trading and  
The Handling of Inside 
Information
Resilience to Catastrophe 
and Disaster
Stakeholder Engagement
Pollution Prevention
Employment
Valuation
Internal Code on Securities 
Dealing
Water Consumption and 
Management
Personal Data Protection
Crisis Management
Whistleblowing Policy
Code of Conduct & 
Business Ethics
Compliance with ESG Laws 
and Regulations
Contractor Environmental 
Regulation
Social Policy
Climate Change
Diversity and Equal 
Opportunities
Treasury 
Group Compliance
Governance Matrix
Code of Corporate 
Governance
GHG Emissions and 
Management
Quality of Assets and 
Services
Cybersecurity
Anti-Bribery & Anti-
Corruption and The 
Handling of Gifts, Travel & 
Entertainment
Climate Change Adaptation 
Policy
Employee Handbook
Environmental Management 
System
Indoor Environmental 
Quality
Contractor Safety 
Regulation
Communications 
Anti-Money Laundering
and Counter Terrorist 
Financing
Board Diversity Policy
Deal Allocation
Biodiversity and Habitat
Performance and Career 
Development
Supplier Code of Conduct
Conflicts of Interest Policy
Material Sourcing and 
Sustainable Procurement
Community Development
ENVIRONMENTAL, SOCIAL AND GOVERNANCE POLICIES
Code of Ethics

Fortune Real Estate Investment Trust   ESG Report 2022 
33
SUSTAINABILITY MANAGEMENT
An effective risk management mechanism is essential to adapting and mitigating rising sustainability risks such as 
climate change. Management assists the Board in managing relevant risks and is responsible for risk identification, 
evaluation, management and continuous monitoring of potential sustainability risks. To allow for a more comprehensive 
understanding of the operating landscape and preparedness, Fortune REIT conducted a risk assessment across multiple 
risk categories, identifying potential risks, outcomes, and mitigation measures for each identified risk.
1
IDENTIFICATION
Fortune REIT conducts regular reviews of potential sustainability risks through analysis 
of risks indicators from industry practices and global risks trends.
2
ASSESSMENT
Risks identified are assessed for the severity of their impact on Fortune REIT and the 
likelihood of its occurrence. The risk management framework of Fortune REIT is 
reviewed by the Audit Committee, as delegated by the Board, on a semi-annual basis.
3
MANAGEMENT
The Manager sets out adaptive and mitigation measures according to the risks analysis 
results, by putting in place various policies and procedures to mitigate key risks to an 
acceptable residual level based on the Board and Management’s risk appetite and 
tolerance.
4
CONTINUOUS RISK MONITORING AND REPORTING
The Manager reviews the effectiveness of the measures regularly to ensure the risks 
identified are managed in an appropriate manner.
Having an effective risk management system enables Fortune REIT to strengthen resilience to sustainability risks, the 
Risk Profile Register also incorporated emerging megatrends in the real estate industry, including climate change 
mitigation and adaption, post-pandemic sustainability management, and cybersecurity and data privacy.

34
Our Conduct
To allow for a more comprehensive understanding of the operating landscape and preparedness, Fortune REIT 
conducted a risk assessment across multiple risk categories, identifying potential risks, outcomes, and mitigation 
measures for each. Megatrends have also been incorporated into Fortune REIT’s Risk Profile Register. For more 
information on Fortune REIT’s risk management process, please refer to the Corporate Governance Report contained in 
Fortune REIT’s 2022 Annual Report.
With management of sustainability-related risks identified as the most material issue as part of the materiality 
assessment conducted during the Reporting Year, Fortune REIT adopted additional measures to step up its efforts to 
mitigate the risks:
Sustainability-related risks
Mitigation measures
Climate change mitigation and adaption
As part of Fortune REIT’s net-zero planning, Fortune 
REIT conducted a climate scenario analysis to assess 
the potential risks of climate change on its operation. 
Physical and transition climate risks were identified 
and appropriate mitigating controls have been 
implemented. More details can be found in the Climate 
Disclosure Report section of the ESG report.
Climate disclosure
In the past few years, there have been more mandatory 
and voluntary ESG and climate-related reporting 
requirements delineated by regulators and investment 
community. Fortune REIT has made proactive steps to 
increase its transparency and details of our climate 
disclosure could be found in the Climate Disclosure 
Report section of the ESG report. 
Cybersecurity and data privacy
The Manager strives to provide a secure and reliable 
digital system to protect personal data through regular 
training, and adhering to the Cybersecurity Policy; 
please refer to the Our Conduct section to learn more 
about the Manager’s actions on this front.

Fortune Real Estate Investment Trust   ESG Report 2022 
35
BUSINESS ETHICS AND INTEGRITY
Fortune REIT strives to uphold the highest standards of business integrity across all its operations, including a zero-
tolerance policy on acts of corruption, bribery, extortion, fraud, money laundering, anti-competitive practices or violations 
against human rights. Random audits, job rotation and background checks on employees are performed regularly to 
eliminate corruption and anti-competitive behaviour within Fortune REIT’s operations.
The Manager seeks to promote business integrity and sound corporate governance through a variety of initiatives, such 
as comprehensive training for both internal and external stakeholders, with the Board, all employees and employees of 
the Property Manager having received anti-corruption training during the Reporting Year. Fortune REIT maintains clear 
channels for enquiries, feedback and complaints open to all stakeholders, including a whistle-blowing policy that 
provides clear procedures for employees and relevant stakeholders to report suspected improprieties and obstructive 
actions, while maintaining the identity protection of the whistle-blowers. Further details regarding the Manager’s anti-
corruption and whistle-blowing procedures can be found in Fortune REIT’s 2020 Sustainability Report and the Corporate 
Governance Report contained in Fortune REIT’s 2022 Annual Report. As a subsidiary of ESR, the Manager is committed 
to adopting the United Nations-supported Principles for Responsible Investment in its investment and asset management 
policies and practices.
EMBRACING DATA-DRIVEN CULTURE
The Manager adheres to its Group’s policy regarding intellectual property which requires all employees to handle 
intellectual property with care and respect. As stipulated in the policy, all employees must not copy or disseminate any 
copyright material in a manner which would be in violation of the rights of the copyright owner. To avoid misuse of 
intellectual property, the consequences of violation are outlined in the policy. In addition, Fortune REIT maintains 
responsible marketing communication by publishing truthful and honest information. Marketing materials are approved 
by Management before publication.
The Manager respects the data privacy of its tenants and shoppers, a value shared with the Property Manager. The 
Property Manager has formulated a general guideline and set out standards for handling personal data-related issues. A 
comprehensive procedure is in place guiding the collection, access, update, security, retention and destruction of data 
received. It stipulates that if personal data is collected, a privacy policy statement or personal information collection 
statement must be provided to the shopper to clearly explain the purpose for collecting personal information, the types 
of information being collected, how the information will be used, disclosure of information and access to information 
when correction is needed. During the Reporting Year, the Manager was not aware of any non-compliance with laws and 
regulations related to product and service responsibility, including but not limited to the Personal Data (Privacy) 
Ordinance in Hong Kong.
With increased cybersecurity attacks, cybersecurity was another risk identified in Fortune REIT’s Risk Profile Register 
and in accordance with its Group’s Cybersecurity Policy which governs information availability, confidentiality and 
security, the Manager recognises the importance of a secure and reliable digital system to protect data. There are 
multiple layers of security incorporated across the Information Technology (IT) landscape with constant monitoring of 
internet gateways to detect potential security events, network vulnerability assessment and penetration testing are also 
conducted regularly to identify any potential security gaps. Fortune REIT adheres to its Group’s strategy in managing 
cybersecurity risks, and the preventative measures implemented during the Reporting Year include mandatory 
cybersecurity training for all employees to enhance digital skills and competencies, random simulated phishing security 
tests, multi-factor authentication for added security and the prevention of stolen passwords and against hacking.

36
Our Conduct
CASE STUDY 
Compliance Training
The Manager strives to develop, promote and maintain high standards of corporate governance. Guidelines 
on the required behaviour and conduct, concerning due diligence, information confidentiality, prohibition of 
accepting gratuities and declaration of conflict of interest, are stipulated in the Manager’s Code of Conduct 
for all employees to observe.
As part of a wider training initiative driven by ESR, a series of training on various compliance topics was 
rolled out during the Reporting Year to educate and refresh our employees’ knowledge on the relevant laws, 
regulations and internal controls that apply to their day-to-day job responsibilities. The robust compliance 
training program required employees to complete training on five compliance topics. The training is 
designed with the purpose of reducing organizational risks and boosting our stakeholders’ confidence in our 
business and operations.
Code of Conduct
All employees received training on expected workplace behaviours and procedures. This included preventing 
discrimination and harassment in the workplace, conflicts of interest, bribery, as well as fair dealing and 
working with integrity.
Anti-Bribery and Anti-Corruption
Regulators around the world have stepped up enforcement efforts and tightened anti-bribery and anti-
corruption laws and regulations. The penalties of non-enforcement are serious and the ramifications for 
companies can be dire. This training helped employees recognize and mitigate the risks associated with 
anti-bribery and anti-corruption, and familiarized employees with anti-bribery and corruption laws and 
regulations.
ESG Investing
With spotlight on ESG, our employees learnt how ESG has evolved from corporate social responsibility to 
include a wide range of issues, including product safety, sustainability, diversity, human rights and 
governance. The course also delved into the purpose of ESG investing and how a company can benefit from 
integrating sustainability considerations in its operations.
Anti-Money Laundering
Money launderers are now adopting more sophisticated methods to disguise the proceeds of crimes. This 
training course refreshed our employee’s knowledge about the risks and red flags they should recognise to 
identify potential anti-money laundering practices.
Market conduct
Insider dealing and market manipulation are crimes which can result in serious penalties, including fines 
and imprisonment. Employees were briefed on to the laws and regulation concerning market conduct and 
what to do if they have suspicions.

Fortune Real Estate Investment Trust   ESG Report 2022 
37
Our People
Fortune REIT’s employees are the driving force 
behind its success; they make up the fabric of 
who we are and what we embody as an 
organisation, therefore, each employee is highly 
valued. To continue to build the best team 
possible, the Manager invests in its employees, 
and aims to provide an inclusive work 
environment that prioritises health and safety, 
and nurtures professional development and 
growth. Fortune REIT’s current data collection 
focuses on its direct employees, and all suppliers 
are required to adhere to its Supplier Code of 
Conduct which seeks to protect the rights of 
workers, covering principles including health and 
safety, human rights, modern slavery and 
workplace relations.
In the Reporting Year, the Manager complied with laws and regulations related to employment and labour practices, 
including but not limited to the Employment Ordinance and the Occupational Safety and Health Ordinance in Hong Kong, 
and the Manager was not aware of any non-compliance in relation to employment, health and safety, child and forced 
labour.
100%
546 workers³ and employees, of which
20
0
are full-time employees of the Manager in Hong Kong4
of employees participated in the employee 
satisfaction survey
3	
Workers include workers that are not directly employed by Fortune REIT whose work and/or workplace is controlled by Fortune REIT, including property 
managers, cleaning contractors and security etc. A total of 268 Property Management workers which include security personnel and employees from 
property managers at Fortune Malls, and 278 cleaning workers employed by the cleaning contractor.
4	
Total of three employees turnover, of which one employee is 30 years old and below, two are between 31 and 50 years old; all turnover employees are 
female and were based in the Manager’s Hong Kong office. The turnover rates are 0% and 23% for male and female employees respectively, 33% and 
12.5% for age groups of 30 or below and 31 to 50 respectively, and 15% for Hong Kong employees.
work-related injuries or fatalities for employees of the 
Manager for the past three years and zero lost days

38
Our People
TALENT ATTRACTION AND RETENTION
A set of employment policies in relation to recruitment, promotion, dismissal, working hours, rest days and holidays, 
compensation and benefits, are included in the Manager’s Employee Handbook. The Employee Handbook delivers the 
Manager’s expectations of its employees, while supporting fair treatment of employees through transparent practices, 
reflecting principles such as equal opportunity, non-discrimination and professional conduct.
Diversity of background, experience and thinking amongst Fortune REIT’s workforce contributes to the Manager’s ability 
to create value for customers, tenants and unitholders, and is also fundamental to attracting and retaining talent. In the 
challenging operating environment as of late, Fortune REIT relies on its agile workforce to adapt and innovate to change. 
Fortune REIT respects and appreciates differences in ethnicity, gender, age, nationality, disability, sexual orientation, 
education and religion. As detailed in the Social Policy and the Employee Handbook, the Manager embraces diversity in 
the workplace by hiring talent from various backgrounds, cultures and languages based on merit. The Manager respects 
differences in ethnicity, gender, age, nationality, disability, sexual orientation, education and religion, and is committed to 
a work environment that provides equal opportunities to all its employees in terms of compensation, recruitment, 
training, promotion, health and safety and other benefits and rights for its employees.
The promotion of fair, responsible and progressive employment practices among employees and the public is also 
paramount to Fortune REIT5. The Manager reinforced this commitment by protecting the rights and contributions of each 
employee with regards to remuneration, recruitment, training and promotion, irrespective of their differences throughout 
their employment with the Manager. Although the risks of hiring child labour or forced labour are deemed to be low due 
to the Manager’s office-based operation, Fortune REIT does not condone child or forced labour of any kind. The Manager 
also requires the Property Manager to adhere to the principles of respecting labour rights.
In order to continually improve the workplace and its employment practices, Fortune REIT conducts an annual employee 
satisfaction survey for employees to share their feedback, expectations, and any concerns that they may have regarding 
the work environment, employment practices or the Manager’s conduct, of which 100% of the Manager’s employees 
participated in the Reporting Year.
5	
The Manager has pledged to the Tripartite Alliance for Fair and Progressive Employment Practices is an organisation set up in 2006 by the Ministry of 
Manpower, National Trades Union Congress, and Singapore National Employers Federation, to promote the adoption of fair, responsible and 
progressive employment practices.
7
13
20
6
14
20
7
12
19
Male
Female
Employee by gender
2022
2021
2020
1
204
16
1
3
20
15
1
19
16
2
4
Employee by age
30 or below
30–50
51 or above
2022
2021
2020
19
10
4
204
8
6
6
20
9
6
5
5
Employee by employment
category
Executives
Middle Management
Senior Management
2022
2021
2020

Fortune Real Estate Investment Trust   ESG Report 2022 
39
In cases where employee services are to come to an end due to resignation, termination or retirement, relevant 
procedures are in place, including notice process, exit interviews, exit clearance and other measures as detailed in the 
ARA’s Employee Handbook. In cases where there are problems arising from work or concerning work, the Employee 
Handbook also outlines formal grievance procedures for the resolution of the problem.
TRAINING AND DEVELOPMENT
Fortune REIT seeks to provide its employees with opportunities for growth, and makes consistent efforts to equip its 
employees with the skills and knowledge they require in order to succeed. During the Reporting Year, all employees 
received training, regular performance and career development reviews. With the spotlight on sustainability, compliance 
and cybersecurity, the training provided during the Reporting Year were geared towards these three topics, with 100% 
employee participation. For sustainability, the topics included were waste management, Sustainability and ESG, diversity 
and inclusion, mental health and well-being, employee health and safety, anti-corruption, supply chain management and 
anti-competition. For compliance, this included training on Code of Conduct, Anti-Bribery and Anti-Corruption, ESG 
Investing, Anti-Money Laundering and Market Conduct. ESR also rolled out cybersecurity training for all employees 
covering the topics of phishing, cybersecurity awareness and business email compromise.
6	
100% of employees have received training during the Reporting Year.
7	
Average training hours = total training hours of the particular category/total number of employees of the particular category.
8	
Among the employees trained, the percentage of male and female are 35% and 65% respectively. Among the employees trained, the percentage of 
executives, middle management and senior management are 30%, 40% and 30% respectively.
44.7
29.9
27.3
Average Training Hours per employee6,7,8
2022
2021
2020

40
Our People
The Manager has included ESG-related performance indicators in its employees’ performance appraisal, including a 
minimum of 26 training hours and corporate social responsibility (“CSR”) volunteer participation. To ensure flexibility, 
training was conducted online and was self-paced. Fortune REIT seeks to further develop its total workforce, and plans 
to continue to extend its sustainability training for workers employed by its Property Manager in the future.
In addition to training, a series of Learning Bites were organised by ESR on real estate, and diversity and inclusion during 
the Reporting Year, including:
REAL ESTATE
A Learning Bite session regarding Multi-Storey Facility Design, Construction and Operation enabled 
employees to gain understanding of multi-storey facilities across ESR APAC, the transition from single to 
multi-storey facilities in China and Japan, and the level of customer acceptance. The Learning Bite also 
delved into operations and leasing issues associated with multi-storey facilities.
DIVERSITY AND INCLUSION
Inclusion is one of the core values of the Manager and ESR. With the increased importance of Diversity, 
Equity and Inclusion (DEI) in the workplace, this Learning Bite proved to be a timely reminder of the 
expected workplace behaviours. Unconscious biases can have major impacts to work life. This Learning 
Bite hosted by ESR explored the meaning of diversity, inclusion, belonging and equality, and discussed 
strategies on how to overcome bias for a more inclusive workplace.
The Manager has performance management and career development tracking process in place for all employees. The 
annual performance appraisal is designed to evaluate employees’ performance, encourage two-way feedback as well as 
identify training needs and development opportunities. During the Reporting Year, all employees went through a 
performance management system which ensures that the staff development and performance improvement are in 
alignment with business priorities and employee needs. Employees are invited to share their opinions and suggestions 
through an open appraisal system where employees could discuss with their supervisors on job related issues such as 
job performance, career expectations, training needs or grievances.
A SAFE AND HEALTHY WORKING ENVIRONMENT
The Manager is committed to protecting its workers from injuries, striving to minimise work injuries of employees and 
workers, and seeks to provide a safe workplace for its employees to perform their work through regular safety 
inspections. Fortune REIT also requires its Property Manager to operate with a health and safety management system 
certified with ISO 45001 and is guided by a set of policies and procedures applicable across all operations under Fortune 
REIT. Furthermore, the Property Manager has a Health, Safety and Environment Committee to ensure the effectiveness 
of relevant policies and implement corrective measures where appropriate. During the Reporting Year, there were two 
work-related injuries which resulted in five lost days for our workers.

Fortune Real Estate Investment Trust   ESG Report 2022 
41
During the COVID-19 pandemic, aside from split office arrangement and a greater flexibility of work arrangement, the 
Manager also granted vaccination leave to its employees. Additionally, the Manager monitored the body temperature of 
its employees and provided employees with appropriate sanitizing equipment to ensure a healthy and safe work 
environment.
The Manager strives to provide employees with not only a safe workplace, but one that is able to support them in 
maintaining their holistic wellness, including their mental health. A number of well-being initiatives and team building 
sessions have been rolled out during the Reporting Year, with employees participating in the rice paper roll making 
session, team building events as well as well-being sessions covering a series of topics, including:
MENTAL HEALTH AND STRESS MANAGEMENT
Sessions were organised to promote mental health and stress management. Through activities such 
as music therapy, the Manager promotes relaxation and giving employees the opportunity to unwind 
whilst appreciating arts and music.
Classical Music for 
Relaxation
Employees were able to join this wellness session at their own convenience, 
which was a compilation of classical music pieces from famous musicians. This 
wellness session was aimed at promoting relaxation and enabled employees to 
unwind whilst appreciating classical music.
Hong Kong Philharmonic 
Orchestra Music
To show Fortune REIT’s appreciation to the local art and music scene in Hong 
Kong, employees enjoyed orchestra music by the Hong Kong Philharmonic.
Music Therapy with ASMR
Autonomous Sensory Meridian Response, commonly known as, ASMR, is 
increasingly used as a strategy to destress. With an open mindset, employees 
enjoyed ASMR music therapy.
Sound Therapy through 
meditation, singing bowls
To promote good mental health practices, employees enjoyed this wellness 
session to learn about mindfulness and mediation as strategies to cope with 
external stressors.
Boosting Psychological 
Immunity
Together with the wider ESR group, this Learning Bite was presented by a 
professional psychologist and focused on how people respond to stressful 
changes, and discussed effective strategies to boost psychological immunity 
amidst uncertainties.

42
Our People
 GENERAL HEALTH AND WELLBEING
Sessions were organised to encourage employees to maintain a healthy lifestyle through guidance on 
healthy food choices and healthy working postures.
Healthy Eating
A healthy body is not just caring for the outside, but also nourishing the inside. 
Along with staying active to keep our body alive, making healthy food choices 
can positively impact our bodies. This wellness talk guided employees on how to 
achieve a healthier body from the inside out!
Neck pain
Neck pain can result from leaning forward too often or bad posture. During this 
wellness session, employees learnt about the triggers of neck pain and 
strategies on how to avoid neck pain through managing their lifestyles and 
postures.
Relieving neck and 
shoulder pain
Neck and shoulder pain was identified as an area of interest in the employee 
survey carried out during the Reporting Year. Employees learnt how to relieve 
their neck and shoulder pain through stretches in this wellness session.
FITNESS AND FLEXIBILITY
Stretching and workout sessions were organised to promote both physical and mental health for our 
employees.
Chair Workout
Exercise is important to both physical and mental health. Keeping active can 
help reduce the risk of certain chronic illnesses as we live increasingly 
sedentary lifestyles.
Employees learnt how to incorporate exercises into their daily routine, and even 
how to utilize their chair to stretch in this session.
Chair Yoga Stretch 
Exercises for beginners
During this wellness session, employees came together for a wellness session 
for some light yoga stretches and bonding. This session was aimed at promoting 
fitness and flexibility, as well as mental and emotional well-being.
Townhalls and team cohesion activities have also been organised to communicate organisation-wide messages, build 
rapport and encourage team bonding. The Manager has also organised refresher sessions on health insurance and 
mandatory provident fund talks to employees to keep them informed about their benefits.
Going forward, the Manager will seek to engage with its employees and continue to promote initiatives focused on 
employee well-being and workplace satisfaction in the workplace.

Fortune Real Estate Investment Trust   ESG Report 2022 
43
Our Footprint
Recognising the impact of Fortune REIT’s operations on the environment and in line with its sustainability objectives, the 
Manager has undertaken proactive action to minimise its carbon footprint. Various initiatives and measures have been 
put in place regarding climate change, emissions, energy efficiency, water and waste management to further bolster the 
Manager’s environmental performance pursuant to its Environmental Policy, Climate Change Policy and GHG Emissions 
Policy. As detailed in these policies, the Manager seeks to protect the environment and respond to climate change risks 
by reducing its carbon emissions through enhancing the energy 
efficiency of its facilities, monitoring its emissions intensity, 
reducing its consumption of natural resources, and raising 
environmental awareness amongst its employees. The Manager 
also continuously evaluates and deploys upgrades, technologies 
and retrofits in order to further promote the efficient use of 
natural resources, thus reducing the use of electricity, water 
and GHG emissions whilst also driving down operational costs 
and improving investor returns. Fortune REIT is committed to 
the compliance of relevant environmental standards, laws and 
regulations, and seeks to ensure that steady progress towards 
its goals through regular review of implemented measures and 
environmental performance by the Sustainability Committee.
CLIMATE CHANGE
Fortune REIT is committed to building resilience to climate change, a critical risk to all businesses and communities 
around the world. As a responsible corporate citizen, the Manager is conscious of the environmental impact of its 
operations and seeks to identify and mitigate significant climate-related issues that may impact its malls. It adopted an 
adaptation and mitigation standpoint to address these issues. Alongside its established Climate Change Adaptation 
Policy, regular inspections are carried out to ensure Fortune Malls are resilient to extreme weather events.
The climate-related risks that Fortune REIT seeks to address include both physical and transition risks, being those that 
arise from policy and legal, technology, market and reputation changes, as well as acute and chronic physical risks 
which may arise due to changes in climate patterns that may have an impact on the Manager’s operations and physical 
assets. Despite the Property Manager’s efforts to adapt to climate change by implementing its extreme weather policy, 
typhoons have caused minimal disruption to operations and damage to some Fortune Malls in the past, including broken 
windows, glass doors and water leakage. As further protection against extreme weather events, the Manager has 
undertaken insurance policies for all Fortune malls covering damage arising from climate-related extreme weather, 
including typhoons and floods.
To counter the threat of climate change, the Manager has also 
implemented proactive mitigation initiatives through various 
channels to reduce the release of GHG emissions into the 
atmosphere. The Manager’s initiatives include long-term 
reduction targets and monitoring its environmental 
performance against its targets, adoption of energy efficiency 
and industry best practices, use of renewable energy, 
sustainability-anchored procurement and supply chain 
management processes, and incorporation of climate-related 
considerations into its risk management framework. These 
initiatives are embedded within the Manager’s business 
processes and policies, demonstrating the Manager’s 
determination to sustainable development and to reduce its 
carbon footprint.
Refreshed +WOO Phase 1 after the completion of AEIs
Solar panels at Fortune City One

44
Our Footprint
CASE STUDY
Working Towards a Common Goal: Transition to Net-Zero
ESR is a signatory to the United Nations-supported Principles for Responsible Investment, which 
underscores the importance and emphasis on responsible investing and sustainable financing. ARA, a 
wholly-owned subsidiary of ESR, is a signatory to the World Green Building Council’s Net Zero Carbon 
Buildings Commitment which aims to achieve net-zero operational carbon across its committed portfolio of 
assets by 2030. The Manager, as a subsidiary of ARA, strives to drive decarbonisation throughout the 
operations of Fortune REIT. During the Reporting Year, the Manager commenced work on plans to adopt a 
science-based target to achieve net-zero and will disclose further action plans in future reports.
As part of our on-going decarbonisation and climate change efforts, a smart building management system 
has been installed at major Fortune Malls. The cloud-based automated building solution allows the 
centralised collection and monitoring of building data, serving to optimise energy efficiency and regulate air 
quality.
In recognition of our sustainability efforts, Fortune REIT has obtained green building certifications across all 
16 Fortune Malls in Hong Kong certified by Building Environmental Assessment Method Plus (“BEAM Plus”) 
in terms of management. During the Reporting Year, Fortune Metropolis has attained Platinum rating for 
the BEAM Plus Comprehensive Scheme, the highest accolade in BEAM Plus. The comprehensive scheme 
measures the combined performance of a building across multiple aspects, including property 
management,  waste, water use, energy use, indoor air quality, etc. Additionally, seven Fortune Malls have 
upgraded their BEAM Plus certifications for Management aspect of the Selective Scheme to Excellent.

Fortune Real Estate Investment Trust   ESG Report 2022 
45
CASE STUDY
100%
of Hong Kong Portfolio has attained Green Building Certifications
Green Building Certification
Mall(s)
BEAM Plus Comprehensive Scheme Platinum rating
Fortune Metropolis
BEAM Plus Excellent certification for the  
Management aspect of the Selective Scheme
Fortune City One
Ma On Shan Plaza
Fortune Metropolis
Metro Town
Jubilee Square
Laguna Plaza
Caribbean Square
BEAM Plus Good certification for the Management  
aspect of the Selective Scheme
+WOO
Belvedere Square
Smartland
Hampton Loft
Waldorf Avenue
Tsing Yi Avenue
Centre de Laguna
Lido Avenue
Rhine Avenue
BEAM Plus Excellent certifications for the Energy Use  
aspect of the Selective Scheme
Ma On Shan Plaza
Outstanding grade in Energy Use and awarded the 
“Highest Advancement” in Energy Saving in 2021 
(Selective Scheme)
Ma On Shan Plaza
BEAM Plus Excellent certifications for the Water Use  
aspect of the Selective Scheme
Fortune Metropolis
In addition to green building certifications, Fortune REIT has 
been actively improving our malls through the replacement of 
chillers with more efficient models and the installation of 
solar panels.

46
Our Footprint
CASE STUDY
Working with our Tenants — Green Lease
From the preparatory work done to set science-based targets, Fortune REIT has identified that its 
downstream leased assets account for a majority of its Scope 3 GHG emissions, which is consistent with 
landlords in the real estate industry. Armed with this knowledge, and leveraging off our solid relationships 
we have with our tenants, Fortune REIT has undertaken proactive steps to reduce its Scope 3 GHG emissions 
by promoting green practices and best practices in sustainability. The Manager has incorporated green 
lease clauses in its standard tenancy agreements to promote green practices.
At inception, tenants are provided with a copy of the Fitting-out Guide which sets out Fortune REIT’s 
minimum expectations in relation to the design and use of materials. The sustainability journey with our 
tenants continues over the term of their lease, with tenants offered sustainability training, provided with 
tailor-made solutions to reduce their environmental footprint through eco-tips and the eco-taskforce, and 
waste disposal and recycling facilities to dispose of waste in a sustainable manner.
Working with our Banking Partners — Sustainable Finance
To reinforce the Manager’s on-going commitment 
to sustainable development and the advancement 
of its ESG goals, Fortune REIT has secured four 
sustainability-linked loans. The sustainability-
linked loans represent approximately 45% of the 
total loans of Fortune REIT. Under the terms of the 
sustainability-linked loans, the interest margin of 
the loan facility will be indexed against Fortune 
REIT’s ESG performance, taking into account the 
electricity consumption, greenhouse gas emissions 
and overall waste reduction of its properties. 
Fortune REIT will be entitled to annual interest 
rate savings if the pre-set ESG benchmarks are 
satisfied, subject to external verification by an 
independent assessor.
Moreover, Fortune REIT has entered into a sustainability-linked interest rate swap, which upon the 
satisfaction of pre-determined targets concerning community engagement, enabled Fortune REIT to receive 
a sponsorship, giving rise to Farm@Fortune.

Fortune Real Estate Investment Trust   ESG Report 2022 
47
40,000
42,000
44,000
46,000
48,000
50,000
52,000
54,000
56,000
0.000
0.005
0.010
0.015
0.020
0.025
48,929.9
54,388.5
52,950.0
50,040.5
45,894.0
0.016
0.020
0.018
0.017
0.015
Total Energy Consumption
Total energy consumption
Intensity
Consumption (MWh)
Intensity (MWh/sq. ft.)
2018
2019
2020
2021
2022
USE OF RESOURCES & EMISSIONS9,10
The total energy consumption for the Reporting Year was 45,894.0 MWh (2021: 50,040.5 MWh), which reflects a 8% 
decrease compared with the previous year. The intensity of energy consumption was 0.015 MWh per sq. ft. The main 
source of energy was electricity, consuming 45,888.52 MWh, approximately 99.9% of total energy consumption and direct 
energy consumption11 accounted for 5.49 MWh.
The Sustainability Committee has set a five-year energy intensity reduction target of 5% against a 2018 baseline, which 
has been achieved during the Reporting Year. The Sustainability Committee monitors the Manager’s performance against 
the long-term reduction target and reviews the effectiveness of energy reduction measures on a bi-monthly basis, 
continually reviewing the efficiency of existing equipment and conducting maintenance as needed, including the 
replacement of chiller plants and sewage/clear water pumps to more efficient models, as well as the use of LED lighting.
Fortune REIT strives to operate the Fortune Malls in an environmentally friendly manner, and considers the incorporation 
of green building designs when carrying out its asset enhancement initiatives (“AEIs”). Green building considerations 
were also integrated into the AEIs planning for +WOO Phase 2, such as the use of paints, adhesives, wall coverings, 
fabrics, and carpets with low volatile organic compounds.
The Manager also strives to use its platform to create positive change. On the tenants’ front, the Manager works closely 
with its tenants in sustainability efforts, monitoring tenant energy consumption, updating tenants about the latest 
sustainable ideas through eco-tips notification, personalised focus groups as well as ESG training.
Furthermore, Fortune REIT continues to explore the use of emission-free, renewable energy solutions to reduce fossil 
fuel consumption. Solar panels have been installed at Fortune City One, Laguna Plaza and Fortune Metropolis, and are 
expected to generate 212,597 kWh of clean power annually. There are plans to expand our solar panel coverage to more 
malls in the coming years.
9	
The quantification was carried out according to the Guidelines to Account for and Report on Greenhouse Gas Emissions and Removals for Buildings (Commercial, 
Residential or Institutional Purposes) in Hong Kong compiled by the Environmental Protection Department and Electrical and Mechanical Services 
Department of Hong Kong, and with reference to international standards such as ISO14064-1 and the Greenhouse Gas Protocol.
10	 Environmental data includes the consumption from office and landlord controlled areas of Fortune Malls only.
11	 Includes direct energy consumption from diesel.

48
Our Footprint
The Manager assesses and monitors its GHG emissions annually, and has engaged an external consultant to conduct a 
GHG assessment in accordance with the Guidelines to Account for and Report on Greenhouse Gas Emissions and 
Removals for Buildings (Commercial, Residential or Institutional Purposes) in Hong Kong, with reference to other 
international standards such as the ISO 14064 standard and the GHG Protocol.
The total GHG emissions from the operations for the Reporting Year was 18,912.9 tonnes CO2-e (2021: 20,627.4 tonnes 
CO2-e), a 8% decrease compared with the previous reporting year which is mainly attributable to the reduction of fuel and 
electricity consumption. The Sustainability Committee has set a five-year GHG reduction target of 3% against a 2018 
baseline, which has been achieved during the Reporting Year. The GHG emissions intensity was 0.006 CO2-e per sq. ft. 
Scope 1 direct GHG emissions (which includes emissions from diesel combustion of generators and refrigerant 
consumption) was 973.8 tonnes CO2-e; Scope 2 energy indirect GHG emissions (which include emissions from electricity 
consumption of directly managed malls) was 17,654.2 tonnes CO2-e; and Scope 3 other indirect GHG emissions (which 
mainly includes electricity consumption for common areas in indirectly managed malls) was 284.9 tonnes CO2-e. Fortune 
REIT’s operations produced 37.5 kg of nitrogen oxides, 2.5 kg of sulphur oxides and 2.6 kg of respirable suspended 
particles during the Reporting Year.
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2,024.1
3,450.5
2,018.0
2,169.6
973.8
24,027.7
26,738.5
26,541.0
18,099.0
17,654.2
490.2
500.3
539.0
358.8
284.9
0.009
0.010
0.010
0.007
0.006
0.000
0.002
0.004
0.006
0.008
0.010
0.012
Greenhouse Gas (GHG) Emissions 
Scope 1
Scope 2
Scope 3
GHG emissions (tonnes CO2-e)
Intensity (tonnes CO2-e/sq.ft.)
Intensity (Scope 1&2)
2018
2019
2020
2021
2022

Fortune Real Estate Investment Trust   ESG Report 2022 
49
     ENERGY EFFICIENCY MEASURES
•	
Monitored and adjusted temperature setting of air-conditioning system which is able to produce on demand 
monitoring for common areas and tenanted areas
•	
Educated stakeholders of Fortune REIT of more energy efficient practices, by participating in Green Sense’s  
“No Air-Con night”
•	
Maximised the use of natural lighting
•	
Worked with tenants to reduce energy consumption through eco-tips notification
•	
Used energy-efficient lighting such as LED lighting in common areas
•	
Replaced of chiller plants to more energy efficient models
•	
Installed solar panels at Laguna Plaza, Fortune Metropolis and Fortune City One
•	
Installed Building Management and Building Optimization System to identify energy management opportunities 
for reduction
•	
Set up an eco-taskforce for each property and advised top energy users in reducing their energy usage
•	
Provided training to tenants on sustainability topics to promote green practices

50
Our Footprint
CASE STUDY
Building Management and Building Optimization System
The Building Management and Building Optimization System has been rolled out at major Fortune Malls, 
including Ma On Shan Plaza, Fortune City One, Metro Town, Fortune Metropolis, Laguna Plaza and +WOO. 
The system reflects Fortune REIT’s drive for innovation and digitization and improves operational efficiency 
as well as delivers energy and cost saving.
By providing real time information including but not limited to room temperatures and people count, the 
Building Management and Building Optimisation System enables the site management team to control and 
monitor chiller plants, air-conditioning equipment as well as specific zones to optimise energy consumption 
for Fortune REIT as the landlord and our tenants.
Besides reducing energy consumption, the Building Management and Building Optimisation System is able 
to monitor indoor air quality and footfall, raise the alarm when pipes are leaking and blocked, and detect 
smoke and fires.

Fortune Real Estate Investment Trust   ESG Report 2022 
51
WATER MANAGEMENT
In addition to energy efficiency and emissions reduction, Fortune REIT is also committed to optimizing water usage and 
minimizing wastewater generation within its operations in line with or better than regulatory guidelines. The initiatives 
implemented to meet these targets include the installation of water-saving taps and regular inspection to prevent water 
leakage, the utilization of reclaimed water for landscaping irrigation, rainwater harvesting, as well as the installation of 
smart irrigation at Farm@Fortune at Fortune City One. The total water consumption for the Reporting Year was 58,942 m³ 
(2021: 59,535.70 m³), which decreased by 1% compared with the previous Reporting Year. The water consumption 
intensity was 0.019 m³ per sq. ft. The Sustainability Committee has set a five-year water reduction target of 1% against a 
2018 baseline, which has been achieved during the Reporting Year.
WATER MANAGEMENT MEASURES
•	
Used reclaimed water for landscaping irrigation
•	
Routine checks on pipes, taps, urinals and WC 
flush systems
•	
Installed water saving faucets
•	
Rainwater harvesting implemented where 
possible
•	
Installation of smart irrigation at Farm@Fortune
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
63,756.1
68,800.0
83,683.0
59,535.7
58,942.0
Consumption (m3)
Water Consumption
Consumption
2018
2019
2020
2021
2022

52
Our Footprint
WASTE MANAGEMENT
Fortune REIT aims to reduce waste in the operations of its malls wherever possible, in order to reduce its environmental 
footprint as well as to decrease waste handling costs. The Manager has adopted a zero-waste mentality in its attempt to 
tackle waste, actively communicating with its tenants on waste reduction initiatives, encouraging its tenants to improve 
their recycling rates and to adopt innovative packaging solutions.
8,000
8,500
9,000
9,500
10,000
10,500
11,000
2.8
3.0
3.2
3.4
3.6
3.8
9,935.5
10,772.3
10,782.4
9,245.2
9,675.8
3.3
3.6
3.6
3.1
3.2
Generation (tonne)
Intensity (tonne/thousand sq. ft.)
Non-hazardous Waste
Total non-hazardous waste
Intensity
2018
2019
2020
2021
2022
In the Reporting Year, Fortune REIT’s operations produced 1.04 tonnes of hazardous waste (2021: 0.7 tonnes), including 
fluorescent tubes and batteries. The hazardous waste generation intensity was 0.34 tonnes per million sq. ft. The 
increase in hazardous waste was due to more recycling bins and designated bins for fluorescent tubes, ink cartridges 
and batteries made available in our malls to encourage shoppers to recycle and the proper disposal of waste. In 
accordance with its waste handling procedures, the Manager engaged a waste collector licensed by the Environmental 
Protection Department for hazardous waste collection, ensuring that hazardous waste is handled in accordance with 
relevant laws and regulations. During the Reporting Year, Fortune REIT’s operations generated 9,675.8 tonnes of general 
waste (2021: 9,245.2 tonnes), with intensity of 3.2 tonnes per thousand sq. ft. In addition, 455.7 tonnes of recyclable items 
were collected by waste recycler for recycling purposes and the rest were sent to landfill. The increase of general waste 
was mainly due to new tenants commencing operations at +WOO after the partial completion of AEIs. The Sustainability 
Committee has set a five-year waste intensity target of 1% against a 2018 baseline, which has been achieved during the 
Reporting Year.

Fortune Real Estate Investment Trust   ESG Report 2022 
53
WASTE MANAGEMENT MEASURES
•	
Partnered with an NGO to collect near-expiration food from the Fortune City One Wet Market for donation
•	
Collected food waste from the Fortune City One Wet Market and to produce fertilizer at urban farm 
(Farm@Fortune)
•	
Encouraged and organized good waste behaviour through peach blossom and Christmas tree collection
•	
Reduced waste in our malls by signing up for the Recycling Fund’s Reverse Vending Machines for plastic 
bottles
•	
Reduced waste in our malls by signing up for the Recycling Fund’s Beverage Carton Smart Recycling Program
•	
Participated in the Environmental Protection Department’s pilot scheme to collect and recycle food waste from 
food and beverage tenants at Fortune Metropolis, with plans for the scheme to be rolled out across more malls
•	
Partnered with an NGO to collect near-expiration food from the Fortune City One Wet Market for donation
•	
Implemented recycling programs for light bulbs, batteries and ink cartridges
•	
Focused on waste reduction, collection and recycling including rolling out new recycling bins to boost recycling 
rate
CASE STUDY
Tackling waste
In its effort to tackle waste, Fortune REIT has also rolled out other waste 
reduction initiatives including the installation of food waste compost 
machines in two of its malls, the participation of five malls (Fortune City 
One, Fortune Metropolis, Metro Town, Belvedere Square and Waldorf 
Avenue, +WOO) in the Recycling Fund’s Beverage Carton Smart Recycling 
Programme, as well as a program for shoppers to exchange Fortune+ 
points for reusable bamboo cup and glass container. Since the launch in 
the fourth quarter of 2021, Fortune REIT’s participation in the Beverage 
Carton Smart Recycling Programme successfully diverted a number of 
beverage cartons from landfills, equivalent to 1,587.35 kgs of CO2 
emissions, and the Manager has plans to expand coverage across its malls.
In addition, the Reverse Vending Machine from the Recycling Fund was installed at eight Fortune Malls in the 
second-half of the Reporting Year. There was an overwhelming response from our shoppers with over one 
million of plastic bottles collected during this period. 
Furthermore, the Environmental Protection Department’s food waste collection was rolled out in Fortune 
Metropolis in December 2022 to collect food waste from food and beverage tenants. The food waste pilot 
scheme received an overwhelming response from our food and beverage tenants with 4.48 tonnes of food 
waste collected, which is equivalent to a reduction of about 2.1 tonnes of GHG emissions. The collected food 
waste will be converted into energy at O-PARK1. The residual by-product from this process can be produced 
as compost for landscaping and agricultural use. As a result of the positive response from tenants, Fortune 
Malls will look to expand this scheme across more of its malls.
Beverage Carton Smart Recycling 
Programme

54
Our Footprint
CASE STUDY
Cultivating a Greener Tomorrow — Farm@Fortune
As part of Fortune REIT’s on-going efforts to raise the public’s awareness of decarbonisation and to 
generate long-term value for its stakeholders, Farm@Fortune was unveiled in the fourth quarter of 2021 on 
the rooftop of Fortune City One. In partnership with Rooftop Republic, the urban farm creates a new and 
vibrant place for the community to gather and to enjoy urban nature, fresh produce, and spend time with 
their friends and family, whilst providing Fortune REIT with a platform to promote organic farming, food 
waste reduction and community engagement.
The benefits of urban farm can be categorised into four general areas: economic, environmental, social and 
health. Farm@Fortune is a green community project that creates local employment for farmers, promotes 
sustainable living practices in the community, environmental awareness, circular economy, social inclusion, 
green spaces and improved wellbeing; truly an integrated social value chain which reaps rewards!
To create an organic farming eco-system within the community, surplus vegetables that are no longer 
suitable for consumption are donated by our tenants from the Fortune City One Wet Market, routinely 
collected and converted into compost for the farm, reinforcing a zero-waste circular economy.
Spanning over 500 sq.ft., the rooftop at Fortune City One has been transformed into a thriving space after 
Farm@Fortune, attracting flourishing wildlife and creating an urban oasis. During the various community 
engagement and CSR events, seasonal organic produce was planted and knowledge about urban organic 
farming and planting techniques was shared by the experience farmers from Rooftop Republic. The urban 
farm grew more than 12 types of organic seasonal crops throughout the year.
The urban farm not only creates greenery in the community but also serves as a means for Fortune REIT to 
give back to the community through the donation of fresh organic produce.
31 Mar
Over 7kg of fresh produce including cherry tomatoes and cherry 
radishes were harvested from Farm@Fortune, and donated to 
local NGO, Feeding Hong Kong, to provide organic, fresh food to 
those in need of a helping hand.
19 May
Another 9kg of fresh produce grown at Farm@Fortune was 
donated to local NGO, Feeding Hong Kong. This included 
cucumbers, amaranth and malabar spinach. The fresh produce 
was redistributed to the Feeding Hong Kong’s community.

Fortune Real Estate Investment Trust   ESG Report 2022 
55
CASE STUDY
Beyond periodic harvesting, Farm@Fortune also seeks to provide greater societal benefits through community 
and educational programs, providing local employment for farmers, and donating fresh produce to the needy 
via to non-profit organisations; providing another avenue for Fortune REIT to deliver on its vision for the 
community.
23 Jun
Farm@Fortune has wrapped up another harvest with over 
4kg of fresh produce grown, including eggplants, cucumbers, 
rosemary and thai basil. Local NGO, Feeding Hong Kong, was 
ecstatic to receive the donation to produce nutritious meals 
for those in need.
04 Aug
Farm@Fortune urban farm wrapped up a bumper harvest! 
Over 14kg of eggplants, amaranth and water spinach were 
donated to Feeding Hong Kong for recipients in need.
23 Aug
Over 7kg of fresh amaranth was harvested from Farm@
Fortune and donated to local NGO FoodLink. The fresh 
produce will be used to provide nutritious meals to those in 
need of a helping hand.
6 Oct
Local NGO FoodLink received over 19kg of fresh amaranth to 
produce meals for those in need in the Foodlink community.
28 Nov
Over 4kg of fresh thai basil, corn, lemongrass and rosemary 
were shared with local NGO FoodLink to produce meals for 
those in need.
21 Jul
Another harvest at Farm@Fortune generated over 7kg of 
fresh produce which was donated to Feeding Hong Kong. The 
eggplants, amaranth and water spinach was redistributed to 
those in need by the Feeding Hong Kong community.

56
Our Footprint
CASE STUDY
Farm to Table Experience
Farm@Fortune was established in 2021 on the rooftop of Fortune City 
One with the aim to engage and empower communities to lead a more 
sustainable lifestyle, as well as creating an organic farming ecosystem 
within the community.
A harvest of over 5kg was wrapped up at Farm@Fortune with a myriad 
of fresh produce. This included cherry radishes, cherry tomatoes, 
sugar snap peas and rosemary. These were shared with our food and beverage tenants at Fortune City One 
to bring an exquisite farm-to-table dining experience to our shoppers to promote a zero-waste circular 
economy.
Another harvest of over 5kg of fresh produce including sweet peas, cherry tomatoes and rosemary was 
harvested. All of which were shared with our food and beverage tenant at Fortune City One to produce meals 
for our shoppers.
Educating Employees about Low Carbon Diet
Rooftop Republic hosted a workshop to educate our employees about 
the food system in HK. Our employees learnt that buying local produce 
and eating a plant-based diet can benefit the environment as low 
carbon alternatives. The session ended with our employees making 
their own colourful vegetarian rice paper rolls and dipping sauces.
Urban Farm Experience
With summer setting in, a group of children from a local kindergarten 
were invited to take part in the urban farm education tour. As part of 
the urban farm education tour, Rooftop Republic was invited to 
conduct a Microgreen Planting Workshop to the children, passing on 
the concept of green living to the next generation and sowing seeds 
for the next generation of green thumbs!. The children were excited to 
get their hands dirty and were given a pot of microgreens to practise 
at home.
Kitchen Herb Workshop
Children and parents gathered to learn to grow delicious and organic 
herbs at this workshop. They got hands-on experience on how to sow 
three types of herb seeds or cuttings, and guidance from a Rooftop 
Republic urban farming expert on how to grow and care for these 
common herbs throughout the year. A video of favourite recipe using 
those herbs was also shown.

Fortune Real Estate Investment Trust   ESG Report 2022 
57
Our Community 
Fortune REIT is committed to building strong communities in line with its motto, “Our Care, Your Fortune”. To gain a 
deeper understanding of the community’s needs for effective resource allocation, the Manager commissioned a third-
party consultant to conduct a community impact assessment with its shoppers, surveying various aspects such as 
liveability, and local residents’ well-being and walkability.
The Manager then planned and/or participated in a number of activities promoting the healthy development of the 
community based on this assessment. Clear guidelines were implemented to encourage Fortune REIT’s employees to 
participate in community engagement and support charitable events, with participation in CSR as a key performance 
indicator in employees’ performance appraisal.
During the Reporting Year, the Fortune Volunteer Team clocked approximately 260 volunteer hours participating in the 
following activities:
CSR THEMES OF FORTUNE REIT
Creating a better 
community
Nurturing the 
Youth
Caring for the 
Elderly
1.	
Rice Paper Roll Making Workshop
The Rice Paper Roll Workshop introduced the Fortune Volunteer team 
to Rooftop Republic and the food system in HK. The team learnt that 
buying local produce can lead to a reduction in greenhouse gases; a 
small gesture everyone can easily adopt. Under the instructions from 
the Rooftop Republic team, our volunteers enjoyed making their rice 
paper rolls and dipping sauces which were quickly devoured after 
pictures were taken!
2.	
Shorelines Cleanup Day
The Fortune Volunteer Team removed litter along the shoreline. By 
ensuring the litter was picked up and disposed of properly, the team 
helped combat coastal pollution. It was a great way to spend the day 
— help protecting environment, together bonding as a team.
3.	
Hiking for a Positive Change
The Fortune Volunteer team took part in this activity to burn calories 
and promote physical activity. Calories burnt were then converted into 
an equivalent amount of calories of food for donation to FoodSport’s 
network to lend a helping hand to those in need.
 CREATING A BETTER COMMUNITY

58
Our Community 
1.	
Bringing Festive Cheer to the Community for Tuen Ng Festival
The Fortune Volunteer Team packed gift packs and distributed rice 
dumplings at Pok Oi Hospital Mr. Ng Hung Mow Memorial Family Multiple 
Intelligences Centre (Tin Yiu) (博愛醫院吳鴻茂紀念家庭多元智能中心) for 
Tuen Ng Festival (Dragon Boat Festival). The children were overjoyed to 
bring home their gift packs!
2.	
2022 Walk for Eternal Love
In cooperation with the Sheen Hok Charitable Foundation, the Fortune 
Volunteer team participated in this walkathon to raise funds for children 
from low-income families with special education needs. The Fortune 
Volunteers thoroughly enjoyed this meaningful event!
3.	
Sharing the Christmas Joy
The Fortune Volunteer team packed and distributed Christmas gift bags to children 
in the Tsuen Wan district. This event reiterates our dedication to support our 
community, particularly those in need, during these difficult times.
1.	
Anti-epidemic Items for Elderly
The Fortune Volunteer Team gathered to pack hygienic products, including 
masks and sanitizers sourced from Fortune Malls, into an exclusive 
Fortune Malls Caring Kit. Boxes of Fortune Malls Caring Kits were 
distributed to the elderly-in-need via our community network in Tsuen 
Wan and Sha Tin districts.
2.	
Bringing Festive Cheer to the Elderly for Mid-Autumn Festival
The Fortune Volunteer Team brought festive joy to the community in 
Shatin. In collaboration with the Evangelical Lutheran Church Social 
Service (基督教香港信義會善學慈善基金關宣卿愉翠長者鄰舍中心), the 
Fortune Volunteer Team visited a community centre near Fortune City One 
and handled out fortune gift bags loaded with mooncakes and other 
goodies to the elderly.
3.	
Food Donation to Elderly Home
With the Lunar New Year approaching, the Fortune Volunteer Team 
harvested and donated a total of 11 kg of white radishes to seniors living in 
elderly homes to make them feel special and remembered during this 
festive period.
NURTURING THE YOUTH
CARING FOR THE ELDERLY

Fortune Real Estate Investment Trust   ESG Report 2022 
59
Climate Disclosure Report
Fortune REIT recognises the impact of its operations on the environment, and understands the potential risks that 
climate change poses to its business and operations. Fortune REIT strives for continuous improvement on its 
sustainability performance and aims to combat the impacts of climate change through the proactive identification of 
climate-related risks and opportunities, and by developing corresponding mitigation measures.
Fortune REIT established its first climate-related disclosures last year, and is committed to continuous and regular 
disclosure aligning with TCFD recommendations. In this Climate Disclosure Report, Fortune REIT will describe the 
potential impact of identified climate-related risks and opportunities, as well as its effort in managing these impacts, 
with reference to the four key pillars recommended by TCFD and in accordance with item 19 of Hong Kong’s Securities 
and Futures Commission’s ‘Circular to Licensed Corporations, Management, and Disclosure of Climate-related Risks by 
Fund Managers’.
OUR TCFD APPROACH
Governance
The Board oversees all relevant climate-related issues, and a Sustainability Committee was 
established to assist the Board in the effective execution of Fortune REIT’s climate risk 
identification, evaluation and the management of potential climate risks and opportunities, as well 
as conveying its expectation to stakeholders, including employees and the Property Manager.
The Board, through the Sustainability Committee, has set long-term reduction targets for energy 
consumption, GHG emissions, water consumption and waste consumption. Various policies have 
been put in place to promote the efficient use of resources, adoption of energy efficiency and 
industry best practices, use of renewable energy, sustainability-anchored procurement and supply 
chain management processes, and incorporation of climate-related considerations into its risk 
management framework. These initiatives are embedded within the Manager’s business 
processes and policies, demonstrating the Manager’s determination to sustainable development 
and to reduce its carbon footprint.
The Sustainability Committee meets bi-monthly to review sustainability issues and progress of 
implemented measures and considers climate-related risks and the potential impacts it may have 
on the Manager’s operations, which are reported to the Board. The Sustainability Committee is 
also responsible for monitoring the performance of Fortune REIT against the long-term reduction 
targets set by the Board, sets key objectives and targets annually and implements measures to 
promote sustainable practices. More information about the role and responsibilities of the Board 
and the Sustainability Committee in its management of climate-related considerations can be 
found on page 11 of Fortune REIT’s 2022 ESG Report.
Fortune REIT’s engagement policies are outlined across its Sustainability Strategy, Sustainability 
Policy Statement, Environmental Policy, Code of Corporate Governance and Stakeholder 
Engagement Policy, details of which can be found in Fortune REIT’s 2022 ESG Report.
The Board is kept appraised of sustainability-related matters through scheduled Board meetings. 
Through the Audit Committee, the Board reviews the risk management framework of Fortune 
REIT on a semi-annual basis. The risk management framework covers climate-related risks, 
including high impact physical and transition risks which have been assessed to be relevant and 
material to Fortune REIT. As part of regular reporting, the Board also receives monthly updates 
from Management, which covers sustainability-related matters.

60
Climate Disclosure Report
Investment 
Management
To better understand the actual and potential impacts of climate-related risks and opportunities 
on our operations, Fortune REIT conducted climate scenario analysis during the Reporting Year. 
In the climate scenario analysis, Fortune REIT looked into two scenarios, a 2°C aligned scenario 
and a high emission scenario. Details of the analytic choices in the scenarios are listed below:
2°C ALIGNED SCENARIO
HIGH EMISSION SCENARIO
Pathways
IPCC’s RCP2.6
IPCC’s SSP1
IEA’s Sustainable Development Scenario
NGFS’s Orderly Pathways
IPCC’s RCP8.5
IPCC’s SSP5
IEA’s Stated Policy Scenario
NGFS’s Hot House World Pathways
Time horizon 2030 and 2050
2030 and 2050
The assessment concluded certain climate risks and opportunities are considered as high impact, 
relevant and material to Fortune REIT:
CLIMATE-RELATED RISKS
 AND OPPORTUNITIES
IMPACT
KEY MITIGATING MEASURES
Acute Physical
Tropical cyclone
•	 Increasing 
maintenance/repair 
costs
•	 Increasing chance of 
power outages in the 
event of flooding in 
electrical facilities
• Despite the Property Manager’s 
efforts to adapt to climate 
change by implementing its 
extreme weather policy, 
typhoons have caused minimal 
disruption to operations and 
damage to some Fortune Malls 
in the past, including broken 
windows, glass doors and water 
leakage.
•	 As further protection against 
extreme weather events, the 
Manager has undertaken 
insurance policies for all its 
malls covering damage arising 
from climate-related extreme 
weather, including tropical 
cyclones (typhoons) and floods.
Chronic Physical Increase in 
average 
temperatures
•	 Increasing costs to 
regulate indoor 
temperatures in 
response to tenant 
and visitor demand
•	 Increasing demand in 
ensuring workers 
health and safety 
under prolonged 
exposure of high 
temperature
•	 As part of Fortune REIT’s on-
going decarbonisation and 
climate change efforts, a smart 
Building Management and 
Building Optimisation System 
has been installed at major 
Fortune Malls. The cloud-based 
automated building solution 
allows the centralised collection 
and monitoring of building data, 
serving to optimise energy 
efficiency and regulate air 
quality.

Fortune Real Estate Investment Trust   ESG Report 2022 
61
CLIMATE-RELATED RISKS AND 
OPPORTUNITIES
IMPACT
KEY MITIGATING MEASURES
Market 
Transition
Increased 
adoption of 
renewable 
energy
•	 Unexpected shifts in 
energy costs due to 
increased adoption of 
renewable energy
•	 R&D expenditures in 
renewable energy 
technologies
•	 Solar panels have been installed 
at Fortune City One, Laguna Plaza 
and Fortune Metropolis. More 
solar panels will be installed in 
the coming years and the 
Manager will continue to explore 
the feasibility of installing more 
solar panels at its malls.
•	 The Manager seeks to protect the 
environment and respond to 
climate change risks by reducing 
its carbon emissions through 
enhancing the energy efficiency of 
its facilities, monitoring its 
emissions intensity, reducing its 
consumption of natural resources, 
and raising environmental 
awareness amongst its 
employees.
Increased 
market demand 
for green and 
climate resilient 
properties
•	 Increasing costs to 
conduct due diligence 
on assets from a 
green/climate 
resilience perspective
•	 Increasing costs due 
to the replacement of 
greener and more 
energy efficient 
equipment
•	 100% green building certification 
has been obtained across the 
entire Fortune REIT portfolio in 
Hong Kong.

62
Climate Disclosure Report
CLIMATE-RELATED RISKS 
AND OPPORTUNITIES
IMPACT
KEY MITIGATING MEASURES
Market demand 
for green 
finance
•	 Increasing 
opportunities for 
lower-carbon 
enhancement, such as 
improving energy 
efficiency from green 
financing
•	 Reinforcing the Manager’s on-
going commitment to sustainable 
development and the 
advancement of its ESG goals, 
Fortune REIT has secured four 
sustainability-linked loans, 
representing 45% of the total 
loans of Fortune REIT.
•	 Moreover, Fortune REIT has 
entered into its first sustainability-
linked interest rate swap with 
DBS Bank, which upon the 
satisfaction of pre-determined 
targets concerning community 
engagement, enabled Fortune 
REIT to receive a sponsorship 
from DBS Bank, giving rise to 
Farm@Fortune.
Within Fortune REIT’s investment and capital management process, ESG-related risks (including 
climate change) are taken into consideration in investment, portfolio management and financing 
activities. Fortune REIT invests in quality properties with good standing, reputation and track 
record. In assessing potential acquisitions, the Manager considers sustainability-related matters 
at the due diligence stage, including the consideration of environmental factors such as climate 
risks, renewable energy generation, sustainable procurement, energy efficiency, water efficiency, 
waste management and others alongside the financial considerations of the acquisition.
There are plans for the United Nations-supported Principles for Responsible Investment to be 
adopted into Fortune REIT’s investment and asset management practices in the near future.

Fortune Real Estate Investment Trust   ESG Report 2022 
63
Risk 
Management
An effective risk management mechanism is essential in order to adapt to and mitigate against 
rising climate-related risks. To allow for a more comprehensive understanding of its operating 
landscape and preparedness, Fortune REIT conducts a risk assessment across multiple risk 
categories, identifying potential risks, outcomes/impacts, and mitigation measures for the 
identified risks. Given the increasing significance of climate change for Fortune REIT’s 
stakeholders, Fortune REIT has also included climate change (including the physical and 
transition risks), as an identified risk in its risk register, in order to ensure that these risks will be 
properly considered and managed.
Climate-related risks identified are then assessed for the severity of their impact on Fortune REIT 
and the likelihood of its occurrence, it is then registered into Fortune REIT’s risk management 
inventory. The risk management framework of Fortune REIT is reviewed by the Audit Committee, 
as delegated by the Board, on a semi-annual basis. Risks are then managed through the Manager 
setting out adaptive and mitigation measures according to the risk analysis results and reviewing 
the effectiveness of the measures regularly to ensure the risks identified are managed in an 
appropriate manner.
Fortune REIT conducted climate scenario analysis to assess the potential risks of climate change 
on its operation, corresponding mitigations and strategy have been implemented or at a planning 
stage.
Fortune REIT also conducts site visits, and regularly assesses the likelihood and potential physical 
damage that may be caused to its properties under extreme weather events.
Metrics and 
Targets
The Manager monitors the progress of Fortune REIT’s climate change management with metrics 
including carbon footprint. Metrics are used during this process as a starting point and an effective 
tool for Fortune REIT to determine the impact of climate change, as well as to facilitate Fortune 
REIT’s stakeholders in easily assessing the Manager’s environmental performance against peers. 
Such metrics are presented in the report under Our Footprint section, as well as the performance 
summary table.
The Manager’s initiatives include long-term reduction targets and monitoring its environmental 
performance against its targets, adoption of energy efficiency and industry best practices, use of 
renewable energy, sustainability-anchored procurement and supply chain management 
processes, and incorporation of climate-related considerations into its risk management 
framework. These initiatives are embedded within the Manager’s business processes and policies, 
demonstrating the Manager’s determination to sustainable development and to reduce its carbon 
footprint.
We calculated our carbon footprint in accordance with item 19 of Hong Kong’s Securities and 
Futures Commission’s ’Circular to Licensed Corporations, Management, and Disclosure of 
Climate-related Risks by Fund Managers’ taking into account our portfolio’s Scope 1 & 2 
emissions.

64
Climate Disclosure Report
GHG Emissions Target
3% absolute reduction by 2023 (2018 
baseline)
Total GHG emissions from entire portfolio
18,911.5 tonnes CO2-e
GHG emissions intensity for entire portfolio
0.006 CO2-e per sq. ft.
Scope 1 direct GHG emissions for  
entire portfolio
972.4 tonnes CO2-e 
(includes emissions from diesel combustion 
of generators and refrigerant consumption)
Scope 2 energy indirect GHG emissions for 
entire portfolio
17,654.2 tonnes CO2-e
(includes emissions from electricity 
consumption of directly managed malls)
Scope 3 other indirect GHG emissions for  
entire portfolio
284.9 tonnes CO2-e
(includes electricity consumption for common 
areas in indirectly managed malls)
Note:	 Fortune REIT has recently completed a Scope 3 
screening exercise, and will continue to expand its 
Scope 3 measurement to material categories in the 
following years.
Total Scope 1 & 2 Emissions for entire portfolio
18,626.6 tonnes CO2-e
Total Value of Properties on 100% Basis
HK$ 39,503 million
Portfolio Carbon Footprint12
0.47 tonnes CO2-e HK$ million
Fortune REIT is currently planning to commit to a Science-based target and net-zero for the 
REIT’s operation. We aim to disclose further details on our net-zero target in the coming report.
As further protection against extreme weather events, the Manager has undertaken insurance policies for all its malls 
covering damage arising from climate-related extreme weather, including typhoons and floods. To counter the threat of 
climate change, the Manager has also implemented proactive mitigation initiatives through various channels to reduce 
the release of GHG emissions into the atmosphere.
12	 Fortune REIT fully finances the properties within its portfolio and hence accounts for 100% of Scope 1 and 2 emissions of the properties in its portfolio, 
which is aligned with PCAF recommendation for Commercial Real Estate. Property value (i.e., Gross Asset Value) is adopted for calculation based on the 
nature of REIT.

Fortune Real Estate Investment Trust   ESG Report 2022 
65
Performance Data Summary
ENVIRONMENTAL KEY PERFORMANCE INDICATORS
2022
2021
2020
Unit
Emissions
Total GHG emissions and intensity
GHG emissions in total
18,912.9
20,624.7
26,542.0
tonnes of CO2-e
Scope 113
973.8
2,196.6
2,024.1
tonnes of CO2-e
Scope 214
17,654.2
18,099.0
24,027.7
tonnes of CO2-e
Scope 315
284.9 
358.8
490.2
tonnes of CO2-e
Greenhouse gas intensity (Scope 1 & 2)
0.006
0.007
0.009
tonnes of CO2-e per sq. ft.
Total hazardous waste and intensity
Total hazardous waste
1.04 
0.70
0.98
tonnes
Hazardous waste intensity
0.34
0.23
0.33
tonnes per million sq. ft.
Total non-hazardous waste and intensity
Total non-hazardous waste
9,675.8 
9,245.2
9,935.5
tonnes
Non-hazardous waste intensity
3.2
3.1
3.3
tonnes per thousand sq. ft.
Use of resources
Total direct/indirect energy consumption by type and intensity
Total energy consumption
45,984.0
50,040.5
48,929.9
MWh
Direct energy consumption
5.5
299.3
8.1
MWh
Diesel
5.5 
9.7
7.3
MWh
Indirect energy consumption
45,888.5
49,741.2
48,921.8
MWh
Purchased electricity
45,888.5 
49,741.2
48,921.8
MWh
Energy Intensity
0.015
0.017
0.016
MWh per sq. ft.
Total water consumption and intensity
Total water consumption
58,942.0
59,535.7
63,756.1
m3
Water consumption intensity
0.019
0.020
0.021
m3 per sq. ft.
13	 Scope 1 emissions include greenhouse gas emissions from diesel combustion of generators and and refrigerant consumption.
14	 Scope 2 emissions include greenhouse gas emissions from electricity consumption of directly managed Fortune malls.
15	 Scope 3 emissions include electricity consumption of common areas in directly managed malls, paper waste disposal at landfill, and electricity used for 
processing freshwater and sewage.

66
Performance Data Summary
16	 Based on employees as at 31 December 2022.
17	 All employees are full-time employees located in Hong Kong.
18	 Other workers include workers that are not directly employed by Fortune REIT whose work and/or workplace is controlled by Fortune REIT.
19	 Property Management workers include security and employees from property managers, working at Fortune Malls.
20	 Employee turnover = number of employees who left employment in the specific category/ number of employees in the specific category.
21	 Minor injuries occurred during patrol and festival decoration, medical care was provided to the injured workers and training on health and safety has 
been strengthened.
22	 Includes employees who have left the Group during the Reporting Year. 
23	 100% of employees have received training during the Reporting Year.
24	 Among the employees trained, the percentage of male and female are 35% and 65% respectively.
25	 Among the employees trained, the percentage of executives, middle management and senior management are 30%, 40% and 30% respectively.
SOCIAL KEY PERFORMANCE INDICATORS
Number of employees and workers16
2022
2021
2020
Number
Total Number
Total Number
Total
Employees17
By gender
Male
7
20
6
20
7
19
Female
13
14
12
By age group
30 or below
3
4
2
31–50
16
15
16
51 or above
1
1
1
By employee category
Executives
6
6
5
Middle management
8
9
10
Senior management
6
5
4
Other workers18
Property management19
268
546
266
545
—
601
Cleaning workers
278
279
—
Number and percentage of turnover employees
2022
2021
2020
Number
% Number
%
Turnover 
employees20
By gender
Male
0
0%
5
83%
Fortune REIT 
began the 
disclosures of 
employee 
turnover in 2021
Female
3
23%
0
0%
By age group
30 or below
1
33%
1
25%
31–50
2
13%
4
27%
51 or above
0
0%
0
0%
Total
3
15%
5
25%
Work-related fatality or injury
2022
2021
2020
Employees
Number of work-related fatalities
0
0
0
Number of work-related injuries
0
0
0
Lost days due to work injury
0
0
0
Other workers21
Number of work-related fatalities
0
0
Fortune REIT began the disclosures 
of work-related fatality or injury of 
other workers in 2021
Number of work-related injuries
2
3
Lost days due to work injury
5
7
Number of trained employees22, 23
2022
2021
2020
Number
Total
Number
Total
Number
Total
By gender24
Male 
7
20
6
20
7
19
Female
13
14
12
By employee category25
Executives
6
6
5
Middle management
8
9
10
Senior management
6
5
4

Fortune Real Estate Investment Trust   ESG Report 2022 
67
Average training hours
2022
2021
2020
Number
Overall
Number
Overall
Number
Overall
By gender
Male 
41.0
44.7
25.2
29.9
21.6
27.3
Female
46.7
31.9
30.6
By employee category
Executives
38.3
34.0
22.7
Middle management
44.6
26.2
23.9
Senior management
51.3
31.7
41.6
Number of trained employees on anti-corruption
2022
2021
2020
Number
Total
Number
Total
Fortune REIT began the 
disclosures of anti-
corruption training in 2021
By employee category Executives
6
20
5
16
Middle management
8
7
Senior management
6
4
Number of suppliers 
2022
2021
2020
Asia
289
154
Fortune REIT began the 
disclosures of number of 
suppliers in 2021
% of suppliers with management 
practices implemented26
100%
48%
26	 Management practices include signage of Supplier Code of Conduct and supplier training etc.

68
Independent Assurance Opinion Statement
Statement No.: SRA-HK 777768 
Fortune Real Estate Investment Trust
Environmental, Social and Governance Report 2022
The British Standards Institution is independent of Fortune Real Estate Investment Trust (“Fortune REIT”) and ARA Asset 
Management (Fortune) Limited as manager of Fortune REIT (the “Manager”), and has no financial interest in the 
operation of Fortune REIT other than for the assessment and assurance of Fortune REIT for its Environmental, Social 
and Governance Report 2022 (“Report”).
This independent assurance opinion statement has been prepared for Fortune REIT solely for the purposes of assuring 
its statements relating to the Report, more particularly described in the Scope below. It was not prepared for any other 
purpose. The British Standards Institution will not, in providing this independent assurance opinion statement, accept or 
assume responsibility (legal or otherwise) or accept liability for or in connection with any other purpose for which it may 
be used, or towards any person by whom the independent assurance opinion statement may be read. This opinion 
statement is intended to be used by stakeholders of Fortune REIT and management of the Manager of Fortune REIT.
This independent assurance opinion statement is prepared on the basis of review by the British Standards Institution of 
information presented to it by the Manager of Fortune REIT. The review does not extend beyond such information and is 
solely based on it. In performing such review, the British Standards Institution has assumed that all such information is 
complete and accurate.
Any queries that may arise by virtue of this independent assurance opinion statement or matters relating to it should be 
addressed to the Manager of Fortune REIT only.
SCOPE
The scope of engagement agreed upon with the Manager includes the following:
1.	
The assurance covers the whole Report and focuses on systems and activities of Fortune REIT, which include the 
operations of 16 private housing estate retail properties in Hong Kong and one neighbourhood mall in Singapore, 
during the period from 1st January 2022 to 31st December 2022 (the “Reporting Year”). The Report is prepared in 
accordance with the Hong Kong Stock Exchange’s (“HKEX”) Environmental, Social and Governance Reporting Guide 
(“ESG Reporting Guide”). It covers the data from Fortune REIT, its tenants and the Manager, and includes energy 
data, GHG emissions data, water consumption data and waste management data, from the operations of Fortune 
Malls based in Hong Kong.
2.	
Type 1 Moderate Level of Assurance in accordance with the AA1000 Assurance Standard v3 (“AA1000AS v3”) 
evaluates the nature and extent of Fortune REIT and/or the Manager’s adherence to four reporting principles: 
Inclusivity, Materiality, Responsiveness and Impact. The specified sustainability performance information/data 
disclosed in the Report has been evaluated.

Fortune Real Estate Investment Trust   ESG Report 2022 
69
OPINION STATEMENT
We conclude that the Report provides a fair view of Fortune REIT’s sustainability programmes and performance in the 
Reporting Year. We believe that the social and environmental performance indicators are fairly represented in the 
Report, in which Fortune REIT’s efforts to pursue sustainable development are widely recognized by its stakeholders.
Our work was carried out by a team of sustainability report assurors in accordance with the AA1000 Assurance standard 
v3, AA1000AS v3. We planned and performed this part of our work to obtain the necessary information and explanations. 
We considered Fortune REIT and its Manager has provided sufficient evidence that Fortune REIT’s self-declaration of 
compliance with the HKEX’s ESG Reporting Guide were fairly stated.
METHODOLOGY
Our work was designed to gather evidence on which our conclusion is based. We undertook the following activities:
•	
A top level review of issues raised by external parties that could be relevant to Fortune REIT’s policies to check on 
the appropriateness of statements made in the Report;
•	
Discussion with senior executives on Fortune REIT’s approach to stakeholder engagement. We had no direct 
contact with external stakeholders;
•	
Interview with staff involved in sustainability management, report preparation and provision of report information;
•	
Review of key organizational developments;
•	
Review of supporting evidence for claims made in the Report including raw data and supporting evidence of the 
sustainability information; and
•	
An assessment of the company’s reporting and management processes concerning reporting against the principles 
of Inclusivity, Materiality, Responsiveness and Impact as described in the AA1000 AccountAbility Principles 2018 
Standard (“AA1000AP (2018)”).
CONCLUSIONS
A detailed review against the AA1000AP (2018) Principles of Inclusivity, Materiality, Responsiveness and Impact, and the 
HKEX’s ESG Reporting Guide is set out below.
INCLUSIVITY
The Report has reflected the fact that Fortune REIT and its Manager engage with its significant stakeholders through 
various channels such as annual general meeting; annual reporting; questionnaires; website and social media; Fortune 
Malls App; email and hotline; press releases; investor meetings and roadshows; customer service counters and 
management offices; partnering with NGOs and community events; regular meetings; Sustainability Committee 
meetings; tenants meetings; circulars; eco-taskforce; tenant satisfaction survey; employee satisfaction survey; daily 
communication; employee communication and engagement programmes; and more.

70
Independent Assurance Opinion Statement
Fortune REIT’s operation involves various methods of engaging its stakeholders on an on-going basis. The Report covers 
economic, social and environmental aspects of concern to its stakeholders with a fair level of disclosure. In our 
professional opinion, Fortune REIT adheres to the principle of Inclusivity. Areas for enhancement of the Report were 
adopted by Fortune REIT and/or its Manager before the issuance of this opinion statement.
MATERIALITY
Fortune REIT publishes sustainability information that enables its stakeholders to make informed judgments about the 
company’s management and performance. In our professional opinion, the Report adheres to the principle of Materiality 
and identifies Fortune REIT’s material aspects by using appropriate methods of materiality analysis and demonstrating 
material issues in a matrix form. Areas for enhancement of the Report were adopted by Fortune REIT and/or its Manager 
before the issuance of this opinion statement.
RESPONSIVENESS
Fortune REIT and its Manager have implemented practices that respond to the expectations and perceptions of its 
stakeholders. These include various surveys and feedback mechanisms for both internal and external stakeholders. In 
our professional opinion, Fortune REIT adheres to the principle of Responsiveness. Areas for enhancement of the Report 
were adopted by Fortune REIT and/or its Manager before the issuance of this opinion statement.
IMPACT
Fortune REIT and its Manager have established processes to understand, measure and evaluate its impacts in qualitative 
and quantitative way. These processes enable Fortune REIT and/or its Manager to assess its impact and disclose them in 
the Report. In our professional opinion, Fortune REIT adheres to the principle of Impact. Areas for enhancement of the 
Report were adopted by Fortune REIT and/or its Manager before the issuance of this opinion statement.
HKEX’s ESG REPORTING GUIDE
We were engaged to review the disclosures in the Report against the HKEX’s ESG Reporting Guide.
Based on our verification review, we are able to confirm that social responsibility and sustainable development key 
performance indicators and disclosures in the two ESG subject areas: Environmental and Social, are reported in 
accordance with the HKEX’s ESG Reporting Guide. Areas for enhancement of the Report were adopted by Fortune REIT 
and/or its Manager before the issuance of this opinion statement.
ASSURANCE LEVEL
The Type 1 Moderate Level of Assurance provided in our review is defined by the scope and methodology described in this 
opinion statement.

Fortune Real Estate Investment Trust   ESG Report 2022 
71
RESPONSIBILITY & LIMITATIONS
It is the responsibility of the Manager’s senior management to ensure that the information being presented in the Report 
is accurate. The assurance is limited by information presented by the Manager of Fortune REIT. Our responsibility is to 
provide an independent assurance opinion statement to stakeholders giving our professional opinion based on the scope 
and methodology described.
COMPETENCY AND INDEPENDENCE
The assurance team was composed of Lead Auditors, who are experienced in the industrial sector, and trained in a  
range of sustainability, environmental and social standards including GRI G3, GRI G3.1, GRI G4, GRI Standards, AA1000, 
HKEX’s ESG Reporting Guide, UNGC’s Ten Principles, ISO20121, ISO14064, ISO14001, OHSAS 18001, ISO45001, ISO9001, 
and ISO10002, etc. British Standards Institution is a leading global standards and assessment body founded in 1901. The 
assurance is carried out in line with the BSI Fair Trading Code of Practice.
For and on behalf of BSI:
Mr. Stephen Yu
Chief Operating Officer — Hong Kong
China Operational Resilience Director
Hong Kong
14 March 2023

72
HKEX ESG Reporting Guide Content Index
Material Aspect
Content
Page Index/Remarks
Mandatory Disclosure Requirements
Governance Structure
Board statement
A disclosure of the board’s oversight of ESG issues
2, 11, 33–34
The board’s ESG management approach and strategy, including the 
process used to evaluate, prioritise and manage material ESG-related 
issues (including risks to the issuer’s businesses)
2, 11–15, 33–34
How the board reviews progress made against ESG-related goals and 
targets with an explanation of how they relate to the issuer’s businesses
2, 11–15
Reporting Principles
Description of  
the application  
of the Reporting 
Principles 
Materiality: The ESG report should disclose: (i) the process to identify and 
the criteria for the selection of material ESG factors; (ii) if a stakeholder 
engagement is conducted, a description of significant stakeholders 
identified, and the process and results of the issuer’s stakeholder 
engagement.
9,16–20
Quantitative: Information on the standards, methodologies, assumptions 
and/or calculation tools used, and source of conversion factors used, for 
the reporting of emissions/energy consumption (where applicable) should 
be disclosed.
9
Consistency: The issuer should disclose in the ESG report any changes to 
the methods or KPIs used, or any other relevant factors affecting a 
meaningful comparison.
9
Reporting Boundary 
Description
A narrative explaining the reporting boundaries of the ESG report and 
describing the process used to identify which entities or operations are 
included in the ESG report.
8
Comply or Explain Provisions
A. Environmental
A1 Emissions
General Disclosure
Information on:
(a)	 the policies; and
(b)	 compliance with relevant laws and regulations that have a significant 
impact on the issuer relating to air and greenhouse gas emissions, 
discharges into water and land, and generation of hazardous and 
non-hazardous waste.
31–32, 43
A1.1
The types of emissions and respective emissions data.
48, 65
A1.2
Direct (Scope 1) and energy indirect (Scope 2) greenhouse gas 
emissions (in tonnes) and, where appropriate, intensity.
48, 65
A1.3
Total hazardous waste produced and, where appropriate, intensity.
52, 65
A1.4
Total non-hazardous waste produced and, where appropriate, intensity.
52, 65

Fortune Real Estate Investment Trust   ESG Report 2022 
73
Material Aspect
Content
Page Index/Remarks
A1.5
Description of emissions target(s) set and steps taken to achieve them.
48–50, Fortune REIT has 
not set an air emissions 
target as it is relatively 
insignificant to its 
operation.
A1.6
Description of how hazardous and non-hazardous wastes are handled, and 
a description of reduction target(s) set and steps taken to achieve them.
52–53, Fortune REIT has 
not set an hazardous 
waste target as it is 
relatively insignificant to 
its operation.
A2 Use of Resources
General Disclosure
Policies on the efficient use of resources, including energy, water and 
other raw materials.
32, 43
A2.1
Direct and/or indirect energy consumption by type in total and intensity.
43, 65
A2.2
Water consumption in total and intensity. 
43, 65
A2.3
Description of energy use efficiency target(s) set and steps taken to 
achieve them.
43, 47
A2.4
Description of whether there is any issue in sourcing water that is fit 
for purpose, water efficiency target(s) set and steps taken to achieve 
them.
51, 65, No issue in 
sourcing water.
A2.5
Total packaging material used for finished products and, if applicable, with 
reference to per unit produced.
Due to Fortune REIT’s 
business nature, there is 
no packaging material 
used during the 
Reporting Year. 
A3 The Environment and Natural Resources
General Disclosure
Policies on minimising the issuer’s significant impact on the environment 
and natural resources.
32, 43
A3.1
Description of the significant impacts of activities on the environment and 
natural resources and the actions taken to manage them.
43–46
A4 Climate Change
General Disclosure 
Policies on identification and mitigation of significant climate-related 
issues which have impacted, and those which may impact, the issuer.
32, 43
A4.1
Description of the significant climate-related issues which have
impacted, and those which may impact, the issuer, and the actions
taken to manage them.
43, 59–64

74
HKEX ESG Reporting Guide Content Index
Material Aspect
Content
Page Index/Remarks
B. Social
B1 Employment
General Disclosure
Information on:
(a)	 the policies; and
(b)	 compliance with relevant laws and regulations that have a significant 
impact on the issuer relating to compensation and dismissal, 
recruitment and promotion, working hours, rest periods, equal 
opportunity, diversity, anti-discrimination, and other benefits and 
welfare.
31–32, 37–38
B1.1
Total workforce by gender, employment type, age group and geographical 
region.
38, 66
B1.2
Employee turnover rate by gender, age group and geographical region.
66
B2 Health and Safety
General Disclosure
Information on:
(a)	 the policies; and
(b)	 compliance with relevant laws and regulations that have a significant 
impact on the issuer relating to providing a safe working environment 
and protecting employees from occupational hazards.
31, 40–42
B2.1
Number and rate of work-related fatalities occurred in each of the past 
three years including the reporting year.
40, 66
B2.2
Lost days due to work injury.
40, 66
B2.3
Description of occupational health and safety measures adopted, how they 
are implemented and monitored.
40–42
B3 Development and Training
General Disclosure
Policies on improving employees’ knowledge and skills for discharging 
duties at work. Description of training activities.
32, 39–40
B3.1
The percentage of employees trained by gender and employee category.
39, 67
B3.2
The average training hours completed per employee by gender and 
employee category.
39–40, 67
B4 Labour Standards
General Disclosure
Information on:
(a)	 the policies; and
(b)	 compliance with relevant laws and regulations that have a significant 
impact on the issuer relating to preventing child and forced labour.
31, 37–38
B4.1
Description of measures to review employment practices to avoid child and 
forced labour.
38
B4.2
Description of steps taken to eliminate such practices when discovered.
38

Fortune Real Estate Investment Trust   ESG Report 2022 
75
Material Aspect
Content
Page Index/Remarks
B5 Supply Chain Management
General Disclosure
Policies on managing environmental and social risks of the supply chain.
29-30
B5.1
Number of suppliers by geographical region.
29, 67
B5.2
Description of practices relating to engaging suppliers, number of
suppliers where the practices are being implemented, and how they
are implemented and monitored.
29-30, 67
B5.3
Description of practices used to identify environmental and social risks
along the supply chain, and how they are implemented and monitored.
29-30
B5.4
Description of practices used to promote environmentally preferable
products and services when selecting suppliers, and how they are
implemented and monitored.
29-30
B6 Product Responsibility
General Disclosure
Information on:
(a)	 the policies; and
(b)	 compliance with relevant laws and regulations that have a significant 
impact on the issuer relating to health and safety, advertising, labelling 
and privacy matters relating to products and services provided and 
methods of redress.
21, 25, 31,
Due to Fortune REIT’s 
business nature, the 
Manager has not 
established policies in 
relation to advertising 
and labelling.
B6.1
Percentage of total products sold or shipped subject to recalls for
safety and health reasons.
Due to Fortune REIT’s 
business nature, product 
recall is not applicable to 
Fortune REIT.
B6.2
Number of products and service related complaints received and how
they are dealt with.
25
B6.3
Description of practices relating to observing and protecting intellectual 
property rights.
35
B6.4
Description of quality assurance process and recall procedures.
21–24
B6.5
Description of consumer data protection and privacy policies, how they are 
implemented and monitored.
25, 35
B7 Anti-corruption
General Disclosure
Information on:
(a)	 the policies; and
(b)	 compliance with relevant laws and regulations that have a significant 
impact on the issuer relating to bribery, extortion, fraud and money 
laundering.
31–32, 35
B7.1
Number of concluded legal cases regarding corrupt practices brought 
against the issuer or its employees during the reporting period and the 
outcomes of the cases.
31
B7.2
Description of preventive measures and whistle-blowing procedures, how 
they are implemented and monitored.
31, 35
B7.3
Description of anti-corruption training provided to directors and staff.
36, 67
B8 Community Investment
General Disclosure
Policies on community engagement to understand the needs of the 
communities where the issuer operates and to ensure its activities take 
into consideration the communities’ interests.
57-58
B8.1
Focus areas of contribution. 
57-58
B8.2
Resources contributed to the focus area.
57-58

76
GRI Content Index
GRI Standards Disclosure
Page No./ Remarks
GRI 2: General Disclosures 2021
2–3
Reporting period, frequency and contact point
8-9
2–5
External assurance
68-71
2–7
Employees
38,66
2–8
Workers who are not employees
38,66
2–9
Governance structure and composition
11
2–12
Role of the highest governance body in overseeing the management of 
impacts
2,11
2–22
Statement on sustainable development strategy
12-15
2–27
Compliance with laws and regulations
31 -32
2–29
Approach to stakeholder engagement
16-20
Topic–specific standards
GRI 200 Series: Economic Topics
GRI 205: Anti-corruption 2016
205–3
Communication and training about anti-corruption policies and 
procedures
31-32, 35
205–3
Confirmed incidents of corruption and actions taken
31
GRI 300 Series: Environmental Topics
GRI 302: Energy 2016
302–1
Energy consumption within the organization
43, 65
302–3
Energy intensity
43, 65
GRI 305: Emissions 2016
305–1
Direct (Scope 1) GHG emissions
48, 65
305–2
Energy indirect (Scope 2) GHG emissions
48, 65
305–3
Other indirect (Scope 3) GHG emissions
48, 65
305–4
GHG emissions intensity 
48, 65

Fortune Real Estate Investment Trust   ESG Report 2022 
77
GRI Standards Disclosure
Page No./ Remarks
GRI 400 Series: Social Topics
GRI 404: Training and Education 2016
404–1
Average hours of training per year per employee
39-40, 67
404–3
Percentage of employees receiving regular performance and career 
development reviews
40
GRI 413: Local Communities 2016
413–1
Operations with local community engagement, impact assessments, and 
development programs 
57-58
GRI 416: Customer Health and Safety 2016
416–2
Incidents of non-compliance concerning the health and safety impacts of 
products and services
31, There are no 
confirmed incidents of 
non-compliance 
concerning the health 
and safety impacts of 
services.

www.fortunemalls.com.hk
www.fortunereit.com
Fortune REIT is managed by ARA Asset Management (Fortune) Limited, a part of the ESR Group (“ESR”). ESR is APAC’s largest real asset manager powered 
by the New Economy and the third largest listed real estate investment manager globally. With over US$156 billion in total assets under management (AUM), 
ESR’s fully integrated development and investment management platform extends across key APAC markets, including Greater China, Japan, South Korea, 
Australia, Singapore, India, New Zealand and Southeast Asia, representing over 95% of GDP in APAC, and also includes an expanding presence in Europe and 
the U.S.. ESR provides a diverse range of real asset investment solutions and New Economy real estate development opportunities across its private funds 
business, which allows capital partners and customers to capitalise on the most signiﬁcant secular trends in APAC. ESR is the largest sponsor and manager 
of REITs in APAC with a total AUM of US$46 billion. ESR’s purpose — Space and Investment Solutions for a Sustainable Future — drives ESR to manage 
sustainably and impactfully and it considers the environment and the communities in which it operates as key stakeholders of its business. Listed on the Main 
Board of The Stock Exchange of Hong Kong, ESR is a constituent of the FTSE Global Equity Index Series (Large Cap), Hang Seng Composite Index and MSCI 
Hong Kong Index. More information can be found at www.esr.com.