On 22 September 2025, the carbon credit product of the Yuexiu Property-operated Zhonggang Leatherware Mall was listed on the China Guizhou Green Finance and Emissions Exchange, at the initial price of RMB 66 per tCO2e. The project is not only the first carbon credit product for wholesale market buildings in China, but also a milestone marking a breakthrough for building carbon credit trading in Guangzhou. It is also a triumph in Yuexiu Property actively responding to the nation’s “dual carbon” strategy and taking sustainable development to yet greater depth, while gathering valuable experience for laying the foundation for similar future initiatives.
Photo: Yuexiu Zhonggang Leatherware Mall Carbon Credit Product Listing Ceremony
China announced its “30|60” dual carbon goals five years ago. In those five years, she has seen rapid development of its green and low-carbon industries and in climate change response, achieving major breakthroughs particularly in carbon market development from building the relevant system to enhancing its functions. In August 2025, the “Opinions on Promoting Green and Low-Carbon Transformation and Strengthening the National Carbon Market” was issued, with the aim of fostering a carbon market more effective, dynamic and influential internationally, capable of leveraging market mechanisms to address climate change and accelerate overall green transformation of the economy and society.
According to the 2024 China Urban and Rural Construction Carbon Emission Research Report published by the China Association of Building Energy Efficiency, carbon emissions from buildings and construction accounted for 48.3% of the total energy-related emissions of the country in 2022, which means the sector is a primary source of carbon emissions. Against this backdrop, developing, trading and managing building carbon credits have become central issues in the green transformation and sustainable development strategies of real estate and construction enterprises. As a responsible property developer and operator, Yuexiu Property has actively responded to national policies by essentially making participation in carbon markets and carbon credit management its strategic measures for achieving the “dual carbon” goals. It has selected the “Guangzhou Yuexiu Zhonggang Leatherware Mall Energy Conservation and Carbon Reduction Project” as a model for building carbon credit development to provide first-mover experience to help advance relevant industry practices.
Photo: Yuexiu Zhonggang Leatherware Mall
The Yuexiu Zhonggang Leatherware Mall, which was completed in 1993, has a total floor area of approximately 43,000 square metres. Operated by Yuexiu Property, it is a wholesale market for mid-range-to-high-end original leather goods and luggage. Through energy-saving retrofits to its ventilation, air-conditioning systems and lighting installations, the project has realised highly efficient, fully automated climate control, while markedly reducing lighting energy consumption, thus in turn has effectively enhanced overall operational energy efficiency. Verified by a third-party auditing body, between 1 February 2024 and 31 January 2025, the energy-saving and carbon-reduction initiative had helped reduce total carbon emissions by 372 tonnes. From listing its carbon credit products, not only would the project be able to quickly recover renovation costs from trading revenues, but also render building carbon credit support to carbon-neutral campuses, factories, construction sites, and events, thereby could empower multiple stakeholders in advancing to achieve their low-carbon objectives.
Photo: Voluntary Carbon Emission Reduction Registration Certificate for Yuexiu Zhonggang Leatherware Mall
The listing of China's first carbon credit product for wholesale market buildings is solid evidence of Yuexiu Property's active response to the “dual carbon” strategy of the country and commitment to living its sustainable development principles. The breakthrough will not only give the company a robust foundation and valuable experience for developing building carbon credit projects in the future, but also inspire and motivate greater participation of real estate enterprises in [supporting/promoting] the building carbon market. Looking ahead, Yuexiu Property will continue to go deeper yet in exploring green and low-carbon development, take initiative in addressing global climate change and keep injecting innovative impetus into and, in practice, aid urban sustainable development, collaborating with industry partners to build greener, smarter and more sustainable cities of the future.