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Digital Green Gold: The Financial Benefits of Sustainable City Facilities

  

Prof Desmond Tsang

Associate Professor
Co-Director, Centre for Hospitality and Real Estate Research

  
   

Biography

Professor Desmond Tsang is an Associate Professor of Real Estate at the School of Hotel and Tourism Management at CUHK Business School. He also serves as a Co-Director of the Centre for Hospitality and Real Estate Research. He obtained his PhD from University of California at Berkeley majoring in real estate and accounting. His research in real estate specialises in Real Estate Investment Trusts (REITs), Firm Location, and Chinese Real Estate Market. His research interests in accounting include Corporate Governance, Earnings Management, and Financial Reporting Fraud. Professor Tsang has published in top journals such as Management Science, Review of Accounting Studies, Real Estate Economics, Journal of Real Estate Research and Journal of Real Estate Finance and Economics. Professor Tsang teaches real estate at the undergraduate, masters, and doctoral levels at CUHK. Professor Tsang has provided extensive services to the academic profession and the industry. He was the president of both the Asian Real Estate Society (AsRES) and the Global Chinese Real Estate Congress (GCREC) for the term 2022-2023. He has hosted the AsRES-GCREC Joint International Real Estate Conference in 2023 and the Asian Association for Investors in Non-Listed Real Estate Vehicles (ANREV) Research Conference in 2024.

Abstract

In this study, we propose a concept of "Green Gold," which explores the intersection of sustainability and urban development, emphasizing the financial benefits of implementing green and well building features for the built environment. As urban areas face increasing environmental challenges, the adoption of eco-friendly infrastructure becomes crucial. In particular, this paper examines various smart digital features, such as cool and green roofs, energy-efficient buildings, smart waste management systems, and AI tempertaure control and ventiliation, highlighting their potential to reduce operational costs, enhance property values, and attract investments. Through case studies and data analysis, we demonstrate how cities can leverage technology and sustainable design to create resilient environments that not only mitigate climate change but also foster economic growth. Ultimately, this research advocates for a paradigm shift in urban planning, positioning sustainable city facilities as a vital component of a prosperous and sustainable future.