Against the backdrop of global climate change response and the advancement of urban sustainable development, the real estate sector, as a key high-energy-consumption and high-emission industry, has a profound impact on urban system resilience, resource efficiency, and social equity through its environmental, social, and governance (ESG) transformation. From a policy-driven transformation perspective, this paper selects typical real estate enterprises from China, Japan, and Singapore (Vanke, Mitsubishi Estate, and CapitaLand) for comparative case studies and mechanism analysis. It explores how these companies translate corporate ESG practices—through green building, carbon emission reduction, community engagement, and governance structure innovation—into improved environmental performance and social well-being at the urban level. The study finds that although the implementation pathways differ among the three companies, they all reflect a transmission logic of "environmental intervention as the starting point, social benefits as spillovers, and governance systems as support," and demonstrate synergistic effects of "technology–governance–finance" under policy guidance. This research deepens the understanding of the mechanisms behind real estate ESG transformation from an urban sustainability perspective and provides cross-scale references for related policy design and corporate practice.
Zhang Haowen (Wed,) studied this question.