Prop­erty tech­nol­ogy set to re­jig real-es­tate scene

China Daily (Canada) - - HONG KONG -

Var­i­ous re­tail tech­nolo­gies, such as AI and prop­stores, can be widely adopted in re­tail premises.”

re­warded for their in­no­va­tive ideas in ad­dress­ing hous­ing and land short­age, im­prov­ing res­i­den­tial op­er­a­tions and op­ti­miz­ing re­tail op­er­a­tions.

“I see huge business po­ten­tial in proptech ap­pli­ca­tion for Hong Kong’s com­mer­cial prop­er­ties,” said Lo. “Var­i­ous re­tail tech­nolo­gies, such as AI and pop-up stores, can be widely adopted in re­tail premises.”

“The huge data vol­ume of prop­erty trans­ac­tions in Hong Kong, al­beit non-stan­dard­ized, presents another business op­por­tu­nity for proptech en­ter­prises. If the data could be stan­dard­ized and nor­mal­ized, ma­chine learn­ing can then be ap­plied to gen­er­ate au­to­matic prop­erty val­u­a­tion re­ports for the ben­e­fit of mort­gage banks,” Lo noted.

There are 179 proptech star­tups in the Asia-Pa­cific re­gion that have al­ready re­ceived 60 per­cent ($4.8 bil­lion) of the $7.8 bil­lion raised by global proptech star­tups from 2013 to 2017, launch­ing a ven­ture cap­i­tal fund of $30 mil­lion to $50 mil­lion to in­vest in some 40 Asian proptech star­tups in early next year. The fund­ing will be sourced from tra­di­tional prop­erty de­vel­op­ers, fam­ily of­fices and in­sti­tu­tional in­vestors with keen in­ter­est in proptech star­tups. Euro­pean ven­ture fund in­vestors are par­tic­u­larly in­ter­ested in Asian proptech com­pa­nies as the re­gion’s huge pop­u­la­tion sup­ports the business.

If the Asia PropTech ven­ture cap­i­tal fund could be launched, it may con­sider in­vest­ing in those 15 teams par­tic­i­pat­ing in the “Asia PropTech In­no­va­tion”, ac­cord­ing to Lo.

In June, Lo at­tended a lun­cheon meet­ing with rep­re­sen­ta­tives from the Com­merce and Eco­nomic De­vel­op­ment Bu­reau, the In­no­va­tion and Tech­nol­ogy Bu­reau, as well as sev­eral ma­jor prop­erty de­vel­op­ers in Hong Kong, to ex­change ideas on how to boost proptech de­vel­op­ment.

The di­rec­tor of Lands Depart­ment and rep­re­sen­ta­tives from the De­vel­op­ment Bu­reau at­tended the sec­ond lun­cheon meet­ing in the se­ries held early this month.

Propteq Asia 2018-Prop­erty Tech­nol­ogy and In­no­va­tion Sum­mit, sched­uled at the end of this month, will be the city’s first sum­mit ded­i­cated to proptech which fa­cil­i­tates col­lab­o­ra­tive dis­cus­sions be­tween play­ers in both proptech and the real-es­tate in­dus­try.

PAUL YE­UNG / BLOOMBERG

Wham­poa Gar­dens es­tate in Hung Hom. Ex­perts be­lieve Hong Kong, one of the most ma­ture and liq­uid real-es­tate mar­kets in Asia with a huge trans­ac­tion vol­ume, has the in­gre­di­ents to be­come the re­gion’s prop­erty tech­nol­ogy hub. Leo Lo Ming-yan, founder of Asia PropTech

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.