Property technology set to rejig real-estate scene
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.
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