China embraces use of proptech to improve office design and efficiency
- China has been the recipient for about a third of global investment into property technology, or ‘proptech’, since 2013
Investment in property technology globally has reached US$20 billion over the past six years, with more than a third of the money going into China, according to property broker JLL.
Venture capital companies are taking increased notice of “proptech” as it reshapes how offices and shopping centres are developed, occupied and managed, with China in the forefront.
“With the government's strong support and the tech-savviness of the nation, the scope and scale of proptech growth in China is massive,” said Anthony Couse, JLL’s chief executive for the Asia-Pacific.
JLL is also investing in a number of start-ups, having launched a fund last year committing up to US$100 million to investing in proptech companies worldwide.
Albert Ovidi, chief operating officer of JLL Asia-Pacific, said that over the past few years, more wireless sensors were placed in office spaces to collect data.
The latest advances in artificial intelligence, blockchain and internet of things technologies have facilitated the process while helping to store and analyse data and improve management efficiency.
“Real estate is still running but we are getting more information out from the same building. Then we need qualified engineers and technicians to tell us how to run that better and save on costs,” Ovidi said.