Rapidly emerging technology and the Internet industry shape the real estate business, and industry experts said it would be a pioneer in China’s real estate technology.

Albert Ovidi, the general manager of the leading professional real estate services company JLL Asia Pacific, said at the China Proptech Forum and Exhibition in Beijing that the real estate will develop as well as in many other sectors.

He believed that artificial intelligence, blockchain, virtual and augmented reality, and the future of property technology of the Internet of Things (IoT), as well as China’s superiority.

“China will be the world leader in AI by 2030,” he said.

Speaking about IoT, China said that China already has about 20 percent of the global market share of connected devices and that China is the leader in this field.

“In the past four years, we have seen co-working space with technology, new retail experience centres and many proptech startups focusing on the real estate industry rise rapidly in Beijing,” said Julien Zhang, managing director of North China at JLL. “This confirms our belief there is great potential for proptech in Beijing, which is the centre of national technology innovation.”

The experts believed that proptech, especially large data applications, would greatly reshape the way a city was designed and planned in China.

“The future urban planning will focus on people,” said Wang Fei, head of strategic consulting of JLL in Beijing. “In the past two decades, China has been building cities on a massive scale, but wasn’t able to predict who would be living in them and the size of the population. In the future, it will be all about the users of cities.”

Wanyu, the founder of Xkool Technology, a technology organization specializing in the application of artificial intelligence solutions to urban planning, said that the collected data was to implement in planning.

“What many smart cities did in the past was to allow the city leaders and the property developers to see the data, but not respond to the data,” she said. “After applying AI, we can make the urban design meet the demand from the people we detect from the data.”

“For example, in the planning of Xiongan New Area, in the past we could only analyse the climate and the geographic features,” she said.

“But now we can be specific to the actual demands of the citizens and companies, and make detailed plans for every inch of the land.”

Source: The Star

Melike Vodina / realesatecoulisse.com