EVENTS

EVENTS

Demystifying Proptech in Commercial Real Estate

Blockchain for

Real Estate Friday

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Hood Disrupt '17 Singapore

Hong Kong PropTech
Round Table One

We brought together representatives from the real estate industry, technology industry and government to discuss PropTech and its role in Hong Kong. The luncheon discussion was held in Hong Kong Club on June 1, 2018

Event Details

Date:

1 June 2018 (Friday)

Venue:

Hong Kong Club

Attendees

Ivan Ko – Chairman, CRECCHKI & Chairman, RECAS Group / Paul Chen – Hon. Secretary, CRECCHKI & Head of Asia, RealFoundations / Stanley Chiu – Vice Chairman, CRECCHKI & Founder, Treasure Capital Asia / Leo Lo – Founder, Asia PropTech / Dr. David Chung – Under Secretary for Innovation &Technology, HKSAR Government / Elizabeth Fung – Political Assistant to Secretary for Commerce &Economic Development, HKSAR Government / Lillian Cheong – Political Assistant to Secretary for Innovation &Technology, HKSAR Government / Michael Wong – Managing Director, AMIS Hong Kong / Donald Choi – Executive Director & CEO, Chinachem Group / Alex Lo – Executive Director, The Great Eagle Company Limited/ Akina Ho – Director of Technology & Business Solutions, The Great Eagle Company Limited / Ricky Wong – Executive Director, Wheelock Properties / Cello Chan – Assistant General Manager, Wheelock Properties / Kent Jan – Director & Head of Corporate Development, Hong Kong Land / Damien Wu – Chief Information Officer, Link Asset Management Limited / Alvin Ng – Co-Founder & Partner, Leadway Venture / Daniel Lam – Executive Director, RECAS

Organizers

Photo

Highlights 

Megatrends

 

  • Technology driven mega trends (AI, longevity, IOT, autonomous vehicles) will continue to impact the real estate market

  • The shift of preference from ownership to sharing (experience) economy will especially affect the demand and usage of real estate

The changes has led senior management to formulate initiatives in order to stay competitive

Hong Kong PropTech
Round Table One

We brought together representatives from the real estate industry, technology industry and government to discuss PropTech and its role in Hong Kong. The luncheon discussion was held in Hong Kong Club on June 1, 2018

Event Details

Date:

1 June 2018 (Friday)

Venue:

Hong Kong Club

Attendees

Ivan Ko – Chairman, CRECCHKI & Chairman, RECAS Group / Paul Chen – Hon. Secretary, CRECCHKI & Head of Asia, RealFoundations / Stanley Chiu – Vice Chairman, CRECCHKI & Founder, Treasure Capital Asia / Leo Lo – Founder, Asia PropTech / Dr. David Chung – Under Secretary for Innovation &Technology, HKSAR Government / Elizabeth Fung – Political Assistant to Secretary for Commerce &Economic Development, HKSAR Government / Lillian Cheong – Political Assistant to Secretary for Innovation &Technology, HKSAR Government / Michael Wong – Managing Director, AMIS Hong Kong / Donald Choi – Executive Director & CEO, Chinachem Group / Alex Lo – Executive Director, The Great Eagle Company Limited/ Akina Ho – Director of Technology & Business Solutions, The Great Eagle Company Limited / Ricky Wong – Executive Director, Wheelock Properties / Cello Chan – Assistant General Manager, Wheelock Properties / Kent Jan – Director & Head of Corporate Development, Hong Kong Land / Damien Wu – Chief Information Officer, Link Asset Management Limited / Alvin Ng – Co-Founder & Partner, Leadway Venture / Daniel Lam – Executive Director, RECAS

Highlights 

Megatrends

 

  • Technology driven mega trends (AI, longevity, IOT, autonomous vehicles) will continue to impact the real estate market

  • The shift of preference from ownership to sharing (experience) economy will especially affect the demand and usage of real estate

The changes has led senior management to formulate initiatives in order to stay competitive

Organizers

Photo

Hong Kong PropTech Round Table One

We brought together representatives from the real estate industry, technology industry and government to discuss PropTech and its role in Hong Kong. The luncheon discussion was held in Hong Kong Club on June 1, 2018

Event Details

Date:

1 June 2018 (Friday)

Venue:

Hong Kong Club

Organizers

Attendees

Ivan Ko – Chairman, CRECCHKI & Chairman, RECAS Group / Paul Chen – Hon. Secretary, CRECCHKI & Head of Asia, RealFoundations / Stanley Chiu – Vice Chairman, CRECCHKI & Founder, Treasure Capital Asia / Leo Lo – Founder, Asia PropTech / Dr. David Chung – Under Secretary for Innovation &Technology, HKSAR Government / Elizabeth Fung – Political Assistant to Secretary for Commerce &Economic Development, HKSAR Government / Lillian Cheong – Political Assistant to Secretary for Innovation &Technology, HKSAR Government / Michael Wong – Managing Director, AMIS Hong Kong / Donald Choi – Executive Director & CEO, Chinachem Group / Alex Lo – Executive Director, The Great Eagle Company Limited/ Akina Ho – Director of Technology & Business Solutions, The Great Eagle Company Limited / Ricky Wong – Executive Director, Wheelock Properties / Cello Chan – Assistant General Manager, Wheelock Properties / Kent Jan – Director & Head of Corporate Development, Hong Kong Land / Damien Wu – Chief Information Officer, Link Asset Management Limited / Alvin Ng – Co-Founder & Partner, Leadway Venture / Daniel Lam – Executive Director, RECAS

Discussion Takeaways

Megatrends

Technology driven megatrends (AI, longevity, IOT, autonomous vehicles) will continue to impact the real estate market. Additionally, the shift of preference from ownership to sharing (experience) economy will especially affect the demand and usage of real estate. The changes has led senior management to formulate initiatives in order to stay competitive with focus on answering what are its impacts and how do we use it to enhance operating efficiencies in the short term and create value in the long term

Opportunities

Developments in PropTech will bring huge benefit to the real estate industry by means of increasing operational efficiencies and creating new value within the value chain. However, companies needs to think more than its impact on returns, but how it impacts the triple bottom line and facilitates transparency of information, bringing further benefits to the community & society.

“The question isn’t whether technology will or will not be disruptive to the real estate industry. The question is how technology adoption can be accelerated to create measurable value for the real estate industry, the users of real estate, Hong Kong’s future and society.”

Usage Cases

"Participants identified a number of areas where technology and innovation was being applied within their respective companies; however, they also stated the need for more practical use cases with identifiable and measurable benefits."

Company-Wide

Adoption in retail sector is increasing as they largely adopt PropTech to improve back office efficiency, customer experience, and analytics to enhance performance.

Industry-Wide

There is a rising trend of providing real estate for shared economy models like co-working & co-living.

Today: Tech In Practice

Big Data & Analytics

Facilitating better decisions & enhanced performances in all areas of business

IOT (Internet-Of-Things)

Connecting devices where it makes sense for predictive maintenance, energy efficiency, air quality, workplace enhancement, and customer experience management

VR (Virtual Reality)

Enabling immersive experience in showrooms for unit sales

Next: Tech In Spotlight

Robotics / 3D Printing

will be a focus to address increasing construction and labor costs

BIM (Building Information Modeling)

will provide the insight and tools to more efficiently planning, design, construction, and management of buildings and infrastructure

AI (Artificial Intelligence)

will create value from the large data bases of the industry and disrupt many existing industries. Companies are actively exploring possibilities for AI

Blockchain

will massively speed up processes in real estate transactions and we will see increasing experiments with mortgage, title transfer, to the actual transactions soon

5G

will enable highly localized latency free communication, making real time information exchange achievable and facilitate delivery of new technologies.

Challenges

"Participants agreed the challenge is not the ”lack of tech.” The biggest challenge is rooted in the resistance to change. A catalyst is needed to accelerate experimentation, innovation and adoption."

Organizational Resistance

Staff are accustomed to status quo and doubt the effective of the new tech. They have an inherent fear of failure and more of the technology possibly replacing their jobs

Lack of Tech-Savvy Resources

Organizations lack professionals that understand the technology and its impact to the business to push through changes.

But We're Optimistic Because,

"Real Estate Leaders are optimistic of the benefits PropTech can bring to the real estate industry and Hong Kong."

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Hong Kong is arguably the best in Asia for building and operating commercial projects. Couple that with a flourishing Fintech ecosystem, the city offers a superior environment and ecosystem for PropTech startups. In fact, Hong Kong is already home to several tech unicorns, with SenseTime, a leader in AI, as an example.

HK & Central Government expressed support in positioning Hong Kong as an international innovation technology hub and has set up several tech hubs and startup funds to the local tech community. Especially with the Belt & Road and Greater Bay Area initiatives, Hong Kong becomes an essential hub that can export local expertise to the Asia Pacific region.

PropTech is Highly Applicable to Hong Kong with its high potential to solve some of the largest problems in the economy like labor shortage and housing affordability. The expected benefit will attract considerable organizational support.

Next Steps: Taking Action

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Understand and overcome challenges:

Challenges cited by participants were mostly “people” related. We need to address the fear of the unknown, overcome the “business as usual” mindset, and actively educate industry to accelerate innovation and adoption.

 

Urge Collaboration - Government + Industry + Academia:

Active collaboration by involving academia, both within Hong Kong and China is essential towards building the PropTech ecosystem in Hong Kong. A neutral ”arena” is needed to allow participants to discuss and experiment with different models.

 

Leverage the Fintech Ecosystem:

Leveraging upon the know-how and toolset of the Hong Kong FinTech influencers will accelerate the establishment of the PropTech ecosystem.

Establish a PropTech Sandbox: 

The establishment of a PropTech sandbox allows participants to test and validate their business ideas and is a tangible step towards building the PropTech ecosystem in Hong Kong.

 

Hosting a PropTech Hackathon:

A hackathon brings together industry, academia and influencers to create innovative solutions over a short period of time. AsiaProp.Tech will be holding a PropTech “Innovathon” in August to address key challenges such as operating efficiency, housing affordability, sustainability and business opportunities in the Greater Bay Area.

 

Please visit www.innovathon-asiaprop.tech for more information.

Continue the Dialog:

Participants expressed a desire to continue the dialog and to put vision into plan into action to realize the vision to make Hong Kong into a global hub for PropTech Innovation.

HONG KONG AS A GLOBAL HUB FOR PROPTECH INNOVATION

Photo

Hong Kong PropTech Round Table One

We brought together representatives from the real estate industry, technology industry and government to discuss PropTech and its role in Hong Kong. The luncheon discussion was held in Hong Kong Club on June 1, 2018

Event Details

Date:

1 June 2018 (Friday)

Venue:

Hong Kong Club

Organizers

Attendees

Ivan Ko – Chairman, CRECCHKI & Chairman, RECAS Group / Paul Chen – Hon. Secretary, CRECCHKI & Head of Asia, RealFoundations / Stanley Chiu – Vice Chairman, CRECCHKI & Founder, Treasure Capital Asia / Leo Lo – Founder, Asia PropTech / Dr. David Chung – Under Secretary for Innovation &Technology, HKSAR Government / Elizabeth Fung – Political Assistant to Secretary for Commerce &Economic Development, HKSAR Government / Lillian Cheong – Political Assistant to Secretary for Innovation &Technology, HKSAR Government / Michael Wong – Managing Director, AMIS Hong Kong / Donald Choi – Executive Director & CEO, Chinachem Group / Alex Lo – Executive Director, The Great Eagle Company Limited/ Akina Ho – Director of Technology & Business Solutions, The Great Eagle Company Limited / Ricky Wong – Executive Director, Wheelock Properties / Cello Chan – Assistant General Manager, Wheelock Properties / Kent Jan – Director & Head of Corporate Development, Hong Kong Land / Damien Wu – Chief Information Officer, Link Asset Management Limited / Alvin Ng – Co-Founder & Partner, Leadway Venture / Daniel Lam – Executive Director, RECAS

Discussion Takeaways

Megatrends

Technology driven megatrends (AI, longevity, IOT, autonomous vehicles) will continue to impact the real estate market. Additionally, the shift of preference from ownership to sharing (experience) economy will especially affect the demand and usage of real estate. The changes has led senior management to formulate initiatives in order to stay competitive with focus on answering what are its impacts and how do we use it to enhance operating efficiencies in the short term and create value in the long term

Opportunities

Developments in PropTech will bring huge benefit to the real estate industry by means of increasing operational efficiencies and creating new value within the value chain. However, companies needs to think more than its impact on returns, but how it impacts the triple bottom line and facilitates transparency of information, bringing further benefits to the community & society.

“The question isn’t whether technology will or will not be disruptive to the real estate industry. The question is how technology adoption can be accelerated to create measurable value for the real estate industry, the users of real estate, Hong Kong’s future and society.”

Usage Cases

"Participants identified a number of areas where technology and innovation was being applied within their respective companies; however, they also stated the need for more practical use cases with identifiable and measurable benefits."

Company-Wide

Adoption in retail sector is increasing as they largely adopt PropTech to improve back office efficiency, customer experience, and analytics to enhance performance.

Industry-Wide

There is a rising trend of providing real estate for shared economy models like co-working & co-living.

Today: Tech In Practice

Big Data & Analytics

Facilitating better decisions & enhanced performances in all areas of business

IOT (Internet-Of-Things)

Connecting devices where it makes sense for predictive maintenance, energy efficiency, air quality, workplace enhancement, and customer experience management

VR (Virtual Reality)

Enabling immersive experience in showrooms for unit sales

Next: Tech In Spotlight

Robotics / 3D Printing

will be a focus to address increasing construction and labor costs

BIM (Building Information Modeling)

will provide the insight and tools to more efficiently planning, design, construction, and management of buildings and infrastructure

AI (Artificial Intelligence)

will create value from the large data bases of the industry and disrupt many existing industries. Companies are actively exploring possibilities for AI

Blockchain

will massively speed up processes in real estate transactions and we will see increasing experiments with mortgage, title transfer, to the actual transactions soon

5G

will enable highly localized latency free communication, making real time information exchange achievable and facilitate delivery of new technologies.

Challenges

"Participants agreed the challenge is not the ”lack of tech.” The biggest challenge is rooted in the resistance to change. A catalyst is needed to accelerate experimentation, innovation and adoption."

Organizational Resistance

Staff are accustomed to status quo and doubt the effective of the new tech. They have an inherent fear of failure and more of the technology possibly replacing their jobs

Lack of Tech-Savvy Resources

Organizations lack professionals that understand the technology and its impact to the business to push through changes.

But We're Optimistic Because,

"Real Estate Leaders are optimistic of the benefits PropTech can bring to the real estate industry and Hong Kong."

Hong Kong is arguably the best in Asia for building and operating commercial projects. Couple that with a flourishing Fintech ecosystem, the city offers a superior environment and ecosystem for PropTech startups. In fact, Hong Kong is already home to several tech unicorns, with SenseTime, a leader in AI, as an example.

HK & Central Government expressed support in positioning Hong Kong as an international innovation technology hub and has set up several tech hubs and startup funds to the local tech community. Especially with the Belt & Road and Greater Bay Area initiatives, Hong Kong becomes an essential hub that can export local expertise to the Asia Pacific region.

PropTech is Highly Applicable to Hong Kong with its high potential to solve some of the largest problems in the economy like labor shortage and housing affordability. The expected benefit will attract considerable organizational support.

Next Steps: Taking Action

Understand and overcome challenges:

Challenges cited by participants were mostly “people” related. We need to address the fear of the unknown, overcome the “business as usual” mindset, and actively educate industry to accelerate innovation and adoption.

 

Urge Collaboration - Government + Industry + Academia:

Active collaboration by involving academia, both within Hong Kong and China is essential towards building the PropTech ecosystem in Hong Kong. A neutral ”arena” is needed to allow participants to discuss and experiment with different models.

 

Leverage the Fintech Ecosystem:

Leveraging upon the know-how and toolset of the Hong Kong FinTech influencers will accelerate the establishment of the PropTech ecosystem.

Establish a PropTech Sandbox: 

The establishment of a PropTech sandbox allows participants to test and validate their business ideas and is a tangible step towards building the PropTech ecosystem in Hong Kong.

 

Hosting a PropTech Hackathon:

A hackathon brings together industry, academia and influencers to create innovative solutions over a short period of time. AsiaProp.Tech will be holding a PropTech “Innovathon” in August to address key challenges such as operating efficiency, housing affordability, sustainability and business opportunities in the Greater Bay Area.

 

Please visit www.innovathon-asiaprop.tech for more information.

Continue the Dialog:

Participants expressed a desire to continue the dialog and to put vision into plan into action to realize the vision to make Hong Kong into a global hub for PropTech Innovation.

HONG KONG AS A GLOBAL HUB FOR PROPTECH INNOVATION

Photo