Hong Kong Property Technology
U.S. PropTech companies should know that there are growing opportunities in the property technology market in Hong Kong and the Greater Bay Area of China, including cloud computing, 3D and virtual reality, CRM tools and data analytics, and smart sensor technologies.
In Hong Kong, although property technology is not currently a major sector, with Hong Kong’s densely packed buildings and expensive property market, PropTech could be the next big thing that attracts more foreign participation. For example, the Hong Kong PropTech Association was recently established to create a collaborative ecosystem that brings together property developers, investors, and emerging PropTech startups.
Sino Inno Lab
The U.S. Commercial Service in Hong Kong recently visited the Sino Inno Lab that was established in 2018 by Sino Group, one of Hong Kong’s major real estate developers. Sino Inno Lab provides a sandbox platform to support start-ups, inventors and technology companies from Hong Kong and overseas to develop PropTech solutions to encourage collaboration and co-creation.
There is opportunity for more U.S. company engagement with Sino Inno Lab. It is designed to showcase innovative products and solutions that can be applied to hotels, residences, shopping malls and property management companies. Sino Inno Lab has showcased more than 70 inventions and technologies, facilitated over 40 adoptions.
Sino Group aims to enhance the development of smart cities. They have launched an innovation program called “PropXTech” and selected ten entrepreneurs and startups from nearly 300 submissions coming from 42 countries and cites to join the program. The finalists gained access to the Group’s innovation ecosystems to develop pilot and proof-of-concept projects in Hong Kong and Greater Bay Area of Southern China. Five U.S. PropTech companies were among the 10 finalists to work with the Group’s various business units and partners to explore potential business collaborations.
Contact Us
U.S. PropTech startups interested in learning more about opportunities in Hong Kong and the Sino Inno Lab can contact U.S. Commercial Service in Hong Kong at Office.Hongkong@trade.gov.