Mingtiandi
Username
Is Hong Kong is poised for a real estate resurgence?
Two years ago, Hong Kong was the world’s third largest real estate market, trailing only New York and London. The twin challenges of protests and a pandemic have taken their toll. So last week, Yardi’s called in the experts for their take on Hong Kong’s future.
David Green-Morgan, Managing Director Real Capital Analytics in Asia Pacific, Tommy Wu, Lead Economist for Oxford Economics in Asia, and Yardi’s Regional Director, Bernie Devine joined us for the first instalment of Yardi’s Executive Briefing Series for 2021. And here’s why they think Hong Kong real estate is ready to bounce back.
Pandemic propels proptech in Asia
SINGAPORE, Feb. 9, 2021 /PRNewswire/ Real estate companies have ramped up their investment in technology in response to the COVID-19 pandemic, finds a survey of some of the biggest property players in Asia. The survey by independent news source Mingtiandi, in collaboration with technology company Yardi Systems, finds 70 percent of real estate companies are scaling up their investment in property technology, or proptech.
The results of the survey,
Tech adoption in Asian real estate, builds on a similar report from Mingtiandi in 2017. Our latest survey results unearth a major shift towards proptech adoption in our region, says Yardi s Regional Director, Bernie Devine.
The COVID-19 pandemic has driven a surge in adoption of information systems by real estate companies in Asia, according to a proptech study released today by Mingtiandi.com, the region’s leading property news source.
Nearly three-quarters of the real estate professionals surveyed for the study said their firms were either reviewing or considering launching a formal review of their use of information systems in response to the public health crisis. And that rethinking is already being translated into action, with 60 percent of respondents saying their companies are implementing new technology or enhancing the use of existing systems.
“The COVID-19 pandemic has not only highlighted vulnerabilities in existing business processes, but has also given real estate developers and investors in Asia fresh incentives to adopt online systems which are central to the proptech evolution,” said Mingtiandi founder Michael Cole, who authored the study.
The COVID-19 pandemic has been a key accelerator of tech adoption by real estate companies in Asia, according to research by Mingtiandi which is set to be released on Tuesday, 19 January.
In a survey conducted last year, some 60 percent of respondents from Mingtiandi’s audience of real estate professionals in the region said that the coronavirus crisis has led them to increase or enhance tech system adoption, in an industry that has long been seen as resistant to change.
The findings on the impact of the health crisis are detailed in “Tech Adoption in Asian Real Estate: The Pandemic Drives Innovation,” a report being launched at an MTD TV in an online event at 10:00 am Hong Kong time.
Mingtiandi
Username
The change in use of new systems in the region is documented in
Tech Adoption in Asian Real Estate: The Pandemic Drives Innovation, a report set to be released next week, at the first session of Mingtiandi’s proptech forum.
If Asia was a laggard before in terms of proptech adoption, that’s simply no longer the case, says Jonathan Hannam, co-founder and managing partner of Taronga Ventures, which invests in tech companies involved in real estate.
“Asia is urbanising at a much faster rate than the rest of the world, we have a much higher level of construction across all of our markets, which means there’s new development, and new developments all have a greater focus on innovation,” Hannam said.