Considered one of Asia's largest real estate sites, CapitaLand Group is stepping up its efforts in technology innovation in China. The group is setting up buildings, malls, and communities in a bid to accelerate digitizing its property offerings.
Heading in this direction, CapitaLand Group is working towards sealing collaborations with leading technology companies in China.
It will launch a China-focused venture fund, rolling out technology like facial recognition for its offices and malls in China and in Singapore.
"As a representative of a real economy, we have been in China for 24 years and we will actively explore intelligent buildings, intelligent shopping centers, intelligent communities, and offices. We are riding an innovation wave and aiding the development of science and technology," Lucas Loh, CEO of CapitaLand China, said.
"In the future, we will further integrate our diversified business models and promote China-Singapore cooperation, to build an international smart city and create a more intelligent experience for the public," Loh continued.
To expand its co-working startup partnership, CapitaLand Group created strategies with IE Singapore and UrWork. With high-tech conglomerate HanHai Holdings, it will create C31 Ventures China, establishing innovation centers and nurturing technology startups.
A memorandum of understanding with Megvii Technology Inc was signed. Megvii focuses on facial recognition technology which will be used at the CapitaLand's offices and malls in China. The two partners will expand their cooperation to Singapore.
Loh commented, "We aim to boost the collective efforts of innovators, companies, and governments to bring forth economic growth through technology. As one of the largest foreign-funded developers in China, we are poised to bring to customers new experiences in smart urban communities by integrating physical shopping, working and living with practical digital solutions."
This cooperation between these Chinese powerhouses is expected to boost CapitaLand's efforts in leveraging technology to enhance its real estate portfolio.
CapitaLand Group will offer high-quality properties, shopping centers, office buildings, residential areas in Beijing, Shanghai, Chongqing, and other second-tier cities.
Exploring the overall development direction for future offices, CapitaLand plans to use its advantage in the whole industry chain to launch new office brands.