U.S-based real estate and investment management specialist Jones Lang LaSalle (JLL), together with Swire Properties and Ping An Urban Tech, announced the launch of what it claims to be the first corporate accelerator program that focuses on property technology (PropTech) in mainland China.
Named UrbanLab, the initiative aims to foster and further develop tech companies in the Chinese PropTech ecosystem, with the goal of creating innovative technology solutions for the real estate industry, JLL said.
The Ping An Cloud accelerator team will run the program, which will select six to twelve mature PropTech startups. During the three-month program, participants will have an opportunity to test and refine their products at Swire Properties’ two large-scale developments, HKRI Taikoo Hui and Taikoo Li Qiantan, and at JLL and Ping An Urban Tech’s projects, in Shanghai.
Targeted technology areas include automation, analytics, smart buildings, artificial intelligence (AI), facilities management, construction, tenant experience, customer engagement and sustainability.
During the proptech program, the selected participants will have opportunities to connect with investors to discuss funding prospects.
KK Fung, CEO, Greater China at JLL said, “We recognize in our partners the same client-focused pioneering spirit to reshape the real estate industry as we have at JLL. This program extends our PropTech efforts in the region, including the recent inaugural of ‘China Proptech Forum’ that we organized in both Beijing and Shanghai. JLL is extremely excited to take on this challenge, together with Swire Properties and Ping An, to bringing a new level of innovation and technology solutions to the real estate industry.”
“We’re delighted to be working with two industry giants to help foster the next generation of entrepreneurs from the Chinese PropTech ecosystem through UrbanLab, said Guy Bradley, CEO of Swire Properties. “Even more exciting is the fact that it gives Swire Properties immediate access to cutting-edge technology solutions that have the potential to change the way we do business, and it can bring long-term benefits including those in the area of sustainable development.”
“We are providing an opportunity to urban innovators to test their solutions in Chinese Mainland, specifically technology solutions that can change the urban planning, real estate and infrastructure industries,” said Wei Baisong, CTO at Ping An Urban Tech.
JLL said that UrbanLab is accepting applications until end of August. The company said that all tech startups based in Chinese Mainland with fully-functioning products and business models, and that are trial and implementation-ready, are welcome to apply.
Swire Properties develops and manages commercial, retail, hotel and residential properties. The company currently has five completed mixed-use developments in Beijing, Guangzhou, Chengdu and Shanghai, as well as one retail project in Qiantan, Shanghai which is currently under development.