Chinese heads are turning to Israel’s proptech sector
Israel has seen recent success in construction technology, and China is looking at ways it can join in on the action
"The conservative Real Estate industry is one of the latest in the application of innovative technologies, however, it is an ongoing process that has been accelerating in the last year,” explained Paz. “The Israeli ecosystem is still young and includes about 200 startups, most of them relatively new, but there is no doubt that some of these companies will bring about change in the field."
The Chinese construction industry is considered the largest in the world, estimated to be valued at more than $4 trillion in 2020 alone. As government officials in China issued guidelines on how to accelerate the use of AI in construction, one main area that has caught their eye is Israel’s growing proptech sector. As reported earlier this month by CTech, there have been 13 Israeli proptech companies that this year have received significant funding or experienced an IPO. According to BRICKS, there are currently 300 proptech startups in China, most of them early-stage and located in big cities. However, Israel’s reputation as ‘Startup Nation’ has attracted the attention of Chinese real estate companies looking to invest in local tech and talent.
Companies that took part in the roadshow include Trusstor, GreenVibe, PointGrab, Elbex, Oghji, ThermoTerra, QBIQ, MetaBIM, Tondo Smart, iAdaptime. Among the Chinese companies that participated were subsidiaries of Haier and VC funds, including Haier Real Estate, China State Construction, Hainayun, Haier Property Company - Junyi Holding, China Jinmao Holdings Group Ltd., and more.
Haier Innovation Center is Haier’s European center that focuses on the scouting of Israeli and European technologies for the company’s production lines, usually in the field of sensors, materials, IoT, and energy. BRICKS is an innovation center based in Israel for its real estate and technology sector. It helps connect 150 Israeli proptech companies to suitable partners such as property managers, realtors, developers, and architects around the world.