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Deep Dive Proptech in China

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Deep Dive Proptech in China Deep Dive PropTech in China April 2021 Introduction The scale and impact of China’s emergence as a global technology trendsetter has made the country an attractive destination for tech firms. While many tech firms have had tremendous success in the West, many are hesitant to enter the Chinese market. In the area of property technology (“PropTech”), Chinese development is still slightly behind that of the US and Canada. However, China’s cutting-edge approach to retail, e-commerce, and mobile payment has unlocked its potential for PropTech growth. Understanding China’s PropTech landscape can provide global real estate players and the PropTech community with a new perspective on the adoption of technology in the real estate industry. The report examines the opportunities and challenges in cross-border PropTech transfers. It also serves as a follow-up to the “An Introduction to PropTech in China” published by MetaProp in December 2017. Table of Contents 01 UNDERSTANDING PROPTECH IN CHINA 02 DRIVERS FOR REAL ESTATE INNOVATION IN CHINA 03 CROSS-BORDER PROPTECH OPPORTUNITIES 04 THE FUTURE OF PROPTECH IN CHINA 05 CHINA PROPTECH LEADERS SPOTLIGHT Executive Summary Factors Driving Real Estate Cross-Border Opportunities Trends on the Horizon Innovation 1. The government’s push for Foreign startups have the potential to 1. The rise of super app in PropTech. innovation & new infrastructure. build cross-border businesses based on 2. Chinese developers are becoming their tech competency relative to local service-providers. 2. Chinese consumers’ preferences are rivals and their propensity for adoption in evolving. the Chinese market. They need China- 3. Physical assets will be digitally- specific strategies in order to: powered to provide omnichannel and 3. Real estate firms are innovating to value-driven experiences. compete. 1. Develop deep knowledge about 4. New technologies will unlock more culture, market, and customers. 4. Chinese PropTech unicorns are applications in real estate. catching up with the West. 2. Navigate the regulatory 5. Real estate giants will collaborate 5. Internet giants all have a real estate environment. with the tech sector to build industry best practices. playbook. 3. Adapt to the China landscape and build a unique positioning. 4 01 Understanding PropTech in China _ PropTech Development in China _ Major Players in PropTech-China vs US _ PropTech Landscape in China _ Tech Applications in Real Estate in China _ Residential and Commercial PropTech Market Maps in China PropTech Development in China The development of PropTech in China followed major technological advancement, industry change, and the US PropTech industry. 2000-2007 2008-2016 PropTech 1.0 PropTech 2.0 PropTech 3.0 PROPERTY Residential Residential & Office Residential, Office, Retail & Mixed-Use FOCUS • AI & Machine Learning TECH • Basic Information Technology • Internet • Popularity of PCs • Mobile Devices • Blockchain DRIVERS • Data analytics • Big data infrastructure & software • 5G • IoT & Automation • Sharing economy • Full-service home brokerage • Real estate online listing & brokerage • Rental services • AR/VR TECH • Home decoration e-commerce • SaaS • 3D Printing TRENDS • Digital design & construction integration • Smart building & smart home • Robotics • Data-driven market research • Big data analytics • Building automation • Home decoration & furnishing • Commercial real estate marketplace PROPTECH FIRMS Mingyuanyun 6 Major Players in PropTech – China vs. US Chinese PropTech startups mimic their US counterparts with a more local business model. Listing & Rental Commercial Construction Home Design & Asset Co-working Co-living Home Sharing Marketplace Marketplace Marketplace Tech Improvement Management 7 PropTech Landscape in China Beijing and Shanghai are the main hubs for PropTech in China. NUMBER OF PROPTECH STARTUPS PER CITY Beijing 103 Shanghai 85 Shenzhen 43 Beijing Hangzhou 28 Hong Kong 19 Guangzhou 15 Chengdu 9 Nanjing 8 Shanghai Xiamen 6 Hangzhou Chongqing 5 Tianjin 3 Xi'an 2 Wuhan 2 Shenzhen Haikou 2 75% Dalian 2 ARE LOCATED IN BEIJING, SHANGHAI, SHENZHEN, AND HANGZHOU, WHICH ARE THE MAJOR TECH HUBS IN CHINA Changsha 2 Others 10 Source: Pitchbook; Crunchbase; Others include Dongguan, Hefei, Jinan, Liangshan, Macau, Nanshan, Qingdao, Shenyang, Zhongshan, and Zhengzhou. 8 PropTech Landscape in China Majority of the Chinese PropTech startups are in early-stages. FOUNDING YEARS INVESTMENT STAGE 56% 50% 78 90 55 50 43 39 53 49 21 20 43 Number of Startups of Number 9 9 6 8 Number Of StartupsFounded 5 30 3 22 16 IPO 13 Angel Other 8 Series A Series B Series C 5 7 3 4 1 Debt FinancingLater Stage VC Venture Round Seed & Pre-Series A Merger/Acquisition Strategic Investment Private Equity Round Before 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2017 Startup Founding Year Financing Round The slowdown in the real estate market since 2012 and the prevalence Winner-takes-all. While many PropTech startups were founded to of mobile internet have accelerated the adoption of technology in the help the real estate developers transition into service-providers, real estate sector to create a new value proposition and increase most of the funding went to a few startups to build a national operational efficiency. footprint. Source: Pitchbook; Crunchbase 9 PropTech Landscape in China Residential sector is going through a consolidation phase, whereas commercial sector is quickly expanding. TOP EXITS IN PROPTECH IN CHINA MOST WELL-FUNDED PROPTECH COMPANIES Market Cap / Last Financing Total Raised Company Date Status Company Selected Investors Price (USD $M) Date (USD $M) Sequoia Capital, Tencent, SoftBank, Aug-2020 IPO on NYSE 85,400 Mar-2020 3,600 Hillhouse Capital, Gaw Capital, CPPIB etc. Sequoia Capital, Tencent, Warburg Sept-2020 IPO on HKSE 8,200 Mar-2020 2,100 Pincus, General Atlantic, SoftBank etc. Acquired by Hubei Guochuang Huasheng Capital, Vanke, Sunac China Jan-2017 570 Lianjia Apr-2017 1,421 Hi-Tech Material Holdings etc. Lightspeed China Partners, GGV Capital, Tujia Oct-2017 755 Nov-2019 IPO on NASDAQ 559 All-Stars Investment etc. Gopher Asset Management, Yintai Apr-2018 Acquired by The We Company 400 Apr-2019 704 Group, Zhongrong International Trust, All-Stars Investment etc. Acquired by Zhejiang Ming Jewelry Warburg Pincus, AVIC Trust, Caisse de Sep-2016 350 Mofang Mar-2019 650 Company Depot et Placement du Quebec etc. Morning side Venture Capital, Legend Mar-2015 Acquired by 58.com 267 Xiaozhu Oct-2018 572 Capital, YF Capital etc. IDG Capital, Gopher Asset Management Jan-2019 Acquired by Danke Apartment 200 Kr Space Mar-2019 482 etc. Most of the IPO and M&As are in residential listing & brokerage as the Most well-funded PropTech startups in China are in listing & brokerage, sector goes through the consolidation phase. short-term rental, apartment rental services, and co-working. Source: Pitchbook; Crunchbase; Bloomberg as of Oct 2020; if original figures were in RMB, the report used the latest average exchange rate at 6.69 10 PropTech Landscape in China Major VC funds in China have been actively investing in PropTech, especially in the residential listing & brokerage sector. TOP VCs WHO INVEST IN PROPTECH Sequoia Capital Tencent ZhenFund Matrix Partners China Innoangel Fund Alibaba K2VC Hillhouse Capital Shunwei Capital 58.Com Source: Pitchbook; Crunchbase 11 Major Tech Home Decoration Rental Services Platform Access Control Applications Home decoration and design platform O2O rental services platform AI company focuses on facial recognition Founded in 2011 Founded in 2011 Founded in 2014 Raised $234.8M from Hillhouse Capital, Shunwei Raised $2.1B from Softbank Vision Fund, Sequoia, Raised $2.6B from Softbank, Alibaba, CDH, IDG, Capital, GGV Capital, IDG Tencent, Warburg Pincus, General Atlantic Qualcomm, Fidelity Smart Home Package Storage Brokerage & Marketplace Home security hardware and systems Self-service package stations Real estate services platform Residential Founded in 2014 Founded in 2015 Founded in 2017 Raised $130M from Baidu Ventures, Shunwei Capital, Raised $706.3M from CDH Investments, China Raised $3.6B from SoftBank, Tencent Holdings, SIG China, K2VC Development Bank Capital, STO Express ZhenFund, Hillhouse, CPPIB, Sequoia 12 Source: Pitchbook; Crunchbase; If original figures were in RMB, the report used the latest average exchange rate at 6.69 Major Tech Indoor Navigation Omnichannel Vending Robots Applications Indoor map data and location-based Interactive Advertisement Platform AI Powered Smart Retail System service provider Operator Founded in 2014 Founded in 2012 Founded in 2014 Raised $94.8M from Greenland Group, CICC, Meridian Raised $4.4M from TSVC and TusPark Ventures Raised $114.7M from Orchid Asia Group, TPG Capital and Desun Investments AR Shopping Contactless Store Smart Parking Location-Based AR Shopping App Contactless Convenience Store AI Powered Parking Solutions Retail Founded in 2015 Founded in 2016 Founded in 2017 Raised $874K from PRD Angels, SOSV and Raised $94.7M from CGV Capital, Qiming Venture, Raised $99.4M from Sequoia China, Singularity Chinaccelerator Fosun Capital, Source Code Capital Power Investments, ClearVue Partners, ZhenFund 13 Source: Pitchbook; Crunchbase; If original figures were in RMB, the report used the latest average exchange rate at 6.69 Major Tech Energy Efficiency Leasing Marketplace Building Management Applications Building Energy Management Commercial Real Estate Leasing Platform Building Asset Management SaaS Founded in 2009 Founded in 2015 Founded
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