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An Introduction to PropTech in China

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"An Introduction to Proptech is China" is a research paper published by MetaProp and Columbia University's Center for Urban Real Estate (CURE). The research findings delve deep into the dynamic growth of PropTech startups and venture capital activities in China.

The author of the report is Alice Guo, a student at Columbia’s MSRED Program and a Venture Fellow at MetaProp, with special thank you to Patrice Derrington, Aaron Block, Leila Collins, Deedee Chong, Xinyi Wang, and Yilu Zou.

Publicado en: Sector inmobiliario
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An Introduction to PropTech in China

  1. 1. AN INTRODUCTION TO PROPTECH IN CHINA December 2017 MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University
  2. 2. WHAT IS INCLUDED? AN INTRODUCTION TO PROPTECH IN CHINA Section 1 Existing PropTech Market Facts in China Section 2 Chinese PropTech Unicorns •  Who are they? •  What do they do? •  Who is investing in them? Section 3 Active Venture Capital Firms in China Section 4 Chinese PropTech Market Map & Up-and-Coming PropTech Firms •  Residential Sector •  Commercial Sector Section 5 8 Things You should Know about PropTech in China MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 2
  3. 3. ABOUT METAPROP NYC   MetaProp is an investment and advisory firm based in NYC whose stated vision is to be the world's premier PropTech nexus.   INVEST MetaProp NYC's team and strategic seed stage funds have invested in 70+ technology companies across the full real estate value chain that have raised more than $2 billion and employ over 1,500 people globally ACCELERATE The MetaProp NYC real estate technology accelerator at Columbia University is the leading growth program for early stage companies. Each year, up to twenty of the best PropTech start-ups are selected from more than 500 applicants to participate in 22 week and/or 8 week intensive programs based in the heart of Silicon Alley. ADVISE MetaProp Advisors works with top global real estate organizations on outsourced corporate development; internal innovation, incubation and acceleration; market research; and next generation PropTech community engagement and events. MetaProp Advisors also offers a variety of PropTech digital advertising opportunities, as well as research, education and event sponsorships to organizations looking to build their brands in the PropTech community. Notably, MetaProp Advisors produces the annual New York City Real Estate Tech Week and publishes the Global PropTech Confidence Index in partnership with the Royal Institution of Chartered Surveyors and the Real Estate Board of New York. MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 2
  4. 4. Zach Aarons Co-Founder & Partner @ZacharyAarons Zak Schwarzman Partner @zschwarz Aaron Block Co-Founder & Managing Director @AaronNBlock Clelia Peters Co-Founder & Partner @cleliapeters Philip Russo Partner @pfrusso VISIT 18 W 21st St, New York NY 10010 CONTACT info@metaprop.org 646.504.4482 ENGAGE www.metaprop.org CONTACT INFORMATION Leadership Team MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 2
  5. 5. Columbia University’s Center for Urban Real Estate was founded in 2011 in order to address the challenges of a rapidly urbanizing world and the most complex problems of the real estate industry. The Center serves as a forum for robust discussions and rigorous analysis by real estate professionals and scholars. A major current focus of the Center is the development of advanced applied technology that can be achieved by bridging the gap between the compelling needs of the real estate industry and the advanced research and resources in technology within the extensive Columbia University ecosystem. As part of our commitment to advancing the real estate industry, the Center also contributes significantly to the curriculum of the graduate Real Estate Development program at Columbia. The Center hosts exciting, creative and forward-looking events that address the evolution of the industry as a whole, and very specifically, the application of advanced technology to achieving in the future a better built environment for all. People Patrice Derrington, Director Josh Panknin, Associate Director Website Center for Urban Real Estate ABOUT COLUMBIA UNIVERSITY’S CENTER FOR URBAN REAL ESTATE (CURE) MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 2
  6. 6. EXISTING CHINESE PROPTECH INDUSTRY MARKET FACTS 1. According to CB Insights, from 2013 – Q1 2017, China accounted for nearly 25% of global residential RE market of $162 trillion USD. Meanwhile, in terms of the number of deals, China was home to the 4th highest number of deals, accounting for 4% of the overall activity, behind U.S., U.K., and India.   2. Funding in RE tech investments in China increased significantly from $12M in 2013 to $987M in 2016.   Source: CBInsights MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 3
  7. 7. EXISTING CHINESE PROPTECH INDUSTRY MARKET FACTS 3. From 2013 – Q1 2017, compared to India, China had 1/3 of deal activities in RE tech, but had attracted 13 times as much as the total capital. 4. Of the top 3 most well-funded RE tech companies globally, two are Chinese. The most well-funded company, Homelink, attracted 3 times as much investment as the runner up, Opendoor.   Source: CBInsights MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 4
  8. 8. Meet the Chinese Unicorns MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 5
  9. 9. CHINA UNICORN RANKING AS OF JUNE 2017* 102 Chinese Unicorns Worth $435 Billion (China Money Network) •  According to China Money Network, as of June 2017, there are 102 unicorns in China with aggregate valuation of US $435 billion. •  There are 8 decacorns dominating the top 10 spots. •  If the Chinese unicorns were an independent nation, they would form the world’s 26th largest economy. •  According to BCG, the combined market cap of the Chinese unicorns will soon overtake their US counterparts. Source: *China Money Network (CB Insights includes only a portion of the Chinese unicorns in China Money Network’s ranking) MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 6 Ranking Company Valuation (US$B) Headquarters Industry 1 Ant Financial 70 Hangzhou Financial Services 2 Didi Chuxing 50 Beijing Auto & Transportation 3 Xiaomi Inc 46 Beijing Industrial & Manufacturing 4 Meituan-Dianping 30 Beijing Retail & Consumer 5 Toutiao 20 Beijing Media & Entertainment 6 Lufax 18.5 Shanghai Financial Services 7 DJI 10 Shenzhen Industrial & Manufacturing 8 Tencent Music 10 Shenzhen Media & Entertainment 9 Koubei 8 Hangzhou Retail & Consumer 10 Cainiao Network 7.3 Hangzhou Auto & Transportation 11 Jiedaibao 7.3 Beijing Financial Services 12 JD Finance 7.3 Beijing Financial Services 13 Ele.me 6 Shanghai Agriculture & Food 14 Lianjia 6 Beijing Real Estate & Construction 15 WeBank 5.5 Shenzhen Financial Services 16 Trendy International Group 5 Guangzhou Retail & Consumer 17 United Imaging Healthcare 5 Shanghai Pharmaceutical & Healthcare 18 iQiyi 4.5 Beijing Media & Entertainment 19 Meizu 4.4 Zhuhai Industrial & Manufacturing 20 BAIC BJEV 4.2 Beijing Auto & Transportation 21 UBtech Robotics 4 Shenzhen Internet & IT 22 Shouqi Car Rental 3.55 Beijing Auto & Transportation
  10. 10. CHINESE UNICORNS Located in 1st tier Cities & Dominated by FinTech, Sharing Econ & E-commerce •  In terms of industry, financial services, mobile internet, O2O, e-commerce and AI are sectors giving birth to the most unicorns, accounting for 65% of the total number of the companies. Source: China Money Network MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 7 Beijing 44 Shanghai 24 Shenzhen 10 Hangzhou 12 Tianjin 2 HongKong 2 Chongqing 1 Others 11 Chinese Unicorns: Headerquarter Location 18 16 8 12 16 8 15 4 3 3 1 1 1 0 2 4 6 8 10 12 14 16 18 20 Chinese Unicorns: Industry Analysis
  11. 11. Meet the Chinese PropTech Unicorns MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 8
  12. 12. CHINESE PROPTECH UNICORNS 8 Companies & $17 B in Total Valuation •  Among the unicorns, real estate sector is giving birth to 8 companies and $17 billion in value, representing 3.8% of the aggregate valuation. •  The PropTech unicorns include three RE brokerage marketplace, a WeWork in China (UrWork), an Airbnb in China (Tujia), two home décor marketplace, and a rental apartment operator. Source: China Money Network $135 $86 $68 $43 $52 $17 $22 $12 $6 $3 $3 $2 $1 $- $20 $40 $60 $80 $100 $120 $140 Chinese Unicorns: Industry Valuation (US $B) Company Value (US$B) Sector Lianjia 6 RE brokerage marketplace Jia 3 Home furnishing e- commerce Tubatu 2 Interior design consulting Tujia 1.5 Vacation rental UrWork 1.3 Co-working Iwjw 1.25 RE brokerage marketplace Fangdd 1 RE brokerage Marketplace Mofang Apartment 1 Rental apartment operator PropTech Unicorns in China (2017) MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 9
  13. 13. CHINESE PROPTECH UNICORNS Keywords: Residential RE, Marketplace, Serial entrepreneurs, Well-Known VCs •  6 out of 8 PropTech unicorns are in residential real estate sectors. •  3 out of 8 PropTech unicorns are RE brokerage marketplace – one headquartered in BJ, SH, and SZ each. •  Most PropTech unicorns are founded by serial entrepreneurs (UrWork, lwjw, Tujia etc.). •  Most active VCs: Sequoia, GGV, Matrix, Lightspeed (international) & CDH, Baidu, Tencent (local). Rank Company Value (US$B) Sector Headquarter Total Funds Raised Time Founded Last Financing Round Key Investors 14 Lianjia 6 RE brokerage marketplace Beijing $1.3B 2001 17-Jan Huasheng, Baidu, Tencent, Sunac 26 Jia 3 Home furnishing e-commerce Shanghai $172M 2005 15-Feb Oriza, GF Xinde, CDH, Baidu 46 Tubatu 2 Interior design consulting Shenzhen $216M 2008 15-Mar Matrix, Sequoia, 58.com 95 Tujia 1.5 Vacation rental Beijing $764M 2011 17-Oct GGV, Ctrip, CDH, Lightspeed, All-Stars 61 UrWork 1.3 Co-working Beijing $314M 2015 17-Jan Sequoia, ZhenFund, Tianhong, BJ Capital 64 Iwjw 1.25 RE brokerage Marketplace Shanghai $305M 2014 15-Nov GGV, Morningside, Temasek, Banyan 78 Fangdd 1 RE brokerage Marketplace Shenzhen $313M 2011 15-Sep CDH, FountainVest, Lightspeed 89 Mofang Apartment 1 Rental apartment operator Shanghai $560M 2010 16-Apr Warburg Pincus, AICC Source: ITJuzi.com; EverVC.com; Crunchbase MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 10
  14. 14. CHINESE COUNTERPART OF PROPTECH GAINTS US PROPTECH COMPANY CHINESE COUNTERPART Zillow Lianjia (Homelink) Airbnb Tujia WeWork Urwork WeLive Mofang Apartment LoopNet Uban Will there be a “Opendoor”, “Compass”, and “Cadre” in China in the future? MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 11
  15. 15. CASE STUDY: UrWork vs WeWork Company Character & Future Strategy Source: Crunchbase; South China Morning Post Company UrWork Year of Incorporation 2015 2010 Headquarter Beijing New York Total Financing $343.72 M in 5 rounds $8.85 B in 12 rounds Latest Financing Round (Date) Series C (2017/08) Series G (2017/08) Key Investors ZhenFund, Sequoia Capital, Sinovation, Dahong Group, Ant Financial T.Rowe Price, Benchmark Capital, Softbank Group, Goldman Sachs Valuation (2017) $1.3 B USD $20 B USD Current Performance 25 global cities 88 co-working spaces 30,000+ members 53 cities in 17 countries (3 in China) 225 co-working spaces (11 in China) 150,000+ members worldwide Future Strategy Going International: UrWork have accelerated their expansion into international markets. UrWork opened its first US site in LA and hopes to launch in NYC and London. Sharing the Chinese co-working pie: SoftBank made an investment of $4.4B, including $3 B in WeWork’s core operation and $1.4B on WeWork companies in China, Japan, South Korea, and SE Asia. In July, WeWork launched a Chinese unit to expand beyond Beijing, Shanghai, and Hong Kong. MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 12
  16. 16. CASE STUDY: Tujia vs Airbnb Company Character & Future Strategy Source: Crunchbase; CNN; Tech in Asia Tujia Year of Incorporation 2011 2008 Headquarter Beijing San Francisco Total Financing $764M in 4 rounds $3.4B in 10 rounds Latest Financing Round (Date) Series E (2017/10) Series F (2017/03) Key Investors GGV Capital, QiMing Venture, Ctrip, Lightspeed General Catalyst Partners, Andreessen Horowitz, ENIAC Ventures Valuation (2017) $1.5 B USD $29B USD Current Performance 430,000 listings in China 20,000 outside China Broader range of services, e.g. cleaning Entered Chinese market in 2015 80,000 listings in China 3M listings outside China Mostly in first-tier cities and Hong Kong Future Strategy Hands-on model: •  Works with real estate developers, agents, and owners to manage their properties. •  Contracts local service providers for utilities, laundry, cleaning etc. •  Comply with regulations: a guest can hold up an ID card and take a selfie to check in. •  Connect with property owners and expansion beyond major cities. Acting local but US business model: •  New concept of guided tours and local experiences. •  Signed deals with governments to promote tourism •  Still uses email as ways of communication while Chinese prefers phone calls and WeChat. •  Lack of close interaction with the government. MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 13
  17. 17. Who is Investing in China’s Startups? MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 14
  18. 18. WHO IS INVESTING? 1. Chinese Internet Giant Trio (“BAT”) •  Baidu (Chinese search engine), Alibaba (e-commerce company), and Tencent (media & entertainment company, e.g. QQ, Wechat) 2. International Renowned VCs •  Sequoia, IDG, Matrix, GGV 3. Domestic Top VCs •  ZhenFund, Sinovation, K2VC, Qiming Venture MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 15
  19. 19. WHAT ARE CHINA’S INTERNET GIANT TRIO INVESTING IN? Sticking with What They are Good at Source: ITJuzi.com; EverVC.com Investor Founded in Total Investments* Key Invested Industry (based on No. of Investments) Selected Investments Key Personnel Baidu Investment 2000 110 Internet & IT; Media & Entertainment; Auto & Transportation; Education Homelink; iQiyi; Uber China; edaixi Tony Yip (Ex-banker; Goldman) Alibaba Capital 2008 214 E-commerce; Media & Entertainment; Logistics; Internet & IT Didi; Ele.me; Magic Leap; Ucar; Youku; Lazada Group; YCloset Shihuang Xie (Co-founder of Alibaba) Feiyan Zhang (Deloitte; Tuck MBA) Tencent Corporate Venture Capital 2011 439 Gaming; Media & Entertainment; E-commerce; Pharmaceutical & Healthcare; Auto & Transportation Didi; Dianping, 58.com; Homelink; ofo; Douyu; China Internet Plus Zhaohui Li (Google; Beijing U; Duke MBA) Shaohui Chen (Monitor; Goldman) * Total No. of Investment including different rounds of investments on the same firm. MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 16
  20. 20. MOST ACTIVE INTERNATIONAL VCs IN CHINA Investing in the Most Popular and High Demand Industries Investor Founded in (or Enter China) Total Investments* /China Fund Size Key Invested Industries (based on No. of Investments) Selected Investments Key Personnel Sequoia Capital 2005 547 Internet & IT; E-commerce; Financial Services; Pharmaceutical & Healthcare; Clean Energy Alibaba; Jingdong; DJI; Toutiao; Meituan; ofo Neil Shen (Ex-banker; Yale MBA) Kui Zhou (Tech investments; Tsinghua MBA) Steven Ji ¥5B RMB $3B USD IDG Capital 1992 674 E-commerce; Internet & IT; Financial Services; Media & Entertainment Ctrip; Baidu; SouFun; Meitu; Homeinn; Tudou Quan Zhou (Ex-NASA; PhD) Xiaohe Xiong (IT Investments; Harvard MBA) ¥20B RMB $4B USD Matrix Partners China 2008 545 Internet & IT; E-Commerce; Media & Entertainment; Pharmaceutical & Healthcare Didi; Liepin; Ele.me; To8To; ofo; Momo Ying Zhang (Northwest Biology Master; Ex- Banker) Yibo Shao (Harvard BSc & MBA; BCG) ¥20B RMB GGV Capital 2005 176 Internet & IT; E-commerce; Education; Gaming Alibaba; C-trip; Didi; Tujia; lwjw; Little Red Book, Qutar Jixun Foo (Singaporean; Ex-banker) Jenny Lee (Ex-banker & engineer; Kellogg MBA)Unknown Source: ITJuzi.com; EverVC.com * Total No. of Investment including different rounds of investments on the same firm. MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 17
  21. 21. MOST ACTIVE DOMESTIC VCs Investing in Industries that are consistent with Key Personnel’s Background Source: ITJuzi.com; EverVC.com Investor Founded in Total Investments*/ Fund Size Key Invested Industries (based on No. of Investments) Selected Investments Key Personnel ZhenFund 2006 420 E-commerce; Internet & IT (big data & AI); Media & Entertainment; Education Jumei; UrWork; ofo; 51 Talk; Jiayuan; VIPKID; ehang Xiaoping Xu (Co-founder of New Oriental; Beijing U) Qiang Wang (Co-founder of New Oriental; Beijing U; SUNY Master)$300M USD ** Sinovation 2009 355 Gaming; Media & Entertainment; E-Commerce; Internet & IT (AI) ofo; Zhihu; Face++; Meitu; LeTV; Dorabot; baozou Kaifu Li (Google China CEO; Columbia Bsc; PhD in CS from CMU) Hua Wang (Google China; Stanford MBA) ¥400M RMB $180M USD K2VC 2010 312 E-commerce; Financial Services; Auto & Transportation; Media & Entertainment Jumei; zhaogang; mydream+; Lepu; Moji; Tiger Brokers Keqi Chen (Investment; Beijing U; Mountaineer) Fan Bao (Morgan Stanley; Credit Suisse; Norwegian School of Mgnt)¥1B RMB Qiming Venture Partners 2006 243 Pharmaceutical & Healthcare; Internet & IT (big data); Media & Entertainment; E-Commerce Xiaomi; Dianping; Meitu; Mogujie; TigerMed; Face++ JP Gan (Intel, Cisco) Gary Rieschel (Cisco Senior mgnt)¥2.7B RMB $2.7B USD * Total No. of Investment including different rounds of investments on the same firm. ** Based on public information. MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 18
  22. 22. SUMMARY ON MOST ACTIVE VCs IN CHINA 1 BAT mainly sticks with their roots – Baidu (Internet & IT), Alibaba (E-commerce), Tencent (Gaming, Media & Entertainment). They like to invest in post-angel rounds. 2 International VCs mainly invest in industries that are most popular in China at the time – from e-commerce, media & entertainment (a few years ago) to financial services and Pharmaceutical & Healthcare. They like to invest in A or B series. 3 Domestic top VCs mainly invest in the industries in which their key personnel’s have experience in and knowledge of. They like to invest in seed or angel rounds. MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 19
  23. 23. Who are the Active Investors in PropTech in China? MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 20
  24. 24. WHICH VCs ARE ACTIVE IN PROPTECH IN CHINA? Most Firms Have Invested in Co-working and Online Marketplace Source: ITJuzi.com; EverVC.com; crunchbase •  Most of the active VCs in PropTech have invested in co-working and O2O marketplace. •  Other popular sub-categories are mainly in home decoration, short rental, and apartment operators. Investor Total No. of Investment* Founded in (or Enter China) Headquarter Fund Size Selected PropTech Firms Matrix Partners China 22 2008 Beijing ¥20B RMB Homelink; To8to; Anjuke; HotelGG; Lepu IDG Capital 18 1992 Beijing ¥20B RMB $4B USD Soufang; Mogo Room; krspace; Youzi; Simplywork Shunwei Capital 16 2011 Beijing ¥2B RMB $1.75B USD lwjw; Uban; Hinabian; ikongjian; yuapt; YOU+ Morningside Ventures 13 1986 Shanghai $1.5B USD lwjw; shengong007; xiaozhu K2VC 13 2010 Beijing ¥5B RMB Goufang; NCNES; Lepu; Jianfanjia; Mydream+ Sinovation 9 2009 Beijing ¥400M RMB $180M USD Urwork; Yiao; Homeserve; Zhufaner Legend Capital 8 2001 Beijing ¥5B RMB $2B USD Xiaozhu; Yaduo Hotel; uoko; podinn; SAIF Partners 7 2001 Hong Kong ¥6B RMB $4B USD Jiwu; qk365; Orvibo * Total No. of Investment including different rounds of investments on the same firm; MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 21
  25. 25. PropTech in China Market Map MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 22
  26. 26. RESIDENTIAL PROPTECH MARKET MAP Selected VC-Funded Startups (Startups Receiving Financing Since 2015) Source: ITJuzi.com; EverVC.com MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 23 * Selected startups receiving financing since 2015
  27. 27. COMMERCIAL PROPTECH MARKET MAP Selected VC-Funded Startups (Startups Receiving Financing Since 2015) Source: ITJuzi.com; EverVC.com MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 24 * Selected startups receiving financing since 2015
  28. 28. Residential Home Décor Marketplace Listing & Search O-2-O Renting & Leasing O-2-O Shared Housing & Apartment Operator Commercial Renting & Leasing O-2-O Co-working Hotel & Short Rental Marketplace MOST SATURATED SECTORS IN CHINESE PROPTECH MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 25
  29. 29. Residential Data, Valuation & Analytics Crowd-funding Marketing RE VR Tech Commercial Mortgage & Lending Data, Valuation & Analytics Property Management Crowd-funding LEAST SATURATED SECTORS IN CHINESE PROPTECH MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 26
  30. 30. Meet the Up-and-Coming PropTech Firms in China MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 27
  31. 31. TOP 10 UP-AND-COMING PROPTECH FIRMS (2016 – 2017 Aug) Keywords: Commercial RE, Marketplace, Apt Operators, Short Rental Source: ITJuzi.com; EverVC.com No. Company Sector Description Total Fund Raised (in $M) Last Financing Round Latest Financing Date 1 Qfang Q房网 Residential Listing & Search Services $550.00 Acquired 1/2017 2 Xiaozhu 小猪短租 Commercial Hotels & Short Rental Marketplace $270.00 Series E 11/2017 3 Haowu.com 好屋中国 Residential Listing & Search Services $156.00 Acquired 9/2016 4 Atour 亚朵 Commercial Hotels & Short Rental $135.00 Series C 12/2016 5 Haozu 好租 Residential Renting & Leasing Marketplace $133.33 Series B+ 2/2017 6 axhome 安心公寓 Commercial Shared Housing & Apartment Operator $106.52 Series B+ 5/2017 7 Mogo Room 蘑菇公寓 Commercial Shared Housing & Apartment Operator $88.33 Series C 3/2017 8 AMTT Group 安美数字 Commercial Data, valuation & Analytics $83.48 Series E 10/2016 9 Krspace 氪空间 Commercial Co-working $80.30 Series B 9/2017 10 58 Fangdai 房司令 Commercial Mortgage & Lending $75.50 Series E 8/2017 MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 28
  32. 32. WHAT ARE THE INVESTMENT TRENDS? 1. Consolidation of residential listing & search services. 2. Popularity among asset-based PropTech. E.g. co-working, hotel, and shared housing & apartment operator. 3. Increasing investment in commercial real estate sector. 4. Emergence of PropTech companies in data, valuation & analytics and mortgage & lending. MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 29
  33. 33. Summary of PropTech in China MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 30
  34. 34. IN SUMMARY – 8 THINGS YOU SHOULD KNOW 1 HOW BIG IS THE OPPORTUNITY? China has ~25% of the global residential real estate market value. Meanwhile, from 2013 – Q1 2017, China was only home to 4th most number of deals in the world, accounting for 4% of total deal share (CB Insights). 2 HOW MANY PROPTECH UNICORNS IN CHINA? Until June 2017, real estate sector has 8 out of 102 Chinese unicorns with $17 billion in value, representing 3.8% of the aggregate Chinese unicorn valuation. 3 W H AT A R E C O M M O N A M O N G PROPTECH UNICORNS? Most of the PropTech unicorns are in residential sector. 3 of 8 unicorns are RE brokerage marketplace. 4 HOW ARE PROPTECH FIRMS DIFFERENT FROM THEIR US COUNTERPART? Although Chinese PropTech unicorns seem to have similar business models as their US counterparts, they have all adopted domestic approach to grow business, e.g. Tujia. 5 WHAT ARE THE MOST HIGHLY INVESTED SECTORS IN PROPTECH IN CHINA NOW? In the recent 2 years, the top 10 most well- funded PropTech firms are mostly in the commercial sector, especially in co-working, shared housing & apartment operator, and marketplace. 6 WHICH SECTORS WITHIN PROPTECH HAVE BIGGEST POTENTIAL GROWTH? Sectors that have not been well represented: •  Residential: data, valuation & analytics, crowd funding, VR tech, and marketing. •  Commercial: mortgage & lending, data, valuation & analytics, property management, & crowd financing. 7 WHAT DO TOP VCs LIKE TO INVEST IN PROPTECH IN CHINA? Most of the top VCs in China who have invested in PropTech are likely to have invested in co- working and online marketplace platforms. 8 WHAT ARE COMMON AMONG VCs WHO INVEST IN PROPTECH IN CHINA? Most active VCs in PropTech either have deep government ties or have funds originated from past successful real estate developments. MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University | 31
  35. 35. Thank You. For further question, please contact: MetaProp NYC Aaron Block: ablock@metaprop.org Leila Collins: lcollins@metaprop.org The Center for Urban Real Estate, GSAPP Columbia University Patrice Derrington: pad2160@columbia.edu Josh Panknin: jcp2200@columbia.edu Alice Guo: yun.guo@columbia.edu The author of the report is Alice Guo, a student at Columbia’s MSRED Program and a Venture Fellow at MetaProp, with special thank you to Patrice Derrington, Aaron Block, Leila Collins, Deedee Chong, Xinyi Wang, and Yilu Zou. MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University
  36. 36. APPENDIX MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University
  37. 37. Lianjia (Homelink) 链家 •  Lianjia claims to have a 7% market share in China’s O2O real estate services market. •  China’s 2nd largest property developer, Vanke, has agreed to invest $440M in Apr 2017. •  Lianjia has IPO agenda with Series B investors. If the company fails to complete an IPO by 2021, investors can demand the company buy back its shares at an annualized rate of 8%. Company Description: The largest real estate brokerage firm in China, with more than 6,000 branches and 120,000 employees nationwide. It is building an O2O platform to provide an extensive range of services in real estate, including helping clients sell, buy, rent properties within China and internationally. Funding Status: Valuation: $6B (2017) Total Funding: $1.3B in 3 rounds Series A – Undisclosed Series B ($926M) – Huasheng Capital, Tencent, Baidu, Source Code Capital, Hillhouse Capital & Matric Partners (04/2016) Series C ($375M) – Sunac China Holdings Ltd. (01/2017) Keywords: #Residential RE #O2O #Brokerage #Listing & Search #Renting Location: Beijing, China Core Team: Mr. Ma Hui, 46 (Founder & CEO) CS major; worked as software sales Time of Incorporation: 2001 Comments: Ranked No. 14 among 2017 China’s Unicorns One of the largest home sales and rentals platforms in China Baidu and Tencent are Series B Investors Series C from Hong Kong-based developer Sunac Website: https://www.lianjia.com/ Source: ITJuzi.com; EverVC.com MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University
  38. 38. Jia.com 齐家网 •  One of the largest furnishing e-commerce providers with a huge customer base. •  As of April 2015, it provided services in 50 cities in China, with 40,000 suppliers and more than 9 million registered users. Company Description: A provider of an online platform to purchase home furnishing. Launched in March 2005, Jia.com was originated by Qijia Information Tech Co. Ltd. and the core business include decorations, building materials, furniture, appliances etc. Funding Status: Valuation: $3B (2017) Total Funding: $172M in 4 rounds Series A ($2M) – Oriza Holdings (01/2007) Series B ($10M) – GF Xinde Investment (11/2008) Series C (Undisclosed) – Baidu, CDH Investments (12/2010) Series D ($160M) – Undisclosed (03/2015) Keywords: #Interior Design #O2O #Home Décor #E-commerce Location: Shanghai, China Core Team: Mr. Deng Huajin (Found & CEO) Previous VP in Philips China which manufactures lighting electronic products Time of Incorporation: 2005 Comments: Ranked No. 25 among 2017 China’s Unicorns The largest online platform for online home furnishing purchase Baidu invested in Series C, while most other investors are VCs Website: http://www.jia.com/ Source: ITJuzi.com; EverVC.com MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University
  39. 39. Tubatu (To8to) 土巴兔 •  In 2012, To8to launched decoration insurance. To8to acts as a trust and monitors 100% construction fee and fee schedule that regulates the relationship btw the home owner & the home décor companies. •  In 2015, To8to added a new feature – B2C e-commerce of home décor. It has intermediate transition warehouses in 7 cities that streamline the factory-to-customer logistics process. Company Description: To8to provides services for users to find contractors to renovate and decorate their apartments. It acts as a disruptor in the home décor market, as it increases the transparency of the construction and brings together over 70,000 decoration companies and 950,000 designers from 80 cities in China in an integrated platform from which consumers can choose from. Funding Status: Valuation: $2B (2017) Total Funding: $216M in 4 rounds Seed (Undisclosed) – Matrix Partners (06/2011) Series A (Undisclosed) – Matrix Partners (06/2013) Series B ($16M) – Sequoia Capital, Matrix Partners (02/2014) Series C ($200M) – Sequoia Capital, 58.com, Matrix Partners (03/2015) Keywords: #Residential RE #O2O #Interior design #B2C #Home décor #Consulting Location: Shenzhen, China Core Team: Mr. Wang Guobin (Founder & CEO) Serial startup founder; Top 35 under 35 by iheima.com in 2016 Time of Incorporation: 2008 Comments: Ranked No. 41 among 2017 China’s Unicorns From the customer’s perspective, To8to simplifies the home decoration process to 3 steps: choose the best option, check the finished project and pay for services Website: http://www.to8to.com/ Source: ITJuzi.com; EverVC.com MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University
  40. 40. Tujia 途家 •  Tujia is known as the China’s Airbnb, it offers 430,000 homes in over 300 cities. •  Unlike Airbnb’s model, which connects homeowners with travellers, Tujia also helps developers rent out vacant properties – taking advantage of China’s property glut. •  In 2016, Tujia acquired homestay business of Ctrip and Qunar, two of the largest travel websites in China. Company Description: Tujia.com is an online vacation rental services provider in China targeting middle to high-end Chinese travelers. Tujia manages the properties listed on their website and works with Chinese real estate developers to rent out unsold inventory. Tujia also operates in Southeast Asia, with presence in Singapore, Taiwan, Japan, and South Korea. Funding Status: Valuation: $1.5 B (2017) Total Funding: $764MM in 5 rounds Series A ($15M) – Lightspeed, CDH Investment, Ctrip, HomeAway (05/2012) Series B ($49M) – GGV Capital, Lightspeed, China Broadband, CDH, Ctrip, Homeaway, Qiming VP(02/2013) Series C ($100M) – Same as above (06/2014) Series D ($300M) – All-Stars Investment, The Ascott, Ctrip (06/2015) Series E ($300M) – All-Stars Investment, Ctrip, Glade Brook, G Street Capital (10/2017) Keywords: #Commercial RE #Short Term Rental #Hotel #Airbnb in China #Marketplace Location: Beijing, China Core Team: Mr. Luo Jun (Founder & CEO): Former senior management at Ehouse, Sina Property, Cisco, Oracle, Avaya; accounting major Time of Incorporation: 2011 Comments: Ranked No. 51 among 2017 China’s Unicorns It became a unicorn since 2015 Website: https://www.tujia.com/ Source: ITJuzi.com; EverVC.com MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University
  41. 41. UrWork 优客工场 •  Established with the joints of investors including ZhenFund, Sequoia, and Sinovation. •  The annual Revenue is around $58.5M – 75% from space rental & 25% from other value-added services •  It just completed a $179M pre-C financing to increase presence to 160 co-working locations in 32 cities globally within three years. Company Description: UrWork is a Chinese co-working space platform that offers integrated multi-functional services and modern office facilities. UrWork operates 78 co-working spaces in 20 major cities across China, as well as Hong Kong, Taiwan, Singapore, New York, and London. Funding Status: Valuation: $1.3B (2017) Total Funding: $314M in 5 rounds Seed –Series A – ZhenFund, Sequoia Capital, Sinovation Ventures (04/2015) Series A+ ($31M) – Gopher Asset Mgnt (03/2016) Series A ($46M) – Zhongrong International, Yintai Land (06/2016) Series B ($58M) – Tianhong Asset, Sinovation, Sequoia, ZhenFund, Chuanghehui Fund, Tianming, Dahong, Junfa (01/2017) Series C ($179M) – Beijing Capital Land, Beijing Xingpai Group, Aikang Group (07/2017) Keywords: #Commercial RE #Co-working #WeWork in China Location: Beijing, China Core Team: Mr. Mao Daqing (Founder & CEO) Former VP of Vanke Time of Incorporation: 2015 Comments: Ranked No. 56 among 2017 China’s Unicorns To name a few tenants, Amazon China, ofo (bike-sharing & unicorn), Toutiao (unicorn) Website: https://www.urwork.cn/ Source: ITJuzi.com; EverVC.com MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University
  42. 42. Aiwujiwu 爱屋吉屋 •  Unlike other companies, Aiwujiwu initially operated no offline stores. Instead, users book viewing appointments via the website or app. •  China’s online real estate market is crowded and the competition is fierce. Aiwujiwu’s advantage? A site that is more aesthetic than many competitors, and some unique features such as video tours. Company Description: Aiwujiwu is a rental and second-hand home listing portal which can functions as a virtual agent. The site allows for easy location-based visualization and searches and many of its listings include video tours. It charges a 1% commission for home sales and a portion of rental fee from landlords and the tenants. Funding Status: Valuation: $1.25B (2017) Total Funding: $305M in 5 rounds Series A (Undisclosed) – MorningSide Ventures (06/2014) Series B (Undisclosed) – Banyan Fund, MorningSide (09/2014) Series C ($35M) – GGV Capital, Shunwei Capital, Banyan, MorningSide (12/2014) Series D ($120M) – GGV Capital, MorningSide, Banyan, Shunwei (05/2015) Series E ($150M) – Temasek Holdings, Hillhouse Capital, (11/2015) Keywords: #Residential RE #O2O #Listing & Search #Rental #Brokerage Location: Shanghai, China Core Team: Mr. Li Yongjin & Ms. Deng Wei (Co-founders) Former execs from Tudou.com and Dahuangfeng Time of Incorporation: 2014 Comments: Ranked No. 58 among 2017 China’s Unicorns 5 rounds of financing raised within 1.5 years Website: http://www.iwjw.com/ Source: ITJuzi.com; EverVC.com MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University
  43. 43. FangDD 房多多 •  Since 2015, Fangdd has partnered with Ganji.com, a domestic classified website with 300M+ users every month. Fangdd puts all of its new housing resources on Ganji.com. •  FangDD has a "pay-for-performance" business model instead of charging fees for every listing like other online estate services (SouFun, Anjuke) that charge customers for listing property information on the platform. Company Description: FangDD is the an O2O real estate platform in China. It facilitates transactions between property sellers and home buyers through real estate brokers. It is currently working with over 100,00+ brokers, has office in more than 50 cities and employs around 3,000 people. Funding Status: Valuation: $1B (2017) Total Funding: $313M in 4 rounds Seed ($2M) – Decent Capital (06/2012) Series A ($8M) – CDH Investment (07/2013) Series B ($80M) – Lightspeed China Partners, CDH Investments, Vision Knight Capital (07/2014) Series C ($223M) – Fountainvest Partners (09/2015) Keywords: #Residential RE #O2O #Brokerage #Listing & Search Location: Shenzhen,China Core Team: Mr. Duan Yi & Mr. Zeng Xi (Co-founders) Real estate background; serial startup founders Time of Incorporation: 2011 Comments: Ranked No. 71 among 2017 China’s Unicorns CTO was a previous product manager at Tencent One partner was a key personnel at Vanke Website: http://www.fangdd.com Source: ITJuzi.com; EverVC.com MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University
  44. 44. Mofang Gongyu 魔方公寓 •  One of the largest rental apartment operators and franchises in China. •  The long-term apartment leasing demand will continue to expand in tier 1 and tier 2 cities given the buyer restriction policies in major cities like Shanghai, Nanjing, and Shenzhen. Company Description: One of the largest institutional rental apartment operators in China. The company rents its apartments to white collar, college educated residents with an attractive average monthly income and provides value-added services. Mofang currently operates over 150 apartments complexes in major Chinese cities, such as Beijing, Shanghai, Guangzhou, Shenzhen, Nanjing, Wuhan, Suzhou, Hangzhou, Chengdu, and Xi’an. Funding Status: Valuation: $1B (2017) Total Funding: $560M in 4 rounds Series A – DT Capital Partners Series A+ ($60M) – Warburg Pincus (01/2013) Series B ($200M) – Warburg Pincus (05/2015) Series C ($300M) – Aviation Industry Corporation of China (04/2016) Keywords: #Residential RE #O2O #Rental Apartment #Property Management Location: Shanghai, China Core Team: Mr. Ge Lan (Founder) Ms. Liu Jia (CEO) Time of Incorporation: 2010 Comments: Ranked No. 82 among 2017 China’s Unicorns Most recently Series C funding raised $300 M in 2016/04 from the state-owned AICC It became a unicorn in 2016 Website: http://www.52mf.com.cn/ Source: ITJuzi.com; EverVC.com MetaProp NYC in collaboration with The Center for Urban Real Estate, Columbia University

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