Beike executives are debating AI applications in the massive Chinese real estate market

At last week’s World Artificial Intelligence Conference in Shanghai, Beijing-based real estate platform executives Beike explained the potential of artificial intelligence to affect the real estate industry.

While artificial intelligence has also provided smart home functions, such as voice assistants or smart appliances, the processes of buying and renting properties can also benefit from advances in l. Big Data Analysis and Machine Learning When building standardized databases, real estate providers can use virtual reality and augmented reality to allow potential customers to explore locations comfortably in the comfort of their home, said Ye Jieping, a scientist in chief of Beiki.

An important component of the real estate industry is space, and AI can leverage spatial analysis software to build digital environments that are accurately dimensioned to the right dimensions, said Hui Xinchen, vice president of Beike.

Beike is bullish on the digitalization potential of the Chinese real estate market. With an urban residential housing supply of 300 million units totaling 34 billion square meters, China’s residential real estate market is the largest in the world, according to a company report, which rivals that of the USA, Japan and the United Kingdom. But the industry’s digital adoption rate remains low, as only 20% of residential service providers have created spatial databases for properties on their platforms. Collecting the data needed to build immersive virtual spaces is difficult and time consuming.

While VR and AR applications are promising for the future of the industry, barriers include long feedback cycles and the lack of a robust data infrastructure, which means AI should not be blindly applied. , said Ye. In the future, Beike is confident the market will grow as it focuses on its customers, properties and technologies, he said.

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KrASIA Connection offers translated and adapted content published by 36Kr. That article was originally written by Yang Yafei for 36Kr.

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