It’s hard to be a rich Chinese property developer these days. Profits are still booming, for sure. And property development remains one of the most powerful engines of the economy. But when developers look ahead, they see diminishing profits – and diminishing favour. To stay at the top of the tycoon pile, they are quickly diversifying, embracing the government’s new pet industry – tech. Think robotics. Think green cars. Think artificial intelligence.
The embrace of hi tech by property developers comes amid President Xi Jinping’s push for the ambitious “Made in China 2025” plan that would transform the world’s second-largest economy into an innovation powerhouse.
Source: South China Morning Post - https://www.scmp.com/business/companies/article/2185432/chinese-developers-new-years-resolution-diversify-robotics-green