Digital transformation of real estate industry: opportunities, challenges and strategic suggestions

Abstract

After more than 20 years of rapid development, China's real estate industry has changed from an incremental market to a stock market with a gradual slowdown in growth. As the 14th Five-Year Plan for national information states that China will insist on the strategy of digital transformation, it is the right time for real estate industry to carry on a digital revolution. This paper illustrates the current challenges confronted by real estate enterprises, including the confusion of digital transformation, complex data sources, the lack of professional talents and duplicated organization systems. Also, to overcome these challenges, this paper provides practical suggestions on how the real estate industry can conduct digital transformation. This paper aims to provide significant insights into current situation of real estate industry and give guidance to help the industry process digital transformation.