Hong Kong PropTech, which encompasses the application of technological innovations and platforms to real estate markets, is a growing part of the city’s FinTech pie. For example, the PropTech Alliance of Hong Kong was formed in 2019 by four members and it has since expanded to more than 15 across the region, reports the SCMP.
This growth has contributed to a mini Hong Kong fintech jobs bonanza, driven by smaller supply and increasing demand. It’s an area that combines tech skills and industry knowledge, and therefore many jobs in this sector provide lucrative packages. As PropTech has yet to make it to the mainstream, there’s likely much more growth to come, though there are several challenges to overcome.
It is clear that many PropTech companies are start-ups, which are subject to a high fail ratio, or they are very young businesses in constant flux, which can result in a volatile working environment. So, just how do you navigate this series of challenges to land the best role in the rapidly expanding Hong Kong PropTech and broader FinTech fields? Read on for a rundown of the key developments, and top tips, based on these current trends.
Many Eggs, Many Baskets
Encouraged by favourable government policy, Hong Kong has leapfrogged its regional rivals to become a global fintech hub, despite a slow start. It draws on its many strengths, including support from local agencies, a highly sophisticated financial ecosystem, and its proximity to mainland China, including its next-door neighbour, Shenzhen, a technological powerhouse. The SAR is home to more than 600 FinTech firms and start-ups.
“Hong Kong has been a fintech hub for years now, and it’s difficult to ignore the emerging presence of Proptech in the region.” says Juan Dorfling, Gough Recruitment Managing director for Asia. “The SAR is like an international super-connector that connects China with the world, and it has a lot of homegrown finance and tech talent. However, the demand for PropTech expertise will grow very fast in the short-term, with technology being developed for construction, property management, energy efficiency planning, sustainability and other areas of PropTech.”
Hong Kong PropTech Jobs Tips
PropTech refers to the digital transformation of the real estate sector, according to Medium. Essentially, it’s the use of technology to take over tasks that were completed by humans. These functions include property management, commercial lending services, smart home tech and many others. And while the jobs here are on the rise, there is a number of factors you must keep in mind before sending your resume to a recruiter. Juan Dorfling noted 4 major factors.
As Hong Kong PropTech is a new and rapidly evolving area, flexibility is key. Some of the roles coming up aren’t covered by traditional qualifications, so being open to learning on the job is a must. Flexibility in work arrangements, flexibility in communications preferences, flexibility in ways of thinking – are all needed. Working in an innovative fast-growing industry has its requirements, and if you are not ready to navigate changes and take on new challenges, maybe this work is not for you.
Though many PropTech areas are only just emerging, there are study areas that are highly relevant. If you have a degree in Software Development, for example, there are lots of resources that can supplement your knowledge with the necessary property sector information and will show potential employers not only your initiative but also your aptitude and know-how.
Network, network, network
Though it’s an international financial centre, Hong Kong’s population, 7.6 million, is that of a medium-sized city, and the business ecosystem is fairly concentrated in the Central district. This makes networking all the more important, but also fairly convenient. Fortunately, Hong Kong is also an international conference hub, and some of these events cover PropTech, too. These sorts of events are incredibly valuable. Not only will you be able to network with potential peers, but you will also learn the latest developments in this fast-moving industry. You may consider joining Hong Kong PropTech Association to give you access to the industry’s professional network and make sure you are active on LinkedIn.
Hong Kong is a business gateway to China, and as more and more mainland firms set up in Hong Kong, Mandarin is increasingly seen as a prerequisite for landing jobs in the area, and PropTech is not excluded.
“There are many opportunities in Hong Kong’s burgeoning Tech space, especially with regard to PropTech,” says Juan. “As well as following the above tips, speak to an expert recruitment consultant so you can access all the information needed to thoroughly evaluate your options and career pathways. Here at Gough, we are passionate about helping our candidates find their dream PropTech job, whatever it may be!”