HONG KONG, CHINA - Media OutReach - 23 July 2020 -Chinachem Group (the Group)and the Smart City Consortium (SCC) today signed a Memorandum of Understanding(MoU) to collaborate in propelling smart city development and helping elevatecybersecurity standards in Hong Kong. The move underlines not only thedetermination of both parties to foster the development of Internet of Things(IoT) property technology (PropTech) in Hong Kong, but also Chinachem'scommitment to digital transformation and driving sustainable livingsolutions for Hong Kong people.

The Memorandum of Understanding to help propel Hong Kong'ssmart city development was signed by Damien Wu, Director of DigitalTransformation of Chinachem Group (2nd right) and Gary Yeung, President of the SmartCity Consortium (2nd left); witnessed by Donald Choi, Executive Director andGroup CEO of Chinachem Group (1st right) and Dr Winnie Tang, Founder andHonorary President of the Smart City Consortium (2nd left).

Pursuant to the MoU, the SCC willdevelop a set of indexing standards, cybersecurity guidelines and bestpractices for deploying and maintaining IoT devices in smart buildings. TheGroup, in addition to offering monetary sponsorship, will serve as a pioneer intesting the resulting IoT PropTech standards to enhance cybersecurity in itssmart buildings. Furthermore, the two parties will join hands in organisingactivities to promote Hong Kong's smart city vision, with a focus on smartbuildings and the development of an IoT connectivity framework.

The MoU was signed by Damien Wu,Director of Digital Transformation of Chinachem Group, and Gary Yeung,President of the Smart City Consortium; witnessed by Donald Choi, ExecutiveDirector and Group CEO of Chinachem Group, and Dr Winnie Tang, Founder andHonorary President of the Smart City Consortium. The Group is the firstproperty developer partner of the SCC.

"We at Chinachem have accelerated thedigital transformation process and have the aspiration of becoming an industrypioneer in PropTech applications," explained Mr Choi. "We are collaboratingwith the SCC with the intention to raise the bar for the Group as well as theindustry, and help make Hong Kong a more liveable smart city. It is also our visionto position the city as a leader within the Greater Bay Area in terms of IoTstandards development, assessment and education for the property sector." 

Thanking Chinachem Group for itssupport and sponsorship, Mr Yeung said the adoption of communicationstechnology and IoT were major opportunities that empowered the SCC's operationsto promote smart building management, allowing swifter actions and improved security."The connected network of sensors and smart devices also delivers a safer and moresustainable environment which is key to maximising property value," he noted. "Wehope to develop a set of indicators and a rating standard index for theproperty management industry and the IoT industry."

While IoT-powered solutions in smart buildings will help increase cost-efficiencyand operational effectiveness, they will also be subject to higher cybersecurityrisks if no related standards, guidelines and best practices exist -- hence theimportance of this collaboration for Hong Kong's future PropTech development.

Chinachem Group

Chinachem Group is a leading propertydeveloper based in Hong Kong, with a real estate pedigree dating back to the1960s. Today, we develop residential, commercial, retail and industrial properties,and own and manage hotels.

We uphold integrity, accountability,teamwork, innovation, harmony and win-win as the values that drive ouroperations and benefit our stakeholders, ultimately bringing positive change toour communities.

We are forward thinking in embracingnew ways to work, through organisational change and digital transformation, aswe forge ahead into our next century of success.

Smart City Consortium

Smart City Consortium is formed by a group of professionals fromdifferent corporations and organisations to provide opinions and suggestions tothe Government for formulating related policies and standards in thedevelopment of Hong Kong as a world-class smart city.  We encourageworldwide collaboration with different stakeholders to create the rightecosystem which fosters innovation and sustainable economic growth for HongKong.