Reinjecting purpose into real estate is about future proofing and embracing change. We are delighted to have Alex Shih, CEO of Centaline Group to share his journey leading tech transformation for the largest property agency in GBA with over 40 years of legacy in the region.

Joined by 18 attendees in our community at the Centaline Club, sponsored by our esteemed speaker Alex, the afternoon started with Alex walking us through his journey leading tech transformation at a traditional property brokerage business. Some of the significant success in Hong Kong include integrating various tech elements into sales platform internally as well as externally through website, mobile applications, and social media platforms.

Centaline has pioneered various information technology and data engineering tools in the past decades, including their own proprietary Centaline map, residential tracking indexes, and sub-district locational information for sales to use in helping customers make more well-informed decisions. Current tech-enabled economy has propelled a major shift, and Alex’s enhancement of a centralized online database was a timely implementation during the pandemic. These technologically-integrated tools were great additions to motivate employees and drive further sales in an unprecedented time.

Externally, Centaline has added in new features to their services from VR viewing, VR renovation, blockchain platform that streamline sales & rental agreements, to employing KOL to promote propositions via multimedia marketing on Youtube, Facebook and Instagram, as well as enabling online chats and mobile apps to cover sales enquires. These tools are examples of how Alex’s vision transformed a traditional business, lowered friction for customers and reduced transaction costs for property purchases and rentals, while maximized market share and generated sales leads through different channels.

While a key drive of Alex’s leadership for Centaline is to be technologically-driven to benefit both employees and customers, Alex also highlighted the value of physical shops. The majority of sales still comes from in-person interaction and direct contact; particularly in Mainland China against strong competition such as Beike and Lianjia. With a fast-changing market dynamics and fierce competition, the market environment encouraged Alex to lead more innovatively on customer acquisition and employee management across generation and demographics to stay relevant, competitive, and to continue their forefront presence in the Greater Bay Area.

We ended the discussion with a candid conversation with the guests as Alex humbly shared his personal journey and experience working in a family business. A point to note: while Alex is currently working for a family business his father started, his father already donated the family fortune to set up a charitable foundation aiming to alleviate poverty in rural China. As a modest and driven young leader, Alex is a great example for millennials in this dynamic city we call home, to continue to excel and move forward with purpose.

On behalf of the ULI’s Young Leaders Group, we would like to extend deep appreciation for Alex’s generosity of his time and sponsorship to making this event happen. We look forward to more engaging conversations together on social innovation and collaborations. Please reach out to YLG Committee, Wilfred, Fay or Wendy should you have any collaboration ideas for this new series of “Reinjecting Purpose into Real Estate”.