The world is urbanising, and China is no exception. Cities in China are taking on ever-increasing economic importance, the use of technology is increasing and resources are becoming scarcer. By making the best use of the latest technology and the solutions it brings, smart cities can attempt to allocate high-demand resources more efficiently. When they work, smart cities can really take things to the next level by improving the quality of life of citizens, enhancing services provided, reducing costs and resource consumption, and improving connectivity between the people and the city government.
In China today, there are more than 300 government-approved plans for smart city development in some form or another. Shanghai is one example of a Chinese city with a number of approved plans in place. In 2011, for example, Shanghai introduced the three-year Smart Shanghai plan. Since then, the city has successfully ensured that its smart city goals are quite citizen-life oriented. When implementing a smart city plan, cities in China should think seriously about their commercial real estate assets. Smart real estate development, which successfully incorporates and implements the latest technology, can enhance efficiency, increase asset value and augment sustainability.