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Business· Real Estate

Midea Real Estate to develop AI that connects appliances for smart homes

CKN
minutes 2019/08/12 06:05:35
2,731
Midea, real estate, artificial intelligence, Internet of Things

Aug 12, 2019 (China Knowledge) - China's biggest home-appliances maker Midea (000333) announces the company's subsidiary Midea Real Estate Group (03990) is developing an artificial intelligence (AI) ecosystem for smart homes. The real estate arm is to team with cloud computing company AliCloud, video surveillance provider Hikvision, electric carmaker XPeng to work on this grand vision.

Midea Real Estate launched the Midea Real Estate's Research Institute for Smart Homes on July 31, aiming to integrate AI and smart appliances for both home and commercial applications. The head of the institute Li Qiang says their dream is for every household to have their own J.A.R.V.I.S. (Just A Rather Very Intelligent System). Such is like the fictional artificial intelligence appears in the Marvel Cinematic Universe film Iron Man.

To achieve this goal, the research institute has developed a “super brain “ which connects smart products to core platforms, including a business network system, data center, and Internet of Things (IoT) platform. The super brain enables the company's products to process and analyze data, and make decisions. This self-learning system can also learn and remember the details of the working environment.

With such an intelligent system, smart-home owners can monitor what happen at homes even users are out and can receive notifications if anything goes wrong.

More than a third of USD 20 bln investment into property technology globally over the past 6 years was invested in China. It is estimated that China's smart homes market penetration to hit 21.2% by 2022, up from 4.9% in 2018.  

The Chinese conglomerate Midea, one of the Fortune 500, embark on diversifying into China's property sector in 2004. Hong Kong-listed Midea Real Estate has more than 200 smart home projects ongoing in the country and around 30,000 smart homes have been built. 

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