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"China's urbanization has been further advancing along with the development of the Belt and Road Initiative. It began in coastal areas and eastern city clusters, and then extended to China's midwest regions, leading to the rapid development of a host of lower-tier cities," said Ding from Nielsen China.

"China's population is aging rapidly. The elderly need to be cared for, and yet their children are often busy with work," Wang said. "We see a big market potential."

"China welcomes all types of businesses, including foreign ones, to participate in the ownership reform of SOEs," said Xiao Yaqing, chairman of the State-Owned Assets Supervision and Administration Commission, at a media briefing on the sidelines of the 13th National People's Congress, the top legislative body, on March 10.

"China's smart cities market is projected to increase about 30 percent year-on-year in 2018, and all the provincial and sub-provincial cities have launched development and construction for smart cities, with more to follow suit," said Pierpaolo Franco, managing director of London-based Royal Institution of Chartered Surveyors, Greater China.

"China, the US and Africa will work together to build the center," he said.