|Wong, Man Wa
|Applications and implications of real estate tokenization – a Hong Kong study
|Tong, Wilson (AF)
Wei, Steven (AF)
|Blockchains (Databases) -- Industrial applications -- China -- Hong Kong
Real property -- China -- Hong Kong
Real estate development -- China -- Hong Kong
Real estate business -- China -- Hong Kong
Hong Kong Polytechnic University -- Dissertations
|Faculty of Business
|xi, 167 pages : color illustrations
|Tokenization is one of the key building blocks of today’s fintech economy. This thesis focuses on asset tokenization, specifically, real estate tokenization and investigates how it can solve some of the major land issues in Hong Kong and help build a smart city for Hong Kong. I propose five types of real estate tokenization. Three of them deal with the supply side of land/property market, and the other two serve as financial products, which help the matching of global funds with more investment opportunities according to the funds’ or investors’ risk appetites, expected returns and investment time horizons.
On the implementation part, I examine the use of direct issuance of tokens on blockchain, limited companies, trust, and limited partnership fund as structures for issuance of these real estate tokens. I also examine some typical types of real estate tokenization available in the market and review some overseas jurisdictions and what can be learned in Hong Kong.
I also suggest the use of China’s Central Bank Digital Currency (CBDC) and in the future, Hong Kong’s newly proposed e-HKD rather than bitcoin, ethereum or other types of crypto-currency as the medium of exchange for various reasons.
Real estate tokenization will help Hong Kong to build its reputation as a global financial asset management center and promote its digital smart economy and Fintech using Distributed Ledger Technology in finance and asset management as advocated in the Hong Kong Smart City Blueprint 2.0 released in December 2020. Time has come for the emergence of this disruptive technology and government regulatory controls are important factors affecting and underpinning the success and implementation of real estate tokenization. The final part of my thesis briefly provides some suggestions as to how the Hong Kong Government and the stakeholders can work together to make and promote this advancement of technology faster and turn it into reality. Hence, my thesis not only contributes to the fintech study on asset tokenization, but also bears important policy implications and practical relevance.
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