#NEWS Family-owned property firm Stan Group reported to have a real estate portfolio at over $6.38 billion is set to meet with Hong Kongs securities watchdog in January 2020 to seek approval for the sale of tokenized real estate assets. (Source: (link: https://[Suspicious link removed]/2FaNQ2U) [Suspicious link removed]/2FaNQ2U)
Major Hong Kong Property Firm to Seek Regulatory Approval for Tokenized Real Estate
Family-owned property firm Stan Group which represents the assets of shop king real estate scion Tang Shing-bor is set to meet with Hong Kongs securities watchdog in January 2020 to seek approval for the sale of tokenized real estate assets. Hong Kong English-language newspaper South China Morning Post (SCMP) reported the news on June 12.
Stan Group is reported to have a real estate portfolio estimated at over HK$50 billion ($6.38 billion).
Against the backdrop of reportedly lacklustre sentiment in the local property market amid escalating trade tensions between the United States and China, the firm is seeking a locally unprecedented approval from Hong Kongs Securities and Futures Commission for the regulated trading of blockchain tokens that would have real estate as their underlying asset.
Earlier this month, Stan Group reportedly signed a memorandum of understanding with local security token insurance platform Liquefy to jointly explore the possibilities of real estate tokenization, which can enable investors to own and trade blockchain tokens that confer ownership of a property in whole or in part.