HONG KONG (Reuters) -Chinese property developer Seazen Group is setting up an institute in Hong Kong to push forward real-world asset (RWA) tokenization, it said on Friday, a process that converts assets into digital tokens that can be traded on a blockchain. A move to raise funds with tokens would be the first by a […]
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China property developer Seazen says it will explore real-world asset tokenization
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HONG KONG (Reuters) -Chinese property developer Seazen Group is setting up an institute in Hong Kong to push forward real-world asset (RWA) tokenization, it said on Friday, a process that converts assets into digital tokens that can be traded on a blockchain.
A move to raise funds with tokens would be the first by a major Chinese developer. Property companies have been scrambling for liquidity since the sector slipped into a debt crisis in 2021, leading to many defaults.
Seazen, which is deemed to be financially sound, said in a stock exchange filing earlier on Friday it has created the Seazen Digital Assets Institute to explore the feasibility of tokenizing its intellectual property resources and asset income.
The Shanghai-based firm could not be reached by phone for comment.
Bloomberg News reported on Friday that Seazen was expected to establish a digital asset management unit and launch non-fungible token products related to its Wuyue Plaza investment properties by the end of the year.
Seazen sold $300 million in dollar bonds earlier this year, the first deal from a private Chinese developer since 2023.
(Reporting by Clare Jim; Editing by Jan Harvey)