World News: 12:24 GMT Wednesday 12th June 2019. [Yahoo Business News Feed via SPi World News]
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 Kong’s securities watchdog in January 2020 to seek approval for the sale of tokenized real estate assets. 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 Kong’s Securities and Futures Commission for the regulated trading of blockchain tokens that would have real estate as their underlying asset.
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