This move is regarded as the first time a major Chinese real estate enterprise has explored expanding financing channels through tokenization. Since the outbreak of the debt crisis in 2021, the real estate industry has generally faced liquidity crunch, prompting enterprises to actively seek new sources of funds.
In an earlier stock exchange announcement on the same day, New City Development Holdings stated that it has established the "New City Digital Asset Research Institute" and plans to assess the feasibility of tokenizing its intellectual property rights and revenue from some of its assets.
According to a report by Bloomberg, New City Development Holdings expects to set up a digital asset management department by the end of this year and launch NFT products related to its "Wuyue Plaza" investment properties.
Additionally, earlier this year, the company successfully issued a US$300 million dollar-denominated bond, marking the first overseas bond issuance by a Chinese private real estate enterprise since 2023.
