Foresight News reports that Tai Chi Capital Group, through its subsidiary Pioneer Asset Management, has started Hong Kong’s first real estate security token offering (STO). The PRINCE closed-end fund seeks to raise about HKD 100 million from professional investors. The business intends to publish the cryptocurrency on its virtual asset trading platform, HKbitEX, if regulators provide their approval. The token can be traded on the secondary market around-the-clock once it is posted on the virtual asset trading platform for a small entry fee of HKD 1,000. On Ethereum or comparable blockchains, investors’ ownership is transparently documented, and returns include rental income and potential property appreciation.
The relevant tokens will be delivered following successful subscription, according to Zhang Zhongyu, Vice President of Capital Markets and Wealth Management at Tai Chi Capital Group. Investors can register an account with a wallet after signing the subscription agreement. The fund business will make payments to investors in accordance with the Securities and Futures Commission’s rules in the case of a loss, such as tokens being stolen.
