One of the realtors, largest in Japan, implemented a blockchain for accounting of lease revenues of the real estate
| Customers: Tosei Contractors: Tokai Tokyo Financial Holdings Product: Projects based on blockchain technologyProject date: 2020/07
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On July 10, 2020 it became known of partnership of the Japanese financial company Tokai Tokyo Financial Holdings with Tosei company. The last, having implemented a blockchain thanks to the partner, will offer the digital securities provided with a real estate lease revenue.
Tosei is a realtor company in which ownership there are about 102 real estate in the capital of Japan (by July, 2020). For the 6-month period which end fell on May, 2020 Tosei revenue from lease made ¥2.7 billion ($25.2 million). The lease revenue of buildings which belong to Tosei is only one of sources of profit earning of the company. Revenue from lease makes 48% of operating profit of Tosei in six months.
Listing of the offered tokenized securities will take place on Singapore iSTOX blockchain exchange in August, 2020. It is known that the first will tokenize a real estate of Tosei worth $1 billion which is in Tokyo.
As a rule, projects on tokenization in the field of the real estate often assume conversion of all or parts of property of the building to tokens through special corporation which has the rights to an object. It allows investors to buy tokens which represent a partial ownership the building. Nevertheless, Tosei decided to select other model, the company is going to tokenize a business revenue.
Responsibility for issue, storage and trade in digital securities will lie at the iSTOX exchange. The solution is approved by the finance regulator, Monetary and credit management of Singapore (MAS).
It should be noted that Tokai invested $5 million in iSTOX blockchain exchange. In spite of the fact that the tokenized securities which will be quoted at the exchange have a direct bearing on the Japanese real estate, citizens of Japan because of regulatory restrictions have no right to trade on iSTOX.[1]
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