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Real estate giant New World Development (NWD) has announced the creation of Hong Kong’s first blockchain-based property purchase platform, EJ Insights reports.
The platform is purportedly capable of slashing up to eight hours of transaction time by combining steps such as document filing, mortgage loan research, and banker-lawyer communications. Service providers can reportedly save 47 hours of work using the platform, while the entire industry chain can supposedly cut up to 55 hours in toto.
New World Development plans to launch the platform in mid-April, using it initially for new property and stock sales. It won’t charge customers or service providers for using the system, as it primarily aims to “enhance the purchase experience.” The developer expects most buyers to use the platform.
New World, however, has no plans of opening the program to other developers. Banks, law firms, and other related groups however are expected to join this year. Bank of China was the first bank to participate, and around four more have expressed interest in enlisting.
“Traditionally, buyers, real estate developers, banks and law firms all work separately – until now, there has been no one-stop platform to connect all parties,” said Adrian Cheng, executive vice-chairman and general manager of NWD. He added that the platform will “open up the entire real estate industry chain;” adding that “it also marks the first implementation of blockchain technology into the real estate industry.”
Photo: Chris Brown from Melbourne, Australia
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