NWD makes blockchain platform for buying homes in Hong Kong

February 27, 2019
Share this Post: 

New World Development (NWD), a Chinese property developer, has recently announced that the company has made one of the first blockchain platform for purchasing property in Hong Kong. The platform was developed in collaboration with Hong Kong Applied Science and Technology Research Institute Company (ASTRI).

Bank of China (Hong Kong) (BOCHK) is the first bank to participate and apply the new platform to its services, according to a press release.

Integrating blockchain technology into a property-buying platform will help reduce the time and work between signing a provisional agreement and finalizing a deal.

The one-stop blockchain platform claims to be able to save up to 8 hours on a transaction by integrating all the time-consuming intermediary steps: the filling-in of long and complex application documents, the tedious back-and-forth between banks and lawyers, and the time-consuming research into information about mortgage loans.

Moreover, offering an all-in-one, 24/7 support service to buyers, banks, and related bodies, the platform benefits service providers and saves around 47 hours of work, and the entire industry chain will save around 55 hours in total, according to NWD.

The Hong Kong property developer plans to launch the platform in mid-April this year, applying it to new property and stock sales. With target sales of about 4,000 to 5,000 home units in two years, it expects most of the buyers will use the platform.

For now, it does not intend to open the platform to other property developers, but other banks, as well as related bodies, such as law firms, will join the platform this year.

Read more here

Join us in Bangkok the 19th to the 21st of March for the Property Portal Watch Conference.

Bkk 2019 Ppw Banner 02062019

February 27, 2019

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Shutterstock 225443569
KE Holdings Q4 2024 and Full Year Results: Rentals Drive 54% Revenue Increase in Q4

KE Holdings, also known as Beike, has released its final quarter and full-year results for 2024, with rental income up...

Read More
Shutterstock 1028952010 1
Immobiliare.it Agrees €22.5 Million Pisos.com Deal

Immobiliare.it has agreed to acquire Pisos.com for €22.5 million (USD 24.5 million) with the Italian portal now set to double...

Read More
Toutube Thumbtony Blamey 2
Fotocasa GM, Tony Blamey on Competing with Idealista and Finding a Path to Growth

Spain’s property portal market has long been dominated by Idealista, but Fotocasa is working to shift that impression. Under the...

Read More
Divar.ir 3
Iranian Military Cancels Marketplace Divar's IPO Application at Short Notice

Iranian horizontal marketplace Divar's IPO application has been halted after the intelligence segment of a branch of the Iranian military...

Read More

Editor's Pick