中国酒店资产代币化"长路漫漫"

Group 1 - The core idea of the article is the introduction of a luxury resort project in the Maldives by the Trump Organization, which will utilize a tokenization model during the construction phase, allowing investors to purchase rights through blockchain before the project's completion [1][2] - The project, named "Trump Maldives International Hotel," will feature approximately 80 beach and overwater villas and is set to open by the end of 2028, marking a significant collaboration between Trump Organization and Dar Global [1][2] - This tokenization model is considered a pioneering approach in the luxury market, combining luxury with technology, and aims to set new standards in the regional luxury market [2][3] Group 2 - The tokenization of hotel assets is evolving, with the Trump Maldives project representing a shift to a 3.0 phase, allowing for asset tokenization during the development stage rather than post-completion [3] - Deloitte predicts that the global real estate tokenization market will grow from less than $300 billion in 2024 to $4 trillion by 2035, with a compound annual growth rate of approximately 27% [3] - The tokenization of real estate is becoming an important method for retail investors to participate in high-end real estate projects, lowering investment barriers [3] Group 3 - Despite the evolution of hotel asset tokenization, there are significant challenges in China, including regulatory uncertainties and the classification of tokenized assets as illegal fundraising [4][5] - The skepticism surrounding hotel asset tokenization in China is rooted in concerns about the stability and management of underlying assets, as well as the potential for fragmented ownership to transfer operational risks to retail investors [5][6] - The development of Real World Assets (RWA) in China faces obstacles due to strict financial regulations and the need for compliance with local laws, which may hinder the adoption of blockchain-based asset tokenization [10][11] Group 4 - The hotel investment market in the Asia-Pacific region is expected to regain momentum, with a projected total transaction volume of $11.9 billion in 2025, driven by recovering investor confidence and cross-border capital [12] - In Hong Kong, hotel investment volumes surged by 106% year-on-year to $456.6 million in the first three quarters, highlighting the region's recovery and attractiveness to investors [12] - The hotel industry in China is undergoing a structural recovery, with many assets being auctioned, indicating ongoing liquidity challenges despite a concentration of capital towards high-quality hotel assets [13][14]