Guotai Haitong Securities(SH:601211) Haitong Securities International·2025-10-23 11:21Investment Rating - The report indicates a positive outlook for RWA tokens in the real estate investment and financing sector, highlighting their potential for innovation and growth [5]. Core Insights - RWA tokens are positioned as a transformative force in the real estate industry, leveraging blockchain technology to enhance liquidity, transparency, and efficiency in transactions [4][33]. - The global RWA asset value has reached $25.4 billion, with projections estimating that the real estate RWA token market could reach $4 trillion by 2035, reflecting a compound annual growth rate (CAGR) of 27% [5][64]. Summary by Sections 1. Purpose of the Research - The research aims to clarify the concept of RWA, its relationship with the digital economy, digital currencies, and its significance in the real estate sector [11]. 2. Digital Economy, Digital Currency, RWA, and Crypto Assets - RWA represents the tokenization of real-world assets using blockchain technology, allowing for the digital representation of ownership and rights [15][24]. 3. Significance of Digital Currency for the Real Estate Industry - RWA enhances liquidity, reduces investment barriers, and improves asset transparency, fundamentally reshaping the real estate market [33][36]. - The characteristics of RWA include widespread accessibility, convenience, traceability, low transaction costs, and high efficiency [31][32]. 4. Application of RWA in Real Estate - RWA tokens are created by packaging real estate projects into special purpose vehicles (SPVs) and issuing tokens that represent ownership rights [45][46]. - The lifecycle of RWA tokens includes asset selection, legal structuring, valuation, compliance, and market trading [46][49]. 5. Development Trends and Risk Prevention for Real Estate RWA Tokens - The report forecasts a significant increase in the RWA market, with a projected value of $16 trillion by 2030 and a focus on the tokenization of real estate assets [64]. - Key risks include regulatory challenges, technological limitations, systemic risks, and valuation difficulties [5][65]. 6. Case Studies - Examples include the first compliant real estate investment trust (REIT) in Hong Kong and a mainland Chinese state-owned enterprise's RWA project, showcasing successful implementations of RWA tokens [74][78].