Core Viewpoint - The article investigates the business model of Shenzhen Second Residence Online Information Technology Co., Ltd., which claims to digitize and tokenize idle real estate into tradable on-chain warrants, raising concerns about the legitimacy and sustainability of high returns promised to investors [1][2][3]. Group 1: Business Model and Operations - Second Residence promotes a model where investors can start with a low investment of 3,000 yuan and potentially earn significant returns, claiming that one property can generate profits equivalent to two properties [1][2]. - The company has reportedly recruited dozens of partners across various provinces, including Guangdong and Hainan, and offers different tiers of partnership with varying investment thresholds [2][3]. - The founder, Fan Jia, emphasizes the importance of recruiting new members to increase the value of the tokens and the potential for profit sharing once the assets are tokenized and listed [3][4]. Group 2: Legitimacy and Compliance - The company claims to operate within legal frameworks, citing the Civil Code's provisions on property co-ownership, but there are concerns about the actual compliance with regulations regarding token issuance and fundraising [5][6]. - Investigations reveal that many of the real estate projects advertised by Second Residence do not have confirmed partnerships, with developers denying any collaboration [9][10]. - Legal experts warn of significant risks associated with the authenticity of the underlying assets and the potential for the business model to be classified as illegal fundraising [11][12][13]. Group 3: Market Context and Risks - The article highlights the broader context of Real World Assets (RWA) in the market, noting that while there is interest in tokenization, many projects may lack genuine backing and could lead to scams [12][13]. - Regulatory bodies have issued warnings about the risks associated with RWA investments, indicating that many such initiatives may be misleading or fraudulent [12][13]. - The article concludes that the combination of physical assets and digital finance is a growing trend, but the regulatory environment for RWA remains underdeveloped, posing risks for investors [13].

将闲置房地产进行数字化托管并代币化，使其转化为可交易的链上权证（RWA），上市就能实现"1套房赚2套的钱"？ 这段时间，深圳第二居所在线信息技术有限公司（以下简称第二居所）正在社交平台大量招募合伙人，并宣称：投资3000元就有机会成为百万富翁；投资 10万元，拿下地级市的代理经营权，再从二级分销商获得45%，实现亿万富翁梦想。 那么，第二居所这种模式真能盘活闲置房地产吗？投资者的高额回报从哪里来？其业务是否合法合规？《每日经济新闻》记者（简称每经记者）对此展开 调查。 承诺高收益招募合伙人 称已在多省市发展数十人 9月初以来，每经记者发现，总部位于深圳的第二居所，一边在微信小程序推广海景房、度假酒店等房产的数字化托管业务，一边密集招募RWA合伙人。 （编者注：RWA，即Real World Assets-tokenization的缩写，是指将真实世界资产转变为基于区块链技术、可交易的数字资产权证。） 据第二居所宣传资料，目前团队已招募数十名合伙人，覆盖广东、海南、浙江、江苏、江西、陕西及香港等地，成员包括投资公司董事长、民宿投资人、 物业公司总经理、制造业负责人及银行前信贷经理等。 每经记者调查还发现，除合伙 ...

Core Insights - The article discusses the business model of Shenzhen Second Home Online Information Technology Co., Ltd. (referred to as "Second Home"), which aims to digitize and tokenize idle real estate into tradable on-chain warrants (RWA) and claims to offer high returns to investors [2][3][4]. Group 1: Business Model and Recruitment - Second Home is actively recruiting partners through social media, promising significant returns on investments, such as turning an investment of 3,000 yuan into a potential millionaire status [2][3]. - The company offers various partnership tiers with different investment thresholds, including 3,000 yuan for junior partners, 30,000 yuan for senior partners, and 100,000 yuan for co-founders, each with specific rewards and token allocations [3][4]. - The recruitment strategy emphasizes high returns through a multi-level distribution model, where partners earn commissions for bringing in new members and managing real estate assets [8][4]. Group 2: Tokenization and Asset Management - The core business involves converting idle real estate into high-value digital assets, which are then fractionally sold and potentially tokenized for international investors [17][19]. - The company claims to have a blockchain certification for its assets, indicating a level of legitimacy in its operations, although concerns about compliance and legality are raised [17][19]. - Second Home's promotional materials showcase various real estate projects, but many developers have denied any partnership or collaboration with the company, raising questions about the authenticity of the assets being marketed [24][27][29]. Group 3: Regulatory and Legal Concerns - The article highlights significant regulatory risks associated with Second Home's business model, particularly regarding the legality of token issuance and fundraising activities in China [39][45]. - Experts warn that the lack of genuine underlying assets and the potential for fraudulent activities pose substantial risks to investors [52][53]. - The company’s claims of compliance with legal frameworks are met with skepticism, as the operational model may conflict with existing regulations prohibiting unauthorized fundraising and token issuance [47][52].