Core Viewpoint - The article investigates the business model of Shenzhen Second Home Online Information Technology Co., Ltd. (referred to as "Second Home"), which claims to digitize and tokenize idle real estate into tradable on-chain warrants (RWA), promising high returns for investors. The legitimacy and sustainability of this model are questioned, particularly regarding the source of high returns and compliance with regulations [2][4][12]. Group 1: Business Model and Recruitment - Second Home is actively recruiting partners through social media, promoting a model where a small investment can lead to significant returns, such as becoming a millionaire with an investment of 10,000 yuan [2][3]. - The company offers various partnership tiers with different investment thresholds and corresponding rewards, including token options and the opportunity to become a secondary distributor [3][4]. - The recruitment strategy emphasizes the potential for high returns through a multi-level distribution model, where partners earn commissions for bringing in new members [9][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 in domestic markets while aiming to issue corresponding tokens overseas to attract international investors [14][12]. - The company claims to have a blockchain certification for its assets, but there are concerns about the authenticity of the underlying assets and the legality of the token issuance in China [16][20]. - Despite claims of partnerships with well-known developers, investigations reveal that many of these developers deny any collaboration with Second Home, raising questions about the validity of the projects listed [22][24]. Group 3: Regulatory Concerns and Risks - The article highlights significant regulatory risks associated with the business model, particularly regarding the legality of token issuance and the potential for illegal fundraising activities [31][39]. - Experts warn that the lack of genuine underlying assets and the potential for multi-level marketing structures could lead to legal issues and financial losses for investors [44][39]. - The regulatory environment in China is strict against unauthorized token issuance, and any activities resembling illegal fundraising are subject to severe penalties [31][35].

Core Viewpoint - The article discusses the controversial business model of Shenzhen Second Home Online Information Technology Co., which promotes the tokenization of idle real estate assets, claiming high returns for investors through a multi-level partnership scheme [3][4][14]. Group 1: Business Model and Claims - Second Home claims to digitize and tokenize idle real estate, converting them into tradable on-chain rights, suggesting that investors can earn significant returns, such as "1 house earns the money of 2 houses" [3][4]. - The company is actively recruiting partners, with claims that a 3,000 yuan investment could lead to becoming a millionaire, and a 100,000 yuan investment could secure regional agency rights with substantial returns [3][4][5]. - The partnership structure includes various levels, with different investment thresholds and corresponding rewards, such as token options and distribution rights [4][5]. Group 2: Recruitment and Expansion - Since early September, Second Home has reportedly recruited dozens of partners across multiple provinces, including Guangdong, Hainan, and Jiangsu, with members from diverse professional backgrounds [7]. - The company promotes a referral system where existing partners can earn commissions for bringing in new members, emphasizing the importance of expanding the partner network [9]. Group 3: Regulatory and Operational Concerns - The article raises questions about the legality and compliance of Second Home's operations, noting that the company claims to operate within the framework of existing laws but lacks clear regulatory backing [14][30]. - Investigations reveal that many of the real estate projects advertised by Second Home do not have confirmed partnerships with the developers, raising concerns about the authenticity of their claims [20][25]. - Experts warn about the risks associated with the RWA (Real World Assets) model, highlighting potential legal issues and the lack of genuine underlying assets [34][39].