Core Insights - The ONE Carmel project has officially entered the compliance sales phase after receiving the FINAL SUBDIVISION PUBLIC REPORT from the California Department of Real Estate, marking a significant milestone in its eight-year development journey [1] - The land valuation of the ONE Carmel project has exceeded $200 million (approximately HKD 1.56 billion), with the total project value surpassing $2 billion (approximately HKD 15.6 billion) following the issuance of the sales permit [1] Group 1 - The project is located in Monterey County, California, covering an area of 891 acres (approximately 3.6 square kilometers) and plans to develop 73 custom lots with an average lot size of about 4.38 acres [1] - The issuance of the white paper indicates that the project has completed a comprehensive review by the government regarding land planning, infrastructure, owner rights protection, and financial supervision systems [1] Group 2 - The project will focus on advancing the infrastructure and community entrance public facilities for the first phase of 36 lots, expected to be completed by the end of 2026, while also initiating the design and construction of model homes and wellness club facilities [2] - The company has launched a Real World Asset Tokenization (RWA) plan for the ONE Carmel project, converting its $40 million (approximately HKD 312 million) equity into digital tokens using blockchain technology, which aims to provide special dividend distributions to shareholders and innovate the integration of premium real estate with digital finance [2]

Group 1 - The core announcement is that Derlin Holdings (01709.HK) has initiated a Real World Asset (RWA) tokenization plan for its ONE Carmel project in the U.S., converting $40 million (approximately HKD 312 million) of equity into digital tokens via blockchain technology [1] - The ONE Carmel project is a luxury residential development located in Carmel Valley, Monterey County, California, covering 891 acres (approximately 3.6 square kilometers) and featuring 66 ultra-modern villas with high-end amenities [1] - The project is strategically located between San Francisco and Los Angeles, just 1.5 hours from Silicon Valley, enhancing its investment appeal [1] Group 2 - The announcement provides details on a previous transaction from September 16, where Derlin Holdings increased its stake in ONE Carmel, acquiring approximately 13.12% of the expanded B-class membership rights for about $10.32 million (approximately HKD 80.52 million) [2] - The market value of the ONE Carmel property is estimated to reach approximately $111.3 million by March 31, 2025, with a projected total value of $1 billion (approximately HKD 7.8 billion) upon completion [2] - The valuation was conducted by a chartered surveyor with over 27 years of global valuation experience, ensuring the professionalism and fairness of the assessment [2]