Group 1 - The Chinese real estate industry has entered a "stock game" phase, focusing on revitalizing dormant assets and optimizing capital allocation [1] - Real World Assets (RWA) utilize blockchain and smart contract technology to tokenize large real estate properties, significantly lowering investment thresholds and introducing liquidity mechanisms [1][2] - The global RWA asset scale is projected to reach $25.4 billion by August 2025, with the market potentially exceeding $16 trillion by 2030 [4] Group 2 - Hong Kong is set to launch the "Digital Asset Development Policy Declaration 2.0" in 2025, allowing tokenized real estate to be traded through licensed platforms [2] - Institutions like Greenland Jinchuang and Delin Holdings have initiated pilot projects, such as splitting a commercial property into 1 million NFT certificates, raising HK$2.9 billion [2] - Internationally, Europe’s Blocksquare has completed over $200 million in real estate tokenization, while Dubai aims for 7% of property transactions to be tokenized by 2033 [2] Group 3 - The release of GPT-5 is pushing RWA into the "AI smart asset" era, enabling real-time monitoring of data to optimize valuations and risk management [3] - The research suggests that regulatory frameworks need to be improved, with pilot projects focusing on mature assets and adopting a "revenue rights first" lightweight model [3] - RWA is not a universal solution; addressing real demands is essential for reshaping the value chain of existing real estate [3]