Blockchain-Powered Real Estate Finance Technology Platform From Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd., a NYSE-listed real estate developer and property manager primarily in China, has announced that its new blockchain-powered real estate finance technology platform was released at the first China Financial Technology Conference held in Beijing in the second week of July. As IBM’s first blockchain cooperation partner in China, Xinyuan established the online platform that connects home owners with broad channels for financing opportunities, while benefitting from the safety, transparency and convenience afforded by IBM’s blockchain technology. At the event, Xinyuan and Tsinghua University PBC School of Finance also jointly announced the establishment of Xinyuan Real Estate Financial Technology Research Center, a collaboration designed to support the platform.
With IBM providing the blockchain and smart contract technologies and Xinyuan building the real estate information database, the property evaluation system, the transaction system and the risk control modules, the Xinyuan expects that the platform will be able to support various types of applications, including consumer finance, investment and financing as well as industrial finance, by connecting investment and financing institutions, credit bureaus and merchants. It anticipates that this platform will contribute to the technological infrastructure of real estate finance and provide Xinyuan and other real estate developers with new patterns of real estate operations. The platform is also supported by the Industrial and Commercial Bank of China global credit blacklist system of corporations and individuals. The platform is currently in the close-beta phase and is expected to be officially launched in August 2016.