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EQS-News / 22/02/2019 / 09:59 UTC+8 New World Development will collaborate with Hong Kong Applied Science and Technology Research Institute (ASTRI) to launch a blockchain platform for home buyers. Reportedly, the Bank of China (Hong Kong) was the service's first bank user. Announced by local news outlets on Feb. 20, New World Development will create Hong Kong's first property-purchase blockchain platform, in collaboration with ASTRI. Bank of China (Hong Kong) will be the first bank to participate and apply the new platform to its services. Advanced blockchain technology allows the platform to provide an all-in-one support service to buyers, banks and related bodies. With the collaboration, PropTech is the breakthrough that will fundamentally reshape Hong Kong's real estate industry, saving time and resources in the property-buying process. Home buyers will soon enjoy a fast and convenient user experience in the new era of Property-Purchase 2.0, coming on-stream in April 2019. Adrian Cheng, Executive Vice-chairman and General Manager of New World Development, said, "In the past 30 years, the real estate market of Hong Kong has very rarely seen high technology introduced into the purchasing process. Traditionally, buyers, real estate developers, banks and law firms all work separately. Today, New World has created the first and brand-new cross-sector platform. The new PropTech platform's greatest advantage is to open up the entire real estate industry chain; it also marks the first implementation of blockchain technology into the real estate industry," The platform will focus on replacing paperwork operations, like signing the Provisional Sale and Purchase Agreement or a mortgage application with digital authorization. The revolutionary advantage of integrating blockchain technology into the property-buying platform will also allow an unprecedented reduction of time and work between signing the provisional agreement and finalising the deal. ASTRI CEO Hugh Chow said that DLT could reshape property market operations, resulting in efficient and flexible property buying procedures. The revolutionary advantage of integrating blockchain technology into the property-buying platform is that it allows an unprecedented reduction of time and work between signing the provisional agreement and finalising the deal. The one-stop blockchain platform can save up to 8 hours on a transaction by integrating all the time-consuming intermediary steps: the filling-in of long and complex application documents, the tedious back-and-forth between banks and lawyers, and the time-consuming research into information about mortgage loans. Moreover, the one-stop platform benefits service providers and saves around 47 hours of work. The entire industry chain will save around 55 hours on each transaction in total. Document: http://n.eqs.com/c/fncls.ssp?u=UCUTPLMOSV [1] Document title: New World Creates Hong Kong's First Blockchain Platform for Property Buyers 22/02/2019 Dissemination of a Marketing Press Release, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. Media archive at www.todayir.com 1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=eb687669cb34932dedec3a95e8c0b4e0&application_id=779947&site_id=vwd&application_name=news
(END) Dow Jones Newswires
February 21, 2019 20:59 ET (01:59 GMT)
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