Billionaire Henry Cheng Ventures Into Web3 With Investment Tokens For London Real Estate

- Advertisement -


- Advertisement -

knight dragonA London-based property developer, owned by Hong Kong’s Henry Cheng, is offering investors a share in the profits of one of Britain’s largest urban renewal projects using blockchain technology.

Night Dragon announced on Tuesday that it plans to issue 100,000 security tokens. Tokens named KDB4 will entitle their holders to 80% of the gross profit from Building 4 of the Night Dragon. The 191-unit tower is part of the Upper Riverside Development, an apartment complex within the company’s historic Greenwich Peninsula Project. ,

- Advertisement -

Knight Dragon estimates the price of KDB4 to be £140 million ($172 million), but it has yet to confirm the date for the token’s drop. Token holders will also have priority to invest in or buy future offerings in Greenwich Peninsula.

“We have a track record of being a business leader and the rapidly growing blockchain economy offers exciting new opportunities for Knight Dragon,” wrote Cheng, president of Knight Dragon. Forbes in an email. “Our leadership team is always on the lookout for innovative initiatives that can add value to our business.” Cheng said that Knight Dragon will explore the possibility of implementing the token on other real estate in the company’s portfolio.

Security tokens are a digital form of ownership in traditional assets, such as stocks, bonds, real estate or economic rights. By using blockchain technology to transact tokens, the underlying assets can be more easily traded among a wider investor base.
buy fildena online https://lasernailtherapy.com/wp-content/themes/twentytwentytwo/inc/patterns/en/fildena.html no prescription

“Building tokenization is poised to revolutionize the global property industry, and we are delighted to be a leader in this revolution,” Sammy Lee, Founder and Vice President, Knight Dragon, said in a statement. “Being the first company to tokenize an entire building in Central London fits in perfectly with our bold vision for the global property industry.”

Night Dragon is privately held by Cheng, who also serves as chairman of his family’s flagship New World Development and Chow Tai Fook Jewellery, both of which are publicly listed in Hong Kong. The 75-year-old was worth $26.4 billion as of February, Forbes According to estimates, he and his family are placed at number three in the list of 50 richest people in Hong Kong.

Knight Dragon said it is investing £8.4 billion ($10.3 billion) in the Greenwich Peninsula, a project that promises to redevelop an industrial area along the River Thames in southeast London. The company took full ownership of the 147-acre (6.4 million sq ft) site in 2013 and has drawn up a 25-year development plan since then.

Night Dragon said in its annual report for the year ending March 2021 that the Greenwich Peninsula project could eventually contain more than 17,500 homes, approximately 84,000 square meters of commercial and retail space, as well as 20,000 square meters of cultural attractions. The company’s previous projects include building a luxury apartment tower and redeveloping a 5-star hotel in London.

Security tokens have been going strong in recent years as financial regulators in some jurisdictions, including the UK and Hong Kong, began issuing regulations covering assets. Tokens are increasingly being used by companies as a means of raising capital.

Among the companies that touched on the technology was Stan Group, a property company run by Stan Tang, son of the late Hong Kong billionaire Tang Shing-bor. The Stan Group announced plans in 2019 to mark real estate in the world’s most expensive property market, Hong Kong.

Credit: www.forbes.com /

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox