Real Estate Token (RET), a digital token with an underlying real estate asset, is one initial part of a digital ecosystem that intends to fully utilize the commercial applications potential of blockchain technology. Meiyingju Group (International) Company Limited (MGI), a Hong Kong-based company issuing the digital asset tokens, is currently working with ACCHAIN and Pencil Blockchain to expand the uses and applications of RET.
The team is aiming for an ecosystem centred around RET, which would allow the circulation of the tokens in a variety of ways: from investment to retail purchases to travel and leisure. MGI have stated that talks are already underway with several international businesses to participate in the first phase of the ecosystem. It was recently announced that the team engaged the services of Collins Barrow Toronto to structure a hybrid digital asset fund for qualified investors looking to benefit from the potential of blockchain commercial applications. Negotiations are also underway for a luxury resort in Maldives which will allow token holders to use their RETs to pay for accommodations. Further expansions to the ecosystem will see token holders using RETs as a mode of payment for goods and services from participating merchants.
The Real Estate Token, now available through ACCHAIN.ORG, is backed by a $655 million residential development project in a housing market in the US, Dallas-Fort Worth. The project, called Serene Sendera Ranch, is a 2,385-home residential community to be developed by Serene Country Homes - a developer based in Fort Worth, Texas.
MGI’s token offering is exclusively available to all non-US citizens or residents. RET, currently valued at USD1 per token, is available through its Initial Coin Offering on ACCHAIN.ORG, which will run from June 9th to June 24th 2017. After the ICO, RET will be available to purchase through ACCHAIN’s supernodes or through digital asset trading platforms.