Yesterday, Hong Kong real estate developer Stan Group
announced the launch of a tokenized profit-sharing system for its employees. Using a private blockchain, the company is tokenizing real estate for employee incentives and recognition. The group as a whole has more than HK$ 60 billion in assets under management ($7.8 billion).
A “Brick” is a blockchain token for a specific building. It’s associated with a smart contract that entitles the brick owner to a share of the capital gain when the building is sold. For now, it has started with just one building but plans to add others as the program grows.
The Buy-a-Brick program integrates with Stan Group’s existing incentive scheme, where employees earn points for business pitches, business referral, attending design thinking and other talent development workshops. While previously these points could be converted to vouchers, hotel stays and other perks, now they can be used to buy a Brick, or a token representing a property. This facility is available without any cash investment from the employees.
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