Tokai Tokyo Financial Holdings and real estate development firm Tosei have partnered to offer digital securities backed by the rental income of office buildings in Japan, a Nikkei report said.
Tosei is a real estate firm based in Tokyo and owns about 102 properties in the Japanese capital. During the six months ended May 2020, Tosei had revenues of ¥2.7 billion ($25.2 million) from its rental business. Rental income from buildings it owns is just one of Tosei’s income streams. The revenues accounted for 6.1% of the company’s total, but the rental profits represent 48% of the company’s operating profit for the six months.
The proposed digital securities will be listed on the iSTOX blockchain-based exchange in Singapore in August. The first real estate asset to be tokenized is a billion-dollar property of Tosei in Tokyo’s metropolitan area.
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