纽约高档公寓和瑞吉Aspen度假村的房产ST实例｜8 Decimal View
浪花财经纽约高档公寓和瑞吉度假村的房产STO实例
作者：Brian H. Hough & 魏然
八维研究院原创，转载请注明出处
本月初，纽约曼哈顿的一处高档公寓房产在以太坊上被成功通证化（tokenized）。Rachel Wolfson在福布斯的文章里提出，这一里程碑事件代表着“曼哈顿首个被通证化的主流资产，这个房产最近估值超过3千万美金”。操盘了这笔交易的经纪商Ryan Serhant说，他为区块链和Security Token（ST）对现代金融造成的革命感到非常激动。
“纽约的市场依旧坚挺，但是要以合理的价格出售一个新的建筑物仍需要花些时间。通过基于区块链的通证化，我们可以一定程度上摆脱依赖于传统银行融资的巨大压力，这对于项目方和所有利益相关方来说都是更加健康的模式。通证化正在为房地产业的发展开辟一个全新的前沿领域。”——Ryan Serhant，福布斯
曼哈顿东村 436 & 442 东13街的高档公寓，第一个在以太坊上被通证化的主流资产
除了纽约，位于科罗拉多州的瑞吉Aspen度假村也在通过Indiegogo众筹平台来发行基于房地产的Security Token。
https://blockchain.indiegogo.com/projects/aspen/
Aspen Digital正在着力构建一个加密世界的房地产生态，而Aspen Coin由一种高档资产背书，Coin的价值对应拥有瑞吉Aspen度假村所有权的房产投资信托的普通股权。
这个度假村有179个房间，包括了25个高档客房和15,000平方英尺的Spa，还有14个全套配置的会议厅。瑞吉酒店坐落在落基山脉，天然具备高质量的滑雪环境和最长的雪季，还有包括滑雪世界杯，ESPN冬季X game，红酒美食活动和Aspen音乐节在内的持续全年的节日和丰富的活动，这些都刺激了游客住宿的需求。
瑞吉Aspen度假村
简言之，不论是瑞吉酒店的旅游地产，还是曼哈顿东村的高端公寓，都是具备真实价值的优质资产。
如Indiegogo官网所说，“在过去的1,000年里，大部分资产的所有权都是通过由交易各方签订纸质合约来进行管理的。通过通证化证券，一份文件将为token持有者确权，而token自身就是那份文件的载体。Token可以像数字货币一样交易，且在监管的框架下。“
基于资产发行的ST和其他基于资产发行的投资品类似：其价值由有形的资产作为支撑。底层资产的价值可以维护投资品价格的稳定，减少加密货币价格的波动。
正如我们在最近的有关证券化通证（ST）的文章中提到的，通证化资产一方面可以像证券一样具备合规性，另一方面提供了数字证券的便利性。债权融资就是一个例子，它可以强力推动数字资产在诸多垂直产业的应用。
比如，Amiran Group所操盘的纽约曼哈顿的房地产项目，就为法币世界和虚拟货币世界搭建了一道桥梁。通过通证化房产，该项目可以同时接受法币和数字货币投资，投资人可以收到法币或数字货币计价的利息，这将提高流动性和资产所有权转移的效率。目前，这个房地产集团正在与Fluidity合作（Fluidity是为做市商、发行商和其他金融机构交易证券化通证提供技术服务的公司）。除了与Fluidity联手，Amiran也在和Propellr Securities LLC合作，推进法币世界和加密世界的协同：
“Propellr Securities LLC将通过技术平台对接Security Token（ST）的买卖双方，甚至把利息变成token。Propellr将可以接受法币支付，并在Red D 506（c）豁免条款下销售证券。通过使用AirSwap的包括通证化（Tokenizing）在内的技术，一个合规的二级市场将会出现。换言之，这将促使在线的，端对端的，本土资产的区块链交易成为现实。｜Crypto Tomorrow
在中国，也有尝试将区块链和资产证券化结合的创新探索。今年6月，交通银行正式上线聚财链，这是业内首个投行全流程资产证券化区块链平台，本质是一条由交行、交银国际、券商、评级机构、会计及律师事务所等组成的联盟链。今年9月，中央国债登记结算有限责任公司上海总部成功支持交盈2018年第一期个人住房抵押贷款资产支持证券簿记建档发行，总规模93.14亿元。此债券是市场首单基于区块链技术的信贷资产证券化项目。
交盈2018年第一期个人住房抵押贷款资产支持证券交易结构
中国人民银行数字货币研究所所长姚前在《资产证券化区块链平台的创新设计及其应用》中，具体介绍了基于某金融资产交易所资产证券化产品，开发设计的一个基于区块链的信息披露平台。
一个合规的无币区块链在资产证券化上的应用，会具备如下特点：
● 在底层采用联盟链的技术架构，支持各参与方在许可方式下加入。
● 根据底层资产的分级结构，设计相应的分级账本数据结构。
● 按信息披露的需求，支持从上层产品到底层资产相关实体信息的完整数据建模。
● 在账本数据存储上，将结构化数据在区块链账本上直接记录，将文件数据存储在IPFS（Inter PlanetaryFile System），保证整个DLT账本数据安全可信。
● 从外部数据互操作上，选取核心的发票数据，将国税局增值税发票查验平台作为外部可信数据源，对发票信息进行交叉验证。
可见，与美国略有不同，我国的区块链＋证券化主要是由传统金融机构主导的无币联盟链。央行研究所试图利用RegTech金融科技手段，主要目的是解决中小企业资产证券化业务底层信息真实穿透难题。
通证化的飞速发展促进跨境市场交易
Propy.Inc.,一家位于加州的区块链房地产交易平台，2018年1月，Propy公布他们将通过一家位于Vermont的房产，测试自己的区块链房产存证系统。
Propy的CEO Natalia Karayaneva 是房产通证化领域的先锋。她指出，跨境的信息撮合和交易达成面临着诸多痛点，包括语言和文化的复杂性和支付问题，而无数的第三方中介更是将交易流程变得无比冗长。在她的热文通证化Vermont的房产里，她畅想了一个没有中间商的房产市场。
“我们期待那些希望可以跨境交易房产的公司和个人可以成为我们的token的首要受众。跨境的房产交易是一个每年交易额高达3400亿美金且以13%的增速发展的市场。Propy希望能推动这个市场的健康发展。——Natalia Karayaneva ｜ Hackernoon。
Propellr的CEO Todd M. Lippiatt 也提出，尽管JOBS法案已经降低了私有证券的交易门槛，但何时私有证券的交易能达到标准化公募证券的便利程度还未可知。一个可能的解决方案是“Two Token Waterfall”，Todd M. Lippiatt和Michael Oved在一篇白皮书里介绍了这个模式的原理。
私有证券，比如房地产合约，通常指代那些人们会希望一直持有到兑付期收回本息，而不会提前变现的资产。在二级市场交易利息的行为尽管也在发生，但是并不频繁，而且流程很繁杂，通常都是在价格远低于资产净值时才会发生。而通证化解决方案，有望让所有权的转移更加便捷，降低交易摩擦并构建一个更具流动性的市场。
在“Two Token Waterfall”白皮书里，Lippiatt和Oved解释了私有证券，比如价值3000万的曼哈顿房产，是如何通过通证化提升多有权转移的效率，提高市场流动性。
案例分析：瑞吉Aspen度假村的STO
Aspen REIT, Inc. 是瑞吉Aspen度假村的投资主体，一家房地产投资信托。Aspen REIT在一年前曾向SEC申请IPO，计划以每股20美元的价格在纽交所发行1,675,000股股票。然而，管理层最终选择了STO而不是IPO。
根据CNN的报道，瑞吉Aspen酒店的所有者——资产管理公司Elevated Returns在10月对外公布，合格投资人已经在Indiegogo平台发起的股权STO活动中认购了价值1800万美金的Aspen Coin。
每一个Aspen Coin代表着一个由单一资产构成的房产投资信托（REIT）的所有权份额，而这个REIT拥有经STO被通证化的瑞吉Aspen酒店的部分股权（价值1800万美金）。由于证券发行受SEC监管，根据Reg D 506（c）的规定：只有合格投资者可以参与Aspen Coin发行认购。
交易结构 来源：Krypital Group
投资人可以在交易平台Templum Market上购买Aspen Coin，并在任何支持ERC-20通证的钱包（包括Aspen 网页端钱包）上存储ST。Templum Markets同时是Aspen Coin的发行方和交易平台，它是一家在美国证券交易委员会（SEC）和金融业监管局（FINRA）注册的金融科技公司和经纪交易商。 Templum Markets也是另类资产交易系统（ATS）的运营商，用于被定性为证券的数字资产的二级市场交易。
STO与公开上市的房地产投资信托基金REITs一样，都允许投资者拥有（高质量）资产的一小部分（fractional owenership），但在发行费用上，公开上市的REITs的设置成本、投资门槛和税收成本会更高，所以人们可能转向STO的模式。但是，金氪区块链研究院也指出，在信息披露、投票权、股息分配、禁售期等方面，STO是否优于REITs仍待观察。
普惠金融——降低投资门槛
当区块链技术进入主流应用领域时，植入智能合约所带来的资产通证化将形成新的利好。
在我们的文章《区块链的第三波浪潮》系列中指出，在金融的数字化转型过程中，产生了三波浪潮。第一波伴随着支付转账，第二波伴随着股权融资，而伴随着第三波浪潮而来的资产通证化（Tokenization）和STO（Security Token Offer）将带来更多潜力。
Anthony Ponpliano在他的文章 “The Official Guide to Tokenized Securities” 中强调了ST合约的几个核心优势：
1.去除不必要的中间商从而降低成本
2.提升交易达成的效率
3.为潜在投资者开辟世界市场
4.通过软件使得服务提供商（如律师）实现自动化
5.促进普惠金融，减少金融垄断和腐败
Amiran Group，曼哈顿房产项目的经纪商指出，通证化房产不仅对于公司来说具备历史意义，对于整个行业来说也是一个标志性的事件。这个案例最有趣的一点在于它革命性的理念，用基于区块链的方式来降低人们投资高档资产的门槛。
David Karliuki对Crypto Tomorrow说：“通证化是一种新模式，房产的价值将由一种数字资产所承载，这种代表了”更小的交易摩擦“的数字资产可以分发给不同的投资人。房产的所有者可以通过售卖token给不同的人来募资，而不需要把整个房产卖给某一个人。”
房产卖家的两个核心关注点是“时间”和“资本”。在传统的高档资产交易里，一是很难汇集足够的资本来购买资产，二是资产的升值需要时间，这些因素都限制了高档资产的买卖。而通证化资产为两个世界都开辟了新机会。通证化不仅让更多人可以投资于房产，人们也可以通过持有token享受资产升值的分红权，甚至将token在交易所售卖从而获利。
从Aspen的度假村到曼哈顿的高端公寓，区块链技术在房地产市场的应用正在加速。通过在区块链基础设施上构建合约层，一个新次元将正在技术的催化下诞生。
八维资本正在推动这一全新领域的成长，期待房产通证化和Security Token为未来的金融、商业和社会赋能。
英文版：
Tokenization of Manhattan‘s Condominium and St. Regis Aspen Resort
Author：Brian H. Hough & Ran Wei
@ 8 Decimal Research
Earlier this month, a luxury condominium property was tokenized on the Ethereum blockchain in Manhattan, New York. As Rachel Wolfson reported in Forbes, this milestone represents the “first major asset in Manhattan to be tokenized on Ethereum. The property has recently been appraised at more than $30M.” The listing broker of the historic deal, Ryan Serhant, said he is excited about the potential for blockchain and security tokens to revolutionize modern finance.
“The market in New York is always strong, but it can take some time to sell for the right price in a new construction building. With blockchain tokenization, we can remove the unruly pressure of traditional bank financing, which is much healthier for the project and all of the stakeholders. Tokenization is paving the way for a new forefront in real estate development.” — Ryan Serhant | Forbes
A luxury condominium complex on 436 & 442 E 13th St. in the East Village of Manhattan is the first major asset in the city to be tokenized on the Ethereum Blockchain.
Aside from this case,the owners of the St. Regis Aspen Resort in Colorado also have begun to sell real estate security tokens on a blockchain with help from Indiegogo, a crowdfunding site.
https://blockchain.indiegogo.com/projects/aspen/
Aspen Digital is creating an ecosystem for real estate in the crypto world and the Aspen Coin is a security token backed by common shares in a single asset real estate investment trust that owns the St. Regis Aspen Resort, a luxury asset.
The property offers 179 rooms, including 25 luxury suites, a 15,000 square foot luxury spa, and 14 fully equipped meeting spaces.Moreover, located in the Rocky Mountain Region, St. Regis has access to quality, consistent ski conditions and boasts one of the longest ski seasons. Year-round festivals and events stimulate demand, including world cup ski races, ESPN Winter X games, Food & Wine Classic, and Aspen Music Festival. In short, this is a promising asset with real value.
St. Regis Aspen Resort | Source: Wikimedia
In short，no matter it's St. Regis Aspen Resort or luxury condominium in Manhattan, they are valuable assets with real values.
According to Indiegogo，“For the last 1,000 years ownership of most assets was managed by all parties to each transaction signing paper certificates. With tokenized securities, there is one document that defines the rights of token holders, and the tokens themselves are a proxy to that master document, and can trade just like cryptocurrencies, within regulations.”
Asset backed STs are similar to other asset-backed investments: the value is supported by tangible assets. The value of the underlying assets may help maintain a more stable price and reduce the volatility in the price of cryptocurrencies.
As we mentioned in our recent Medium article, Part 2: Security Tokens (STs), tokenized assets maintain the regulation of analogue securities while also providing the efficiency of a digital security. Serhant believes that the ability to tokenize assets will be a stronger alternative for investors conducting business deals. Debt financing in this situation is one of a growing number of use-cases for blockchain technologies and highlights the ongoing trend for digital assets across numerous industry verticals.
For instance，Amiran Group coordinated the New York real estate project to bridge both the fiat and the cryptocurrency worlds through blockchain. By tokenizing the property on the Ethereum blockchain, the project can both receive fiat and digital currencies as investments. However, investors can receive analog or digital interests in the investment, which should improve both liquidity and ownership transfer. The real estate group is partnering with Fluidity, the blockchain-based creators of AirSwap (AirSwap Team) which allows tokens to be traded on a decentralized platform. This partnership, along with propellr Securities LLC further coordinates communications between the fiat and crypto worlds:
“Propellr Securities LLC will do the job of finding buyers of security through their tech platform or rather take the interests and turn them into tokens. The partnership with Fluidity will allow the latter to accept fiat payments and solicit and sell securities under Reg D rule 506(c). Fluidity provides technology services to registered broker-dealers, issuers and financial institutions for tokenized securities. Using the AirSwap technology including in the “tokenizing” will allow emergence of a compliant secondary market. In other words, it will facilitate a peer-to-peer market for local assets online via blockchain.” | Crypto Tomorrow
The Rapid Development of Tokenization
Propy, Inc., a California-based blockchain real estate marketplace, announced in January of 2018 that conducted the first test of their blockchain real estate documentation system with a Vermont property. (Source)
Natalia Karayaneva, CEO of Propy, Inc. is a pioneer of this new era of real-estate tokenization. In her article, “The First Token Sale In Real Estate,” she explained how sourcing and closing with cross-border transactions led to numerous difficulties, including language and cultural complexities, payment issues, and the endless third-parties needed for the transactions which prolonged the process even further. After her widely-shared story of tokenizing the famed Vermont property, she has her sights set on a real estate world with no middlemen.
“We expect companies and individuals interested in cross border real estate transaction to be the primary buyers of our tokens. Cross border real estate transactions are a $340 billion annual market, growing at 13% a year. Propy intends to grow that market substantially.” — Natalia Karayaneva | Hackernoon
Todd M. Lippiatt, CEO of propellr, explains that while the JOBS Act has increased the accessibility of private securities, the process has not reached the extent of standardization public securities have come to know. One possible solution to this problem is known as the “Two Token Waterfall” which is explained in a whitepaper by Todd M. Lippiatt and Michael Oved.
Private securities, such as real estate contracts, are generally referred to as held-to-maturity by investors with no expectation of early redemption. Secondary trading of interests do occur, but are infrequent, cumbersome, and typically trade at prices significantly below net asset value. The solution of tokenizing, as they suggest, allows for easy ownership transfer to remove the transactional friction and potentially enable liquid markets to emerge.
In the “Two Token Waterfall” whitepaper, Lippiatt and Oved explain how private securities, such as the $30 million Manhattan real estate property, could become tokenized to allow improvements in both ownership transfer and market liquidity. (Source)
Case Study：St. Regis Aspen STO
Aspen REIT, Inc.,is a real estate investment trust that holds St. Regis Aspen's equity. Aspen REIT has planned to offer 1,675,000 shares at $20 per share to apply to list its common stock on the NYSE American stock exchange. However,they decided to turn to STO/TAO(Tokenised Asset Offering) rather than IPO.
According to CCN,asset management firm Elevated Returns, the owner-operator of the St. Regis Aspen Resort announced on October that accredited investors had purchased $18 million worth of Aspen Coins made available through the equity STO hosted on the Indiegogo platform.
Each Aspen Coin represents a share in a single-asset real estate investment trust (REIT) that holds the $18 million in St. Regis Aspen equity made available through the STO. Since securities offerings are regulated by the SEC, the sale was restricted to accredited buyers.Under Regulation D Rule 506( c ): Only acceredit investors can participate in the Aspen Digital Coin offering.
Structure of the TAO 来源：Krypital Group
Investors may go to Templum Markets for the on-boarding process to purchase Aspen Coins and the token holders can keep Aspen Coins in any wallet that supports ERC-20 tokens including free Aspen Web Wallet. Templum Markets, LLC serves as the issuance and exchange platform of Aspen Coin.It is a financial technology company and broker-dealer registered with the U.S. Securities Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Templum Markets is the operator of an Alternative Trading System (ATS) for the secondary trading of digital assets that are securities.
Inclusive Finance：Lower the barrier of investment
As blockchain technology is brought into mainstream use, the integration of smart contracts will allow for the tokenization of assets among other key advantages.
Within the digital transformation of finance, three waves have emerged. The first with payments and transactions, the second with equity and financing, and the third wave is where tokenization and security token offerings offer a great amount of potential. Read more about these waves in our three-part research series here: Three Waves of Blockchain Revolution in Finance
Anthony Pompliano in his article “The Official Guide to Tokenized Securities” highlights several key advantages to these types of security token (ST) contracts:
1.Lower fees from eliminating middlemen.
2.Deals can be processed more quickly with the increased efficiency.
3.Expansion to a worldwide network of potential investors.
4.The software automates the function service providers (i.e. lawyers) typically serve.
5.Low threshold for financial corruption and manipulation
Amiran Group, the firm that brokered the Manhattan real estate deal, described this feat as historic, not only for the firm, but also for the industry. What is especially interesting about this tokenization deal is the revolutionary idea of blockchain-based investing strategies for high-end properties. InCrypto Tomorrow, David Karliuki explains how the real estate deal was brokered: “Tokenizing is a method where the value of the real estate property is represented/valued in digital assets on a blockchain resulting into “smaller fractions” digital assets that can be bought separately by different investors. The owner offers the property for sale as tokens and raises the total amount of property value from different investors instead of having one buyer buy the property.”
He explains that time and capital can be two areas of concern for sellers of real estate. Either looking for enough partners to fund the venture or enough time for the venture to become profitable further limits the number of people able to engage in this type of high-end property selling.
“Tokenization thus unlocks potential for both worlds. Tokenization not only sees many people investing in a real estate project but that the tokens can also he held and increase in value as property appreciates, and even sold on exchanges,” says David Karliuki in Crypto Tomorrow
From the Manhattan condominium to the Aspen property, the use of blockchain technology for real estate ventures only continues to accelerate. By building protocol layers on top of these blockchain infrastructures, new dimensions will continue to emerge for the technology. 8 Decimal Capital is excited by this innovation, proving why blockchain technology and security tokens will power the future of finance, business and society.
Reference：
Indiegogo’s First Security Token ICO Listing Raised $18 Million by ICO news
https://blockchain.indiegogo.com/projects/aspen/
金氪区块链研究院 | 第一个地产STO项目分析 Aspen Coin
Aspen REIT launches initial public offering to acquire St. Regis Aspen
Two Token Waterfall by Todd M. Lippiatt and Michael Oved
Templum Markets Launches Digital Security Offering of St. Regis Aspen Resort
The Official Guide to Tokenized Securities by Anthony Pompliano
资产证券化区块链平台的创新设计及其应用 人民银行数字货币研究所姚前
