Chinese developer and property manager Xinyuan Real Estate has unveiled a new platform to connect home owners with a wide range of financing opportunities.
Launched in mid July at the China Financial Technology Conference in Beijing, the platform has been developed in collaboration with IBM to offer users "the safety, transparency and convenience afforded by IBM's blockchain technology".
IBM will provide the platform with its blockchain and smart contract technologies, while Xinyuan will take charge of building its real estate information database, the property evaluation system, the transaction system and the risk control modules.
Xinyuan founder and Chairman Yong Zhang says the company expects the platform will be able to support various types of applications, including consumer finance, investment and financing as well as industrial finance by connecting investment and financing institutions, credit bureaus and merchants.
"We anticipate this platform will contribute to the technological infrastructure of real estate finance and provide Xinyuan and other real estate developers with new patterns of real estate operations," Yong says.
"Importantly, the platform is also supported by the Industrial and Commercial Bank of China's global credit blacklist system of corporations and individuals."
Yong says this new platform demonstrates Xinyuan's efforts to explore new opportunities in China's real estate market through strategic collaboration with leading companies.
"Through the standardization and digitalization of the property appraisal process, we believe our platform can help revitalize China's real estate market by stimulating consumption, investment and financing activities,"he says.
"We anticipate this platform will support our real estate development activities while also representing Xinyuan's strategic evolution from a pure traditional real estate developer into a more diversified, technology-driven real estate company with differentiated business segments and global operations."
Currently in the close-beta phase, the new Xinyuan platform is expected to be officially launched in August 2016.
As part of the venture, Xinyuan has partnered with Tsinghua University PBC School of Finance to jointly launch the Xinyuan Real Estate Financial Technology Research Center which aims to support the platform.
With operations predominantly in China, NYSE-listed Xinyuan has expanded to the US in the last few years and claims to be IBM's first blockchain collaborative partner in China.
In China, Xinyuan develops and manages large scale, high quality real estate projects in over ten tier one and tier two cities, including Beijing, Shanghai, Zhengzhou, Jinan, Xi'an, Suzhou, among others.
Xinyuan was one of the first Chinese real estate developers to enter the US market and over the past few years has been active in real estate development in New York.