NWD makes blockchain platform for buying homes in Hong Kong

New World Development (NWD), a Chinese property developer, has recently announced that the company has made one of the first blockchain platform for purchasing property in Hong Kong. The platform was developed in collaboration with Hong Kong Applied Science and Technology Research Institute Company (ASTRI).

Bank of China (Hong Kong) (BOCHK) is the first bank to participate and apply the new platform to its services, according to a press release.

Integrating blockchain technology into a property-buying platform will help reduce the time and work between signing a provisional agreement and finalizing a deal.

The one-stop blockchain platform claims to be able to save up to 8 hours on a transaction by integrating all the time-consuming intermediary steps: the filling-in of long and complex application documents, the tedious back-and-forth between banks and lawyers, and the time-consuming research into information about mortgage loans.

Moreover, offering an all-in-one, 24/7 support service to buyers, banks, and related bodies, the platform benefits service providers and saves around 47 hours of work, and the entire industry chain will save around 55 hours in total, according to NWD.

The Hong Kong property developer plans to launch the platform in mid-April this year, applying it to new property and stock sales. With target sales of about 4,000 to 5,000 home units in two years, it expects most of the buyers will use the platform.

For now, it does not intend to open the platform to other property developers, but other banks, as well as related bodies, such as law firms, will join the platform this year.

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