到2035

目前的价值低于3000亿美元，标记的房地产市场预计将在未来十年中以27％的复合年率蓬勃发展

The global market for tokenized real estate could reach $4 trillion by 2035, according to a new report by the Deloitte Center for Financial Services.

根据德勤金融服务中心的一份新报告，到2035年，全球代币房地产市场可能达到4万亿美元。

Currently valued at less than $300 billion, the tokenized real estate market is expected to grow at a compound annual rate of 27% over the next decade. Tokens, which represent ownership stakes in assets that can be bought, sold, or traded, are expected to bring real estate investment to a global audience.

目前，标记的房地产市场的价值不到3000亿美元，预计在未来十年内将以27％的复合年龄增长。代表可以购买，出售或交易的资产的所有权股权的代币预计将向全球受众带来房地产投资。

The report highlights how tokenization can simplify complex financial structures. For instance, a real estate fund launched ‘on chain’ could feature smart contracts that automatically manage ownership transfers, capital distributions, and compliance procedures.

该报告强调了如何进行代币化可以简化复杂的金融结构。例如，在“链上”启动的房地产基金可以具有自动管理所有权转让，资本分配和合规程序的智能合约。

One such instance is Kin Capital’s upcoming $100 million real estate debt fund, which will operate on the blockchain platform Chintai using trust-deed-based lending mechanisms.

一个例子是Kin Capital即将到来的1亿美元房地产债务基金，该基金将使用基于信任的贷款机制在区块链平台Chintai上运作。

The study identified three core segments that will likely dominate the market’s evolution: private real estate funds, securitized loan ownership, and projects involving undeveloped or under-construction land. Among these, tokenized debt securities are projected to take the lead, with an estimated size of $2.39 trillion by 2035. Private real estate funds could contribute another $1 trillion, while land development assets may account for an additional $500 billion.

该研究确定了可能主导市场发展的三个核心细分市场：私人房地产资金，证券化的贷款所有权以及涉及未开发或构建土地的项目。其中，标记债务证券预计将带头领先，到2035年，估计规模为2.39万亿美元。私人房地产基金可能会再贡献1万亿美元，而土地开发资产可能会增加500亿美元。

“Tokenization introduces a new level of customization for institutional investors,” said Deloitte. “Unlike traditional investment vehicles, blockchain-based tokens enable hyper-personalized portfolios to be constructed around specific investment theses.”

Deloitte说：“令牌化为机构投资者提供了新的定制水平。” “与传统的投资工具不同，基于区块链的代币使超个性化的投资组合能够围绕特定的投资论文进行构建。”

Deloitte also explored two primary ways for tokenizing existing real estate funds. One method involves an ‘off-chain’ approach, where loans are pooled by an originator, transferred to a special-purpose vehicle, and then used to issue blockchain-backed debt tokens. These tokens can be traded or used as collateral.

德勤还探索了将现有房地产基金施加的两种主要方法。一种方法涉及一种“链”方法，其中贷款由发起人汇总，转移到特殊用途的车辆上，然后用来签发区块链支持的债务代币。这些令牌可以交易或用作抵押品。

The second model centers around launching ‘on chain’ funds based on decentralized agreements between borrowers and lenders, with real estate held in a third-party trust until conditions are met.

第二款模型围绕借款人和贷方之间的分散协议启动“链上”资金，而房地产在第三方信托基金中持有，直到满足条件为止。

Kin Capital’s planned 2025 fund on Chintai falls under this second category. The $100 million initiative will be offered to qualified institutional investors with a minimum commitment of $50,000, marking one of the first tokenized real estate funds revolving around trust deed lending.

金Capital计划在Chintai的2025年基金属于第二类。这项耗资最低承诺的合格机构投资者将提供1亿美元的倡议，标志着最早围绕Trust Deed Lengend的标记房地产资金之一。