Blockchain platform improves efficiency of second-hand property transaction process
Property agency Centaline has collaborated with Microsoft Hong Kong and TFI Blockchain to unveil Hong Kong’s block chain platform for second hand property sale and purchase. By using blockchain technology that is provided by TFI and Microsoft Azure cloud services, the platform aims to provide flexibility to sellers and buyers in addition to improving the efficiency of second-hand property buying process.
Alex Shih, Vice Chairman of Centaline stated, “We spent HK$30 million and almost one year to develop this blockchain platform.” Further, he added, “We expect to invest HK$100 million on IT development this year, bringing enhanced experience to our customers.”
Connecting banks and law firms in order provide safe environment to real estate industry
The platform connects banks, law firms, and related parties with sellers, buyers, and real estate agents. The banks taking part in the platform include HSBC, Bank of China (Hong Kong), Hang Seng Bank, Bank of East Asia, and Standard Chartered Bank.
Charles Tse, Platform Director of TFI, stated, “Blockchain platform provides a safe and reliable environment for the real estate industry.” Further, he added “We hope blockchain can open up more possibilities in other industries such as the legal and financial sectors.”
Empowering Centalive to offer flexible and eco-friendly property transaction services
Apart from protecting customer privacy and data security, the block chain technology also will preserve time and resources in the property transaction process. Moreover, the block chain platform empowers Centaline to offer flexible second-hand property transaction with no restrictions on location or time. Additionally, the block chain technology helps the property agency to become more eco-friendly.
Alex Shih, Vice Chairman of Centaline stated, “We receive around 5,000 copies of the estate agency agreement every month, involving at least 40,000 sheets of paper,” Shih said. “With the use of the block chain platform, we can reduce unnecessary document printing.”
Blockchain platform will provide bank and law firm services in three stages
The blockchain platform will provide services in three stages The first stage of the platform was open in March to property sellers to sign the Estate Agency Agreement for sale of Residential Properties in Hong Kong and state Agency Agreement for Leasing of Residential Properties in Hong Kong (Form 5) with Centaline. In the second stage, the tenants will able to sign the Estate Agency Agreement for Purchase of Residential Properties in Hong Kong (Form 4) and the Estate Agency Agreement for Leasing of Residential Properties in Hong Kong (Form 6) respectively through the platform. The platform will be applied to the Provision Agreement for Sale and Purchase in the third and final stage. The utilization of block chain technology in the entire property transaction process will effectively integrate bank and law firm services into the platform.