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(Kitco News) – China has officially launched a three-year action plan to encourage the development of the country’s metaverse industry as companies look to integrate next-generation information technologies like artificial intelligence, blockchain, cloud computing, and virtual reality into the metaverse.
According to a report from the South China Morning Post, a policy document posted on Friday by five Chinese ministries, including the Ministry of Industry and Information Technology (MIIT), said China has the goal of building “three to five industrial clusters” around these technologies by 2025, with a focus on “breakthrough applications and governance.”
The plan includes five main tasks for firms in the country: Developing advanced technological and industrial systems; Creating a 3D interactive industrial metaverse; Designing immersive and interactive digital life applications; Establishing comprehensive industrial support systems; and Implementing a secure and credible industrial governance framework.
China is looking to integrate its metaverse development into various facets of the economy, including the home appliance, automotive, and aerospace industries, the plan said. Manufacturing industries, such as steel and textiles, will also be able to utilize the technology to optimize scheduling, conduct material calculations, and facilitate other parts of the production process.
The plan defines the metaverse as an immersive, interconnected space where the digital and physical worlds converge and where their economies merge. It emphasizes that the metaverse is expected to lead the development of next-generation internet technologies and aims to accelerate the intelligent and eco-friendly modernization of manufacturing sectors, which will help support the construction of a modern industrial system.
Ultimately, China is looking to build an extensive metaverse for industrial use that can help drive new growth and manufacturing, the document said. The plan was made to “seize the opportunity of the global acceleration of the metaverse industry,” which has the potential to “lead the next generation of internet development, and accelerate the upgrade of the manufacturing industry to be more advanced, intelligent and greener.”
Over time, the plan aims to make major breakthroughs in core metaverse technologies including data flow, content generation, digital twins, and perception and interaction to establish China as a world-leading metaverse industrial ecosystem and create a sustainable industrial development environment.
Real estate tokenization in Hong Kong
As the trend of tokenization slowly gains traction in global finance, Hong Kong-based investment firm Taiji Capital has become the first firm in the region to launch a real estate fund Security Token Offering (STO) that will allocate exclusive tokens to professional investors.
According to local media reports, Taiji Capital launched its closed-end STO PRINCE fund through its Pioneer Asset Management subsidiary. The goal of the fund is to raise HK$100 million to acquire ownership rights for a group of five interconnected shops situated along Prince Edward Road West in Kowloon, which will be tokenized, tracked and traded on the blockchain.
In order to offer 24-hour trading capabilities and decrease finance expenses, Taiji Capital plans to list the PRINCE token on HKbitEX, the firm’s virtual asset trading platform, if regulatory approval is granted.
Zhang Zhongyu, VP of Capital Markets and Asset Management Business at Taiji Capital, said that STOs offer lower financing costs for real estate developers and owners compared to conventional funding methods such as bank loans, which come with interest rates as high as 5%.
The minimum amount required for investors to participate in the fund is HK$1000, and benefits include rental income and an appreciation in the property’s value. Annual dividends will be shared among investors based on the rental income from the stores, minus associated costs. Currently, shops with comparable rents along Prince Edward Road yield returns of 2 to 3%.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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