从房地产金融化到去中心化：房地产投资信托基金和基于区块链的代币化的比较回顾

IF 3.4 2区社会学 Q1 GEOGRAPHY

Geoforum Pub Date : 2025-02-01 DOI:10.1016/j.geoforum.2024.104193

Ang Liu , Cheng Chen

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引用次数: 0

摘要

基于区块链的代币化代表了房地产行业的一股变革力量，为房地产投资信托基金（REITs）的成熟模式提供了一个令人信服的替代方案。随着房地产行业在技术进步的推动下从金融化向分散化发展，这两种模式为房地产投资民主化提供了不同的途径。长期以来，REITs一直是房地产金融化的基石，允许个人投资者通过对多元化房地产组合的部分所有权参与大规模房地产投资，从而促进金融供应和住房市场份额。然而，区块链技术和去中心化金融（DeFi）的出现引入了一种新的范式，在这种范式中，房地产所有权可以被分割成数字代币，通过全球24/7交易平台提高流动性、透明度和可访问性。研究结果表明，虽然REITs成功地扩大了投资者基础并改善了市场流动性，但基于区块链的代币化有可能通过降低进入壁垒、降低交易成本和分散市场操作来进一步推动这些成就。然而，在房地产中采用区块链技术也带来了挑战，包括监管不确定性、技术风险以及对强大治理框架的需求。随着金融和科技之间的界限不断模糊，这项研究强调了调整监管框架和投资策略以驾驭不断变化的房地产投资格局的必要性。这篇批判性评论最后讨论了这些趋势的未来影响，强调需要继续进行研究和监管创新，以充分实现分散房地产市场的潜力，特别是在审查住房不平等和负担能力方面，因为住房不仅是一种重要的投资工具，也是人们生活的基本住所。

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From real estate financialization to decentralization: A comparative review of REITs and blockchain-based tokenization

Blockchain-based tokenization represents a transformative force in the real estate sector, offering a compelling alternative to the well-established model of Real Estate Investment Trusts (REITs). As the real estate industry evolves from financialization to decentralization, driven by technological advancements, these two models offer distinct approaches to democratizing real estate investment. REITs have long been a cornerstone of real estate financialization, allowing individual investors to participate in large-scale real estate ventures through fractional ownership of diversified property portfolios, thus advancing financial supply and share of the housing market. However, the advent of blockchain technology and decentralized finance (DeFi) introduces a new paradigm where real estate ownership can be fractionalized into digital tokens, enhancing liquidity, transparency, and accessibility through global 24/7 trading platforms. The findings suggest that while REITs have successfully broadened the investor base and improved market liquidity, blockchain-based tokenization has the potential to advance these achievements further by lowering entry barriers, reducing transaction costs, and decentralizing market operations. However, the adoption of blockchain technology in real estate also presents challenges, including regulatory uncertainties, technological risks, and the need for robust governance frameworks. As the lines between finance and technology continue to blur, this research underscores the necessity of adapting regulatory frameworks and investment strategies to navigate the evolving landscape of real estate investment. The critical review concludes by discussing the future implications of these trends, highlighting the need for continued research and regulatory innovation to fully realize the potential of decentralized real estate markets, particularly in examining housing inequality and affordability, as housing is not only an important investment vehicle but also as a fundamental shelter for people to live.

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来源期刊

Geoforum GEOGRAPHY-

CiteScore

7.30

自引率

5.70%

发文量

201

期刊介绍： Geoforum is an international, inter-disciplinary journal, global in outlook, and integrative in approach. The broad focus of Geoforum is the organisation of economic, political, social and environmental systems through space and over time. Areas of study range from the analysis of the global political economy and environment, through national systems of regulation and governance, to urban and regional development, local economic and urban planning and resources management. The journal also includes a Critical Review section which features critical assessments of research in all the above areas.