According to Bloomberg, Chinese real estate developers are facing challenges of insufficient demand and regulatory uncertainty when financing through tokenized assets (RWA). Sources say that a company under China Evergrande Group recently issued tokenized accounts receivable notes via the virtual asset trading platform EXIO, originally planning to raise funds from a broader range of professional investors, but ultimately mainly subscribed by familiar investors, raising only about 25 million Hong Kong dollars (approximately 3.2 million USD). The notes have a 364-day maturity and a 4% coupon rate. Additionally, China New Development Group initially planned to issue tokenized private debt in Hong Kong before the end of 2025, but due to policy uncertainties and tightened RWA tokenization requirements in mainland China, marketing efforts have not yet been launched.