According to Bloomberg, Chinese real estate developers are facing challenges of insufficient demand and regulatory uncertainty when financing through tokenized assets (RWA). Insiders said that a company under China Joze Group recently issued tokenized accounts receivable notes via the virtual asset trading platform EXIO. The company originally planned to raise funds from a broader range of professional investors, but the subscription ended up being mostly from investors they knew, raising about 25 million Hong Kong dollars (around 3.2 million USD). The notes have a term of 364 days, with a coupon rate of 4%. In addition, China New City 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-related requirements in mainland China, marketing efforts have not yet been launched.