NishithDesai：2025年房地产抵押化-法律、税务和监管考虑报告（英文版）

Traditionally,real estate has been considered a high-value investment, often restricting participation to those with substantial financial resources. However, the introduction of fractional ownership in real estate allows multiple investorsto collectively own and benefitfrom real estate assets.With advancementsin Digital Ledger Technology (“DLT”), the concept of fractional ownership has evolved further, enabling the representation of real estate rights through digital tokens recorded on a dis