The commercial bank of China “Bank of Communications” (BoCom) issued securities, secured by residential real estate, for $ 1.3 billion. For this, he used his own unit blockchain called Jucai Chain.
The state-owned BoCom published an announcement of the issue. Securities secured by residential real estate (RMBS) is a pool of mortgage loans owned by financial institutions. They are combined into a single package taking into account risks and profitability and can only be sold to investors together. Blocker Jucai Chain allows the accessed participants to get acquainted with the necessary data and conduct p2p-transactions.
The main issuer was BoCom itself. Investment company China International Capital Corporation acted as the guarantor of the placement and the leading bank for offering securities. Other guarantors are the Industrial and Commercial Bank of China and the Chinese Commercial Bank.
This is another example of how the banks of the Middle Kingdom are implementing blockchain. Earlier we wrote about how the Industrial and Commercial Bank of China is betting on this technology.