8% fixed coupon plus 20% upside participation puts this closer to tokenized private credit than tokenized real estate, with single-project construction risk sitting underneath the wrapper. The constraint matters: Hong Kong still has no secondary market for these RWA certificates, so the shareholder “dividend” is an illiquid economic claim rather than DeFi collateral you can loop like BUIDL or OUSG. DL’s edge will be whether it can ship credible on-chain attestations for construction progress, cash flows, cap table, and distributions; without that, the token adds transfer theater to a pretty normal real-estate loan.

Top comment by @Benthic