Last week, news about the ‘tokenisation’ of Queensland’s Great Keppel Island made global headlines, now the company behind the biggest crypto property deal in history has shed more light on its plans.
PropertyBay Pty Ltd is the consortium which has brokered the crypto deal with Tower Holdings – the company that currently owns the majority of Great Keppel Island.
PropertyBay’s Director, Tim Sommers, who is also the founder of Royalti Blockhain, today issued a clarifying statement that includes 4 major revelations:
- There will not be a GKI Token White Paper
- You’ll probably have to be a registered wholesale investor to be involved.
- The ITO does not have Government support.
- GKI tokens may not be tradable on exchanges.
GKI Token White Paper
Last week, sources close to the project stated a GKI Token White Paper would be released by Monday, September 12. PropertyBay now says this was never the case, in fact, there will be no GKI Token White Paper.
The company will issue an offer of interest via what will be know as an ‘Information Memorandum’. No date has been set for the release of the Information Memorandum.
Wholesale Investors Only
Part of the reason there’ll be no GKI Token White Paper is because the consortium plans to operate the ITO as a Wholesale Managed Investment Scheme. Therefore only those who qualify as ‘wholesale investors’ under the Australian Corporations Act will be able to participate directly.
To operate a Wholesale Scheme the company must also obtain an Australian Financial Services Licence from ASIC. Property Bay has not yet applied for such a licence.
No Government Support
While the redevelopment plans currently proposed by Tower Holdings do have full Government approval and support, the $300m crypto plan hatched by Tower and PropertyBay to fund the grandiose design does not.
That’s not to say the government disapproves, there just hasn’t been any official statement regarding the tokenisation aspect of the project.
The consortium says it intends to design a token that MAY be tradable however…
“PropertyBay will not be making a market for the tokens, the tokens may not be tradable on existing exchanges, and the tokens may be subject to restrictions on transfers, if and when they are tradable.”