Mr. Liu Yanqi, the Global Head of Digital Currencies at HSBC, discussed in a roundtable forum titled 'Horizon for RWA Connecting Global New Opportunities' the challenges facing asset tokenization in real estate, including regulatory issues, asset operation efficiency, data transmission efficiency, especially the complexity of cross-border transactions. In the short term, the applications that can be realized are mainly traditional financial products such as bonds, which are relatively mature and easy to understand. However, from a longer-term perspective, with the development of technologies like Artificial Intelligence (AI) and Internet of Things (IoT), asset tokenization is expected to demonstrate greater potential in these areas. The application of AI and IoT technologies will help increase transparency, traceability, and liquidity of assets, thus promoting further development of asset tokenization.