A Risk-Return-Liquidity Framework for Tokenized Real-World Assets (RWA): A Managerial Decision Scorecard for Real Estate Tokenization

Real-world asset (RWA) tokenization is promoted as a market-infrastructure upgrade that can expand access and reduce frictions for traditionally illiquid assets such as real estate. Yet policy and market evidence suggests that efficiency gains are uneven and conditional on governance, legal enforceability, valuation discipline, and secondary-market design. This paper develops an integrated risk-return-liquidity framework for real estate tokenization and operationalizes it as a managerial decision scorecard for ex-ante evaluation. First, we propose an operational taxonomy that classifies tokenization initiatives by asset type, claim structure, custody/control model, transfer regime (primary-only vs. permissioned/open secondary markets), and information readiness. Second, we introduce a weighted, evidence-based scorecard with fifteen indicators grouped into five dimensions: (i) Liquidity & Market Quality, (ii) Legal Enforceability & Ownership Integrity, (iii) Transparency, Valuation & Cashflow Verifiability, (iv) Operational & Technology Risk, and (v) Compliance & Information Governance. The scorecard yields decision bands (Go / Go-with-conditions / Pilot / No-Go) and highlights the top remediation gaps. Third, two illustrative archetypes—an income-producing commercial property and a development/land project—demonstrate how enforceability and information constraints can dominate liquidity narratives and lead to different approval and mitigation priorities. The approach provides a replicable decision artifact for financial institutions and investment organizations seeking disciplined go/no-go screening and governance monitoring of real estate tokenization projects.

کلیدواژه ها:

Real-World Assets ، Tokenization ، Real Estate ، Liquidity ، Governance