KDX ST Partners Survey Finds 1,733 Real Estate Digital Securities Holders With 10+ Years in Stocks

KDX ST Partners Surveyed 7,002 App Members

KDX ST Partners, the Kenedix Group company in charge of real estate digital securities, released survey results on Friday, October 9 covering 7,002 individual full members of its KDX ST app. The release was timed to Securities Investment Day, a designation the Japan Securities Dealers Association sets for October 4 each year, and the figures were compiled from member data as of that date. Of the 7,002 members surveyed, 2,391 hold real estate security tokens, tokenized claims on property that trade in small denominations through the app. The company presented the data as a picture of who actually holds the asset class, noting that because the sample is drawn from its own app membership it does not represent individual investors as a whole. Income structure set holders apart from the wider membership. Pension was the main income source for 19.7% of real estate ST holders against 8.8% of all members. Interest and dividend income stood at 10.3% versus 5.5%, and rental income at 9.0% versus 4.0%, with holders roughly twice as likely on each measure. The company read this as adoption driven by households that already collect income outside salary work. Investment purpose carried the same income-first cast. Members chasing active capital gains were a small minority in both groups, while more than 90% of holders and full members alike named either yield with some appreciation or yield with principal safety as their goal. President Akihiro Nakao said real estate STs are beginning to be accepted as a new option for asset diversification. He argued that the ability to invest small amounts and the clarity of the underlying property could extend use to people just starting to build wealth, and committed the company to supporting sound growth of the market through the app.

Veteran Stock Investors Hold the Tokens

The experience data shows the holders arrived from mainstream investing first. Among all 7,002 full members, 4,707 had traded equities directly, 4,806 had used investment trusts, and 2,051 had experience with crypto assets, meaning most members had already run money through at least one listed or pooled product before touching a token. Among the 2,391 real estate ST holders, equity experience runs deep: 573 reported 10 to 20 years in stocks, 511 reported 20 to 30 years, and 649 reported more than 30 years. Together, 1,733 holders, just over 70% of the total, carry at least a decade of equity investing. Their experience with the token itself is far younger, as 919 holders, the largest single group, have held real estate STs for less than one year. Real estate STs were expected to widen participation in property investment through small-lot issuance and online trading, and the survey tests that premise directly: the structure the data draws is one of long-term equity investors adding tokenized real estate to established portfolios over the past year, rather than novices entering through the new product. KDX ST Partners launched the KDX ST app in June 2025, offering information on real estate STs alongside asset management functions for holders of Kenedix Realty Token securities. The group context gives the survey its scale. Kenedix Group's assets under management stood at 5.6 trillion yen at the end of June 2026, and the group has positioned real estate STs as its third pillar after REITs and private funds. On that reading, the veteran-heavy holder base is the first stage of a distribution plan aimed at a much larger retail audience.

The survey's own numbers argue that tokenized real estate in Japan is scaling through experienced, income-focused investors rather than through a newly created investor class. That profile fits the yield-and-safety framing more than 90% of holders chose, and it keeps the asset class apart from the speculative behavior typical of crypto markets, even though roughly three in ten app members, 2,051 of 7,002, already have crypto asset experience. Whether Nakao's target of reaching first-time wealth builders materializes will show up in the next rounds of this same dataset: if the under-one-year cohort of 919 holders grows while the veteran share thins, the third-pillar plan is reaching its intended audience.