A Hong Kong-Thai start-up is using blockchain to help three Thai developers sell down their stakes in a portfolio of Phuket beach resorts and downtown condominiums, slicing up the US$462 million hard assets and selling them for less than the cost of an iPhone each. The three developers, including Magnolia Quality Development owned by the Chearavanont Family of the Charoen Pokphand Group conglomerate, teamed up with start-up Fraction in putting together a security token offering slated for the first quarter of 2022, targeting both Thai and offshore investors. The other two developers are Phuket's Baba Beach Club developer Charn Issara…