新财观 | 不动产信托通州案例：普惠金融与养老金融的创新实践与思考

Core Viewpoint - The lack of a real estate trust property registration system has long been a systemic barrier to the development of the trust industry in China. The case of the first residential real estate trust property registration in Tongzhou District provides an innovative example to address this issue [1][3]. Group 1: Industry Pain Points - The trust industry in China faces significant constraints due to the absence of a real estate trust property registration system, which severely limits the development of real estate trust business. As of the end of 2024, the total entrusted property scale of 68 trust companies reached 27 trillion yuan, but real estate trusts are only a few cases [3]. - Key systemic barriers include unclear legal definitions of property ownership, cumbersome property transfer processes, and excessive tax burdens. The confusion over property ownership threatens beneficiary rights and leads to legal disputes [3][4]. - Traditional models require clients to inject cash into trust plans before purchasing properties, which imposes additional financial burdens on ordinary families [3]. Group 2: Policy Breakthroughs - On November 18, 2023, the State Council included the establishment of a real estate trust property registration mechanism in the work plan for expanding financial services in Beijing, providing top-level policy support for pilot projects [5]. - The Beijing Municipal People's Congress revised the "Beijing Optimization of Business Environment Regulations" to explore the establishment of a registration mechanism for real estate and equity as trust property, ensuring legislative support for institutional innovation [5]. - A three-tiered institutional framework has been established, consisting of top-level design, local legislation, and implementation details, marking the official start of the real estate trust property registration pilot [5]. Group 3: Practical Breakthroughs - The first residential real estate trust property registration was completed in Tongzhou District on April 2, 2025, establishing a special needs trust for a 70-year-old resident to provide lifelong care for her autistic son [6]. - The "Tongzhou case" achieved three major breakthroughs: establishing a legal confirmation mechanism for property registration, simplifying the property transfer process, and creating a three-tiered supervision mechanism involving the trustee, successor rights holders, and an oversight lawyer [7]. Group 4: Social Value and Market Impact - The expected institutional dividends from real estate trusts will be widely recognized, with special needs trusts anticipated to grow rapidly, alongside increasing demand for elder care and wealth inheritance trusts [22]. - By 2030, the entrusted property scale of residential real estate trusts in China is projected to exceed 3 trillion yuan, driven by a growth rate of 15% to 20%, transforming the wealth management industry from "client asset management" to "social security" [23]. - The pilot experience in Beijing demonstrates how institutional innovation can activate the financial value of existing assets and expand the coverage of inclusive finance, providing a practical model for financial support for common prosperity [24].