厦门探索不动产信托登记试点，“指南式”指引纾解资产传承难

Core Viewpoint - The pilot program for real estate trust property registration is advancing, with Xiamen becoming the fourth city to implement this initiative following Beijing, Shanghai, and Guangzhou [1][3]. Group 1: Pilot Program Details - The Xiamen Financial Regulatory Bureau, in collaboration with various departments, has issued the "Xiamen Real Estate Trust Property Registration Pilot Program," which includes innovative registration items such as additional delivery of trust property and changes in trustees and beneficiaries [3]. - The pilot program outlines seven major reasons for registration and provides detailed processes for each, allowing beneficiaries to apply for trust beneficiary certificates after registration [3][4]. - The program aims to address long-standing issues in the real estate trust sector, such as unclear property rights and high transaction costs, by establishing a dedicated registration system for real estate as trust property [4]. Group 2: Unique Aspects of Xiamen's Pilot - Xiamen's pilot program is characterized by its institutional innovation and practicality, building on the experiences of other cities and offering a more detailed and collaborative approach [3][5]. - The program allows for the separation of ownership, management, and beneficiary rights, effectively isolating risks and facilitating wealth transfer, thus filling gaps in the current registration system [4]. Group 3: Future Implications - The pilot program is expected to address industry pain points such as property independence publicization, business compliance, tax incentives, and inter-departmental collaboration [5]. - Future expansions of the real estate trust property registration may prioritize regions with dense real estate and solid pilot foundations, such as the Yangtze River Delta [5].