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Core Viewpoint - The recent expansion of real estate trust property registration trials in China aims to address the "housing for elderly care" issue, driven by the growing demand from the aging population and supportive policies [1][7]. Group 1: Expansion of Real Estate Trust Registration Trials - As of now, nine cities including Beijing, Shanghai, Guangzhou, and Xiamen have initiated real estate trust property registration trials [3][8]. - The pilot program began in Beijing at the end of 2024 and has rapidly expanded to other key cities [1][3]. - The Beijing pilot program has been extended until December 31, 2028, to further optimize policies and broaden their impact [4][10]. Group 2: Implementation and Innovations - The first real estate trust property registration was completed in April 2025 by China Foreign Trade Trust and Guotou Taikang Trust in Beijing [3][8]. - Guangzhou introduced a pre-registration system to address common issues in real estate trust setups, such as incomplete tax payments [3][8]. - The first pre-registration certificate for real estate trust was issued in Guangzhou on July 18, 2025 [10]. Group 3: Financial Implications and Benefits - Real estate trusts can convert fixed assets into stable, lifelong cash flow for retirement, addressing the funding gap in elderly care [5][12]. - The system allows elderly individuals to specify their care preferences in trust contracts, ensuring their wishes are honored even if their capacity declines [6][13]. - A specific case from Xiamen illustrates how real estate trusts can provide stable income through property rental while also facilitating wealth transfer to heirs [6][13]. Group 4: Market Context and Future Outlook - With approximately 60-70% of urban residents' assets tied up in real estate, the aging population presents a significant opportunity for the real estate trust market [11][14]. - The real estate trust registration system is seen as a breakthrough for "housing for elderly care," allowing residents to leverage their homes for retirement income without selling them [7][14].