不动产信托登记试点在9城推进 确权、税负仍待优化

Core Viewpoint - The pilot program for real estate trust property registration is emerging as a key solution to the challenges of "housing for elderly care" in China, facilitating the transformation of real estate assets into manageable retirement resources for the elderly [1][4]. Group 1: Pilot Program Development - The pilot program for real estate trust property registration began in Beijing at the end of 2024 and has expanded to nine major cities, including Shanghai and Guangzhou, covering key regions such as Jing-Jin-Ji, Yangtze River Delta, and Pearl River Delta [2][4]. - The program aims to address property rights confirmation issues in the trust sector, utilizing a three-step model for trust property registration, which includes pre-registration of trust products, signing trust documents, and registering trust property [4][6]. - The pilot period in Beijing has been extended to December 31, 2028, to further optimize the policy and deepen the pilot [5]. Group 2: Legal and Taxation Challenges - Despite the rapid advancement of the pilot program, challenges remain regarding property rights confirmation, tax burdens, and regulatory coordination [7][9]. - Current registration practices are seen as administrative adjustments rather than comprehensive legal confirmations of property rights, leading to uncertainties in legal effectiveness [8][9]. - High tax costs associated with establishing trusts, such as a 3.18% value-added tax and a 3% deed tax, pose significant barriers to widespread adoption of real estate trusts [9]. Group 3: Expert Insights and Recommendations - Experts emphasize the need for a unified legal framework to enhance the effectiveness of the registration process and address the uncertainties surrounding property rights [8][10]. - Recommendations include improving pilot policies, expanding registration scope, and providing tax incentives for special needs trusts in the short term, while advocating for legislative reforms to solidify the independent status of trust registration in the long term [10].