专访全国政协委员金李：信托财产登记让更多家庭和企业触手可及

Core Viewpoint - The trust industry in China is undergoing significant reforms in 2025, with the implementation of real estate trust property registration trials in multiple cities, which supports "housing for elderly" initiatives and revitalizes existing assets [1] Group 1: Real Estate Trusts - The successful implementation of real estate trust property registration trials allows "real estate" to become a liquid "retirement resource," enriching the multi-tiered pension security system in China [2] - Real estate trust registration addresses the "trust" issue, ensuring that property remains independent of the pension institution, thus safeguarding the elderly's rights even if the institution fails [2] - The trust structure enables the elderly to convert property into stable cash flow without selling ownership, enhancing the quality of retirement living [2][3] - Real estate trusts can activate dormant assets, particularly state-owned properties, by isolating them from the original enterprise's debt risks, thus improving asset credit ratings [5] - The introduction of professional management through real estate trusts enhances operational efficiency, allowing for better rental income and asset value [5] - Real estate trusts facilitate a closed loop of investment, financing, management, and exit, effectively transforming illiquid hard assets into tradable financial products [6] Group 2: Equity Trusts - The registration trials for equity trusts in Beijing and Hangzhou represent a milestone in the trust system, providing legal clarity for private enterprises and addressing succession challenges [8] - Equity trust registration offers private entrepreneurs a "reassurance" by ensuring the separation of ownership, management, and beneficiary rights, thus stabilizing control over the enterprise [8] - The development of equity trusts encourages the trust industry to return to its core purpose of asset management and wealth transfer, with initiatives like charitable equity trusts enhancing social value [8] Group 3: National Unified Trust Property Registration System - Local trials contribute valuable practical experience for establishing a national unified trust property registration system, validating the feasibility of the system through specific cases [9] - Challenges to establishing a unified system include legal coordination, inter-departmental collaboration, and tax-related issues, which need to be addressed for effective implementation [9] Group 4: Taxation Issues - Addressing tax burdens associated with trust property transfers is crucial, with a proposed shift to a "tax neutrality" principle to alleviate the financial burden on families and enterprises [10] - Recommendations include redefining tax points to treat trust property transfers as "non-transaction transfers," potentially exempting them from immediate taxation [10] Group 5: Inclusive Trust Services - The trend of making trust services accessible to ordinary families reflects the industry's return to its roots and the deepening of inclusive finance, allowing middle-income families to utilize trust structures for asset protection [11] - The promotion of inclusive trusts encourages a shift in focus from short-term asset appreciation to long-term wealth planning and risk isolation, fostering a culture of long-term investment [11]