深度｜“把房子装进信托”扩围，全国多地探索不动产信托登记试点

Core Viewpoint - The pilot program for real estate trust property registration is rapidly expanding, with Suzhou becoming the sixth city to implement this initiative, addressing long-standing issues related to property rights and transaction complexities [1][3][4]. Group 1: Expansion of Real Estate Trust Registration - The real estate trust involves transferring property to a trust institution, which manages and disposes of it according to the client's wishes, addressing the high proportion of real estate in social assets [3]. - The pilot program has expanded to six cities: Beijing, Shanghai, Guangzhou, Xiamen, Tianjin, and Suzhou, within a year, indicating strong market interest [4]. - The first real estate trust registration in Suzhou involved transferring property and related rights into the trust system, marking a significant step in clarifying property rights [3][4]. Group 2: Challenges in Implementation - Despite the rapid expansion, challenges remain, including high costs and the need for better alignment between supply and demand, as well as legal and top-level design improvements [2][9]. - The current tax structure poses a significant barrier, as transferring property into a trust is treated as a transaction, leading to high transfer taxes and potential double taxation [9][10]. - There is a need for a unified top-level institutional arrangement to facilitate the large-scale promotion of real estate trust registration, as many regions lack the necessary legal basis for property registration [11]. Group 3: Recommendations for Improvement - Recommendations include establishing a national standard for real estate trust registration procedures, optimizing tax policies to reduce costs, and encouraging the development of specialized third-party management institutions [12]. - It is suggested to create a differentiated tax incentive system based on the non-transactional nature of trust transfers to lower the establishment costs of trust registrations [12]. - The industry calls for a collaborative approach to enhance the legal framework, tax arrangements, and governance structures surrounding real estate trusts to support their future development [12].