深度｜激活万亿级“沉睡”房产！“以房养老”遭遇落地之困

Core Viewpoint - The phenomenon of "bad money driving out good" is currently evident in the elderly care market, with frequent cases of fraud disguised as "housing for elderly care" and "elderly subsidies," while genuine "housing for elderly care" products struggle to gain traction [2] Group 1: Trust-based "Housing for Elderly Care" - The first case of trust-based "housing for elderly care" faced challenges in replication and promotion, with the insurance version of "housing for elderly care" having completed less than 300 cases in over 10 years [2][3] - Housing assets constitute over 60% of urban residents' family assets, yet many properties do not generate positive cash flow, highlighting the need for effective financial tools to promote "housing for elderly care" [3] - The pilot program for real estate trust registration has begun in six cities, providing a new avenue for trust-based "housing for elderly care" to serve ordinary families [3][4] - The first case of real estate trust registration involved a 70-year-old woman securing her only property for her autistic son, demonstrating the potential of real estate trusts in providing stable financial support for special needs care [3][4] Group 2: Challenges in Implementation - The real estate trust model faces significant promotion challenges, including issues with tax burdens due to repeated taxation during property transfer and unclear tax obligations for trust entities [4][5][6] - The lack of a "non-transaction transfer" system for real estate trusts leads to double taxation, complicating the establishment and management of these trusts [5][6] - Local governments are exploring solutions, such as a charity trust in Beijing that subsidizes tax costs for families establishing real estate trusts, indicating a collaborative approach to address these challenges [6] Group 3: Insurance-based "Housing for Elderly Care" - The insurance version of "housing for elderly care" has been in practice for over 10 years but has not achieved significant uptake, with only one company actively offering the product [7][8] - The model allows elderly homeowners to convert their property into a source of lifelong pension, yet many potential clients face barriers such as age, property suitability, and resistance to purchasing [8] - The insurance model also encounters challenges, including long project cycles, cash flow pressures, and risks associated with property value fluctuations [8] Group 4: Development Opportunities - Both trust and insurance versions of "housing for elderly care" have made progress but still face barriers to widespread adoption, including public awareness and institutional design [9] - Experts suggest enhancing policy and legislation, introducing guarantee mechanisms, and diversifying the forms of "housing for elderly care" to stimulate market activity [10] - The potential market for reverse mortgage products exists, with significant demand among elderly homeowners, indicating a need for improved product offerings and tax policies to avoid double taxation [9][10]