Core Viewpoint - The launch of the real estate trust registration pilot in Shanghai marks a significant step in promoting the high-quality development of the trust industry and supports the construction of Shanghai as an international financial center [6]. Summary by Sections Notification Overview - The notification issued on May 27 outlines the definitions of real estate trusts and the scope of the pilot program, which applies to trust institutions operating within the administrative region of Shanghai [2]. - It specifies the compliance requirements for trustees and the legal legitimacy of the real estate involved in the trust [2]. - The notification details the registration process, including pre-registration, signing trust documents, applying for registration certificates, and registering trust property [2]. - It establishes a mechanism for information sharing, judicial protection, and a trial period, emphasizing the role of the Pudong New Area in supporting the pilot [2]. Comparison with Beijing Pilot - The Shanghai pilot involves six departments, compared to only two in Beijing, indicating a more comprehensive approach [4]. - The Shanghai notification includes provisions for charitable trusts involving collaboration between charitable organizations and trust companies [4]. - It encourages the design of trust service models around various social needs, such as elderly care and public welfare, and provides a more detailed registration process [4][5]. Implications for the Trust Industry - The notification reflects the rigorous consideration and strong support from various Shanghai departments, highlighting the city's commitment to the initiative [5]. - It aims to address not only the establishment of real estate trusts but also issues related to their holding and termination [5]. - The pilot is seen as a crucial measure for the high-quality development of the trust industry and the construction of Shanghai as an international financial center [6].

新华财经北京5月27日电（高二山）人民银行27日开展4480亿元7天逆回购操作，操作利率持平于1.40%；鉴于当日有3570亿元逆回购到 期，公开市场实现净投放910亿元。 上海银行间同业拆放利率（Shibor）隔夜品种和14天品种继续走低，7天品种延续上涨。具体来看，隔夜Shibor下跌5.40BP，报 1.4520%；7天Shibor上涨1.90BP，报1.5980%；14天Shibor下跌2.10BP，报1.6670%。 银行间质押式回购市场方面，多数品种走低，R007成交占比升至13.7%。具体看，DR001、R001加权平均利率分别下行6.3BP、5.9BP， 报1.448%、1.4895%，成交额分别减少281亿元、150亿元；DR007、R007加权平均利率分别下行3.6BP、1.7BP，报1.6186%、1.6794%， 成交额分别增加726亿元、3549亿元；DR014、R014加权平均利率分别下行0.8BP、上行0.2BP，报1.6807%、1.6893%，成交额分别减少 89亿元、942亿元。 货币市场利率（5月27日） 来源：全国银行间同业拆借中心 来源：全国银行间同业拆借中心 | | ...

21世纪经济报道记者 杨梦雪 上海报道 继北京之后，上海也发文开展不动产信托登记试点。 四是完善了其他配套机制，明确试点信息共享机制、司法保障、试行期限等，特别是明确浦东新区利用 制度优势支持不动产信托登记试点在浦东率先落地等。 值得关注的是，《通知》从登记模式、适用范围、办理流程、协同机制等方面作出创新。 在登记模式方面，《通知》明确通过中国信托登记有限责任公司进行不动产信托产品登记和 不动产登 记机构进行不动产信托财产登记的"双重登记"模式开展不动产信托登记试点。同时，明确须将委托人名 下的不动产通过转移登记给受托人，并由不动产登记机构在不动产权证上注记"信托财产"专项标识， 体现信托财产独立性，实现其与委托人、受托人固有资产相隔离。 在适用范围方面，《通知》前瞻性设置了慈善信托专项条款，对慈善信托双受托人模式的业务场景进行 了适用规定。同时，《通知》特别鼓励围绕养老助老、特殊需要、家庭服务、公益慈善、风险处置等与 民生福祉密切相关的场景开展不动产信托登记试点。 在办理流程方面，《通知》构建了不动产信托财产"信托产品预登记—申请出具证明文件—办理信托财 产登记—反馈登记结果"全周期的办理流程，涉及了从预登 ...