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].

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 448 billion yuan at an interest rate of 1.40%, resulting in a net injection of 91 billion yuan after 357 billion yuan of reverse repos matured on the same day [1] - The overnight Shibor rate decreased by 5.40 basis points to 1.4520%, while the 7-day Shibor rate increased by 1.90 basis points to 1.5980%, and the 14-day Shibor rate fell by 2.10 basis points to 1.6670% [1][2] - In the interbank pledged repo market, most rates declined, with the R007 transaction ratio rising to 13.7%. The weighted average rates for DR001 and R001 fell by 6.3 basis points and 5.9 basis points, respectively, while DR007 and R007 rates decreased by 3.6 basis points and 1.7 basis points, respectively [4] Group 2 - The interbank funding market showed a balanced and slightly loose trend, with overnight rates for pledged deposits trading between 1.45% and 1.50%, and 7-day rates around 1.70% [9] - As of 5:30 PM on May 27, there were 113 interbank certificates of deposit issued, with a total issuance amount of 241.69 billion yuan [9] - The secondary market for certificates of deposit maintained a fluctuating upward trend, with the 1-year rate closing at approximately 1.715%, up about 1.5 basis points from the previous day [10]

Core Viewpoint - Shanghai has initiated a pilot program for real estate trust registration, following Beijing's lead, aiming to address the challenges of property rights confirmation in real estate trusts through an innovative system involving multiple scenarios, full process closure, and inter-departmental collaboration [1][2]. Group 1: Definitions and Scope - The notification defines real estate trusts and the scope of the pilot program, which applies to trust institutions operating within Shanghai's administrative region, including provisions for charitable trusts in collaboration with trust companies [1][2]. Group 2: Compliance Requirements - The notification outlines compliance requirements for trustees conducting real estate trust business, ensuring the legality and compliance of the entrusted real estate assets [1]. Group 3: Registration Process - A comprehensive registration process is established, detailing steps from pre-registration, signing trust documents, applying for registration proof, to the actual registration of trust assets [1][3]. Group 4: Supporting Mechanisms - The notification includes mechanisms for information sharing, judicial protection, and a trial period, with a specific emphasis on leveraging the advantages of the Pudong New Area to support the pilot program [2][4]. Group 5: Innovative Aspects - The notification introduces an innovative "dual registration" model for real estate trust products, requiring the transfer of property registration to the trustee and marking the property as "trust assets" to ensure asset independence [3]. - It also includes provisions for charitable trusts and encourages the development of real estate trust registrations related to social welfare, such as elderly care and public charity [3]. Group 6: Collaborative Framework - The notification is a joint effort by multiple government departments, establishing a collaborative framework that enhances the professional registration capabilities of the China Trust Registration Co., Ltd., and promotes effective information sharing among the involved parties [4].