劣币驱逐良币的现象正在养老市场上演。 一方面，打着"以房养老""养老补贴"幌子的养老诈骗案频发；另一方面，真正的"以房养老"产品举步维艰。这 是当前养老金融市场之怪现状。 券商中国记者在调研采访中了解到，信托版"以房养老"首单之后遭遇复制难、推广难，推出逾10年的保险 版"以房养老"迄今也不足300单。 住房资产是民众重要的财富组成部分，也是提升老年人生活质量的关键资源。通过机制完善的金融工具推 进"以房养老"，对于盘活万亿级存量住房资产、丰富养老资金来源、激发市场活力均意义深远，但任重道远。 信托版"以房养老"："首单"之后复制难 又如，在上海，年近80岁的李女士膝下无子女，晚年日常生活主要依靠侄子照料。李女士名下仅有一套处于出 租状态的房产，如何在保障自身晚年生活无虞的同时，将房产妥善传承给侄子，成为李女士亟待解决的难题。 通过设立不动产信托，李女士的多重需求得到了系统性解决。 不过，不动产信托首单落地后，普遍遭遇"推广难题"。据券商中国记者了解，不动产信托登记虽然解决了不动 产作为信托财产的独立性问题，实现了"非交易过户"，但在实际操作中按照"交易过户"来执行，导致重复征税 且税负较重。同时，不动产装入 ...

附办理所需材料： 不动产财产信托预告登记：（1）含有预告登记约定的信托文件；（2）信托产品预登记完成通知书。 其二，为失智失能人士、孤寡老人等特殊需要家庭提供了长期、稳定的财产管理与生活照护解决方案， 使家庭无需变卖房产即可设立可持续的保障安排，尤其缓解了以往原监护人离世后，简单的不动产继承 无法解决特殊人群照护问题。 其三，广州在全国创新引入预告登记机制，有效破解了因尚未完税等原因短期内无法完成产权转移登记 的难题，允许先行办理信托财产转移预告登记，阶段性延后办理成本，降低了设立门槛，提高了操作的 灵活性与安全性。 那么，如何办理不动产信托财产登记？据悉，办理该登记的主体，涵盖在广州及在广州设有分支机构的 全国信托公司。申请一般由委托人与信托机构共同向不动产登记机构提出。若以遗嘱方式设立信托，经 全部法定继承人现场确认遗嘱有效性后，可由信托机构凭遗嘱文件单方申请。 在登记方式上，创新采用预告登记机制。当不动产暂不具备直接转移登记条件时，可先办理信托财产转 移预告登记。预告登记后，未经信托机构同意，处分该不动产的行为不发生物权效力。待条件成熟后， 即可办理信托财产转移登记。 此次办理的案例，不仅是业务层面的突 ...

2025年4月2日，中国外贸信托与国投泰康信托同日完成了不动产信托登记双首单落地，两家公司分别在昌平区和通州区成为不 动产信托登记首批实践者之一。 王张悦介绍，中国外贸信托的案例委托人为"422家庭"的中年群体，家庭包括四位老人、夫妻二人及两个孩子，涉及三个家庭的 非住宅类资产，包括仓储用房、车位等。通过设立服务信托，这些核心资产得以集中管理，并配套慈善捐赠机制。房屋租金收 入每年直接用于慈善捐赠，同时兼顾子女抚养和父母赡养，实现了财富管理与社会责任的结合。 王张悦表示，无论是个人、家庭还是企业，对信托工具的需求都越来越凸显。随着未来"十五五"规划转向以资金为上游，所有 产品和服务都将服务于资金需求，信托工具的重要性将愈发明显。 2024年底，国家金融监督管理总局北京监管局、北京市规划和自然资源委员会联合发布《关于做好不动产信托财产登记工作的 通知(试行)》，推进北京市辖内信托机构规范开展不动产信托业务。 南方财经全媒体记者 林汉垚 近日，为凝聚行业智慧、探寻发展新路径，由南方财经全媒体集团指导、21世纪经济报道主办的"第二十届21世纪金融年会"在 北京盛大召开。 在下午的"财富管理的低利率之问"圆桌论坛上， ...

Core Viewpoint - The article discusses the challenges faced by families with mentally disabled members in China, particularly regarding the establishment of special needs trusts as a financial tool for future care and support [4][5]. Group 1: Current Situation of Families with Mentally Disabled Members - There are approximately 12 to 20 million individuals with mental disabilities in China, with around 14 million diagnosed with autism spectrum disorders [4]. - Many families, like that of 78-year-old Li, struggle to balance their own aging and health issues while caring for mentally disabled children and grandchildren [3][4]. - The average budget for the future care of mentally disabled individuals is estimated at 1.23 million yuan, which is expected to last for about 15 years [4]. Group 2: Development of Special Needs Trusts - Special needs trusts have gained traction as a financial solution for families with mentally disabled members, with awareness reaching 61% among relevant families [4]. - In less than three years, 133 parents have established special needs trusts, indicating a growing interest in this financial tool [4]. - The introduction of real estate trust property registration in cities like Beijing and Shanghai marks a significant step in allowing non-cash assets to be included in trusts [4][15]. Group 3: Challenges in Establishing Special Needs Trusts - The supply side faces challenges such as low profitability for trust service providers and complex processes for asset registration and liquidation [5]. - On the demand side, families encounter difficulties in finding reliable guardians, high financial thresholds, and a lack of suitable service systems [5][12]. - Many families report that they cannot find suitable relatives to act as guardians, with 39% indicating a lack of trustworthy individuals to manage their child's care and finances [10]. Group 4: Financial Barriers and Recommendations - The starting capital for special needs trusts is often above 300,000 yuan, which is a barrier for many families, especially those with lower incomes [12]. - The average monthly expenditure for families with mentally disabled members is around 5,871 yuan, with 43% of that spent on the care of the disabled individual [12]. - Recommendations include considering non-cash assets like real estate for inclusion in special needs trusts to broaden access for families [14][15]. Group 5: Legal and Taxation Issues - The lack of standardized regulations for special needs trusts creates uncertainty for families regarding the management and protection of their assets [7][11]. - Tax burdens associated with transferring real estate into trusts can be prohibitively high, potentially discouraging families from utilizing this option [16]. - Suggestions have been made to exempt certain taxes on trust property transfers to make special needs trusts more accessible for families with significant real estate assets [16].

北京、上海、广州、厦门、天津等城市相继启动不动产信托登记试点，一批标志性案例陆续涌现， 在养老服务、财富传承、特需保障、风险隔离与资产盘活等领域，涌现出诸多可复制、可推广的实践经 验。 近日，《金融时报》记者注意到，江苏省也"官宣"了在南京市、苏州市两地开展不动产信托登记试 点的消息，全省首单业务已快速落地。 据了解，苏州信托有限公司（以下简称为"苏州信托"）于11月10日成功设立江苏省首单不动产服务 信托，并于11月17日完成江苏省首次不动产信托财产登记，项目落地见证了一份跨越时光的托付。 养老与慈善相拥：一份跨越时光的托付 继续做好不动产信托 所谓不动产信托就是指委托人依法将其不动产转移给信托公司，由信托公司按照委托人的意愿以受 托人名义进行管理、运用和处分的信托业务。 在业内人士看来，不动产信托是做好金融"五篇大文章"中养老金融与普惠金融的重要实践。江苏不 动产信托的落地生根，离不开信托财产登记制度的持续完善。回溯政策脉络，相关探索早已稳步推进。 2023年11月，国务院发布《关于支持北京深化国家服务业扩大开放综合示范区建设工作方案》的批 复，提出"在风险可控的前提下，探索建立不动产、股权等作为信托财产 ...

即将进入耄耋之年，家住北京的李奶奶却没有办法独立考虑自己的养老问题。78岁的她长年独自照顾两 名心智障碍者——40岁的女儿和她年仅15岁的外孙女。随着自己的身体每况愈下，李奶奶开始考虑自己 的积蓄能否兼顾自身养老和儿孙监护。 李奶奶一家三口所面临的托付难题，也是大龄心智障碍家庭所面临的共同挑战。 在中国，心智障碍群体约有1200万~2000万人，其中孤独症谱系人群约为1400万人。目前，社会公共服 务和政府财政对于这类群体的支持往往聚焦于学龄前和义务教育阶段，当他们进入成年阶段而家长步入 老年期时，家庭照护则面临"支持断层"。 特需信托的起步资金多为30万元以上。 近年来，以特殊需要信托（下称"特需信托"）为代表的金融业务逐渐发展，成为解决大龄心智障碍群体 照护的创新工具。今年，在北京、上海等多地，不动产信托财产登记试点相继落地，意味着房产等非资 金资产可通过进入信托，成为心智障碍者未来托付的保障。 北京市晓更助残基金会近日发布的《心智障碍者家庭现状与未来托付需求调研》（下称"调研"）显示， 家长为心智障碍人士未来生活预算的费用平均为123万元，预计可维持平均生活周期为15年。近年来， 特需信托在相关家庭中的 ...

北京、上海、广州、厦门、天津等城市相继启动不动产信托登记试点，一批标志性案例陆续涌现，在养 老服务、财富传承、特需保障、风险隔离与资产盘活等领域，沉淀下诸多可复制、可推广的实践经验。 近日，《金融时报》记者注意到，江苏省也"官宣"了在南京市、苏州市两地开展不动产信托登记试点的 消息，全省首单业务已快速落地。 据了解，苏州信托有限公司（以下简称为"苏州信托"）于11月10日成功设立江苏省首单不动产服务信 托，并于11月17日完成江苏省首次不动产信托财产登记，项目落地见证了一份跨越时光的托付。 养老与慈善相拥：一份跨越时光的托付 企业家如何安放晚年与身后事？这一现实命题，在江苏首单不动产信托的落地中找到了答案。 据《金融时报》记者了解，委托人A女士，这位深耕实业的女企业家，没有子嗣的牵挂，却对人生后半 程有着更深层的考量，她心中的"养老"早已跳出单纯的资金打理范畴，延伸到老年生活的品质保障与百 年之后的安排。 据了解，苏州信托采用"以房养老+特殊需要+公益目的"综合服务模式，在满足A女士多层次、个性化养 老需求的同时，还将其对流浪动物保护的关爱纳入信托架构。 值得关注的是，此次江苏落地的不动产信托，依托当地开展的 ...

Group 1 - Trust companies are making significant progress in the pension finance sector, with CITIC Trust launching the "Hainan Province No. 12 Occupational Annuity Plan" for investment operations, marking a key breakthrough in occupational annuity business [1] - The implementation of the "Occupational Annuity Plan" aligns with the national policy encouraging the development of a multi-tiered pension insurance system, as outlined in the "Implementation Plan for High-Quality Development of Pension Finance" released by the National Financial Regulatory Administration [1] - The aging population is driving the demand for occupational annuities, allowing trust companies to leverage their asset management capabilities to meet market needs and enhance the pension finance system [1] Group 2 - The demand for "housing for elderly care" is increasing, prompting the trust industry to explore ways to activate real estate resources for pension security [2] - The establishment of a non-transaction transfer system for real estate trust property registration has resolved legal and operational challenges, enabling the integration of real estate into trust structures for pension solutions [2] - Over the past six months, more than ten projects related to pension security and special care have been launched nationwide under the real estate trust property registration pilot [2] Group 3 - Foreign trade trusts are innovating by integrating "real estate + designated guardianship + special trusts," exemplified by the "Jiliang No. 10" trust, which manages logistics warehouse facilities for families while supporting public welfare [3] - Real estate trusts provide stable cash flow and facilitate intergenerational asset transfer, addressing both pension and inheritance needs for clients [3] - Trust companies are evolving into comprehensive service ecosystems, combining asset management, pension planning, and public welfare to create a service system that covers "pension - inheritance - public welfare" [3] Group 4 - Real estate trusts are becoming a core vehicle connecting real estate and pension needs, serving diverse groups including families with special needs, elderly individuals without children, and middle-aged families seeking pension security and asset inheritance [4] - The dynamic nature of real estate as a pension resource is expected to enhance the inclusivity of real estate trusts, benefiting both urban and rural families in their pension planning [4] - The implementation of real estate trust registration systems in more cities will further highlight the inclusive attributes of these trusts, addressing gaps in rural pension security [4]

Core Viewpoint - Northern Trust has successfully implemented the "Revitalization. Tianchen No. 1" real estate service trust, addressing the challenges of integrating scattered real estate resources held by state-owned enterprises, thereby enhancing the overall operational efficiency of state assets [1][2]. Group 1: Project Overview - The project is commissioned by Tianjin Chenkai New Energy Property Management Co., Ltd., a wholly-owned subsidiary of the North Bin Development Zone Management Committee, which holds multiple commercial real estate properties across different administrative districts in Tianjin [1]. - The trust structure allows for the phased delivery of trust assets, focusing on the dual advantages of the trust system, including risk isolation and professional management [2]. Group 2: Benefits and Innovations - The trust structure creates a robust risk firewall by legally isolating the trust assets from the client's other assets, mitigating potential asset risks due to operational or external changes [2]. - Northern Trust has established a unified asset management platform, enhancing the overall revenue capability of the asset portfolio through professional management and lifecycle management [2]. Group 3: Future Implications - The successful implementation of this model serves as a replicable and scalable framework for managing similar scattered assets, enhancing the company's capabilities in asset service trusts [3]. - This model exemplifies the practical path for trust services to contribute to the "Three Quantities" work, transforming static, scattered assets into efficient, liquid development increments, thus injecting new financial vitality into the construction of a modern socialist metropolis in Tianjin [3].

Core Viewpoint - The article discusses the expansion of real estate trust property registration trials in Tianjin, following similar initiatives in Beijing, Shanghai, Guangzhou, and Xiamen, with North International Trust Co., Ltd. facilitating the first real estate trust business in Tianjin [1] Group 1: Industry Developments - Tianjin has joined the pilot program for real estate trust property registration, enhancing the application of relevant policies [1] - North International Trust has successfully implemented the "Revitalization. Tianjin Chen 1" real estate service trust, addressing the integration challenges of scattered state-owned real estate assets [1] Group 2: Company Initiatives - North International Trust designed a tailored trust structure for Tianjin Chen Kai New Energy Property Management Co., Ltd., utilizing multiple commercial properties across different administrative regions as trust assets [2] - The trust structure aims to isolate the trust assets from the client's other assets, mitigating risks associated with operational changes and enhancing the overall operational efficiency of state-owned assets [2] - North International Trust acts as the trustee, establishing a unified asset management platform to improve the overall yield of the asset portfolio through professional management and lifecycle management [2]