日前，天津市地方金融管理局、国家金融监督管理总局天津监管局、天津市规划和自然资源局、国家税 务总局天津市税务局、天津市民政局、中国(天津)自由贸易试验区管理委员会联合发布了《关于开展不 动产信托财产登记试点的通知》（以下简称：《通知》），标志着天津正式加入不动产信托财产登记试 点行列，试点范围进一步扩大。 9月24日，该《通知》正式对外公布。《通知》做出多项开创性制度设计，有效保障不动产信托财产登 记的规范、准确、完整，有力保护信托当事人合法权益，深入推进服务业扩大开放政策落地实践，形成 可复制可推广的不动产信托财产登记经验。 此次试点，天津创新性地将天津自贸试验区制度优势与不动产信托财产登记制度深度融合，构建起 "持 有和购买双场景 + 创新资产盘活应用 + 转入转出双流程 + 多部门协同" 的创新体系，为信托服务实体经 济、满足民生需求开辟了新路径。 目前，国内多地也已纷纷开展不动产信托登记试点工作。北京于2024年底率先开启试点，2025年4月初 外贸信托和国投泰康信托分别在昌平区和通州区的不动产登记中心完成了首次不动产信托财产登记； 2025年5月，上海启动试点，并于6月由爱建信托、上海信托成功落地案 ...

Core Insights - Xiamen International Trust has achieved a significant milestone by completing the first domestic trust registration for real estate as trust property during the trust's duration, marking a breakthrough in the dual-mode trust registration business in China [1][2] Group 1: Trust Innovations - The "Xiamen Trust - Tonghui No.1 Special Needs Trust" represents the first attempt in China to add real estate as trust property during the trust's duration, contributing to the development of real estate trust registration and "housing for elderly care" trusts [1] - The newly introduced pilot program in Xiamen allows trustors to add real estate to the trust during its duration, providing sustainable rental income for elderly care and child support [1] Group 2: Family Service Trusts - The "Xiamen Trust - Happy Enjoyment No.1 Family Service Trust" is the first dual-trustor family service trust in China, utilizing shared property to generate stable income for the elderly while ensuring property distribution to children under certain conditions [2] - This trust design incorporates property insurance, enhancing the protection and management of family wealth while addressing the multi-layered needs of elderly care and wealth inheritance [2] Group 3: Company Background - Xiamen International Trust was established in January 1985, originally as a financial company by the Xiamen municipal government, with major shareholders being state-owned enterprises [2]

Core Viewpoint - Xiamen has achieved two significant breakthroughs in real estate trust registration, marking the completion of China's first trust property transfer registration during the trust's duration and the establishment of the first dual-trustee family service trust in the country [1][2]. Group 1: Xiamen's Unique Practices - The real estate trust registration completed by Xiamen Trust is distinct from previous cases in Beijing, Shanghai, and Guangzhou, as it allows for the addition of real estate as trust property during the trust's duration [2]. - The "Xiamen Trust - Tonghui No. 1 Special Trust" was established with the intention of including real estate as trust property, which was previously hindered by a lack of policy support [2][3]. Group 2: Policy Innovations - The "Pilot Scheme" has broadened the definition of real estate trust property registration, allowing for innovative practices such as adding real estate to the trust during its duration and changing trustees and beneficiaries [3]. - This innovation enables trustors to add their properties to the trust, providing financial security for their children and sustainable rental income for their own retirement needs [3]. Group 3: Broader Implications for Trust System - Xiamen's approach represents a shift towards making trust services accessible to a wider audience, moving beyond high-net-worth individuals to ordinary families [4][6]. - The successful implementation of real estate trust registration in Xiamen is expected to inspire other cities to explore differentiated practices, contributing to the overall improvement of the national trust property registration system [4][5].

Core Viewpoint - Xiamen has achieved two significant breakthroughs in real estate trust registration, marking the establishment of China's first trust property transfer registration during the trust's duration and the first dual-trustee family service trust in the country [1][2]. Group 1: Innovations in Trust Registration - The "Xiamen Trust - Tonghui No.1 Special Trust" allows for the addition of real estate as trust property during its duration, addressing a previously unmet need due to policy gaps [2][3]. - The pilot scheme broadens the definition of trust property registration and includes innovative measures such as adding real estate to trust property, purchasing real estate with trust funds, changing trustees, and altering beneficiaries [3]. Group 2: Family Wealth Management - The dual-trustee model in Xiamen caters to family wealth inheritance needs, allowing shared property to generate stable income for elderly care while ensuring property distribution to children under certain conditions [3]. - This model not only supports the elderly's quality of life but also facilitates orderly wealth transfer within families [3]. Group 3: Broader Implications for Trust System - Xiamen's approach exemplifies how policy innovation can translate into public welfare, potentially inspiring other cities to explore differentiated practices in trust property registration [4][6]. - The reform aims to democratize trust services, making them accessible to ordinary families, thus expanding the application of trust systems beyond high-net-worth individuals [5][6].

Core Viewpoint - Xiamen has become the fourth city in China to launch a pilot program for real estate trust property registration, following Beijing, Shanghai, and Guangzhou, aiming to address asset inheritance challenges and enhance the service functions of the trust system in areas such as elderly care and public welfare [1][2]. Group 1: Pilot Program Details - The pilot program, titled "Xiamen City Real Estate Trust Property Registration Pilot Program," was jointly issued by multiple local government departments, including the Xiamen Financial Supervision Administration [1]. - The program introduces innovative measures, allowing for the registration of various trust-related activities, such as additional delivery of real estate to trust property, using trust funds to purchase real estate, changing trustees, and altering beneficiaries [1]. - A detailed process has been designed for seven major registration reasons, with a "guideline-style" operational instruction to facilitate the registration process [1]. Group 2: Market Implications - The pilot program broadens the definition of real estate trust property registration, enabling the separation of ownership, management, and beneficiary rights, which helps mitigate risks and achieve wealth inheritance [2]. - Following the initial notification from Beijing in December 2024, the pilot programs in Shanghai, Guangzhou, and now Xiamen indicate a growing trend towards real estate trust property registration across major cities [2]. - Future expansions of real estate trust property registration are expected to prioritize regions with dense real estate and solid pilot foundations, such as the Yangtze River Delta, while also enhancing supporting systems like tax incentives and judicial frameworks [2].

Core Insights - The first "real estate + cash" mixed property family trust was established in Shanghai, marking a significant development in the real estate trust sector in China [1] - The establishment of this trust is part of a pilot program initiated by Shanghai's financial authorities to facilitate real estate trust registration, allowing for the separation of assets between the trustor and the trustee [1][2] Group 1: Real Estate Trust Development - The pilot program aims to address previous challenges in establishing real estate trusts, particularly the risk of property being included in the trustee's debt obligations [1] - The new regulations require the transfer of real estate ownership to the trustee, with a notation on the property title indicating it is part of a trust, thereby protecting the trustor's assets [1] Group 2: Case Studies - The first case involved a middle-aged woman who placed a commercial property and additional cash into a trust to generate stable cash flow for her mother's retirement, with plans to pass the property to her children [1] - The second case involved an elderly man who entrusted his only home to a trust, using rental income as supplemental retirement income, ensuring that the property would be passed on to his nephew after his passing [2] - These cases illustrate the trust's role in providing financial security and ensuring the intended transfer of assets without the risks associated with traditional inheritance processes [2]

Core Insights - The successful registration of real estate trusts in Shanghai marks a significant advancement in the implementation of trust registration, following Beijing's lead [2][3] - The new real estate trust models cater to diverse needs, including family wealth inheritance and elderly care, showcasing the unique value of trust services in meeting public demands [2][3] Group 1: Real Estate Trust Registration - Shanghai has launched its first real estate trust registration cases, with Shanghai Trust and Aijian Trust each completing a registration [2][3] - The registration signifies a breakthrough in the real estate trust registration system, expanding its application to various scenarios [2][3] Group 2: Differentiated Trust Models - The Shanghai trust model includes a "real estate + cash" mixed asset family service trust, differing from Beijing's focus on special needs and charity [3][4] - Aijian Trust's project addresses the needs of elderly individuals, allowing them to secure their housing and ensure wealth transfer to relatives [4][5] Group 3: Regulatory Framework and Innovations - The Shanghai Financial Regulatory Bureau's recent notification emphasizes the design of trust services around various scenarios, including elderly care and family services [6][7] - The involvement of the tax authority in the notification indicates a consideration of tax policies' impact on real estate trust registration [6][7] Group 4: Industry Implications - The successful implementation of real estate trust registration in major cities is expected to create a ripple effect, encouraging similar initiatives in other regions [7] - The registration system is anticipated to play a crucial role in revitalizing existing assets and addressing the needs of an aging population [7][8]

Core Insights - The successful launch of real estate trust projects by Shanghai Trust and Aijian Trust marks an expansion of real estate trust applications in China, focusing on family wealth inheritance and special needs for elderly individuals, showcasing the unique value of trust services in meeting public needs [1][2] Group 1: Shanghai Trust Project - Shanghai Trust's project is the first nationwide "real estate + cash" mixed asset family service trust, addressing urban family needs rather than focusing on special needs or charity [1] - The project involves a client using a commercial apartment as trust property, supplemented by cash assets, to generate stable cash flow through long-term leasing, aimed at supporting the client's mother's pension and future inheritance for children [1] - The trust structure ensures asset isolation from the client's other properties, mitigating risks related to debts or marital issues, and effectively addresses multiple core demands such as elderly care, future support for children, and property management [1] Group 2: Aijian Trust Project - Aijian Trust's case focuses on "housing for elderly care," being the first real estate trust for special needs in Shanghai, catering to the comprehensive needs of elderly individuals living alone [2] - The case involves an 80-year-old woman with no children, who uses a rental property to secure her living conditions while ensuring the property is passed on to her nephew [2] - The trust allows for risk isolation of assets, legal protection of trust rights, and systematic solutions for her needs, including rental income as a supplement to her limited retirement funds [2] Group 3: Efficient Implementation and Future Plans - The rapid implementation of these projects reflects a "full-process closed loop," with innovative processes and collaboration among multiple departments in Shanghai [3] - Within 10 days, six departments completed the issuance of a notification, operational guidelines for real estate trust product registration, and specific case registrations, demonstrating professional efficiency [3] - Shanghai plans to deepen the real estate trust registration pilot, enrich application scenarios, and enhance the legal framework to promote high-quality development in the trust industry, thereby strengthening Shanghai's position as an international financial center [3]

Core Viewpoint - Shanghai has launched a pilot program for real estate trust registration, following Beijing's earlier initiative, with the aim of expanding the application of trust services in various sectors, including charity and elderly care [1][2][3]. Group 1: Pilot Program Details - The pilot program in Shanghai is set to run for one year and involves multiple government departments, indicating a comprehensive approach to the initiative [1][2]. - The first batch of projects under this pilot is expected to be implemented soon, with Shanghai Trust actively participating in the process [1]. - Compared to Beijing's model, Shanghai's notification introduces innovations in scope, processing procedures, and collaborative mechanisms [1][2]. Group 2: Innovations and Applications - The pilot program expands the application of real estate trusts to charity, elderly care, and special needs, marking a significant innovation [2][3]. - The notification outlines a dual trustee model for charity organizations and trust companies, enhancing the operational framework for charitable trusts [3]. - The program includes a complete process for real estate trust registration, from pre-registration to feedback on registration results, creating a closed-loop system [7]. Group 3: Registration Process - The registration process requires the submission of trust documents, tax payment certificates, and other necessary materials to the real estate registration authority [5]. - The notification specifies that during the trust's existence or upon its termination, relevant parties must apply for registration when distributing or disposing of trust property [5][6]. - A new feedback mechanism has been introduced, allowing trust institutions to submit real estate registration results to enhance transparency [7]. Group 4: Taxation and Policy Considerations - Several industry experts have noted that the notification lacks clarity on the non-transactional nature of real estate as trust property and does not provide detailed tax policies [8][9]. - The requirement for tax payment certificates during the trust's entry and exit may pose challenges for the implementation of real estate trusts [9][10]. - There are concerns about potential policy loopholes and the need for further regulatory guidance to address taxation issues and prevent arbitrage [10][11].

Core Viewpoint - The announcement of the pilot program for real estate trust registration in Shanghai marks a significant step towards enhancing the financial services sector and supporting the development of the international financial center in Shanghai [2]. Group 1: Announcement Details - The pilot program involves multiple regulatory bodies, including the Shanghai Municipal Financial Committee and the State Taxation Administration, and outlines the definition, scope, and registration process for real estate trusts [1]. - The notification specifies a comprehensive process for real estate trust property registration, from pre-registration to feedback on registration results [2]. Group 2: Significance of the Notification - The implementation of the notification is expected to facilitate the development of the real estate trust registration system in Shanghai, contributing to high-quality growth in the trust industry [2]. - The notification emphasizes the importance of aligning trust services with social needs, particularly in areas such as elderly care, special needs, family services, public welfare, and risk management [2]. Group 3: Comparison with Beijing - In contrast to Beijing's earlier initiatives, Shanghai's pilot program introduces a "dual trustee model" for charitable trusts, allowing collaboration between trust institutions and recognized charitable organizations [4]. - Beijing had previously launched its real estate trust property registration program in December 2024, with notable early registrations completed by Guotou Taikang Trust and Foreign Trade Trust [3]. Group 4: Guidelines for Trust Management - The notification provides clear guidelines for the holding and termination phases of movable trust registration, requiring parties to apply for registration when distributing trust benefits or disposing of real estate [5].