北京于2024年底率先开启试点，今年4月初，中国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。今年5月份，上海启动试点，并于6月份由爱建信托、上 海信托成功落地案例。广州、厦门两地于7月份接力推进试点，亦有案例落地。此次天津加入，试点城 市增至五个。 不动产信托财产登记试点扩围至五城。继北京、上海、广州、厦门先后开展不动产信托财产登记试点 后，天津也加入了试点行列。近日，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等多部门联合印发《关于开展不动产信托财产登记试点的通知》（以下简称《通 知》），标志着试点范围进一步扩大。 受访业内人士认为，不动产信托应用场景广泛，尤其在人口老龄化背景下，不动产信托作为普惠性养老 工具潜力巨大，既能盘活老年人存量资产以补充养老资金来源，又能通过信托安排实现财富分配和传 承，有助于优化家庭财富管理和社会资源配置。 试点城市再扩容 不动产信托财产登记试点呈现加速推进态势。 公开信息显示，天津相关部门发布的《通知》有多项开创性制度设计。例如，在传统"委托人已持有的 不动产转入信托"之外，创新性地增加了"委托受 ...

（原标题：不动产信托登记迎来"天津样本"，首创"持有+购买"双模式） 21世纪经济报道记者 郭聪聪 继北京、上海、广州、厦门之后，天津成为全国第五个开展不动产信托财产登记试点的地区。 近日，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》（下称《通知》），标志着天津正式加入不动产信托财产登记试点行 列。9月24日，该《通知》正式对外公布。 值得注意的是，此次试点，天津并未止步于既有试点经验的借鉴，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。 锚定三大目标 作为一种灵活的财产管理制度，信托的核心优势在于财产独立、风险隔离和长期存续。然而，当不动产 作为信托财产时，登记制度的缺失成为制约其功能发挥的瓶颈。没有明确的登记规则，信托财产难以真 正实现与委托人、受托人自有资产的隔离，也影响了交 ...

中证报中证网讯(记者李静)近日，天津市地方金融管理局、天津金融监管局、市规划资源局、市税务 局、市民政局、自贸试验区管委会联合印发《关于开展不动产信托财产登记试点的通知》(以下简称 《通知》)，以支持天津辖内信托机构规范开展不动产信托业务，更好发挥信托服务经济社会发展功能 作用，加快推进金融创新运营示范区建设。 天津市地方金融管理局表示，下一步将持续做好《通知》的宣传解读、政策培训和案例落地工作，支持 符合条件的信托机构、企业和个人积极参与试点，充分释放"自贸试验区+不动产信托登记"的制度创新 红利，为扎实推进金融创新运营示范区建设、持续推进服务业扩大开放、更好服务区域高质量发展贡献 力量。 《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，强化金融改革示范引领效应，是天津完善金融基础设施、创新金融服务模式、赋能实体经济发展、 赋能金融创新运营示范区建设的又一重要改革探索和创新举措。 ...

Core Viewpoint - The pilot program for real estate trust property registration is advancing, with Xiamen becoming the fourth city to implement this initiative following Beijing, Shanghai, and Guangzhou [1][3]. Group 1: Pilot Program Details - The Xiamen Financial Regulatory Bureau, in collaboration with various departments, has issued the "Xiamen Real Estate Trust Property Registration Pilot Program," which includes innovative registration items such as additional delivery of trust property and changes in trustees and beneficiaries [3]. - The pilot program outlines seven major reasons for registration and provides detailed processes for each, allowing beneficiaries to apply for trust beneficiary certificates after registration [3][4]. - The program aims to address long-standing issues in the real estate trust sector, such as unclear property rights and high transaction costs, by establishing a dedicated registration system for real estate as trust property [4]. Group 2: Unique Aspects of Xiamen's Pilot - Xiamen's pilot program is characterized by its institutional innovation and practicality, building on the experiences of other cities and offering a more detailed and collaborative approach [3][5]. - The program allows for the separation of ownership, management, and beneficiary rights, effectively isolating risks and facilitating wealth transfer, thus filling gaps in the current registration system [4]. Group 3: Future Implications - The pilot program is expected to address industry pain points such as property independence publicization, business compliance, tax incentives, and inter-departmental collaboration [5]. - Future expansions of the real estate trust property registration may prioritize regions with dense real estate and solid pilot foundations, such as the Yangtze River Delta [5].

Core Viewpoint - The implementation of real estate trust property registration in Beijing marks a significant step towards establishing a formal registration system for trust assets, addressing a long-standing gap in the trust industry and enhancing the protection of stakeholders' rights [1][2]. Group 1: Impact on the Trust Industry - The absence of a trust property registration system has been a critical factor hindering the development of the trust industry for over 20 years [2]. - The new pilot program for real estate trust property registration is expected to facilitate the establishment of a formal registration system, which is crucial for the growth of service trusts and charitable trusts [2][3]. - The demand for real estate trusts is increasing due to growing needs for wealth inheritance and charitable activities among families, but the lack of a registration system has led to unclear ownership and boundaries between trust assets and the trustee's personal assets [2][3]. Group 2: Benefits of Real Estate Trust Property Registration - The implementation of real estate trust property registration will clarify the ownership of trust assets, reduce the risk of asset encroachment, and ensure asset security [3]. - It will enhance transparency of trust product information, enabling regulatory bodies to supervise the trust industry more effectively and standardize the operations of trust companies [3]. - The registration system will support the development and innovation of family trusts and charitable trusts, improving the stability and security of trust operations [3][4]. Group 3: Necessity of Registration for Charitable Trusts - Public trust in charitable trusts is heavily influenced by the ownership status of real estate, making registration essential for transparency regarding property rights and usage [4]. - Only registered real estate can have its ownership transfer legally recognized, providing a clear basis for trustees during the operation and disposal of real estate within charitable trusts [4]. Group 4: Family Trusts and Real Estate Registration - High-net-worth individuals have a strong demand for real estate trust property registration to facilitate the inclusion of real estate in family trusts, addressing issues related to debt risk isolation, inheritance arrangements, and marital property rights [5]. - The lack of clear registration guidelines can create compliance challenges for trust companies, as they seek to balance business expansion with legal risks associated with unclear registration processes [5][6].

Core Viewpoint - The establishment of special needs trusts is a significant development aimed at providing long-term support for individuals with disabilities, addressing concerns of their families regarding care and financial security after their passing [1][3][4]. Group 1: Special Needs Trusts - Special needs trusts are designed to meet the living needs of individuals with disabilities, offering support in areas such as daily care, education, employment, and medical rehabilitation [3]. - The unique characteristics of special needs trusts include property independence, specific purposes for trust assets, and the fiduciary duties of trustees, which enhance their appeal to families of individuals with disabilities [4]. Group 2: Implementation and Impact - The first successful implementation of real estate trust property registration in Beijing's Tongzhou District marks a significant breakthrough, providing a new pathway for financial services in the welfare sector and offering hope to families with special needs [6]. - The case of a 70-year-old mother establishing a real estate trust for her 40-year-old son with autism illustrates the practical application of these trusts, ensuring housing and lifelong care funding [5][7]. - The pilot program addresses two critical issues: legally designating the property as trust assets and allowing property transfer without cash transactions, thereby reducing costs and time for establishing trusts [7].

Core Viewpoint - The introduction of real estate trust property registration in cities like Beijing, Shanghai, and Guangdong is seen as a breakthrough in addressing legal obstacles related to trust property rights, facilitating the integration of real estate resources with pension security needs [1][2]. Group 1: Real Estate Trust Registration - Real estate trust property registration resolves legal barriers to trust property rights, enabling non-cash assets like real estate to be included in trusts, thus fostering innovation in pension finance [1]. - The registration system enhances asset security by clarifying property rights, which is crucial for the stability of pension finance [2]. Group 2: Advantages of Real Estate Trusts - Compared to traditional "reverse mortgage" models, real estate trusts offer risk isolation, ensuring that trust assets are independent from the trustee's and trustor's personal assets, thus safeguarding pension security [3]. - Real estate trusts allow for flexible inheritance arrangements, enabling multiple beneficiaries and achieving both pension and inheritance goals [3]. - The model supports comprehensive services by integrating medical and care services, creating a "finance + elderly care" ecosystem, unlike traditional models that only provide financial support [3]. Group 3: Target Audience and Accessibility - The primary audience for real estate pension solutions includes homeowners lacking stable cash flow, families without children, and high-net-worth families seeking both pension security and wealth transfer [4]. - Real estate trusts do not have specific entry thresholds, making them more accessible compared to traditional trust products that often require significant initial investments [4]. Group 4: Market Potential and Sustainability - The potential market for real estate trusts in China is substantial, especially in first- and second-tier cities, with estimates suggesting a market size of hundreds of billions if supportive tax policies are implemented [4]. - The model is expected to activate idle real estate assets and improve their utilization efficiency, while also allowing gradual asset value release to minimize market impact [4]. Group 5: Policy and Regulatory Support - Nationwide promotion of real estate trust registration will require time and supportive policies, with expectations for expansion in cities with high aging rates and stable property values by 2025 to 2027 [6]. - Key supportive policies include optimizing tax regulations, ensuring judicial protection for trust assets, and enhancing inter-departmental collaboration for unified regulatory standards [6]. Group 6: Recommendations for Trust Companies - Trust companies are encouraged to innovate products, such as combining "reverse mortgage" trusts with long-term care insurance, to extend service offerings [6]. - Building an ecosystem by collaborating with elderly care and medical institutions can create comprehensive pension solutions [6]. - Utilizing technology, such as AI, can enhance operational efficiency in property valuation and rental predictions [6].

Core Viewpoint - The recent launch of real estate trust property registration pilots in Xiamen and Guangzhou signifies a significant step in the development of China's trust property registration system, with the aim of enhancing the trust industry and addressing long-standing challenges in real estate trust development [2][6]. Group 1: Pilot Programs Overview - The Xiamen pilot program allows for a broader definition of real estate trust property registration, enabling various types of registrations including the addition of real estate and changes in beneficiaries [3][4]. - The Guangzhou pilot introduces a pre-registration mechanism for real estate, allowing clients to apply for preliminary registration before the trust institution's consent is required for property disposition [4][5]. - Both pilots are part of a broader initiative involving Beijing, Shanghai, Guangzhou, and Xiamen, indicating a growing regional matrix for real estate trust property registration [2][6]. Group 2: Market Dynamics and Opportunities - The pilot programs are primarily located in economically developed regions, reflecting a trend where cities with high real estate values and complex wealth management needs are prioritized for trust development [6][7]. - The potential market for real estate trust services is substantial, particularly in the context of increasing wealth transfer needs among high-net-worth individuals, with estimates suggesting a market size exceeding one trillion yuan [9]. - The unique value proposition of real estate trusts lies in their ability to separate ownership, management, and beneficiary rights, which is increasingly relevant in wealth management and asset protection strategies [9]. Group 3: Challenges and Future Outlook - Despite the initial success of the pilot programs, the overall real estate trust business remains in its infancy, facing challenges such as legal ambiguities, tax policy gaps, and lengthy processing times [7][8]. - The industry recognizes that while real estate trusts may not become mainstream in the short term, their long-term growth potential is significant, driven by demographic changes and evolving wealth management needs [9]. - The pilots are seen as a pathway to establish a national registration system, requiring sustained policy support and market engagement to overcome existing barriers [9].

Core Viewpoint - The recent pilot programs for real estate trust property registration in Guangzhou and Xiamen aim to enhance the flexibility and security of real estate trusts, addressing common issues in property transfer and registration processes [1][2]. Group 1: Guangzhou Pilot Program - The Guangzhou pilot introduces a pre-registration mechanism allowing clients and trust institutions to apply for preliminary registration, effectively locking in property rights [2]. - The pilot breaks regional and institutional limitations, allowing nationwide institutions to participate, thus benefiting trust companies with branches in Guangzhou [2]. - The program includes scenarios for will trusts, permitting trust institutions to apply for registration based on valid wills confirmed by all statutory heirs [2]. - Guangdong Yuecai Trust received the first national pre-registration certificate for real estate trust, marking a significant milestone in the pilot's implementation [2][3]. - The project integrates wealth inheritance, elderly care, and charitable needs, providing a comprehensive solution for families in an aging society [3]. Group 2: Xiamen Pilot Program - The Xiamen pilot defines real estate trust property registration as the act of recording property rights and trust-related matters in the real estate registry based on applications from trust parties [4]. - Two types of registrations are specified: transfer registration and change registration, covering seven specific scenarios [5][6]. - The transfer registration includes various situations such as establishing trusts with real estate, adding trust property, and distributing property rights to beneficiaries [6]. - The Xiamen pilot also outlines the processing procedures for each registration type, ensuring clarity and efficiency in the registration process [6]. Group 3: Broader Context - Prior to Guangzhou and Xiamen, Beijing and Shanghai had already initiated similar pilot programs, expanding the exploration of real estate trust property registration across four regions [7]. - The pilots in Beijing and Shanghai have successfully demonstrated the unique value of trust services in addressing public financial needs, particularly in family wealth transmission and elderly care [7].