本报（chinatimes.net.cn）记者刘佳 北京报道 信托财产登记试点工作再迎新动态。 近日，国家金融监督管理总局厦门监管局、厦门市自然资源和规划局、国家税务总局厦门市税务局、中 共厦门市委金融委员会办公室联合发布了《关于开展不动产信托财产登记试点的通知》（厦金发 〔2025〕55号）（下称：厦门试点），自印发之日起试行一年。 就在厦门试点发布的两天前，国家金融监督管理总局广东监管局、中共广州市委金融委员会办公室、广 州市规划和自然资源局、国家税务总局广州市税务局也联合发布了《关于开展不动产信托财产登记试点 工作的通知》（下称：广州试点）。 机制设计方面，广州试点引入不动产预告登记，委托人与信托机构可先行申请办理预告登记。预告登记 后，未经信托机构同意，委托人处分该不动产的，不发生物权效力。 另外，遗嘱信托程序设计是广州试点的最大亮点。试点表示，以遗嘱设立的信托，在全部法定不动产继 承人到场确认遗嘱的有效性情况下，信托机构可以持遗嘱信托文件单方申请不动产信托财产权登记，这 在一定程度上简化了登记的手续。 资深律师游乐表示，信托设立的目的直接关系到信托效力以及信托制度功能的发挥。对此，相关主体也 应当予 ...

Core Viewpoint - The article discusses the lack of a real estate trust property registration system in China's trust industry, which has long hindered its development. The case of the first residential real estate trust property registration in Tongzhou District serves as an innovative example to address this institutional barrier and explores the unique value of real estate trusts in inclusive finance and elder care finance [2][4]. Group 1: Industry Pain Points - The trust industry in China faces significant challenges due to the absence of a real estate trust property registration system, which severely restricts the development of real estate trust business. As of the end of 2024, the total entrusted property scale of 68 trust companies reached 27 trillion yuan, but the number of real estate trusts is minimal [4]. - Key institutional barriers include unclear legal definitions of property ownership, cumbersome property transfer processes, and excessive tax burdens. The confusion over property rights threatens beneficiary rights and leads to legal disputes [4][6]. - The traditional model requires clients to inject cash into the trust plan before purchasing property, which imposes additional financial burdens and operational delays on ordinary families [4][6]. Group 2: Policy Breakthroughs - On November 18, 2023, the State Council included the establishment of a real estate trust property registration mechanism in its plan to expand financial services, providing top-level policy support for the pilot project in Beijing [7]. - The Beijing Municipal People's Congress passed a revised regulation on November 29, 2024, which explicitly states the exploration of a registration mechanism for real estate and equity as trust property, thus ensuring legislative support for institutional innovation [7]. - A three-tiered institutional framework has been established, consisting of top-level design, local legislation, and implementation details, marking the official start of the real estate trust property registration pilot [7]. Group 3: Practical Breakthroughs - On April 2, 2025, Guotou Taikang Trust completed the first residential real estate trust property registration in Tongzhou District, where the trust was established to provide lifelong care for a beneficiary with autism [8]. - The "Tongzhou Case" achieved three major breakthroughs: the establishment of a legal confirmation mechanism for property registration, simplification of the property transfer process, and the creation of a lifelong care mechanism for the beneficiary [8][9]. - The legal confirmation mechanism ensures that the property is clearly marked as "trust property," which helps to mitigate risks associated with property mixing and serves as a core basis for judicial proceedings in property disputes [8].