Core Viewpoint - The article discusses the innovative approach of utilizing real estate trusts to activate idle assets, moving beyond traditional methods of sale and lease, with the successful registration of the first real estate trust project in Tianjin, "Tianjin Real Estate No. 1" [2][3]. Group 1: Real Estate Trusts - The "Tianjin Real Estate No. 1" project involves a partnership between Hongtai Real Estate and Northern International Trust, focusing on a commercial property valued at 3 million yuan [2][3]. - The trust structure allows for the continuous operation and management of the property by a third-party professional institution, generating ongoing revenue for the asset owner [3][5]. - The Tianjin pilot program marks a significant breakthrough in the real estate trust sector, emphasizing the activation of existing assets as a core application scenario [4][6]. Group 2: Policy and Implementation - The Tianjin pilot program introduces a differentiated innovation in institutional design, allowing for both existing and newly purchased properties to be included in trusts [4][5]. - The program aims to enhance operational efficiency and asset structure optimization while addressing both corporate and individual beneficiary needs [4][6]. - A standardized and scenario-based registration system for real estate trust assets has been established, ensuring clear responsibilities and effective execution [5][6]. Group 3: Market Outlook - Despite the initiation of pilot programs in several cities, the overall real estate trust business remains in a "policy heat, market cold" phase, with limited large-scale activation of real estate assets [7][8]. - Industry experts suggest that the development of real estate trusts is closely tied to the economic environment, requiring both policy guidance and market response for scalable growth [9]. - The future of real estate trusts is seen as promising, with expectations of significant growth in the next 3-5 years as policies and market conditions improve [9][10].

Core Viewpoint - The recent issuance of the "Notice on the Pilot Registration of Real Estate Trust Property" marks a significant step in revitalizing existing assets through real estate trusts in Tianjin, following similar initiatives in other major cities [1][3]. Group 1: Pilot Registration of Real Estate Trusts - Tianjin becomes the fifth city to implement a pilot program for real estate trust property registration, joining Beijing, Shanghai, Guangzhou, and Xiamen [3]. - The core application scenario for real estate trusts is identified as revitalizing existing assets, with an innovative addition of allowing trustees to purchase real estate [1][3]. Group 2: Industry Implications - The integration of finance and real estate through this innovative system is expected to serve as a powerful tool for wealth management and inheritance [3]. - Feedback from previous pilot programs indicates a positive response from various sectors, highlighting societal anticipation for the new system [3]. Group 3: Trust Management and Asset Value - Real estate is recognized as a crucial asset type for inheritance and management, possessing long-term value that impacts both the principal and beneficiaries [3]. - The trustworthiness of trustees is fundamental, requiring long-term cultivation and a robust mechanism to build confidence among clients [3]. - The ongoing transformation of the trust industry towards a "three-category" model is laying the groundwork for gaining trust [3].