该负责人表示，苏州信托将持续深耕"养老+慈善""养老+不动产""养老+遗嘱"等多元化服务场景， 积极探索不动产资产盘活与持续现金流转化的创新路径，以更灵活、更安全的信托工具，精准对接人民 群众对美好生活的向往，为构建更有温度、更可持续的社会治理格局，持续贡献"苏信智慧"与"苏信力 量"。 昨天（11月17日），苏州信托成功设立江苏省首单不动产服务信托并完成全省首次不动产信托财产 登记，这一创新试点填补了省内相关领域空白，实现"安老"与"护生"双向赋能。 作为服务业扩大开放综合试点工作在苏州落地见效的积极探索，该产品在苏州金融监管分局指导及 多方单位支持下，创新性构建"以房养老+特殊需要+公益目的"三位一体综合服务模式，既精准匹配委 托人多层次、个性化的养老需求，又将其对流浪动物保护的公益初心融入信托架构，实现"安老"与"护 生"的和谐共生。在为委托人晚年生活质量筑牢保障的同时，让公益善意突破时间限制，实现长效传递 与持续发光。 苏州信托相关负责人介绍，产品运行阶段，委托人将名下房产、房产收益权、现金及保单权益等资 产逐步纳入信托体系，通过"不动产权证注记+中国信登产品登记"的双重模式，实现信托财产权属的清 晰 ...

广发证券发布研报称，四中全会后，年底各项工作会议前，本周处于政策空窗期，中央及各地方政府未 有新表态。但黄奇帆关于"建立老年人房产倒按揭体系"，"以房养老"、"房供消费"等表态引起广泛关 注。此外本周平江县全面推行现房销售，该行预计现房销售对当地房企影响不大。关于地产新模式的探 索仍在持续，年底政治局会议、中央经济工作会议表态可期。 消息面上，11月3日，湖南省岳阳市平江县全面推行现房销售。中泰证券发布研报称，这是继河南信 阳、湖北荆门、广州从化区后，全国第四个地区明确推进现房销售。该行表示，现房销售可防范交付风 险，有助稳定市场，长远促进房企汰弱留强，但是短期却未必有效直接推动新房销售。内房港股投资方 面，维持选取优质国企开发商。 智通财经APP获悉，内房股继续走高，截至发稿，世茂集团(00813)涨13.21%，报0.3港元；富力地产 (02777)涨5.36%，报0.59港元；华润置地(01109)涨4.45%，报30.96港元；远洋集团(03377)涨3.81%，报 0.109港元。 ...

Core Insights - The Chinese real estate market is undergoing a significant adjustment after over two decades of growth, with property prices expected to continue declining until 2027 [1][3] - Approximately 47% of property owners report that their homes have depreciated below the purchase price, leading to a substantial reduction in national property value [3][4] - The market is facing three main challenges: asset depreciation, high mortgage burdens, and changing housing demands due to an aging population [4][5][7] Group 1: Market Trends - As of 2025, the real estate market has experienced over four consecutive years of decline, with a 13.9% year-on-year decrease in real estate development investment and a 12.9% drop in residential investment [1] - The average property price has decreased by 30% from its peak, significantly impacting the wealth of nearly half of the households in the country [3][4] - The adjustment period has led to a new market structure, with first and second-tier cities experiencing smaller price drops compared to third and fourth-tier cities, where prices have reverted to levels seen a decade ago [1][3] Group 2: Challenges Faced by Households - Asset depreciation is the most immediate issue, with many families experiencing a significant reduction in their wealth, leading to a negative wealth effect that decreases consumer spending [4][5] - High mortgage payments are becoming a long-term burden for many families, with the household debt-to-income ratio reaching 128%, significantly above international warning levels [5][6] - The aging population is creating a mismatch in housing demand, as the needs of older adults differ from those of younger buyers, leading to a decline in suitable housing options [7][8] Group 3: Recommendations for Households - Young first-time buyers are advised to make rational purchasing decisions based on personal financial situations rather than market speculation, with a recommendation to keep total mortgage debt within four to five times their annual income [8][9] - Middle-aged families should focus on diversifying their assets and consider selling properties in less promising markets to invest in more stable options [9][10] - Older adults should reassess their housing needs and consider moving to communities with better facilities for seniors, while also exploring alternative income sources for retirement [11][12] Group 4: Future Outlook - Experts predict that the real estate market may stabilize by 2025, with a projected narrowing of price declines in new and second-hand homes [12] - The market is shifting from an investment-driven model to one focused on residential needs, with new policies and housing products emerging to enhance living quality [12] - The overall sentiment suggests a need for families to adjust their expectations regarding property investments and focus on long-term planning [12]

Group 1 - The concept of "short-term elderly care" is gaining popularity, especially during holidays, with services offered at a daily cost of 99 yuan for meals and daily care [1] - There is a growing concern about the well-being of elderly individuals, particularly those who are neglected or mistreated in care facilities [1] - The number of empty-nest elderly individuals in China is significant, with nearly 150 million reported in 2020, and the trend is expected to continue as the population ages [2][3] Group 2 - The aging population in China is projected to exceed 400 million by 2035, accounting for over 30% of the total population, indicating a severe aging crisis [2] - The "silver economy" is anticipated to drive economic growth, with estimates suggesting that by 2030, 60-70% of national wealth will be held by the elderly [3][4] Group 3 - High-end elderly care facilities are emerging, with examples like the "He Yuan" community in Beijing, which offers comprehensive services and activities for residents [6][10] - The cost of living in such facilities can be substantial, with monthly fees ranging from 8,000 to 14,000 yuan, making them accessible primarily to higher-income families [6][10] Group 4 - The current elderly care system in China is characterized by a "9073" model, where 90% of elderly individuals live at home, 7% rely on community support, and only 3% reside in care institutions [10][11] - The market for mid to high-end elderly care is dominated by real estate companies and insurance firms, indicating a shift towards privatized care solutions [12][15] Group 5 - The financial burden of elderly care is significant, with many families unable to afford high-quality care, leading to a reliance on government-supported facilities [11][12] - The average urban household in China has assets averaging 3.179 million yuan, but many families still struggle to finance elderly care due to high costs and limited savings [16] Group 6 - The pension system in China is under pressure, with projections indicating that the replacement rate may drop to 30-40% of pre-retirement income, raising concerns about financial security in old age [17][19] - The third pillar of the pension system, which includes personal savings and investments, is not widely adopted, limiting its effectiveness in providing additional retirement income [19][20] Group 7 - The shortage of qualified caregivers is a pressing issue, with a reported gap of 5.5 million caregivers needed to meet the demands of the aging population [22][23] - Community-based support and services are essential for addressing the needs of elderly individuals, with many preferring to age in place rather than in institutional settings [24][25] Group 8 - Trust services are being explored as a means to manage elderly care finances, allowing individuals to allocate funds for care without relying solely on family support [30][31] - The concept of designated guardianship is also being discussed to ensure that elderly individuals receive appropriate care and support when needed [31][32]

Core Viewpoint - The article discusses the issue of inheritance for individuals without legal heirs, highlighting the complexities and legal implications surrounding the inheritance of assets left by solitary elderly individuals in China [1][2]. Group 1: Inheritance Cases - In 2022, a solitary elderly man in Shanghai, Mr. Ge, passed away leaving behind approximately 1.3 million yuan in savings and insurance, along with a property, with no immediate heirs [2][5]. - Mr. Ge's cousin filed a lawsuit claiming inheritance rights based on the care provided to Mr. Ge during his life, despite not being a legal heir under the current inheritance laws [5][6]. - The court ruled in favor of Mr. Ge's cousin, allowing them to inherit the savings and insurance, while the property was designated to be managed by the local civil affairs bureau [6][8]. Group 2: Legal Framework - The Chinese Civil Code stipulates that in the absence of first-order heirs, second-order heirs may inherit, but Mr. Ge's cousin did not qualify as either [5][6]. - The law allows individuals who provided significant care to the deceased to claim a portion of the estate, which was a key factor in the court's decision [6][11]. - The article emphasizes the legal principle that encourages support and care for the elderly, reflecting a shift in societal values regarding inheritance and familial responsibilities [11][12]. Group 3: Changing Perspectives on Elderly Care - The article highlights a growing trend of elderly individuals opting for non-traditional care arrangements, such as contractual agreements with non-relatives for their care in exchange for their assets [12][16]. - A case study of an elderly man, Mr. Huan, illustrates this trend, where he entered into an agreement with a local villager for care in exchange for his property, showcasing a shift from traditional family-based care to more contractual relationships [12][16]. - The article notes that younger generations are increasingly exploring diverse options for elderly care, moving away from reliance on family and seeking professional or contractual arrangements [16][18].

Core Viewpoint - The introduction of the real estate trust property registration system in China provides a new pathway for "housing for elderly care," addressing the urgent pension needs of the aging population while overcoming the limitations of traditional reverse mortgage models [1][2][3] Group 1: Background and Context - The aging population in China is facing increasing pension demands, with many families holding significant real estate assets but lacking sufficient liquid funds for retirement [2][6] - Traditional "housing for elderly care" models, such as reverse mortgages, have struggled to gain traction due to concerns over property control and market risks [2][3] Group 2: Policy and Institutional Innovation - Recent policy initiatives, including the Central Financial Work Conference and the issuance of guidelines by the Central Committee and State Council, emphasize the expansion of pension service trust businesses, signaling a supportive environment for real estate trusts [2][3] - The establishment of a "non-transactional transfer" mechanism in the real estate trust property registration pilot allows properties to be placed into trusts without the need for actual sales, simplifying the process [3][4] Group 3: Implementation and Case Studies - Multiple cities, including Beijing, Shanghai, Guangzhou, and Xiamen, have initiated pilot programs for real estate trust property registration, enabling more individuals to realize their "housing for elderly care" aspirations [3][6] - Various representative cases have emerged, showcasing how real estate trusts can address diverse needs, such as providing lifelong security for special needs children or ensuring property inheritance for elderly individuals [7][8] Group 4: Benefits of the Real Estate Trust Model - The real estate trust model offers a comprehensive solution for elderly care, encompassing asset security, living guarantees, and intergenerational wealth transfer [5][9] - Trust companies play a crucial role as asset managers, risk mitigators, and executors of client intentions, ensuring that properties are managed effectively and beneficiaries' rights are protected [8][9] Group 5: Challenges and Future Outlook - Despite the promising start of the real estate trust property registration pilot, challenges remain, particularly regarding tax policies and the complexity of registration processes [10][12] - The potential market for "housing for elderly care" trusts is projected to reach several hundred billion yuan in the next decade, driven by increasing demand for pension security and wealth planning among the elderly [11][12]

Core Viewpoint - The pilot implementation of real estate trust registration in Shanghai marks an expansion of real estate trust applications into areas such as family wealth inheritance and special needs for the elderly, contributing to inclusive finance [1][3]. Group 1: Real Estate Trust Cases - Shanghai Trust's case focuses on urban middle-class families, addressing wealth inheritance and quality retirement needs by using a commercial property as trust assets, generating stable cash flow for the client's mother's pension, and ensuring property inheritance for the children [2]. - Aijian Trust's case serves the comprehensive needs of an elderly individual, where the client, a nearly 80-year-old divorced senior, entrusts their only home to a trust company, using rental income as retirement supplement while ensuring the property is inherited by their nephew [2]. Group 2: Trust Mechanism Advantages - Both clients recognize the unique advantages of the trust mechanism in addressing comprehensive family needs, particularly in asset isolation, wealth inheritance, retirement security, and child care compared to other financial tools [2][3]. Group 3: Government and Institutional Support - The simultaneous launch of the two real estate trust registration pilot cases reflects the close collaboration among government departments, regulatory agencies, and financial institutions to meet the actual needs of the public and promote high-quality transformation in the trust industry [3]. - Shanghai Trust has launched a series of innovative family service trusts, including the first real estate family service trust in the country, establishing a distinctive social service model in the fields of retirement and special needs trusts [3]. Group 4: Future Developments - Shanghai plans to continue deepening the real estate trust registration pilot work, enriching the application scenarios, and leveraging the advantages of the Pudong New Area to enhance the legal and regulatory framework, thereby promoting high-quality development in the trust industry [4].

Core Viewpoint - The "house for pension" insurance product by Xingfu Life serves as a bridge connecting housing and retirement, enhancing the quality of life and happiness for the elderly [1] Group 1: Business Overview - Xingfu Life has been operating the "house for pension" business for 10 years, providing a stable source of retirement income for elderly clients by utilizing their housing assets [1] - The innovative pension model revitalizes a niche market, offering new options for elderly individuals seeking a happy retirement [1] Group 2: Customer Testimonials - Wang Yan, an 80-year-old woman from Shanghai, began her "house for pension" journey in 2017, receiving over 8,000 yuan monthly, which alleviated her financial worries [2] - Zhang Xuemei, a 78-year-old living alone, signed her agreement in 2023, securing 7,000 yuan monthly in addition to her retirement pension, improving her quality of life and medical security [3] - Liu Peisheng, a 75-year-old man from Beijing, has been receiving 15,000 yuan monthly since December 2016, significantly enhancing his and his wife's living standards, allowing them to pursue hobbies and travel [4] Group 3: Product Development - Xingfu Life has launched the "house for pension 2.0" service, focusing on the core needs of the elderly, providing a threefold security system for home-based retirement and stable pension income [10] - The new model allows for customized pension planning and flexible options for pension disbursement, marking a significant upgrade in service experience [10]

Core Viewpoint - The article emphasizes the urgent need to address the challenges posed by an aging population, highlighting the importance of developing a robust pension finance system to support elderly care and financial security for future generations [1][2]. Group 1: Challenges Faced by the 70s and 80s Generations - The 70s and 80s generations are experiencing dual pressures from supporting their elderly parents while managing their own family financial burdens, often leading to increased economic and emotional stress [4]. - Many in this demographic face insufficient savings for retirement, with high housing costs consuming over 50% of their income, limiting their ability to save for elderly care [5]. - The reliance on children for support is diminishing due to the one-child policy and increasing economic pressures on the younger generation, exacerbating the long-term care risk for the elderly [5]. Group 2: Recommendations for Improving Pension Preparedness - There is a need to enhance personal savings awareness and action, particularly during the critical 40-50 age range, by participating in the "three pillars of pension" system [5]. - Families should optimize their financial structures to avoid excessive debt and incorporate retirement savings into their budgets [5]. - Health management should be prioritized to mitigate future medical expenses, emphasizing the importance of regular health check-ups and insurance [5]. Group 3: Enhancing Acceptance of Pension Financial Products - Strengthening policy guidance and incentive mechanisms is crucial for increasing participation in pension financial products, including tax benefits and subsidies for low-income groups [6]. - Financial institutions should tailor pension products to meet the specific needs of the 70s and 80s generations, offering diverse options that align with their financial situations and risk preferences [8]. Group 4: Demand and Misconceptions Regarding Pension Financial Products - Families primarily seek safety and stability in pension financial products, preferring low-risk options that ensure the security of their retirement funds [9]. - There are common misconceptions, such as neglecting personal needs and risk tolerance, leading to unsuitable product choices [10][11]. - A tendency to pursue high returns without understanding associated risks can result in poor investment decisions [12]. Group 5: Innovations in Pension Financial Products - The "reverse mortgage" model, allowing seniors to leverage their home equity for retirement income, is gaining traction but faces acceptance challenges due to traditional views on inheritance [18][20]. - The valuation of properties for reverse mortgages can be contentious, with both parties often at odds over property worth [21]. - Regulatory frameworks and public trust are essential for the successful implementation of reverse mortgage products, which currently face legal and operational hurdles in China [22][24]. Group 6: International Insights and Best Practices - Successful international models of reverse mortgages highlight the importance of government involvement and legal protections to foster market confidence [23]. - Public acceptance and understanding of reverse mortgage products are critical for their success, necessitating effective communication and education strategies [25]. - A mature industry ecosystem involving finance, real estate, and elder care services is vital for the sustainable development of reverse mortgage products [26].

以中央公积金为核心的三支柱体系。 新加坡的养老金体系采用"三支柱"模式，但三支柱规模分布极不平衡， 截至2024年3月，第一支柱占比超过九成，第二支柱占比不足1%，第三支柱占比8%。 1）第一支柱 以中央公 积金制度（CPF）为核心，是新加坡养老体系的主体，是一种完全积累型的强制性养老储蓄计划，企业和个人 共同缴费。公积金账户分为普通账户、特别账户、保健储蓄账户和退休账户等，涵盖养老、医疗、购房等多方 面保障。 2）第二支柱 包括两项特定职业的养老金，一是针对政府公务人员的民政事务-投资计划，二是针对 军人的雇员储蓄退休及保费基金。 3）第三支柱 为个人养老金计划，包括中央公积金投资计划（第一支柱中央 公积金的子计划）以及补充养老金计划。 新加坡养老金都投些什么？ 1）第一支柱 中央公积金资金基本都投资于新加坡政府为了保证中央公积金收 益特地发行和担保的非流动债券，投资于政府特别债券的中央公积金份额首先作为政府存款存入新加坡金 融管理局，然后定期转移到新加坡政府投资管理公司（GIC）进行长期投资管理。截至2024年3月末，GIC 将39%的资金投资于债券和现金，30%的资金配置股票，18%的资金配置于私募股权 ...