随着近日国家金融监管总局东莞监管分局、东莞市委金融委员会办公室等部门联合发布《关于开展不动产信托财产登记试点工作的通知》，我 国不动产信托财产登记试点地区已扩容至9城。 自2024年底北京率先破冰以来，不动产信托财产登记这一制度创新已迅速覆盖上海、广州、厦门等重点城市。在3.1亿老年人口带来的"银发经 济"需求与政策红利的双重驱动下，信托业正通过制度破局试图解决"以房养老"痛点。 图片来源：IC photo 9地已开展不动产信托财产登记试点 据了解，从2024年底，北京率先发起不动产信托财产登记试点开始，该试点政策正在加速覆盖重点城市。 据21世纪经济报道记者不完全统计，目前北京、上海、广州、厦门、天津、南京、苏州、济南、东莞9个地区均已启动不动产信托财产登记试 点。 2024年12月，国家金融监督管理总局北京监管局、北京市规划和自然资源委员会发布《关于做好不动产信托财产登记工作的通知（试行）》， 试行一年。2025年4月，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单不动产信托财产登记。 2025年5月，上海六部门印发《关于开展不动产信托登记试点的通知》，启动试点，当年6月，上海信 ...

南方财经全媒体记者 林汉垚 实习生 韩怡哲 随着近日国家金融监管总局东莞监管分局、东莞市委金融委员会办公室等部门联合发布《关于开展不动产信托财产登记试点工作的通知》，我 国不动产信托财产登记试点地区已扩容至9城。 自2024年底北京率先破冰以来，不动产信托财产登记这一制度创新已迅速覆盖上海、广州、厦门等重点城市。在3.1亿老年人口带来的"银发经 济"需求与政策红利的双重驱动下，信托业正通过制度破局试图解决"以房养老"痛点。 据21世纪经济报道记者不完全统计，目前北京、上海、广州、厦门、天津、南京、苏州、济南、东莞9个地区均已启动不动产信托财产登记试 点。 2024年12月，国家金融监督管理总局北京监管局、北京市规划和自然资源委员会发布《关于做好不动产信托财产登记工作的通知(试行)》，试 行一年。2025年4月，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单不动产信托财产登记。 2025年5月，上海六部门印发《关于开展不动产信托登记试点的通知》，启动试点，当年6月，上海信托、爱建信托各有不动产信托登记案例在 上海落地，不动产信托运用场景拓展到家庭财富定向传承、银发老人特殊需要等普惠金融 ...

劣币驱逐良币的现象正在养老市场上演。 一方面，打着"以房养老""养老补贴"幌子的养老诈骗案频发；另一方面，真正的"以房养老"产品举步维艰。这 是当前养老金融市场之怪现状。 券商中国记者在调研采访中了解到，信托版"以房养老"首单之后遭遇复制难、推广难，推出逾10年的保险 版"以房养老"迄今也不足300单。 住房资产是民众重要的财富组成部分，也是提升老年人生活质量的关键资源。通过机制完善的金融工具推 进"以房养老"，对于盘活万亿级存量住房资产、丰富养老资金来源、激发市场活力均意义深远，但任重道远。 信托版"以房养老"："首单"之后复制难 又如，在上海，年近80岁的李女士膝下无子女，晚年日常生活主要依靠侄子照料。李女士名下仅有一套处于出 租状态的房产，如何在保障自身晚年生活无虞的同时，将房产妥善传承给侄子，成为李女士亟待解决的难题。 通过设立不动产信托，李女士的多重需求得到了系统性解决。 不过，不动产信托首单落地后，普遍遭遇"推广难题"。据券商中国记者了解，不动产信托登记虽然解决了不动 产作为信托财产的独立性问题，实现了"非交易过户"，但在实际操作中按照"交易过户"来执行，导致重复征税 且税负较重。同时，不动产装入 ...

《财经》年会2026：预测与战略暨2025全球财富管理论坛于2025年12月18-20日在北京举行。中国社 会科学院世界社保研究中心主任郑秉文表示，"十五五"规划建议明确了养老保障体系改革的十大领域， 核心聚焦三方面重点： 其一，持续充实养老财富储备。继续推进国资划转社保基金，强化全国社保基金作为主权养老基金 的"压舱石"作用，为资本市场提供稳定的长期资金。 其二，完善养老保险核心制度。落实基本养老保险全国统筹，健全社会保险精算制度。从"坚持精算平 衡原则"升级为"健全精算制度"，通过常态化"制度体检"应对人口结构变化带来的挑战，提前防范风 险。 其三，加快多层次养老体系发展。推动第二、三支柱协同扩容，发挥商业保险的补充作用，同时激活第 四支柱潜力，构建全方位、多层次的养老保障网络。 专题：财经年会2026：预测与战略暨2025全球财富管理论坛 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李思阳 专题：财经年会2026：预测与战略暨2025全球财富管理论坛 《财经》年会2026：预测与战略暨2025全球财富管理论 ...

Core Viewpoint - Suzhou Trust has successfully established Jiangsu Province's first real estate service trust, filling a gap in the local market and achieving dual empowerment of "elderly care" and "animal protection" [1] Group 1: Product Innovation - The new trust product integrates a three-in-one service model of "housing for the elderly + special needs + public welfare," addressing personalized elderly care needs while incorporating animal protection into the trust structure [1] - The product allows clients to gradually include their real estate, income rights, cash, and insurance policy rights into the trust system, ensuring clear property rights through a dual registration model [1] Group 2: Legal Framework and Security - Trust contracts and wills are notarized at the Suzhou Notary Office, creating a dual legal protection system of "trust + will," enhancing stability and predictability of asset arrangements [2] - Legal support is provided by Shanghai Jintiancheng Law Firm, further solidifying the independence and security of trust assets [2] Group 3: Future Development - Suzhou Trust aims to explore diversified service scenarios such as "elderly care + charity," "elderly care + real estate," and "elderly care + wills," focusing on innovative paths for real estate asset activation and cash flow transformation [2]

Core Viewpoint - The Chinese property stocks are experiencing a rise, driven by the implementation of new housing policies in various regions, particularly the promotion of "existing home sales" in Pingjiang County, Hunan Province, which is expected to stabilize the market in the long term [1] Group 1: Market Performance - Shimao Group (00813) increased by 13.21%, trading at 0.3 HKD - R&F Properties (02777) rose by 5.36%, trading at 0.59 HKD - China Resources Land (01109) saw a 4.45% increase, trading at 30.96 HKD - Oceanwide Holdings (03377) grew by 3.81%, trading at 0.109 HKD [1] Group 2: Policy Developments - On November 3, Pingjiang County in Hunan Province fully implemented existing home sales, marking it as the fourth region in China to do so after Xinyang, Jingmen, and Conghua District [1] - Zhongtai Securities reported that existing home sales can mitigate delivery risks and help stabilize the market, although it may not directly boost new home sales in the short term [1] Group 3: Future Outlook - GF Securities noted that there is currently a policy vacuum period, with no new statements from central or local governments ahead of year-end meetings [1] - Huang Qifan's proposals regarding the establishment of a reverse mortgage system for the elderly and other housing consumption models have garnered significant attention [1] - The exploration of new real estate models continues, with expectations for statements from the Political Bureau and the Central Economic Work Conference by year-end [1]

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]