21世纪经济报道记者 唐婧 郭聪聪 2025年是我国信托行业制度变革的关键之年。这一年里，不动产信托财产登记试点在北京、上海等多地持续落地推进，既为"以房养老"破题提 供了制度支撑，也在盘活存量资产方面发挥积极作用。 除了不动产领域，股权信托财产登记试点也迎来了多项突破。北京市朝阳区将破产企业股权装入信托，通过信托机构专业管理和资本运作,帮 助企业实现破产重整。杭州正式启动股权慈善信托登记试点，为信托登记制度的完善和慈善事业发展注入新动力。 "随着配套制度的不断完善，信托正从一项专业金融工具，转型为承载养老保障、资产盘活与财富传承等多重功能的金融载体。"全国两会前 夕，全国政协委员、中国信托业协会养老信托专业委员会主任金李在接受21世纪经济报道记者专访时表示。 金李告诉记者，随着资管新规的深入实施，传统的信托通道类业务难以为继。转向服务型的普惠信托，虽然单笔利润变薄，但服务群体广、需 求粘性高，能够倒逼信托机构提升主动管理能力和服务水平，推动行业真正走上可持续发展的良性轨道。至于主要面向高净值人士的股权信托 业务，也将随着登记制度的不断完善，为民营企业顺利"交接班"提供有力保障。 《21世纪》：去年全国两会期 ...

Core Viewpoint - The recent expansion of real estate trust property registration trials in China aims to address the "housing for elderly care" issue, driven by the growing demand from the aging population and supportive policies [1][7]. Group 1: Expansion of Real Estate Trust Registration Trials - As of now, nine cities including Beijing, Shanghai, Guangzhou, and Xiamen have initiated real estate trust property registration trials [3][8]. - The pilot program began in Beijing at the end of 2024 and has rapidly expanded to other key cities [1][3]. - The Beijing pilot program has been extended until December 31, 2028, to further optimize policies and broaden their impact [4][10]. Group 2: Implementation and Innovations - The first real estate trust property registration was completed in April 2025 by China Foreign Trade Trust and Guotou Taikang Trust in Beijing [3][8]. - Guangzhou introduced a pre-registration system to address common issues in real estate trust setups, such as incomplete tax payments [3][8]. - The first pre-registration certificate for real estate trust was issued in Guangzhou on July 18, 2025 [10]. Group 3: Financial Implications and Benefits - Real estate trusts can convert fixed assets into stable, lifelong cash flow for retirement, addressing the funding gap in elderly care [5][12]. - The system allows elderly individuals to specify their care preferences in trust contracts, ensuring their wishes are honored even if their capacity declines [6][13]. - A specific case from Xiamen illustrates how real estate trusts can provide stable income through property rental while also facilitating wealth transfer to heirs [6][13]. Group 4: Market Context and Future Outlook - With approximately 60-70% of urban residents' assets tied up in real estate, the aging population presents a significant opportunity for the real estate trust market [11][14]. - The real estate trust registration system is seen as a breakthrough for "housing for elderly care," allowing residents to leverage their homes for retirement income without selling them [7][14].

Core Viewpoint - The recent expansion of real estate trust property registration trials in China aims to address the "silver economy" needs driven by the aging population and policy incentives, facilitating "housing for elderly" solutions through institutional innovation [1][3]. Group 1: Expansion of Real Estate Trust Registration Trials - As of now, nine cities including Beijing, Shanghai, Guangzhou, and Xiamen have initiated real estate trust property registration trials, following Beijing's lead in December 2024 [3][4]. - The pilot program in Beijing has been extended until December 31, 2028, to further optimize policies and broaden their impact [4]. Group 2: Benefits of Real Estate Trusts - Real estate trusts allow elderly individuals to convert their rigid real estate assets into stable, sustainable cash flow for retirement, addressing the issue of "wealthy in property, poor in cash" [5][6]. - The system ensures that elderly individuals can specify their care preferences in trust contracts, safeguarding their assets from mismanagement due to cognitive decline [6][7]. Group 3: Practical Applications and Innovations - The first real estate trust pre-registration certificate was issued in Guangzhou on July 18, 2025, marking a significant milestone in the implementation of this system [4]. - Specific cases, such as the "Xiamen Trust - Happiness Enjoyment No. 1 Family Service Trust," illustrate how real estate trusts can provide stable income through property rental while ensuring asset inheritance for future generations [6][7].

Core Viewpoint - The phenomenon of "bad money driving out good" is currently evident in the elderly care market, with frequent cases of fraud disguised as "housing for elderly care" and "elderly subsidies," while genuine "housing for elderly care" products struggle to gain traction [2] Group 1: Trust-based "Housing for Elderly Care" - The first case of trust-based "housing for elderly care" faced challenges in replication and promotion, with the insurance version of "housing for elderly care" having completed less than 300 cases in over 10 years [2][3] - Housing assets constitute over 60% of urban residents' family assets, yet many properties do not generate positive cash flow, highlighting the need for effective financial tools to promote "housing for elderly care" [3] - The pilot program for real estate trust registration has begun in six cities, providing a new avenue for trust-based "housing for elderly care" to serve ordinary families [3][4] - The first case of real estate trust registration involved a 70-year-old woman securing her only property for her autistic son, demonstrating the potential of real estate trusts in providing stable financial support for special needs care [3][4] Group 2: Challenges in Implementation - The real estate trust model faces significant promotion challenges, including issues with tax burdens due to repeated taxation during property transfer and unclear tax obligations for trust entities [4][5][6] - The lack of a "non-transaction transfer" system for real estate trusts leads to double taxation, complicating the establishment and management of these trusts [5][6] - Local governments are exploring solutions, such as a charity trust in Beijing that subsidizes tax costs for families establishing real estate trusts, indicating a collaborative approach to address these challenges [6] Group 3: Insurance-based "Housing for Elderly Care" - The insurance version of "housing for elderly care" has been in practice for over 10 years but has not achieved significant uptake, with only one company actively offering the product [7][8] - The model allows elderly homeowners to convert their property into a source of lifelong pension, yet many potential clients face barriers such as age, property suitability, and resistance to purchasing [8] - The insurance model also encounters challenges, including long project cycles, cash flow pressures, and risks associated with property value fluctuations [8] Group 4: Development Opportunities - Both trust and insurance versions of "housing for elderly care" have made progress but still face barriers to widespread adoption, including public awareness and institutional design [9] - Experts suggest enhancing policy and legislation, introducing guarantee mechanisms, and diversifying the forms of "housing for elderly care" to stimulate market activity [10] - The potential market for reverse mortgage products exists, with significant demand among elderly homeowners, indicating a need for improved product offerings and tax policies to avoid double taxation [9][10]

Core Insights - The article discusses the upcoming 2025 Global Wealth Management Forum in Beijing and highlights key reforms in China's pension system as outlined by Zheng Bingwen, Director of the World Social Security Research Center at the Chinese Academy of Social Sciences [2][7]. Group 1: Pension System Reforms - The reforms focus on three main areas: enhancing pension wealth reserves, improving the core pension insurance system, and accelerating the development of a multi-tiered pension system [2][7]. - The government aims to strengthen the national social security fund as a sovereign pension fund to provide stable long-term capital for the capital market [2][7]. - The core pension insurance system will be improved by implementing nationwide basic pension insurance and refining the actuarial system to address demographic challenges [2][7]. Group 2: Specific Innovation Suggestions - Zheng proposes optimizing the enterprise annuity system by eliminating the unit contribution attribution period and allowing real-time contributions to personal accounts, similar to the housing provident fund model [8]. - The introduction of innovative pension financial tools, such as lifecycle funds and target date funds, is suggested to simplify personal investment choices and enhance participation in personal pension insurance [8]. - To improve the reverse mortgage insurance pilot program, Zheng recommends policy enhancements, including a guarantee mechanism to reduce risks and the promotion of real estate trust property registration systems [8]. Group 3: Tax Incentives - Zheng highlights that while pension withdrawals are tax-exempt, there is room for improvement in tax support during the contribution phase [4][8]. - He advocates for increasing the annual personal pension contribution tax exemption limit from 12,000 yuan to 24,000 yuan to better meet long-term wealth accumulation needs for families [4][8].

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].