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不动产信托登记迎来“天津样本” 首创“持有+购买”双模式
21世纪经济报道记者 郭聪聪 继北京、上海、广州、厦门之后,天津成为全国第五个开展不动产信托财产登记试点的地区。 近日,天津市地方金融管理局、国家金融监督管理总局天津监管局、天津市规划和自然资源局、国家税 务总局天津市税务局、天津市民政局、中国(天津)自由贸易试验区管理委员会联合发布了《关于开展 不动产信托财产登记试点的通知》(下称《通知》),标志着天津正式加入不动产信托财产登记试点行 列。9月24日,该《通知》正式对外公布。 值得注意的是,此次试点,天津并未止步于既有试点经验的借鉴,创新性地将天津自贸试验区制度优势 与不动产信托财产登记制度深度融合,构建起 "持有和购买双场景 + 创新资产盘活应用 + 转入转出双流 程 + 多部门协同" 的创新体系,为信托服务实体经济、满足民生需求开辟了新路径。 锚定三大目标 作为一种灵活的财产管理制度,信托的核心优势在于财产独立、风险隔离和长期存续。然而,当不动产 作为信托财产时,登记制度的缺失成为制约其功能发挥的瓶颈。没有明确的登记规则,信托财产难以真 正实现与委托人、受托人自有资产的隔离,也影响了交易安全和信托业务的规范化发展。 《通知》明确了试点不动产信托财产登记的 ...
上半年信托业净利降2.83% 中信、江苏、英大信托占前三甲
Core Insights - The overall profitability of the trust industry has slightly declined, with operating income down by 1.98%, total profit down by 3.72%, and net profit down by 2.83% year-on-year for the first half of 2025 compared to the same period in 2024 [1] - There is significant structural differentiation within the industry, with trust business income decreasing by 11.38%, indicating a continued contraction of traditional high-yield trust business [1][7] - The top ten trust companies by operating income are primarily controlled by financial groups or state-owned enterprises, which leverage their resources for business growth [8][10] Financial Performance - Among the 53 trust companies, 10 reported operating income exceeding 1 billion yuan, while 13 had income between 500 million and 1 billion yuan, and 29 had income below 500 million yuan [2] - The top ten companies by operating income include CITIC Trust, Yingda Trust, and Huaxin Trust, with revenues of 29.16 billion yuan, 19.41 billion yuan, and 16.34 billion yuan respectively [2] - Shanghai Trust reported the highest growth in operating income at 39.77%, followed by Huaxin Trust at 24.45% and Yingda Trust at 19.18% [2] Profitability Trends - In terms of net profit, CITIC Trust led with 15.67 billion yuan, a year-on-year increase of 13.47%, while Jiangsu Trust and Yingda Trust followed with net profits of 13.98 billion yuan and 13.62 billion yuan respectively [4] - The largest increase in net profit was seen in Kunlun Trust, which grew by 421.10% to 1.08 billion yuan [4] - However, 21 out of 50 comparable trust companies experienced a decline in net profit or an increase in losses, with the largest declines reported by Xingye Trust and Wukuang Trust [5] Industry Challenges - The decline in profitability is attributed to several factors, including rising management costs, increased asset impairment provisions, and the impact of new regulations on traditional high-profit channel businesses [7] - The industry is undergoing a transformation towards active management due to the significant reduction in channel business scale, which has historically been a profit source for trust companies [7][10] Future Outlook - The trust industry is expected to continue evolving under regulatory support, with real estate and equity trusts emerging as new business exploration directions [11][12] - The establishment of property trust registration systems marks a significant breakthrough in the trust asset registration system, indicating the potential for trust companies to better serve public needs and support the real economy [12]
完善信托财产登记制度 深化试点探索
Jin Rong Shi Bao· 2025-08-08 07:52
Core Viewpoint - The establishment of a real estate trust property registration pilot program in Beijing aims to streamline the registration process and enhance the efficiency of trust operations, contributing to the high-quality development of the trust industry [1][2][3] Group 1: Real Estate Trust Registration - The China Trust Registration Co., Ltd. (中信登) has begun providing registration services for real estate trusts in Beijing, following the guidelines set forth in the recent notification from regulatory authorities [1] - Real estate trusts involve the transfer of property from the trustor to a trust institution, which manages and utilizes the property according to the trustor's wishes [1] Group 2: Significance of the Registration System - The trust property registration system is expected to facilitate the establishment of a non-transactional transfer system, simplifying the transfer process and reducing transaction costs [2] - The registration process requires trust institutions to pre-register trust products and obtain registration certificates from the trust registration company before applying for property registration [2] Group 3: Future Developments - The China Trust Registration Co., Ltd. plans to actively cooperate with regulatory authorities to improve the trust property registration system and support the high-quality development of the trust industry [3]
北京不动产服务信托登记取得新突破 将房产纳入信托框架
Jin Rong Shi Bao· 2025-08-08 07:52
Core Viewpoint - The introduction of real estate trust registration policies in Beijing aims to enhance the management and transfer of real estate assets through trust mechanisms, addressing the needs of families for asset protection and intergenerational wealth transfer [2][5][6]. Group 1: Policy Development - Beijing is set to pilot a real estate trust registration policy by the end of 2024, with the first real estate service trust successfully established recently [2][5]. - The State Council has approved the exploration of a trust property registration mechanism, which includes real estate and equity, providing a significant basis for the development of trust property registration in Beijing [3]. - The Shanghai municipal government has also initiated the establishment of a trust property registration mechanism, marking a broader trend in major cities [3][4]. Group 2: Industry Impact - The lack of a trust property registration system has previously hindered the effectiveness of real estate trusts, complicating operations and increasing costs [5][7]. - The new registration policy is expected to enhance the independence of trust properties, clarifying ownership and protecting the rights of trust parties [7][8]. - The introduction of the registration system is seen as a "golden key" that will facilitate the growth of pension trusts and make them accessible to more families [7]. Group 3: Challenges and Recommendations - Despite the progress, challenges remain, particularly regarding the legal framework and tax implications associated with trust property registration [8][9]. - Recommendations include improving the legal framework for trust property registration and addressing issues related to double taxation during the establishment and transfer of trust properties [8][9]. - Experts emphasize the need for the trust industry to actively respond to these challenges and work towards legislative improvements [9].
我国股权家族信托迎来突破
Jin Rong Shi Bao· 2025-08-08 07:52
Core Viewpoint - The establishment of family trusts by private entrepreneurs is becoming a crucial method for wealth transfer and management of equity stakes in their companies, as evidenced by recent actions taken by 361 Degrees International Limited and other well-known brands [1][2]. Group 1: Importance of Family Trusts - Family trusts provide various solutions for entrepreneurs, including legal asset protection, orderly succession, centralized equity management, risk isolation, and the transmission of entrepreneurial spirit [2]. - The application of family trusts for equity holding and succession is more common abroad, with notable examples including JD.com and Xiaomi, where founders utilize offshore trust structures to manage their stakes [2]. Group 2: Current State of Domestic Family Trusts - The domestic family trust market is underdeveloped, with a total scale of less than 10 billion yuan, representing only 0.34% of the family trust market, which has an asset management scale of 435.72 billion yuan [3]. - Concerns regarding the safety of equity in family trusts arise from the lack of a property registration system for trust assets in China, leading to uncertainty among entrepreneurs [3]. Group 3: Recent Developments - Recent regulatory changes, including the issuance of a notification by the National Financial Regulatory Administration and the Beijing Market Supervision Administration, aim to enhance the public effectiveness of equity as trust property, promoting the application of equity trusts in private enterprise succession [4][5]. - The successful implementation of equity trust property registration marks a significant milestone for the trust industry, providing clearer legal foundations and operational norms for trust companies [6]. Group 4: Future Prospects - The future development of family equity trusts in China requires clarification of the legal nature of trust property and the transfer of ownership, as well as the establishment of effective registration methods [6].
不动产信托登记试点扩围!啥是信托?和理财有何不同
Zhong Guo Jing Ji Wang· 2025-07-23 09:22
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 in China [1][2]. Group 1: Trust Mechanism - Trust is a property management system where the trustor entrusts assets to a trustee, who manages them according to the trustor's wishes for the benefit of the beneficiaries. The assets can include cash or real estate [1]. - The core advantages of trusts include asset independence and the ability to address issues such as marital property disputes and inheritance order disagreements more effectively than legal inheritance methods [2]. - Trusts allow for the pre-arranged and directed distribution of assets, preventing waste and disputes that could hinder beneficiaries from receiving their entitlements [2]. Group 2: Comparison with Bank Wealth Management - Trusts provide asset independence, ensuring that trust assets are unaffected by the debts or bankruptcy of the trustor or trustee, thus protecting the beneficiaries' rights [3]. - Trusts serve as a comprehensive account, allowing for the management of both real estate and cash under one tool, facilitating integrated wealth management [3]. Group 3: Existing Issues - As of the end of 2024, the total trust asset scale in China reached 29.56 trillion yuan, indicating the significance of the trust industry, yet a comprehensive trust registration system is still lacking, which hampers information disclosure and property rights recognition [4]. - Taxation issues related to real estate trust registration are a concern, particularly regarding the clarity of tax payment documentation required during the registration process [4]. - Experts recommend legislative improvements to establish clear operational rules for trust registration and to revise relevant laws to provide a more defined legal basis for real estate trust property registration [4].
中信信托:财产登记制度突破为行业高质量发展注入新动能
Core Viewpoint - The recent policy breakthroughs in real estate and equity trust registration in Beijing are expected to set a benchmark for the transformation and upgrading of the national trust industry, enhancing the legal framework and operational clarity for trust companies [2][3]. Group 1: Policy Implementation - The Beijing Financial Regulatory Bureau and the Beijing Municipal Planning and Natural Resources Commission have jointly issued a notification to facilitate real estate trust property registration, marking a significant step in the industry [1]. - The first equity trust property registration was successfully completed by CITIC Trust, indicating the practical implementation of the new policy [1]. - In the first month of the new equity trust registration policy, foreign trade trusts successfully executed three equity trust projects across family inheritance, industrial upgrading, and bankruptcy restructuring [1]. Group 2: Industry Impact - The new registration policies address significant industry pain points by clarifying the distinction between trust property and the trustee's inherent assets, thereby reducing risks associated with third-party claims [3]. - The policies provide a legal guarantee for trust businesses, enabling trust companies to engage more effectively in complex projects such as corporate bankruptcy restructuring and mergers and acquisitions [3][4]. Group 3: Business Opportunities - The registration system opens new avenues for trust businesses, allowing for direct registration of real estate as trust property, which aids in asset isolation and generational transfer, particularly beneficial for high-net-worth families [4]. - The improved equity registration system allows for direct registration under trust plans, mitigating previous operational risks and enhancing the ability of trust companies to participate in various financial services [4][5]. Group 4: Challenges Ahead - Tax policies related to trust property transfers remain to be clarified, which could hinder the development of real estate trust businesses despite the new registration policies [7]. - There is a need for greater public awareness and understanding of trust mechanisms, as many potential clients lack knowledge about utilizing real estate and equity trusts for asset management [8]. - A shortage of professionals with the necessary expertise in law, finance, and taxation poses a challenge for the effective operation and management of real estate and equity trust businesses [8].
独家|信托财产登记制度再迎重磅利好 北京启动股权信托财产登记试点
Core Viewpoint - The recent issuance of the "Notice on the Registration of Equity Trust Property" marks a significant advancement in the trust property registration system in China, aimed at enhancing the management and independence of trust assets [1][3]. Group 1: Overview of the Notice - The Notice, issued by the Beijing Regulatory Bureau and the Beijing Market Supervision Administration, mandates the registration of equity trust property by trust companies in Beijing [1]. - The Notice is currently in the public application phase and will be trialed for one year starting from its issuance date [1]. - Equity trust involves the transfer of equity by the trustor to a trust institution, which then manages and disposes of the equity according to the trustor's wishes [1]. Group 2: Registration Process - The registration process for equity trust property consists of three steps: pre-registration of the trust product, signing of the trust document, and application for equity change or establishment registration [2]. - The specific process for equity change or establishment registration requires the company holding the equity to apply to the registration authority, submitting necessary legal documents and proof from the China Trust Registration Co., Ltd. [2]. Group 3: Importance of Trust Property Registration - Trust property registration is a crucial supplement to China's civil and commercial registration system, enhancing the flexibility and functional advantages of trusts while ensuring the independence of trust assets [3]. - The lack of a supporting registration mechanism has historically led to ambiguities in trust property ownership and doubts about risk isolation effectiveness [3]. Group 4: Recent Developments in Trust Property Registration - In recent years, regulatory bodies have been actively promoting the establishment of a trust property registration system, with the State Council advocating for the exploration of registration mechanisms for real estate and equity as trust property [4]. - Beijing has accelerated the implementation of trust property registration, with previous notifications allowing for the registration of real estate trust property [5]. - The China Trust Registration Co., Ltd. has begun providing registration services for real estate trust property in Beijing, marking a transition from policy design to practical implementation [6].
强化风险隔离,“双首单”不动产信托财产登记案例在京落地
Bei Jing Shang Bao· 2025-04-08 14:05
Core Viewpoint - The introduction of the "Double First Registration" for real estate trust property in Beijing marks a significant breakthrough in the registration process, facilitating the establishment of real estate trusts and addressing long-standing industry challenges [1][3][4]. Group 1: Regulatory Developments - The Beijing Financial Regulatory Bureau announced the successful implementation of the first real estate trust property registrations by Guotou Taikang Trust and Foreign Trade Trust on April 2, achieving a "zero breakthrough" in the city [1][3]. - A joint notice was issued by the Beijing Financial Regulatory Bureau and the Beijing Municipal Planning and Natural Resources Committee to establish a clear registration path for real estate trusts, making Beijing the first in the country to do so [3][4]. Group 2: Practical Applications - The first two cases of real estate trust registration focus on special needs services and charitable legacy projects, demonstrating the transition of real estate trusts from exclusive high-net-worth tools to inclusive wealth management vehicles [4][5]. - Guotou Taikang Trust set up a real estate trust for an elderly individual and their autistic children, while Foreign Trade Trust customized a trust for a middle-aged citizen, directing 50% of the trust income to charity [3][4]. Group 3: Industry Impact - The lack of a trust property registration system has been a significant pain point for the real estate trust industry, hindering risk isolation and the differentiation of trust assets from the trust company's own assets [4]. - The introduction of the notice provides a systematic guarantee for the registration of real estate as trust property, potentially resolving ownership disputes and protecting the legal rights of trust parties [4][5]. - The successful pilot in Beijing is seen as a proactive attempt to address industry pain points and may serve as a model for nationwide implementation, potentially leading to rapid growth in non-monetary trust businesses [5].