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、中国信托业协会第一届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、需求黏性高，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。 金李。资料图 将"不动产"变成流动的金融资源 《21世纪》 ...

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 pilot program for real estate trust property registration is emerging as a key solution to the challenges of "housing for elderly care" in China, facilitating the transformation of real estate assets into manageable retirement resources for the elderly [1][4]. Group 1: Pilot Program Development - The pilot program for real estate trust property registration began in Beijing at the end of 2024 and has expanded to nine major cities, including Shanghai and Guangzhou, covering key regions such as Jing-Jin-Ji, Yangtze River Delta, and Pearl River Delta [2][4]. - The program aims to address property rights confirmation issues in the trust sector, utilizing a three-step model for trust property registration, which includes pre-registration of trust products, signing trust documents, and registering trust property [4][6]. - The pilot period in Beijing has been extended to December 31, 2028, to further optimize the policy and deepen the pilot [5]. Group 2: Legal and Taxation Challenges - Despite the rapid advancement of the pilot program, challenges remain regarding property rights confirmation, tax burdens, and regulatory coordination [7][9]. - Current registration practices are seen as administrative adjustments rather than comprehensive legal confirmations of property rights, leading to uncertainties in legal effectiveness [8][9]. - High tax costs associated with establishing trusts, such as a 3.18% value-added tax and a 3% deed tax, pose significant barriers to widespread adoption of real estate trusts [9]. Group 3: Expert Insights and Recommendations - Experts emphasize the need for a unified legal framework to enhance the effectiveness of the registration process and address the uncertainties surrounding property rights [8][10]. - Recommendations include improving pilot policies, expanding registration scope, and providing tax incentives for special needs trusts in the short term, while advocating for legislative reforms to solidify the independent status of trust registration in the long term [10].

Core Viewpoint - The Shanghai Financial Regulatory Bureau has issued the "Action Plan for the High-Quality Development of Pension Finance in the Banking and Insurance Industries," outlining 20 measures to enhance the pension security system and support the elderly population's financial needs [1][2]. Group 1: Action Plan Overview - The Action Plan focuses on six key areas: building a pension security system, strengthening support for the pension industry, meeting the financial needs of the elderly, improving internal governance of financial institutions, enhancing business regulation, and establishing collaborative mechanisms [1]. - A total of 20 specific measures are proposed to achieve these objectives [1]. Group 2: Role of Trusts in Pension Finance - Trusts are highlighted as a crucial component in the high-quality development of pension finance, with multiple mentions in the Action Plan [2]. - The Action Plan supports qualified commercial banks, insurance institutions, wealth management companies, and trust companies in participating in the comprehensive management of basic pension insurance funds and providing enterprise annuity and occupational annuity fund management services [2]. - It encourages insurance and trust institutions to invest in silver economy projects that align with pension technology innovation and the development of new productive forces [2]. Group 3: Customized Services and Real Estate Trusts - The Action Plan supports trust companies in offering customized family trusts, family service trusts, and insurance trusts to integrate diverse family assets and meet the comprehensive pension needs of the elderly [2]. - It promotes real estate trusts to activate existing real estate and enrich sources of pension funding, while also exploring new types of pension service trusts and special needs service trusts in the elderly care sector [2]. Group 4: Future Directions - The Shanghai Financial Regulatory Bureau will guide local banks and insurance institutions to implement the 20 policy measures in line with Shanghai's 14th Five-Year Plan, leveraging financial advantages and innovating service models [2]. - There is an emphasis on strengthening technological empowerment and deepening various pension finance businesses to seize opportunities for pilot programs and explore new pathways [2].

Core Viewpoint - The Shanghai Financial Regulatory Bureau has issued the "Action Plan for High-Quality Development of Pension Finance in the Banking and Insurance Sectors," focusing on innovative investment methods and enhancing pension financial services for the elderly [1] Group 1: Investment Innovations - The plan encourages innovative equity and debt investment methods to support the development of pension finance [1] - Trust companies are supported to offer customized family trusts, family service trusts, and insurance trusts to integrate diverse family assets and meet the comprehensive pension needs of the elderly [1] Group 2: Real Estate and Trust Services - The initiative includes the development of real estate trusts to activate existing real estate assets, thereby enriching the sources of pension funds [1] - There is an ongoing exploration of new types of pension service trusts and special needs service trusts in the fields of elderly care and assistance [1] Group 3: Financial Leasing and Products - Financial leasing companies are encouraged to engage in financing leasing for the elderly care service industry [1] - Support is provided for pension financial products that invest in long-term quality assets matching the characteristics of pension needs [1]

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 - Dongguan is leveraging institutional innovation to address the challenges of revitalizing its substantial stock of industrial and commercial real estate assets through the pilot program for real estate trust property registration [1][2]. Group 1: Institutional Innovation - The pilot program for real estate trust property registration aims to implement high-quality development in the trust industry and optimize the business environment in Dongguan [1]. - The program clarifies the definition and applicable scope of real estate trusts, detailing the key processes involved, which previously faced obstacles due to a lack of registration norms [1][2]. Group 2: Industry Development - The pilot program is expected to enhance the independence of trust assets by requiring joint applications from the trustee and trust institution, thus clarifying property boundaries and preventing asset commingling [2]. - This institutional design addresses industry pain points, enabling the risk isolation advantages of real estate trusts to be effectively realized, supporting diverse scenarios such as family wealth inheritance and retirement security [2]. Group 3: Market Potential - As of now, eight regions, including Dongguan, have initiated the pilot program for real estate trust property registration, which is anticipated to lower the establishment threshold for real estate trusts and facilitate the appreciation of idle assets through professional management [3]. - The potential for the trust industry is significant, with the China Trust Industry Association reporting that by mid-2025, the asset service trust balance is expected to reach at least 8 trillion yuan, accounting for 24.67% of the total trust asset scale [3]. Group 4: Future Outlook - The ongoing pilot programs for real estate and equity trust property registration are expected to clear institutional barriers for asset service trusts, particularly family trusts, leading to better and faster development in wealth management services [4]. - The pilot in Dongguan is anticipated to activate the value of regional stock assets and enrich wealth management channels, providing valuable practical samples for improving the national trust property registration system [4].

Core Viewpoint - The conference "2026 Annual Dialogue and Global Wealth Management Forum" emphasizes the theme "China's Resilience in Changing Circumstances," focusing on the urgent need for reform in the pension system to address the challenges of an aging population [1]. Group 1: Pension System Reform - Zheng Bingwen suggests increasing the annual contribution limit for personal pensions from the current 12,000 yuan to better meet long-term retirement savings needs [1][16]. - The "1+5-1" framework for social wealth reserves is established, which includes the sovereign pension fund and five pillars of the pension system, minus local subsidies [6][7]. - The total social wealth reserve under the "1+5-1" framework grew from 11.42 trillion yuan in 2019 to 18.79 trillion yuan in 2024, with significant growth in the second pillar, which increased by approximately 170% [7]. Group 2: Features of the "14th Five-Year Plan" - The "14th Five-Year Plan" saw the establishment of the third pillar of personal pensions, with over 100 million accounts opened, surpassing the second pillar's coverage [8]. - The first transfer of state-owned assets to bolster social security funds was completed, with a second transfer planned [8]. - The fourth pillar, which includes commercial insurance products, is entering a system integration phase, indicating a growing market for retirement-related financial products [8]. Group 3: Recommendations for the "15th Five-Year Plan" - The "15th Five-Year Plan" aims to continue the transfer of state-owned assets to enhance social security funds, which are crucial for capital market stability [9]. - It emphasizes the need for a nationwide basic pension insurance system and the establishment of an actuarial system for social insurance [10]. - The plan encourages the development of a multi-tiered pension insurance system, including the promotion of commercial insurance as a supplementary measure [10]. Group 4: Innovations in Wealth Management Tools - Zheng proposes three key recommendations for the Beijing sub-center as a wealth management hub: reforming the enterprise annuity system, promoting synergy between enterprise annuities and personal pensions, and exploring diverse "housing for pension" models [12][14]. - The development of real estate trusts has been initiated, which is seen as an important innovation for families with special needs [13]. - There is a call for policy support for innovative pension products being developed by institutions like the Beijing Housing Security Center [14].

Core Viewpoint - The event "2025 CCTV Finance and Economics Financial Power Ceremony" highlighted the role of trust in providing innovative solutions for elderly care in China, showcasing the unique advantages of trust systems in addressing social needs [1][2][5] Group 1: Financial Innovation and Trust - The ceremony served as a significant platform for showcasing annual reform and innovation achievements in the financial sector, with participation from key financial regulatory bodies and institutions [2] - China Foreign Trade Trust's case of establishing real estate trust property registration for "422" dual-income families was presented as a model for how trust can support elderly care [1][2] Group 2: Practical Applications in Elderly Care - China Foreign Trade Trust has implemented a special needs trust for a woman with mental health issues, demonstrating a collaborative approach involving judicial, administrative, and community support to ensure proper management of elderly care funds [3] - The company has expanded its services to address the needs of elderly clients, launching innovative trust services that combine guardianship and special needs trust to assist solitary elderly individuals [4] Group 3: Commitment to Social Responsibility - The total scale of trust in China has reached 32 trillion yuan, indicating a substantial demand for long-term trust solutions in areas like elderly care and inheritance [5] - China Foreign Trade Trust's initiatives aim to transform the promise of "elderly care" into tangible practices, ensuring that financial solutions are accessible and reliable for families in need [5]

Core Viewpoint - The 20th Central Committee of the Communist Party emphasizes "promoting high-quality development of real estate," with Tianjin initiating a pilot program for real estate trust property registration, successfully launching the first four real estate trust projects, indicating broader recognition and application of the real estate trust system [1] Group 1: Real Estate Trust Pilot in Tianjin - Tianjin's pilot program for real estate trust property registration focuses on revitalizing idle assets, distinguishing it from practices in cities like Beijing and Shanghai, and aligning with local characteristics of high state-owned enterprise ratios and slow capital circulation [2] - The North Trust, as Tianjin's only state-owned trust company, has quickly launched three "revitalization" real estate trusts targeting the needs of enterprises to consolidate scattered real estate assets, providing a new solution for improving the operational efficiency of state-owned assets [2][3] Group 2: Innovative Applications of Real Estate Trusts - The pilot program has introduced a "retirement" series of real estate trust services aimed at meeting diverse needs, allowing individuals to use their properties for retirement security, thus transforming real estate into a sustainable source of support for future generations [4] - The pilot not only addresses the challenge of property rights registration in the real estate trust sector but also significantly expands the application scenarios and functional boundaries of trust services, showcasing the potential of the trust system in promoting economic and social development [4][5] Group 3: Future Developments - Tianjin is actively advancing real estate trust property registration for asset disposal and rural revitalization, aiming to build a multi-layered trust product system that serves the real economy and social welfare [5]